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Active
Investing
A Journey to Value Creation
2024 Annual Report
PT Saratoga Investama Sedaya Tbk.
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Active Investing
A Journey to Value Creation
Disclaimer
PT Saratoga Investama Sedaya Tbk. is committed to publishing annual reports
to fulfil our responsibility to provide a comprehensive overview of the Company’s
both operational and financial performances for all stakeholders. This year, we
reiterate the commitment through the publication of the 2024 Annual Report which
contains “forward-looking” statements on Saratoga’s business developments and
in relation to future events, which are, by their own nature, subject to significant
risks and uncertainties. All statements other than statements of historical
facts presented in this report, including, without limitation, those regarding PT
Saratoga Investama Sedaya Tbk. (“Saratoga” or “Company”) future financial
position and results of operations, strategy, plans, objectives, goals and targets,
future developments in the markets where Saratoga participates or is seeking to
participate, and any statements preceded by, followed by or that include the words
“believe,” “expect,” “aim,” “intend,” “will,” “plan,” “look forward to,” “may,” “project,”
“estimate,” “anticipate,” “predict,” “seek,” “should” or words of similar meaning, are
forward-looking statements.
The future events referred to in these forward-looking statements involve known
and unknown risks, uncertainties and a variety of other factors, many of which
are indeed beyond the control of Saratoga, which may cause the actual results,
performance or achievements to be materially different from those expressed or
implied by the forward-looking statements. Among the factors are in particular but
are not limited to changes in general, national or regional economic and political
conditions, changes in foreign exchange rates, changes in the prices as well as
supplies and demand on the commodity markets, changes in the size and nature of
the Company’s competition, changes in legislation or regulations and accounting
principles, policies and guidelines and changes in the assumptions used in making
such forward looking statements.
Further information about risks and uncertainties affecting Saratoga’s performance
is included throughout our interim financial statements and disclosures which are
available on the Company’s website www. saratoga-investama.com. Should one or
more of these risks or uncertainties materialize, or should underlying assumptions
prove incorrect; actual results, performance or achievements of Saratoga may
vary materially from those described in the relevant forward-looking statements
as being expected, anticipated, intended, planned, believed, sought, estimated or
forecast.
Saratoga neither intends, nor assumes any obligation, to update or revise these
forward-looking statements in light of developments which differ from those
anticipated. Due to rounding, numbers presented in this annual report and other
documents may not add up precisely to the totals provided and percentages may
not precisely reflect the absolute figures.
When relying on forward-looking statements, we advise you to carefully consider
the possibility of such risks, uncertainties and events, especially in light of
the political, economic, social and legal environments in which Saratoga, its
subsidiaries and affiliates operate. Saratoga makes no representation, warranty
or prediction that the results anticipated by such forward-looking statements will
be achieved, and such forward looking statements represent, in each case only one
of many possible scenarios and should not be viewed as the most likely or standard
scenario. Accordingly, you should not place undue reliance on any forward-looking
statements.
The 2024 Annual Report of PT Saratoga Investama Sedaya Tbk. is available for
download on: https://saratoga-investama.com.
2024 Annual Report | PT Saratoga Investama Sedaya Tbk. 1
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Table of Contents
Disclaimer 1 Consolidated Statements of 47 Disclosure of Affiliation 74
Table of Contents 2 Financial Position Committees Accountable 75
Consolidated Statements of Cash 49 to the Board of Commissioners
Performance Snapshot: Flow Audit Committee 75
Demonstrating Value Collectability of the Receivables 49 Nomination and Remuneration 78
Our Strategic Investment Portfolios 4 Ability to Service Debt 49 Committee
2024 Corporate Actions 5 Capital Structure and Management 50 Assessment on the Committees 80
Policies Concerning Capital Accountable to the Board of
Key Highlights 2024 6 Structure Commissioners
Investment Milestones 8 Realization of Capital Goods 50 Committees Accountable to the 80
Saratoga in Brief 10 Investment Board of Directors
Financial Highlights 12 Subsequent Events 50 Investment Committee 80
Significant Events 14 Business Prospects 51 Corporate Secretary 82
Awards 14 Comparison Between Target/ 51 Internal Audit Unit 83
Projection at the Beginning of
Management the Year and Actual Results of
Corporate Communication 85
Investor Relations 86
Reports Operations
Other Corporate Governance 86
Target for 2025 51
Report of the Board of 16 Information
Commissioners Material Commitments for Capital 52
Administrative Sanction 87
Goods Investment
Report of the Board of Directors 19 Legal Case 87
Marketing Aspects of the 52
2024 Portfolio Company’s Products and Services Code of Conducts 87
Highlights Dividend and Dividend Policy 52 Internal Control Systems 88
Realization of the Use of Proceeds 52 External Auditor 89
New Investments in 2024 24 Information Disclosure on Share 90
Material Information on Investment, 53
Publicly-Listed Companies 24 Expansion, Divestment, Business Ownership by Management
Private Companies 26 Merger/Consolidation, Acquisition, Risk Management 91
Capital/Debt Restructuring,
Company Transactions with Affiliated Parties,
Whistleblowing System 94
Profile and Transactions Containing Prevention Against Insider Trading 95
Conflict of Interests Policy
Corporate Data 28 Changes in Regulations with 54 Anti-Corruption and Anti-Fraud 95
Organization Structure 29 Significant Impact on the Company Policy
Our Management Team 30 Changes in Financial Accounting 54 Anti-Money Laundering Policy 96
The Profile of Members of Our 30 Standards with Impacts for the The Implementation of IT 96
Board of Commissioners Company Governance
Implementation of the Corporate 97
The Profile of Members of Our 33 Corporate Governance Guidance
Board of Directors
Governance
Corporate Structure 34 Corporate Social
as of 31 December 2024 Corporate Governance 56 Responsibility
Shareholders Information 36 Assessment of Corporate 56
Share Listing Chronology 37 Governance Implementation Our Sustainability Approach 100
Stock Highlights 38 Roles of Organs of the Governance 57 Our Approach 100
Our Subsidiaries 39 Structure and Accountability Community Empowerment 100
Capital Market Supporting 39 Shareholders’ Rights 58 Social and Cultural Development 102
Institutions and Professionals General Meeting of Shareholders 58 Employee Health, Safety, Welfare 102
Human Capital 40 (GMS) Environmental Protection 103
The Board of Commissioners 65
Management Discussion The Board of Directors 69
CSR Allocation for 2024 103
and Analysis Induction Program for Newly 72
Management Discussion and 44
Appointed Director and/or Statements of 104
Commissioner
Analysis Responsibility
Succession Planning 72
Review of Operations 44 by the Members of the
Remuneration Policy and 73
Net Gain on Investment in Shares 44
Assessment on Members of the Board of Commissioners
and Other Securities
Board of Commissioners and the and the Board of Directors
Dividend and Interest Income 45 Board of Directors
Net Asset Valuation as of 31 46 Diversity of the Composition of the 74 Financial
December 2024 and 2023 Board of Commissioners and the
Board of Directors
Statements
2 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
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01 Performance Snapshot: Demonstrating Value
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Our Strategic Investment Portfolios
As part of our commitment to increasing values for all stakeholders, our vision is always to to expand our professional
capabilities through strategic investments in potential areas, including natural-resources based sectors, healthcare services,
consumer based, digital infrastructure and renewable energy. We have diversified our focus of investments into 3 (three)
portfolio categories, i.e. growth-oriented companies, blue-chip companies and digital technology companies. Saratoga is
also seeking opportunities in early-stage companies which we believe to be able to contribute to the establishment of the
sustainable and profitable organization and to create positive impacts to all stakeholders in the long term.
BLUE CHIP GROWTH
ADARO ANDALAN INDONESIA BRAWIJAYA HEALTHCARE
Energy and Resources Healthcare
ALAMTRI RESOURCES INDONESIA CITY VISION
(PREVIOUSLY ADARO ENERGY INDONESIA) Digital Media Advertising
Mineral Processing and Renewable Energy
BERSAMA DIGITAL INFRASTRUCTURE ASIA FOODEX
Digital Infrastructure (Holding Company of Tower Bersama Food Seasonings and Ingredients
Infrastructure)
MERDEKA COPPER GOLD FOREST CARBON
Precious Metals and Mineral Processing Carbon Offset Credit
MITRA PINASTHIKA MUSTIKA
Automotive
MULIA BOSCO LOGISTIK
Cold-Chain Logistics
NUSA RAYA CIPTA
Constructions
SAMATOR INDO GAS
Consumer and Industrial Gas
XURYA
Solar Energy
ZAP
Beauty and Health Clinic
4 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
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Performance Snapshot: Demonstrating Value
2024 Corporate Actions
Throughout 2024, Saratoga and its investee companies engaged in and/or conducted a number of corporate actions, which
directly or indirectly affected their ownerships in the related entities. In the first half of 2024, Saratoga distributed Rp297.80
billion or IDR22 per share of final cash dividend for the 2023 financial year. The decision was taken during the 2023 Annual GMS
(AGMS) on May 16, 2024. The corporate action did not affect the Company’s share movement.
Natural Resource-Based Sectors Digital Infrastructure Healthcare
› Shareholders of PT Alamtri › PT Tower Bersama Infrastructures › Saratoga completed the acquisition
Resources Indonesia Tbk. (ADRO) Tbk. (TBIG) conducted a share of a majority stake of Brawijaya
agreed to divest all shares or buyback of 1.75% of its issued and Healthcare (Brawijaya) in 1st quarter
7,008,202,240 shares in PT Adaro fully paid-in capital. The share of 2024.
Andalan Indonesia Tbk. (AADI), buyback will be carried out between
ADRO’s thermal coal producing 31 May 2024 until 30 May 2025.
subsidiary, through a shareholder's
public offering mechanism. AADI
itself conducted an Initial Public
Offering (IPO) on Indonesia Stock
Exchange, on 5 December 2024.
AADI’s initial stock price was offered
at IDR5,550 per share.
› Saratoga increased its stake in PT › TBIG issued Self-Registration Bonds
Merdeka Copper Gold Tbk. (MDKA) VI Phase III Year 2024 with a total
by acquiring 28,869,959 shares, thus principal amount of IDR2.7 trillion.
bringing its total ownership in MDKA The bond offered 6.75% coupon rate
to 18.96%. annually with tenure of 370 calender
days.
› MDKA conducted a private › TBIG issued Self-Registration Bonds
placement by issuing 2,447,298,377 VI Phase IV Year 2024 with a total
new shares or 10% at maximum of principal amount of IDR2.0 trillion.
the total issued and paid-in capital TBIG offered two bond series, of
of the company at a nominal value of which the A series bond offered
IDR20 per share. 6.45% coupon rate annually with
tenure of 370 calender days whereas
the B series bond offered 6.75%
coupon rate annually with a tenure
of 3 years.
2024 Annual Report | PT Saratoga Investama Sedaya Tbk. 5
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Key Highlights 2024
Active Investing on a Net Basis
(billion IDR)
18,290
5,772
2,152
2022 2023 2024
Disciplined Execution
(billion IDR)
2022 2023 2024
Opportunities 201 124 87
Preliminary Assessments 50 23 3
Desktop Diligence 32 10 2
Term Sheet 7 4 2
New Investment 4 2 2
6 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
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Performance Snapshot: Demonstrating Value
Value Generation
(Net Asset Value)
(billion IDR)
60,931
53,985
48,854
2022 2023 2024
Dividends Income
(billion IDR)
2022 2023 2024
ADRO 1,906 2,138 3,121
MPMX 455 342 291
TBIG 76 289 363
NRCA 3 7 5
AGII 3 2 3
PALM 137 - -
Deltomed 8 6 -
PRAY 3 - -
Others - - 3
Total 2,591 2,784 3,786
2024 Annual Report | PT Saratoga Investama Sedaya Tbk. 7
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Investment Milestones
2002-2012 2013 2014 2015
1,492 1,311 1,635 1,001
NAV PER SHARE (IDR)*
PT Adaro PT Adaro Energy PT Agro Maju PT Medco Power Interra Resources Finders Resources PT Trimitra Karya PT Paiton
Indonesia Indonesia Tbk.** Raya Indonesia Limited Limited Jaya Energy
Natural Resources Natural Resources Natural Resources Infrastructure Natural Resources Natural Resources (holding of PT Infrastructure
Coal & Energy Coal & Energy Palm Plantation Power Generation Oil & Gas Polymetallic Merdeka Copper Power Generation
Gold Tbk.)
Natural Resources
Gold
SARATOGA INVESTMENT ACTIVITY
PT Banyan Mas PT Tower PT Mitra PT Tri Wahana Seroja PT Nusa Raya
Infrastructure Bersama Pinasthika Universal Investment Cipta Tbk.
Telco Tower Infrastructure Mustika Tbk. Infrastructure Limited Infrastructure
Tbk. (previously Consumer Oil Refinery Infrastructure Construction
PT Banyan Mas) Automotive Freight Chartering
Infrastructure
Telco Tower
PT Tenaga PT Etika Karya Sihayo Gold PT Mitra
Listrik Gorontalo Usaha Limited Pinasthika
Infrastructure Consumer Natural Resources Mustika Tbk.
Power Generation Property Gold Consumer
Automotive
PT Lintas Marga Sumatra Copper
Sedaya and Gold Plc
Infrastructure Natural Resources
Toll Road Polymetallic
PT Provident
Agro Tbk.***
Natural Resources
Palm Oil
Plantation
PT Adaro Energy PT Tower Bersama PT Provident PT Mitra PT Merdeka
Indonesia Tbk. Infrastructure Tbk. Agro Tbk. Pinasthika Copper Gold Tbk.
LISTING
Mustika Tbk.
PT Saratoga
Investama
Sedaya Tbk.
Issued EB of
USD100 million
DIVESTMENT
* NAV per share for 2002-2020 is restated following the stock split in 2021.
** As of November 19, 2024, the name PT Adaro Energy Indonesia Tbk. has changed into PT Alamtri Resources Indonesia Tbk.
*** As of August 23, 2022, the name PT Provident Agro Tbk. has changed into PT Provident Investasi Bersama Tbk.
**** As of December 12, 2022, the name PT Aneka Gas Industri Tbk. has changed into PT Samator Indo Gas Tbk.
8 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
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Performance Snapshot: Demonstrating Value
2016 2017 2018 2019 2020 2021 2022 2023 2024
1,440 1,648 1,163 1,685 2,337 4,152 4,492 3,601 3,980
PT Mulia Bosco PT Deltomed PT Aneka Gas JULO SIRCLO AtriaDC ZAP Brawijaya
Logistik Laboratories Industri Tbk.**** Financial e-Commerce Data Center Health and Healthcare
Consumer Consumer Consumer Technology Solution Beauty Clinic Healthcare
Cold-chain Herbal Medicine Industrial Gas Service
logistics
PT Famon Awal FUSE Forest Carbon Foodex
Bros Sedaya Insurance Carbon Offset Food Seasonings
Consumer Technology Credit and Ingredients
Healthcare Platform
Xurya
Solar Energy
City Vision
Digital Media
Advertising
PT Famon Awal
Bros Sedaya Tbk.
Divested Divested Divested Divested
PT Lintas Marga PT Batu Hitam › PT Famon Awal › PT Deltomed
Sedaya Perkasa Bros Sedaya Laboratories
(Paiton Energy) Tbk. › PT Provident
› AtriaDC Investasi
Bersama Tbk
Divested palm Divested
plantation assets PT Medco Power
of PT Provident Indonesia
Agro Tbk. with a
market premium
price per hectare
2024 Annual Report | PT Saratoga Investama Sedaya Tbk. 9
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Saratoga in Brief
Our Existence Our Activities
PT Saratoga Investama Sedaya Tbk. (IDX Code: SRTG) Invest
is a reputable and leading active investment company in With passion for excellence, we make active and early
Indonesia throughout three decades since our establishment approaches to investment opportunities where significant
year in 1997. Our vision is to bring transformation to its value can be added.
investee companies and lead them to be the leading and
established business entities in each sector they operate. Grow
Saratoga’s strategic investment focus spans from natural- We actively support our investment, leverage our expertise
resources based sector to renewable energy, thus building in investment management, sector knowledge and wide-
a strong track record in constantly creating values for our ranging access to debt and equity capital markets, locally
stakeholders in particular and to sustainable growth of the and internationally.
national economy.
Monetize
We actively manage our investments and provide our
investee companies with a broad range of capital market
and strategic placement opportunities.
Our Vision, Mission, and Core Values
Vision
A World-Class Active Investment Company in Indonesia
that Excels on the Back of Strong Corporate Characters
to Create Value for Our Stakeholders and the Nation.
Mission
To be the Partner of Choice for Investors
to Participate in the Dynamic Growth of Indonesia.
10 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
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Performance Snapshot: Demonstrating Value
Core Values Corporate Characters
Work Hard Integrity
Work Smart Passion & Energy
Work Thoroughly Competence & Capability
Work Wholeheartedly
“An Active Investment Company in Indonesia”
The Three Pillars of Our Active Investment Methodology
Our investment activities are guided by three pillars, namely Platforms, Partnerships and Value Creation.
Platforms Partnerships Value Creation
Every investment is viewed as a strategic We work closely with entrepreneurs We provide capital support, operational
foundation for organic expansion as well whose contributions are critical to ensure input, and financial advisory to our invest-
as a platform for prospective acquisitions continuity and performance. Working with ee companies. We also provide them with
across the whole value chain. global professional investors, our role is industry expertise, which includes knowl-
defined as a vital local partner, providing edge and technology, to enhance their
extensive knowledge of the market and business performance.
regulatory environment.
The Implementation of Our Dynamic Investment Model
We are committed to protecting the sustainability of our investments and being constantly adaptive to the market dynamics. We have
enhanced our professional capabilities by realizing the strategic investments, ranging from natural-resource sector to infrastructure,
healthcare and consumer based sectors. We also participate in developing the potentials of other new growth sectors, including
the rapidly expanding digital technology space and renewable energy, by which we expect to contribute to Indonesia’s sustainable
economic growth, today and beyond.
Our investment portfolios encompass any company size and sectors:
› Early stage companies with significant upside;
› Growth companies with proven business model and strong financial performance; and
› Listed blue chip companies with well-established market positions, long-term growth prospects and capital appreciation.
The Vision, Mission, and Core Values of the Company are constantly being evaluated by the Company. To date, the Company’s
Vision, Mission and Core Values are still in line with the Company’s objectives.
2024 Annual Report | PT Saratoga Investama Sedaya Tbk. 11
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Financial Highlights
Consolidated Statements of Financial Position
(billion IDR)
Description 2022 2023 2024
Assets
Cash and Cash Equivalents 863 665 1,533
Investments in Shares and Other Securities 61,518 49,008 55,546
Other Assets 1,390 1,272 763
Total Assets 63,771 50,945 57,842
Liabilities
Borrowings 1,544 926 3,214
Other Liabilities 2,411 1,231 2,855
Total Liabilities 3,955 2,157 6,069
Equity
Net Equity Attributable to Owners of the Company 59,815 48,709 51,746
Non-controlling Interest 1 79 27
Total Equity 59,816 48,788 51,773
Total Liabilities and Equity 63,771 50,945 57, 842
Consolidated Statements of Profit or Loss and Other Comprehensive Income
(billion IDR)
Description 2022 2023 2024
Income (Loss)* 6,301 (10,971) 5,310
Expenses (442) (338) (395)
Profit (Loss) Before Income Tax 5,859 (11,309) 4,915
Profit (Loss) for the Year 4,626 (10,151) 3,291
Total Comprehensive Income (Loss) for the Year 4,586 (10,125) 3,318
Profit (Loss) for the Year Attributable to:
Owners of the Company 4,616 (10,150) 3,290
Non-controlling Interests 10 (1) 1
Total Comprehensive Income (Loss) for the Year Attributable to:
Owners of the Company 4,587 (10,125) 3,317
Non-controlling Interests (1) (0) 1
(Loss) Earning Per Share Basic (Whole IDR) 342 (750) 243
* Include net gain (loss) on investments in shares and other securities.
Consolidated Statements of Cash Flow
(billion IDR)
Description 2022 2023 2024
Net Cash from (used in) Operating Activities 3,707 1,408 (1,031)
Net Cash used in Investing Activities (1) (1) (18)
Net Cash from used in Financing Activities (3,386) (1,611) 1,887
Cash and Cash Equivalent at End of Year 863 665 1,533
12 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
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Performance Snapshot: Demonstrating Value
Total Assets Total Liabilities Total Equity (Loss) Profit
(billion IDR) (billion IDR) (billion IDR)
Attributable to Owners
of the Company
(billion IDR)
59,816
6,069
63,771
51,773
57,842
4,616
3,290
50,945
48,788
(10,150)
3,955 2022 2023 2024
2,157
2022 2023 2024 2022 2023 2024 2022 2023 2024
Financial Ratios
(in percentage or multiple)
Description 2022 2023 2024
Growth Ratios (%)
Income (76) (274) 148
Expense 21 (24) 17
Profit for the Year (81) (319) 132
Total Comprehensive Income for the Year (82) (321) 133
Total Assets 4 (20) 14
Total Liabilities (23) (45) 181
Total Equity 7 (18) 6
Operating Ratios (%)
Expense/Income 7 (3) 7
Profit for the Year/ Income 73 93 62
Total Comprehensive Income for the Year/Income 73 92 62
Total Profit for the Year/Average Total Assets 7 (18) 6
Total Comprehensive Income for the Year/Average Total Assets 7 (18) 6
Total Profit for the Year/Average Net Equity 8 (19) 7
Total Comprehensive Income for the Year/Average Net Equity 8 (19) 7
Financial Ratios (x)
Current Assets/Current Liabilities N/A N/A N/A
Total Liabilities/Total Assets 0.06 0.04 0.10
Total Liabilities/Total Equity 0.07 0.04 0.12
Total Debt/Total Assets 0.02 0.02 0.06
Total Debt/Net Equity 0.03 0.02 0.06
2024 Annual Report | PT Saratoga Investama Sedaya Tbk. 13
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Significant Events
Cybersecurity
Knowledge Forum with
MPMX
24 July 2024
22 February 2024 16 May 2024 24 July 2024
Seminar of the Company and Google: Saratoga's Annual GMS Cybersecurity Knowledge Forum with
Generative AI: Trends, Risks and MPMX
Opportunities
5 August 2024 16-20 October 2024 20 November 2024
Mini Medical Check Up & Health Talk Saratoga Fun Day 2024 Training IFRS with KPMG
with Brawijaya Hospital - BraveHeart
13 December 2024
Saratoga Christmas Lunch with
Employees
Awards
10 December 25 December 2024
2024
50 Public Companies
Sustainable with Largest Market
Business Integrity Capitalization from IICD
Index Award Corporate Governance
Award
14 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
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02 Management Reports
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Report of the Board of
Commissioners
The Company’s key achievements
and performances of its
investment portfolios in 2024 were
closely aligned with our
expectations for the year and the
corporate agenda set forth
by the Board of Directors at the
start of the year.
EDWIN SOERYADJAYA
President Commissioner
16 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
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Management Reports
Dear Stakeholders, Assessment of the Board of Directors’ Performance
I am pleased to begin the 2024 Annual Report by sharing The Company’s key achievements and performance of its
the Board of Commissioners' oversight of the Company’s investment portfolios in 2024 were closely aligned with our
management and our commitment to maintaining strong expectations for the year and the corporate agenda set forth
Good Corporate Governance throughout the year. by the Board of Directors at the start of the year.
Indonesia's economy remained resilient in 2024, with GDP On behalf of the Board of Commissioners, I would like to
growing by 5.03%, surpassing the average growth of middle- express my sincere gratitude to the Board of Directors for
income countries. This was largely driven by strong private their dedication and strategic formulation, which have led to
consumption, reflecting sustained domestic confidence. another year of remarkable success for Saratoga. We can all
Beyond domestic factors, global events played a key role in take pride in our collective accomplishments.
shaping market environments. The US presidential election
introduced potential policy shifts, while ongoing geopolitical In 2024, we took a strategic step to establish a new growth
tensions heightened market uncertainty. The Federal pillar within our portfolio by investing in Brawijaya, a premium
Reserve cut interest rates for the first time since 2022, general hospital chain. This investment marks a significant
signaling a shift in monetary policy. Meanwhile, China's move for Saratoga, reinforcing our commitment in the
economic slowdown has required the country's government healthcare sector – a key area of focus in the coming years.
to implement measures aimed at restoring confidence, Indonesia’s healthcare industry presents strong growth
and the accelerated adoption of Artificial Intelligence is potential, driven by a large population and the sector’s early
restructuring industries around the world. These factors, stage of development. Additionally, healthcare plays a vital
though diverse, collectively shaped both global and role in the country's social infrastructure, contributing to
domestic market dynamics, presenting a mix of challenges Indonesia’s broader economic growth and welfare.
and opportunities.
Echoing the same spirit, Saratoga’s investment in Foodex
Against the backdrop of economic growth and an evolving reflects our confidence in Indonesia’s growing consumer
business landscape in 2024, Saratoga team demonstrated sector and domestic demand for food ingredients. Beyond
resilience and delivered solid performance. This was capitalizing on market growth, we see an opportunity to
reflected in several key milestones throughout the year: support both large corporations and SMEs in the consumer
goods sector while strengthening supply chains and
› PT Alamtri Resources Indonesia Tbk., (ADRO) enhancing value-added production, ensuring broader
successfully executed the IPO and spin-off of its thermal access to high-quality local ingredients.
coal business, leading to the establishment of PT Adaro
Andalan Indonesia Tbk. (AADI). Outlook for 2025
› PT Merdeka Battery Materials Tbk. (MBMA), successfully Looking ahead, we are excited for 2025 to be a dynamic year
commissioned two High-Pressure Acid Leach (HPAL) filled with growth, investment and business opportunities.
projects through its joint ventures, PT ESG New As the United States welcomes a new administration by
Energy Material and PT Meiming New Energy Material. January, the global landscape will need to recalibrate its
Combined, these facilities have an annual production approach – adapting political, fiscal, monetary, diplomatic
capacity of nearly 60,000 tons of contained nickel in and supply chain strategies in response to the shifting
Mixed Hydroxide Precipitate (MHP). leadership and policy directions.
› Saratoga achieved a total dividend income of IDR3.8 Domestically, we expect the new administration to prioritize
trillion, driven by strong performances from PT Alamtri sustainable economic growth, supported by strategic public
Resources Indonesia Tbk. (ADRO), PT Adaro Andalan spending, stable inflation, and robust consumer demand.
Indonesia Tbk. (AADI), PT Tower Bersama Infrastructure
Tbk. (TBIG), and PT Mitra Pinasthika Mustika Tbk. The Board of Commissioners fully supports the investment
(MPMX). strategies proposed by the Board of Directors. We are
confident in their ability to execute these strategies prudently,
› Saratoga acquired a majority stake in Brawijaya seize investment opportunities to drive growth and deliver
Healthcare (Brawijaya), a premium general hospital maximum value for the Company and its stakeholders.
chain with five hospitals and two clinics located across
Jakarta, Depok, Bandung, and Tangerang.
› Saratoga also acquired a minority stake in PT Foodex
Inti Ingredients (Foodex), a leading manufacturer of food
seasonings and ingredients that provides solutions for
B2B customers.
2024 Annual Report | PT Saratoga Investama Sedaya Tbk. 17
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Effectiveness of Good Corporate Governance Robust Good Corporate Governance is at the core of
Implementation our corporate responsibilities, ensuring transparency,
accountability and strict regulatory compliance. On top
Saratoga has made significant progress in advancing the of conducting Board of Commissioners meeting 6 (six)
Environmental, Social, and Governance (ESG) roadmap times during 2024 to discuss specific matters of Board
launched in 2023. ESG principles are now embedded in both of Commissioners supervision duties, the Board of
our corporate strategy and we have gradually implanted Commissioners and the Board of Directors met 4 (four) times
such strategy to our investee companies. in 2024 to oversee financial accountability, strategy execution,
risk management, and key sustainability matters. These
In 2024, we continued to align our investment with meetings provided strategic directions and at the same time
sustainability goals by actively supporting ESG initiatives providing benchmarks to best governance, ensuring the Board
across our investee companies and refining our approach of Directors executed plans effectively while maintaining full
to managing environmental and social impacts. We remain compliance with all regulatory requirements.
focused on integrating ESG considerations to enhance
long-term financial performance and our portfolio’s positive We closely monitored the execution of investment
impact on society and the environment. strategies, reinforcing our commitment to transparency
and shareholder protection. As part of this process, we
To minimize the environmental impacts, we focused on appointed an independent party to assess the fairness of
reducing greenhouse gas (GHG) emissions by enhancing transaction prices, ensuring integrity and accountability.
energy efficiency and accelerating the transition to green
energy. As part of our ESG initiatives, we implemented an
intelligent lighting systems throughout our office, integrating Additionally, the Board of Commissioners, in collaboration
motion sensors to optimize energy usage. Similarly, our with the Audit Committee, ensured that all material
water supply in restrooms now features motion sensor transactions complied with the related party transactions
technology to reduce waste and promote sustainable water (RPT) policy. This policy mandates that significant
consumption. transactions follow the arm’s length principle and are
conducted at market rates, reinforcing our commitment to
In addition to our environmental efforts, Saratoga remains sound governance and fair business practices.
deeply committed to fostering a lasting social impact
through meaningful initiatives. Our dedication to community
development is reflected in our continuous support to the Appreciation
Entrepreneur Development Scholarship for Youth (ENVOY)
program and educational activities at SMK Ora et Labora To conclude, we thank the Board of Directors and the
Vocational School as part of the Community Involvement Saratoga team for their unwavering dedication, resilience,
and Development (CID) program. Additionally, we strengthen and passion. Your hard work and commitment have been the
community welfare by distributing 1,000 essential food driving force behind our success, and we deeply appreciate
packages during Ramadan to underprivileged families, your contributions. As we step into 2025, we do so with
focusing on widows and the elderly. Embracing the spirit great optimism and determination, be ready to embrace new
of unity and compassion, we celebrated Christmas with opportunities, overcome challenges, and achieve even more
over 150 orphans across two orphanages, reaffirming our significant milestones together. With our shared vision,
commitment to making a tangible difference in the lives of teamwork, and relentless pursuit of excellence, we are
those in need. confident that the year ahead will bring remarkable growth
and success. Here's to an inspiring and prosperous 2025!
Sincerely yours,
Edwin Soeryadjaya
President Commissioner
18 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
Page 21
Management
ManagementReports
Report
Report of the
Board of Directors
The Company's Loan-to-
Value (LTV) ratio increased to
3.0% in 2024 from 0.5% in the
previous year, reflecting our
efforts in optimizing our
capital structure to support
high quality investment
opportunities.
MICHAEL W. P. SOERYADJAYA
President Director
2024 Annual Report | PT Saratoga Investama Sedaya Tbk. 19
Page 22
01 02 03 04 05 06 07 08
Dear Stakeholders,
PT Merdeka Copper Gold Tbk. (MDKA) reached key project
We would like to take this opportunity to express our sincere milestones in 2024. The AIM Plant under PT Merdeka Battery
gratitude to everyone who contributed to Saratoga’s success Materials Tbk. (MBMA), progressed in commissioning,
in 2024. This Annual Report highlights the Company’s strong with Train 1 and Train 2 already producing sulfuric acid.
operational and financial performance, driven by effective Meanwhile, construction of the copper cathode plant is
leadership and a disciplined investment approach. nearing completion, with parts of the facility entering
commissioning in the fourth quarter of 2024.
Strategy focus: Unlocking the true potential of our
investments MBMA’s two High-Pressure Acid Leach (HPAL) plants,
operated by PT ESG New Energy Material and PT Meiming
At the start of each year, my fellow directors and our New Energy Material, were developed in partnership with
investment team will conduct reviews of the past year’s GEM Co., Ltd. (GEM) at the Indonesia Morowali Industrial Park
developments, assessing key global and domestic events (IMIP). Both plants have now entered the commissioning
and their impact on our portfolio and pipeline. This process phase. They are expected to reach full operational capacity
helps us refine our strategy, strengthen our investment by 2025, with nameplate capacities of 30,000 tons and
approach, and ensure its effective execution. The Board of 25,000 tons per year of contained nickel in Mixed Hydroxide
Directors plays a critical role in this process, keeping the Precipitate (MHP), respectively.
Company agile and well-positioned for evolving market
conditions. Bersama Digital Data Centres (BDDC), a subsidiary of
Bersama Digital Infrastructure Asia (BDIA), has officially
In 2024, shifting economic policies, geopolitical tensions and launched its second data center facility, JST1, in East
market volatility created both challenges and opportunities Jakarta in July 2024. This state-of-the-art Tier IV facility
for us. Against this backdrop, we took a disciplined approach currently operates with a 5 MW capacity and complements
– prudently managing our existing investments while the company's existing JBT1 data center in West Jakarta.
selectively pursuing new opportunities that aligned with Spanning eight floors, JST1 is designed to accommodate
our long-term strategy. This balance allowed us to navigate up to 1,008 racks. Looking ahead, BDDC plans to expand its
risks while ensuring continued growth. data center combined capacity to up to 60MW.
Building on our previous success in healthcare investments, Outlook for 2025
we reached another significant milestone by acquiring
a majority stake in Brawijaya Healthcare (Brawijaya), a Over the past two decades, we have navigated various
leading general hospital network in Indonesia. Healthcare, market cycles, adapting to shifting economic conditions and
along with digital infrastructure, consumer, and renewable financial volatility. In 2025, we anticipate continued uncertainty
energy sectors, remains a key sector focus of our investment from global policy changes and geopolitical tensions, while
strategy. These sectors offer strong growth potential and Indonesia transitions to new leadership and economic policies.
play a critical role in Indonesia’s economic development.
Amidst this dynamic situation, we see strong prospects in
We also invested in PT Foodex Inti Ingredients (Foodex), a healthcare, digital infrastructure, consumer, and renewable
leading manufacturer of food seasoning and ingredients energy – sectors positioned for long-term growth. Demand
in Indonesia. With rising demand for high-quality food for quality healthcare services is rising, digital infrastructure
ingredients, driven by growth in the consumer sector, we is expanding, and the consumer sector remains resilient.
believe the company is well-positioned to support and Renewable energy continues to gain traction, supported by
strengthen the industry’s supply chain. policy incentives and corporate sustainability goals. While
risks such as inflation, currency fluctuations and regulatory
Apart from the new investments mentioned above, we are changes remain, we will stay disciplined in managing our
pleased to report the following highlights from our existing portfolio and identifying high-quality investments with strong
portfolio companies. fundamentals.
In December 2024, PT Alamtri Resources Indonesia Tbk. In 2025, we will continue to seek new investment opportunities
(ADRO) has completed the IPO and divestment of its thermal in our key focus sectors while optimizing the performance of
coal subsidiary under PT Adaro Andalan Indonesia Tbk. our existing portfolio. This means actively assessing market
(AADI). Following the sale, ADRO has shifted its focus to conditions, executing investments with prudence, and driving
metallurgical coal and mineral processing through PT Adaro operational improvements in our portfolio companies. Our
Minerals Indonesia Tbk. (ADMR), and renewable energy. success will depend on rigorous analysis, strategic execution,
This restructuring allows each business to operate with a and the ability to adapt to evolving risks and opportunities—
clearer strategy and growth trajectory while giving investors principles that the Saratoga team applies in every investment
more defined exposure to their respective sector. decision.
20 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
Page 23
Management Reports
Corporate Governance Appreciation
Saratoga incorporates ESG principles into its investment Our success in 2024 was made possible by the strong
approach, ensuring that our portfolio companies operate support of the Board of Commissioners and the dedication
responsibly while complying with industry regulations. of our employees and management teams across our
Through our ESG Roadmap, we actively engage with investee portfolio companies. Their commitment and collaboration
companies to implement sustainable business practices, have been instrumental in navigating challenges and driving
improve governance structures, and manage environmental the Company’s growth.
and social risks. This includes setting clear ESG targets,
monitoring progress, and working closely with management The teamwork and discipline across our organization have
teams to enhance long-term resilience and value creation. built a strong and resilient business. As we move forward,
we remain confident in their continued contributions and
Beyond compliance, we emphasize professionalism, collective efforts to advance our goals and create long-term
integrity and accountability across all levels of our value.
organization and investments. Our portfolio companies
are expected to uphold high ethical standards, adhere to
our Code of Conduct, and implement policies that promote
transparency and GCG. By embedding these principles into
our investment strategy, we aim to drive sustainable growth
while positively impacting business, communities and the
broader economy.
On Behalf of the Board of Directors,
Michael W.P. Soeryadjaya
President Director
2024 Annual Report | PT Saratoga Investama Sedaya Tbk. 21
Page 24
01 02 03 04 05 06 07 08
Report from the Finance Director Report from Investment Director
Over 2024, we are pleased to report a resilient financial In 2024, active portfolio management and prudent
performance. As of the end of 2024, Saratoga booked capital deployment were critical as we focused on
a solid financial performance with strong cash flow strengthening our existing investments while pursuing
and growing net asset value (NAV). Attributed to the high-quality opportunities in our key business sectors.
positive performance of the key investee companies, Our investment approach is driven by a comprehensive
such as ADRO, AADI, PT Tower Bersama Infrastructure screening process, ensuring that each opportunity
Tbk. (TBIG), and the growth of private portfolios. The aligns with our target sectors and has the potential to
NAV enjoyed a 10.5% increase to IDR53.9 trillion at the create synergies within our portfolio.
end of the year compared to IDR48.9 trillion in 2023.
We have built our strategy around four key sectors
The Company's Loan-to-Value (LTV) ratio increased to – healthcare, digital infrastructure, consumer and
3.0% in 2024 from 0.5% in the previous year, reflecting renewable energy – where we focus on establishing
our efforts in optimizing our capital structure to strong platform companies and expanding around
support high-quality investment opportunities. This them through acquisitions or spin-offs. This structured
level remains well within healthy limits, ensuring approach allowed us to scale efficiently, manage risks,
strong financial flexibility and enabling the Company and adapt to market conditions while maximizing
to capitalize on market opportunities effectively. long-term.
Working closely with the other directors, I see our A key addition to our portfolio was Brawijaya, a premium
finance team as an integral part of the investment hospital network with five hospitals and two clinics
operation. Our goal is to provide essential support, across Jakarta, Depok, Bandung, and Tangerang. While
strategic advice, and risk management solutions for initially recognized for its maternity, pediatrics, and
investment-related matters. While these tasks may women's health expertise, Brawijaya has evolved into
not always be externally visible, they play a vital role in a general hospital network with Centers of Excellence,
ensuring the smooth execution and long-term stability including BraveHeart for cardiovascular care and an
of our investments. IVF center to address Indonesia's growing demand
for fertility services. We see significant potential to
In 2024, faced with a volatile interest rate environment scale its operations, enhance service offerings, and
and a weakening Rupiah, we explored various drive efficiencies, positioning Brawijaya as a leader in
funding sources, carefully weighed the advantages Indonesia’s premium healthcare segment.
and disadvantages of each funding structure, and
ultimately chose to finance most our investments Looking ahead, we will stay disciplined in executing
through Rupiah-denominated bank loans. Additionally, our investment strategy and managing our portfolio
we remain committed to maintaining a robust amidst an evolving market landscape. Our focus
balance sheet by exercising discipline in funding our remains on identifying opportunities with strong
investments. fundamentals, managing risks effectively, and driving
long-term value creation.
Looking ahead, we remain committed to strengthening
our role as an integrated financial advisory unit for Our team is excited to see what 2025 brings, and we
Saratoga's investment activities and its portfolio look forward to another productive and fruitful year
companies. Our team benefits from deep insights into ahead of us.
capital market trends and extensive industry network,
supported by Saratoga's strong reputation. Our
responsibility is to leverage this exposure effectively, Devin Wirawan
creating maximum value for our investments and our Investment Director
shareholders.
Lany Djuwita Wong
Finance Director
22 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
Page 25
03 2024 Portfolio Highlights
Page 26
01 02 03 04 05 06 07 08
New Investments in 2024
Brawijaya Healthcare (Brawijaya) In addition to BraveHeart Center, Brawijaya Healthcare
has established other Centers of Excellence, such as
Saratoga began its journey with Brawijaya in 2024 following Comprehensive Children Center, Endoscopic Center, and
the successful acquisition of the premium general hospital Maternity.
chain in the first quarter of the year.
PT Foodex Inti Ingredients (Foodex)
Brawijaya started as Brawijaya Women & Children Hospital
in 2006. The commitment of growth and excellence has In the first half of 2024, Saratoga made a strategic move
led the way for Brawijaya to develop its business further. by acquiring a significant minority stake in PT Foodex
At the end of 2024, Brawijaya managed five hospitals and Inti Ingredients, further strengthening its portfolio in the
two clinics located throughout Jakarta, Depok, Bandung, consumer-related sector. Foodex is a leading manufacturer
and Tangerang. Supported by an experienced management of food seasonings and ingredients in Indonesia, known
team with a proven track record in operational efficiency, for its commitment to quality, innovation, and customer-
Brawijaya focuses on developing its Centers of Excellence. centric solutions. This investment is aligned with Saratoga’s
strategy of supporting high-potential businesses that drive
BraveHeart Center is proof of its commitment to delivering long-term value creation.
the best cardiovascular care. In BraveHeart Center,
patients can consult with a team of subspecialist doctors, Foodex specializes in providing B2B solutions for key
including experts in surgery, coronary intervention, industries, including noodles, snacks, meat processing, and
pediatric cardiology, cardiac imaging, non-surgical valve food service. With a deep understanding of market demands
replacement, electrophysiology, and pacemaker therapy, and evolving consumer preferences, the company plays a
all led by one of the most prominent senior cardiologists crucial role in enhancing the taste, functionality, and quality
in the country. Equipped with advanced technology such of food products across various segments.
as a Hybrid Operating Theatre, the modern facility allows
for both surgical and non-surgical interventions to be Its diverse product range includes seasonings, flavor
performed simultaneously on a single patient with specific ingredients, functional ingredients, sauces and condiments,
medical conditions. Furthermore, BraveHeart Center also meat extracts, and ready-to-eat products, catering to the
has also introduced a Sport Cardiology offering, a series growing needs of food manufacturers and service providers.
of cardiovascular screening activities for the athletes to By partnering with Foodex, Saratoga aims to support its
identify a risk of serious heart condition that can cause continued growth, innovation, and expansion in Indonesia’s
Sudden Cardiac Arrest (SCA). dynamic food industry.
Publicly-Listed Companies
PT Alamtri Resources Indonesia Tbk. (ADRO) In addition, ADRO’s Extraordinary General Meeting of
Shareholders (EGMS) on 18 November 2024 agreed on the
The year 2024 marked another milestone in ADRO’s journey. change of the company’s name into PT Alamtri Resources
Aligning its business strategies with sustainability pillars, Indonesia Tbk. The new company identity reiterates its
ADRO Group, supported by the three well-defined business sustainability commitments and unveils the company’s
pillars-Adaro Energy, Adaro Minerals, and Adaro Green, is greater focus on green business and development of
pursuing sustainable growth driven by the green economy. environmental-friendly projects.
With this objective in mind, ADRO has completed the To end the year, ADRO’s shareholders agreed on the
divestment of its thermal coal subsidiary, PT Adaro Andalan distribution of USD200 million of interim dividend which was
Indonesia Tbk. (AADI). Following the spin-off of AADI, the scheduled on 15 January 2025.
new structure will allow ADRO to focus exclusively on
developing its metallurgical coal and minerals processing
business through PT Adaro Minerals Indonesia Tbk. (ADMR)
while attracting more investments into its renewable energy
business line.
24 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
Page 27
2024 Portfolio Highlights
PT Merdeka Copper Gold Tbk. (MDKA) The distribution segment saw robust expansion, with
motorcycle sales surpassing national growth, fueled by
MDKA concluded the year 2024 with strong production recovering private consumption and new product launches.
growth, cost efficiency, and significant project milestones. MPM Insurance also recorded significant gross premium
Tujuh Bukit Gold Mine (TB Gold) produced 115,867 ounces, growth, leveraging synergies across the group’s diverse
meeting guidance with a total cash cost of USD1,017/ portfolio.
oz, an All-In Sustaining Cost (AISC) of USD1,337/oz, and
an ASP of USD2,371/oz. Wetar copper mine produced Meanwhile, MPM Rent focused on strengthening its market
13,902 tons, staying within guidance while exceeding cost position by integrating technology to enhance operational
targets, achieving a cash cost of USD2.63/lb and an AISC efficiency, customer experience, and retention. This strategy
of USD3.58/lb. helped the company maintain a fleet utilization rate of
over 90% and boosted the sales of used cars. Additionally,
Its subsidiary, PT Merdeka Battery Materials Tbk. (MBMA), JACCS-MPM Finance Indonesia (JMFI) remained focused
delivered strong nickel production, primarily driven by on improving asset quality and targeting the right market
the SCM mine. Saprolite production more than doubled segments toward sustainable growth.
to 4.9 million wmt in 2024 from 2.3 million wmt in 2023,
while limonite production reached 10.1 million wmt. The These strong financial results provide MPMX with a solid
increased output was accompanied by cost reductions, with foundation to optimize operations while pursuing future
saprolite and limonite cash costs decreasing by 24% and growth opportunities. The company aims to explore
22%, respectively, by 4Q 2024 compared to 1Q levels. strategic partnerships to enhance its existing businesses or
expand into related sectors within the automotive industry.
In nickel processing, MBMA produced 82,161 tons of Nickel
Pig Iron (NPI) at a cash cost of USD10,307/t, reflecting a 26% PT Tower Bersama Infrastructure Tbk. (TBIG)
YoY increase in volume and a 15% YoY decrease in costs.
Meanwhile, High-Grade Nickel Matte (HGNM) production As of the end of 2024, TBIG managed over 42,000 tenants
reached 50,315 tons at a cash cost of USD13,547/t, marking across nearly 24,000 telecommunication sites, including
a 66% YoY volume increase and an 8% reduction in costs. both telecommunication towers and Distributed Antenna
The company remained on track with its production and Systems (DAS). Additionally, TBIG secured lender support to
cost-efficiency targets, reinforcing its position across gold, extend the maturity of its USD325 million Revolving Credit
copper, and nickel operations. Facility (RCF) to October 2029, effectively lengthening the
average tenor of its debt obligations.
Significant project milestones throughout 2024 included:
To strengthen financial flexibility and support long-term
1. Acid Iron Metal-AIM Plant: The pyrite plant is fully growth, TBIG strategically diversified its debt funding
operational, and the acid plant has been running since sources. Under the Bond VI Program, the company
April 2024. The chloride metals plant construction is successfully issued two rupiah-denominated bonds in
complete, with commissioning currently underway. The 2024, one in February and another in November, amounting
copper cathode plant is in its final construction phase, to IDR4.7 trillion. This included IDR3.9 trillion with a 370-
with partial commissioning starting in 4Q 2024. day tenure and IDR757 billion with a three-year tenure.
The proceeds will be used to refinance existing financial
2. PT ESG-HPAL Plant: MBMA has partnered with GEM obligations and reinforce the company's liquidity position.
Co., Ltd. (GEM) to develop and operate PT ESG. The
plant’s Train A autoclave, with a nameplate capacity of PT Samator Indo Gas Tbk. (AGII)
20,000 tons per annum of nickel in MHP, commenced
production in December 2024. Train B, with a capacity In September 2024, AGII, the leading figure in the medical
of 10,000 tons per annum, is set to begin production in gas and industrial gas sectors, inaugurated its 56th plant in
1Q 2025. Batang. Equipped with the latest technology, the plant has
a production capacity of 7,000 Liquid Oxygen (LOX), 7,000
3. PT Meiming New Energy Material (PT Meiming)-HPAL Liquid Nitrogen (LIN), and 280 Liquid Argon (LAR).
Plant: The second HPAL joint venture with GEM, PT
Meiming, has a nameplate capacity of 25,000 tons In October 2024, AGII commissioned the 57th plant in Batam,
per annum of nickel in MHP. Key plant components, Riau Islands. The construction of the green hydrogen
including the autoclave, began commissioning in late plant represents a strategic move of the company that will
2024, supported by GEM’s existing Feed Preparation strengthen its financial growth as well as its contribution
Plant (FPP) at Indonesia Morowali Industrial Park (IMIP). to the national clean energy transition. Produced through
water electrolysis technology, the plant will produce low-
PT Mitra Pinasthika Mustika Tbk. (MPMX) carbon hydrogen, thus emphasizing AGII’s important role
and commitment in supporting Indonesia's carbon emission
In 2024, MPMX achieved strong revenue and net profit reduction.
growth, driven by its motorcycle distribution, insurance, and
rental business segments.
2024 Annual Report | PT Saratoga Investama Sedaya Tbk. 25
Page 28
01 02 03 04 05 06 07 08
Private Companies
Bersama Digital Asia Infrastructure Pte. Ltd. (BDIA, City Vision launched Sudirman JPO Advertising, located
holding company of TBIG) in front of Astra Tower and BRI Tower on Jalan Sudirman,
Jakarta, as well as Non-Bus Rapid Transit (BRT) Shelter
BDIA’s subsidiary, Bersama Digital Data Centres (BDDC), Advertising, strategically placed at key locations such as
a leading provider of in-town data centers with integrated Senayan Roundabout, FX Sudirman, Pacific Place, GBK,
digital systems and interconnectivity, reached a significant Summitmas, Semanggi, Sudirman BNI City, Grand Sahid,
milestone in 2024 with the inauguration of its Tier IV Pancoran, and Tebet Echo Park.
data center in East Jakarta. The JST1 (Jakarta Selatan
Timur) facility, BDDC’s second data center, underscores Xurya Daya Indonesia (XURYA)
the company’s commitment to delivering reliable digital
infrastructure for both local and global industry players, A leading player in the rooftop solar power industry, Xurya
fostering the growth of digital technologies in Indonesia. has successfully built more than 100 MWp of capacity
throughout 208 projects across 13 provinces in Indonesia.
Building on the success of its first JBT1 (Jakarta Barat Xurya has helped more than 100 companies to start using
Tangerang) data center in West Jakarta, JST1 offers a 5MW solar energy, which is an important step to contribute to
capacity and accommodates 1,008 racks within its eight- the reduction in carbon emissions in Indonesia. In addition,
story facility. Designed for high performance, it features Xurya also expanded its success to remote areas such as
dual power sources and an end-to-end solution on a single Riau Islands in 2024.
platform, ensuring reliable operations, low-latency data
exchange, and seamless scalability. To support its operations, Xurya secured USD55 million
of new funding in 2024 led by the Norwegian Climate
Looking ahead, BDDC plans to expand the capacities of its Investment Fund along with Swedfund, Clime Capital, British
JST1 and JBT1 facilities to a maximum of 32MW and 30MW, International Investment, and AC Ventures. The new funding
respectively, to support future growth and meet increasing will be used to accelerate solar project development and
demand. human resources capability. Xurya has collaborated with
Huawei and JJ-Lapp to start Solar Academy Indonesia
City Vision that will train more than 100 individuals in practical solar
technical skills. The company plans to increase the
With more than fifteen years of experience and proven frequency to make it a regular event starting in 2025.
expertise, City Vision, the leading Out-of-Home media
company, continues to drive innovation. In 2024, City Vision With its strong commitment to driving sustainable practices,
achieved significant milestones, including the launch of Xurya was proud to become B Corp Certified and honored
City Vision Bus Shelter Advertising, featuring eye-catching to receive the ESG Award 2024 for Impact Entrepreneurship
digital LED screens, and high-quality billboards along major Category by Yayasan Kehati. For the entire year of 2024,
roads and train stations. Xurya helped offset an estimated 85,000 tons of CO2.
City Vision also introduced several high-profile advertising In 2024, Xurya completed the constructions and started
installations throughout the year. In May 2024, the iconic the operations of a total of 52 projects, including PT MC
Bursa Efek Indonesia (BEI) LED was unveiled at the Indonesia Pet Film Indonesia (MFI), PT Lautan Natural Krimerindo,
Stock Exchange Building on Jalan Sudirman, Jakarta. This FKS Group, Pacific Paint and Yakult Indonesia Persada
was followed by the iconic Bumi Serpong Damai (BSD) LED (Sukabumi plant).
in BSD, Tangerang, in November 2024. That same month,
26 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
Page 29
04 Company Profile
Page 30
01 02 03 04 05 06 07 08
Corporate Data
Company The Company Name Address Telephone
Name Change
Menara Karya 15th Floor +62 21 5794 4355
PT Saratoga The Company's name Jl. H.R. Rasuna Said
Investama Sedaya never changed Block X-5 Kav. 1-2
Jakarta Selatan 12950 Facsimile
Tbk.
+62 21 5794 4365
Email Website
Investor.relations@saratoga-investama.com www.saratoga-investama.com
corporate.secretary@saratoga-investama.com
Association Authorized Issued and Ticker
Membership Capital Paid-Up Capital Code
- Indonesian Public 48,833,400,000 13,564,835,000 SRTG
Listed Companies shares shares
Association
- Indonesia Global
Compact Network
(IGCN)
Business Lines According to Articles of Association Business Lines in the Current Year
In accordance with the main purposes and objectives of In regard to the implementation of the aforesaid main
its establishment as outlined in the Company’s Articles business activities, the Company's business activities
of Association, we carry out activities of: may carry out the followings:
1. A holding company where the main activity is 1. To provide funding and/or financing as required
ownership and/or control of assets of a group of its by companies in which the Company is investing
subsidiaries; and either directly or indirectly; and
2. Management consulting where the main activities 2. To provide funding and/or financing as required by
(as relevant) are: companies in the aforesaid company or a group of
a. to provide assistance with advices, companies or in the framework of investment of
guidance and business operation and other other assets in the aforesaid company or a group
organizational and managerial issues, such of companies.
as strategic and organizational planning,
decisions relating to finance, objectives and
marketing policies, human resource planning,
practices and policies, planning scheduling and Area of Operations
production controlling; and
b. to provide assistance with advices, guidance Due to the characteristics of Saratoga’s business, we
are not an operating company. Hence, we do not provide
and operation of various management
information about the Company's area of operations.
functions, managerial consultancy,
agronomists processing and agricultural
economy in agriculture sector and the like,
design of accounting methods and procedures,
cost accounting programs, budget supervision
procedures, giving of advices and assistances
to businesses and community services in
planning, organizing, efficiency and supervision
management information and others.
28 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
Page 31
Company Profile
Organization Structure
BOARD OF COMMISSIONERS
EDWIN SOERYADJAYA
(President Commissioner)
BOARD OF
JOYCE SOERYADJAYA KERR
DIRECTORS
(Commissioner)
INDRA CAHYA UNO
SIDHARTA UTAMA
(Independent)
ANANGGA W. ROOSDIONO
(Independent)
NOMINATION &
AUDIT INVESTMENT
REMUNERATION
COMMITTEE COMMITTEE
COMMITTEE
EDWIN SOERYADJAYA
ANANGGA W. ROOSDIONO ANANGGA W. ROOSDIONO
(Supervisor)
(Chairman) (Chairman)
MICHAEL W. P.
BASUKI SETIOGROHO EDWIN SOERYADJAYA SOERYADJAYA
HANY GUNGORO HANDIANTO GANIS (Chairman)
LANY DJUWITA WONG
DEVIN WIRAWAN
PRESIDENT
DIRECTOR
MICHAEL W. P.
SOERYADJAYA
FINANCE PORTFOLIO INVESTMENT
DIRECTOR DIRECTOR DIRECTOR
MICHAEL W. P.
LANY DJUWITA WONG DEVIN WIRAWAN
SOERYADJAYA
PORTFOLIO PORTFOLIO INVESTMENT
ADVISOR OPERATION TEAM TEAM
ANDI ESFANDIARI
LEGAL AND CORPORATE
INTERNAL AUDIT HR & GA
SECRETARIAT
UNIT HEAD DIVISION HEAD
DIVISION HEAD
LILY HERAWATI SANDI RAHAJU IVONNE LO (ACTING)
INFORMATION CORPORATE
SYSTEM, ACCOUNTING FINANCE INVESTOR RELATIONS COMMUNICATION RISK MANAGEMENT CORPORATE TAX
& BUDGETING DIVISION HEAD DIVISION HEAD AND SUSTAINABILITY DIVISION HEAD DIVISION HEAD
DIVISION HEAD DIVISION HEAD
LANY DJUWITA WONG HARWIN
TINA NURYATI RYAN SUAL CATHARINA LATJUBA OLIVIA MAHARANI
(ACTING) IDRIS (ACTING)
2024 Annual Report | PT Saratoga Investama Sedaya Tbk. 29
Page 32
01 02 03 04 05 06 07 08
Our Management Team
Throughout 2024 until this report The Profile of Members of Our Board of Commissioners
was published, the members of
our management, including our
Independent Commissioners, who
have served the roles more than
two periods, were unchanged. The
Company reaffirms the professional
commitment of each member of
Board of Commissioners and Board
of Directors to remain independent in
their duty implementation, including
by maintaining objectivity in the
individuals’ perspective towards
decision making.
The profile of each member of the Board
of Commissioners is presented below:
Edwin Soeryadjaya
President Commissioner
An Indonesian citizen, 75 years old
Edwin Soeryadjaya has been serving as the Company’s President Commissioner
since 22 January 1997 and was reappointed for the 2022-2025 period by the AGMS
on 21 April 2022. He also serves as the Supervisor of the Investment Committee
of the Company and the member of the Nomination and Remuneration Committee
of the Company. He is also one of the main shareholders of the Company and has
affiliation with Michael W. P. Soeryadjaya, the President Director of the Company
and Joyce Soeryadjaya Kerr, the Commissioner of the Company.
He began his professional career in 1978 by joining Astra International, one of
Indonesia’s largest diversified conglomerates, founded by his father. He left his role
as the Vice President Director in 1993 to co-found Saratoga. Currently, he serves
as the President Commissioner of PT Alamtri Resources Indonesia Tbk. (formerly
PT Adaro Energy Indonesia Tbk.) (coal & energy), PT Tower Bersama Infrastructure
Tbk. (telecommunication towers), PT Merdeka Copper Gold Tbk. (gold and copper
mining) and PT Mitra Pinasthika Mustika Tbk. (consumer automotive).
A strong advocate for education, Edwin co-founded the William Soeryadjaya
Foundation (now William and Lily Foundation) and serves as Chairman of the Board
of Trustees of Ora Et Labora Foundation.
He earned a Bachelor of Business Administration degree from the University of
Southern California in 1974. In 2010, he was recognized for leadership with the
Ernst & Young Entrepreneur of the Year award.
30 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
Page 33
Company Profile
Joyce Soeryadjaya Kerr Indra Cahya Uno
Commissioner Commissioner
An Indonesian citizen, 74 years old An Indonesian citizen, 57 years old
Joyce Soeryadjaya Kerr has been serving He has been serving as the Company’s Commissioner since May 2013 pursuant
as the Company’s Commissioner since to the Shareholders' Resolution dated 14 may 2013 and was reappointed for the
31 August 1999 and was reappointed period of 2022-2025 by the AGMS on 21 April 2022. He has affiliation with Sandiaga
for the 2022-2025 period by the AGMS Salahuddin Uno, one of the main shareholders of the Company but has no affiliation
on 21 April 2022. She is affiliated with with other members of Board of Commissioners or Board of Directors.
Edwin Soeryadjaya, the President
Commissioner of the Company. Currently he still serves as the Commissioner of ANTV (PT Cakrawala Andalas
Televisi, one of the early entertainment terrestrial television channels in Indonesia)
Since November 1998, she has also (since 2014), the Commissioner of Indivara Group (PT Indivara Sejahtera Mandiri,
been serving as the Commissioner in an enterprise solutions provider which operates in the Philippines) (since 2019),
PT Unitras Pertama, one of the and the founder of PT TPS Consulting Indonesia, a boutique strategic business
Company’s main shareholders. management consultant and a certified member of the Indonesian Institute of
Commissioners and Directors (a division of the National Committee on Corporate
She holds a Bachelor of Science degree Governance).
from University of Southern California,
majoring in Language, Art and Science, Indra has been actively engaged in many social activities through his roles as the
with a specialization in German. Chairman of Mien R. Uno Foundation (a foundation for youth entrepreneurship
education), the founder and Chairman of the Supervisory Board of OK OCE Indonesia
(a nation wide as well as Malaysia and Turkey social movement in income and job
creation through entrepreneurship) and the initiator of Garuda Cendekia School (an
inclusive national curriculum for middle and high school that focuses on active
learning).
He earned a Doctor of Philosophy degree in Strategic Management from Universitas
Indonesia, Jakarta, Indonesia, Master of Business Administration degree from
University of Southern California, Los Angeles, USA, Master of Science degree in
Aerospace Engineering from University of Michigan, Ann Arbor, USA, and a Bachelor
of Science degree in Aerospace Engineering from the Wichita State University,
Wichita, USA.
2024 Annual Report | PT Saratoga Investama Sedaya Tbk. 31
Page 34
01 02 03 04 05 06 07 08
Sidharta Utama Anangga W. Roosdiono
Independent Commissioner Independent Commissioner
Chairman of Nomination and Remuneration Committee
An Indonesian citizen, 59 years old Chairman of Audit Committee
Prof. Sidharta Utama, Ph.D., CA CFA., has been serving as
the Company’s Independent Commissioner, firstly pursuant An Indonesian citizen, 80 years old
to the EGMS resolutions dated February 22, 2013. He He has been serving as the Independent Commissioner
was reappointed to the role in 2016, 2019 and 2022. He of the Company pursuant to the Shareholders’ Resolution
is a professor at the Faculty of Economics, University of since 2013 and was reappointed in 2016, 2019 and 2022.
Indonesia, with research interest in the area of corporate He also serves as the Chairman of the Nomination and
governance and has been serving at the University of Remuneration Committee of the Company. He has been
Indonesia as a lecturer for more than 25 years. chairing the Audit Committee of the Company since July
2019. He is the founder of Roosdiono & Partners, a full
Currently he is also the chair of the Trustee Board – service corporate law firm and member firm of ZICO law
Indonesia Institute for Corporate Directorship, the chair of network.
the Supervisory Body of the Financial Services Authority, a
member of the National Executive Board – the Indonesia Currently he serves as lecturer at the Business and
Institute of Chartered Accountants, a member of the Management School, Bandung Institute of Technology. Since
Oversight Board – the Indonesia Institute of Chartered October 2020, he has been trusted to serve the roles of the
Public Accountants, a member of the Board of Advisory Chairman of the Indonesian National Board of Arbitration,
for Financial Accounting Policy of Bank Indonesia and the the Chairman of the Indonesian Arbitrators Institute and also
Secretary General of the National Committee on Governance a member in several institutions such as the International
Policy. He is also a board member of the International Bar Association, the Inter Pacific Bar Association, the
Federation of Accountants. He is serving as the Independent Indonesian Bar Association, the Association of Indonesian
Commissioner at PT Astra Graphia Tbk and PT Allianz Global Capital Market Legal Consultants, the Indonesian National
Investors Asset Management Indonesia. He chairs the Audit Board of Arbitration, the Indonesian Sports Arbitration Body,
Committee of PT Astra Graphia Tbk as well as the Audit and the Asian International Arbitration Centre (Malaysia)
Committee member at PT Bukalapak Tbk. (AIAC) formerly known as Kuala Lumpur Regional Centre
for Arbitration (KLRCA) and the Thailand Arbitration Center
He earned a Doctor of Philosophy degree in Accounting (THAC).
from Texas A&M University, Master of Business
Administration degree in Finance and Information System He earned a Bachelor of Law degree from University
from Indiana University, and Bachelor of Economics degree of Indonesia, his LLM degree from University of Denver
in Accounting from the University of Indonesia. He is also and Doctorate degree from Pelita Harapan University.
a Chartered Financial Analyst and a Chartered Accountant. He has no affiliation with the other members of Board of
He has no affiliation with the other members of Board of Commissioners or Board of Directors as well as the main
Commissioners or Board of Directors as well as the main shareholders.
shareholders.
32 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
Page 35
Company Profile
The Profile of Members of Our Board of Directors
Michael W. P. Soeryadjaya Lany Djuwita Wong Devin Wirawan
President Director Finance Director Investment Director
An Indonesian citizen, 39 years old An Indonesian citizen, 55 years old An Indonesian citizen, 45 years old
Michael W. P. Soeryadjaya has served as Lany Djuwita Wong has been serving as Devin Wirawan has been the
the Company’s President Director since the Company's Finance Director since Company’s Investment Director since
10 June 2015 and was reappointed for 26 June 2018 and was reappointed 22 May 2019, with reappointment in
the 2022-2025 period by the AGMS in 2019 and 2022. She is also a 2022. He holds a bachelor’s degree in
on 21 April 2022. He also chairs the Commissioner of the Indonesia Stock Finance and Management Information
Company’s Investment Committee Exchange (IDX) as of June 2024. Systems from Curtis L. Carlson School
of the Company. He is affiliated with She is not affiliated with the main of Management, the University of
Edwin Soeryadjaya, the President shareholders, Commissioners, or other Minnesota, Twin Cities, Minnesota,
Commissioner and one of the Directors of the Company. USA. He is not affiliated with Company’s
Company’s main shareholders. main shareholders, Commissioners, or
Prior to joining the Company, she was other Directors of the Company.
Michael is a seasoned professional in Director and Chief Financial Officer
merger and acquisitions, with a strong of PT Dharma Satya Nusantara Tbk. Devin began his career as a Strategy
track record in investment strategy. (2016-2018) and PT Medco Energi and Trading Analyst with University
His expertise has contributed to the Internasional Tbk. (2013-2015). During Capital Strategies Group in Saint
success of several IPOs, including those her tenure at Medco, which began in Paul, USA, before joining Titan Capital
of the Company, PT Mitra Pinasthika 2006, she held several key positions, in Singapore. He later returned to
Mustika Tbk. and PT Merdeka Copper including Director of subsidiaries, Head University Capital Strategies Group
Gold Tbk. He has played a pivotal role of Corporate Finance, and Head of in Singapore as a Senior Strategy and
in overseeing investments, including Corporate Planning and Performance. Trading Analyst before joining Saratoga
PT Mulia Bosco Logistik, PT Zulu Alpha She previously held roles at Arthur in 2009.
Papa (ZAP), PT Brawijaya Investama Andersen, Astra International, and
(Brawijaya Hospital), and PT Foodex PricewaterhouseCoopers, where Throughout his tenure at Saratoga,
Inti Ingredients (Foodex). she served as Manager of Financial Devin has held key strategic roles,
Advisory Services. including serving as Executive
He currently serves as a Director of Committee of PT Medco Power
PT Alamtri Resources Indonesia Lany holds a Bachelor’s degree Indonesia (until 2017), Director of
Tbk. since February 2022, and as a in Economics (Accounting) from PT Paiton Energy (until 2018), and
Commissioner of PT Samator Indo Gas University of Indonesia (1993) and a Executive Committee member of PT
Tbk. since July 2022 and PT Merdeka Master’s degree in Finance from Texas Deltomed Laboratories (until January
Battery Materials Tbk. since January A&M University, USA (1996). She is a 2024). Currently, he serves as Director
2023. CFA Charterholder. of Xurya Pte. Ltd and Co-CEO of
Brawijaya Healthcare.
Michael earned a Bachelor of Arts
degree in Business Administration from
Pepperdine University, USA.
2024 Annual Report | PT Saratoga Investama Sedaya Tbk. 33
Page 36
01 02 03 04 05 06 07 08
Corporate Structure
as of 31 December 2024
EDWIN
PUBLIC
SOERYADJAYA
PT UNITRAS
50.00% PERTAMA
SANDIAGA UNO
9.96% 35.81% 32.72% 21.51%
TECHNOLOGY
ENERGY AND PRECIOUS
INDUSTRIALS AND DIGITAL CONSTRUCTION
RESOURCES METALS
INFRASTRUCTURE
14.21% 19.40% 10% 27.89% 6.97%
AADI
ADRO OWNS MDKA AGII BDIA NRCA
15.37% OF AADI
15.78% 9.37%
TBIG
ADRO
BDIA OWNS
79.75% OF TBIG
34 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
Page 37
Company Profile
The Company's Effective Shareholdings
both Directly and Indirectly
*) THE COMPANY'S TREASURY STOCK WAS 0.15% OF TOTAL SHARES DUE TO BUYBACK AS OF 31 DECEMBER, 2024
AADI PT Adaro Andalan Indonesia Tbk.
ADRO PT Alamtri Resources Indonesia Tbk.
AGII PT Samator Indo Gas Tbk.
BDIA Bersama Digital Infrastructure Asia Pte Ltd
BRAWIJAYA Brawijaya Healthcare Group
CITY VISION PT City Vision
FOODEX PT Foodex Inti Ingredients
FOREST CARBON Forest Carbon
MBL PT Mulia Bosco Logistik
MDKA PT Merdeka Copper Gold Tbk.
MPMX PT Mitra Pinasthika Mustika Tbk.
NRCA PT Nusa Raya Cipta Tbk.
TBIG PT Tower Bersama Infrastructure Tbk.
XURYA Xurya Daya Indonesia
ZAP PT Zulu Alpha Papa
CONSUMER HEALTHCARE RENEWABLE DIGITAL MEDIA
PRODUCT & LOGISTICS AND CONSUMER AND GREEN AND
SERVICES HEALTH ECONOMY ADVERTISING
62.90%
CITY
FOODEX MBL BRAWIJAYA XURYA
VISION
56.69%
FOREST
MPMX ZAP
CARBON
2024 Annual Report | PT Saratoga Investama Sedaya Tbk. 35
Page 38
01 02 03 04 05 06 07 08
Shareholders Information
Composition of Shareholders of 5% or More
As of 1 January 2024 As of 31 December 2024
Main Controlling
Name Number of Number of Number of Number of
Shareholder Shareholder % %
Shareholders Shares Shareholders Shares
5% or above
PT Unitras Pertama √ 1 4,438,610,000 32.721 1 4,438,610,000 32.721
Edwin Soeryadjaya √ √ 1 4,734,127,090 34.900 1 4,857,467,590 35.809
Sandiaga Salahuddin √ 1 2,917,827,145 21.510 1 2,917,827,145 21.510
Uno
Public (single shareholders with less than 5% 26,635 1,474,270,765 10.869 20,524 1,350,930,265 9.96
ownership)
Information on Direct Shareholding by the Board of Commissioners and Board of Directors
As of 1 January 2024 As of 31 December 2024
Name Designation
Number of Shares % Number of Shares %
Board of Commissioners
Edwin Soeryadjaya President Commissioner 4,734,127,090 34.900 4,857,467,590 35.809
Joyce Soeryadjaya Kerr Commissioner - - - -
Indra Cahya Uno Commissioner - - - -
Sidharta Utama Independent Commissioner - - - -
Anangga W. Roosdiono Independent Commissioner - -
Board of Directors
Michael W. P. Soeryadjaya President Director 4,914,300 0.0362 5,228,500 0.0385
Lany Djuwita Wong Director 4,901,900 0.0361 5,738,600 0.0423
Devin Wirawan Director 6,419,900 0.0473 7,251,400 0.0534
Total 4,750,363,190 35.0196 4,875,686,090 35.9432
Information on Indirect Shareholding by the Board of Commissioners and the Board of Directors
As of 1 January 2024 As of 31 December 2024
Name Designation
Number of Shares % Number of Shares %
Board of Commissioners
Edwin Soeryadjaya President Commissioner 2,226,885,000 16.4166 2,242,824,635 16.5341
Joyce Soeryadjaya Kerr Commissioner 2,225,210,590 16.4043 2,225,210,590 16.4043
Indra Cahya Uno Commissioner - - - -
Sidharta Utama Independent Commissioner - - - -
Anangga W. Roosdiono Independent Commissioner - - - -
Board of Directors
Michael W. P. Soeryadjaya President Director - - - -
Lany Djuwita Wong Director - - - -
Devin Wirawan Director - - - -
Total 4,452,095,590 32.8209 4,468,035,225 32.9384
36 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
Page 39
Company Profile
Shareholding by Ownership Status
As of 1 January 2024 As of 31 December 2024
Ownership Status Number of Number of Number of Number of
Shareholders Shares % Shareholders Shares %
Domestic Shareholders
Local Individual 26,361 8,263,011,650 60.91494 20,205 8,236,106,583 60.71652
Cooperative 2 11,200 0.00008 1 2,500 0.00002
Foundation 4 2,754,600 0.02031 3 1,906,900 0.01406
Pension Fund 42 32,261,000 0.23783 25 14,254,800 0.1051
Insurance 48 102,017,900 0.7528 58 165,407,600 1.2194
Limited Liability Company 78 4,603,620,764 33.93790 81 4,585,717,750 33.80592
Mutual Funds 42 227,964,994 1.68056 59 208,199,062 1.53485
Sub Total 26,577 13,231,642,108 97.54370 20,432 13,211,595,195 97.39591
Foreign Shareholders
Foreign Individual 13 703,100 0.00518 23 1,226,100 0.00904
Foreign Institutions 48 332,489,792 2.45112 72 352,013,705 2.59505
Sub Total 61 333,192,892 2.45630 75 353,239,805 2.60409
Total 26,638 13,564,835,000 100 20,527 13,564,835,000 100
Share Listing Chronology
Nominal Offering Number of Shares
Corporate Action Listing Date Additional Shares Remarks
Value Price After Corporate Action
Initial Public Offering (IPO) 26 June 2013 100 5,500 430,883,000 2,712,967,000 Listed on
Indonesia Stock
Stock Split 19 May 2021 20 - 10,851,868,000 13,564,835,000
Exchange
At end of the financial year, the stock was closed at IDR2,090 per share.
2024 Annual Report | PT Saratoga Investama Sedaya Tbk. 37
Page 40
01 02 03 04 05 06 07 08
Stock Highlights
Stock Price and Trading Volume Movement in 2024
3,000 150,000,000
2,400 120,000,000
1,800 90,000,000
1,200 60,000,000
600 30,000,000
0 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Closing share price (IDR) Transaction volume
Quarterly Stock Performance
Period Highest Price Lowest Price Closing Price Average Daily Trading Outstanding Shares Market Capitalization
(IDR) (IDR) (IDR) Volume (billion IDR)
(in thousand shares)
2024
Q1 1,700 1,440 1,445 12,957 13,564,835,000 19,601
Q2 1,585 1,235 1,435 13,698 13,564,835,000 19,466
Q3 2,760 1,415 2,560 31,780 13,564,835,000 22,721
Q4 2,780 2,000 2,090 25,851 13,564,835,000 28,351
2023
Q1 2,550 1,900 1,985 14,953 13,564,835,000 26,926
Q2 3,850 2,610 2,610 19,736 13,564,835,000 35,404
Q3 2,980 2,140 2,650 16,912 13,564,835,000 35,947
Q4 2,820 2,350 2,530 15,492 13,564,835,000 34,319
Trading Suspension or Delisting
Throughout 2024, the Company did not experience a trading suspension and did not delist its shares from IDX.
Other Securities Listing Chronology
Through the end of 2024, the Company did not list any other securities on domestic stock market or abroad. Therefore, we
cannot provide such information in this report.
38 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
Page 41
Company Profile
Our Subsidiaries
Name of Subsidiary PT Saratoga PT Nugraha Eka PT Wahana PT Bumi Hijau Asri PT Interra Indo
Sentra Business Kencana (NEK) Anugerah (BHA) Resources (IIR)
(SSB) Sejahtera (WAS)
Corresponding Address Menara Karya 15th Menara Karya 15th Menara Karya 15th Menara Karya 15th Menara Karya 15th
Fl.* Fl.* Fl.* Fl.* Fl.*
Line of Business Investment Investment Investment Investment Investment
Year of Establishment 2005 2003 2005 2007 2004
Year of Investment 2005 2003 2009 2010 2004
Effective Ownership 99.99% 99.99% 99.96% 99.99% 93,73%
Operational Status Active Active Active Active Active
Total Assets (in IDR billion) 646 1,440 16,436 136 370
as of December 31, 2024
Name of Subsidiary PT Wana Bhakti PT Trimitra Karya PT Surya Nuansa PT Lintas PT Sarana
Sukses Mineral Jaya (TKJ) Ceria (SNC) Indonesia Investasi Bersama
(WBSM) Sejahtera (LIS) (SIB)
Corresponding Address Menara Karya Menara Karya Menara Karya Menara Karya Menara Karya
15th Fl.* 15th Fl.* 15th Fl.* 15th Fl.* 15th Fl.*
Line of Business Investment Investment Investment Investment Investment
Year of Establishment 2007 2012 2015 2018 2015
Year of Investment 2011 2014 2015 2018 2024
Effective Ownership 73.68% 99,00% 99.99% 99.99% 98.84%
Operational Status Inactive Inactive Active Active Active
Total Assets (in IDR billion) 3 9 347 24 260
as of December 31, 2024
* Menara Karya 15th floor Unit A-H, Jl. H.R. Rasuna Said Block X-5 Kav. 1-2, Kel. Kuningan Timur, Kec. Setiabudi, South Jakarta – 12950.
Capital Market Supporting Institutions
and Professionals
Public Accounting Firm Share Registrar Notary
KAP Siddharta Widjaja & Rekan PT Datindo Entrycom Jose Dima Satria, S.H., M.Kn.
(a member of KPMG Global Network) Jl. Hayam Wuruk No. 28 Komplek Taman Gandaria No. 11 A,
33rd Floor Wisma GKBI Jakarta 10210, Indonesia Jakarta Selatan 12420
Jl. Jend. Sudirman Kav. 28, Jakarta 10210, T. (62-21) 350 8077 (Hunting) T. (62-21) 29125500
Indonesia F. (62-21) 350 8078 Service:
T. (62-21) 574 2333 Basis of Appointment: To prepare GMS minutes and Notarial
F. (62-21) 574 1777 Deed of Share Administration Deed including its submission to
Public Accountant: Management Agreement No. 54 dated Ministry of Law and Human Rights.
Harry Widjaja, S.E., CPA 10 April 2013, made before Humberg Lie, Assignment Period:
Basis of Appointment: S.H., S.E., M.Kn., Notary in Jakarta. 2024
Circular Resolution in lieu of a Meeting of the Service: Fee:
Board of Commissioners, dated October 3, To provide administration service for IDR55,500,000
2024 secondary market and responsible for
Service: the administration of shareholders list
To audit the Company’s financial statement including changes in the shareholder list
for the financial year ending on December 31, on behalf of the Company.
2024. Assignment Period:
Assignment Period: 2024
2024 Fee:
Fee: IDR44,400,000
IDR4,626,300,000
2024 Annual Report | PT Saratoga Investama Sedaya Tbk. 39
Page 42
01 02 03 04 05 06 07 08
Human Capital
Human Capital Management is one of Saratoga’s priorities to help it
maximize the value of its employees, thus shaping the competitive
advantage of the Company. We have prepared some practices and methods
for supporting talent management so as to build a solid teamwork that
will empower the overall success and progress of the Company.
Number of Employees by Organization Level
As we are aware of the importance of human capital to
perform and prosper, we have established a vibrant work Organization Level 2024 2023
environment which is expected to increase productivity
Director 3 3
of our young, bright and highly driven talents. We also
challenge them to adapt to the dynamic work by becoming a Manager & Supervisor 38 36
quick learner of many sectors that Saratoga invests in.
Staff & Non-Staff 24 25
At the same time, we have also established a fair opportunity Total 65 64
for all talents of the Company, regardless of their gender,
Number of Employees by Education
ethnics, religion, political views or physical condition, to
build their career path in the Company, making Saratoga to Education 2024 2023
be the preferred employer of choice in Indonesia. Undergraduate or Higher 50 48
Diploma 5 4
Our Employee Demographic
Others 10 12
In talent acquisition, Saratoga always pays attention Total 65 64
to the future business needs. Saratoga has attracted
professional individuals, who can meet the specified job Number of Employees by Age
requirements to join its internal team. In 2024, we managed
Age 2024 2023
a total of 65 employees compared to 64 employees it
managed in 2023. The employee composition shows a >50 20 17
balanced figure with 31 male and 34 female staffs. Below 41-50 19 15
is the employee demographic in 2024 classified based on 31-40 20 26
gender, employment status, organization level, educational ≤30 6 6
background and age:
Total 65 64
Number of Employees by Gender
2024 HR Strategies
Gender 2024 2023
Male 31 33 We have designed our organization structure to be
Female 34 31 accommodative for the employees. Guided by the Company’s
Total 65 64 Core Values, "Work Hard, Work Smart, Work Thoroughly
and Work Wholeheartedly”, we ensure the prosperity of
Number of Employees by Employment Status all stakeholders, including our people, by positioning the
Company to be a learning organization.
Employment Status 2024 2023
Permanent 62 61 Accordingly, we have designed strategies that support
Contract 3 3 employees to improve their skills to develop within the
organization and build careers. As we understand that
Total 65 64
the key of growth is to link its best human development
40 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
Page 43
Company Profile
strategies with the business plans, we have been increasing
our efforts to shape an agile organization by executing talent To improve their professional skills, Saratoga has
development programs and employee self-development, as prepared some initiatives in line with the Company's future
well as training hours to build up the competence of our development strategies. Among the initiatives are to provide
Human Resources. our managerial staffs to sign up for at least a training
session per year, held in-house or externally, to enhance
Also, as part of the capacity improvement, we place metrics their skills and know-how which will be their valuable assets
to track employee productivity and performance, to help us in the career development. Then on periodical basis, the
navigate our support for the employees when needed. Those Company will conduct an annual evaluation to review the
metrics are constantly reviewed to ensure that our talent effectiveness of the training programs to the Saratoga’s
development programs are still relevant with the future productivity rate as well as to help identify competence
business needs. gaps.
Training Program Initiatives Throughout 2024, a total of 65 employees have joined
in various training programs, which included trainings,
Saratoga has made significant investment in human workshops and seminars. To support the activity, we had
resources development, preparing its internal talents to be spent IDR56,111,672, which was a decrease compared to
capable of managing and scaling business opportunities so total amount spent on employee development activities in
as to create sustainable values with our investees. 2023.
The information on employee trainings is further explained in the following table:
Number of Workers who Average Training Hours
Description Training Hours
Received Training per Worker
All Employees 65 643.50 9.90
Based on Gender:
Male 31 214.00 6.90
Female 34 429.50 12.63
Based on Employee Position:
SEVP – VP 32 262.00 8.19
Manager & Supervisor 13 105.50 8.12
Staff & Non-Staff 20 276.00 13.80
Building a High-Quality Talent Management Some significant upside adjustments are also introduced to
its remuneration and reward policies, including increasing
Given the dynamic business landscape, the Company’s the fringe benefits provided to level-5 personnel and
business development plan requires high-quality talents. granting a car-ownership program at highly subsidized
Therefore, to address the competitive labor market, Saratoga purchase price.
has optimized the talent pool development to help it identify
the potential candidates for future positions. The results of our annual survey on employee satisfaction
suggest that Saratoga’s remuneration policy is considered
At the same time, as part of the employee retention, Saratoga at par with those of leading corporations in Indonesia, and
strives to fulfil their expectations by providing attractive well above the median range of wages paid by Indonesian
remuneration package that extend beyond a salary, corporates.
opportunities such as flexible work schedule, professional
development activities, and career advancement.
2024 Annual Report | PT Saratoga Investama Sedaya Tbk. 41
Page 44
01 02 03 04 05 06 07 08
Employee Performance Evaluation Nurturing and Fostering the Implementation of
Corporate Cultures
Saratoga conducts annual evaluation of employee
performance and skills to measure the effectiveness We believe that our success today is built upon the results
of trainings on their capacity improvement. Employee of nurturing and fostering its corporate cultures among
performance evaluation is also done to identify competence the employees. To build up the competitive advantages
gaps and align performance with goals to ensure their of the Company and to build trust within the organization,
contributions to the Company’s overall success. Saratoga’s leaders should be the role models that reflect
the expected culture through their behaviors and actions. In
For any competence gaps that can be identified, Saratoga the meantime, the investee company's management teams
will introduce employee development plans which include are also allowed to design a culture that will represent its
learning and performance improvement to help the mission statement or vision statement. Through the serious
employees realize their full potentials. implementation of the corporate culture, we expect to design
a work environment that aligns with a company’s values and
In 2024, we have evaluated the performances of our goals as well as build accountability of the Saratoga and its
managers and staffs and provided feedbacks in the forms investee companies among the stakeholders.
of constructive criticism and positive reinforcement to
guide them in the performance improvement. We also help
employees to set goals and identify areas for improvements,
in which we will suggest formal coaching by the supervisors.
42 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
Page 45
05 Management Discussion and Analysis
Page 46
01 02 03 04 05 06 07 08
Management Discussion and Analysis
This discussion and analysis provide an overview of the Company’s financial condition and performance for the reporting year.
It should be read alongside our audited consolidated financial statements and the accompanying notes in this Annual Report.
As an investment company, Saratoga focuses on deriving income from dividends, as well as evaluating net realized gains (or
losses, if any) and assessing fair value measurements of its investments.
Review of Operations
Saratoga’s revenue primarily comes from dividends and proceeds from divestment activities.
Description (in IDR billion) 2024 2023 Increase (decrease) %
Net gain (loss) on investment in shares and other securities 1,478 (13,811) 111%
Dividend and interest income 3,849 2,808 37%
Other income 15 12 25%
Changes in fair value of investment properties - 7 (100%)
Operating expenses (232) (222) 5%
Other expenses (10) (21) (52%)
Net (loss) gain on exchange rate differences (32) 13 (346%)
Interest expenses (153) (95) 61%
Profit (loss) before tax 4,915 (11,309) 143%
Income tax (expense) benefit
Current (9) (3) 200%
Deferred (1,615) 1,161 (239%)
(1,624) 1,158 (240%)
Profit (loss) for the year 3,291 (10,151) (132%)
Total other comprehensive income 27 26 4%
Total comprehensive income (loss) for the year 3,318 (10,125) 133%
Profit (loss) for the year attributable to:
Owners of the Company 3,290 (10,150) 132%
Non-controlling interests 1 (1) 200%
3,291 (10,151) 132%
Total comprehensive income (loss) for the year attributable to:
Owners of the Company 3,317 (10,125) 133%
Non-controlling interests 1 - 100%
3,318 (10,125) 133%
The Company’s Profit or Loss is driven by two key components:
Net Gain on Investment in Shares and Other Securities
Saratoga recorded a gain of IDR1,478 billion on investment in shares and other securities in 2024, compared to our 2023
performance, where we recorded a net loss of IDR13,811 billion. This performance was driven by the increase in share price
of PT Alamtri Resources Indonesia Tbk. and the spin-off of its thermal coal business, PT Adaro Andalan Indonesia Tbk. The
Year-on-Year (YOY) comparison is as follows:
44 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
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Management Discussion and Analysis
Fair Value Adjustment
Increase (decrease) %
Investee Companies (in IDR billion) 2024 2023
Amount %
PT Alamtri Resources Indonesia Tbk. *) 8,020 (7,135) 15,155 212%
PT Merdeka Copper Gold Tbk. (5,068) (6,272) 1,204 19%
PT Mitra Pinasthika Mustika Tbk. (164) (177) 13 7%
PT Tower Bersama Infrastructure Tbk. **) (555) 99 (654) (661%)
PT Provident Investasi Bersama Tbk. (389) (14) (375) (2,679%)
Others (366) (312) (54) (17%)
Total 1,478 (13,811) 15,289 111%
*) include investment in PT Adaro Andalan Indonesia Tbk.
**) include investment in Bersama Digital Infrastructure Asia Pte. Ltd.
Dividend and Interest Income
Dividend
Saratoga invests in companies with strong cash flow, a key driver that supports a consistent dividend income stream. In 2024,
Saratoga recorded IDR3,786 billion in dividend income, a solid increase from IDR2,784 billion in 2023. This growth was driven
by resilient performance and disciplined capital management across key portfolio companies, including PT Alamtri Resources
Indonesia Tbk. (ADRO), PT Mitra Pinasthika Mustika Tbk. (MPMX) and PT Tower Bersama Infrastructure Tbk. (TBIG). A detailed
breakdown of Saratoga’s dividend income is as follows:
Dividend Income Breakdown
Increase (decrease) %
Investee Companies (in IDR billion) 2024 2023
Amount %
PT Alamtri Resources Indonesia Tbk. 3,121 2,138 983 46%
PT Mitra Pinasthika Mustika Tbk. 291 342 (51) (15%)
PT Tower Bersama Infrastructure Tbk. 363 289 74 26%
Others 11 15 (4) (27%)
Total 3,786 2,784 1,002 36%
Operating Expenses
In 2024, the Company recorded operating expenses of IDR232 billion, which slightly increased compared to IDR 222 billion
in 2023. Although the operating expenses have increased, the ratio of operating expenses to NAV stood at 0.43%, lower than
0.45% recorded in 2023.
Net Profit for the Year
At the end of the reporting year, Saratoga recorded a net profit of IDR3,290 billion, compared to a net loss of IDR10,150 billion
in 2023. The performance was driven by an increase in the unrealized mark-to-market value of its listed portfolios.
Other Comprehensive Income
There is no significant transaction to disclose in this section.
Total Comprehensive Income
There is no significant transaction to disclose in this section.
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Net Asset Valuation as of 31 December 2024 and 2023
31 December 2024 31 December 2023
Market Price Currency
Change (IDR billion)
(IDR full amount)
(IDR full amount)
Investment
(IDR billion)
(IDR billion)
Change (%)
Share price
Share price
Ownership
Ownership
Valuation
Valuation
Effective
Effective
Investment in Blue Chip Companies
PT Tower Bersama Infrastructure IDR 31.6% 2,100 15,936 31.5% 2,090 16,448 (512) (3%)
Tbk.
PT Merdeka Copper Gold Tbk. IDR 19.4% 1,615 7,668 18.8% 2,700 12,238 (4,570) (37%)
PT Alamtri Resources Indonesia Tbk. IDR 15.8% 2,430 11,800 15.2% 2,380 11,557 243 2%
PT Adaro Andalan Indonesia Tbk. IDR 14.2% 8,475 9,375 - - - 9.375 100%
Others IDR 220 220 100%
Investment in Growth Focused Companies
PT Mitra Pinasthika Mustika Tbk. IDR 56.7% 985 2,492 56.7% 1,050 2,657 (165) (6%)
PT Provident Investasi Bersama Tbk. IDR - - - 19.9% 625 884 (884) (100%)
PT Samator Indo Gas Tbk. IDR 10.0% 1,400 429 10% 1,520 466 (37) (8%)
Others 4,391 2,229 2,162 97%
Investment in Digital Technology Entities
Fund investments and others USD Fair 934 Fair 1,177 (243) (21%)
Value Value
Others
Investment in other shares and other 2,410 1,460 950 65%
securities
Sum of investee companies 55,655 49,116 6,539 13%
-Debt 3,204 930 2,274 244%
+Cash 1,534 668 866 130%
Net Asset Value 53,985 48,854 5,131 11%
Net Asset Value Per Share (IDR) 3,980 3,601 379 11%
BI MID RATE As of 31 December 2024 As of 31 December 2023
USD IDR 16,162 15,416
AUD IDR 10,082 10,565
SGD IDR 11,919 11,712
Consolidated Assets (IDR billion)
46 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
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Management Discussion and Analysis
Consolidated Statements of Financial
Position
Description (in IDR billion) 2024 2023 Increase (decrease) %
Cash and cash equivalents 1,533 665 131%
Restricted cash 1 3 (67%)
Receivables, net 601 1,130 (47%)
Prepaid taxes 5 3 67%
Investment in shares 51,912 46,680 11%
Investment in other securities 3,634 2,328 56%
Investment properties 109 108 1%
Other assets 47 28 68%
Total assets 57,842 50,945 14%
Investment in Shares (IDR billion)
Description (in IDR billion) 2024 2023 Increase (decrease) %
Listed Companies
PT Tower Bersama Infrastructure Tbk. (*) 15,936 16,448 (3%)
PT Merdeka Copper Gold Tbk. 7,668 12,238 (37%)
PT Alamtri Resources Indonesia Tbk. (**) 11,800 11,557 2%
PT Adaro Andalan Indonesia Tbk. (**) 9,375 - 100%
PT Mitra Pinasthika Mustika Tbk. 2,492 2,657 (6%)
PT Samator Indo Gas Tbk. 429 466 (8%)
PT Nusa Raya Cipta Tbk. 61 58 3%
PT Provident Investasi Bersama Tbk. - 884 (100%)
Sihayo Gold Plc, Australia - 11 (100%)
Other listed entities 504 409 23%
Non-listed entities 3,647 1,952 87%
Total 51,912 46,680 11%
(*) include indirect ownership through Bersama Digital Infrastructure Asia Pte. Ltd.
(**) include indirect ownership through PT Adaro Strategic Capital and PT Adaro Strategic Lestari.
Cash and Cash Equivalents
Our consolidated cash and cash equivalents consist of two components: cash in hand and held in banks (third parties),
denominated in IDR, USD, and SGD. These balances reflect the cash holding of Saratoga and its subsidiaries. At the end
of 2024, Saratoga recorded cash and cash equivalents of IDR1,533 billion, compared to IDR665 billion at end of 2023. The
increase was primarily driven by dividends received from investee companies and proceeds from bank loans.
Receivables
Saratoga records receivables from investee companies, business partners, and dividend receivables. The Company may charge
interest on the investment-related receivables and, when appropriate, convert them into stakes in investee companies. Given
that most investment-related receivables are linked to early stage companies, the repayment terms for third-party receivables
can extend beyond one year. At the end of 2024, Saratoga booked IDR601 billion in receivables, primarily driven by dividend
receivables from ADRO.
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Investments in Shares and Other Securities
Saratoga recorded IDR55,546 billion in both investments in shares and in other securities. Such performances were largely
driven by the increase in share price of ADRO (from IDR2,380 to IDR2,430) and several new investments.
Consolidated Liabilities (IDR billion)
Description (in IDR billion) 2024 2023 Increase (decrease) %
Other payables 6 6 -
Income tax payables 6 2 200%
Other taxes payables 1 1 -
Unearned revenue 3 2 50%
Borrowings 3,214 926 247%
Deferred tax liabilities, net 2,803 1,188 136%
Employee benefits liabilities 36 36 13%
Total Liabilities 6,069 2,157 181%
At the end of 2024, Saratoga’s consolidated liabilities reached IDR6,069 billion compared to IDR2,157 billion in 2023. The
increase was primarily driven by a IDR2,288 billion rise in borrowings for investment purposes and a IDR1,615 billion increase
in deferred tax liabilities, resulting from the higher mark-to-market value of our indirect holdings in PT Alamtri Resourses
Indonesia Tbk. and PT Adaro Andalan Indonesia Tbk.
Consolidated Equity (IDR billion)
Description (in IDR billion) 2024 2023 Increase (decrease) %
Share capital at par value IDR20 (whole IDR) per share, 271 271 -
authorized capital 48,833,400,000 shares, issued and fully-paid
capital 13,564,835,000 shares
Additional paid-in capital 5,185 5,185 -
Treasury stocks (13) (18) (28%)
Accumulated share-based payments 36 29 24%
Difference in translation of financial statements in foreign 50 24 108%
currency
Other equity components 133 126 5%
Retained earnings 46,084 43,092 7%
Equity attributable to owners of the Company 51,746 48,709 6%
Saratoga's equity (non-capital) at the end of 2024 amounted to IDR51,746 billion, compared to IDR48,709 billion in 2023. This
increase was driven by the rise in investment value in shares and other securities, which contributed to higher net income for
the year.
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Management Discussion and Analysis
Consolidated Statements of Cash Flow
Cash Flow from Operating Activities Cash Flow from Investing Activities
Saratoga generates cash flow from operating activities In 2024, Saratoga deployed a total net cash flow of IDR18
primarily through dividends and divestment activities, which billion for investing activity, an increase from IDR891 million
are then largely allocated to investments in shares and other in 2023.
securities.
Cash Flow from Financing Activities
At the end of 2024, Saratoga recorded IDR4,248 billion in
dividend income (from cash flow perspective), representing At the end of 2024, the Company’s net cash flow from
a 40% increase from IDR3,032 billion in 2023. The Company financing activities amounted to IDR1,887 billion, compared
also recorded total proceeds from the sale of investments to IDR1,611 billion in 2023, primarily driven by proceed from
in shares and other securities amounting to IDR712 borrowings related to investments.
billion, compared to IDR857 billion in 2023. During 2024,
the Company deployed IDR5,772 billion in cash for new and
follow-on investments, up from IDR2,152 billion in 2023. As
a result, cash flow used for operating activities for the year
amounted to IDR1,031 billion in 2024.
Collectability of the Receivables
Saratoga will receive receivables from third parties if its investee company is able to gain self-funding for its operation.
Ability to Service Debt
We continue to implement a prudent capital and debt 2. Divestment
management strategy to optimize our balance sheet
and enhance repayment capabilities. At the end of 2024, Saratoga generates immediate cash flow from
Saratoga’s debt position stood at IDR3,214 billion, compared divestment activities of the investment holdings and
to IDR926 billion at end of 2023. uses it to repay some of its borrowings.
Saratoga relies on multiple cash flow sources to manage its 3. Fixed Income
debt:
The Company earns interest income from available
1. Dividend Income liquidity deposited in banks. At end of 2024, interest
income stood at IDR63 compared to IDR24 billion at end
Saratoga recorded IDR3,786 billion of dividend income, of 2023.
an increase from IDR2,784 billion in 2023. Further details
on the dividend income statement are presented in the
Revenue section.
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Capital Structure and Management
Policies Concerning Capital Structure
To support our investing activities, Saratoga has implemented a prudent capital and debt management strategy to optimize
investment potential while maintaining manageable interest costs. At the end of 2024, Saratoga’s Loan-to-Value stood at 3.0%
compared to 0.5% in 2023. The increase was driven by the rise in borrowings.
Net Debt/Sum of Investee Company Value as of 31 December 2024
(in IDR billion)
LTV = 3.0% (Loan to Value)
Net Debt IDR1,670 billion
Sum of investee company value IDR55,655 billion
Loan maturity profile as of 31 December 2024
(in IDR billion)
2025 IDR1,504 billion
2027 IDR191 billion
2028 IDR616 billion
2029 IDR893 billion
Realization of Capital Goods Investment
The Company did not record any material capital goods investments incurred in 2024.
Subsequent Events
Throughout 2024, there were no subsequent events incurred and disclosed in the financial statements.
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Management Discussion and Analysis
Business Prospects
In 2025, we will continue to seek new investment We see strong prospects in healthcare, digital infrastructure,
opportunities in our key focus sectors while optimizing the consumer, and renewable energy—sectors positioned for
performance of our existing portfolio. This means actively long-term growth. Demand for quality healthcare services is
assessing market conditions, executing investments with rising, digital infrastructure is expanding, and the consumer
prudence, and driving operational improvements in our sector remains resilient. Renewable energy continues to
portfolio companies. Our success will depend on rigorous gain traction, supported by policy incentives and corporate
analysis, strategic execution, and the ability to adapt sustainability goals. While risks such as inflation, currency
to evolving risks and opportunities—principles that the fluctuations, and regulatory changes remain, we will stay
Saratoga team applies in every investment decision. disciplined in managing our portfolio and identifying high-
quality investments with strong fundamentals.
Comparison Between Target/Projection
at the Beginning of the Year and Actual
Results of Operations
As an investment company, Saratoga does not generate company, additionally the distribution to shareholders is
revenue or profit from the sale of products and services. determined by each company’s management.
The Company also do not set specific targets for investment
opportunities, net gain on investments, or net profit for the However, Saratoga has set its annual operating expense
year, considering that existing investment opportunities and target for 2024 at IDR238.9 billion, with actual expenses
fluctuations in investment values are highly dynamic and coming in slightly better than target by 2.7% at IDR232.4
influenced by numerous external factors. billion. The ratio of operating expenses to NAV stood at
0.43%, lower than the 0.45% recorded in 2023.
The Company’s primary sources of income are dividends
and proceeds from divestments. The number of dividends
received depends on the performance of each portfolio
Target for 2025
As described above, the Company does not set specific targets for investment opportunities, net gain on investments, dividend
income, proceeds from divestments, and net profit for the year. The Company only set target for operating expenses.
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Material Commitments for Capital
Goods Investment
Saratoga, as an investment holding company, allocated most of its capital expenditure in 2024 to the purchase of applications
and office equipment.
Marketing Aspects of the Company’s
Products and Services
Given our business characteristics as an investment holding company, Saratoga does not execute any marketing plans to
promote products or services, as this is carried out by our investee companies. In 2024, our focus remained on providing
strategic guidance to the management teams of our investee companies, ensuring they executed well-measured business
plans to create impacts for their stakeholders.
Dividend and Dividend Policy
Dividend Policy
Saratoga determines its dividend policy in accordance with applicable Indonesian laws and regulations. Through the Annual
GMS, we seek shareholder approval based on the Board of Director’s recommendation regarding the dividend payment plan.
Pursuant to the Company’s internal policy, dividends can only be distributed if we record sufficient profit and/or positive
retained earnings. Additionally, as outlined in the Articles of Association, interim dividends may be distributed based on the
Company’s cash position, provided that it does not reduce net assets below the total issued and paid-up capital and the
compulsory reserves as stipulated in the Law No. 40 of 2007 on Limited Liability Company (as amended from time to time)
(Company Law).
Remarks 2024 2023
Total Cash Dividend IDR297,802,912,000 IDR1,013,638,050,000
Dividend per Share IDR22 IDR75
Dividend Announcement Date 16 May 2024 15 May 2023
Dividend Payment Date 14 June 2024 14 June 2023
Realization of the Use of Proceeds
As of 31 December 2024, Saratoga ensured that there was no remaining balance of the proceeds from the IPO and that all
proceeds were deployed as committed in IPO prospectus.
In 2024, Saratoga did not conduct any public offering, thus, there is no any information regarding the use of proceeds from a
public offering to be disclosed.
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Management Discussion and Analysis
Material Information on Investment,
Expansion, Divestment, Business
Merger/Consolidation, Acquisition,
Capital/Debt Restructuring,
Transactions with Affiliated Parties,
and Transactions Containing Conflict
of Interests
Saratoga is committed to complying with prevailing laws and regulations governing extraordinary transactions, including
mergers and the sale and purchase of substantial portions of corporate assets. To ensure a rigorous evaluation process,
Saratoga has established an Investment Committee to provide professional and independent recommendations on proposed
investment and divestment plans of the Company.
Additionally, we are committed to transparently disclosing any material transactions with affiliated parties, as required by
Financial Services Authority (Otoritas Jasa Keuangan - OJK) Regulation No. 42/POJK.04/2020 concerning the Affiliate
Transactions and Transactions Containing Conflict of Interests (OJK Regulation No. 42/2020). Saratoga conducts the
Affiliated Transaction by taking into account the generally accepted business practices and fulfilling the arm's-length principle.
In relation to affiliated party transactions carried out by the Company throughout 2024, pursuant to OJK Regulation No.
42/2020, the Company has issued information disclosure or reported to OJK.
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Changes in Regulations with Significant
Impact on The Company
Throughout 2024, there were no regulatory changes that significantly impact the Company's operation and overall performance.
Changes in Financial Accounting
Standards with Impacts for the
Company
The Company did not identify any changes in financial accounting standards that had a significant impact on the Company’s
financial reporting.
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Corporate Governance
06 Corporate
Governance
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Corporate Governance
The implementation of the Good Corporate Governance b. Establishing a set of formal rules and clear mechanisms
(GCG) principles is partly driven by the awareness of that will guide all corporate activities;
individuals in the Company to maintain the long-term c. Continuously enhancing management accountability to
prospect of the business and deliver benefits to both internal shareholders;
and external stakeholders. In addition, our commitment to d. Ensuring clear communications between the Company
GCG practices demonstrates our regulatory compliance to and all stakeholders; and
establish a healthy and accountable organization. e. Ensuring regulatory compliance, including and primarily
pertaining to the rules and guidelines of OJK and IDX.
To ensure effectiveness of the GCG implementation, we have
internalized the universal governance principles and best
practices within the Company by:
a. Establishing corporate policies that apply to our
management members as well as all rank and file;
Assessment of Corporate Governance
Implementation
We conduct regular reviews and self-assessment of the Results
effectiveness and the adequacy of the GCG practices as
well as the governance body’s performance as part of our In 2024, the Company did not conduct self-assessment of
commitment to establishing a sustainable organization. the governance implementation. The latest self-assessment
The assessment is carried out to ensure the Company’s was carried out in 2023 when we scored 89.24 of 5 principles
adherence with ethics and transparency as well as national (shareholders’ rights, equitable treatment of shareholders,
and international best practices. Then we will use the role of stakeholders, disclosure and transparency, and
assessment results to determine and support the strategic responsibilities of Board of Commissioners (BoC)). We
directions and help identify the areas of improvements to achieved the highest score in the aspect of responsibilities
establish a sound corporate governance framework. of the BoC. The score not only reflects the Company’s
adherence to regulations and standards governing the
Criteria corporate governance practices but also recognize some
improvements we have committed to the organization, the
We apply ASEAN Corporate Governance Scorecard (ACGS) shareholders and all stakeholders.
criteria to conduct self-assessment, which cover: (A) rights
and equitable treatment of shareholders; (B) sustainability The Company successfully maintained the achievement
and resilience; (C) disclosure and transparency; (D) for five consecutive years. The score indeed went above
responsibilities of the Board. We also assess the governance the average score of 80.10 for Big Cap public companies
practices with reference to OECD’s GCG principles which or issuers (100 companies with the largest market
serve as guidance in evaluating and improving the legal, capitalization on the stock exchange), and was qualified as
regulatory and institutional framework for Corporate Good or Level 3 (80-89.99).
Governance. To seek greater assurance, we also engaged
the Indonesian Institute for Corporate Directorship (IICD)
as a third party to help us validate and provide us with the
independent and professional opinion on the quality of the
assessment results.
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Corporate Governance
Roles of Organs of the Governance
Structure and Accountability
As part of our commitment to the sound GCG, Saratoga professional and independent recommendations and
has established governance supporting organs, which opinions to any proposed investment and divestment plans
serve different roles and functions as outlined in the of the Company. Those committees will receive performance
Company’s Articles of Association, and the prevailing laws evaluation at end of the financial year to measure the
and regulations. Since the Company applies two-tier board effectiveness of their duty performances relating to the
system, we have Board of Directors (BoD) to serve the role growing scope and complexity of Saratoga’s business.
of an organ that is responsible for management function
in which it is accountable for executive duties and day-to- Both BoD and BoC are held accountable to GMS. Serving the
day operations of the Company while the BoC serves the role of an organ that manages the corporate ownership, GMS
role of supervising organ against the BoD’s management facilitates the Company’s shareholders to exercise some of
performance. Saratoga ensures that each organ serves their their rights, including the rights to participate and vote to the
respective roles in accordance with prevailing regulations proposed corporate agenda by the Company management,
and respects independency and integrity in their duty and to obtain fair access to the corporate information
implementation. through any channels of communication and the disclosure
of material information. However, with due respect for GMS
In the meantime, BoC has established Audit Committee to execute its rights according to the Company’s Articles of
and Nomination and Remuneration Committee to help it Association, and the prevailing laws and regulations, GMS
strengthen the implementation of oversight function. On does not have rights to intervene in the exercise of the duty,
the other hand, given our business characteristics, our BoD function and authority of the BoC and/or the BoD.
has established an Investment Committee to help provide
GENERAL MEETING
OF SHAREHOLDERS
BOARD OF COMMISSIONERS PRESIDENT
BOARD OF DIRECTORS
DIRECTOR
NOMINATION & FINANCE PORTFOLIO INVESTMENT
AUDIT INVESTMENT
REMUNERATION DIRECTOR DIRECTOR DIRECTOR
COMMITTEE COMMITTEE
COMMITTEE
LEGAL AND
CORPORATE HR & GA INTERNAL
SECRETARIAT DIVISION AUDIT UNIT
DIVISION
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Shareholders’ Rights
The Company is always committed to creating a sustainable › Nomination and election of Board members;
corporate value by upholding accountability and integrity › Remuneration or any increases in remuneration for
throughout its operations. Thus, through the implementation Board members and/or key executives;
of governance principles with respect to global standards, c. Obtaining some portion of the profits distributed as cash
the Company ensures fair treatment in regard to the dividend.
protection of the rights of our shareholders, including of
minority shareholders , and fulfil our responsibilities to other Any decision taken in the GMS must represent the long-term
stakeholders. interest of the Company while also taking into account the
provision of the Company’s Articles of Association as well
Among the shareholders’ rights that are facilitated by the as all prevailing laws and regulations.
Company are:
a. Obtaining material information relevant to the Company In addition, we also engage our shareholders in investor
at accurate time and on regular basis; presentation which is held on periodical basis, in which
b. Participating and voting in GMS where they may agree we will present the latest updates of the Company’s
or disagree with the proposed agenda, including to give performance and hold discussion over business plans and
approval to: green initiatives taken by our investee companies.
General Meeting of Shareholders (GMS)
As outlined in the Company’s Articles of Association and 4. The meeting quorum requires attendance of more than
prevailing laws and regulations, the Company conducts half of the aggregate number of shares with valid voting
AGMS which is held 6 (six) months at the latest since the rights issued by the Company.
end of the financial year. The AGMS invites the Company's 5. The resolutions are made by way of deliberation to
shareholders to give consent to matters relating to reach a consensus. If deliberation to reach consensus
the Company’s business and operations, including the is not reached, the results of resolutions will be made
appointment and/or the dismissal of the Commissioners by voting.
and Directors, the Company’s Financial Statements and
Annual Report, the payment of dividends and distribution Voting Procedures
of profits, the amount of the remuneration for BoD and
BoC members, the appointment of the independent auditor, Prior to the meeting, the Company will inform the
and the delegation of authority to the Boards to follow up shareholders about the voting procedures. Shareholders
matters discussed and agreed at the AGMS. can vote in persons or by proxy, to agree or disagree or
even being abstain, with the proposed meeting agenda
In addition, we also hold EGMS upon the request of our being discussed. If the shareholder or the proxy arrives the
shareholders or the Board members, whenever necessary, meeting after the close of the registration period, the votes
to pass resolutions on certain significant corporate agenda. are not counted. However, the relevant shareholder or the
proxy retains the right to participate in the meeting as an
GMS Mechanisms invitee.
GMS mechanisms are determined with respect to the GMS Implementation in 2024
Articles of Association and the prevailing regulations, they
are: In 2024, Saratoga held an AGMS and an EGMS collectively
1. The Company provides 21 days notice for all AGMS and on Thursday, 16 May 2024, at Raffles Jakarta, 2nd Floor,
EGMS and discloses the meeting agenda. Djakarta Room, Ciputra World, Jl. Prof. Dr. Satrio, Kav.3,
2. The Company provides rationale and explanation for Jakarta 12940. We gave prior notice to the shareholders on
each meeting. 5 April 2024. The AGMS and EGMS Minutes Meetings are
3. Any parties who are not the shareholders of the outlined in the Notarial Deeds No. 80 and No. 81 dated 16
Company and attend the meeting upon invitation from May 2024, all signed before Jose Dima Satria, S.H., M.Kn., a
the Company and/or the BoD do not have rights to Notary Public in Jakarta, who also helped validate the votes
give opinion and to vote as well as to raise questions. and the resolutions taken in both meetings and prepare the
Shareholders who can not attend the meeting can fill in minutes meetings.
and download the proxy document on the Company’s
website.
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Corporate Governance
Below is the report on the attendance of members of BoD and of BoC at those meetings:
Board of Commissioners President Commissioner : Edwin Soeryadjaya
Commissioner : Joyce Soeryadjaya Kerr*
Commissioner : Indra Cahya Uno
Independent Commissioner : Sidharta Utama
Independent Commissioner : Anangga W. Roosdiono
Board of Directors President Director : Michael William P. Soeryadjaya
Director : Lany Djuwita Wong
Director : Devin Wirawan
*attend via teleconference media
The meetings were also attended by 12,207,758,850 shares with valid voting rights or 90.18% of all shares with valid voting
rights issued by the Company. To support the AGMS, the Company appointed the independent parties, consisting of Datindo
Entrycom (Share Registrar), which was represented by Abdul Latif, to administer the Company’s shares and Jose Dima Satria,
S.H., M.Kn. (Notary) to help validate the meeting resolutions and prepare the minutes of meetings.
Also, as required by the regulations, steps taken ahead of the implementation of the AGMS and EGMS included:
Notice of GMS Agenda to OJK 28 March 2024
Notice of GMS Agenda to OJK about the Change in GMS Schedule 22 April 2024
GMS Announcement to Shareholders through the website of OJK, the website of PT Kustodian Sentral 5 April 2024
Efek Indonesia (KSEI) as the provider of E-RUPS and the Company’s website
Summon of GMS 24 April 2024
Revised Summon of GMS through IDX website, KSEI website, and the Company’s website 14 May 2024
GMS Implementation 16 May 2024
Announcement of GMS Resolutions through IDX website, KSEI website, and the Company’s website 17 May 2024
Submission of Deed of GMS Minutes to OJK 7 June 2024
2024 AGMS Implementation
With the total shares represented at the meeting, which amounted to 90.18% of all shares with valid voting rights issued by the
Company, the Company in accordance with Article 41 item (1) letter (a) of OJK Regulation No. 15/POJK.04/2020 concerning
the Implementation of GMS of the Publicly Listed Companies and Article 12 Item (1) letter (a) and item (7) of the Company’s
Articles of Association, met its quorum and was eligible to take legal binding resolutions.
During the meeting, GMS facilitated the shareholders and/or their proxies the opportunity to ask questions and/or provide
opinions regarding the meeting agenda.
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The AGMS produced the following resolutions:
FIRST AGENDA
Approval on the Annual Report for the 1. Approved and accepted the Company’s Annual Report for the financial year
financial year of 2023 and ratification 2023, including the Supervisory Report of the Board of Commissioners of the
on the Financial Statements of the Company, and ratifying the Consolidated Financial Statements of the Company
Company for the financial year ending and its subsidiaries for financial year ended as of December 31, 2023 that
on 31 December 2023 and granting has been audited by Public Accountant Harry Widjaja, S.E., CPA of the Public
full acquittal and discharge (volledig Accounting Firm Siddharta Widjaja & Associates (a member of global network
acquit et de charge) to the members of KPMG) as described in its report No. 00069/2.1005/AU.1/05/1214-4/1/
the Board of Directors and the Board III/2024 dated March 15, 2024 with “Unqualified” opinion.
of Commissioners of the Company 2. Upon the approval of the Company’s Annual Report for the financial year
for management and supervision 2023 including the supervisory report of the Board of Commissioners of the
performed during the financial year Company, as well as the ratification of the Consolidated Financial Statements
2023. of the Company and its Subsidiaries for the financial year ended on 31
December 2023, thus, granted the full release and acquittal discharge (volledig
acquit et de charge) to all members of the Board of Directors and the Board
of Commissioners of the Company from their management and supervisory
duties during the financial year 2023, as long as such actions were reflected in
the Annual Report and the Consolidated Financial Statements of the Company
and its Subsidiaries for the financial year ending on 31 December 2023 and
were not a criminal offense or a breach of the prevailing laws and regulations.
Voting Results:
Approving shares: Disapproving shares Abstained shares:
12,184,656,850 shares (99.81%) 2,000 shares (0.0000164%) 23,100,000 shares (0.19%)
Note: There was only one shareholder who asked question upon the first meeting agenda.
SECOND AGENDA
Approval on the determination of the 1. Approved the allocation of the Company's retained earnings as of 31 December
use of the Company’s net profit for the 2023 amounting to IDR303,426,370,000 (three hundred three trillion four
financial year 2023. hundred twenty-six million three hundred seventy thousand Rupiah), for the
following matters:
a. A total of IDR5,000,000,000 (five billion Rupiah) is set aside as compulsory
reserves of the Company;
b. A total of IDR298,426,370,000 (two hundred ninety-eight billion four
hundred twenty-six million three hundred seventy thousand Rupiah) or
IDR22 (twenty-two) per share will be paid as final cash dividend to the
shareholders of the Company; and
2. Approved the delegation of power and authority to the Board of Directors
to regulate the procedures for the payment of the said final cash dividend,
including but not limited to determining the payment schedule, as well as to
take all other necessary actions in connection with the payment of the final
cash dividend in accordance with the prevailing laws and regulations.
Voting Results:
Approving shares Disapproving shares Abstained shares
12,184,656,850 shares (99.81%) 2,000 shares (0.0000164%) 23,100,000 shares (0.19%)
Note: There was only one shareholder who asked question upon the second meeting agenda.
60 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
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Corporate Governance
THIRD AGENDA
Approval of the appointment of a Public Approved to authorize the Board of Commissioners of the Company to appoint
Accountant and Public Accounting Public Accounting Firm and Public Accountant to audit the Financial Statement
Firm to audit the Company’s Financial of the Company for the financial year ending on 31 December 2024 and other
Statements for the financial year ended audits required of the Company and determine the honorarium and other
31 December 2024. appointment requirements and authorized the Board of Commissioners of the
Company to appoint a substitute Public Accounting Firm and Public Accountant
if the appointed Public Accountant is unable to carry out his duties for any reason,
by taking into account the recommendations from the Audit Committee.
Voting Results:
Approving shares Disapproving shares Abstained shares
12,151,277,550 shares (99.54%) 33,381,300 shares (0.27%) 23,100,000 shares (0.19%)
Note: Shareholders did not asked question upon the third meeting agenda.
FOURTH AGENDA
Approval on the determination of the 1. By taking into account the suggestions and opinions given by the Company’s
salary, honorarium and allowances, Nomination and Remuneration Committee, determined remuneration for all
and other facilities for the members of members of the Board of Commissioners of the Company for the financial year
the Board of Directors and the Board 2024 of a maximum of IDR17,000,000,000 (seventeen billion Rupiah).
of Commissioners for the financial year 2. Granted power and authority to the Board of Commissioners to determine the
2024. amount of salaries, bonuses and other allowances for members of the Board
of Directors of the Company in accordance with the structure, policy and
amount of remuneration of the Company for the financial year ending on 31
December 2024, by taking into account the suggestions and opinions given by
the Company’s Nomination and Remuneration Committee.
Voting Results:
Approving shares Disapproving shares Abstained shares
12,151,270,150 shares (99.54%) 33,378,300 shares (0.27%) 23,110,400 shares (0.19%)
Note: Shareholders did not asked question upon the fourth meeting agenda.
FIFTH AGENDA
Reporting on the results of the Since this was only a report, no resolution was made in this Agenda.
implementation of the Company’s
Long Term Incentive Program.
Note: Shareholders did not asked question upon the fifth meeting agenda.
The AGMS Minutes Meeting is already outlined in the Deed of Minutes Meeting of Annual General Meeting of Shareholders of
PT Saratoga Investama Sedaya Tbk No. 80 dated 16 May 2024 signed before Jose Dima Satria, S.H., M.Kn., a Notary Public in
Jakarta, who also helped validate the resolutions taken and prepare the minutes meeting.
The Company confirmed that all resolutions taken in 2024 AGMS were already realized in the financial year, including completing
the payment of the final cash dividend to our shareholders in timely and equitable manner.
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2024 EGMS Implementation
The EGMS was attended by 12,185,895,750 shares or 90.02% of all shares with valid voting rights issued by the Company. With
the total shares represented at the meeting, the Company, in accordance with Article 41 item (1) letter (a) of OJK Regulation
No. 15/POJK.04/2020 concerning the Implementation of GMS of the Publicly Listed Companies and Article 12 Item (1) letter
(a) and item (7) of the Company’s Articles of Association, has met its quorum for conducting an EGMS and was eligible to take
legal binding resolutions.
During the meeting, GMS facilitated the shareholders and/or their proxies the opportunity to ask questions and/or provide
opinions regarding the meeting agenda, yet no shareholders had submitted questions and/or provided opinions.
The EGMS produced the following resolutions:
FIRST AGENDA
Approval on the use of Company’s 1. Approved to allocate up to 8,500,000 (eight million five hundred thousand)
treasury shares which are already treasury shares for distribution to members of the Board of Directors and
owned by the Company until the date employees of the Company in 2024, for the implementation of the Long-Term
of this EGMS for Long Term Incentive Incentive Program, using the treasury shares which are already owned by the
Program of the Company. Company until the date of this Extraordinary General Meeting of Shareholders,
which originated from the buyback of shares conducted by the Company as
approved by the Company’s shareholders in the Extraordinary General Meeting
of Shareholders held on 17 June 2020.
2. Approved the granting of authority and power to the Board of Directors of the
Company to take any actions and/or carry out any dealings as necessary and/
or required to realize the implementation of the Long-Term Incentive Program,
in accordance with the prevailing law and regulations.
Voting Results:
Approving shares Disapproving shares Abstained shares
12,171,836,535 shares (99.89%) 13,401,715 shares (0.11%) 657,500 shares (0.005%)
Note: Shareholders did not ask question upon the first meeting agenda.
The EGMS Minutes Meeting is already outlined in the Deed of Minutes Meeting of Annual General Meeting of Shareholders
of PT Saratoga Investama Sedaya Tbk No. 81 dated 16 May 2024 signed before Jose Dima Satria, S.H., M.Kn., a Notary
Public in Jakarta, who also helped validate the resolutions taken and prepare the minutes meeting.
The Company confirmed that all resolutions taken in 2024 EGMS were already realized in the financial year.
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Corporate Governance
The Implementation of AGMS and EGMS in 2023
Previously in 2023, the Company also held an AGMS and EGMS collectively on 15 May 2023. The Company ensured that
resolutions taken in both AGMS and EGMS convened in 2023, respectively, have all been realized in the relevant financial year.
The resolutions of the AGMS dan EGMS are as follow:
AGMS 2023
FIRST AGENDA
Approval on the Annual Report for the 1. Approved and accepted the Company’s Annual Report for the financial year
financial year of 2022 and ratification 2022, including the Supervisory Report of the Board of Commissioners of the
on the Financial Statements of Company, and ratify the Consolidated Financial Statements of the Company and
the Company for the financial year its subsidiaries for financial year ending as of December 31, 2022 that has been
ending on 31 December 2022 and audited by Public Accountant Harry Widjaja, S.E., CPA of the Public Accounting
granting full acquittal and discharge Office of Siddharta Widjaja & Associates (a member of global network KPMG)
(volledig acquit et de charge) to the as described in its report No. 00045/2.1005/AU.1/05/1214-3/1/ III/2023 dated
members of the Board of Directors March 10, 2023 with “Unqualified” opinion.
and the Board of Commissioners of 2. Upon the approval of the Company’s Annual Report for the financial year 2022
the Company for management and including the supervisory report of the Board of Commissioners of the Company,
supervision performed during the as well as the ratification of the consolidated financial statements of the Company
financial year 2022. and its Subsidiaries for the financial year ending on 31 December 2022, thus,
granted the full release and acquittal discharge (volledig acquit et de charge) to
all members of the Board of Directors and the Board of Commissioners of the
Company from their management and supervisory duties during the financial
year 2022, as long as such actions were reflected in the Annual Report and the
Consolidated Financial Statements of the Company and its Subsidiaries for the
financial year ending on 31 December 2022 and were not a criminal offense or a
breach of the prevailing laws and regulations.
SECOND AGENDA
Approval on the determination of the 1. Approved the use of current year profit attributed to the owners of the Company
use of the Company’s net profit for for the 2022 financial year in the amount of IDR4,616,367,000,000 (four trillion
the financial year 2022. six hundred sixteen billion three hundred sixty seven million Rupiah), for the
following matters:
a. A total of IDR5,000,000,000 (five billion Rupiah) is set aside as compulsory
reserves of the Company;
b. A total of IDR1,017,362,625,000 (one trillion seventeen billion three hundred
sixty-two million six hundred twenty-five thousand Rupiah) or IDR75 (seventy
five Rupiah) per share would be paid as final cash dividend to the shareholders
of the Company; and
c. The remainder would be allocated to increase the Company’s retained
earnings.
2. Approved the delegation of power and authority to the Board of Directors to
regulate the procedures for the payment of the final cash dividend, including
but not limited to determine the payment schedule, as well as to take all other
necessary actions relating to the payment of the final cash dividend with respect
to the prevailing laws and regulations.
THIRD AGENDA
Approval of the appointment of Approved to authorize the Board of Commissioners of the Company to appoint
a Public Accountant and Public Public Accounting Firm and Public Accountant to audit the Financial Statement of
Accounting Firm to audit the the Company for the financial year ending on 31 December 2023 and other audits
Company’s Financial Statements required of the Company and determining the honorarium and other appointment
for the financial year ended 31 requirements and authorize the Board of Commissioners of the Company to appoint
December 2023. a substitute Public Accounting Firm and Public Accountant if the appointed Public
Accountant is unable to carry out his duties for any reason, by taking into account
the recommendations from the Audit Committee.
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FOURTH AGENDA
Approval on the determination of the 1. By taking into account the suggestions and opinions given by the Company’s
salary, honorarium and allowances Nomination and Remuneration Committee, determining remuneration for all
and other facilities for the members members of the Board of Commissioners of the Company for the financial year
of the Board of Directors and the 2023 of a maximum of IDR17,000,000,000 (seventeen billion Rupiah).
Board of Commissioners for the 2. Granting power and authority to the Board of Commissioners to determine the
financial year 2023. amount of salaries, bonuses and other allowances for members of the Board of
Directors of the Company with reference to the structure, policy and amount of
remuneration of the Company for the financial year ended on 31 December 2023,
by taking into account the suggestions and opinions given by the Company’s
Nomination and Remuneration Committee.
FIFTH AGENDA
Reporting on the results of the Since this is only a report, no resolution has been made in this Agenda.
Company’s Long Term Incentive
Program
EGMS 2023
FIRST AGENDA
Approval of the Company’s share 1. Approved the buyback of the Company’s shares with a maximum amount of
buyback plan. 50,000,000 (fifty million) shares or a maximum of zero point three-six percent
(0.36%) of the issued and paid-up capital of the Company for a total cost of up to
IDR150,000,000,000 (one hundred fifty billion Rupiah).
2. Approved the delegation of authority and power to the Board of Directors of
the Company, both collectively and individually, to take all action necessary
in implementing the resolutions of this Meeting, including determining the
requirements for the implementation of the Company’s share buyback with due
observance to the provisions and regulations of prevailing laws and regulations,
to restate the composition of the Company’s shareholders, to appear and/
or present before the competent authorities and/or Notary Public to sign
the necessary deed(s), to give information, to enter into and sign all required
documents, and to take any and all actions as deemed necessary, without any
exceptions.
SECOND AGENDA
Approval of the use of Company’s 1. Approved to allocate a maximum 23,000,000 (twenty three million) of treasury
treasury shares for Long Term shares derived from the Company’s share buyback to be distributed to the
Incentive Program of the Company. Company’s employees in 2023 as an implementation of the Long Term Incentive
Program of the Company.
2. Approved the delegation of authority and power to the Board of Directors of the
Company to take any actions and/or carry out any dealings as necessary and/
or required to realize the implementation of the Long Term Incentive Program, in
accordance with the prevailing statutory regulations.
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Corporate Governance
The Board of Commissioners
Our BoC runs the supervisory function in accordance with Saratoga’s business. The BoC charter is accessible from the
the Company’s Articles of Association and the prevailing Company’s website.
rules and regulations. BoC supervises BOD’s management
and advises BoD on strategies, policies and actions while Structure and Membership of the Board of
ensuring the Company’s regulatory compliance and Commissioners
Corporate Governance implementation. As outlined in
the Company’s Articles of Association, our BoC shall be Our BoC reports directly to GMS that has rights to appoint
authorized to give approval to certain legal actions taken by and dismiss its members. As of 31 December 2024, our BoC
the BoD. members were unchanged. It consisted of 5 (five) members,
who have been serving the office since the date of their
In its duty implementation, the BoC may engage external appointment by GMS until the closing of the third AGMS after
expert consultants to provide the board with professional their appointment, without due respect to the GMS’ right to
and objective inputs and recommendations with regards to dismiss them at any time. The President Commissioner is
the functioning of the BoC and the BoC’s committees at the responsible for coordinating the whole oversight tasks of
Company’s expenses. the BoC and implements BoC meetings.
Charter of the Board of Commissioners In addition, we also have appointed two Independent
Commissioners, which composed 40% to the board structure,
We have established BoC Charter to guide our BoC in thus meeting the independency criteria as specified in OJK
performing its supervisory duties and responsibilities as Regulation No. 33/POJK.04/2014 concerning the BoD and
well as authorities objectively and effectively. The charter the BoC of an Issuer or a Public Company. Our Independent
outlines the legal basis of establishment, the scope of Commissioners will remain independent and deliver
duties and responsibilities, the membership structure, balanced perspectives to ensure that the BoC can make
board meeting and regulates the relationship between the objective decisions. The Independent Commissioners also
BoC and BoD. Serving as the basis for the evaluation act in the best interests of the Company and the minority
on each member's performance, the BoC will conduct shareholders and other stakeholders. The independence of
periodical review over the substance of the BoC Charter the Independent Commissioners is ensured through their
and recommend some revisions, if appropriate, to ensure its independence statements submitted on 21 March 2022.
relevance with regulatory changes and/or the dynamics of
Below is the membership structure of the BoC as of 31 December 2024:
Name Designation Period
Edwin Soeryadjaya President Commissioner 2022-2025
Joyce Soeryadjaya Kerr Commissioner 2022-2025
Indra Cahya Uno Commissioner 2022-2025
Sidharta Utama Independent Commissioner 2022-2025
Anangga W. Roosdiono Independent Commissioner 2022-2025
The aforementioned BoC composition is deemed adequate Meetings of the Board of Commissioners
to carry out an effective supervisory task against the BoD
management policies, the Company’s general strategies and In accordance with BoC Charter, our BoC shall meet for at
regulatory compliance. We ensure the composition to have least 6 (six) times a year or at any time deemed necessary
met the requirements as specified in the Company’s Articles by one or more member(s) of the BoD, pursuant to a written
of Association and the prevailing regulations of the capital request by one or more members of the BoC or based on
market, as well as international best-practice guidelines and a written request by one or more shareholders jointly
recommendations. representing 1/10 (one tenth) of the total number of shares
with legal voting rights. The BoC shall circulate the meeting
A brief profile of each member of the BoC is already disclosed agenda and materials 5 (five) days prior to the meeting at
in the Profile of the BoC section of the 2024 Annual Report. the latest to the meeting participants.
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01 02 03 04 05 06 07 08
President Commissioner shall chair the BoC meetings. The Independent Commissioner are expected to actively
However, in the absence or inability of the President participate in the discussions by delivering a professional,
Commissioner to attend a BoC meeting, where it is objective and constructive opinion for each meeting agenda.
unnecessary to state the reasons for his absence to
the third parties, other members of the BoC, who are For a BoC meeting to be conducted and take legal binding
appointed in writing by the President Commissioner, shall resolutions, the quorum of at least 2/3 (two-third) of
chair the meetings. At meetings on particular agenda in total number of the Board members who are present or
which our Commissioner(s) are conflicted, we require represented at the meeting shall be fulfilled.
the Commissioner(s) concerned to not participate in the
meetings. In addition, the BoC shall hold a periodic joint meeting with
BoD members or at least once every 4 (four) months or at
At BoC meetings, among the issues to discuss include things any time whenever deemed necessary by the BoC. A joint
that require BoC’s approval, such as the significant corporate meeting with our BoD members can also be conducted
agenda and the related-party transactions. Our BoC is subsequently after the implementation of a BoC meeting,
responsible for ensuring that the transactions are conducted whenever requested, to get updates on the Company’s
with proper management of conflict of interests and in the progress.
best interests of the Company and the shareholders. On the
recommendations from the Audit Committee, the BoC needs Throughout 2024, the BoC members met for 6 internal
to ensure that each related-party transaction, including meetings and convened 4 joint meetings with our BoD
providing loans to our management members, is conducted members. Below is the report on the attendance rate at each
with respect to arms-length principle and at market price. of the BoC meeting:
Internal Meetings of the Board of Commissioners
Name Designation Number of Meetings Attendance %
Edwin Soeryadjaya President Commissioner 6 6 100
Joyce Soeryadjaya Kerr Commissioner 6 6 100
Indra Cahya Uno Commissioner 6 6 100
Sidharta Utama Independent Commissioner 6 6 100
Anangga W. Roosdiono Independent Commissioner 6 6 100
Joint Meetings with the Board of Directors
Name Designation Number of Meetings Attendance %
Edwin Soeryadjaya President Commissioner 4 4 100
Joyce Soeryadjaya Kerr Commissioner 4 4 100
Indra Cahya Uno Commissioner 4 4 100
Sidharta Utama Independent Commissioner 4 4 100
Anangga W. Roosdiono Independent Commissioner 4 4 100
Attendance Rate of the Board of Commissioners at GMS
Name Designation Number of Meetings Attendance %
Edwin Soeryadjaya President Commissioner 2 2 100
Joyce Soeryadjaya Kerr* Commissioner 2 2 100
Indra Cahya Uno Commissioner 2 2 100
Sidharta Utama Independent Commissioner 2 2 100
Anangga W. Roosdiono Independent Commissioner 2 2 100
* joined through teleconference media
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Corporate Governance
Report on Duty Implementation of the Board of 8. Giving approval to the appointed Public Accounting Firm
Commissioners that would perform an audit task over the Company’s
Consolidated Financial Statements for the financial
BoC is tasked with collegial duties and responsibilities. As year ending on 31 December 2024 and monitoring the
part of its duty implementation, in 2024 our BoC have carried implementation of audit activities and developments in
out the following activities: the capital market;
1. Conducting regular reviews of the activities and 9. Overseeing the implementation of corporate strategies;
recommendations as well as professional opinions 10. Conducting reviews and recommending changes to the
provided by Audit Committee and Nomination and BoC Charter to ensure its compliance with the prevailing
Remuneration Committee; regulations;
2. Evaluating the corporate strategies, actions, risk 11. Determining the amount of remuneration of the BoD and
management policies, budget and annual business BoC members for the year of 2024, with respect to the
plans; determining the implementation objectives; resolutions of the AGMS on 16 May 2024;
monitoring the implementation of the management 12. Conducting a review of the Sustainability Report for the
and performance of the Company; and overseeing financial year prepared by the BoD.
investments, acquisitions and divestments that are
beyond the agreed limits;
3. Preparing and presenting its accountability reports on Competence Development Programs for the Board
its supervisory duty performance for financial year of of Commissioners
2024 to the GMS;
4. Evaluating the performances of the BoD, BoC, the Audit Our BoC members are given an opportunity to attend
Committee, and the Nomination and Remuneration seminar or coursework organized by reputable institutions
Committee for the financial year of 2024; on directorship education about GCG, industrial outlooks,
5. Conducting reviews and giving approval to the business prospects and innovations. By attending the
Company’s 2024 annual budget proposed by the BoD; seminars, they are expected to have better quality of
6. Conducting periodical reviews, providing management supervision and the governance process
recommendations and advising the BoD regarding implementation. The Company accordingly allocates some
the investment strategies, financial and operational budget for the Commissioners’ trainings on annual basis and
performance of the Company; asks the Corporate Secretary to provide recommendation
7. Overseeing the quality of the Company’s corporate and/or suggestion for any relevant courses and/or trainings
governance practices and suggesting some to the BoC.
recommendations where appropriate;
In 2024, our BoC members have attended the following trainings and education programs:
No. Name of Training Program Organizer
1. Generative AI : Trends, Risks and Opportunities Company and Google
2. Latest Innovations in Cardiovascular Treatment Company and Brawijaya Healthcare
3. National Conference on Arbitration Law and Dispute Settlement Airlangga University, Faculty of Law
Alternative
4. Indonesia & SE Asia: 10th International Arbitration & Corporate Legal Plus
Crime Summit
5. Panelist Speaker 2024: Three Concurrent Panel Discussion Asia Pacific Business Forum Speakers – USC
Sessions “Coral Champions Indonesia: How Micro- (Bali)
Entrepreneurship May Restore CoralReefs”
6. Small Medium Enterprise Expo: Pembiayaan Investasi & Inotek Foundation & Ministry of Cooperatives and
Crowdfunding (SME EPIC) SMEs of the Republic of Indonesia.
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Self-Assessment Policy of the Board of Assessment of Performances of the Committees
Commissioners
In its duty implementation, our BoC takes assistance from
To measure the effectiveness of the governance process the Audit Committee and Nomination and Remuneration
implementation, the BoC holds a self-assessment on annual Committee. As part of our commitment to delivering quality
basis against the supervisory task performance. The self- governance practices, the BoC launches annual assessment
assessment shall take into account some recommendations of the performances of both Audit Committee and Nomination
and review results provided by Nomination and Remuneration and Remuneration Committee. The assessment applies
Committee. The Committee serves the duty of determining criteria that include the commitment to fulfilling the duties
the assessment process and criteria, which are to measure and responsibilities as outlined in the prevailing regulations,
the quality of duty performance, skills and diversity of the attendance at internal Committee meetings as well as joint
BoC members as well as inputs and recommendations. meetings with BoC, and commitment to uphold independence
and integrity throughout their duty implementation. In
The BoC will further review the assessment results through 2024, the assessment results of the performances of the
its internal meetings and use them as the basic reference committees confirmed both committees’ adherence to the
in the improvement of the quality of the supervisory task applicable laws and regulations in performing their duties
implementation. In 2024, BoC’s self-assessment confirmed and in delivering professional and independent opinions
the following matters: during meetings with BoC, which contributed to the
enhancement of the quality of the BoC’s supervisory task
1. BoC activities have been well-coordinated; implementation against the management and governance
2. BoC members agreed in the significant of their role to practices within the Company.
the Company and the fact that their inputs as well as
recommendations to the Company were valued and are
being followed up by the BoD;
3. BoC members were competent and skilled individuals
with diverse educational and career backgrounds; and
4. BoC members conducted high quality discussions
among their Commissioner peers during BoC meetings.
Decisions that Require Board of Commissioners’
Approval
BoD and BoC engage in the making of significant decisions
for the best interests of the Company. For any decisions
that require approval from the BoC, please refer to scope of
duties and responsibilities of the BoD.
In cases of mergers, acquisitions and/or takeovers, the
management members will also seek approval from the
shareholders through GMS mechanism and will assign
an independent party to help evaluate the fairness of the
transactions and the pricing.
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Corporate Governance
The Board of Directors
As an organ that performs the management role, our commitment to the implementation of effective, efficient,
BoD shares collective responsibilities for ensuring the and professional management function in accordance with
establishment of sustainable values of the Company international best practices and recommendations.
through the formulation of accurate investment strategies
and plans. The BoD is also required to ensure that the A brief profile of each member of the BoD is already disclosed
Company has laid down an effective GCG, risk management in the Profile of the BoD section of this Annual Report.
as well as adequate internal control systems to help the
Company achieve the vision, mission, goals and strategies Duties and Responsibilities of the Board of
with high integrity. Directors
In addition to the collective responsibilities, each member In accordance with the Company’s Articles of Association
of the BoD is also responsible for individual duties, which and the BoD Charter, the BoD members are collectively
are assigned based on the expertise and experience of each responsible for exercising their business judgment to take
Board member. However, the execution of tasks by each actions in what they reasonably believe to be in the best
member of the BoD remains to be a collective responsibility interests of the Company and its shareholders. The BoD
until there is proof of gross negligence in the part of a carries the main duties which include five main areas of
relevant Director. management, corporate governance, risk management,
internal control, and internal audit. BoD members may (to the
Charter of the Board of Directors best extent deemed as necessary) require the Company’s
senior executives and its external advisors and auditors to
Our BoD members perform its duties and responsibilities in demonstrate moral values, integrity and professionalism in
accordance with BoD Charter. The charter guides the BoD their duty implementation so as to establish an accountable
in determining and executing their duties and authorities, organization.
objectively and effectively, holding internal meetings,
establishing values and other operational mechanisms. The In addition, our BoD is entitled to represent the Company
substance of the BoD Charter will be reviewed regularly and both inside and outside of the court regarding all matters
we will suggest some revisions, if appropriate, to ensure and events, to bind the Company to other party and vice
its relevance with Saratoga’s business dynamics. The BoD versa, to take all actions pertaining to the management and
Charter is accessible through the Company’s website. ownership, but with the limitations that for the following
actions, they shall require approval of the BoC:
Structure and Composition of the Board of Directors 1. To borrow or to grant any loan on behalf of the Company
(excluding withdrawing money of the Company in banks)
Our BoD members are appointed and dismissed through which amount exceed certain limit as determined by the
GMS mechanism. As of 31 December 2024, our BoD BoC from time to time;
consisted of three members, who will serve the office since 2. To establish a new business or participate in other
the date of the appointment by GMS until the closing of the companies, both domestically and abroad in an amount
third AGMS after their appointment, with due respect to the exceeding 10% (ten percent) of the total of the Company’s
GMS’ rights to dismiss them at any time. The board is led by equity, based on the latest financial statements of the
a President Director. Company, for each project, in which the total equities of
the Company consist of shares capital, additional paid-
As of 31 December 2024, the BoD structure was composed up capital, retained earnings and other comprehensive
of the following members: income;
3. To sell and/or otherwise dispose its participation in
the subsidiaries or secure the assets of the Company
Name Designation Period in the amount exceeding 10% (ten percent) of the total
of the Company’s equity, based on the latest financial
Michael W. P. President 2022-2025
statement of the Company, for each project, whereas
Soeryadjaya Director
the equity of the Company consists of shares capital,
Lany Djuwita Wong Director 2022-2025 additional paid-up capital, retained earnings and other
comprehensive income;
Devin Wirawan Director 2022-2025 4. To bind the Company as a guarantor;
5. To approve the appointment and/or dismissal of the
The Company ensured that all BoD members have met Head of the Internal Audit unit;
the requirements and criteria by the number of members, 6. To approve the risk appetite, vision, mission, and
composition, and independency status pursuant to the strategic plan of the Company;
Company’s Articles of Association and the prevailing capital 7. To get approval from the BoC for his/her concurrent
market regulations. The BoD members shares strong positions in other companies.
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BoD also plays a significant role in the selection of to their individual designation to facilitate the effective
candidates for managerial positions that are vacant. The management of the Company and an accurate and quick
BoD will give opportunity to individuals who can meet the decision-making process. Each member of the BoD is
qualifications to apply for the vacant positions with respect authorized to take decisions based on their designation
to inclusiveness and non-discriminatory principles. and within the scope of their individual responsibilities
although the execution of the BoD’s duties remains a shared
Apart from the collective responsibilities, the Company has responsibility.
assigned the BoD members to perform duties according
Name Designation
Michael W. P. Soeryadjaya › Responsible for coordinating all of Company's operational activities.
President Director › Responsible for optimizing returns for the Company on each of its investments (realized &
unrealized) and ensuring the effectiveness of any deal sourcing and portfolio monitoring.
Lany Djuwita Wong Responsible for finance activities of the Company and leading the Company's ESG Task Force.
Finance Director
Devin Wirawan Responsible for investment and divestment activities of the Company and supervision of the
Investment Director investee companies of the Company.
Meetings of the Board of Directors
To ensure an effective meeting, BoD shall circulate the
As outlined in the Articles of Association, prevailing meeting agenda and materials to all meeting participants
regulations and BoD Charter, our BoD shall meet at least within 5 (five) days at the latest prior to the meeting.
once a month or whenever necessary as required by one Saratoga’s Corporate Secretary will help organize and
or more member(s) of the BoD, upon a written request prepare for the schedule of BoD meetings for the next year
by one or more members of the BoC, or by one or more before the end of financial year.
shareholders who collectively represent 1/10 (one tenth)
of the total shares with legal voting rights. The BoD may In the course of 2024, the BoD conducted 12 internal
also invite the BoC members to attend joint meetings to meetings and engaged in 4 (four) joint meetings with the
provide them with the latest updates of the operational and BoC. The report on the attendance rate at each of the BoD
investment performance of the Company and our investee meetings is as follows:
companies. At meetings on particular agenda in which our
Director(s) is conflicted, we require the Director concerned
to not participate in the meetings.
Internal Meeting of the Board of Directors
Name Designation Number of Meetings Attendance %
Michael W. P. Soeryadjaya President Director 12 12 100
Lany Djuwita Wong Director 12 12 100
Devin Wirawan Director 12 12 100
Joint Meeting with the Board of Commissioners
Name Designation Number of Meetings Attendance %
Michael W. P. Soeryadjaya President Director 4 4 100
Lany Djuwita Wong Director 4 4 100
Devin Wirawan Director 4 4 100
Attendance Rate of the Board of Directors at GMS
In 2024, the Company held both AGMS and EGMS collectively on 16 May 2024, which were attended by all BoD members.
Name Designation Number of Meetings Attendance %
Michael W. P. Soeryadjaya President Director 2 2 100
Lany Djuwita Wong Director 2 2 100
Devin Wirawan Director 2 2 100
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Corporate Governance
Report on the Duty Implementation of the Board of 6. Designing and conducting discussion on the medium-
Directors term and long-term development plan of the Company’s
business portfolios, both organically and inorganically,
In 2024, as part of its duty implementation, the BoD has as well as capital expenditure requirements;
carried out a number of activities and actions as the 7. Leading and supervising the execution of corporate
followings: action taken in the financial year; and
1. Conducting regular reviews of the performance of each 8. Preparing and publishing a Sustainability Report for the
business unit of the Company through reports and direct financial year which has obtained approval from the BoC.
supervision;
2. Conducting regular reviews of the Company’s monthly Competence Development Programs for the Board
financial results and general business performance and of Directors
reporting the results to BoC on periodical basis for their
inputs and advice; The Company always supports the initiatives that will help
3. Holding discussions of the consolidated Company’s enhance the quality of the BoD’s duty implementation and
financial statements, which have been audited by the managerial capacity. The Company provides the BoD members
independent auditor for the financial year of 2024; the opportunity to attend training courses and education
4. Conducting discussion on the preparation of the 2024 programs that will develop their competence and insights. To
AGMS and EGMS, including the agenda; support the commitment, the Company has set annual budget
5. Conducting discussion on the comprehensive work plan for relevant trainings and/or professional education programs
and budget for financial year of 2025; attended by our Directors as a professional group and for the
individual member based on the BoD’s plan and with respect to
the Company’s agreed budget for the relevant year.
Below are the trainings the BoD members attended in 2024:
No. Name of Training Program Organizer
1. Road to Indonesia Management Summit 2024 (IMS): IDX
"The Role of Capital Markets in Increasing Growth
Investment and Achieving Advanced Indonesia"
2. Indonesia International Sustainability Forum Standard Chartered Bank
3. SRO Audit Committee Training (IDX, KPEI & KSEI) and IDX
KAP Purwantono, Sungkoro & Surja (EY)
4. IDX CEO Networking 2024 “Navigating Global Market IDX
Forces and Technology Innovation for Sustainable
Business”
5. Program Women’s Inspiring & Networking Group (WING) IDX
II - 2024
6. Permata Bank Economic Outlook 2025 Permata Bank
Self-Assessment Policy of the Board of Directors their individual designation. Meanwhile, the performance of
President Director himself will be reviewed and assessed by the
The Company has designed a self-assessment policy of the President Commissioner in accordance with the assessment
performance of the BoD as part of our commitment to enhance criteria used in the general evaluation of BoD performance.
the quality of governance process implementation. Our BoD
will be assessed for its both collective and individual duty Assisted by the Nomination and Remuneration Committee,
performance in the relevant year. The assessment will apply the BoC will perform the assessment of BoD performance
criteria in line with the Key Performance Indicators (KPI) it at the year-end. However, the BoD will conduct an
establishes and proposes to the BoC in the beginning of each annual self-assessment against the functioning of the
year, which include the performance of BoD members, both BoD and its committee. All results of assessment in the
individually and collectively, and the contributions of each BoD forms of comments from the President Director and
member to the Company’s progress and specifically on areas President Commissioner will be submitted to Nomination
of improvements as well as commitment to improve the quality and Remuneration Committee which is responsible for
of governance practices. compiling and reporting them annually to the BoC for further
discussion.
In addition, the President Director will conduct a periodical
review over the duty performance of each Director as well
as the role and responsibilities of each Director according to
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Assessment of Performance of the Committee throughout the year based on the general criteria and
Under BoD indicators, including commitment to fulfilling the duties
and responsibilities, to attend meetings, as well as capacity
In accordance with the prevailing rules and regulations, the improvement. To conclude from the assessment process,
BoD is authorized to establish a committee to assist them the BoD confirmed that the Investment Committee has
in the duty implementation, from time to time, as necessary demonstrated strong commitment to its duty performance
or appropriate. In 2024, the BoD has taken assistance from by actively contributing to the decision-making process
the Investment Committee to give professional opinions in of investment strategies in joint meetings with BoD. In
the establishment and execution of effective and accurate addition, the committee shall also review and reassess
investment policy and strategies. At the end of the financial the adequacy of its charter annually and recommend any
year, BoD has also assessed the committee’s performance proposed changes (if any) to the BoD for approval.
Induction Program for Newly Appointed
Director and/or Commissioner
The Company shall hold an induction program as an initiative The Corporate Secretary is responsible for organizing
to equip our new Director and/or Commissioner with the the induction program in which the new Director and/or
information about the Company’s policies and business Commissioner will receive information on the following
characteristics as well as the scope of their respective subjects:
duties and responsibilities. › External relevant regulations (Company Law, Capital
Market Law, OJK Regulations, and other relevant
regulations).
Succession Planning
Nomination Process for the BOD Further about the nomination process of the Company’s key
executives, the President Director shall work together with
The Company has designed a systematic approach the BoC or the BoD or the Nomination and Remuneration
regarding the nomination process of future candidates Committee in preparing the list of potential individuals
of BoD. The process involves the recommendations from deemed suitable for occupying the strategic positions.
the Nomination and Remuneration Committee which is
responsible for establishing a succession plan, which As part of the nomination procedures, the Nomination and
includes the mechanism for preparing the successors of Remuneration Committee will recommend the candidates of
the executive committee of the Company, particularly the the members of the BoD to the BoC in accordance with the
roles of the President Director, Directors and other key policies and principles set forth in the BoD Charter and later
executive positions deemed necessary by the BoC, BoD or BoC will propose and recommended them to the GMS.
the Nomination and Remuneration Committee.
Nomination Process for the BOC
In addition, our comprehensive succession plan includes
designing the professional development plans of the Meanwhile, the nomination process of our BoC member
Company’s leadership pipeline. The BoD, BoC or the candidates involve the preparation of criteria by the
Nomination and Remuneration Committee shall regularly Nomination and Remuneration Committee. The committee
review the succession plan to support Saratoga’s is also responsible for identifying the candidates who
developments and needs. meet the qualifications in accordance with the policies and
principles set forth in the BoC Charter. The BoC will hold
discussion to identify and propose for candidate(s) who will
fit the Company's necessities, to the GMS for approval.
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Corporate Governance
Remuneration Policy and Assessment on
Members of the Board of Commissioners
and the Board of Directors
We reward the hard work, commitment and contributions of we do not include bonus component into their remuneration
our BoD and BoC members to the Company’s success by structure to preserve the independence status of the
providing the attractive remuneration packages. We have Independent Commissioners.
established a mechanism for determining the remuneration
of the Company’s management members, which involves In accordance with the AGMS resolutions on 16 May 2024,
recommendations from the Nomination and Remuneration the shareholders agreed in the total remuneration for all
Committee that is responsible for reviewing and proposing members of the BoC of the Company for the financial year
the remuneration structure of the BoC and the BoD of 2024 at the maximum of IDR17,000,000,000 (seventeen
members. In addition, we shall take into account other billion Rupiah). The BoC was authorized to determine the
factors, including the results of performance assessment details of the amount of remuneration to be distributed
of the BoC members by the Nomination and Remuneration among each member of the BoC, with respect to the
Committee. Whereas, in determining the remuneration of the recommendations and professional opinions from the
BoD members, we shall take into account the Company’s Nomination and Remuneration Committee. Also at GMS, the
achievement against budget and business targets and BoC was granted an authorization to determine the amount
benchmark it against those of industry peers. of salary, honorarium and allowances, and other facilities for
the members of the BoD for the financial year of 2024.
The remuneration structure of our BoD members comprises
salaries, other benefits and allowances. In the meantime, The details of structure and the amount of remuneration
we provide the BoC members a remuneration structure that provided to members of the BoC and the BoD in 2024 are
comprises of honoraria, other benefits and allowances. as follows:
However, for our Independent Commissioners in particular,
Type of Remuneration and Other Facilities Total Amount Received by the Board of Commissioners and the
Board of Directors in 2024
Salary & Religious Holiday Allowances 20,147,205,000
Bonus 10,732,115,000
Allowance & Facilities 3,536,232,391
Long Term Incentive Program (Shares) 4,177,000
Other than the aforementioned remuneration structure, the Company grants no personal loans to the members of the BOC,
BOD and other executives in Director level of the Company, as regulated in the Corporate Governance Code of the Company.
Deferred and Clawback Remuneration or Bonuses
In 2024, we confirmed that no remuneration of the BoC and BoD was deferred or clawed back since we found no serious error
or material misstatements in the Company's financial statements.
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Diversity of the Composition of the
Board of Commissioners and the Board
of Directors
We welcome professional individuals of diverse background and experiences to join in our management team. Given the
business characteristics of the Company, it is important to have a multitude of experiences and perspectives conveyed by our
Board members to enrich decisions taken in regard to investment strategies and to ensure that the Company stays ahead of
the curve against its industry peers. We have been transparent in disclosing the diversity in our management team members
through their profiles which are presented in the Profile of the BoC and the BoD section of this 2024 Annual Report.
Disclosure of Affiliation
The Company’s commitment to transparency is also ensured through the disclosure of affiliation among members of BoC and
the BoD. The further information about the family and financial relationships among our BoD and BoC members is detailed out
in the following table:
Family & Financial Relationships with
Name Remarks
BOC BOD Main Shareholders
Edwin Soeryadjaya Yes Yes Yes
Joyce Soeryadjaya Kerr Yes No Yes
Indra Cahya Uno No No Yes
Sidharta Utama No No No Independent
Anangga W. Roosdiono No No No Independent
Michael W. P. Soeryadjaya Yes No Yes
Lany Djuwita Wong No No No Independent
Devin Wirawan No No No Independent
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Corporate Governance
Committees Accountable to the Board
of Commissioners
Audit Committee 9. Reviewing and overseeing the implementation of
related-party transactions to ensure that they represent
As guided by OJK Regulation No. 55/POJK.04/2015 the best interests of the Company.
dated 23 December 2015 concerning the Formulation and 10. Ensuring the confidentiality of the Company’s data,
Implementation Guidelines of the Audit Committee, BoC infromation and documents.
established an Audit Committee to help it enhance the
supervisory duty performance by ensuring the effectiveness Membership Structure and Term of Office of the Audit
of monitoring functions, particularly in relation to the internal Committee
control system, financial statements and the external Being held accountable to the BoC, the Audit Committee
auditors, and conducts a review of the Company’s financial as of 31 December 2024 consisted of 3 (three) members,
information, and the implementation of audit activities by including an Independent Commissioner who served as the
the internal auditor. Chairman of the Committee. The term of office of Independent
Commissioner who concurrently serves as a member of
The Audit Committee is guided by Audit Committee Charter the Audit Committee shall not be longer than or be equal
in performing its duties and responsibilities. Approved by the to his/her term of office as Independent Commissioners
BoC, the Audit Committee Charter regulates the structure, as stipulated by the GMS. Meanwhile, for Audit Committee
membership as well as scope of duties and responsibilities members other than the Independent Commissioner, their
of the Audit Committee. The Charter is accessible through term may not exceed the term of office of the BoC and can
the website of the Company. only be reappointed by the BoC for another single period.
Duties and Responsibilities In 2024, in addition to the appointment of Independent
In performing the duties, the Audit Committee always Commissioner as the Audit Committee Chairman, the
upholds the independence and integrity principles. The Company appointed other 2 (two) expert members who
Audit Committee is responsible for: were external parties and committed to serve the Company
1. Conducting reviews of the financial information. with independency and high integrity.
2. Ensuring the effectiveness of internal control system.
3. Engaging in the selection, recommendation of In 2024, there was a change in the Audit Committee’s
appointment and supervisory work of Independent composition with the appointment of Basuki Setiogroho
Auditors. as the member, replacing Aria Kanaka effective from 2
4. Ensuring the Company’s regulatory compliance. September 2024.
5. Conducting reviews of the potential conflict of interest.
6. Conducting reviews of the risk management. The composition of the Audit Committee as of 31 December
7. Assessing the third party’s complaint. 2024 was as follows:
8. Reviewing the special task implementation assigned by
the BoC.
Name Designation Period Legal Basis of Appointment
Anangga W. Roosdiono Chairman 2022-2025 Circular Resolution of the Board of Commissioners dated
18 July 2022
Hany Gungoro Member 2022-2025
Basuki Setiogroho Member 2024-2027 Circular Resolution of the Board of Commissioners dated
2 September 2024
The brief profile of Mr. Anangga W. Roosdiono is already disclosed in the Profile of the BoC section of this Annual Report.
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Profiles of Mrs. Hany Gungoro and Mr. Basuki Setiogroho are presented in the followings:
HANY GUNGORO
Member of the Audit Committee
An Indonesian citizen, 55 years old. She has been trusted as the member of the Audit Committee of the Company since
July 2022. She currently serves as a Partner for PT Paxcis Identity since 2010. She is certified with a Chartered Financial
Analyst (CFA) and Certified Risk Professional (CRP) with more than 30 years of corporate experience, including planning and
strategy, M&A, IT & Project Management System, and People & Organization Development. She holds an Accounting degree
from the University of Tarumanagara.
BASUKI SETIOGROHO
Member of the Audit Committee
An Indonesian citizen, 55 years old. He has been a member of the Audit Committee of the Company since September 2024.
Currently, he serves as Finance Director of PT Samudra Energy BwP Meruap and SDA South Bengara II Pty Ltd. since 2022.
Previously, he served as Head of Financial Reporting of Pexco Energy NV and its subsidiaries from 2011 until 2021,
overseeing finance operations across Indonesia, Australia, Malaysia and Africa. His role involved managing comprehensive
financial operations, including transaction processing, accounting, taxation, and reporting, as well as leading tax audits and
PSC cost recovery audits. Before that, from 2007 until 2011, he was the Head of Financial Reporting at PT Medco Energi
International Tbk., where he coordinated financial reporting across the group, ensuring compliance with both local and
international standards.
He started his career as a Senior Manager Auditor at PricewaterhouseCoopers Indonesia from 1996 until 2007, where he
gained extensive experience in auditing, due diligence, and special audit assignments, focusing on sectors like oil and gas,
energy, and mining.
He graduated with a degree in Accounting from the State Accounting College in 1996, and he is a CA Charterholder.
Statement of Independency of the Audit Committee Audit Committee Meeting
The Company has appointed professional individuals of According to the Audit Committee Charter and other
good competence, experience, and adequate knowledge prevailing regulation, the Audit Committee shall meet at
of financial matters. In performing the duties, all members least once in four months or on quarterly basis. The Audit
of the Audit Committee hold professional commitment to Committee submit the minutes of meeting to the Board
serve the Company with high integrity. Their independence of Commissioners. The minutes of meeting shall include
is also ensured by meeting the requirements to be declared all discussions, decisions and any dissenting opinions
independent as outlined by OJK Regulation No. 55/ and is signed by all members of the Audit Committee who
POJK.04/2015 dated 23 December 2015 concerning the were present. In 2024, the committee met for 7 times with
Formulation and Implementation Guidelines of the Audit attendance rate reported as follows:
Committee.
Name Designation Number of Meetings Attendance %
Anangga W. Roosdiono Chairman 7 7 100
Hany Gungoro Member 7 7 100
Basuki Setiogroho* Member 3 3 100
Aria Kanaka** Member 4 4 100
* Basuki Setiogroho effective as of 2 September 2024
** Aria Kanaka effective until 2 September 2024
2. Providing its professional opinions and recommendation
Activity Report of the Audit Committee
regarding the appointment of the Public Accountant
Within the scope of its duties and responsibilities, the Audit
Firm which would perform the audit the Consolidated
Committee has carried out a number of activities in 2024,
Financial Statements of the Company for the financial
among which were:
year ending on 31 December 2024.
1. Conducting regular reviews of the Company’s quarterly
3. Conducting periodic reviews of internal audit plan,
and annual financial statements, prior to submission
findings, and follow-up on findings, suggesting internal
to OJK and IDX. The Audit Committee pays particular
control improvement and monitoring the management’s
attention to the accounting policy (recognition,
follow-up on the findings. The Audit Committee also
presentation, and measurement) and the disclosure in
reviewed and provided suggestions on the adequacy of
the notes to financial statements.
the 2025 internal audit plan with respect to risk-based
audit perspective.
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Corporate Governance
4. Conducting an evaluation of the external auditor’s audit within the Company. The Audit Committee emphasizes
activities for the 2023 financial statements, which were the significance of the regulatory compliance for the
completed in mid-March 2024. The Audit Committee Company.
also reviewed the overall audit plan and approach as 7. Giving consent to the results of Audit Committee’s
well as independency of the auditors for the audit works performance self-evaluation & activity reports for the
of the 2023 financial statements. year 2023.
5. Conducting reviews of the risk management strategy 8. Agreeing with the schedule and agenda of Audit
and overseeing the implementation plans that are Committee’s meetings for the financial year of 2025.
particularly designed in line with the Company’s
business model as a holding investment company. The Chairman of the Audit Committee is required to provide
The Audit Committee also oversaw the implementation regular reports on the activities of the Audit Committee to
process to ensure that we have incorporated the risk the BoC through the joint meetings with the BoC.
management policy into the Company’s operation and
in compliance with the Company’s management control Training Programs for the Audit Committee
process and governance. To develop the capacity and insights, the Company
6. Conducting reviews of the legal and compliance function provides the Audit Committee members the opportunity
served by Legal and Corporate Secretariat Division. The to attend short courses, seminars or any other forms of
Legal and Corporate Secretariat Division is responsible training activities. In 2024, the trainings that the Committee
for ensuring that all relevant and applicable regulations members attended are reported below:
are acknowledged, implemented, and socialized within
the Company and that we have applied relevant capital
market rules throughout the internal rules and practices
Name of Training Program Organizer
Board Governance Forum: Climate reporting in the financial statements KPMG
Saratoga ESG Talk with KPMG on the International Financial Reporting Standards (IFRS) S1 and S2 KPMG
Integrated Training Applied Tax C Institute of
Indonesia
Chartered
Accountants
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Nomination and Remuneration Committee 1. The succession plan of the members of the BoC and the
BoD and the executives to fill in strategic positions in the
As guided by the OJK Regulation Number 34/POJK.04/2015 management of the Company.
concerning the Nomination and Remuneration Committee, 2. The identification and proposal of candidates for
our BoC established a Nomination and Remuneration members of the BoC, the BoD and the strategic positions
Committee to assess it in determining and overseeing in the management of the Company.
the nomination process and remuneration policies to the 3. The determination of the remuneration for members
members of the BoC, BoD, and senior management. In of the BoC, the BoD and strategic positions in the
addition, the Nomination and Remuneration Committee is management of the Company.
responsible for the design and reviews of the performance
assessment processes, succession plan, professional Membership Structure and Term of Office of the Nomination
education program, and human resource management and Remuneration Committee
policies. Being held accountable to BoC, the members of Nomination
and Remuneration Committee of the Company as of 31
Charter of the Nomination and Remuneration Committee December 2024 consisted of 3 (three) members, who
To conduct its duties, the Nomination and Remuneration were chaired by our Independent Commissioner. The
Committee refers to the Nomination and Remuneration other member was President Commissioner; and the other
Committee Charter. Approved by the BoC, the charter member was a person in a managerial position subordinate
regulates the structure, membership as well as scope to the BoD, who was in charge of the human resources area.
of duties and responsibilities of the Nomination and
Remuneration Committee. This Charter is accessible on the The terms of office of member of the Nomination and
official website of the Company. Remuneration Committee who is also member of the BoC,
his/her terms of office is equal with his/her appointment
Duties and Responsibilities of the Nomination and period as Commissioner and can be reappointed on the next
Remuneration Committee period.
The Nomination and Remuneration Committee always
upholds the independence and integrity principles in The terms of office of member of the Nomination and
fulfilling the duties and responsibilities. The Nomination Remuneration Committee who is not member of the BoC,
and Remuneration Committee is generally responsible his/her terms of office does not exceed the BoC's terms of
for providing professional and independent opinions and office as stipulated in the Company's Articles of Association
recommendations to BoC with respect to the GCG principles and can be reappointed on the next period.
on systems and procedures relating to:
The composition of the Nomination and Remuneration Committee as of 31 December 2024 is presented as follows:
Name Designation Period Legal Basis of Appointment
Anangga W. Roosdiono Chairman 2022-2025 Circular Resolution of the Board of Commissioners
dated 1 July 2022
Edwin Soeryadjaya Member 2022-2025
Handianto Ganis Member 2022-2025
The brief profiles of Mr. Anangga W. Roosdiono and Mr. Edwin Soeryadjaya are already disclosed in the Profile of the BoC
section of this Annual Report.
The profile of Mr. Handianto Ganis is presented below:
HANDIANTO GANIS
Member of the Nomination and Remuneration Committee
An Indonesian citizen, 73 years old. He has been the member of the Nomination and Remuneration Committee of the
Company since April 2013.
He holds 2 (two) degrees, namely a Bachelor Degree in Business Administration and Accounting from California State
University, Los Angeles, and Master of Business Administration from the University of Southern California, Los Angeles.
78 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
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Corporate Governance
Statement of Independency of the Nomination and Nomination and Remuneration Committee Meeting
Remuneration Committee
The Company has appointed professional individuals to In accordance with Nomination and Remuneration
join the Nomination and Remuneration Committee. The Committee Charter, our Nomination and Remuneration
members have not only met the requirements as outlined in Committee shall meet at least once in 4 (four) months or
the Nomination and Remuneration Committee Charter and on quarterly basis. Through the meetings, the Nomination
prevailing regulations, but also share strong commitments and Remuneration Committee will discuss and decide
to integrity and independency in performing its duties on the recommendations for the remuneration and the
and responsibilities. The Nomination and Remuneration implementation of performance assessments of both Board
Committee ensures no intervention from any party into its of Directors and Board of Commissioners for use. The
duty performance, with any reason and other actions which Committee will include the meeting agenda and the results
may have potential to cause conflict of interest. in its activity reports.
Throughout 2024, the Nomination and Remuneration Committee met for 4 times, with the attendance rate at each of the
meetings as follows:
Name Designation Number of Meetings Attendance %
Anangga W. Roosdiono Chairman 4 4 100
Edwin Soeryadjaya Member 4 4 100
Handianto Ganis Member 4 4 100
Activity Report of Nomination and Remuneration Committee 7. Approval to the results of self-evaluation of Nomination
In 2024, as part of the duty performance, the Nomination and Remuneration Committee’s performance & activity
and Remuneration Committee has conducted a number reports for the financial year of 2023.
of activities including providing feedbacks, evaluation and
recommendations for BoD, BoC and strategic positions in The Chairman of the Nomination and Remuneration
the management discussions, through: Committee has submitted activity reports on periodical
1. Reviews of the profiles and salaries of the employees of basis to the BoC at the joint meetings with BoC.
the Company.
2. Formulation and monitoring of the KPI of the Company, Training Programs for the Nomination and
the BOC, the BOD and the employees of the Company. Remuneration Committee
3. Monitoring of human resources management activities, The Company always pays attention to the capacity
i.e. on the recruitment process for managerial levels and development of the Nomination and Remuneration
above. Committee members to support to enhance the quality of
4. Implementation of assessment processes for the their duty performance. Thus in 2024, the Company gave the
employees of the Company. Committee members the opportunity to attend the following
5. Approval to the implementation of the Long-Term training programs:
Incentive Program.
6. Submission of proposal of the 2024 remuneration and
annual bonus for the Commissioners and Directors of
the Company.
Name of Training Program Organizer
Generative AI : Trends, Risks and Opportunities Company and Google
Latest Innovations in Cardiovascular Treatment Company and Brawijaya Healthcare
Dissemination of Guide to Preventing Radicalism in the Company Environment Densus 88
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Assessment on the Committees
Accountable to the Board of
Commissioners
The Board of Commissioners is assisted by Audit Committee agreed between the committes and the BoC. The criteria for
and the Nomination and Remuneration Committee in performance assessment of the Committees under the BoC
fulfilling its supervisory responsibilities against the include a comparison of the performance achievements
Company's management and the implementation of of each Committee against the KPI targets according to
corporate governance by the BoD. The BoC conducts the the annual work program plans for the current financial
assessment of the performances of each committee in year, attendance at meetings and the others. In 2024, the
accordance with their duties and responsibilities once a BoC viewed that the committtees have delivered their
year. The performances of the Committee under the BoC best performances by fulfilling their respective duties
will be assessed by evaluating the annual work plans and responsibilities according to the prevailing laws and
and the fulfillment of the KPI set for each Committee and regulations.
Committees Accountable to the Board
of Directors
Investment Committee b. Designing and implementation of systems and
procedures related to monitoring of the performance of
Given the characteristics of the Company’s business, our the Company’s associates and subsidiaries (investee
BoD sees it important to establish an Investment Committee companies).
to assist it in the planning, formulation and execution of c. Designing and implementation of systems and
investment and divestment policies and strategies. The procedures that allow active monitoring towards the risk
committee is also responsible for ensuring the Company’s profile of the Company associated with the Company’s
sustainability by overseeing the investment and divestment investment activities.
of the Company’s long-term strategic objectives. In addition,
the Investment Committee is granted with the rights to make The composition, roles and responsibilities of the Committee
investment and divestment decisions with a transaction shall be detailed in the Investment Committee charter.
value up to 10% of the Company’s equity so as to realize the
investment opportunities on a timely basis. Membership Structure and Term of Office of the Investment
Committee
So as to perform its duties effectively, the Investment Being held accountable to BoD, as of 31 December 2024, the
Committee is guided with the Investment Committee Investment Committee comprised of 4 (four) members, in
Charter which regulates the structure of the Committee, which the President Commissioner of the Company himself
membership, reporting, duties and responsibilities. The was in charge of the Investment Committee Supervisor
Charter which is approved by BoD is accessible on the and President Director acted as the Chairman of the
Company’s website. Investment Committee. The Commissioner who served as
the Investment Committee Supervisor should not serve the
Duties and Responsibilities position longer than his/her term of office as the member of
Investment Committee shall deliver professional and the BoC and was eligible for being re-appointed.
independent opinions and recommendations and advise
BoD with respect to the GCG principles, including on issues In the meantime, the term of office for Investment Committee
relating to the followings: member who concurrently served as a member of the BoD
a. Designing and implementation of systems and should also not be longer than his/ her term of office as the
procedures related to investment and divestment member of the BoD and can be re-appointed. The term of
activities of the Company. office for the Investment Committee Members who is not a
80 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
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Corporate Governance
member of the BoC nor the BoD shall not be longer than 1 of BoD and BoC who concurrently serve as members of the
(one) year and can be reappointed as deemed necessary by Investment Committee. They must act independently and
the BoD and the BoC. professionally in assisting the BoD in making decisions
and overseeing the company’s investment and investee
Below is the composition of the Investment Committee companies.
members as of 31 December 2024:
Investment Committee Meeting
Name Designation Period The Investment Committee Charter regulates that our
Investment Committee shall meet at least once a month. The
Edwin Soeryadjaya Supervisor 2022-2025
committee may also convene periodic meeting, at least once
Michael W. P. Soeryadjaya Chairman 2022-2025 every quarter, by engaging the division or operating units
of the Company, which share responsibilities for executing
Lany Djuwita Wong Member 2022-2025 investment strategies, monitoring investment performance
Devin Wirawan Member 2022-2025 as well as overseeing investee company’s performance as
well as identifying investment risk appetites.
The brief profiles of each member of the Investment In 2024, the Investment Committee met for 16 times, with
Committee are disclosed in the Profile of the BoC and the the attendance rate at each of the meetings as follows:
BoD section of this 2024 Annual Report.
Independence of the Investment Committee
The Company ensures the independence of each members
Name Designation Number of Meetings Attendance %
Edwin Soeryadjaya Supervisor 16 16 100
Michael W. P. Soeryadjaya Chairman 16 16 100
Lany Djuwita Wong Member 16 16 100
Devin Wirawan Member 16 16 100
Investment Committee Activities 5. Performing evaluation of each investment to ensure if
Our Investment Committee plays a key role in designing, the investment adheres or continues to adhere to the
executing as well as overseeing the investment and Company’s investment strategies.
divestment policies and strategies. Throughout 2024, as
part of its duty performance, the Investment Committee Training Programs for the Investment Committee
carried out the following activities: Since the Investment Committee members concurrently
1. Advising and providing recommendations on the served as the members of BoD and BoC of the Company,
Company’s investment policy and strategies to the Board thus the information on the training programs for the
of Directors, including, among others, the investment committee members is available in each discussion of
criteria and associated risk profile. training programs for the BoC and the BoD.
2. Conducting reviews and providing recommendations
that outlined approval or rejection of all investment Assessment on the Investment Committee
proposals submitted to the Board of Directors. In 2024, the BoD viewed that the Investment Committee has
3. Conducting periodic analysis and reviews on quarterly fulfilled its respective duties and responsibilities, particularly
basis of all reports on the Company’s investment by designing and implementing the systems and procedures
performance and the performances of the investee relating to investment and divestment activities of the
companies as a basis for the decision-making. Company.
4. Conducting periodic analysis and reviews on quarterly
basis, all reports containing the identification results
of the Company’s risk profile associated with the
Company’s capital structure and the composition of the
Investee Companies.
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Corporate Secretary
Our Corporate Secretary of Saratoga has a vital role, Due to her role as the Corporate Secretary, she is in charge
particularly in ensuring the Company’s regulatory of:
compliance. In addition to the role, our Corporate Secretary 1. Providing recommendations concerning the
also serves as the function of being the person who is implementation of GCG principles.
responsible for establishing a sound communication 2. Administering regular and incidental reports to the
between the Company and its stakeholders; ensuring that capital market authority.
all stakeholders have access to Company’s information 3. Working closely with other divisions in the Company
and executing the Company’s transparency commitment by to provide the management with information on the
providing disclosure of information accurately and timely to latest changes and developments in capital market
the authorities and the public. regulations.
4. Overseeing the regular and proper implementation of
Being held accountable to the President Director, the GMS, the BoD and the BoC meetings.
Company appointed the Company’s Legal and Corporate 5. Providing timely information about the Company’s
Secretariat Division Head, Sandi Rahaju, to serve as performance to the shareholders.
Corporate Secretary of the Company. Her appointment is
ensured through BoD Circular Resolution dated 17 July 2016, Corporate Secretary’s Activities
which was lastly restated through BoD Circular Resolution
dated 9 June 2022. Throughout 2024, she has carried out several activities
within the scope of her duties and responsibilities, including:
Profile of Corporate Secretary 1. Conducting business correspondences and meetings
with OJK and IDX as the financial and capital market
SANDI RAHAJU regulators.
An Indonesian citizen, 56 years old, domiciled in Jakarta. 2. Attending seminars, conferences and workshops held
Concurrently, she is also serving as the Head of the Legal by OJK, IDX, Indonesian Public Listed Companies
and Corporate Secretariat Division of the Company. The Association (AEI) and Indonesia Corporate Secretary
Corporate Secretariat Division is held by a working unit Association.
since July 2016. Prior to her role as the Head of Corporate 3. Together with the Investor Relations and the Corporate
Secretariat Division, Sandi Rahaju was a member of the Communication, she provided the Company’s business
Audit Committee of PT Selamat Sempurna Tbk, and a updates to the public through press releases, the official
member of the Audit Committee of PT Mitra Investindo Tbk. Company’s website, and fulfillment of the Company data
Before joining the Company in 2007, she once pursued a requests.
professional career of more than 15 (fifteen) years in a few 4. Providing regular and incidental reports to OJK and IDX
Corporations, such as Taisei Corporation, an international as required by the prevailing capital market regulations.
construction company, PT Kideco Jaya Agung, an Indonesian 5. Organizing AGMS and EGMS collectively.
coal mining company as well as in a couple of law firms in 6. Organizing BoC and BoD meetings, press conferences,
Indonesia, i.e., Pelita Harapan Law Firm and finally, Hendra public expose, analyst meetings, and media coverage
Soenardi. Sandi Rahaju is a graduate of University of activities with the Corporate Communication.
Technology, Sydney, in 2007 and earned a Doctorate degree 7. Other assignments from the BoD.
in Juridical Science (SJD).
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Competence Development Program for the Corporate Secretary
The Company pays attention to the capacity improvement of our Corporate Secretary. Therefore in 2024, we gave her the
opportunity to attend trainings and seminars to enhance her skills and knowledge, they were:
Name of Training Program Organizer
Socialization of OJK Regulation OJK
› OJK Regulation No. 29 of 2023 regarding the Buyback of Shares Issued by Public Company
› OJK Regulation No. 4 of 2024 regarding Report on Ownership or Any Change in Ownership
of Shares of a Public Company and Report on the Activities of Pledging Shares of a Public
Company.
Annual Report Awards : Setting the Standard for Corporate Disclosure Indonesia Corporate
Secretary Association
(ICSA) and the National
Committee on Governance
Policy (KNKG)
Further Review of Regulation No. I-A on the Listing of Shares and Equity Other than Shares ICSA x IDX
issued by Publicly Listed Companies
Strategic Finance for Sustainability : The Role of Corporate Secretary as BOD Business Partner ICSA
to Boost Sustainability Awarness
Organizing the GMS electronically (E-RUPS) through eASY.KSEI ICSA
Further review of OJK Regulation No. 15/POJK.04/2022 concerning Stock Split and Merger by ICSA x OJK
Publicly Listed Companies
Participation in Net Zero Incubator Program activities IDX
Media Handling: Maintaining Company Reputation and Public Trust ICSA
Further Review of OJK Regulation No. 9/POJK.03/2023 concerning the Use of Public Accountant ICSA
Services and Public Accounting Firm and OJK Circular Letter No. 18/SEOJK.03/2023
Further Review of OJK Regulation regarding Affiliate transactions & Conflict of Interest ICSA x OJK
Transactions and POJK regarding Material Transactions and Changes in Main Business
Activities.
Introduction to the CORES.KSEI and e-BAE Next Generation System: The Latest Innovation for ICSA x KSEI
Digital Transformation in the Company
Internal Audit Unit
As guided by the OJK Regulation Number 56/POJK.04/2015 Charter of the Internal Audit Unit
about the Establishment and Guideline for the Formulation
of Internal Audit Charter, the Company established an Our Internal Audit Unit is guided the Internal Audit Charter
Internal Audit Unit to assist the BoD and BoC in ensuring the to perform audit works effectively. The charter stipulates
implementation of adequate internal controls throughout the structure, the membership, scope of duties and
the Company’s operations and financial activities. In responsibilities and reporting. The Internal Audit Charter is
addition, the Internal Audit Unit is also responsible for available for access through the Company’s website.
providing professional and independent opinions in regards
to the Company’s regulatory compliance. Duties and Responsibilities of the Internal Audit
Unit
To ensure the effectiveness of its duty implementation,
the Internal Audit Unit has established an organizational The Company ensures all members of the Internal Audit
structure comprising professional and competent internal Unit to always prioritize independency and high integrity in
auditors, work standards and practices, communication performing the following duties:
programs and quality assurance programs.
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1. Developing a flexible and risk-based annual internal 8. Evaluating the quality of the internal audit works on
audit plan. periodical basis in carrying out the audit program.
2. Performing the audit works in line with the audit plan and 9. Coordinating with other assurance functions (such as
assesses the efficiency and effectiveness of investment, legal, risk management, external auditor) to optimize
portfolio management, informations technology and the assurance on the process of governance, risk
other activities. management and control of the Company.
3. Reviewing and evaluating the implementation of internal 10. Undertaking special audits whenever necessary.
control and risk management systems to ensure their
compliance with the Company’s policies. Internal Audit Unit Structure
4. Providing advice on improvements and objective
information on the activities being audited at every level Reporting directly to the President Director, the Internal Audit
of management. Unit is led by an Head of Internal Audit who has financial and
5. Preparing an audit report and submitting the report to accounting background. The Company has appointed Lily
the BoD, BoC, and the Audit Committee. Herawati as the Head of Internal Audit Unit since February
6. Collaborating with the Audit Committee. 2016, based on the BoC Circular Resolution of the Company.
7. Monitoring, analyzing and reporting the follow-up The Head of Internal Audit Unit took assistance from a
actions as recommended. Senior Auditor with a complementary range of educational
backgrounds, skills and work experience.
Qualification of Internal Audit Unit Members
Position Certifications
Head of Internal Audit Unit Certified Management Accountant and GRC Professional
Senior Auditor -
Profile of the Head of Internal Audit Unit
LILY HERAWATI 2. Fundamentals of IT auditing by Institute of Internal
Head of Internal Audit Unit Auditors (IIA).
An Indonesian citizen, 53 years old. She holds a Bachelor 3. Critical thinking: a vital auditing competency by IIA.
of Economics degree from Trisakti University, Jakarta. She 4. Governance, Risk Management & Compliance by
has been serving as the Head of Internal Audit Unit effective Revolution Mind Indonesia.
since February 2016. She has over 20 (twenty)years of
corporate functions, manufacturing industries and trading
businesses. Before joining the Company, she pursued a Internal Audit Unit Activity Report
professional career at Astra group, where she held several
strategic positions. Her last position was a Finance Director Throughout 2024, the Internal Audit unit has carried
at several subsidiaries of PT Astra Otoparts Tbk., as well out 13 (thirteen) regular audit and follow-up activities
as Division Head of Corporate Finance, Division Head of encompassing Investment, Portfolio Management, Human
Financial Planning and Analysis, and Division Head of Resources, Information Technology, Finance, and Legal and
Corporate Controller at PT Astra Otoparts Tbk. Corporate Secretariat division.
She has a Certified Management Accountant and Certified In addition, the Internal Audit unit has provided advice
GRC Professional. and recommendations regarding business processes in
the investees, as it assisted the investee companies in
Competency Development Program for the Internal establishing an effective internal control GCG throughout the
Audit Unit operations to mitigate strategic, compliance or operational
risks and improve operational efficiency.
In 2024, the Company has given the Head of Internal Audit
Unit opportunities to attend some training activities to During the financial year of 2024, Internal Audit unit held
enhance her knowledge, insights and competence, they 4 meetings with the Audit Committee to present the
were: audit findings report and recommendations on areas of
1. Know our risks and plan strategically by understanding improvements for our BoD and BoC to pay attention to and
risk environment by Yayasan Pendidikan Internal Audit. to make necessary follow-ups.
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Corporate Governance
Corporate Communication
Our Corporate Communication & Sustainability Division Through these initiatives, the division strengthens
plays a vital role in shaping and strengthening the Company’s stakeholder relationships, promotes transparency, and
reputation. This division is responsible for managing and advances the Company’s long-term sustainability goals.
coordinating all internal and external communications and
driving our ESG strategy and initiatives. Through proactive In 2024, our Corporate Communication and Sustainability
media engagement and meaningful corporate social team proactively led public relations initiatives, corporate
activities, we foster strong relationships with stakeholders events, Corporate Social Responsibility (CSR) programs, and
while ensuring our sustainability efforts create lasting ESG activities—demonstrating our unwavering commitment
value. Effective communication is key to enhancing our to transparent communication and meaningful community
positive image, reinforcing our commitment to responsible engagement. Key initiatives undertaken during the year
business practices, and building trust with the public and include:
our communities.
› Strengthening Public Communication & Transparency
The Corporate Communication & Sustainability Division is Successfully organized the AGMS and Public Expose
responsible for the following activities: 2024, reinforcing the Company’s dedication to open and
1. Strategic Publications: Developing and executing transparent communication with stakeholders.
strategies for non-media publications targeted at the › Enhancing Corporate Events & Company Reputation
public, investors, and the financial community, ensuring Designed and executed impactful corporate events that
a strong and respected corporate reputation. effectively strengthened the Company’s reputation while
2. Media & Advertising Strategy: Crafting and implementing ensuring operational efficiency.
mass media advertising strategies highlighting financial › Keeping Stakeholders Informed
and non-financial aspects, reinforcing a positive and Delivered timely and well-crafted updates on the
credible corporate image. Company’s progress through press releases and our
3. Accessible & Transparent Information: Ensuring that the corporate website, ensuring stakeholders remain well-
Company’s publications and website provide accurate, informed.
timely, and easily accessible information in a clear and › Driving Meaningful CSR & Community Engagement
user-friendly format. Led the implementation of CSR and CID programs,
4. ESG Strategies & Initiatives: Driving the Company’s extending positive and lasting benefits beyond business
ESG agenda by integrating sustainability principles into operations to our wider stakeholder community.
business strategies, aligning with global standards, and › Advancing ESG Roadmap & Sustainability Goals
fostering responsible corporate practices. Elevated the quality and execution of the Company’s
5. Corporate Social Responsibility (CSR) & Community ESG roadmap and initiatives, fostering progress toward
Engagement: Designing and implementing impactful sustainable growth and responsible business practices.
CSR and Community Involvement & Development (CID)
programs, demonstrating the Company’s commitment Through these strategic efforts, we have reinforced our role
to social well-being and sustainability. as a proactive and responsible corporate citizen—enhancing
communication, strengthening community engagement,
and championing sustainability throughout the year.
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Investor Relations
Given our status as a publicly listed company, we have publicly through the website of the Company, which can be
established Investor Relations, a division that holds used as the important reference for the shareholders and
a strategic management responsibility for managing other key players in capital market to make a fair decision
communications between investors and the Company’s about their investments in the Company.
management. The Investor Relations reports directly to the
Finance Director. In 2024, Investor Relations had conducted disclosures of
material information directly to investors and capital market
In performing its duties, Investor Relations shall work closely participants, including the financial analysts. The Investor
with the Corporate Secretary and Corporate Communication, Relations also provided them with access to have direct
in the activities of promoting a positive corporate image meetings with Directors of the Company by way of one-on-
and ensuring the Company to meet its transparency one and group meetings, as well as the implementation of a
responsibility to the public. Within the scope of its duties, public expose. The Investor Relations also engaged BoD in
Investor Relations is responsible for disseminating the latest many of these activities.
updates, including material information about the Company,
Other Corporate Governance
Information
Access to Information and Company Data To comply with information disclosure principles as required
by the capital market regulator, the Company always has
The Company always prioritizes the stakeholders’ strong commitment to present reports containing material
accessibility to the corporate data in a way to establish information and facts through both letters and electronic
the most effective way to improve internal and external reporting system to OJK and IDX. The Company ensures the
communication and information transparency. Through information available for public access through electronic
the distribution of such information, we expect to build, reporting system on the IDX website (www.idx.co.id).
maintain and enhance perspective, understanding and
confidence among the stakeholders surrounding its policies Other Corporate Governance Information
and activities. We provide updates about the Company, all
accessible to the stakeholders on Company’s website (www. During 2024, the Company has released reports as part of
saratoga-investama.com). Such information is available in the transparency responsibility:
both Indonesian and English languages.
External Reports Frequency
Reports to OJK & IDX 67
Annual Report 1
Sustainability Report 1
Report on Distribution of Press Releases
Date Title
18 March 2024 Record Dividend Income In 2023, Saratoga’s NAV Reaches IDR48.9 Trillion
27 May 2024 Saratoga (SRTG) Shareholders Approve Dividend Distribution of IDR298.43 Billion
30 July 2024 Supported by Solid Cash Flow, Saratoga Optimizes Investment Opportunity in Brawijaya Healthcare
86 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
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Corporate Governance
Administrative Sanction
Throughout 2024, no administrative sanction being imposed on the Company by either IDX or OJK.
Legal Case
In 2024, neither the Company, members of the BoC or members of the BoD were not involved in any legal cases that could
generate adverse impacts on or expose the Company to certain risks.
Code of Conducts
The Company’s Code of Conduct is built upon our strong The Code of Conduct applies to all members of BoD, BoC
commitment to the implementation of the highest standards and all employees and we ensure them to adhere to the code
of ethical behavior, encouraging proper ethical conduct, while they interact with our stakeholders. We also require the
putting sanction to any misconduct, as well as developing members of BoC, BoD and all employees to act and behave
and nurturing an ethical culture within the Company. The with respect to the internal policies, the prevailing laws
Code of Conduct is approved by both BoC and BoD on 25 and regulations as well as ethical standards of business
June 2014. conduct.
The Company’s commitment to pursue ethical business The Company also assigns Human Resources Division
practices in all aspects based on the followings: to help ensure the effective implementation of Code of
› Respecting the rule of laws and regulations in the Conduct by managing internalization and socialization
Republic of Indonesia, and showing respect for activities of the Code of Conduct and corporate values to
human rights; all organizational levels, including the BoC, the BoD, and the
› Managing the financial and operational performance employees. We use formal and informal communication
to maximize the Company’s long-term value for its media, such as town hall discussion and management
shareholders while taking into account the interests briefing, e-mail blast and others to disseminate the Code
of stakeholders; of Conduct and nurture the Corporate values to our internal
› Conducting business with integrity and fairness, stakeholders.
renouncing bribery and corruption or similar
unacceptable business practices, and not giving The detailed contents of the Code of Conduct are available
or accepting gifts and entertainment unless they for access on the Company’s website.
fall under business custom, are immaterial and
infrequent;
› Creating mutual advantage in all Company’s
relationships to build and maintain trust; and
› Demonstrating respect for the community where
the Company operates in, as well as for the natural
environment.
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Internal Control Systems
An effective implementation of a sound Internal Control Effectiveness and Efficiency of the Company’s
System is vital to ensure the integrity of financial reporting Operations
and the Company’s compliance with regulations. The
adequacy of internal controls helps us in analyzing As part of control procedures, the internal auditor is
and managing business risks and establishing control assigned to conduct reviews of the adequacy of internal
procedures to safeguard the Company’s assets and maintain control framework, using a risk-based approach. Based on
its performance and compliance with laws and regulations. the reviews, the internal auditor will provide feedbacks and
recommendations regarding the effectiveness of the internal
To ensure the integrity and reliability of internal controls, control to the BoD and Audit Committee. The Company also
the Company has established an internal control function requires its external auditor to prepare periodical reviews
or unit that reports directly to the BoD. The internal control and oversee the appropriate functioning of internal control
unit provides recommendations to the BoD regarding the framework, system, and procedures with minor defects.
fulfilment of objectives and business sustainability through
activities, including: Through meetings of the BoD, the BoC and the executives,
› Evaluation of the implementation of the Company’s regular reviews and timely updates on the business
program; operations, the financial performances as well as any
› Providing recommendations to improve the effectiveness business potentials will be presented so as to be references
of the internal control system and risk management for the Company and its investee companies to design
process; a comprehensive investment strategy. This enables the
› Evaluation of the Company’s compliance with Company’s Company’s management to deal with rapidly changing
regulations, implementation of GCG; and and increasingly competitive economic and business
› Facilitating a mutual coordination with external parties. landscapes.
The Company also adopts and implements 5 (five) key In addition, we require the Internal Audit Unit to attend
components of internal control that include the followings: Audit Committee meetings and provides detailed
1. An internal control environment disciplined and recommendations and advice to senior management
structured within the Company. executives to reflect its commitment to follow up and
2. Assessment and management of business risks, which implement BoC’s views and recommendations. The Internal
include assessment of acceptable risk levels and Audit Unit is also responsible for providing assurance
identification of risk severity. of the regulatory compliance, identifying any material
3. Control activities. weaknesses, and providing as well as communicating
4. Information System and Communication, which involves the recommendations to improve internal control to the
the exchange of information between people and the appropriate management officers.
Company to provide inputs for the decision making.
5. Monitoring. Statement of the Board of Directors and/or Board
of Commissioners/Audit Committee on Adequacy
Internal Control Objectives of the Internal Control System Implementation
Through an effective internal controls, we expect our The BoD and BoC considers that the internal controls
management to have reasonable assurance of the systems provide reasonable, but not absolute, assurance
accomplishment of the established objectives. The that the Company will not be affected by any event that could
objectives consist of 3 (three) categories, they are: be reasonably foreseen as it strives to achieve its business
a. Operation Objectives–pertaining to effectiveness objectives. In this regard, the BoD and BoC also notes that
and efficiency of the Company operations, including no system can provide absolute assurance against the
operational and financial performance goals, and occurrence of material errors, poor judgement in decision
safeguarding assets against loss. making, human error, fraud, or other irregularities.
b. Reporting Objectives–pertaining to reliability of financial
reporting, timeliness, transparency, or other terms as set
forth by regulators, recognized setters, or policies of the
Company.
c. Compliance Objectives–pertaining to the Company’s
regulatory compliance.
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Corporate Governance
External Auditor
Pursuant to the GMS Resolution on 16 May 2024, the serve the Company as a signing partner of an Independent
shareholders had delegated an authority to BoC to appoint Auditor’s Report for financial year 2024. Their appointment
a registered Public Accountant Firm to perform the audit has followed the procedures and prevailing laws and
of the Company’s financial statement for the financial year regulations.
ending on 31 December 2024. Accordingly, through the
recommendation letter of the Audit Committee dated 30 At the end of the financial year of 2024, the appointed
September 2024, the BoC appointed Siddharta Widjaja & Public Accounting Firm has completed its audit work
Rekan (a member of KPMG global network) to perform the independently and presented the report in accordance with
financial audit activity, based on the BoC resolutions dated professional standards of Public Accountant and the scope
3 October 2024. of audit works as outlined in the contracts signed on 7
October 2024. For the financial year ending on 31 December
The appointment of Public Accounting Firm Siddharta 2024, the Public Accounting Firm Siddharta Widjaja & Rekan
Widjaja & Rekan (a member of KPMG global network) would (a member of KPMG global network) conducted the financial
be its twelfth consecutive year of service while for Public audit works for the financial year 2024, and provided other
Accountant Harry Widjaja, S.E., CPA, it was his fifth year to non-audit services to the Company.
Year Public Accountant Firm Public Accountant Audit Fee
2024 Siddharta Widjaja & Rekan Harry Widjaja, S.E., CPA IDR4,626,300,000
2023 Siddharta Widjaja & Rekan Harry Widjaja, S.E., CPA IDR4,500,000,000
2022 Siddharta Widjaja & Rekan Harry Widjaja, S.E., CPA IDR4,350,000,000
In addition, the total fee for the non-audit services for the Company in 2024 does not exceed the audit fee, with the fee for non-
auidt services is IDR48,750,000.
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Information Disclosure on Share
Ownership by Management
As part of the transparency responsibilities, the Company As of today, the stakeholders can freely access information
is committed to presenting report on its ownership on on the ownership or changes of share ownership through
periodical basis. We require the Board members to report Monthly Report of Securities Holders Registration in the
any sale and purchase transactions of their shares in website of IDX and the Company’s website.
the Company to the Corporate Secretary within 3 (three)
business days. The Policy Implementation in 2024
In accordance with provisions in Article 3 of the OJK So as to comply with Article 3 of OJK Regulation No. 4 of
Regulation No. 4 of 2024 concerning Reports on Ownership 2024 concerning Reports on Ownership or Any Changes
or Any Changes in Ownership of Shares of Public Companies in Ownership of Shares of Public Companies and Reports
and Reports on Activities of Pledge of Shares of Public on Activities of Pledge of Shares of Public Companies, the
Companies, the Corporate Secretary will compile the Corporate Secretary conducted disclosure of information
information and report the changes in share ownership of relating to any changes in share ownership of members of
the BoD and BoC members to the capital market regulators. the BoD and BoC in the course of 2024 as presented in the
following report:
Number Reporting
Exercise Price Transaction
Name Position of Shares Date to OJK Transaction Purpose
(IDR) Date
(shares) and IDX
Michael W.P. President 314,200 1,480 1 July 2024 3 July 2024 Implementation of the
Soeryadjaya Director Company’s Long Term
Incentive Program
Lany Director 836,700 1,480 1 July 2024 3 July 2024 Implementation of the
Djuwita Company’s Long Term
Wong Incentive Program
Devin Director 831,500 1,480 1 July 2024 3 July 2024 Implementation of the
Wirawan Company’s Long Term
Incentive Program
Incentive Program for Management and/or Employees
Our shareholders, as outlined in EGMS resolution on 15 June 2016, agreed to grant our BoD an authority to implement a Long-
Term Incentive Program (LTIP). The program was designed to reward our employees based on performance and term of office.
In 2024, pursuant to EGMS resolution on 16 May 2024, the shareholders approved the BoD’s plan to allocate and distribute
treasury shares derived from the share buyback for the exercise of LTIP to the BoD and employees of the Company, a maximum
of 8,500,000 shares.
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Corporate Governance
Risk Management
The increasingly complex and dynamic nature of the 3. Adhering to Best Practices: Implement risk management
Company’s business has made risk management essential practices in accordance with industry best practices.
for achieving short-, medium-, and long-term goals.
In addition, implementing a robust risk management The BoD of the Company has actively involved in preparing
framework enables us to proactively identify potential and monitoring to ensure an effective risk management
issues while capitalizing on emerging opportunities. as planned. BoD develops coordination and ensures the
capacity enhancement of RMU which was established under
To ensure business sustainability, the Company has the guidance from the Audit Committee while monitoring
established a Risk Management Unit (RMU) responsible the progress of the execution of the risk management plan.
for identifying, evaluating, managing, and monitoring both The Audit Committee will escalate major issues which need
internal and external risks, as well as preparing mitigation further attention from the BoC, who oversees the Company’s
actions. As an integral part of our GCG framework, the balanced commitment to a continuous value creation and
RMU works closely with the Internal Audit Unit. The core an effective risk management and provides advice to the
responsibilities of the RMU are as follows: BoD on further actions.
1. Risk Identification and Management: Collaborate with the Through internal meetings of our top management, they will
BoD to identify, assess, manage, and monitor key risks, put discussion on risk appetite in the agenda of the meeting
thereby fostering sustainable growth and safeguarding which will also require participation from RMU to take note
the interests of shareholders and stakeholders. and possibly raise issues that need to be escalated.
2. Cultivating a Risk-Awareness Culture: Promote
and nurture a risk-aware mindset throughout the
organization.
Risk Profile
Risks Mitigations
Social-Political, Market, and Economic Risks
Social-political, market, and economic conditions may The Company continuously monitors evolving market
have an impact on the Company’s business, potentially conditions by assessing key economic and political
influencing the value of its investments and limiting indicators and conducting regular scenario analyses. This
investment opportunities. These factors may affect our proactive approach enables it to identify potential issues
financial performance and conditions. while capitalizing on emerging opportunities.
Risk of Expansion to New Business and Market
As an investment company, we strive to add value to our We embrace a rigorous and disciplined investment process,
portfolio by identifying opportunities. However, expansion that encompassed strict multi-disciplinary analysis, market
into new business lines and geographic markets, as well research and due diligence. This comprehensive approach
as implementation of a new investment strategy, may enables the Company to capture valuable opportunities,
introduce risks and uncertainties in our business. make accurate investment decisions, and promptly identify
and manage potential risks.
Exposure to Industry Risk in which Our Investee Operate
Our investee companies operate across various industries We diversify our risk exposure by focusing on selected sectors
within the natural resources, infrastructure, and consumer and establishing multiple platforms within each industry.
sectors, each inherently exposed to its own sets of risks. This year, we continued to implement focused investment
strategies in sectors such as healthcare, the green economy,
digital infrastructure, and consumer-related sectors.
As part of risk mitigation efforts, we conduct regular reviews
and develop action plans for both listed and unlisted investee
companies with substantial holdings.
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Risks Mitigations
Market Risk
The Company’s financial performance may be adversely The Company mitigates market risk by diversifying across
affected by market fluctuations, including changes in asset classes, monitoring market trends, and maintaining
share prices, interest rates, and foreign currency exchange adequate liquidity. Additionally, the Company manages its
rates. liabilities, including USD obligations, through spot market
transactions and other short-term derivative products, while
also exploring long-term hedging opportunities as part of
overall risk management.
Our investments, such as in PT Alamtri Resources Indonesia
Tbk., and PT Merdeka Copper Gold Tbk., provide a natural
hedge against our USD liabilities.
Risk of Dependency on Founders and Key Executives
The loss of services from our founders and executives Our succession planning framework is an important part of
could materially and adversely impact our business. our talent management programs, ensuring a steady pipeline
of senior-level talents and reducing dependency on founders
and key executives.
The Nomination and Remuneration Committee designs
nomination policies, oversees succession planning and
performance reviews for senior executives.
Risk of Employee Negligence and Misconduct
Employee misconduct can severely undermine the The Company mitigates the risk of employee negligence
Company’s ability to attract investment and expose it to and misconduct through a comprehensive approach. This
significant financial loss, legal liability, and reputational includes a rigorous recruitment process and ongoing training
damage. provided by the Human Resources Department, which
ensures adherence to a clear code of conduct and open
communication channels.
In addition, individual performance assessment and
performance-based bonuses help align employee interest
with the Company’s objectives. This approach supports
compliance with applicable laws and regulations and
promotes a culture of ethical behaviour.
Risk Due to Regulatory and Legal Complexities
Our business and investment activities may involve The implementation of an effective internal controls ensures
significant business, regulatory or legal complexities that that the Company complies with applicable laws and
could lead to increased regulatory scrutiny or higher risk of regulations. We continuously monitor legal and regulatory
contingent liabilities. updates to identify potential risks and develop effective
mitigation plans.
Our regulatory commitments extend to the capital market,
where we adhere to all relevant rules and requirements.
Additionally, we also engage legal consultants to
reinforcement our risk mitigation strategies when necessary.
Risk Due to Pandemic and its Implication to Company’s Operation
The pandemic may significantly impact the Company’s To build a sustainable organization, we prioritize employee
operations over an extended period of time. health and safety across all operations by consistently
following relevant health regulations. We have taken
necessary measures when needed—such as remote work,
social distancing, and adjusted work shifts—to reduce health
risks and maintain a safe working environment.
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Evaluation of the Effectiveness of the Risk Management System in 2024
We have been conducting a review of the implementation of the risk management plan in 2024. The RMU analyzed developments
and provided recommendations on risk appetite areas that were identified and required escalation. With an adequate and
effective Risk Management System, the management was provided with constructive input and was able to prepare appropriate
responses and actions. This allowed the organization to remain flexible and adapt to the challenges posed by a rapidly evolving
business environment during the year.
We continue to assess the effectiveness of our risk management processes and systems to ensure the organization remains
agile amid ongoing business dynamics and is well-positioned to achieve sustainable and profitable growth.
Statement of the Board of Directors and/or Board of Commissioners/Audit Committee on Adequacy of the
Risk Management System
The BoD and BoC considers that the risk management system provides reasonable, but not absolute, assurance that the
Company will not be affected by foreseeable events as it strives to achieve its business objectives. In this regard, the BoD and
BoC also notes that no system can provide absolute assurance against the occurrence of material errors, poor judgment in
decision-making, human error, fraud, or other irregularities.
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Whistleblowing System
We have developed a Whistleblowing System as a mechanism to facilitate incoming reports and/or any concerns about the
Company’s misconduct from external parties, or the employees who have a complaint surrounding the Company’s accounting,
internal accounting controls, auditing matters, and any other matters in general.
Reporting Procedures
The whistleblower may use the Whistleblowing mechanism, to submit a written report that clearly states the background and
history of the matter, names of persons involved in the misconduct as well as dates and places wherever possible and the
reasons for the concerns. The report shall be made in a good faith for the best interests of the Company and send it to an
assigned email address or by mailing the following address:
PT Saratoga Investama Sedaya Tbk.
15th floor Menara Karya
Jalan H.R. Rasuna Said Block X-5, Kav. 1-2 South Jakarta 12950, Indonesia
Email: whistleblowing.report@saratoga-investama.com
Through the whistleblowing system, we accept and will Whistleblower Protection
follow up cases that include:
› Unusual/questionable accounting or auditing practices; The Company will guarantee the confidentiality of the
› Disclosure matters; whistleblower’s identity for the reason of the investigation
› Internal controls lapse or override; and to protect the whistleblower from any possible
› Insider trading; retaliation acts from the parties involved. The Company will
› Conflict of interest; also keep the whistleblower updated with the progress and
› Serious breaches of the Company and its group policy; results of the investigation in writing.
› Collusion with competitors;
› Unsafe work practices or; The Company values any voluntary help from its employees
› Any other matters involving fraud, corruption, and to identify potential misconduct or issues to to address.
employee conduct. Any employees, who have raised a concern in a good faith
or voluntarily participated in an investigation, could not
Report Management be exposed to any adverse employment action, including
termination, demotion, suspension, loss of benefits, threats,
The incoming reports that are signed and submitted through harassment, or discrimination.
the whistleblowing system by presenting the details of the
cases and supporting evidence will be followed up promptly Reporting Results
within a reasonable timeframe. We will also see for further
investigation, if necessary. However we will not process For any cases that pursuant to the results of investigation,
unreasonable reports with no supporting documents or are proven to have violated the internal policies, prevailing
evidence. laws and the code of conduct, the Company will take
any necessary actions promptly. We will also apply any
The Party that Manages the Incoming Report sanctions to those found guilty of the misconduct to the
extent that such actions and/or sanctions are allowed by
Then the Company will assign the Internal Audit Unit to carry internal corporate policies and by laws.
out investigations into reports as fast and sensitively as
possible without affecting the quality and the depth of these In 2024, the Internal Audit unit did not receive any incoming
investigations. reports on the potential breaches of the Code of Conduct
through the whistleblower channel.
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Corporate Governance
Prevention Against Insider Trading Policy
The Company’s business can be exposed to the adverse To ensure the effectiveness of the policy implementation, the
impact caused by insider trading act, which involves Company always closely monitors the internal compliance
disclosure of material, non-public information that could with this policy. The Company does not tolerate any
impact an investor’s decision to invest or divest their shares violation of such policy and will impose disciplinary actions
in the Company. The act can be committed by BoC and to those committed the insider trading act. The sanctions
BoD members or our employees in the personal or group’s may include the termination of employment whereas severe
interests. criminal and civil penalties may be imposed for breach of
insider trading laws.
Thus to manage the risk, the Company has established a
policy that requires BoC and BoD members or our employees In 2024, the Company did not find or receive reports on
to avoid the dissemination or use of confidential or insider insider trading act committed by the members of BoC, BoD,
information about the Company and/or its investee or the employees of the Company that resulted in adverse
companies in stock trading. It is the obligation of the BoC impacts to the Company and/or its investee companies.
and/or BoD members and all employees to demonstrate full
commitment to complying with this policy.
This policy applies to actions, such as the buying, selling, or
transferring of share ownership, which is carried out by or for
the BoC and/or BoD members or their associates, including
their spouse and dependent children and all employees
where they have any influence over investment decisions.
Anti-Corruption and Anti-Fraud Policy
Corruption and fraud practices can generate adverse 2. Anti-Money Laundering
impacts to the Company’s financial or operational All Saratoga's Person including their affiliates are
activities, thus decreasing the Company’s accountability prohibited from engaging in or facilitating money
among the public and shareholders. Thus to ensure a laundering act. Anyone who is found guilty of engaging
sustainable organization, it is important for us to enhance in money laundering activity, even if unintended, could
the enforcement of Code of Conduct. The code prohibits result in civil and criminal penalties against such person
each member of BoC, BoD, executives, and employees of and the Company.
the Company to offer or accept any form of bribery, and to
conduct and/or participate in any acts of bribery and/or 3. Gifts and Entertainment
corruption. Gifts and entertainment can foster goodwill in business
relationships; however, concerns arise when they may
Also in the Company’s Code of Conduct, we clearly outline compromise, or appear to compromise, the propriety
the anti-corruption and anti-fraud policies encompassing a of the Company’s business relationships or trigger an
range of aspects: actual or apparent conflict of interest.
1. Anti-Bribery, Kickbacks and Facilitation Payments In addition, the Company has also determined the acceptable
The Company requires that all Saratoga's Person, limit for the value of gift and entertainment that can be
including their affiliates, shall never offer or accept a received or offered by any Saratoga's Person, which is up
bribe, facilitation payment, kickback, or other improper to maximum USD200 (two hundred United States Dollars).
payment for any reason. The direct or indirect offer, Thus in accordance with the policy, we will not tolerate
payment, soliciting or acceptance of bribes in any form the acts of giving or receiving gifts and entertainment that
by Saratoga's Person and/or their affiliates, is totally is worth more than USD200 (two hundred United States
unacceptable. Dollars), whenever possible. In certain circumstances where
it is not possible to turn down the gift, Saratoga's Person
should accept the gift on behalf of the Company and submit
such a gift to Human Resources Division which will further
use it for the Company’s purposes.
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Anti-Money Laundering Policy
Money laundering is generally defined as an activity that To anticipate the risks caused by the money laundering
engages in acts designed to conceal or disguise the true and terrorist financing, the Company has a policy that
origins of criminally derived proceeds so that the proceeds requires full commitment from all employees to comply with
appear to have derived from legitimate origins or constitute the requirements of the anti-money laundering laws and
legitimate assets. The act of money laundering and terrorist regulations. Severe sanctions can be imposed to employees
financing can have adverse impacts to the Company’s who violate the applicable anti-money laundering policy and
reputation and accountability among the shareholders and laws.
other stakeholders at large.
The Implementation of IT Governance
Given the increasingly dynamic business landscape of the align our IT governance goals with the Company’s objectives.
Company, it is important for us to establish an IT governance We have also launched a set of comprehensive policies
to provide adequate assurance to the management of the regulating the IT procedures, development and execution
Company on the reliability of the installed information plan, as well as disaster recovery plan. The policies
security system against the potential risks of IT disruption implementation will provide us with adequate assurance
due to cyberattack. In addition, the implementation of IT of the effective implementation of IT risk management and
governance provides sufficient value to the organization the mitigation plans in helping the Company to respond
through an effective and efficient operational support for the to and navigate through challenges in its IT system and
Company to achieve its goals. Accordingly, we strategically infrastructure.
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Corporate Governance
Implementation of the Corporate
Governance Guidance
In addition to OJK Regulation No. 21/POJK.04/2015 on the implementation of aspects and principles of a Good
concerning the Implementation of Guideline of Corporate Corporate Governance. The guidance applies to the publicly-
Governance in Publicly-listed Companies, the Company listed companies. In accordance with Comply or Explain
has commitment to adhere to provisions outlined under principle, we have provided explanation and alternative
the OJK Circular Letter No. 32/SEOJK.04/2015 on the implementation for the recommendations that are not yet
Corporate Governance Guidance for Public Companies implemented in the financial year of 2024 as part of the
dated November 17, 2015, which regulates 5 (five) aspects, regulatory compliance.
8 (eight) principles, and 25 (twenty-five) recommendations
Recommendations Remarks (Comply or Explain)
Public Companies have voting procedures, either for open voting or close voting, which Complied
focusing on independency and the interest of the shareholders.
All members of the BoD and the BoC of the public companies are present in the Annual Complied
General Meeting of shareholders.
Summary of the minutes of the General Meeting of Shareholders are available on the website Complied
of the public companies for at least 1 (one) year.
The public companies’ have a communication policy with the shareholders or investors. Complied
The public companies disclose such communication policy with the shareholders or Complied
investors on the website of the Company.
Determination on the number of the members of the BoC considering the condition of the Complied
public companies.
Determination on the composition of the member of the BoC based on the variety of required Complied
skill, knowledge, and experience.
The BoC shall have self-assessment policy to assess the performance of the BoC. Complied
Such self-assessment policy to assess the performance of the BoC shall be disclosed in the Complied
Annual Report of the public companies.
The BoC has a policy with regards to the resignation of the member of the BoC if being Complied
involved in financial crime.
The BoC or the Nomination and Remuneration Committee prepares succession policy for Complied
nomination process of a member of the BoD.
Determination on the number of the member of the BoD considering the condition of the Complied
public companies and effectively in making a decision.
Determination on the composition of the member of the BoD based on the variety of required Complied
skill, knowledge, and experience.
The Director who supervises the Accounting or Financial Division shall have the skill and/or Complied
knowledge in accounting sector.
The BoD shall have self-assessment policy to assess the performance of the BoD. Complied
Such self-assessment policy to assess the performance of the BoD shall be disclosed in the Complied
Annual Report of the public companies.
The BoD has a policy with regards to the resignation of the member of the BoD if being Complied
involved in financial crime.
The public companies have a policy to avoid insider trading. Complied
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Recommendations Remarks (Comply or Explain)
The public companies have anti-corruption and anti-fraud policy. Complied
The public companies have a policy on selecting and improving the performance of its Explanation
supplier or vendor. The recommendation is not
relevant with the Company’s
business activities.
The public companies have a policy with regards to the compliance of the creditors’ rights. Explanation
The recommendation is not
relevant with the Company’s
business activities.
The public companies have whistleblowing system policy. Complied
The public companies have a policy on granting long-term incentives to the BoD and the Complied
employees.
The public companies utilize the information technology more broadly other than the Complied
website as the media for disclosure of information.
The Annual Report of the public companies disclose the ultimate beneficial owner in the Complied
shareholding of the public companies at least 5% (five percent), other than the disclosure of
the ultimate beneficial owner in the shareholding of the public companies through the main
shareholder and the controller.
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Corporate Governance
07 Corporate Social
Responsibility
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Our Sustainability Approach
We embed the ESG principles into our investment strategies to form the
foundation of sustainable finance that not only ensure long-term financial
returns but also create positive environmental and social outcomes.
Saratoga has been pursuing a sustainable finance by integrating ESG principles into its investment strategies. The ESG investing
aims to achieve long-term financial returns alongside positive societal and environmental impacts. Saratoga’s sustainability
approach encompasses collaboration with partners to drive innovation and increase our participation in establishing a
sustainable and inclusive economy that will benefit both our internal and external stakeholders at large.
Our Approach
Saratoga has embedded global and national frameworks, including the UN Guiding Principles on Business and Human Rights
(UNGPs) and the Universal Declaration of Human Rights, to form an effective sustainability approach that will align the
company’s objectives and impacts on environment, the society and the governance. This approach ensures our unwavering
commitment to the implementation of responsible business practices that deliver meaningful impact while helping us in
managing risks to maximize returns.
Saratoga has established a comprehensive sustainability policy that guides our operations and decision-making based
on ESG criteria, strengthening our contributions to the United Nations Sustainable Development Goals (SDGs). Built upon
specific policies including the ESG Policy, Environmental Policy, People Policy, and Prevention of Sexual Harassment Policy, our
sustainable organizational structure reflects a strong commitment to ethical and responsible practices.
Saratoga’s ESG strategy is guided by a comprehensive ESG Roadmap, spanning between 2023–2027. Carefully reviewed and
endorsed by the BoD, our ESG roadmap consists of five key phases: Initiating, Performing, Excellence, Inspiring, and Sustaining,
to effectively guide us in embedding ESG principles into our operations.
Community Empowerment
Saratoga’s commitment to education and enhancement of human resources competence remains intact. Together with our investee
companies and valued partners, we have introduced a number of initiatives that offer a fair opportunity for our stakeholders, particularly
the youth, to get access to various educational and training programs.
Through Entrepreneur Development for Youth (ENVOY) program, which has been developed together with Mien R. Uno Foundation
(MRUF) since 2008, we empower individuals through a series of consulting activities consisting of training series, mentoring and coaching
sessions, enrichment class and development class.
For the 2024 ENVOY program activities, we welcomed young entrepreneurs from various state and private universities in Java, Sumatra
and Bali, who were seeking improvements in their business and individual qualities. Dividing into two batches, MRUF ENVOY 15
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Corporate Social Responsibility
and MRUF ENVOY 16, they received consulting and mentoring campaign, they have embedded the principles of reduce, rethink
supports for 12 (twelve) months in total. and repurpose principles into their business operations by
optimizing the use of material, thus lessening the production
We had 17 young entrepreneurs who received scholarships to waste and packaging. A participant from Semarang in fact has
join in our MRUF ENVOY Batch 15. Most of participants were engaged in waste processing into maggot farming which offers
students of Indonesian Education University of Bandung, West higher nutrient feed for fish breeding with more environmentally
Java, while there were 3 students from universities in Sumatra friendly production process.
and 1 student from Ganesha Education University of Bali. About
6 of 17 participants engaged in culinary business and other areas In the meantime, we helped SMK ORA et LABORA in upgrading
of interest included Fashion, Service, Agribusiness and Creative. its accreditation from C to A. It was indeed a significant
Their program started from September 2023 to August 2024. challenge for the school which was achieved through careful
planning and strong collaboration among the school community
In the meantime, we selected 5 from 18 young entrepreneurs toward the goal. The upgrade of the school's accreditation
joining the MRUF ENVOY 16 program. Each of the program involves a various process of evaluation, planning, fixes and
participants engaged in different types of businesses, from improvements (eg., upgrading the school's facilities, updates
culinary business, a book publishing apps to an innovative on the school's curriculum, etc.), collecting physical evidence
platform that processed used cooking oil into high-value and documentation on objects that requires improvements, and
products. lastly, simulation and final preparation.
We engaged certified coaches from Coaching Indonesia SMK ORA et LABORA successfully achieved A Accreditation
to help shape their entrepreneur mindset and leadership Certificate from National Accreditation Agency for Early
while developing their negotiation and problem solving skill Childhood Education, Elementary and High Schools through a
through online and offline training series. Meanwhile, through letter No. 006/BAN-PDM/SK/2025. The accreditation somehow
enrichment class, we engaged some experts to share some proves the quality of education of SMK ORA et LABORA which
insights by bringing non-business topics, such as climate has successfully produced competent graduates who inspire
change as well as green economy and businesses. the next generation. Learned from the stories of its graduates,
Marcell and Daniel Lieberman, who each works as Drafter/
At the end of the program, we were proud to learn that our learning Field Engineer at PT Citasys and Mechanical Technician at
and growth opportunities have enlightened these five aspiring a coal fired power plant owned by PT Adaro Power in South
youth in many ways. The program participants reported to have Kalimantan, respectively, SMK ORA et LABORA has equipped its
made significant progress by achieving higher revenue in sales students with the adequate capabilities and competencies to
with an average growth rate of 200.35% for MRUF ENVOY batch achieve their dream careers after graduating from school.
16 program participants and up to a 5-fold increase in sales for
MRUF ENVOY batch 15 program participants. Our contributions through this entrepreneurial program align
with the objectives of the SDGs No. 4: Quality Education, SDGs
Beyond business advancement, we were also proud to see No. 5: Gender Equality, SDGs No. 7: Affordable and Clean Energy,
that most participants have demonstrated better awareness SDGs No. 8: Decent Work and Economic Growth, and SDGs No.
of environmental impacts. Through a waste management 13: Climate Action.
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Social and Cultural Development
Saratoga fulfils its social and cultural initiatives through our
contributions to enhancing the well-being and the quality
of lives of the people in need. Under Habitat Charity Golf
Tournament 2024 event, we carried out a community-based
housing program, through which we provided a Very Simple
House (Rumah Sangat Sederhana) to the people where
Saratoga and its investee companies operate.
Together with Habitat for Humanity Indonesia, we built two
units of safe and adequate houses for 2 (two) low-income
families in Bebulak Sub-Village, Marga Mulya Village,
Mauk-Tangerang. The program adopted a community- month of Ramadan in 2024, we distributed 1,000 daily need
based approach which consisted of 8 (eight) steps: survey packages to the elderly people and old widows in Cilincing,
and assessment, program socialization, local committee North Jakarta. Whereas on Christmas Day, we brought
establishment, family selection, public hearing, beneficiaries joy to 150 orphans from two orphanages in Tangerang by
finalization, social contract and project implementation. distributing gifts and entertaining games.
In addition, we show more passion for the elderly people and Our social and cultural initiatives have aligned well with
the orphans by extending social donation to them during the objectives of SDGs No. 1: No Poverty and SDGs No. 11:
the special moments of Ramadan and Christmas. In the Sustainable Cities and Communities.
Employee Health, Safety, Welfare
Given the fact that human capital is always our most valuable remuneration package and benefits that exceed the
assets, establishing a vibrant and safe work environment industry’s average. The employees are entitled to salary and
remains our top priority. Toward a zero accident goal a number of benefits, including health insurance, vacation
across the operations, we have established and enforced time, retirement plans, and other support services, reflecting
the safety protocols and procedures for all tasks, ensuring our strong commitment to enhancing the employee welfare.
the employees understand and follow these protocols. We
have embedded basic safety standards and guidelines to Our focus on creating a positive work environment is
establish a safe operation by ensuring the availability of expected to strengthen our employee retention efforts loyal
fire extinguishers, the accessibility of emergency exits, and maintain our employee turnover to be one of the lowest
evacuation protocols, and the availability of first-aid kits. rates of any company in Indonesia today. Our initiatives on
employment aspect have been further discussed in Human
In addition, we strive to achieve higher productivity among Capital Section of this Annual Report or Sustainability
our employees by rewarding them with a competitive Report.
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Corporate Social Responsibility
Environmental Protection
With sustainability becoming a significant issue, lecturers, employees, the environmentalists, researchers,
environmental responsibility stands out as a cornerstone religious figures, as well as students and entrepreneurs.
for companies that seek to navigate the environmental
challenges encompassing issues, such as climate change In 2024, the batch 10 of the Green Leader Program
impacts to resource preservation and pollution prevention. participated in a 10-day Eco Camp at SD Ciakar, Kertasari
To secure a long-term success, Saratoga and its investee Sub-District, West Bandung Regency, West Java, consisting
companies, particularly those engaging in natural-resource of activities, including mini course, offline training and
based sector, are committed to continuously empowering pitching, online coaching and post-project report. About
progress in its environmental contributions. 42 program participants joined in the event that aimed
to motivate the earthquake victims in the West Bandung
We have expanded cooperation by engaging various through games, angklung play and distribution of 100 gift
stakeholders to ensure our impactful benefits to the packages for the kids. Other than the community service,
environment. We have launched a Green Leader program, as they were engaged in several activities, such as happiness
a form of initiative to cultivate green leaders that will actively sharing, earth care, a series of eco-business and SDG
participate and run projects to meet SDGs and achieve a discussions, as well as green business marketing.
sustainable economy. These green leaders are expected to
have great awareness of climate change issues and SDGs We have well aligned our environmental contributions with
and at the end, are capable of designing an effective solution the SDGs, specifically targeting at SDGs No. 7: Affordable
to address local sustainability issues. and Clean Energy, SDGs No. 12: Responsible Consumption
and Production, SDGs No. 13: Climate Action and SDGs No.
Since the program was launched in 2015, we have established 15: Life on Land. These initiatives not only aim to capture
10 batches and generated 610 agents of change. These our aspiration for SDGs but also reaffirm our commitment to
environmental heroes represented 29 provinces across continuous value creation by investing in a more sustainable
Indonesia with various backgrounds, such as teachers/ future for all.
CSR Allocation for 2024
Saratoga has been very supportive to all CSR initiatives Our ESG commitments, including initiatives and CSR
taken in 2024: programs, are further explained in Saratoga 2024
Sustainability Report. The comprehensive document is
Program Category Budget (IDR) published as an integral part of our 2024 Annual Report
Community Empowerment 500,000,000 presenting information about our impactful contributions
Social and Cultural Development 254,278,367 on Environment, Social and Governance factors. Learn how
we continue to expand our sustainability footprints and
Environmental Preservation 250,000,000
increase the stakeholder participation to drive meaningful
Total 1,004,278,367 impacts and create more sustainable future.
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Statements of Responsibility
by the Members of the Board of Commissioners
and the Board of Directors
We, the undersigned, do hereby declare that all information in the 2024 Annual Report of
PT Saratoga Investama Sedaya Tbk. are presented in full and that we are fully accountable
for the accuracy of the information contained in said Annual Report.
We attest to the integrity of this statement.
Jakarta, 29 April 2025
Board of Commissioners
EDWIN SOERYADJAYA
President Commissioner
JOYCE SOERYADJAYA KERR INDRA CAHYA UNO
Commissioner Commissioner
SIDHARTA UTAMA ANANGGA W. ROOSDIONO
Independent Commissioner Independent Commissioner
Board of Directors
MICHAEL W. P. SOERYADJAYA
President Director
LANY DJUWITA WONG DEVIN WIRAWAN
Director Director
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08 Financial Statements
Page 108
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PT SARATOGA INVESTAMA SEDAYA Tbk
DAN ENTITAS ANAK /
PT SARATOGA INVESTAMA SEDAYA Tbk
AND SUBSIDIARIES
LAPORAN KEUANGAN KONSOLIDASIAN /
CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2024 DAN 2023 /
31 DECEMBER 2024 AND 2023
Page 110
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
DAFTAR ISI CONTENTS
Ekshibit/
Exhibit
Pernyataan Direksi Tentang Tanggung Jawab Board of Directors’ Statement of Responsibilities
Laporan Keuangan Konsolidasian Consolidated Financial Statements
31 Desember 2024 dan 2023 As of 31 December 2024 and 2023:
Laporan Posisi Keuangan Konsolidasian A Consolidated Statements of Financial Position
Laporan Laba Rugi dan Penghasilan Komprehensif Lain Consolidated Statements of Profit or Loss and
Konsolidasian B Other Comprehensive Income
Laporan Perubahan Ekuitas Konsolidasian C Consolidated Statements of Changes in Equity
Laporan Arus Kas Konsolidasian D Consolidated Statements of Cash Flows
Catatan atas Laporan Keuangan Konsolidasian E Notes to the Consolidated Financial Statements
Page 111
Page 112
Ekshibit A Exhibit A
PT SARATOGA INVESTAMA SEDAYA Tbk. DAN ENTITAS ANAK PT SARATOGA INVESTAMA SEDAYA Tbk. AND SUBSIDIARIES
LAPORAN POSISI KEUANGAN KONSOLIDASIAN CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 DESEMBER 2024 DAN 2023 31 DECEMBER 2024 AND 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Catatan/ 31 Desember/ 31 Desember/
Notes December 2024 December 2023
ASET ASSETS
Kas dan setara kas 3a,3c,4 1.532.633 665.225 Cash and cash equivalents
Kas yang dibatasi penggunaannya 3a 1.012 2.501 Restricted cash
Piutang, neto Receivables, net
Pihak tidak berelasi 3a 2.077 77.711 Non-related parties
Pihak berelasi 3a,3b,15 599.127 1.051.856 Related parties
Pajak dibayar di muka 7a 4.751 2.741 Prepaid taxes
Investasi pada saham 5 51.912.192 46.680.205 Investments in shares
Investasi pada efek lainnya 6 3.633.699 2.327.940 Investments in other securities
Properti investasi 108.964 108.488 Investment properties
Aset lainnya 47.402 28.453 Other assets
JUMLAH ASET 57.841.857 50.945.120 TOTAL ASSETS
LIABILITAS LIABILITIES
Utang lainnya 3a 5.576 5.417 Other payables
Utang pajak penghasilan 7b 5.856 1.644 Income tax payables
Utang pajak lainnya 7c 632 1.423 Other tax payables
Pendapatan diterima dimuka 3.189 2.396 Unearned revenue
Pinjaman 3a,8 3.213.975 926.106 Borrowings
Liabilitas pajak tangguhan, neto 7e 2.802.943 1.188.409 Deferred tax liabilities, net
Liabilitas imbalan kerja 36.878 31.501 Employee benefits liabilities
JUMLAH LIABILITAS 6.069.049 2.156.896 TOTAL LIABILITIES
EKUITAS EQUITY
Modal saham dengan nilai nominal Rp20 (Rupiah Share capital at par value Rp20
penuh) per saham (whole Rupiah) per share
Modal dasar 48.833.400.000 lembar saham Authorized capital 48,833,400,000 shares
Modal ditempatkan dan disetor penuh Issued and fully paid-up capital
13.564.835.000 lembar saham 9 271.297) 271.297) 13,564,835,000 shares
Tambahan modal disetor 10 5.184.710) 5.184.710) Additional paid-in capital
Saham tresuri 3d,9 (13.310) (18.574) Treasury stocks
Akumulasi pembayaran berbasis saham 3i 35.757) 29.020) Accumulated share-based payments
Selisih penjabaran laporan keuangan Difference in translation of
dalam mata uang asing 3e 50.270) 23.888) financial statements in foreign currency
Komponen ekuitas lainnya 132.748 126.125) Other equity components
Saldo laba: Retained earnings:
Dicadangkan 65.000) 60.000) Appropriated
Tidak dicadangkan 46.019.625) 43.032.157 Unappropriated
EKUITAS YANG DIATRIBUSIKAN KEPADA PEMILIK EQUITY ATTRIBUTABLE TO
PERUSAHAAN 51.746.097) 48.708.623) OWNERS OF THE COMPANY
Kepentingan nonpengendali 2f,11 26.711) 79.601) Non-controlling interests
JUMLAH EKUITAS 51.772.808) 48.788.224) TOTAL EQUITY
JUMLAH LIABILITAS DAN EKUITAS 57.841.857) 50.945.120) TOTAL LIABILITIES AND EQUITY
Lihat Catatan atas Laporan Keuangan Konsolidasian See Notes to The Consolidated Financial Statements on
di Ekshibit E terlampir yang merupakan bagian tidak terpisahkan the accompanying Exhibit E which are an integral part
dari laporan keuangan konsolidasian secara keseluruhan of the consolidated financial statements taken as a whole
Page 113
Ekshibit B Exhibit B
PT SARATOGA INVESTAMA SEDAYA Tbk. DAN ENTITAS ANAK PT SARATOGA INVESTAMA SEDAYA Tbk. AND SUBSIDIARIES
LAPORAN LABA RUGI DAN PENGHASILAN CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
KOMPREHENSIF LAIN KONSOLIDASIAN AND OTHER COMPREHENSIVE INCOME
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Catatan/ Tahun berakhir /Years ended
Notes 2024 2023
Keuntungan (kerugian) neto atas investasi pada Net gain (loss) on investments in shares and
saham dan efek lainnya 12a 1.478.187 (13.811.067) other securities
Penghasilan dividen dan bunga 3b,12b 3.849.103 2.808.032 Dividend and interest income
Penghasilan lainnya 14.998 11.766 Other income
Perubahan nilai wajar properti investasi 476 7.136 Changes in fair value of investment properties
Beban usaha 13 (232.424) (222.144) Operating expenses
Beban lainnya (9.466) (20.546) Other expenses
(Kerugian) keuntungan neto selisih kurs 3e (32.143) 12.560 Net (loss) gain on exchange rate differences
(Kerugian) keuntungan neto atas instrumen Net (loss) gain on other derivative financial
keuangan derivatif lainnya 3a (318) 104 instruments
Beban bunga 3a (153.187) (95.106) Interest expenses
LABA (RUGI) SEBELUM PAJAK 4.915.226 (11.309.265) PROFIT (LOSS) BEFORE TAX
(Beban) manfaat pajak penghasilan 7f Income tax (expense) benefit
Kini (9.217) (2.801) Current
Tangguhan (1.614.513) 1.160.725 Deferred
(1.623.730) 1.157.924
LABA (RUGI) TAHUN BERJALAN 3.291.496 (10.151.341) PROFIT (LOSS) FOR THE YEAR
PENGHASILAN KOMPREHENSIF LAIN: OTHER COMPREHENSIVE INCOME:
Pos yang tidak akan direklasifikasikan ke Item that will never be reclassified
laba rugi to profit or loss
Pengukuran kembali atas kewajiban imbalan Remeasurements of defined benefits obligation,
pasti, setelah dikurangi pajak 74 744 net of tax
Pos yang akan direklasifikasikan ke Item that will be reclassified subsequently
laba rugi to profit or loss
Selisih penjabaran laporan keuangan dalam Difference in translation of financial
mata uang asing 3e 26.382 25.688 statements in foreign currencies
JUMLAH PENGHASILAN KOMPREHENSIF LAIN 26.456 26.432 TOTAL OTHER COMPREHENSIVE INCOME
JUMLAH LABA (RUGI) KOMPREHENSIF TAHUN TOTAL COMPREHENSIVE INCOME (LOSS)
BERJALAN 3.317.952 (10.124.909) FOR THE YEAR
Laba (rugi) tahun berjalan yang diatribusikan
kepada: Profit (loss) for the year attributable to:
Pemilik Perusahaan 3.290.197 (10.149.771) Owners of the Company
Kepentingan nonpengendali 1.299 (1.570) Non-controlling interests
3.291.496 (10.151.341)
Jumlah laba (rugi) komprehensif tahun berjalan Total comprehensive income (loss)
yang diatribusikan kepada: for the year attributable to:
Pemilik Perusahaan 3.316.653 (10.124.870) Owners of the Company
Kepentingan nonpengendali 1.299 (39) Non-controlling interests
3.317.952 (10.124.909)
Laba (rugi) per saham (Rupiah penuh): Earning (loss) per share (whole Rupiah):
Dasar 14a 243 (750) Basic
Dilusian 14b 240 (741) Diluted
Lihat Catatan atas Laporan Keuangan Konsolidasian See Notes to The Consolidated Financial Statements on
di Ekshibit E terlampir yang merupakan bagian tidak terpisahkan the accompanying Exhibit E which are an integral part
dari laporan keuangan konsolidasian secara keseluruhan of the consolidated financial statements taken as a whole
Page 114
Ekshibit C/1 Exhibit C/1
PT SARATOGA INVESTAMA SEDAYA Tbk. DAN ENTITAS ANAK PT SARATOGA INVESTAMA SEDAYA Tbk. AND SUBSIDIARIES
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Ekuitas yang diatribusikan kepada pemilik Perusahaan/Equity attributable to owners of the Company
Selisih
penjabaran
laporan
keuangan
dalam mata
uang asing/
Akumulasi Difference
Tambahan pembayaran in translation Komponen
modal berbasis of ekuitas Saldo laba/ Kepentingan
Modal disetor/ Saham saham/ financial lainnya/ Retained earnings nonpengendali/ Jumlah
saham/ Additional tresuri/ Accumulated statements in Other Tidak Non- ekuitas/
Catatan/ Share paid-in Treasury share-based foreign equity Dicadangkan/ dicadangkan/ Jumlah/ controlling Total
Notes capital capital stocks payments currency components Appropriated Unappropriated Total interests equity
Saldo pada tanggal 31 Desember 2023 271.297 5.184.710 (18.574) 29.020 23.888 126.125 60.000 43.032.157 48.708.623 79.601) 48.788.224) Balance as of 31 December 2023
Perubahan saham tresuri 3d, 9 - - 5.264 - - 6.623 - - 11.887 - 11.887) Changes in treasury stocks
Pembayaran berbasis saham 3i - - - 6.737 - - - - 6.737 - 6.737) Share-based payments
Komponen ekuitas lainnya - - - - - - - - 43 43) Other equity components
Setoran modal dari kepentingan nonpengendali - - - - - - - - - 24.505 24.505) Capital contribution from non-controlling interest
Peningkatan kepemilikan di entitas anak yang tidak merubah
pengendalian - - - - - - - - - (78.737 ) (78.737) Ownership increase in a subsidiary without a change in control
Pembagian dividen 9 - - - - - - - (297.803) (297.803) - (297.803) Distribution of dividend
Pencadangan saldo laba 9 - - - - - - 5.000 (5.000) - - -) Appropriation of retained earnings
Laba tahun berjalan - - - - - - - 3.290.197 3.290.197 1.299 3.291.496) Profit for the year
Penghasilan komprehensif lain - - - - 26.382 - - 74 26.456 - 26.456) Other comprehensive income
Saldo pada tanggal 31 Desember 2024 271.297 5.184.710 (13.310) 35.757 50.270 132.748 65.000 46.019.625 51.746.097 26.711 51.772.808) Balance as of 31 December 2024
Lihat Catatan atas Laporan Keuangan Konsolidasian di Ekshibit E terlampir yang merupakan See Notes to The Consolidated Financial Statements on the accompanying Exhibit E which are
bagian tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan an integral part of the consolidated financial statements taken as a whole
Page 115
Ekshibit C/2 Exhibit C/2
PT SARATOGA INVESTAMA SEDAYA Tbk. DAN ENTITAS ANAK PT SARATOGA INVESTAMA SEDAYA Tbk. AND SUBSIDIARIES
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Ekuitas yang diatribusikan kepada pemilik Perusahaan/Equity attributable to owners of the Company
Selisih
penjabaran
laporan
keuangan
dalam mata
uang asing/
Akumulasi Difference
Tambahan pembayaran in translation Komponen
modal berbasis of ekuitas Saldo laba/ Kepentingan
Modal disetor/ Saham saham/ financial lainnya/ Retained earnings nonpengendali/ Jumlah
saham/ Additional tresuri/ Accumulated statements in Other Tidak Non- ekuitas/
Catatan/ Share paid-in Treasury share-based foreign equity Dicadangkan/ dicadangkan/ Jumlah/ controlling Total
Notes capital capital stocks payments currency components Appropriated Unappropriated Total interests equity
Saldo pada tanggal 31 Desember 2022 271.297 5.184.710 (27.813) 32.616 (269) 100.170 55.000 54.199.822 59.815.533 904 59.816.437) Balance as of 31 December 2022
Perubahan saham tresuri 3d, 9 - - 9.239 - - 24.058 - - 33.297 - 33.297) Changes in treasury stocks
Pembayaran berbasis saham 3i - - - (3.596) - - - - (3.596) - (3.596) Share-based payments
Komponen ekuitas lainnya - - - - - 1.897 - - 1.897 677 2.574) Other equity components
Perubahan kepemilikan nonpengendali - - - - - - - - - 78.059 78.059) Changes in ownership in non-controlling interest
Pembagian dividen 9 - - - - - - - (1.013.638) (1.013.638) - (1.013.638) Distribution of dividend
Pencadangan saldo laba 9 - - - - - - 5.000 (5.000) - - -) Appropriation of retained earnings
Rugi tahun berjalan - - - - - - - (10.149.771) (10.149.771) (1.570) (10.151.341) Loss for the year
Penghasilan komprehensif lain - - - - 24.157 - - 744 24.901 1.531 26.432) Other comprehensive income
Saldo pada tanggal 31 Desember 2023 271.297 5.184.710 (18.574) 29.020 23.888 126.125 60.000 43.032.157 48.708.623 79.601 48.788.224) Balance as of 31 December 2023
Lihat Catatan atas Laporan Keuangan Konsolidasian di Ekshibit E terlampir yang merupakan See Notes to The Consolidated Financial Statements on the accompanying Exhibit E which are
bagian tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan an integral part of the consolidated financial statements taken as a whole
Page 116
Ekshibit D Exhibit D
PT SARATOGA INVESTAMA SEDAYA Tbk. DAN ENTITAS ANAK PT SARATOGA INVESTAMA SEDAYA Tbk. AND SUBSIDIARIES
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CASH FLOWS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Tahun berakhir 31 Desember/
Years ended 31 December
Notes 2024 2023
Arus kas dari aktivitas operasi Cash flows from operating activities
Penerimaan dividen 4.247.922 3.032.101 Receipts of dividends
Proceeds from sales/withdrawal of
Penerimaan dari penjualan/penarikan atas investasi investments in shares and other
pada saham dan efek lainnya 712.091 856.931 securities
Penerimaan pendapatan bunga dan lainnya 62.459 24.540 Receipts of interest income and others
Pembayaran bunga (138.434) (92.453) Interest paid
Purchases of investments in shares and
Penempatan investasi pada saham dan efek lainnya (5.771.778) (2.151.811) other securities
Penambahan piutang (8.550) (55.168) Addition of receivable
Pengembalian piutang 77.585 - Settlement of receivable
Pembayaran kepada karyawan (116.511) (102.804) Payments to employees
Pembayaran pajak penghasilan (5.005) (15.262) Income tax paid
Pembayaran kas untuk beban operasi lainnya (91.263) (88.155) Cash payments for other operating expenses
Kas neto (untuk) dari aktivitas operasi (1.031.484) 1.407.919 Net cash (for) from operating activities
Arus kas dari aktivitas investasi Cash flows from investing activities
Pembayaran perolehan aset tetap (17.992) (891) Acquisition of fixed assets paid
Penerimaan dari penjualan aset tetap 75 - Proceed from sale of fixed asset
Kas neto untuk aktivitas investasi (17.917) (891) Net cash for investing activities
Arus kas dari aktivitas pendanaan Cash flows from financing activities
Penerimaan dari pinjaman bank 8 3.532.569 1.117.605 Proceeds from bank loans
Penerimaan setoran modal dari kepentingan Capital contribution from non-controlling
nonpengendali 24.505 - interest
Pembayaran pinjaman bank 8 (1.294.625) (1.708.330) Repayment of bank loans
Pembayaran saham tresuri 9 - (5.204) Payment of treasury stock
Pembayaran dividen 9 (297.803) (1.013.638) Payment of dividends
Pengembalian modal ke kepentingan nonpengendali (78.737) - Capital refund to a non-controlling interest
Perubahan pada kas yang dibatasi penggunaannya 1.489 (1.616) Changes in restricted cash
Kas neto dari (untuk) aktivitas pendanaan 1.887.398 (1.611.183) Net cash from (for) financing activities
Net increase (decrease) in cash and cash
Kenaikan (penurunan) neto kas dan setara kas 837.997 (204.155) equivalents
Pengaruh perubahan selisih kurs dari kas dan Effect of changes in exchange rates on cash
setara kas 29.411 6.528 and cash equivalents
Cash and cash equivalents at beginning of
Kas dan setara kas pada awal tahun 665.225 862.852 the year
Cash and cash equivalents at end of the
Kas dan setara kas pada akhir tahun 4 1.532.633 665.225 year
Lihat Catatan atas Laporan Keuangan Konsolidasian See Notes to The Consolidated Financial Statements on
di Ekshibit E terlampir yang merupakan bagian tidak terpisahkan the accompanying Exhibit E which are an integral part
dari laporan keuangan konsolidasian secara keseluruhan of the consolidated financial statements taken as a whole
Page 117
Ekshibit E/1 Exhibit E/1
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM 1. GENERAL
a. Pendirian Perusahaan dan informasi lainnya a. Establishment of the Company and other
information
PT Saratoga Investama Sedaya Tbk. (“Perusahaan”) PT Saratoga Investama Sedaya Tbk. (the “Company”)
didirikan di Jakarta berdasarkan Akta Notaris No. 41 was established in Jakarta based on Notarial Deed
tanggal 17 Mei 1991 juncto Akta Notaris No. 33 No. 41 dated 17 May 1991 in conjuction with Notarial
tanggal 13 Juli 1992, keduanya dari Ny. Rukmasanti Deed No. 33 dated 13 July 1992, both of
Hardjasatya, S.H., Notaris di Jakarta. Akta Pendirian Ny. Rukmasanti Hardjasatya, S.H., Notary in Jakarta.
Perusahaan tersebut telah memperoleh persetujuan The Deed of Establishment was approved by the
dari Menteri Kehakiman (sekarang Menteri Hukum Minister of Justice (now known as the Minister of Law
dan Hak Asasi Manusia) Republik Indonesia and Human Rights) of the Republic of Indonesia by
berdasarkan Surat Keputusan No.C2– virtue of decree No.C2-10198.HT.01.01.TH92 dated
10198.HT.01.01.TH92 tanggal 15 Desember 1992 dan 15 December 1992 and was published in the State
telah diumumkan dalam Berita Negara Republik Gazette of the Republic of Indonesia No. 19 dated
Indonesia No. 19 tanggal 5 Maret 1993, Tambahan 5 March 1993, Supplement No.973.
No.973.
Anggaran Dasar Perusahaan telah mengalami The Company’s Articles of Association have been
beberapa kali perubahan dimana yang terakhir amended several times, most recently by the
diubah berdasarkan Akta Pernyataan Keputusan statement of the Extraordinary General Meeting of
Rapat Umum Pemegang Saham Luar Biasa Shareholders of PT Saratoga Investama Sedaya Tbk.
PT Saratoga Investama Sedaya Tbk. No. 161 tanggal Notarial Deed No. 161 dated 28 April 2021, made
28 April 2021, yang dibuat dihadapan Notaris Jose before Jose Dima Satria, S.H., M.Kn., a Notary
Dima Satria, S.H., M.Kn., Notaris di Jakarta in Jakarta regarding the amendment to article
mengenai perubahan pasal 4 ayat 1 dan 2 tentang 4 paragraph 1 and 2 concerning the issued and paid-
modal dasar, ditempatkan dan disetor karena up capital due to stock split as have been accepted
adanya pemecahan nilai nominal saham dan telah and registered into the database of Administrative
diterima dan dicatat di dalam database sistem System for Legal Entities of the Ministry of Law and
Administrasi Hukum Umum Kementerian Hukum dan Human Rights of the Republic of Indonesia as stated
Hak Asasi Manusia Republik Indonesia sebagaimana in Letter of Receipt Notification of the Company’s
tercantum dalam Surat Penerimaan Pemberitahuan Article of Association Amendments No AHU-
Perubahan Anggaran Dasar Perusahaan No. AHU- AH.01.03-0279433 dated 30 April 2021.
AH.01.03-0279433 tanggal 30 April 2021.
Perusahaan berkedudukan di Jakarta Selatan dengan The Company is domiciled in South Jakarta, with its
alamat di Menara Karya Lantai 15, Jl. H.R. Rasuna address at Menara Karya 15th Floor, Jl. H.R. Rasuna
Said Blok X-5, Kav.1-2. Perusahaan memulai Said Blok X-5, Kav.1-2. The Company commenced its
kegiatan komersialnya pada tahun 1992. commercial activities in 1992.
Kegiatan usaha Perusahaan adalah: (a) melakukan The Company’s scope of activities are: (a) conducting
aktivitas perusahaan holding dimana kegiatan the activities of the holding company where its main
utamanya adalah kepemilikan dan/atau penguasaan activities are the ownership and/or possession of the
aset dari sekelompok entitas anaknya, dan (b) assets of its group of subsidiary companies, and (b)
melakukan aktivitas konsultasi manajemen lainnya conducting other management consulting activities in
dimana kegiatan utamanya (sebagaimana relevan) which the main activities (as relevant) are: (i)
adalah: (i) memberikan bantuan nasihat, bimbingan providing advisory assistance, guidance and
dan operasional usaha serta permasalahan organisasi operational operations and other organizational and
dan manajemen lainnya, seperti perencanaan management issues, such as strategy and
strategi dan organisasi, keputusan berkaitan dengan organizational planning, financial-related decisions,
keuangan, tujuan dan kebijakan pemasaran, marketing objectives and policies, planning,
perencanaan, praktik dan kebijakan sumber daya practices and human resources policy, scheduling
manusia, perencanaan penjadwalan dan planning and production control, and (ii) providing
pengontrolan produksi, dan (ii) memberikan bantuan advisory assistance, guidance and operation of
nasihat, bimbingan dan operasional berbagai fungsi various management functions, management
manajemen, konsultasi manajemen oleh argonomist consulting by argonomist and agricultural economist
dan agricultural economist pada bidang pertanian on agriculture and assessment of accounting methods
dan sejenisnya, rancangan dari metode dan prosedur and procedures, cost accounting program, budget
akuntansi, program akuntansi biaya, prosedur supervision procedures, giving advice and assistance
pengawasan anggaran belanja, pemberian nasihat for business and community services in planning,
dan bantuan untuk usaha dan pelayanan masyarakat organizing, efficiency and supervision, management
dalam perencanaan, pengorganisasian, efisiensi dan information and others.
pengawasan, informasi manajemen secara aktif dan
lain-lain.
Page 118
Ekshibit E/2 Exhibit E/2
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
a. Pendirian Perusahaan dan informasi lainnya a. Establishment of the Company and other
(lanjutan) information (continued)
Semua kegiatan ini dilaksanakan secara aktif dalam All those activities are actively performed to achieve
rangka peningkatan kinerja dari portofolio investasi a better outcome for the investment portfolio of the
yang dilakukan oleh Perusahaan. Company.
Induk Perusahaan adalah PT Unitras Pertama. The parent of the Company is PT Unitras Pertama.
Pemegang saham mayoritas akhir Perusahaan adalah The ultimate majority shareholder of the Company is
Tn. Edwin Soeryadjaya. Mr. Edwin Soeryadjaya.
b. Dewan komisaris, direksi, komite audit dan b. Board of commissioners, directors, audit
karyawan committee and employees
Susunan anggota dewan komisaris, direksi dan The members of board of commissioners, directors
komite audit Perusahaan pada tanggal 31 Desember and audit committee of the Company as of
2024 dan 2023 adalah sebagai berikut: 31 December 2024 and 2023 were as follows:
Dewan komisaris: Board of commissioners:
Presiden Komisaris Edwin Soeryadjaya President Commissioner
Komisaris Joyce Soeryadjaya Kerr Commissioner
Komisaris Indra Cahya Uno Commissioner
Komisaris independen Sidharta Utama Independent Commissioner
Komisaris independen Anangga W. Roosdiono S.H. Independent Commissioner
Direksi: Directors:
Presiden Direktur Michael W.P. Soeryadjaya President Director
Direktur Lany Djuwita Director
Direktur Devin Wirawan Director
31 Desember 2024 31 December 2024
Komite audit: Audit committee:
Ketua Anangga W. Roosdiono S.H. Chairman
Anggota Hany Gungoro Member
Anggota Basuki Setiogroho, Ak., CA Member
31 Desember 2023 31 December 2023
Komite audit: Audit committee:
Ketua Anangga W. Roosdiono S.H. Chairman
Anggota Aria Kanaka Member
Anggota Hany Gungoro Member
Pada tanggal 31 Desember 2024 dan 2023 As of 31 December 2024 and 2023, the Company
Perusahaan masing-masing mempekerjakan 65 dan employed 65 and 64 employees (includes directors
64 karyawan (termasuk direksi dan karyawan and contract employees)*, respectively.
kontrak Perusahaan)*.
*Tidak diaudit *Unaudited
c. Penawaran umum perdana saham Perusahaan c. The Company’s initial public offering
Pada tanggal 18 Juni 2013, Perusahaan memperoleh On 18 June 2013, the Company received the effective
pernyataan efektif dari Otoritas Jasa Keuangan statement from the Indonesia Financial Services
(OJK) melalui Surat No.S-175/D.04/2013 untuk Authority (OJK) through the Letter
melakukan Penawaran Umum Perdana Saham No.S-175/D.04/2013 to perform the Initial Public
sebanyak 271.297.000 saham biasa atas nama Offering of 271,297,000 common shares with par
dengan nilai nominal Rp100 (Rupiah penuh) per value of Rp100 (whole Rupiah) at the offering price
saham dengan harga penawaran sebesar Rp5.500 of Rp5,500 (whole Rupiah) each share through capital
(Rupiah penuh) per saham melalui pasar modal dan market and the shares were listed on the Indonesia
saham telah dicatatkan pada Bursa Efek Indonesia Stock Exchange on 26 June 2013.
pada tanggal 26 Juni 2013.
Page 119
Ekshibit E/3 Exhibit E/3
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
d. Program insentif jangka panjang untuk d. Long term incentive program for management and
manajemen dan karyawan employees
Berdasarkan beberapa keputusan edaran di luar In accordance with the circulars resolution in lieu of
rapat Direksi Perusahaan, Direksi telah memutuskan a meeting of the Board of Directors of the Company,
untuk mengalokasikan sebanyak-banyaknya jumlah the Board of Directors approved to allocate a
lembar saham tertentu untuk pelaksanaan Program maximum number of shares for the implementation
Insentif Jangka Panjang sebagai berikut: of the Long Term Incentive Program as follows:
Tanggal keputusan Program Insentif Jangka Panjang/
edaran/Circular resolution date Jumlah lembaran saham/Number of shares Long Term Incentive Program
1 Juli/July 2021 10.142.000 lembar saham/number of shares 2021 - 2024
1 Juli/July 2022 6.242.000 lembar saham/number of shares 2022 - 2025
1 Juli/July 2023 13.247.000 lembar saham/number of shares 2023 – 2026
1 Juli/July 2024 13.902.000 lembar saham/number of shares 2024 – 2027
Pemberian saham sebagaimana diuraikan diatas The share grants as described above were allocated
dialokasikan berdasarkan 50% time vested dan 50% based on 50% time vested and 50% performance
vested.
performance vested.
e. Entitas anak e. Subsidiaries
Pada tanggal 31 Desember 2024 dan 2023, As of 31 December 2024 and 2023, the Company
Perusahaan mengkonsolidasikan entitas anak consolidated the following subsidiaries:
berikut ini:
Persentase kepemilikan/ Mulai beroperasi Jumlah aset sebelum eliminasi/
Percentage of ownership komersial/ Total assets before elimination
Kegiatan usaha/ 31 Desember / 31 Desember / Commencement of 31 Desember / 31 Desember /
Entitas anak/ Domisili/ Nature of December 2024 December 2023 commercial December 2024 December 2023
Subsidiaries Domicile activities % % operations Rp Rp
Kepemilikan langsung/Direct ownership
Jasa investasi/
PT Saratoga Sentra Business (SSB) Jakarta 99,99 99,99 2005 645.658 1.075.451
Investment services
Jasa investasi/
PT Nugraha Eka Kencana (NEK) Jakarta 99,99 99,99 2003 1.439.708 1.695.412
Investment services
Jasa investasi/
PT Wahana Anugerah Sejahtera (WAS) Jakarta 99,96 99,96 2005 16.436.004 16.683.388
Investment services
Jasa investasi/
PT Bumi Hijau Asri (BHA) Jakarta 99,99 99,99 2007 135.810 132.095
Investment services
Jasa investasi/
PT Wana Bhakti Sukses Mineral (WBSM) Jakarta 73,68 73,68 2007 2.849 2.823
Investment services
Jasa investasi/
PT Trimitra Karya Jaya (TKJ) Jakarta 99,00 99,00 2014 - 9.126 594
Investment services
Jasa investasi/
PT Surya Nuansa Ceria (SNC) Jakarta 99,99 99,99 2015 347.006 373.114
Investment services
Jasa investasi/
PT Lintas Indonesia Sejahtera (LIS) Jakarta 99,99 99,99 2018 23.882 23.779
Investment services
Jasa investasi/
PT Interra Indo Resources (IIR) Jakarta 93,73 99,99 2004 370.161 319.384
Investment services
Jasa investasi/
PT Sarana Investasi Bersama (SIB) Jakarta 98,84 - 2024 259.957 -
Investment services
Kepemilikan tidak langsung melalui NEK/
Indirect ownership through NEK
Jasa investasi/
PT Sukses Indonesia (SI) Jakarta 99,99 99,99 2001 1.079.646 1.189.314
Investment services
Kepemilikan tidak langsung melalui BHA/
Indirect ownership through BHA
Jasa investasi/
PT Sarana Asri (SA) Jakarta 60,00 60,00 2008 294 301
Investment services
Kepemilikan tidak langsung melalui TKJ/
Indirect ownerships through TKJ
Jasa investasi/
PT Saratoga Sentra Business (SSB) Jakarta 0,01 0,01 2005 645.658 1.075.451
Investment services
Page 120
Ekshibit E/4 Exhibit E/4
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
e. Entitas anak (lanjutan) e. Subsidiaries (continued)
Pada tanggal 31 Desember 2024 dan 2023, As of 31 December 2024 and 2023, the Company
Perusahaan mengkonsolidasikan entitas anak consolidated the following subsidiaries: (continued)
berikut ini: (lanjutan)
Persentase kepemilikan/ Mulai beroperasi Jumlah aset sebelum eliminasi/
Percentage of ownership komersial/ Total assets before elimination
Kegiatan usaha/ 31 Desember / 31 Desember / Commencement of 31 Desember / 31 Desember /
Entitas anak/ Domisili/ Nature of December 2024 December 2023 commercial December 2024 December 2023
Subsidiaries Domicile activities % % operations Rp Rp
Kepemilikan tidak langsung melalui SNC/
Indirect ownerships through SNC
Jasa investasi/
PT Nugraha Eka Kencana (NEK) Jakarta 0,01 0,01 2003 1.439.708 1.695.412
Investment services
Jasa investasi/
PT Wahana Anugerah Sejahtera (WAS) Jakarta 0,04 0,04 2005 16.436.004 16.683.388
Investment services
Jasa investasi/
PT Bumi Hijau Asri (BHA) Jakarta 0,01 0,01 2007 135.810 132.095
Investment services
Jasa investasi/
PT Trimitra Karya Jaya (TKJ) Jakarta 1,00 1,00 2014 - 9.126 594
Investment services
Jasa investasi/
PT Sukses Indonesia (SI) Jakarta 0,01 0,01 2001 1.079.646 1.189.314
Investment services
Jasa investasi/
PT Interra Indo Resources (IIR) Jakarta - 0,01 2004 370.161 319.384
Investment services
Indirect ownership through SI
Singapura/ Jasa investasi/
Alpha Omega Investments Pte. Ltd. (AO) 100 100 2021 984.955 1.105.117
Singapore Investment services
Indirect ownership through AO
Jasa investasi/
Baltimore Investments Ltd. (BI) Cayman Islands 100 100 2021 637.508 710.942
Investment services
Singapura/ Jasa manajemen/
PC Propco One Pte. Ltd. (Propco) 100 80 2017 346.438 393.859
Singapore Management services
Indirect ownership through WAS
Lynwood Hills Investment Solution Pte. Ltd. Singapura/ Jasa investasi/
100 100 2022 11.868.720
- 12.228.897
(LHI) Singapore Investment services
Indirect ownership through PropCo
Singapura/ Jasa manajemen/
PC Propco One Subco Pte. Ltd. 100 100 2018 - -
Singapore Management services
Perusahaan dan entitas anaknya di atas secara The Company and its subsidiaries above are
kolektif disebut sebagai “Grup” di dalam laporan collectively referred to as the “Group” in these
keuangan konsolidasian ini. consolidated financial statements.
2. DASAR PENYUSUNAN LAPORAN KEUANGAN 2. BASIS OF PREPARATION OF THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
a. Pernyataan kepatuhan a. Statement of compliance
Laporan keuangan konsolidasian disusun sesuai The consolidated financial statements have been
dengan Standar Akuntansi Keuangan Indonesia (“SAK prepared in accordance with Indonesian Financial
Indonesia”) dan peraturan Badan Pengawas Pasar Accounting Standards (“SAK Indonesia”) and the
Modal dan Lembaga Keuangan (BAPEPAM-LK, yang Capital Market and Financial Institution Supervisory
fungsinya telah dialihkan kepada OJK sejak tanggal Agency (BAPEPAM-LK, whose function has been
1 Januari 2013) No. VIII.G.7. tentang Penyajian dan transferred to OJK starting 1 January 2013)
Pengungkapan Laporan Keuangan Emiten atau Regulation No. VIII.G.7 regarding the Presentation
Perusahaan Publik, yang terlampir dalam Surat and Disclosure of Financial Statements of Issuers or
Keputusan No. KEP-347/BL/2012 tanggal 25 Juni Public Companies, enclosed in the Decision Letter
2012. No. KEP-347/BL/2012 dated 25 June 2012.
Page 121
Ekshibit E/5 Exhibit E/5
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. DASAR PENYUSUNAN LAPORAN KEUANGAN 2. BASIS OF PREPARATION OF THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
b. Dasar pengukuran b. Basis of measurement
Laporan keuangan konsolidasian disusun atas dasar The consolidated financial statements are prepared
akrual dengan menggunakan konsep nilai historis, on the accrual basis using the historical cost concept,
kecuali ketika standar akuntansi mengharuskan except where the accounting standards require fair
pengukuran nilai wajar. value measurement.
c. Laporan arus kas c. Statement of cash flows
Laporan arus kas konsolidasian disusun dengan The consolidated statement of cash flows is prepared
menggunakan metode langsung (direct method) using the direct method by classifying the cash flows
dengan mengklasifikasikan arus kas berdasarkan on the basis of operating, investing, and financing
aktivitas operasi, investasi, dan pendanaan. activities.
d. Mata uang fungsional dan penyajian d. Functional and presentation currency
Laporan keuangan konsolidasian disajikan dalam The consolidated financial statements are presented
Rupiah, dibulatkan ke dalam jutaan terdekat, yang in Rupiah, rounded to the nearest million which is
merupakan mata uang fungsional Perusahaan. the Company’s functional currency.
e. Penggunaan pertimbangan, estimasi dan asumsi e. Use of judgements, estimates and assumptions
Penyusunan laporan keuangan konsolidasian The preparation of the consolidated financial
mengharuskan manajemen untuk membuat statements requires management to make
pertimbangan, estimasi dan asumsi yang judgements, estimates and assumptions that affect
mempengaruhi penerapan kebijakan akuntansi the application of accounting policies and the
serta jumlah aset, liabilitas, pendapatan dan beban reported amounts of assets, liabilities, income and
yang dilaporkan. Hasil aktual dapat berbeda dari expenses. Actual results may differ from those
nilai-nilai estimasi tersebut. estimated amounts.
Estimasi dan asumsi yang mendasarinya ditinjau Estimates and underlying assumptions are reviewed
secara berkesinambungan. Perubahan terhadap on an ongoing basis. Revisions to estimates are
estimasi diakui secara prospektif. recognised prospectively.
Informasi mengenai pertimbangan kritis dalam Information about critical judgements in applying
penerapan kebijakan akuntansi yang memiliki accounting policies that have the most significant
dampak paling signifikan terhadap jumlah yang effect on the amounts recognized in the
diakui di laporan keuangan konsolidasian termasuk consolidated financial statements includes the
penentuan investee, yang harus dikonsolidasikan determination of investee, to be consolidated in
sesuai PSAK 110 “Laporan Keuangan Konsolidasian” accordance to PSAK 110 “Consolidated Financial
(Catatan 2f). Statements” (Note 2f).
Informasi mengenai ketidakpastian asumsi dan Information about the assumptions and estimation
estimasi yang dapat mengakibatkan penyesuaian uncertainties that may result in a material
material pada tahun berikutnya termasuk: adjustment within the following year includes:
- Catatan 7e, pengakuan aset pajak tangguhan: - Note 7e, recognition of deferred tax assets:
ketersediaan laba fiskal mendatang untuk availability of future taxable profit to enable
memungkinkan Perusahaan mengakui aset the Company to recognize deferred tax assets
pajak tangguhan atas kompensasi rugi fiskal; for tax loss carry forwards; and
dan
- Catatan 17, pengukuran nilai wajar, baik untuk - Note 17, the measurement of fair values, for
aset dan liabilitas keuangan dan nonkeuangan. both financial and non-financial assets and
liabilities.
Page 122
Ekshibit E/6 Exhibit E/6
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. DASAR PENYUSUNAN LAPORAN KEUANGAN 2. BASIS OF PREPARATION OF THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
e. Penggunaan pertimbangan, estimasi dan asumsi e. Use of judgements, estimates and assumptions
(lanjutan) (continued)
Ketika mengukur nilai wajar aset atau liabilitas, When measuring the fair value of an asset or a
Perusahaan menggunakan data pasar yang dapat liability, the Company uses observable market data
diobservasi sejauh dimungkinkan. Nilai wajar to the extent possible. Fair values are determined
ditentukan dengan menggunakan hirarki input using the following hierarchy of inputs used in the
berikut ini yang digunakan dalam teknik penilaian valuation techniques for assets and liabilities:
atas aset dan liabilitas:
• Level 1: kuotasi harga (tanpa disesuaikan) • Level 1: quoted prices (unadjusted) in active
dalam pasar aktif untuk aset atau liabilitas yang markets for identical assets or liabilities.
identik.
• Level 2: input selain kuotasi harga yang • Level 2: inputs, other than quoted prices
termasuk dalam level 1, yang dapat diobservasi, included in Level 1, that are observable, either
baik secara langsung (yaitu harga) atau secara directly (i.e. prices) or indirectly (i.e. derived
tidak langsung (yaitu berasal dari harga lain from other observable prices).
yang dapat diobservasi).
• Level 3: input yang tidak berdasarkan data pasar • Level 3: inputs that are not based on observable
yang dapat diobservasi (input yang tidak dapat market data (unobservable inputs).
diobservasi).
Jika input yang digunakan untuk mengukur nilai If the inputs used to measure the fair value of an
wajar aset atau liabilitas diambil dari berbagai asset or a liability are drawn from a mixture of
sumber yang berbeda atas nilai wajar hirarki, maka different level sources of the fair value hierarchy,
pengukuran nilai wajar untuk seluruh kelas aset then the fair value measurement for the entire class
atau liabilitas dianggap telah dilakukan of the asset or liability is considered to have been
menggunakan level input terendah yang signifikan done using the lowest level input that is significant
atas keseluruhan pengukuran (level 3 menjadi yang to the entire measurement (Level 3 being the
terendah). lowest).
Informasi lebih lanjut tentang input dan asumsi Further information about the significant inputs and
signifikan yang digunakan dalam mengukur nilai assumptions made in measuring fair values is
wajar diungkapkan di Catatan 17. disclosed in Note 17.
f. Prinsip konsolidasi f. Principles of consolidation
Entitas anak adalah entitas yang dikendalikan oleh Subsidiaries are entities controlled by the Group both
Grup baik secara langsung maupun tidak langsung. directly or indirectly. The Group controls an entity
Grup mengendalikan suatu entitas ketika Grup when it is exposed to, or has rights to, variable
terekpos dengan, atau memiliki hak atas, imbal hasil returns from its involvement with the entity and has
variabel dari keterlibatan Grup dengan entitas dan the ability to affect those returns through its power
memiliki kemampuan untuk mempengaruhi imbal over the entity.
hasil tersebut melalui kekuasaan Grup di entitas.
Perusahaan memenuhi persyaratan sebagai entitas The Company is a qualifying investment entity
investasi kualifikasian sebagaimana diatur dalam stipulated in PSAK 110, “Consolidated Financial
PSAK 110, "Laporan Keuangan Konsolidasian", oleh Statements”, and accordingly investments in
karena itu investasi di entitas yang dikendalikan - controlled entities – as well as investments in
serta investasi dalam entitas asosiasi dan ventura associates and joint ventures are measured at fair
bersama diukur pada nilai wajar melalui laba rugi value through profit or loss (FVTPL) in accordance
(FVTPL) sesuai PSAK 109 dengan pengecualian untuk with PSAK 109 with the exception of subsidiaries that
entitas anak yang dianggap perpanjangan tangan are considered an extension of the Company’s
dari aktivitas investasi Perusahaan (yaitu entitas investing activities (i.e. a subsidiary that is non-
anak yang bukan merupakan entitas investasi (sesuai investment entity (in accordance with PSAK 110)
dengan PSAK 110) yang hanya memberikan jasa which only provides investment management services
manajemen investasi ke Perusahaan). to the Company).
Page 123
Ekshibit E/7 Exhibit E/7
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. DASAR PENYUSUNAN LAPORAN KEUANGAN 2. BASIS OF PREPARATION OF THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
f. Prinsip konsolidasi (lanjutan) f. Principles of consolidation (continued)
Oleh karena itu, Perusahaan hanya As a result, the Company only consolidates
mengkonsolidasikan entitas anak yang bukan subsidiaries that are non-investment entities (in
merupakan entitas investasi (sesuai dengan PSAK accordance with PSAK 110) which provide investment
110) tetapi memberikan jasa manajemen investasi management services to the Company (see Note 1e for
pada Perusahaan (lihat Catatan 1e untuk daftar the list of consolidated subsidiaries).
entitas anak yang dikonsolidasikan).
Kepentingan nonpengendali atas aset neto entitas Non-controlling interests in the net assets of
anak diidentifikasi pada tanggal kombinasi bisnis subsidiaries are identified at the date of business
yang selanjutnya disesuaikan dengan proporsi atas combination and afterwards are adjusted by
perubahan ekuitas entitas anak dan disajikan proportion of changes in equity of subsidiaries and
sebagai bagian dari ekuitas pada laporan posisi presented as a part of equity in the consolidated
keuangan konsolidasian. statement of financial position.
Bila pengendalian berakhir dalam periode berjalan, Where control ceases during a financial period, its
hasil usaha entitas tersebut dimasukkan ke dalam results are included in the consolidated financial
laporan keuangan konsolidasian untuk bagian tahun statements for the part of the year during which
dimana pengendalian masih berlangsung. control existed.
Kebijakan akuntansi yang digunakan dalam The accounting policies adopted in preparing the
penyusunan laporan keuangan konsolidasian telah consolidated financial statements have been
diterapkan secara konsisten oleh Grup dalam semua consistently applied by the Group in all material
hal yang material. respects.
Seluruh transaksi dan saldo yang material antara All material transactions and balances between
perusahaan-perusahaan yang dikonsolidasikan telah consolidated companies have been eliminated,
dieliminasi, termasuk keuntungan dan kerugian hasil including unrealized gains and losses arising from
dari transaksi antar perusahaan yang belum intercompany transactions.
direalisasi.
Perubahan dalam bagian kepemilikan Perusahaan Changes in the Company’s ownership interest in a
pada entitas anak yang dikonsolidasikan yang tidak consolidated subsidiary that do not result in the loss
mengakibatkan hilangnya pengendalian dicatat of control are accounted for as equity transactions.
sebagai transaksi ekuitas. Bagian Perusahaan atas The Company’s share of equity transactions of the
transaksi ekuitas entitas anak tersebut disajikan subsidiaries is presented as "other equity
sebagai "komponen ekuitas lainnya" dalam bagian components" under the equity section of the
ekuitas pada laporan posisi keuangan konsolidasian. consolidated statement of financial position. When
Ketika pengendalian atas entitas anak yang control over a previous consolidated subsidiary is
dikonsolidasikan hilang, bagian kepemilikan yang lost, any remaining interest in the entity is
tersisa di entitas tersebut diukur kembali pada nilai remeasured at fair value and the resulting gain or
wajarnya dan keuntungan atau kerugian yang loss is recognised in profit or loss.
dihasilkan diakui dalam laba rugi.
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
Kebijakan-kebijakan akuntansi berikut ini telah The accounting policies set out below have been applied
diterapkan dengan konsisten untuk semua periode yang consistently to all periods presented in these
disajikan dalam laporan keuangan konsolidasian. consolidated financial statements.
a. Instrumen keuangan b. a. Financial instruments
Suatu instrumen keuangan diakui pada saat Grup A financial instrument is recognized when the
menjadi pihak dari ketentuan kontrak suatu Group becomes a party to the contractual provisions
instrumen keuangan. Aset keuangan dihentikan of the instrument. Financial assets are
pengakuannya pada saat hak kontraktual Grup atas derecognized when the Group’ contractual rights to
arus kas yang berasal dari aset keuangan tersebut the cash flows from the financial assets expire, i.e.
kadaluwarsa, yaitu ketika aset dialihkan kepada when the asset is transferred to another party
pihak lain tanpa mempertahankan pengendalian without retaining control or when substantially all
atau pada saat seluruh risiko dan manfaat telah risks and rewards are transferred. Financial
ditransfer secara substansial. Liabilitas keuangan liabilities are derecognized if the Group’s
dihentikan pengakuannya jika liabilitas Grup obligation expires, or are discharged or cancelled.
kadaluwarsa, atau dilepaskan atau dibatalkan.
Page 124
Ekshibit E/8 Exhibit E/8
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
(lanjutan) (continued)
a. Instrumen keuangan (lanjutan) b. a. Financial instruments (continued)
(1) Aset keuangan (1) Financial assets
Saat pengakuan awal, suatu aset keuangan On initial recognition, a financial asset is
diklasifikasikan sebagai diukur pada: biaya classified as measured at: amortized cost;
perolehan diamortisasi; nilai wajar melalui fair value through other comprehensive
penghasilan komprehensif lain (“FVOCI”) – income (“FVOCI”) – debt investment; FVOCI –
investasi dalam efek utang; FVOCI – investasi equity investment; or fair value through
dalam efek ekuitas; atau nilai wajar melalui profit or loss (“FVTPL”). Financial assets are
laba rugi (“FVTPL”). Aset keuangan not reclassified subsequent to their initial
selanjutnya tidak direklasifikasi kecuali Grup recognition unless the Group changes its
mengubah model bisnisnya dalam mengelola business model for managing the financial
aset keuangan tersebut. assets.
Suatu aset keuangan, yang tidak ditetapkan A financial asset, which is not designated as
sebagai diukur pada FVTPL, adalah diukur measured at FVTPL, is measured at amortized
pada biaya perolehan diamortisasi apabila cost if it is held within a business model whose
dikelola dalam model bisnis yang bertujuan objective is to hold assets to collect
untuk memiliki aset keuangan tersebut dalam contractual cash flows and its contractual
rangka mendapatkan arus kas kontraktual dan terms give rise on specified dates to cash flows
persyaratan kontraktual dari aset keuangan that are solely payments of principal and
tersebut menghasilkan arus kas pada tanggal interest on the principal amount outstanding.
tertentu yang semata dari pembayaran pokok
dan bunga dari jumlah pokok terutang.
Suatu investasi dalam efek utang, yang tidak A debt investment, which is not designated as
ditetapkan sebagai diukur pada FVTPL, diukur measured at FVTPL, is measured at amortized
pada biaya perolehan diamortisasi atau FVOCI cost or FVOCI if it is held within a business
apabila dikelola dalam model bisnis yang model whose objective is achieved by both
tujuannya dicapai dengan mendapatkan arus collecting contractual cash flows and selling
kas kontraktual dan menjual aset keuangan financial assets and its contractual terms give
dan persyaratan kontraktual tersebut rise on specified dates to cash flows that are
menghasilkan arus kas pada tanggal tertentu solely payments of principal and interest on
yang semata berasal dari pembayaran pokok the principal amount outstanding.
dan bunga dari jumlah pokok terutang.
Saat pengakuan awal investasi dalam efek On initial recognition of an equity investment
ekuitas yang tidak dimiliki untuk that is not held for trading, the Group may
diperdagangkan, Grup dapat mengambil irrevocably elect to present subsequent
pilihan yang tidak dapat dibatalkan untuk changes in the investment’s fair value in other
menyajikan perubahan selanjutnya pada nilai comprehensive income. This election is made
wajar investasi dalam efek ekuitas tersebut on an investment-by-investment basis.
dalam penghasilan komprehensif lain.
Pemilihan ini dilakukan per setiap investasi.
Seluruh aset keuangan yang tidak All financial assets are not classified as
diklasifikasikan sebagai diukur pada biaya measured at amortized cost or FVOCI as
perolehan diamortisasi atau FVOCI sesuai described above are measured at FVTPL. On
penjelasan di atas adalah diukur pada FVTPL. initial recognition, the Group may irrevocably
Pada pengakuan awal, Grup dapat mengambil designate a financial asset that otherwise
pilihan yang tidak dapat dibatalkan untuk meets the requirements to be measured at
mengukur suatu aset keuangan, yang either amortized cost, FVOCI, or at FVTPL if
memenuhi ketentuan untuk diukur pada doing so eliminates or significantly reduces an
antara biaya perolehan diamortisasi, FVOCI, accounting mismatch that would otherwise
atau FVTPL apabila penetapan tersebut arise.
mengeliminasi atau secara signifikan
mengurangi inkonsistensi pengukuran yang
timbul tanpa penetapan tersebut.
Page 125
Ekshibit E/9 Exhibit E/9
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
(lanjutan) (continued)
a. Instrumen keuangan (lanjutan) b. a. Financial instruments (continued)
(1) Aset keuangan (lanjutan) (1) Financial assets (continued)
Aset keuangan Grup yang diukur pada FVTPL The Group’s financial assets measured at FVTPL
adalah investasi pada saham dan investasi pada are investments in shares and investments in
efek lainnya. Aset keuangan tersebut diukur other securities. These financial assets are
pada nilai wajar. Keuntungan dan kerugian measured at fair value. Net gains and losses,
neto, termasuk penghasilan bunga atau including any interest or dividend income, are
dividen, diakui di laba rugi. recognized in profit or loss.
Aset keuangan Grup yang diukur pada biaya The Group’s financial assets measured at
perolehan diamortisasi adalah kas dan setara amortized cost are cash and cash equivalents,
kas, kas yang dibatasi penggunaannya, dan restricted cash, and receivables. These
piutang. Aset keuangan tersebut awalnya financial assets are initially recognized at fair
diakui pada nilai wajar ditambah biaya value plus directly attributable transaction
transaksi yang dapat diatribusikan secara costs and subsequently measured at amortized
langsung dan selanjutnya diukur pada biaya cost using the effective interest method. The
perolehan diamortisasi dengan menggunakan amortized cost is reduced by impairment
metode suku bunga efektif. Biaya perolehan losses. Interest income, foreign exchange gains
diamortisasi dikurangi dengan penurunan nilai. and losses and impairment are recognized in
Penghasilan bunga, keuntungan dan kerugian profit or loss. Any gain or loss on derecognition
nilai tukar, dan penurunan nilai diakui di laba is also recognized in profit or loss.
rugi. Keuntungan atau kerugian dari
penghentian pengakuan juga diakui di laba
rugi.
Grup tidak memiliki aset keuangan yang diukur The Group does not have any financial assets
pada FVOCI. measured at FVOCI.
(2) Liabilitas keuangan (3) (2) Financial liabilities
Liabilitas keuangan diklasifikasikan sebagai Financial liabilities are classified as measured
diukur pada biaya perolehan diamortisasi atau at amortized cost or FVTPL. A financial
pada FVTPL. Suatu liabilitas keuangan liability is classified as measured at FVTPL if
diklasifikasikan sebagai diukur pada FVTPL it is classified as held-for-trading, it is a
apabila dimiliki untuk diperdagangkan, derivative or it is designated as such on initial
merupakan suatu instrumen derivatif atau recognition.
ditetapkan sebagai diukur pada FVTPL pada
pengakuan awalnya.
Liabilitas keuangan Grup lainnya yang diukur The Group’s other financial liabilities
pada biaya perolehan diamortisasi adalah utang measured at amortized cost are other
lainnya dan pinjaman. Liabilitas keuangan payables and borrowings. These financial
tersebut awalnya diakui pada nilai wajar liabilities are initially recognized at fair value
dikurangi biaya transaksi dan selanjutnya deducted transaction costs and subsequently
diukur pada biaya perolehan diamortisasi measured at amortized cost using the
dengan menggunakan metode suku bunga effective interest method. Interest expense
efektif. Biaya bunga dan keuntungan dan and foreign exchange gains and losses are
kerugian nilai tukar diakui di laba rugi. recognized in profit or loss. Any gain or loss
Keuntungan atau kerugian dari penghentian on de-recognition is also recognized in profit
pengakuan juga diakui di laba rugi. or loss.
Page 126
Ekshibit E/10 Exhibit E/10
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
(lanjutan) (continued)
a. Instrumen keuangan (lanjutan) c. a. Financial instruments (continued)
(3) Penentuan nilai wajar (3) Determination of fair value
Nilai wajar adalah harga yang akan diterima Fair value is the price that would be received
untuk menjual suatu aset atau harga yang akan to sell an asset or the price that would be paid
dibayar untuk mengalihkan suatu liabilitas to transfer a liability in an orderly transaction
dalam transaksi teratur antara pelaku pasar between market participants at the
pada tanggal pengukuran. measurement date.
(4) Penghentian pengakuan (4) Derecognition
Grup menghentikan pengakuan aset keuangan The Group derecognizes the financial assets
ketika, dan hanya ketika, hak kontraktual atas when, and only when, the contractual rights
arus kas yang berasal dari aset keuangan to receive the cash flows from these financial
tersebut kadaluarsa atau Grup mengalihkan assets have ceased to exist or the Group
seluruh hak kontraktual tersebut di mana transfers such contractual rights, in which
seluruh risiko dan manfaat atas kepemilikan substantially all the risks and rewards of
aset keuangan juga dialihkan. Setiap hak atau ownership of the financial assets are also
kewajiban atas aset keuangan yang dialihkan transferred. Any rights or obligations on the
yang timbul atau yang masih dimiliki oleh Grup transferred financial assets that arise or are
diakui sebagai aset atau liabilitas secara still owned by the Group are recognized as
terpisah. assets or liabilities separately.
Grup menghentikan pengakuan liabilitas The Group derecognizes financial liabilities
keuangan ketika, dan hanya ketika, kewajiban when, and only when, the obligation specified
yang ditetapkan dalam kontrak kadaluarsa, in the contract expires, is discharged or
dilepaskan atau dibatalkan. cancelled.
(5) Salinghapus instrumen keuangan (5) Offsetting financial instruments
Aset keuangan dan liabilitas keuangan dapat Financial assets and liabilities are set-off and
salinghapus dan nilai netonya disajikan dalam the net amount is presented in the statements
laporan posisi keuangan ketika, dan hanya of financial position when, and only when,
ketika, Grup memiliki hak atas dasar hukum the Group has the legal right to set off the
untuk melakukan salinghapus atas jumlah yang amounts and intends either to settle on a net
telah diakui tersebut dan berniat untuk basis or realize the asset and settle the
menyelesaikan secara neto, atau liabilities simultaneously.
merealisasikan aset dan menyelesaikan
liabilitas secara simultan.
Hak salinghapus harus tidak bergantung atas The right of set-off must not be contingent on
peristiwa di masa depan dan harus dapat a future event and must be legally
dipaksakan secara hukum terhadap seluruh enforceable in all of the following
keadaan sebagai berikut: circumstances:
a. situasi bisnis yang normal; a. the normal course of business;
b. peristiwa kegagalan; dan b. the event of default; and
c. peristiwa kepailitan atau kebangkrutan c. the event of insolvency or bankruptcy of
dari entitas dan seluruh pihak lawan. the Group and all of the counterparties.
Page 127
Ekshibit E/11 Exhibit E/11
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
(lanjutan) (continued)
a. Instrumen keuangan (lanjutan) d. a. Financial instruments (continued)
(6) Penurunan nilai (6) Impairment
Grup mengakui cadangan untuk kerugian kredit The Group recognizes loss allowances for
ekspektasian (“ECL”) atas aset keuangan expected credit loss (“ECL”) on financial
diukur pada biaya perolehan diamortisasi. ECL assets measured at amortized cost. ECLs are
merupakan suatu perkiraan probabilitas a probability-weighted estimate of credit
tertimbang atas terjadinya kerugian kredit. losses. Credit losses are measured as the
Kerugian kredit diukur sebagai nilai kini atas present value of all cash shortfalls, i.e. the
seluruh kekurangan penerimaan kas, yaitu difference between the cash flows due to the
selisih antara arus kas yang terutang ke Grup Group in accordance with the contract and the
sesuai kontrak dan arus kas yang diharapkan cash flows that the Group expects to receive.
akan diterima Grup. ECL didiskontokan dengan ECLs are discounted at the effective interest
suku bunga efektif dari aset keuangannya. rate of the financial asset.
Pada setiap tanggal pelaporan, Grup menelaah At each reporting date, the Group assesses
apakah aset keuangan diukur pada biaya whether financial assets carried at amortized
perolehan diamortisasi mengalami penurunan cost are impaired. A financial asset is
nilai. Suatu aset keuangan mengalami impaired when one or more events that have
penurunan nilai apabila terdapat satu atau a detrimental impact on the estimated future
lebih peristiwa, yang memiliki implikasi cash flows of the financial asset have
menurunkan perkiraan arus kas masa depan occurred.
dari aset keuangan, telah terjadi.
Bukti bahwa suatu aset keuangan mengalami Evidence that a financial asset is impaired
penurunan nilai termasuk data yang dapat includes the following observable data:
diobservasi sebagai berikut:
• kesulitan keuangan signifikan; • significant financial difficulty;
• ada probabilitas bahwa peminjam akan • it is probable that the borrower will enter
bangkrut atau mengalami reorganisasi bankruptcy or other financial
keuangan; atau reorganisation; or
• suatu pelanggaran dari kontrak seperti • a breach of contract such as a default or
gagal bayar, atau sudah menunggak lebih being more than 90 days past due.
dari 90 hari.
b. Transaksi dengan pihak-pihak berelasi d. b. Related party transactions
Grup menerapkan PSAK 224, Pengungkapan Pihak- The Group applies PSAK 224, Related Party
pihak Berelasi. PSAK ini mensyaratkan Disclosures. The PSAK requires the disclosures of
pengungkapan hubungan, transaksi dan saldo pihak- related party relationships, transactions and
pihak berelasi, termasuk komitmen, dalam laporan outstanding balances, including commitments, in the
keuangan konsolidasian. consolidated financial statements.
c. Kas dan setara kas e. c. Cash and cash equivalents
Kas dan setara kas mencakup kas, kas pada bank Cash and cash equivalents are cash on hand, cash in
dan deposito berjangka yang akan jatuh tempo banks and time deposits with a maturity period of
dalam waktu tiga bulan atau kurang terhitung sejak three months or less at the time of placement and
ditempatkan, dan tidak digunakan sebagai jaminan which are not used as collateral or are not restricted.
atau tidak dibatasi penggunaannya.
d. Saham tresuri d. Treasury stock
Saham tresuri diukur sebesar imbalan yang Treasury stock is measured at consideration paid,
dibayarkan, termasuk biaya transaksi signifikan including any significant directly attributable
yang dapat diatribusikan secara langsung (dikurangi transaction costs (net of taxes), and is deducted from
pajak), dan dikurangkan dari ekuitas yang dapat equity attributable to the owners of the Company.
diatribusikan kepada pemilik Perusahaan.
Page 128
Ekshibit E/12 Exhibit E/12
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
(lanjutan) (continued)
e. Transaksi dan saldo dalam mata uang asing e. Transactions and balances in foreign currencies
Transaksi dalam mata uang asing dijabarkan ke Transactions in foreign currencies are translated to
masing-masing mata uang fungsional Grup the respective functional currencies of the Group at
berdasarkan kurs yang berlaku pada saat transaksi the exchange rates prevailing at the time the
dilakukan. Pada tanggal pelaporan, aset dan transactions are made. At reporting date, monetary
liabilitas moneter dalam mata uang asing assets and liabilities denominated in foreign
dijabarkan ke mata uang fungsional berdasarkan currencies are retranslated to the functional currency
kurs yang berlaku pada tanggal tersebut. Laba atau at the exchange rate at that date. The resulting gains
rugi selisih kurs yang timbul dikreditkan atau or losses are credited or charged to the statement of
dibebankan pada laporan laba rugi dan penghasilan profit or loss and other comprehensive income for the
komprehensif lain tahun berjalan. year.
Untuk tujuan konsolidasi, laporan posisi keuangan For the purpose of consolidation, the statement of
entitas anak yang menggunakan mata uang selain financial position of a subsidiary reporting in a
Rupiah dijabarkan ke Rupiah berdasarkan kurs yang currency other than the Rupiah is translated to
berlaku pada tanggal pelaporan. Penghasilan dan Rupiah at the exchange rates prevailing at the
beban dijabarkan ke Rupiah dengan kurs rata-rata reporting date. The income and expenses are
yang berlaku selama tahun berjalan. Selisih kurs translated to Rupiah at the average exchange rates
yang dihasilkan diakui pada penghasilan prevailing during the year. The resulting exchange
komprehensif lain dalam laporan laba rugi dan differences are recognized in other comprehensive
penghasilan komprehensif lain konsolidasian dan income in the consolidated statement of profit or
diakumulasikan dalam ekuitas di dalam pos selisih loss and other comprehensive income, and are
penjabaran laporan keuangan dalam mata uang accumulated in equity under the difference in
asing. translation of financial statements in foreign
currency.
Aset dan liabilitas nonkeuangan yang diukur pada Non-monetary assets and liabilities that are
nilai wajar dalam mata uang asing dijabarkan measured at fair value in a foreign currency are
kembali ke mata uang fungsional dengan retranslated to the functional currency at the
menggunakan kurs yang berlaku pada tanggal nilai exchange rate at the date that the fair value was
wajar ditentukan. Aset dan liabilitas nonkeuangan determined. Non-monetary items that are measured
yang diukur atas dasar nilai historis dalam mata based on historical cost in a foreign currency are
uang asing dijabarkan menggunakan kurs yang translated using the exchange rate at the date of the
berlaku pada tanggal transaksi. transaction.
Ketika investasi atas entitas yang memiliki mata When an investment in an entity with a functional
uang fungsional selain Rupiah dilepas, pengaruh currency other than Rupiah is disposed or significant
signifikan atau pengendalian bersama hilang, influence or joint control is lost, the cumulative
jumlah akumulasi cadangan penjabaran terkait amount in the translation reserve related to that
entitas tersebut direklasifikasi ke laba rugi sebagai entity is reclassified to profit or loss as part of the
bagian dari keuntungan atau kerugian pelepasan. gain or loss on disposal. When the Group disposes of
Ketika Grup melepas sebagian kepemilikan atas only part of its interest in a subsidiary that includes
entitas anak yang memiliki entitas semacam ini such entity while retaining control, the relevant
namun tetap mempertahankan pengendalian, proportion of the cumulative amount of translation
proporsi akumulasi cadangan penjabaran terkait reserve is reattributed to non-controlling interests.
akan diatribusikan kembali ke kepentingan
nonpengendali.
f. Pajak penghasilan f. Income tax
Grup memperhitungkan konsekuensi pajak kini dan The Group accounts for the current and future tax
mendatang dari pemulihan (penyelesaian) jumlah consequences of the future recovery (settlement) of
tercatat aset (liabilitas) masa depan yang diakui the carrying amount of assets (liabilities) that are
dalam laporan posisi keuangan konsolidasian, dan recognized in the consolidated statement of
dari transaksi serta kejadian lain dari periode kini financial position, and transactions and other
yang diakui dalam laporan keuangan konsolidasian. events of the current period that are recognized in
the consolidated financial statements.
Page 129
Ekshibit E/13 Exhibit E/13
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. .IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF SIGNIFICANT MATERIAL POLICIES
.(lanjutan) (continued)
f. Pajak penghasilan (lanjutan) f. Income tax (continued)
Grup mencatat tambahan pajak penghasilan yang The
d. Group presents additional income tax of
berasal dari periode lalu yang ditetapkan dengan previous periods through a tax assessment letter
Surat Ketetapan Pajak (SKP), jika ada, sebagai (SKP), if any, assessed as part of “Income Tax
bagian dari “Beban Pajak Penghasilan” dalam Expense” in the consolidated statement of profit
laporan laba rugi dan penghasilan komprehensif lain or loss and other comprehensive income.
konsolidasian.
Beban pajak penghasilan terdiri dari beban pajak Income
d. tax expense comprises current and deferred
kini dan pajak tangguhan penghasilan badan. Pajak corporate income tax. Current tax and deferred tax
kini dan pajak tangguhan diakui dalam laba rugi, are recognized in profit or loss, except to the extent
kecuali jika pajak tersebut terkait dengan transaksi that they relate to items recognized directly in
atau kejadian yang diakui secara langsung dalam equity or in other comprehensive income.
ekuitas atau dalam penghasilan komprehensif lain.
Pajak kini adalah pajak terutang atau piutang pajak Current
d. tax is the expected tax payable or
yang diharapkan atas laba kena pajak (rugi pajak) refundable on taxable income or loss for the year,
selama tahun berjalan, dengan menggunakan tarif using tax rates substantively enacted as of the
pajak yang secara substantif berlaku pada tanggal reporting date, and includes true-up adjustments
pelaporan, dan termasuk penyesuaian atas provisi made to the previous years’ tax provisions either to
beban pajak tahun-tahun sebelumnya baik untuk reconcile them with the income tax reported in
direkonsiliasikan dengan pajak penghasilan yang annual tax returns, or to account for differences
dilaporkan pada pelaporan pajak tahunan, atau arising from tax assessments.
untuk memperhitungkan selisih yang timbul dari
pemeriksaan pajak.
Grup menerapkan metode aset dan liabilitas dalam The
d. Group applies the asset and liability method in
menghitung beban pajaknya. Dengan metode ini, determining its income tax expense. Under this
aset dan liabilitas pajak tangguhan diakui pada method, deferred tax assets and liabilities are
setiap tanggal pelaporan sebesar perbedaan recognized at each reporting date for temporary
temporer aset dan liabilitas untuk tujuan pelaporan differences between the assets and liabilities for
keuangan dan tujuan perpajakan. Metode ini juga financial reporting purpose and for taxation
mengharuskan pengakuan manfaat pajak di masa purposes. This method also requires the recognition
yang akan datang, seperti kompensasi rugi fiskal, of future tax benefits, such as tax loss
jika besar kemungkinan manfaat pajak tersebut carryforwards, to the extent that realization of such
dapat direalisasi. benefits is probable.
Pajak tangguhan diukur dengan menggunakan tarif Deferred
d. tax is measured at the tax rates that are
pajak yang diharapkan untuk diterapkan atas expected to be applied to the temporary difference,
perbedaan temporer pada saat pembalikan, when they reverse, based on the laws that have
berdasarkan peraturan yang berlaku atau secara been enacted or substantially enacted at the
substantif telah berlaku pada tanggal pelaporan. reporting date.
e.
Aset pajak tangguhan merupakan sisa saldo neto Deferred
f. tax assets represent the net remaining
dari manfaat pajak tangguhan yang telah diperoleh balance of deferred tax benefits that have been
dan dimanfaatkan sampai dengan tanggal originated and utilized through the reporting date.
pelaporan. Aset pajak tangguhan ditelaah pada Deferred tax assets are reviewed at each reporting
setiap tanggal pelaporan dan dikurangi sepanjang date and are reduced to the extent that it is no
manfaat pajaknya tidak dimungkinkan untuk longer probable that the related tax benefit will be
direalisasikan; pengurangan tersebut dibalik ketika realized; such reductions are reversed when the
kemungkinan realisasinya melalui laba kena pajak probability of their realization through future
di masa depan meningkat. taxable profits improves.
g.
Page 130
Ekshibit E/14 Exhibit E/14
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. .IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
.(lanjutan) (continued)
f. Pajak penghasilan (lanjutan) f. Income tax (continued)
Aset pajak tangguhan yang belum diakui dinilai Unrecognized deferred tax assets are reassessed at
kembali pada setiap tanggal pelaporan dan diakui each reporting date and recognized to the extent
sepanjang kemungkinan besar laba kena pajak di that it has become probable that future taxable
masa depan akan tersedia untuk digunakan. profits will be available against which they can be
used.
Aset dan liabilitas pajak tangguhan disajikan Deferred tax assets and liabilities are offset in the
salinghapus di laporan posisi keuangan consolidated statement of financial position, except
konsolidasian, kecuali aset dan liabilitas pajak if these are for different legal entities, in the same
tangguhan untuk entitas hukum yang berbeda, hal manner the current tax assets and liabilities are
ini berlaku juga untuk penyajian aset dan liabilitas presented.
pajak kini.
Dalam menentukan nilai pajak kini dan pajak In
d.determining the amount of current and deferred
tangguhan, Grup memperhitungkan dampak dari tax, the Group takes into account the impact of
posisi pajak yang tidak pasti, tambahan pajak dan uncertain tax positions, any additional taxes and
penalti. penalties.
Pajak final atas beberapa jenis transaksi yang Final
d. tax on certain transactions that is calculated
dikenakan atas nilai brutonya (yaitu atas jumlah based on the gross amount (i.e., amounts of cash
uang yang diterima) tidak dianggap sebagai pajak received) is not considered as income tax.
penghasilan.
g. Laba per saham g. Earnings per share
Laba per saham dasar dihitung dengan membagi Basic
d. earnings per share are computed by dividing
laba tahun berjalan yang dapat diatribusikan profit for the year attributable to the owners of
kepada pemilik Perusahaan dengan jumlah rata- the Company by the weighted average of total
rata tertimbang saham beredar/ditempatkan outstanding/issued shares during the year.
selama tahun yang bersangkutan.
Laba per saham dilusian dihitung dengan membagi Diluted
d. earnings per share are computed by
laba tahun berjalan yang dapat diatribusikan dividing profit for the year attributable to owners
kepada pemilik Perusahaan dengan total rata-rata of the Company to the weighted average of total
tertimbang saham beredar/ditempatkan setelah outstanding/issued shares after considering
mempertimbangkan penyesuaian atas dampak adjustments for conversion of all dilutive potential
konversi dari semua instrumen berpotensi saham ordinary shares that may be issued by the Company.
biasa bersifat dilutif yang mungkin diterbitkan
Perusahaan.
Jika jumlah saham biasa atau instrumen berpotensi If
d. the number of ordinary shares or potential
saham biasa yang beredar meningkat sebagai akibat ordinary shares outstanding increases as a result of
dari kapitalisasi, penerbitan saham bonus atau capitalization, issuance of bonus shares or stock
pemecahan saham atau menurun sebagai akibat splits, or decreases as a result of a merger of
dari penggabungan saham, maka perhitungan laba shares, the calculation of basic or diluted earning
per saham dasar dan dilusian untuk seluruh periode per share for all periods is adjusted
yang disajikan disesuaikan secara retrospektif. restrospectively.
h. Informasi segmen h. Segment reporting
Grup mengidentifikasikan segmen operasi The
d. Group identifies its operating segments on the
berdasarkan pelaporan internal yang dikaji secara basis of internal reports that are regularly
berkala oleh pengambil keputusan operasional reviewed by the chief operating decision maker in
utama dalam rangka mengalokasikan sumber daya order to allocate resources to the segment and
dan menilai kinerja segmen operasi tersebut. assess its performance.
Segmen operasi dilaporkan dengan cara yang d. Operating segments are reported in a manner
konsisten dengan pelaporan internal yang diberikan consistent with the internal reporting provided to
kepada Dewan Direksi sebagai pengambil keputusan Board of Directors as the Group’s chief operating
operasional Grup. decision maker.
Page 131
Ekshibit E/15 Exhibit E/15
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. .IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
.(lanjutan) (continued)
i. Pembayaran berbasis saham i. Share based-payments
Perusahaan memberikan saham kepada manajemen e. The Company provides share grants to the eligible
karyawan yang memenuhi syarat melalui Program employees through the Management Employee
Pemberian Saham untuk Karyawan Manajemen. Share Grant Plan.
f.
Nilai wajar saat tanggal pemberian kompensasi The grant-date fair value of share-based payment
berbasis saham ke karyawan diakui sebagai beban compensation granted to employees is recognized
usaha – pembayaran berbasis saham, beserta as an operating expense – employee stock option,
perubahan terkaitnya di ekuitas, selama periode with a corresponding increase in equity, over the
sampai dengan karyawan berhak tanpa syarat atas period that the employees become unconditionally
penghargaan tersebut. entitled to the awards.
Nilai yang diakui sebagai beban disesuaikan untuk The amount recognized as an expense is adjusted to
menggambarkan nilai penghargaan yang terkait reflect the number of awards for which the related
dengan kondisi masa kerja yang diharapkan dapat service conditions are expected to be met, such that
terpenuhi, sehingga pada akhirnya nilai yang diakui the amount ultimately recognized as an expense is
sebagai beban didasarkan pada nilai penghargaan based on the number of awards that meet the
yang memenuhi kondisi jasa terkait pada saat related service conditions at the vesting date. For
tanggal vesting. Untuk kompensasi berbasis saham share-based compensation with market
dengan kondisi kinerja pasar, nilai wajar saat performance conditions, the respective grant-date
tanggal pemberiannya diukur untuk merefleksikan fair value is measured to reflect such conditions and
kondisi tersebut dan tidak terdapat penyesuaian there is no true-up for differences between
untuk perbedaan antara hasil yang diharapkan dan expected and actual outcomes.
aktualnya.
Pada tanggal 31 Desember 2024 dan 2023, saldo As of 31 December 2024 and 2023, the outstanding
akumulasi pembayaran berbasis saham Perusahaan balance of the accumulated share based payments
masing-masing sebesar Rp35.757 dan Rp29.020. amounted to Rp35,757 and Rp29,020 respectively.
Page 132
Ekshibit E/16 Exhibit E/16
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
4. KAS DAN SETARA KAS 4. CASH AND CASH EQUIVALENTS
31 Desember/ 31 Desember/
December 2024 December 2023
Kas Cash on hand
Rupiah 10 10 Rupiah
Kas di bank pihak tidak berelasi Cash in non-related party banks
Rupiah Rupiah
PT Bank DBS Indonesia 229.696 32.188 PT Bank DBS Indonesia
PT Bank Permata Tbk. 31.901 58.940 PT Bank Permata Tbk.
PT Bank Central Asia Tbk. 2.373 2.178 PT Bank Central Asia Tbk.
PT Bank HSBC Indonesia 456 447 PT Bank HSBC Indonesia
PT Bank UOB Indonesia 170 171 PT Bank UOB Indonesia
Standard Chartered Bank cabang Standard Chartered Bank, Jakarta
Jakarta 115 44 branch
PT Bank Mega Tbk. 79 79 PT Bank Mega Tbk.
PT Bank Maybank Indonesia Tbk. 50 - PT Bank Maybank Indonesia Tbk.
MUFG Bank, Ltd., cabang Jakarta - 582 MUFG Bank, Ltd., Jakarta branch
264.840 94.629
Dolar AS US Dollar
Standard Chartered Bank cabang Standard Chartered Bank, Singapore
Singapura 730.288 315.847 branch
United Overseas Bank, cabang United Overseas Bank, Singapore
Singapura 51.659 7.849 branch
PT Bank DBS Indonesia 14.069 23.291 PT Bank DBS Indonesia
PT Bank Permata Tbk. 1.991 3.862 PT Bank Permata Tbk.
PT Bank HSBC Indonesia 453 432 PT Bank HSBC Indonesia
PT Bank UOB Indonesia 223 213 PT Bank UOB Indonesia
PT Bank Mega Tbk. 107 103 PT Bank Mega Tbk.
PT Bank Maybank Indonesia Tbk. 79 - PT Bank Maybank Indonesia Tbk.
DBS Bank Ltd., Singapura 77 74 DBS Bank Ltd., Singapore
Standard Chartered Bank cabang Standard Chartered Bank, Jakarta
Jakarta - 339 branch
MUFG Bank, Ltd., cabang Jakarta - 301 MUFG Bank, Ltd., Jakarta branch
798.946 352.311
Dolar Singapura Singapore Dollar
United Overseas Bank, cabang United Overseas Bank, Singapore
Singapura 2.196 1.757 branch
United Overseas Bank Kay Hian United Overseas Bank Kay Hian
Private Limited 1.702 - Private Limited
DBS Bank Ltd., Singapura 373 366 DBS Bank Ltd., Singapore
Standard Chartered Bank, cabang Standard Chartered Bank, Singapore
Singapura 314 14 branch
4.585 2.137
Dolar Hong Kong Hong Kong Dollar
United Overseas Bank, cabang United Overseas Bank, Hong Kong
Hong Kong 1.150 - branch
Jumlah kas di bank 1.069.521 449.077 Total cash in banks
Deposito berjangka di bank pihak
tidak berelasi Time deposits in non-related party banks
Rupiah Rupiah
PT Bank DBS Indonesia 413.000 35.000) PT Bank DBS Indonesia
Dolar AS US Dollar
PT Bank DBS Indonesia 50.102 17.728) PT Bank DBS Indonesia
United Overseas Bank, cabang United Overseas Bank, Singapore
Singapura - 163.410) branch
50.102 181.138)
Jumlah deposito berjangka 463.102 216.138) Total time deposits
Jumlah kas dan setara kas 1.532.633 665.225) Total cash and cash equivalents
Page 133
Ekshibit E/17 Exhibit E/17
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 YEARS ENDED 31 DECEMBER 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
4. KAS DAN SETARA KAS (lanjutan) 4. CASH AND CASH EQUIVALENTS (continued)
Kisaran suku bunga kontraktual dari deposito berjangka The range of contractual interest rates earned from the
adalah sebagai berikut: time deposits is as follows:
31 Desember/ 31 Desember/
December 2024 December 2023
Rupiah 1,50% - 2,50% 2,50% - 5,00% Rupiah
Dolar AS 1,50% - 5,45% 2,00% - 5,49% US Dollar
Seluruh kas di bank dan deposito berjangka ditempatkan All cash in banks and time deposits are placed in non-
pada bank pihak tidak berelasi. related party banks.
5. INVESTASI PADA SAHAM 5. INVESTMENTS IN SHARES
31 Desember/December 2024 31 Desember/December 2023
Teknik Teknik
penilaian penilaian
nilai wajar nilai wajar
(Catatan 2e)/ (Catatan 2e)/
Persentase Fair value Persentase Fair value
kepemilikan/ valuation kepemilikan/ valuation
Percentage of techniques Nilai wajar/ Percentage of techniques Nilai wajar/
Investasi ownership (Note 2e) Fair value ownership (Note 2e) Fair value Investments
Rp Rp
INVESTASI DI PERUSAHAAN INVESTMENTS IN BLUE CHIP
BLUE CHIP COMPANIES
PT TOWER BERSAMA PT TOWER BERSAMA
INFRASTRUCTURE TBK. INFRASTRUCTURE TBK.
(“TBIG”) (2024: 31,61% (“TBIG”) (2024: 31.61%
dan 2023: 31,48%) and 2023: 31.48%)
Kepemilikan tidak
langsung melalui Indirect ownership through
PT Wahana Anugerah PT Wahana Anugerah
Sejahtera 9,37% Level 1 4.456.770 9,26% Level 1 4.385.492 Sejahtera
BERSAMA DIGITAL BERSAMA DIGITAL
INFRASTRUCTURE ASIA INFRASTRUCTURE ASIA
PTE. LTD. (“BDIA”) (**) PTE. LTD. (“BDIA”) (**)
(Perusahaan memiliki
kepemilikan efektif (The Company owned
sebesar 22,25% dan effective ownership of
22,22% di TBIG melalui 22.25% and 22.22% in TBIG
BDIA pada tahun 2024 dan through BDIA in 2024 and
2023) 27,89% Level 2 11.479.200 29,49% Level 2 12.062.637 2023)
PT MERDEKA COPPER
PT MERDEKA COPPER GOLD
GOLD TBK. (“MDKA”) TBK. (“MDKA”)
Kepemilikan langsung 19,40% Level 1 7.667.956 18,80% Level 1 12.237.513 Direct ownership
PT ALAMTRI RESOURCES PT ALAMTRI RESOURCES
INDONESIA TBK. INDONESIA TBK.
(sebelumnya PT Adaro (formerly PT Adaro
Energy Indonesia Tbk.) Energy Indonesia Tbk.)
(“ADRO”) (2024 : (“ADRO”)
15,78% dan 2023: (2024: 15.78% and
15,18%) 2023: 15.18%)
Kepemilikan langsung 3,82% Level 1 2.854.985 3,67% Level 1 2.796.240 Direct ownership
PT ADARO ANDALAN
INDONESIA TBK. PT ADARO ANDALAN
(“AADI”) (2024: INDONESIA TBK. (“AADI”)
14,21%) (2024: 14.21%)
Kepemilikan langsung 3,44% Level 1 2.268.671 - - - Direct ownership
Kepemilikan tidak
langsung melalui Indirect ownership
asosiasi: PT Adaro through associate:
Strategic Capital (ASC) PT Adaro Strategic
(***) 25,00% Level 2 11.476.408 25,00% Level 2 6.263.706 Capital (ASC) (***)
Kepemilikan tidak
langsung melalui Indrect ownership
asosiasi: PT Adaro through associate:
Strategic Lestari (ASL) PT Adaro Strategic
(***) 29,79% Level 2 4.574.818 29,79% Level 2 2.496.946 Lestari (ASL) (***)
Perusahaan publik
lainnya <5% Level 1 220.043 - - - Other listed company
Jumlah investasi di Total investment in
saham blue chip 44.998.851 40.242.534 blue chip shares
(**) Nilai wajar investasi di BDIA terdiri dari investasi pada saham PT Tower Bersama (**)m. The fair value of investment in BDIA consist of investment in PT Tower Bersama
Infrastructure Tbk. dan investasi pada perusahaan lainnya. Pada tanggal Infrastructure Tbk. and investment in other companies. As of 31 December
31 Desember 2024 dan 2023, nilai investasi di perusahaan lainnya masing-masing 2024 and 2023, the investment in other companies are amounted to Rp895,273
sebesar Rp895.273 dan Rp1.493.841. and Rp1,493,841, respectively.
n.
(***) Nilai ini merupakan nilai investasi pada ASC dan ASL dimana nilai wajar dari ASC
dan ASL sebagian besar berasal dari nilai investasi pada saham di ADRO dan AADI
m. The
(***) amount represents the investment in ASC and ASL whereas the fair value
of ASC and ASL mainly represents the investment in ADRO and AADI through
melalui kepemilikan tidak langsung di PT Adaro Strategic Investments. indirect ownership in PT Adaro Strategic Investments.
Page 134
Ekshibit E/18 Exhibit E/18
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 YEARS ENDED 31 DECEMBER 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
5. INVESTASI PADA SAHAM (lanjutan) 5. INVESTMENTS IN SHARES (continued)
31 Desember/December 2024 31 Desember/December 2023
Teknik Teknik
penilaian penilaian
nilai wajar nilai wajar
(Catatan 2e)/ Persentase (Catatan 2e)/
Persentase Fair value kepemilikan/ Fair value
kepemilikan/ valuation Percentage valuation
Percentage of techniques Nilai wajar/ of techniques Nilai wajar/
Investasi ownership (Note 2e) Fair value ownership (Note 2e) Fair value Investments
Rp Rp
INVESTASI DI PERUSAHAAN INVESTMENTS IN
BERKEMBANG GROWTH FOCUSED COMPANIES
Perusahaan publik: Listed entities:
PT MITRA PINASTHIKA
MUSTIKA TBK. PT MITRA PINASTHIKA
(“MPMX”) MUSTIKA TBK. (“MPMX”)
Kepemilikan langsung 56,69% Level 1 2.492.132 56,69% Level 1 2.656.588 Direct ownership
PT PROVIDENT
INVESTASI BERSAMA PT PROVIDENT INVESTASI
TBK. (“PALM”) BERSAMA TBK. (“PALM”)
Kepemilikan tidak
langsung melalui
PT Saratoga Sentra Indrect ownership through:
Business - - - 19,87% Level 1 884.390 PT Saratoga Sentra Business
PT SAMATOR INDO GAS PT SAMATOR INDO GAS
TBK. (“AGII”) TBK. (“AGII”)
Kepemilikan langsung 10,00% Level 1 429.333 10,00% Level 1 466.132 Direct ownership
PT NUSA RAYA CIPTA PT NUSA RAYA CIPTA
TBK. (“NRCA”) TBK. (“NRCA”)
Kepemilikan langsung 6,97% Level 1 61.217 6,97% Level 1 57.739 Direct ownership
Perusahaan publik
Lainnya Other listed entities
Kepemilikan langsung <5% Level 1 238.113 <5% Level 1 359.422 Direct ownership
Perusahaan nonpublik: Non-listed entities:
Kepemilikan langsung dan
tidak langsung melalui Direct and indirect ownership
entitas anak: through subsidiaries:
PT Saratoga Sentra
Business, PT Nugraha
Eka Kencana,
PT Surya Nuansa
Ceria, PT Sukses PT Saratoga Sentra Business,
Indonesia, PT Interra PT Nugraha Eka Kencana,
Indo Resources, PT Surya Nuansa Ceria,
PT Sarana Investasi PT Sukses Indonesia, PT Interra
Bersama dan Indo Resources, PT Sarana
Baltimore Investasi Bersama and Baltimore
Investments Ltd. Investments Ltd.
- Perusahaan
berkembang 1 - - - < 20% Level 3 88.283 Growth company 1 -
- Perusahaan
berkembang 2 > 50% Level 3 691.927 > 50% Level 3 617.604 Growth company 2 -
- Perusahaan
berkembang 3 > 50% Level 3 178.522 > 50% Level 3 154.607 Growth company 3 -
- Perusahaan
berkembang 4 20 - 50% Level 3 104.319 20 - 50% Level 3 109.212 Growth company 4 -
- Perusahaan
berkembang 5 20 - 50% Level 3 17.274 20 - 50% Level 3 18.412 Growth company 5 -
- Perusahaan
berkembang 6 < 20% Level 3 223.993 < 20% Level 3 135.290 Growth company 6 -
- Perusahaan
berkembang 7 < 20% Level 3 27.478 < 20% Level 3 26.209 Growth company 7 -
- Perusahaan
berkembang 8 < 20% Level 3 22 < 20% Level 3 22 Growth company 8 -
- Perusahaan
berkembang 9 < 20% Level 3 349.818 < 20% Biaya/Cost 318.975 Growth company 9 -
- Perusahaan
berkembang 10 > 50% Biaya/Cost 1.472.491 - - - Growth company 10 -
- Perusahaan
berkembang 11 20 - 50% Biaya/Cost 259.748 - - - Growth company 11 -
- Perusahaan
berkembang
lainnya < 5% Level 3 74.561 < 5% Level 3 56.037 Other growth company -
- Perusahaan
berkembang
lainnya < 5% Biaya/Cost 66 < 5% Biaya/Cost 17.669 Other growth company -
Jumlah investasi di Total investments in
perusahaan berkembang 6.621.014 m.
5.966.591 growth focused companies
Page 135
Ekshibit E/19 Exhibit E/19
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 YEARS ENDED 31 DECEMBER 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
5. INVESTASI PADA SAHAM (lanjutan) 5. INVESTMENTS IN SHARES (continued)
31 Desember/December 2024 31 Desember/December 2023
Teknik Teknik
penilaian penilaian
nilai wajar nilai wajar
(Catatan 2e)/ (Catatan 2e)/
Persentase Fair value Persentase Fair value
kepemilikan/ valuation kepemilikan/ valuation
Percentage of techniques Nilai wajar/ Percentage of techniques Nilai wajar/
Investasi ownership (Note 2e) Fair value ownership (Note 2e) Fair value Investments
Rp Rp
INVESTASI DI
PERUSAHAAN BERBASIS INVESTMENTS IN DIGITAL
TEKNOLOGI DIGITAL TECHNOLOGY COMPANIES
Perusahaan publik: Listed entity:
Kepemilikan tidak Indirect ownership
langsung melalui through
entitas anak: subsidiary:
Baltimore Investments Baltimore Investments
Ltd. Ltd.
- Perusahaan Digital technology
teknologi digital 1 < 5% Level 1 45.738 < 5% Level 1 47.790 company 1 -
Perusahaan nonpublik: Non-listed entities:
Kepemilikan tidak Indirect ownership
langsung melalui through
entitas anak: subsidiaries:
PT Surya Nuansa
Ceria, PT Sukses PT Surya Nuansa Ceria,
Indonesia dan PT Sukses Indonesia and
Baltimore Investments Baltimore Investments
Ltd. Ltd.
- Perusahaan Digital technology
teknologi digital 2 < 20% Level 3 193.191 < 20% Level 3 224.874 company 2 -
- Perusahaan
teknologi digital Other digital technology
lainnya < 5% Level 3 52.784 < 5% Level 3 184.801 companies -
Jumlah investasi di Total investments in
perusahaan berbasis digital technology
teknologi digital 291.713 457.465 companies
INVESTASI LAIN-LAIN INVESTMENT IN OTHERS
Perusahaan publik: Listed entities:
SIHAYO GOLD PLC., SIHAYO GOLD PLC.,
AUSTRALIA AUSTRALIA
Kepemilikan langsung - - - 5,60% Level 1 10.841 Direct ownership
SEROJA INVESTMENT SEROJA INVESTMENT
LIMITED, SINGAPURA LIMITED, SINGAPORE
Kepemilikan langsung - - - 23,26% Level 3* 2.144 Direct ownership
Perusahaan nonpublik: Non-listed entities:
Kepemilikan tidak langsung Indirect ownership through
melalui entitas anak: subsidiaries:
PT Wahana Anugerah
Sejahtera dan PT Wahana Anugerah
PT Saratoga Sentra Sejahtera and PT Saratoga
Business Sentra Business
- Lainnya 1 20 - 50% Level 2 183 20 - 50% Level 2 199 Other 1 -
- Lainnya < 5% Level 3 431 < 5% Level 3 431 Others -
Total investments in
Jumlah investasi lain-lain 614 13.615 others
JUMLAH INVESTASI PADA TOTAL INVESTMENTS
SAHAM 51.912.192 46.680.205 IN SHARES
* Saham Seroja tidak lagi aktif diperdagangkan dan aset neto yang tersisa hanya berupa * Seroja’s
n. shares are no longer actively traded and the Company’s remaining net
instrumen keuangan. Sehingga Perusahaan menilai bahwa nilai aset neto Seroja saat ini assets are financial instruments. Therefore, the Company assesses that Seroja’s net
mencerminkan nilai wajarnya. asset value at present approximate its fair value.
Page 136
Ekshibit E/20 Exhibit E/20
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 YEARS ENDED 31 DECEMBER 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
5. INVESTASI PADA SAHAM (lanjutan) 5. INVESTMENTS IN SHARES (continued)
Ringkasan perubahan nilai wajar selama tahun berjalan A
o.summary of changes in fair values during the year was
adalah sebagai berikut: as follows:
31 Desember/December 2024
Perubahan nilai
Saldo awal/ wajar/ Saldo akhir/
Beginning Penambahan/ Changes Pelepasan/ Ending
balance Additions in fair value Divestments/ balance
Blue Chip 40.242.534 2.392.009 2.364.308)) -) 44.998.851 Blue Chip
Perusahaan berkembang 5.966.591 1.847.605 (594.610) (598.572) 6.621.014 Growth focused
Teknologi digital 457.465 - (165.752) - 291.713 Digital technology
Lain-lain 13.615 - 4.855) (17.856) 614 Others
46.680.205 4.239.614 1.608.801) (616.428) 51.912.192
31 Desember/December 2023
Perubahan nilai
Saldo awal/ wajar/ Saldo akhir/
Beginning Penambahan/ Changes Pelepasan/ Ending
balance Additions in fair value Divestments balance
Blue Chip 51.233.290 2.339.118 (13.308.345) (21.529) 40.242.534 Blue Chip
Perusahaan berkembang 5.989.156 881.362 (204.582) (699.345) 5.966.591 Growth focused
Teknologi digital 525.293 - (67.828) - 457.465 Digital technology
Lain-lain 39.845 - 5.981) (32.211) 13.615 Others
57.787.584 3.220.480 (13.574.774) (753.085) 46.680.205
6. INVESTASI PADA EFEK LAINNYA 6. INVESTMENTS IN OTHER SECURITIES
Pada tanggal 31 Desember 2024, investasi pada efek As of 31 December 2024, investments in other securities
lainnya terdiri dari investasi dalam dana dengan nilai consist of investments in funds amounting to
Rp2.894.371 (31 Desember 2023: Rp1.970.277) dan uang Rp2,894,371 (31 December 2023: Rp1,970,277) and
muka investasi sejumlah Rp739.328 (31 Desember 2023: advances for investments amounting to Rp739,328
Rp357.663). (31 December 2023: Rp357,663).
7. PERPAJAKAN 7. TAXATION
a. Pajak dibayar di muka a. Prepaid taxes
31 Desember/ 31 Desember/
December 2024 December 2023
Perusahaan The Company
Pajak Pertambahan Nilai 3.143 2.442 Value Added Tax
Lainnya 1.203 - Others
4.346 2.442
Entitas anak Subsidiaries
Pajak Pertambahan Nilai 86 59 Value Added Tax
Lainnya 319 240 Others
405 299
4.751 2.741
Page 137
Ekshibit E/21 Exhibit E/21
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
7. PERPAJAKAN (lanjutan) 7. TAXATION (continued)
b. Utang pajak penghasilan b. Income tax payable
31 Desember/ 31 Desember/
December 2024 December 2023
Perusahaan The Company
Pajak penghasilan badan Corporate income tax
Kini 881 1.623 Current
Cicilan pajak penghasilan Income tax installment –
pasal 25 5 21 article 25
886 1.644
Entitas anak Subsidiaries
Pajak penghasilan badan Corporate income tax
Kini 4.970 - Current
5.856 1.644
c. Utang pajak lainnya c. Other tax payables
31 Desember/ 31 Desember/
December 2024 December 2023
Perusahaan The Company
Pajak penghasilan: Income tax:
Pasal 21 - 1.056 Article 21
Pasal 23 30 359 Article 23
Pasal 4(2) 581 1 Article 4(2)
611 1.416
Entitas anak Subsidiaries
Pajak penghasilan: Income tax:
Pasal 23 21 7 Article 23
21 7
632 1.423
d. Perhitungan pajak kini d. Calculation of current tax
Rekonsiliasi antara laba (rugi) konsolidasian A reconciliation between consolidated profit (loss)
sebelum pajak penghasilan dengan beban pajak before income tax and income tax expense is as
penghasilan adalah sebagai berikut: follows:
31 Desember/ 31 Desember/
December 2024 December 2023
Laba (rugi) konsolidasian sebelum Consolidated profit (loss) before
pajak penghasilan 4.915.226 (11.309.265) income tax
Dikurangi: Less:
Rugi sebelum Loss before income tax
pajak penghasilan entitas anak 776.931 23.863 of subsidiaries
Eliminasi dan penyesuaian lainnya ke Elimination and other adjustments
metode biaya (2.698.967) 13.999.266 to cost method
Laba sebelum pajak Profit before income tax
penghasilan Perusahaan 2.993.190 2.713.864 of the Company
Page 138
Ekshibit E/22 Exhibit E/22
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
7. PERPAJAKAN (lanjutan) 7. TAXATION (continued)
d. Perhitungan pajak kini (lanjutan) d. Calculation of current tax (continued)
Rekonsiliasi antara laba (rugi) konsolidasian A reconciliation between consolidated profit (loss)
sebelum pajak penghasilan dengan beban pajak before income tax and income tax expense is as
penghasilan adalah sebagai berikut: (lanjutan) follows: (continued)
31 Desember/ 31 Desember/
December 2024 December 2023
Laba sebelum pajak Profit before income tax
penghasilan Perusahaan (lanjutan) 2.993.190 2.713.864 of the Company (continued)
Koreksi fiskal: Fiscal corrections:
Penghasilan yang Income subject to
dikenakan pajak final (3.546.730) (2.979.037) final tax
Kerugian atas penjualan investasi Loss on sale of investment and
dan instrument derivatif 173.644 3.430 derivatife instruments
Beban bunga 150.965 ` 90.888 Interest expenses
Beban kompensasi karyawan 139.000 141.584 Employees’ compensation expenses
Rugi (laba) atas selisih kurs 38.025 (23.747) Loss (gain) on foreign exchange
Beban imbalan jasa tenaga ahli 31.988 16.529 Professional fees
Imbalan pascakerja 5.473 5.384 Post-employment benefit
Lainnya 33.747 43.836 Other
Laba kena pajak Perusahaan 19.302 12.731 The Company’s taxable profit
Tarif pajak yang berlaku 22% 22% Enacted tax rate
Beban pajak penghasilan kini Current income tax expense
Perusahaan 4.247 2.801 The Company
Entitas anak 4.970 - Subsidiaries
Beban pajak penghasilan kini 9.217 2.801 Current income tax expense
Dikurangi: kredit pajak penghasilan Less: income tax credit
Perusahaan (3.366) (1.178) The Company
Entitas anak - - Subsidiaries
Jumlah kredit pajak penghasilan (3.366) (1.178) Total income tax credit
Taksiran utang pajak Estimated income taxes payable
Perusahaan 881 1.623 The Company
Entitas anak 4.970 - Subsidiaries
Total estimated income tax
Jumlah taksiran utang pajak 5.851 1.623 payable
Perusahaan menerapkan metode perhitungan pajak The Company applied a proportionate income tax
penghasilan secara proporsional berdasarkan calculation method based on final and non-final
penghasilan final dan non-final untuk menghitung income to calculate the deductible expenses.
beban yang dapat dikurangkan.
Page 139
Ekshibit E/23 Exhibit E/23
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
7. PERPAJAKAN (lanjutan) 7. TAXATION (continued)
e. Aset dan liabilitas pajak tangguhan e. Deferred tax assets and liabilities
Diakui dalam
penghasilan
Diakui komprehensif
dalam lain/
Saldo laba rugi/ Recognized in Saldo
awal/ Recognized other akhir/
Beginning in profit or comprehensive Ending
31 Desember 2024 balance loss income balance 31 December 2024
Aset (liabilitas) pajak tangguhan Deferred tax assets (liabilities) of
Perusahaan: the Company:
Liabilitas imbalan kerja 6.930 1.204 (21) 8.113 Employee benefits liabilities
Investasi pada saham dan efek Investments in shares and other
lainnya (1.140.370) (1.630.542) - (2.770.912) securities
(1.133.440) (1.629.338) (21) (2.762.799)
Liabilitas pajak tangguhan Deferred tax liabilities of the
entitas anak, neto (54.969) 14.825 - (40.144) subsidiaries, net
Liabilitas pajak tangguhan, neto (1.188.409) (2.802.943) Deferred tax liabilities, net
31 Desember 2023 31 December 2023
Aset (liabilitas) pajak tangguhan Deferred tax assets (liabilities) of
Perusahaan: the Company:
Liabilitas imbalan kerja 5.955 1.185 (210) 6.930 Employee benefits liabilities
Investasi pada saham dan efek Investments in shares and other
lainnya (2.290.750) 1.150.380 - (1.140.370) securities
(2.284.795) 1.151.565 (210) (1.133.440)
Liabilitas pajak tangguhan Deferred tax liabilities of the
entitas anak, neto (64.129) 9.160 - (54.969) subsidiaries, net
Liabilitas pajak tangguhan, neto (2.348.924) (1.188.409) Deferred tax liabilities, net
Berikut aset pajak tangguhan yang The following deferred tax assets
belum diakui: have not been recognized:
31 Desember/ 31 Desember/
December 2024 December 2023
Provision for impairment of
Penyisihan atas penurunan nilai piutang 23.693 23.091 receivables
Kerugian yang belum direalisasi atas
investasi pada saham dan efek Unrealized losses on investments in
lainnya 225.220 252.281 shares and other securities
Rugi fiskal - 9.911 Tax loss carry forwards
248.913 285.283
Perbedaan temporer yang menimbulkan aset pajak The temporary differences that give rise to the
tangguhan untuk kerugian yang belum direalisasi deferred tax asset for the unrealized losses on
atas investasi pada saham dan efek lainnya tidak investment in shares and other securities do not
akan kadaluwarsa, oleh karena itu Perusahaan tidak expire, accordingly the Company does not
mengakui aset pajak tangguhan atas hal ini. recognize the deferred tax assets with respect to
this matter.
Perbedaan temporer yang menimbulkan aset pajak The temporary differences that give rise to the
tangguhan untuk penyisihan penurunan nilai piutang deferred tax asset for the provision for impairment
juga tidak akan kadaluwarsa, namun sebelum of receivables also do not expire, however before
penyisihan tersebut dapat dibebankan, Perusahaan such provision can be deductible the Company must
harus memberikan bukti bahwa piutang tidak provide evidence that the receivables are not
tertagih, dan dengan demikian harus menghapus collectible, and thereby must write-off the
nilai piutang yang tidak tertagih. uncollectible balances.
Rugi fiskal, yang sebagian besar berasal dari entitas Tax loss carry forwards, which mainly derived from
anak pada tanggal 31 Desember 2023 adalah sebesar subsidiaries as of 31 December 2023 amounted to
Rp45.050, akan berakhir di tahun 2026 jika tidak Rp45,050 will expire in 2026 if not utilized against
dimanfaatkan dengan laba fiskal pada masa future taxable profits.
mendatang.
Page 140
Ekshibit E/24 Exhibit E/24
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
7. PERPAJAKAN (lanjutan) 7. TAXATION (continued)
e. Aset dan liabilitas pajak tangguhan (lanjutan) e. Deferred tax assets and liabilities (continued)
Aset pajak tangguhan tidak diakui sehubungan Deferred tax assets have not been recognized with
dengan hal-hal diatas karena tidak memungkinkan respect to the above items because it is not
akan tersedia laba fiskal yang memadai pada masa probable that future taxable profits will be
mendatang yang bisa dimanfaatkan Grup untuk available against which the Group can utilize the
keuntungannya. benefits therefrom.
f. Beban pajak penghasilan f. Income tax expense
Rekonsiliasi antara beban pajak penghasilan, yang The reconciliation between income tax expense as
dihitung dengan menggunakan tarif pajak yang calculated by applying the applicable tax rate to
berlaku atas laba (rugi) komersial sebelum pajak the commercial profit (loss) before income tax and
penghasilan dan beban pajak penghasilan, seperti the income tax expense as presented in the
yang tercantum dalam laporan laba rugi consolidated statement of profit or loss is as
konsolidasian adalah sebagai berikut: follows:
31 Desember/ 31 Desember/
December 2024 Desember 2023
Laba (rugi) konsolidasian sebelum Consolidated profit (loss) before
pajak penghasilan 4.915.226 (11.309.265) income tax
Dikurangi: Less:
Rugi sebelum pajak penghasilan Loss before income tax of
entitas anak 776.931 23.863 subsidiaries
Eliminasi dan penyesuaian ke Eliminations and other adjustments
metode biaya (2.698.967) 13.999.266 to cost method
Laba sebelum pajak Profit before income tax of
penghasilan Perusahaan 2.993.190 2.713.864 the Company
Tarif pajak yang berlaku 22% 22% Statutory tax rate
Beban pajak penghasilan 658.502 597.050 Income tax expense
Pengaruh pajak Tax effect on fiscal
atas koreksi fiskal (655.459) (595.434) corrections
Pengaruh pajak atas keuntungan Tax effect on gain (loss) on
(kerugian) investasi pada saham investments in shares and other
dan efek lainnya 1.630.542 (1.150.380) securities
Beban (manfaat) pajak penghasilan: Income tax expense (benefit):
Perusahaan 1.633.585 (1.148.764) The Company
Entitas anak (9.855) (9.160) Subsidiaries
Beban (manfaat) pajak penghasilan 1.623.730 (1.157.924) Income tax expense (benefit)
Komponen beban (manfaat) pajak penghasilan The components of income tax expense (benefit)
adalah sebagai berikut: are as follows:
31 Desember/ 31 Desember/
December 2024 December 2023
Kini: Current:
Perusahaan 4.247 2.801 The Company
Entitas anak 4.970 - Subsidiaries
9.217 2.801
Tangguhan: Deferred:
Perusahaan 1.629.338 (1.151.565) The Company
Entitas anak (14.825) (9.160) Subsidiaries
1.614.513 (1.160.725)
1.623.730 (1.157.924)
Page 141
Ekshibit E/25 Exhibit E/25
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
7. PERPAJAKAN (lanjutan) 7. TAXATION (continued)
f. Beban pajak penghasilan (lanjutan) f. Income tax expense (continued)
Sesuai peraturan perpajakan di Indonesia, Under the taxation laws of Indonesia, the Company
Perseroan melaporkan/menyetorkan pajak- submits tax returns on the basis of self-
pajaknya berdasarkan sistem self-assessment. assessment. The tax authorities may assess or
Fiskus dapat menetapkan atau mengubah pajak- amend taxes within the statute of limitations,
pajak tersebut sebelum waktu kadaluwarsa sesuai under prevailing regulations.
dengan peraturan perpajakan yang berlaku.
Posisi pajak Perseroan mungkin dapat The Company’s tax positions may be challenged by
dipertanyakan otoritas pajak. Posisi pajak the tax authorities. The Company’s tax positions
Perseroan dibuat berdasarkan dasar teknis, sesuai are formed on sound technical bases, in
dengan peraturan perpajakan. Oleh karena itu, compliance with the tax regulations. Accordingly,
manajemen berkeyakinan bahwa tidak ada akrual management believes that no additional accruals
tambahan untuk potensi liabilitas pajak for potential income tax liabilities is necessary.
penghasilan yang diperlukan. Penelaahan tersebut The assessment relies on estimates and
didasarkan atas estimasi dan asumsi dan assumptions and may involve judgment about
melibatkan pertimbangan akan kejadian di masa future events. New information may become
depan. Informasi baru mungkin dapat tersedia yang available that causes management to change its
menyebabkan manajemen mengubah judgement. Such changes will impact tax expense
pertimbangannya. Perubahan tersebut akan in the period in which such determination is made.
mempengaruhi beban pajak di periode dimana
penentuan tersebut dibuat.
8. PINJAMAN 8. BORROWINGS
31 Desember/ 31 Desember/
December 2024 December 2023
Pinjaman bank 3.203.515 930.400 Bank loans
Akrual beban bunga 28.602 4.140 Accrued interest
Dikurangi: biaya transaksi yang belum Less: unamortized
diamortisasi (18.142) (8.434) transaction costs
3.213.975 926.106
31 Desember/ 31 Desember/
December 2024 December 2023
Dalam ribuan Dalam ribuan
Dolar AS/ Setara Rp/ Dolar AS/ Setara Rp/
In thousands Equivalent In thousands Equivalent
of US Dollar Rp of US Dollar Rp
Pinjaman bank: Bank loans:
Rupiah Rupiah
PT Bank DBS Indonesia - 913.000 - 115.000 PT Bank DBS Indonesia
PT Bank HSBC Indonesia - 765.000 - - PT Bank HSBC Indonesia
PT Bank Permata Tbk. - 700.000 - 300.000 PT Bank Permata Tbk.
Standard Chartered Bank - 415.000 - 130.000 Standard Chartered Bank
Dolar AS US Dollar
PT Bank DBS Indonesia 13.100 211.722 - - PT Bank DBS Indonesia
PT Bank Maybank Indonesia Tbk. 10.500 169.701 - - PT Bank Maybank Indonesia Tbk.
Standard Chartered Bank 1.800 29.092 - - Standard Chartered Bank
ING Bank N.V. - - 25.000 385.400 ING Bank N.V.
25.400 3.203.515 25.000 930.400
Biaya transaksi yang belum Unamortized transaction
diamortisasi (18.142) (8.434) costs
Akrual beban bunga 28.602 4.140 Accrued interest
3.213.975 926.106
Page 142
Ekshibit E/26 Exhibit E/26
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
8. PINJAMAN (lanjutan) 8. BORROWINGS (continued)
Ikhtisar perjanjian pinjaman bank: Summary of bank loans’ agreement:
Tanggal Batas maksimum
Entitas/ perjanjian/ kredit/ Jangka waktu fasilitas/
Bank Deskripsi/Description
Entity Agreement Maximum credit Duration of facilities
date limit
Perusahaan/ PT Bank 11 September USD20.000.000 Fasilitas ini tersedia selama Fasilitas revolving pinjaman
The Company HSBC 2014 dan dapat ditarik satu tahun sejak tanggal jangka pendek/Revolving
Indonesia dalam Rupiah/ and perjanjian ditandatangani dan short term loan facility
can be drawdown akan diperpanjang untuk
in Rupiah periode setiap 12 bulan dan
Tujuan dari pinjaman ini
akan terus berlaku hingga Bank
adalah untuk pendanaan/ The
secara tertulis membatalkan,
purpose of this borrowing is
menghentikan, atau
for financing.
membebaskan Debitur dari
kewajibannya sesuai dengan
perjanjian, jangka waktu Fasilitas ini masih tersedia
untuk setiap penarikan dan nilai yang terutang pada
pinjaman adalah 1, 3 dan tanggal 31 Desember 2024
6 bulan sejak pencairan/The dan 2023 adalah masing-
facility is available for one masing sebesar Rp265.000
year from the date of the dan Rp nil. /This facility is
agreement signed and shall be still available and the
extended for every 12 months outstanding balance as of
period and shall continue to 31 December 2024 and 2023
be applicable until the Bank were Rp265.000 and Rp nil,
cancel, cease, or discharge in respectively.
writing the Borrower from its
obligations under the
agreement, with maximum
period for each loan of 1, 3
and 6 months from
disbursement.
Perusahaan/ PT Bank DBS 16 Oktober/ Rp370.000 1 tahun sejak tanggal Fasilitas revolving pinjaman
Indonesia dan/and perjanjian/1 year from the jangka pendek/Revolving
The Company October 2017 date of the agreement. short term loan facility
(yang terakhir USD35.000.000
diubah per (Sebesar Tujuan dari pinjaman ini
tanggal Rp370.000 dan adalah untuk pendanaan/The
13 Desember USD25.000.000 purpose of this borrowing is
2024/which dari fasilitas ini for financing.
last amended bergantung pada
on 13 jumlah deposito Nilai pinjaman yang terutang
December yang tersedia di pada tanggal 31 Desember
2024) entitas anak pada 2024 adalah sebesar
saat pencairan Rp413.000 dan USD13.100.000
pinjaman/ dan pada tanggal
Amounting of 31 Desember 2023 adalah
Rp370,000 and sebesar Rp 115.000. /The
USD25,000,000 outstanding borrowing as of
from this facility 31 December 2024 was
depends on the Rp413.000 and USD13,100,000
amount of and as of 31 December 2023
deposits available was Rp115,000.
in the subsidiary
upon disbursement
of the loan).
Page 143
Ekshibit E/27 Exhibit E/27
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
8. PINJAMAN (lanjutan) 8. BORROWINGS (continued)
Ikhtisar perjanjian pinjaman bank: (lanjutan) Summary of bank loans’ agreement: (continued)
Tanggal Batas maksimum
Entitas/ perjanjian/ kredit/ Jangka waktu fasilitas/
Bank Deskripsi/Description
Entity Agreement Maximum credit Duration of facilities
date limit
Perusahaan/ Standard 26 Maret/ USD50.000.000 dan Fasilitas ini tersedia selama Fasilitas revolving pinjaman
Chartered dapat ditarik dalam satu tahun sejak tanggal jangka pendek/Revolving short
The March 2020
Bank (SCB) Rupiah/ and can be perjanjian ditandatangani dan
Company (yang terakhir term loan facility
drawdown in Rupiah akan diperpanjang untuk
diubah per
periode setiap 12 bulan. Pada
tanggal (Sebesar akhir periode ketersediaan, Tujuan dari pinjaman ini adalah
11 Oktober USD40.000.000 dari SCB berdasarkan
2024/which untuk pendanaan/ The purpose
fasilitas ini kebijaksanaannya sewaktu-
last amended of this borrowing is for
bergantung pada waktu berhak melanjutkan
on 11 October fasilitas untuk 12 bulan financing.
saldo yang tersedia
2024) berikutnya atau
di rekening entitas
anak pada saat membatalkannya. Jangka Nilai pinjaman yang terutang
waktu maksimal untuk setiap pada tanggal 31 Desember 2024
pencairan
pinjaman adalah 3 bulan adalah sebesar Rp415.000 dan
pinjaman/ sejak pencairan/The facility
Amounting of USD1.800.000 dan pada tanggal
is available for one year from 31 Desember 2023 adalah
USD40,000,000 from the date of the agreement sebesar Rp130.000. / The
this facility depends signed and shall be extended outstanding borrowing as of 31
on the available for every 12 months period. December 2024 was Rp415,000
balance in the At the end of availability and USD1,800,000 and as of
subsidiary’s account period, SCB at its own 31 December 2023 was
upon disbursement discretion has the right to Rp130,000.
continue the facility for
of the loan).
another 12 months or cancel
the facility. The maximum
period for each loan is
3 months from disbursement.
Perusahaan/ PT Bank 21 Desember/ Rp750.000 5 tahun sejak tanggal Fasilitas pinjaman
Permata perjanjian / berjangka/Term loan facility
The December 5 years from the date of the
Tbk. 2020
Company agreement. Tujuan dari pinjaman ini adalah
pembiayaan investasi dan/atau
pembayaran kembali
pinjaman/The purpose of this
borrowing is for financing
investment and/or loan
repayments.
Fasilitas ini sudah dilunasi
seluruhnya oleh Perusahaan
pada bulan Juli 2024 sedangkan
nilai yang terutang pada tanggal
31 Desember 2023 adalah
sebesar Rp300.000. / This
facility has been fully paid by
the Company in July 2024,
meanwhile the outstanding
borrowing as of 31 December
2023 was Rp300,000.
Perusahaan/ ING Bank 19 Januari/ USD40.000.000 5 tahun sejak tanggal Fasilitas pinjaman
The N.V. January perjanjian / berjangka/Term loan facility
2023 5 years from the date of the
Company agreement. Tujuan dari pinjaman ini adalah
untuk pendanaan umum/The
purpose of this borrowing is for
general financing.
Fasilitas ini sudah dilunasi
seluruhnya oleh Perusahaan
pada bulan Juni 2024 sedangkan
nilai yang terutang pada tanggal
31 Desember 2023 adalah
sebesar USD25.000.000. / This
facility has been fully paid by
the Company in June 2024,
meanwhile the outstanding
borrowing as of 31 December
2023 was USD25,000,000.
Page 144
Ekshibit E/28 Exhibit E/28
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
8. PINJAMAN (lanjutan) 8. BORROWINGS (continued)
Ikhtisar perjanjian pinjaman bank: (lanjutan) Summary of bank loans’ agreement: (continued)
Tanggal Batas maksimum
Entitas/ perjanjian/ kredit/ Jangka waktu fasilitas/
Bank Deskripsi/Description
Entity Agreement Maximum credit Duration of facilities
date limit
Perusahaan/ PT Bank HSBC 18 Januari/ IDR500.000 5 tahun sejak tanggal penarikan Fasilitas pinjaman
The Company Indonesia January pertama / berjangka/Term loan facility
2024 5 years from the first utilization
date. Tujuan dari pinjaman ini
adalah untuk investasi dan
pendanaan umum/The
purpose of this borrowing is
for investment and general
purposes.
Nilai pinjaman yang
terutang pada tanggal
31 Desember 2024 adalah
sebesar Rp500.000. / The
outstanding balance as of
31 December 2024 was
Rp500,000.
Perusahaan/ PT Bank 31 Januari/ IDR700.000 5 tahun sejak tanggal perjanjian Fasilitas pinjaman
The Company Permata Tbk. January / 5 years from the agreement berjangka/Term loan facility
2024 date.
Tujuan dari pinjaman ini
adalah untuk investasi dan
pendanaan umum/The
purpose of this borrowing is
for investment and general
purposes.
Nilai pinjaman yang terutang
pada tanggal 31 Desember
2024 adalah sebesar
Rp700.000. / The outstanding
balance as of 31 December
2024 was Rp700,000.
Perusahaan/ PT Bank DBS 5 Februari/ IDR500.000 5 tahun sejak tanggal penarikan Fasilitas pinjaman
The Company Indonesia February pertama/ berjangka/Term loan facility
2024 5 years from the first utilization
date.
Tujuan dari pinjaman ini
adalah untuk investasi dan
pendanaan umum/The
purpose of this borrowing is
for investment and general
purposes.
Nilai pinjaman yang terutang
pada tanggal 31 Desember
2024 adalah sebesar
Rp500.000. / The outstanding
balance as of 31 December
2024 was Rp500,000.
Page 145
Ekshibit E/29 Exhibit E/29
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
8. PINJAMAN (lanjutan) 8. BORROWINGS (continued)
Ikhtisar perjanjian pinjaman bank: (lanjutan) Summary of bank loans’ agreement: (continued)
Tanggal Batas maksimum
Entitas/ perjanjian/ kredit/ Jangka waktu fasilitas/
Bank Deskripsi/Description
Entity Agreement Maximum credit Duration of facilities
date limit
Perusahaan/ PT Bank 4 Desember / Rp250.000 1 tahun sejak tanggal 4 Fasilitas revolving pinjaman
The Company Maybank December 2024 Desember 2024 / jangka pendek/Revolving
Indonesia 1 years from 4 December 2024. short term loan facility
Tbk.
Tujuan dari pinjaman ini
adalah untuk pendanaan
umum Perusahaan/The
purpose of this borrowing is
for general corporate
purposes.
Nilai pinjaman yang
terutang pada tanggal
31 Desember 2024 adalah
sebesar USD10.500.000. /
The outstanding balance as
of 31 December 2024 was
USD10,500,000.
Kisaran suku bunga kontraktual atas pinjaman The range of contractual interest rates on the
Perusahaan yang diberikan oleh Bank adalah sebagai Company’s borrowings provided by the Banks are as
berikut: follows:
2024 2023
Rupiah 6,75% - 7,88%, JIBOR + 0,20% - 3,35% Rupiah
JIBOR + 1,50%
Dolar AS 6,00% - 6,15%, SOFR, LIBOR + 3,25% - US Dollar
SOFR + 3,45% 3,58%
Ringkasan perubahan pinjaman selama periode Summary of changes in borrowings during the period is
berjalan adalah sebagai berikut: as follows:
2024 2023
Saldo awal 926.106) 1.544.224) Beginning balance
Penerimaan dari pinjaman bank 3.532.569) 1.117.605) Receipt from bank loans
Pembayaran pinjaman bank (1.294.625) (1.708.330) ) Repayments of bank loans
Perubahan saldo akrual beban Change in accrued interest
bunga 24.462) (292) balance
Perubahan saldo biaya transaksi ) Change in unamortized
yang belum diamortisasi (9.708)) 2.944) transaction costs balance
Effect of changes in exchange
Pengaruh perubahan selisih kurs 35.171) (30.045) rate
Saldo akhir 3.213.975) 926.106) Ending balance
Persyaratan pinjaman Covenants
Grup diwajibkan oleh krediturnya untuk memenuhi The Group is required by the lenders to comply with
persyaratan pinjaman tertentu, seperti batasan rasio certain covenants, such as financial ratio covenants and
keuangan dan persyaratan administrasi tertentu. certain administrative requirements.
Pinjaman terhutang dijamin dengan sebagian saham The outstanding loans are secured by pledges of TBIG,
TBIG, MPMX, MDKA dan/atau ADRO, yang dimiliki MPMX, MDKA and/or ADRO shares, owned (directly or
(secara langsung atau tidak langsung) oleh indirectly) by the Company. The Company is also
Perusahaan. Perusahaan juga diwajibkan untuk required to maintain a certain minimum investment
mempertahankan nilai pasar investasi minimum market value to debt.
tertentu terhadap pinjaman.
Page 146
Ekshibit E/30 Exhibit E/30
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
9. MODAL SAHAM 9. SHARE CAPITAL
Susunan pemegang saham Perusahaan dan The composition of the shareholders of the Company and
kepemilikannya pada tanggal 31 Desember 2024 dan their respective ownership interests as of 31 December
2023 adalah sebagai berikut: 2024 and 2023 are as follows:
2024
Ditempatkan dan disetor penuh/
Issued and fully paid-up
Persentase
kepemilikan/
Saham/ Percentage Jumlah/
Shares of ownership Amount
PT Unitras Pertama 4.438.610.000 32,72 88.772 PT Unitras Pertama
Edwin Soeryadjaya 4.857.467.590 35,81 97.149 Edwin Soeryadjaya
Sandiaga S. Uno 2.917.827.145 21,51 58.357 Sandiaga S. Uno
Michael W.P. Soeryadjaya 5.228.500 0,04 105 Michael W.P. Soeryadjaya
Devin Wirawan 7.251.400 0,05 145 Devin Wirawan
Lany Djuwita 5.738.600 0,04 115 Lany Djuwita
Masyarakat 1.312.404.665 9,68 26.248 Public
13.544.527.900 99,85 270.891
Saham tresuri 20.307.100 0,15 406 Treasury stock
13.564.835.000 100,00 271.297
2023
Ditempatkan dan disetor penuh/
Issued and fully paid-up
Persentase
kepemilikan/
Saham/ Percentage Jumlah/
Shares of ownership Amount
PT Unitras Pertama 4.438.610.000 32,72 88.772 PT Unitras Pertama
Edwin Soeryadjaya 4.734.127.090 34,90 94.683 Edwin Soeryadjaya
Sandiaga S. Uno 2.917.827.145 21,51 58.357 Sandiaga S. Uno
Michael W.P. Soeryadjaya 4.914.300 0,04 98 Michael W.P. Soeryadjaya
Devin Wirawan 6.419.900 0,05 128 Devin Wirawan
Lany Djuwita 4.901.900 0,04 98 Lany Djuwita
Masyarakat 1.429.695.665 10,53 28.594 Public
13.536.496.000 99,79 270.730
Saham tresuri 28.339.000 0,21 567 Treasury stock
13.564.835.000 100,00 271.297
Undang-Undang Perseroan Terbatas Republik Indonesia The Limited Liability Company Law of the Republic of
mengharuskan pembentukan cadangan umum dari laba Indonesia requires the establishment of a general
neto sejumlah minimal 20% dari jumlah modal yang reserve from net income amounting to at least 20% of
ditempatkan dan disetor penuh. Cadangan umum ini the Company’s issued and paid up capital. This general
disajikan sebagai saldo laba dicadangkan pada laporan reserve is disclosed as appropriated retained earnings in
posisi keuangan konsolidasian. Tidak ada batasan waktu the consolidated statement of financial position. There
untuk membentuk cadangan tersebut. is no time limit on the establishment of the reserve.
Berdasarkan Rapat Umum Pemegang Saham Tahunan Based on the Annual General Shareholders Meetings
tanggal 16 Mei 2024, pemegang saham menetapkan dated 16 May 2024, the shareholders approved the
cadangan umum sebesar Rp5.000 dari saldo laba tahun general reserve amounting to Rp5,000 of the statutory
2023. reserve from retained earnings in 2023.
Berdasarkan Rapat Umum Pemegang Saham Tahunan Based on the Annual General Shareholders Meetings
tanggal 15 Mei 2023, pemegang saham menetapkan dated 15 May 2023, the shareholders approved the
cadangan umum sebesar Rp5.000 dari laba tahun 2022. general reserve amounting to Rp5,000 of the statutory
reserve from earnings in 2022.
Page 147
Ekshibit E/31 Exhibit E/31
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
9. MODAL SAHAM (lanjutan) 9. SHARE CAPITAL (continued)
Saham Tresuri Treasury Stock
Selama tahun 2023, Perusahaan telah melakukan During 2023, the Company bought back 2,923,700 shares
pembelian kembali sebanyak 2.923.700 saham dengan for a total purchase price of Rp5,204. In addition, during
nilai pembelian sebesar Rp5.204. Selain itu, selama 2024 and 2023, the Company also distributed 8,031,900
tahun 2024 dan 2023 Perusahaan juga membagikan shares and 22,647,400 shares to its employees with
sebanyak 8.031.900 saham dan 22.647.400 saham regards to the implementation of Long Term Incentive
kepada karyawan Perusahaan sehubungan dengan Program for a total distribution price of Rp5,264 and
Program Insentif Jangka Panjang Perusahaan dengan Rp14,443, respectively.
jumlah nilai distribusi sebesar Rp5.264 dan Rp14.443.
Per tanggal 31 Desember 2024 dan 2023, jumlah saham As of 31 Desember 2024 and 2023, the Company’s
tresuri Perusahaan adalah sebanyak 20.307.100 saham treasury shares amounted 20,307,100 shares and
dan 28.339.000 saham senilai Rp13.310 dan Rp18.574. 28,339,000 shares of Rp13,310 and Rp18,574,
respectively.
Pembagian Dividen kepada Pemegang Saham Dividend Distribution to Shareholders
Pada Rapat Umum Pemegang Saham Tahunan tanggal At the Annual General Shareholders Meeting on
16 Mei 2024, Perusahaan mengumumkan pembagian 16 May 2024, the Company declared a distribution of cash
dividen tunai senilai Rp297.803 (Rp22 (Rupiah penuh) dividends amounting to Rp297,803 (Rp22 (whole Rupiah)
per saham) yang dibagikan pada tanggal 14 Juni 2024. per share) which was distributed on 14 June 2024.
Pada Rapat Umum Pemegang Saham Tahunan tanggal At the Annual General Shareholders Meeting on
15 Mei 2023, Perusahaan mengumumkan pembagian 15 May 2023, the Company declared a distribution of cash
dividen tunai senilai Rp1.013.638 (Rp75 (Rupiah penuh) dividends amounting to Rp1,013,638 (Rp75 (whole Rupiah)
per saham) yang dibagikan pada tanggal 14 Juni 2023. per share) which was distributed on 14 June 2023.
10. TAMBAHAN MODAL DISETOR 10. ADDITIONAL PAID-IN CAPITAL
Setoran modal saham 73.729 Share capital payments
Penawaran umum saham perdana 1.465.004 Initial public offering
Biaya penerbitan saham (69.035) Share issuance costs
Amnesti pajak 86.519 Tax amnesty
Restructuring transactions between
Restrukturisasi entitas sepengendali 3.628.493 entities under common control
5.184.710
11. KEPENTINGAN NONPENGENDALI 11. NON-CONTROLLING INTERESTS
Rincian bagian kepentingan nonpengendali atas The detail of non-controlling interests’ share in equity of
ekuitas entitas anak yang dikonsolidasi adalah sebagai the consolidated subsidiaries is as follows:
berikut:
31 Desember / 31 Desember /
December 2024 December 2023
Saldo awal 79.601 904 Beginning balance
Setoran modal kepentingan Capital contribution from non-controlling
nonpengendali 24.505 78.059 interest
Peningkatan kepemilikan di entitas anak Ownership increase in a subsidiary
yang tidak merubah pengendalian (78.737) - without a change in control
Bagian atas laba (rugi) komprehensif 1.299 (39) Share in comprehensive gain (loss)
Komponen ekuitas lainnya 43 677 Other equity components
26.711 79.601
Page 148
Ekshibit E/32 Exhibit E/32
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
11. KEPENTINGAN NONPENGENDALI (lanjutan) 11. NON-CONTROLLING INTERESTS (continued)
Entitas anak lainnya
dengan kepentingan
nonpengendali tidak
material/Other
subsidiaries with
immaterial non-
IIR Propco*) controlling interest Jumlah/Total
31 Desember 2024: 31 December 2024:
Persentase kepemilikan kepentingan Non-controlling interest’s
nonpengendali 6,2686% - percentage of ownership
Aset 370.161 - Assets
Liabilitas (5.843) - Liabilities
Aset neto yang diatribusikan kepada pemilik Net assets attributable to
Perusahaan 364.318 - owners of the Company
Net assets attributable to
Aset neto milik kepentingan nonpengendali 22.838 - 3.873 26.711 non-controlling interest
*) Kepentingan nonpengendali di Propco nil karena pengembalian modal ke kepentingan *) The non-controlling interest in Propco is nil due to capital refund to a non-
nonpengendali controlling interest
Entitas anak lainnya
dengan kepentingan
nonpengendali tidak
material/Other
subsidiaries with
immaterial non-
WBSM Propco controlling interest Jumlah/Total
31 Desember 2023: 31 December 2023:
Persentase kepemilikan kepentingan Non-controlling interest’s
nonpengendali 26,32% 20,00% percentage of ownership
Aset 2.823 393.859 Assets
Liabilitas - (176) Liabilities
Aset neto yang diatribusikan kepada pemilik Net assets attributable to
Perusahaan 2.823 393.683 owners of the Company
Net assets attributable to
Aset neto milik kepentingan nonpengendali 743 78.737 121 79.601 non-controlling interest
12. PENGHASILAN 12. INCOME
a. Keuntungan (kerugian) neto atas investasi pada a. Net gain (loss) on investment in shares and other
saham dan efek lainnya securities
31 Desember/ 31 Desember/
December 2024 December 2023
Blue Chip 2.364.308 (13.523.198 ) Blue Chip
Perusahaan berkembang (590.134 ) (201.133 ) Growth focused
Teknologi digital (265.765) (71.730 ) Digital technology
Lainnya (30.222) (15.006) Other
1.478.187 (13.811.067 )
b. Penghasilan dividen dan bunga b. Dividend and interest income
31 Desember/ 31 Desember/
December 2024 December 2023
Dividen 3.786.644 2.783.492 Dividend
Pendapatan bunga 62.459 24.540 Interest income
3.849.103 2.808.032
Page 149
Ekshibit E/33 Exhibit E/33
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
13. BEBAN USAHA 13. OPERATING EXPENSES
31 Desember/ 31 Desember/
December 2024 December 2023
Gaji karyawan dan kompensasi Employees’ salaries and
lainnya 127.575 113.548 other compensation
Jasa tenaga ahli 58.867 46.091 Professional fees
Pembayaran berbasis saham 18.625 34.904 Employee stock option
Sewa 14.416 13.984 Rental
Kantor 8.736 8.198 Office
Donasi 1.237 1.491 Donation
Penyusutan aset tetap 1.219 1.264 Depreciation of fixed assets
Perjalanan 328 997 Travelling
Lainnya 1.421 1.667 Other
232.424 222.144
14. LABA (RUGI) PER SAHAM 14. EARNING (LOSS) PER SHARE
a. Laba (rugi) per saham dasar a. Basic earning (loss) per share
Laba (rugi) per saham dasar dihitung dengan cara Basic earning (loss) per share is calculated by dividing
membagi laba (rugi) neto yang dapat diatribusikan net profit (loss) attributable to owners of the Company
kepada pemilik Perusahaan dengan rata-rata by the weighted average of ordinary shares
tertimbang saham biasa yang beredar selama tahun outstanding during the year.
berjalan.
31 Desember/ 31 Desember/
December 2024 December 2023
Laba (rugi) neto yang dapat
diatribusikan kepada pemilik Net profit (loss) attributable
Perusahaan 3.290.197 (10.149.771) to owners of the Company
Rata-rata tertimbang saham Weighted average number of
biasa yang beredar 13.540.511.950 13.524.783.164 ordinary shares issued
Laba (rugi) per saham dasar
yang dapat diatribusikan Basic earning (loss) per share
kepada pemilik Perusahaan attributable to owners of the
(Rupiah penuh) 243 (750) Company (whole Rupiah)
b. Laba (rugi) per saham dilusian b. Diluted earning (loss) per share
Perhitungan laba (rugi) per saham dilusian telah The calculation of diluted earning (loss) per share has
didasarkan pada laba (rugi) neto yang dapat been based on the following net profit (loss)
diatribusikan kepada pemilik Perusahaan dan attributable to owners of the Company and weighted-
jumlah rata-rata tertimbang saham biasa yang average number of ordinary shares outstanding after
beredar setelah penyesuaian atas dampak dari adjustments for the effects of all dilutive potential
semua instrumen berpotensi saham biasa yang ordinary shares.
bersifat dilutif.
31 Desember/ 31 Desember/
December 2024 December 2023
Laba (rugi) neto yang dapat
diatribusikan kepada Net profit (loss) attributable
pemilik Perusahaan 3.290.197 (10.149.771) to owners of the Company
Rata-rata tertimbang saham
biasa yang beredar setelah
penyesuaian atas Weighted average number of
dampak dari semua instrumen ordinary shares outstanding after
berpotensi saham biasa yang adjustments for the effects of all
bersifat dilutif 13.730.275.756 13.702.479.761 dilutive potential ordinary shares
Laba (rugi) per saham dilusian
yang dapat diatribusikan Dilutive earning (loss) per share
kepada pemilik Perusahaan attributable to owners of
(Rupiah penuh) 240 (741) the Company (whole Rupiah)
Page 150
Ekshibit E/34 Exhibit E/34
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
15. SIFAT HUBUNGAN, SALDO DAN TRANSAKSI DENGAN 15. NATURE OF RELATIONSHIP, BALANCES AND
PIHAK-PIHAK BERELASI TRANSACTIONS WITH RELATED PARTIES
Ikhtisar transaksi dan saldo dengan Summary of transactions and balances with related
pihak-pihak berelasi adalah sebagai berikut: parties are as follows:
Persentase terhadap jumlah aset konsolidasian/
Percentage to total consolidated assets
31 Desember/ 31 Desember/ 31 Desember/ 31 Desember/
December 2024 December 2023 December 2024 December 2023
Piutang/receivables:
Rupiah
PT Mulia Gunung Mas 80.913 80.913 0,14% 0,16%
PT Adaro Strategic Investments 8.550 - 0,01% -
Piutang dividen/Dividend receivables:
PT Adaro Strategic Capital 274.682 526.221 0,47% 1,03%
PT Alamtri Resources Indonesia Tbk. 125.525 234.955 0,22% 0,46%
(sebelumnya/previously
PT Adaro Energy Indonesia Tbk.)
PT Adaro Strategic Lestari 109.457 209.767 0,19% 0,41%
Jumlah/Total 599.127 1.051.856 )
31 Desember/ 31 Desember/
December 2024 December 2023
Pendapatan bunga: Interest income:
PT Mulia Gunung Mas 9.470 6.424 PT Mulia Gunung Mas
Pendapatan dividen: Dividend income:
PT Alamtri Resources Indonesia Tbk. PT Alamtri Resources Indonesia Tbk.
(sebelumnya PT Adaro Energy (previously PT Adaro Energy Indonesia
Indonesia Tbk.) 1.967.155 517.845 Tbk.)
PT Adaro Strategic Capital 825.398 1.158.544 PT Adaro Strategic Capital
PT Adaro Strategic Lestari 328.988 461.828 PT Adaro Strategic Lestari
PT Mitra Pinasthika Mustika Tbk. 290.960 341.561 PT Mitra Pinasthika Mustika Tbk.
Bersama Digital Infrastructure Asia Bersama Digital Infrastructure Asia Pte.
Pte. Ltd. 246.160 162.461 Ltd.
PT Tower Bersama Infrastructure Tbk 116.795 126.624 PT Tower Bersama Infrastructure Tbk.
Jumlah 3.775.456 2.768.863 Total
Tabel berikut mengikhtisarkan transaksi dan saldo yang The following table summarizes the transactions and
tereliminasi pada saat proses konsolidasi: balances which were eliminated in the consolidation
process:
31 Desember/ 31 Desember/
December 2024 December 2023
Uang muka penyertaan saham: Advances for investment in shares:
PT Surya Nuansa Ceria 39.900 - PT Surya Nuansa Ceria
PT Trimitra Karya Jaya 8.550 - PT Trimitra Karya Jaya
PT Lintas Indonesia Sejahtera 201 - PT Lintas Indonesia Sejahtera
Jumlah 48.651 - Total
31 Desember/ 31 Desember/
December 2024 December 2023
Pendapatan dividen: Dividend income:
PT Wahana Anugerah Sejahtera 63.808 158.353 PT Wahana Anugerah Sejahtera
PT Saratoga Sentra Business 54.431 - PT Saratoga Sentra Business
Jumlah 118.239 158.353 Total
Perusahaan memberikan remunerasi kepada anggota The Company provided remuneration to member of
Komisaris dan Direksi Perusahaan (Personel Manajemen Commissioners and Directors of the Company (Key
Kunci) berupa gaji dan tunjangan dengan jumlah Management Personnel) in the form of salaries and other
keseluruhan masing-masing sebesar Rp34.416 dan benefits totaling Rp34,416 and Rp41,633 for the years
Rp41.633 untuk tahun yang berakhir pada tanggal ended 31 December 2024 and 2023, respectively.
31 Desember 2024 dan 2023.
Page 151
Ekshibit E/35 Exhibit E/35
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
15. SIFAT HUBUNGAN, SALDO DAN TRANSAKSI DENGAN 15. NATURE OF RELATIONSHIP, BALANCES AND
PIHAK-PIHAK BERELASI (lanjutan) TRANSACTIONS WITH RELATED PARTIES (continued)
Pihak-pihak berelasi dan sifat hubungan adalah sebagai The related parties and the nature of relationships are
berikut: as follows:
Pihak-pihak berelasi/Related parties Sifat hubungan/Nature of relationship
PT Surya Nuansa Ceria Entitas anak/Subsidiary
PT Saratoga Sentra Business Entitas anak/Subsidiary
PT Lintas Indonesia Sejahtera Entitas anak/Subsidiary
PT Trimitra Karya Jaya Entitas anak/Subsidiary
PT Wahana Anugerah Sejahtera Entitas anak/Subsidiary
Lynwood Hills Investment Solution Pte. Ltd. Entitas anak/Subsidiary of PT Wahana Anugerah Sejahtera
Bersama Digital Infrastructure Asia Pte. Ltd. Entitas asosiasi/associate of Lynwood Hills Investment
Solution Pte. Ltd.
PT Mitra Pinasthika Mustika Tbk. Entitas anak/Subsidiary
PT Mulia Bosco Logistik Entitas anak/Subsidiary
PT Mulia Gunung Mas Entitas anak/Subsidiary of PT Mulia Bosco Logistik
PT Adaro Strategic Lestari Entitas asosiasi/Associate
PT Adaro Strategic Capital Entitas asosiasi/Associate
PT Adaro Strategic Investments Entitas anak/Subsidiary of PT Adaro Strategic Capital
PT Alamtri Resources Indonesia Tbk. (sebelumnya Entitas investasi dari pemegang saham akhir/Investment
PT Adaro Energy Indonesia Tbk.) entity of an ultimate shareholder
PT Tower Bersama Infrastructure Tbk. Entitas investasi dari pemegang saham akhir/Investment
entity of an ultimate shareholder
16. INFORMASI SEGMEN 16. SEGMENT INFORMATION
Perusahaan membagi kategori informasi segmen The Company categories the segment information into 3
menjadi 3 (tiga) sektor utama yang merupakan target (three) main sectors which are the investment target of
investasi dari Perusahaan. the Company.
Penetapan segmen ini ditentukan berdasarkan These segments are determined based on the following
pertimbangan sebagai berikut: considerations:
1. Perusahaan Blue Chip 1. Blue Chip Companies
Perusahaan yang masuk di kategori ini adalah Companies included in this category are companies
perusahaan yang memiliki reputasi nasional, baik that have a national reputation, both in terms of
dari sisi kualitas, kemampuan serta keandalan quality, ability and reliability to operate profitably
untuk beroperasi yang menguntungkan dalam in various economic situations with good or bad
berbagai situasi ekonomi dengan keadaan baik conditions, usually listed as part of LQ45 in the
maupun buruk, biasanya masuk sebagai bagian Indonesia Stock Exchange.
LQ45 di Bursa Efek Indonesia.
2. Perusahaan Berbasis Teknologi Digital 2. Digital Technology Companies
Perusahaan yang didefinisikan di sini adalah Companies defined here are companies that place an
perusahaan dengan penekanan pada digitalisasi emphasis on digitizing business processes and
proses bisnis dan jasa melalui teknologi dan sistem services through sophisticated information
informasi yang canggih. technology and systems.
3. Perusahaan Berkembang 3. Growth Focused Companies
Perusahaan yang masuk di kategori ini adalah Companies that included in this category are
perusahaan yang masih dalam proses berkembang companies that are still in the process of developing
baik dari sisi pendapatan, maupun penambahan both in terms of income, as well as increasing the
jumlah tenaga kerja agar bisa menjadi besar di number of workers so that they can become bigger
masa yang akan datang. in the future.
Page 152
Ekshibit E/36 Exhibit E/36
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
16. INFORMASI SEGMEN (lanjutan) 16. SEGMENT INFORMATION (continued)
Informasi segmen operasi Grup tahun yang berakhir The Group’s operating segment information for the
31 Desember 2024 dan 2023 adalah sebagai berikut: years ended 31 December 2024 and 2023 was as follows:
Teknologi Perusahaan
digital/ berkembang/
Digital Growth Lain-lain/ Jumlah/
31 Desember 2024 Blue Chip technology focused Others Total 31 December 2024
Penghasilan (kerugian) Income (loss)
(Catatan 12a dan 12b) 5.848.803 (265.765) (287.986 ) 32.238 5.327.290 (Note 12a and 12b)
Aset segmen dilaporkan 45.517.065 933.841 7.392.667 3.998.284 57.841.857 Reportable segment assets
Teknologi Perusahaan
digital/ berkembang/
Digital Growth Lain-lain/ Jumlah/
31 Desember 2023 Blue Chip technology focused Others Total 31 December 2023
Penghasilan (kerugian) Income (loss)
(Catatan 12a dan 12b) (11.095.896 ) (71.730 ) 155.056 9.535 (11.003.035) (Note 12a and 12b)
Aset segmen dilaporkan 41.213.477 1.177.199 6.394.939 2.159.505 50.945.120 Reportable segment assets
Penghasilan terdiri dari keuntungan neto atas investasi Income comprised of net gain on investments in shares and
pada saham dan efek lainnya serta penghasilan dividen other securities as well as dividend and interest income.
dan bunga.
Lokasi operasi komersial investee dari semua investasi The underlying investee’s commercial operation of the
Grup sebagian besar berada di Indonesia. Group’s investments are mainly in Indonesia.
17. NILAI WAJAR INSTRUMEN KEUANGAN 17. FAIR VALUE OF FINANCIAL INSTRUMENTS
Tabel di bawah menunjukkan nilai tercatat dan nilai The following table shows the carrying amounts and fair
wajar aset dan liabilitas keuangan, termasuk levelnya values of financial assets and liabilities, including their
dalam hirarki nilai wajar. Informasi di dalam tabel tidak levels in the fair value hierarchy. It does not include fair
termasuk nilai wajar aset dan liabilitas keuangan yang value information for financial assets and financial
tidak diukur pada nilai wajar, yang nilai tercatatnya liabilities not measured at fair value if the carrying
diperkirakan mendekati nilai wajarnya. amount is a reasonable approximation of fair value.
Nilai tercatat/
Carrying amount Nilai wajar/Fair value
Nilai wajar melalui
laba rugi/ Fair value
31 Desember/December 2024 through profit or loss Biaya/Cost Level 1 Level 2 Level 3
Investasi pada saham (Catatan 5)/
Investments in shares (Note 5) 51.912.192 1.732.305 20.734.958 27.530.609 1.914.320
Investasi pada efek lainnya (Catatan 6)/
Investments in other securities (Note 6) 3.633.699 928.786 2.009 961.153 1.741.751
31 Desember/December 2023
Investasi pada saham (Catatan 5)/
Investments in shares (Note 5) 46.680.205 336.644 23.902.147 20.823.488 1.617.926
Investasi pada efek lainnya (Catatan 6)/
Investments in other securities (Note 6) 2.327.940 392.447 2.030 614.488 1.318.975
Perhitungan nilai wajar diatas menggunakan beberapa The calculation of the fair value above uses several
metode pendekatan sebagai berikut: methods of approach as follows:
Pendekatan biaya Cost approach
Perusahaan mengkaji bahwa investasi yang baru The Company has assessed that recently acquired
diperoleh dalam 12 bulan terakhir memiliki nilai investment within the last 12 months has acquisition cost
perolehan yang mencerminkan nilai wajar. Selama tidak reflecting fair value. As long as there is no event after
ada peristiwa setelah tanggal perolehan sampai dengan acquisition date to reporting date that indicates
tanggal pelaporan yang mengindikasikan adanya significant changes to its fair value, such as market
perubahan nilai wajar yang signifikan, seperti kontraksi contraction due to the use of obsolete technology or
pasar akibat penggunaan teknologi yang usang atau disruptive innovations, its acquisition cost is the amount
inovasi-inovasi disruptif, nilai perolehan tersebut carried at approximately fair value at reporting date.
merupakan nilai tercatat yang mendekat nilai wajar
pada tanggal pelaporan.
Page 153
Ekshibit E/37 Exhibit E/37
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
17. NILAI WAJAR INSTRUMEN KEUANGAN (lanjutan) 17. FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)
Pendekatan nilai aset neto Net asset value approach
Perusahaan menggunakan nilai tercatat aset neto pada The Company uses the carrying amounts of net assets of
perusahaan investasi dalam menentukan nilai investasi the investees in determining the value of their
mereka. Pendekatan ini saat ini diterapkan di investasi investments. The approach is currently applied to
yang mana investee-nya memiliki aset neto dengan nilai investments in which the investees have significant net
wajar level 1 yang signifikan. assets measured at fair value level 1.
Pendekatan pasar dan pendapatan Market and income approaches
Manajemen menggunakan dua pendekatan yaitu Management uses both income approach (the Discounted
pendekatan pendapatan (analisa arus kas terdiskonto Cash Flow (DCF) analysis) and market approach (based on
(DCF)) dan pendekatan pasar (berdasarkan beberapa several markets of comparable companies) to estimate the
pasar dari perusahaan sejenis) untuk mengestimasi nilai fair value of the investments.
wajar investasi tersebut.
Pendekatan ini diterapkan di investasi yang mana The aproach is applied to investments in which the
investee-nya merupakan perusahaan nonpublik dan investees are non-public companies and have promising
memiliki aktivitas komersial yang menjanjikan. commercial activities.
Investee tersebut bergerak di bidang industri yang These investees are engaged in various industries and have
beragam dan memiliki peluang bisnis, paparan risiko, varying business opportunities, risk exposure, market
profil pasar dan lingkungan persaingan yang juga profile and competitive environment as well. Their fair
bervariasi. Estimasi nilai wajarnya disusun dengan value estimations are prepared by considering many
mempertimbangkan banyak asumsi-asumsi yang unik unique assumptions and relevant to their respective
dan relevan di industri investee terkait. Karenanya, industries. As a result, providing an aggregated disclosure
pengungkapan analisa sensitivitas secara agregat atas of sensitivity analysis on the key inputs used would not be
input penting yang digunakan tidak praktis dan berarti. practiceable nor meaningful.
18. MANAJEMEN RISIKO KEUANGAN 18. FINANCIAL RISK MANAGEMENT
Grup menyadari bahwa risiko merupakan bagian yang The Group realizes that risk is an integral part of its
tidak terpisahkan dari operasional Grup dan dapat operational activities and can be managed practically and
dikelola secara praktis dan efektif setiap hari. effectively day by day.
Pengelolaan risiko Grup mencakup keseluruhan lingkup Risk management within the Group includes overall scope
aktivitas usaha Grup, yang didasarkan pada kebutuhan of business activities within the Group, which is based on
akan keseimbangan antara fungsi operasional bisnis the necessity of balance between business operational
dengan pengelolaan risikonya. Dengan manajemen function and its risk management thereof. With proper
risiko dan kebijakan yang berfungsi baik, maka risk management and policy, risk management will
manajemen risiko akan menjadi mitra strategis bagi become a strategic partner to the business in obtaining
bisnis dalam mendapatkan hasil optimal dari operasi optimal outcomes from the Group’s course of operations.
Grup.
Berbagai aktivitas yang dilakukan membuat Grup The Group’s various activities expose to a variety of
terekspos terhadap berbagai risiko keuangan, termasuk financial risks, including the effects of foreign currency
dampak nilai tukar mata uang asing dan tingkat suku exchange rates and interest rates. The objectives of the
bunga. Tujuan dari manajemen risiko Grup adalah untuk Group’s risk management are to identify, measure,
mengidentifikasi, mengukur, mengawasi, dan mengelola monitor, and manage basic risks in order to safeguard the
risiko dasar dalam upaya melindungi kesinambungan Group's long term business continuity and to minimize
bisnis dalam jangka panjang dan meminimalisasi potential adverse effects on the financial performance of
dampak yang tidak diharapkan pada kinerja keuangan the Group.
Grup.
Page 154
Ekshibit E/38 Exhibit E/38
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
18. MANAJEMEN RISIKO KEUANGAN (lanjutan) 18. FINANCIAL RISK MANAGEMENT (continued)
Grup memiliki eksposur terhadap risiko investasi dan The Group has exposure to investment risk and also the
risiko-risiko atas instrumen keuangan seperti risiko risks from financial instruments, such as credit risk,
kredit, risiko pasar, risiko likuiditas dan risiko market risk, liquidity risk and capital risk.
permodalan.
a. Risiko kredit a. Credit risk
Risiko kredit adalah risiko kerugian yang timbul jika Credit risk is the risk of loss if the Group’s customers
pelanggan Grup gagal memenuhi kewajiban fail to fulfill their contractual obligations. Credit
kontraktualnya. Risiko kredit terutama melekat risk is primarily attributable to its cash and cash
pada kas dan setara kas di bank dan piutang. equivalents in banks and receivables.
Grup menempatkan kas dan setara kas pada The Group put its cash and cash equivalents at
institusi keuangan yang terpercaya yang berada di reputable financial institutions that are subject to
dalam peraturan yang ketat. Karenanya, tidak tight regulations. Therefore, no significant credit
terdapat risiko kredit yang signifikan yang risk factor was identified.
teridentifikasi.
Risiko kredit dikelola terutama melalui penetapan Credit risk is managed primarily through
kebijakan Grup dalam pemberian fasilitas kredit determining the credit policies to mitigate the
untuk mengurangi risiko kredit atas piutang. Saldo credit risk of receivables. Receivable balances are
piutang dimonitor secara berkelanjutan untuk monitored on an ongoing basis to reduce the
mengurangi eksposur terhadap kredit macet. exposure to bad debts.
Eksposur maksimum dari aset keuangan di laporan The maximum exposure of the financial assets in the
posisi keuangan konsolidasian terhadap risiko consolidated statements of financial position is
kredit adalah sama dengan nilai tercatatnya. equal to their carrying amounts.
Konsentrasi risiko kredit dari piutang Grup per The concentration of credit risk of the Group’s
31 Desember 2024 dan 2023 berdasarkan segmen receivables based on operating segments as of
operasi adalah: 31 December 2024 and 2023 are:
31 Desember/ 31 Desember/
December 2024 December 2023
Perusahaan berkembang 80.913 158.498 Growth focused
Blue Chip 518.214 970.943 Blue chip
Lainnya 2.077 126 Others
601.204 1.129.567
Tabel berikut menyajikan rincian aset keuangan The following table presents the detail of
berdasarkan kualitas kreditnya: financial assets by their credit quality:
31 Desember/December 2024
Nilai tercatat/ Penurunan nilai/
Carrying amount Impairment Pokok/Gross
Kas di bank dan setara kas 1.532.623 - 1.532.623 Cash in banks and cash equivalents
Kas yang dibatasi
penggunaannya 1.012 - 1.012 Restricted cash
Piutang 601.204 107.694 708.898 Receivables
2.134.839 107.694 2.242.533
Page 155
Ekshibit E/39 Exhibit E/39
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
18. MANAJEMEN RISIKO KEUANGAN (lanjutan) 18. FINANCIAL RISK MANAGEMENT (continued)
a. Risiko kredit (lanjutan) a. Credit risk (continued)
Tabel berikut menyajikan rincian aset keuangan The following table presents the detail of financial
berdasarkan kualitas kreditnya: assets by their credit quality:
31 Desember/December 2023
Nilai tercatat/ Penurunan nilai/
Carrying amount Impairment Pokok/Gross
Kas di bank dan setara kas 665.215 - 665.215 Cash in banks and cash equivalents
Kas yang dibatasi
penggunaannya 2.501 - 2.501 Restricted cash
Piutang 1.129.567 104.960 1.234.527 Receivables
1.797.283 104.960 1.902.243
Tanggal 31 Desember 2024 dan 2023, tidak terdapat As of 31 December 2024 and 2023, there are no
piutang material yang telah jatuh tempo namun tidak material past due but not impaired receivables.
diturunkan nilainya. Manajemen telah mengkaji Management has assessed that all unimpaired
bahwa seluruh piutang yang tidak diturunkan nilainya receivables remain collectible.
dapat tertagih.
b. Risiko pasar b. Market risk
Grup terekspos terhadap risiko pasar yang berkaitan The Group is exposed to market risk in relation to
dengan perubahan nilai suku bunga dan nilai tukar changes in interest rates and foreign exchange rates
mata uang asing yang akan menyebabkan which may result in decrease in income, or increase
berkurangnya penghasilan, atau bertambahnya in the Group’s cost of capital.
biaya modal Grup.
Risiko nilai tukar mata uang asing Foreign exchange risk
Risiko nilai tukar mata uang asing adalah risiko Foreign exchange rate risk is the risk that the fair
bahwa nilai wajar atau arus kas masa depan value or future cash flows of a financial instrument
instrumen keuangan akan berfluktuasi karena will fluctuate because of changes in foreign
perubahan dalam nilai tukar mata uang. Grup exchange rates. The Group is exposed to foreign
terekspos terhadap pergerakan nilai tukar mata exchange rate risk mainly from the US Dollar
uang asing terutama dari pinjaman bank dalam Dolar denominated loans from banks. This risk is, to some
AS. Risiko ini, sampai pada batas tertentu, dimitigasi extent, mitigated by certain investments and
dengan investasi dan penghasilan dividen dalam dividend income that are denominated in USD.
Dolar AS.
Grup secara aktif menangani risiko mata uang asing The Group is actively addressing the remaining
yang tersisa melalui: foreign exchange risk through:
1. Pembelian US Dolar dari pasar spot melalui bank; 1. Buying USD in spot market through banks; and
dan 2. Seeking other alternative solutions in
2. Mencari solusi alternatif lain dalam mengatasi addressing the risk, i.e a full or partial
risiko, yaitu melalui lindung nilai penuh atau hedging.
sebagian.
Kegiatan ini diambil dalam menjamin kelangsungan These activities are taken in order to safeguard the
hidup jangka panjang Grup dan meminimalisasi Group’s long term continuity and to minimize
dampak yang buruk terhadap kinerja keuangan potential adverse effects on the financial
Grup. performance of the Group.
Page 156
Ekshibit E/40 Exhibit E/40
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
18. MANAJEMEN RISIKO KEUANGAN (lanjutan) 18. FINANCIAL RISK MANAGEMENT (continued)
b. Risiko pasar (lanjutan) b. Market risk (continued)
Risiko nilai tukar mata uang asing (lanjutan) Foreign exchange risk (continued)
Tabel berikut menyajikan posisi keuangan Grup The following table presents the Group’s financial
dalam Dolar AS: position in USD:
31 Desember/ 31 Desember/
Dolar AS December 2024 December 2023 USD
Aset Assets
Kas dan setara kas di bank 52.888.488 34.742.267 Cash and cash equivalents in banks
Kas yang dibatasi penggunaannya 55.267 160.019 Restricted cash
Piutang dan aset lainnya - 5.032.720 Receivables and other assets
52.943.755 39.935.006
Liabilitas Liabilities
Pinjaman (25.487.521) (25.099.269 ) Borrowings
(25.487.521) (25.099.269 )
Laporan posisi keuangan eksposur Net statement of financial position
neto 27.456.234 14.835.737 exposure
Kurs yang digunakan untuk menjabarkan mata uang asing ke The exchange rates used against the Rupiah at the
dalam Rupiah pada tanggal pelaporan adalah sebagai reporting dates were as follows:
berikut:
31 Desember/ 31 Desember/
December 2024 December 2023
1 Dolar Amerika Serikat (Dolar AS/USD) 16.162 15.416 United States Dollar (USD) 1
1 Dolar Singapura (Dolar SG/SGD) 11.919 11.712 Singapore Dollar (SGD) 1
1 Dolar Australia (Dolar AUS/AUD) 10.082 10.565 Australian Dollar (AUD) 1
Menguatnya/melemahnya Rupiah terhadap Dolar AS The strengthening/weakening of the Rupiah against
pada 31 Desember 2024 dan 2023 akan the USD at 31 December 2024 and 2023 would have
mengakibatkan peningkatan atau penurunan ekuitas increased or decreased equity and profit or loss by
dan laba rugi sebesar jumlah yang ditunjukkan di the amounts shown below, assuming all other
bawah ini, dengan asumsi seluruh variabel lainnya variables held constant.
tetap.
31 Desember/ 31 Desember/
December 2024 December 2023
Rupiah menguat 10% Rupiah strengthens by 10%
Ekuitas [naik (turun) 34.612 17.839) Equity [increase (decrease)]
Profit or loss [increase
Laba rugi [naik (turun)] 34.612 17.839) (decrease)]
Rupiah melemah 10% Rupiah weakens by 10%
Ekuitas [naik (turun) (34.612) (17.839) Equity [increase (decrease)]
Profit or loss [increase
Laba rugi [naik (turun)]
(34.612) (17.839) (decrease)]
Risiko suku bunga Interest rate risk
Risiko suku bunga Grup timbul dari pinjaman bank The Group’s interest rate risk arises from bank
dan fasilitas kredit yang diterbitkan dengan dasar loans and credit facilities issued at floating
suku bunga mengambang. Oleh karena itu, Grup interest rates. Accordingly, the Group has an
memiliki eksposur atas fluktuasi arus kas yang exposure to fluctuation in cash flows due to
diakibatkan oleh perubahan suku bunga yang changes in interest rates, which is partially offset
sebagian dihapuskan oleh suku bunga mengambang with floating interest rates from cash and cash
dari kas dan setara kas, piutang non-usaha dan kas equivalents, non-trade receivables and restricted
yang dibatasi penggunaannya. Grup mengelola cash. The Group manages interest income through
penghasilan bunga melalui kombinasi antara suku a mix of fixed and floating interest rates of cash
bunga tetap dan mengambang untuk kas dan setara and cash equivalents (including time deposits),
kas (termasuk deposito berjangka), piutang non- non-trade receivables, and restricted cash and
usaha, dan kas yang dibatasi penggunaannya dan makes comparison of such rates in the relevant
membuat perbandingan tingkat suku bunga dengan financial markets. A change of 1% in interest rate
yang ada di pasar keuangan. Perubahan 1% pada on the outstanding loans in US Dollar and Rupiah at
tingkat bunga atas pinjaman Dolar AS dan Rupiah di the end of reporting period with all other variables
akhir periode pelaporan, dimana semua variabel remain constant, would have increased or
lain tetap sama, akan mengakibatkan peningkatan decreased equity and profit after income tax by
atau penurunan ekuitas dan laba setelah pajak Rp24,987 as of 31 December 2024 and Rp7,257 as
penghasilan sebesar Rp24.987 per tanggal of 31 December2023.
31 Desember 2024 dan Rp7.257 per tanggal
31 Desember 2023.
Page 157
Ekshibit E/41 Exhibit E/41
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
18. MANAJEMEN RISIKO KEUANGAN (lanjutan) 18. FINANCIAL RISK MANAGEMENT (continued)
c. Risiko likuiditas c. Liquidity risk
Risiko likuiditas merupakan risiko yang timbul Liquidity risk is a risk that arises in situations where
dalam situasi dimana arus kas masuk Grup dari the Group’s cash inflows from short-term revenue
pendapatan jangka pendek tidak cukup untuk is not adequate to cover cash outflows for short-
memenuhi arus kas keluar untuk pengeluaran term expenditure.
jangka pendek.
Untuk mengelola risiko likuiditas, Grup To manage its liquidity risk, the Group applies the
menerapkan manajemen risiko sebagai berikut: following risk management:
1. memonitor dan menjaga kas dan setara kas di 1. monitor and maintain its cash and cash
level yang diperkirakan cukup untuk mendanai equivalents at a level deemed adequate to
kegiatan operasional Grup dan mengurangi finance the Group's operational activities and
pengaruh fluktuasi dalam arus kas; to mitigate the effect of fluctuations in cash
flows;
2. secara rutin memonitor perkiraan arus kas dan 2. regularly monitor projected and actual cash
arus kas aktual; flow;
3. secara rutin memonitor profil jatuh tempo 3. regularly monitor loan maturity profiles and
pinjaman dan melakukan penyesuaian make relevant adjustments;
seperlunya;
4. secara terus-menerus menilai kondisi pasar 4. continuously assess the financial markets for
keuangan untuk kesempatan memperoleh opportunities to raise funds; and
dana; dan
5. sebagai tambahan, Grup memiliki fasilitas 5. in addition, the Group has a stand-by loan
pinjaman stand-by yang dapat ditarik sesuai facility that can be drawn down upon request
dengan permintaan untuk mendanai kegiatan to fund its operations when needed.
operasi pada saat diperlukan.
Tabel berikut menyajikan liabilitas keuangan Grup 6. The following table presents the Group’s financial
berdasarkan jatuh tempo kontraktualnya, termasuk liabilities based on their contractual maturities,
estimasi pembayaran bunga: including the estimated interest payments:
Jatuh tempo/Maturity period
Arus kas Kurang dari
kontraktual/ 1 tahun/
Nilai tercatat/ Contractual cash Less than 1-5 tahun/
Carrying amount flows 1 year 1-5 years
31 Desember 2024 31 December 2024
Utang lainnya 5.576 5.576 5.576 - Other payables
Pinjaman 3.213.975 3.772.798 1.660.646 2.112.152 Borrowings
3.219.551 3.778.374 1.666.222 2.112.152
31 Desember 2023 31 December 2023
Utang lainnya 5.417 5.417 5.417 - Other payables
Pinjaman 926.106 1.133.676 313.963 819.713 Borrowings
931.523 1.139.093 319.380 819.713
d. Risiko permodalan d. Capital risk
Tujuan Grup mengatur modal adalah untuk menjaga The Group’s objective in managing capital is to
kemampuan Perusahaan untuk melanjutkan usaha safeguard the Company’s ability to continue as a
yang terus menerus supaya memberikan keuntungan going concern in order to provide returns for
kepada pemegang saham dan manfaat ke pemangku shareholders and benefits for other stakeholders,
kepentingan lainnya, serta untuk mempertahankan as well as to maintain an optimal capital structure
struktur modal yang optimal untuk mengurangi to reduce the cost of capital.
biaya modal.
Grup secara aktif dan rutin menelaah dan mengelola The Group actively and regularly reviews and
struktur permodalan dengan mempertimbangkan manages its capital structure by taking into
kebutuhan modal masa depan dan efisiensi modal consideration the future capital requirements and
Grup, profitabilitas masa sekarang dan yang akan capital efficiency of the Group, prevailing and
datang, proyeksi arus kas operasi, proyeksi belanja projected profitability, projected operating cash
modal dan proyeksi peluang investasi yang strategis. flows, projected capital expenditures and
projected strategic investment opportunities.
Page 158
Ekshibit E/42 Exhibit E/42
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
18. MANAJEMEN RISIKO KEUANGAN (lanjutan) 18. FINANCIAL RISK MANAGEMENT (continued)
d. Risiko permodalan (lanjutan) d. Capital risk (continued)
Grup mengevaluasi struktur modalnya melalui rasio The Group evaluates its capital structure through
pinjaman terhadap modal (gearing ratio) yang the debt-to-equity ratio (gearing ratio), which is
dihitung dengan membagi pinjaman neto dengan calculated by dividing the net debt to equity. Net
modal. Pinjaman neto adalah jumlah liabilitas debt represents the sum of liabilities as presented
sebagaimana disajikan di laporan posisi keuangan in the consolidated statement of financial position,
konsolidasian, selain liabilitas pajak tangguhan, excluding deferred tax liabilities, less cash and cash
dikurangi kas dan setara kas. Sedangkan modal equivalents. The equity relates to the entire
meliputi seluruh ekuitas yang dapat diatribusikan attributable equity to owners of the Company.
kepada pemilik Perusahaan.
Pada tanggal pelaporan, perhitungan rasio tersebut As of reporting dates, the calculations of this ratio
adalah sebagai berikut: are as follows:
31 Desember/ 31 Desember/
December 2024 December 2023
Jumlah liabilitas 3.266.106 968.487 Total liabilities
Dikurangi: kas dan setara kas (1.532.633) (665.225) Less: cash and cash equivalents
Liabilitas neto 1.733.473 303.262 Net liabilities
Jumlah ekuitas yang diatribusikan Total equity attributable to the
kepada pemilik Perusahaan 51.746.097 48.708.623 owners of the Company
Rasio pinjaman terhadap modal 0,033 0,006 Debt to equity ratio
e. Risiko harga saham e. Share price risk
Perusahaan telah menginvestasikan aset dalam The Company has maintained reasonable amounts
jumlah yang wajar pada efek ekuitas. Perusahaan of invested assets in equity securities. The Company
berinvestasi dalam bisnis yang memiliki ekonomi invests in businesses that possess excellent
yang sangat baik, dengan manajemen yang cakap economics, with capable and honest management
dan jujur dan dengan harga yang masuk akal. and at sensible prices.
Harga pasar dari efek ekuitas tergantung pada Market prices of equity securities instruments are
fluktuasi yang dapat berdampak pada jumlah subject to fluctuation and consequently the amount
realisasi atas penjualan dari nilai investasi di masa realized in the subsequent sale of an investment
depan dapat berbeda secara signifikan dari nilai may significantly differ from the currently reported
yang dilaporkan sekarang. Fluktuasi harga pasar dari value. Fluctuations in the market price of such
instrumen tersebut dapat disebabkan oleh instruments may result from perceived changes in
perubahan karakteristik ekonomi yang mendasari the underlying economic characteristics of the
investee, harga relatif dari alternatif investasi dan investee, the relative price of alternative
kondisi pasar secara umum. investments and general market conditions.
Menguatnya/melemahnya harga saham tertentu The strengthening/weakening of certain share
pada 31 Desember 2024 dan 2023 akan prices at 31 December 2024 and 2023 would have
mengakibatkan peningkatan atau penurunan ekuitas increased/decreased equity and profit and loss by
dan laba rugi sebesar jumlah yang ditunjukkan di the amounts shown below, assuming all other
bawah ini, dengan asumsi seluruh variabel lainnya variables held constant.
tetap.
31 Desember/ 31 Desember/
December 2024 December 2023
ADRO menguat/melemah 10% ADRO strengthens/weakens by 10%
Ekuitas [naik/turun] 1.537.494 962.955 Equity [increase/decrease]
Laba rugi [naik/turun] 1.537.494 962.955 Profit or loss [increase/decrease]
TBIG menguat/melemah 10% TBIG strengthens/weakens by 10%
Ekuitas [naik/turun] 1.593.597 1.644.813 Equity [increase/decrease]
Laba rugi [naik/turun] 1.593.597 1.644.813 Profit or loss [increase/decrease]
MDKA menguat/melemah 10% MDKA strengthens/weakens by 10%
Ekuitas [naik/turun] 766.796 1.223.751 Equity [increase/decrease]
Laba rugi [naik/turun] 766.796 1.223.751 Profit or loss [increase/decrease]
Page 159
Ekshibit E/43 Exhibit E/43
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2024 DAN 2023 YEARS ENDED 31 DECEMBER 2024 AND 2023
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
18. MANAJEMEN RISIKO KEUANGAN (lanjutan) 18. FINANCIAL RISK MANAGEMENT (continued)
e. Risiko harga saham (lanjutan) e. Share price risk (continued)
31 Desember/ 31 Desember/
December 2024 December 2023
MPMX menguat/melemah 10% MPMX strengthens/weakens by 10%
Ekuitas [naik/turun] 249.213 265.659 Equity [increase/decrease]
Laba rugi [naik/turun] 249.213 265.659 Profit or loss [increase/decrease]
19. PENYELESAIAN LAPORAN KEUANGAN KONSOLIDASIAN 19. THE COMPLETION OF CONSOLIDATED FINANCIAL
STATEMENT
Laporan keuangan konsolidasian Grup disetujui untuk The Group’s consolidated financial statements were
diterbitkan oleh Direksi pada tanggal 11 Maret 2025. authorized for issuance by the Board of Directors
11 March 2025.
Page 160
Page 161
Page 162
Page 163
Page 164
Page 165
Page 166
Page 167
01 02 03 04 05 06 07 08
PT Saratoga Investama Sedaya Tbk.
Menara Karya 15th Floor
Jl. H.R. Rasuna Said Block X-5 Kav. 1-2
Jakarta Selatan 12950
Tel : +62 21 5794 4355
Fax : +62 21 5794 4365
www.saratoga-investama.com
108 PT Saratoga Investama Sedaya Tbk. | 2024 Annual Report
Names mentioned 201 people and organisations named in the text · linked when the evidence is strong
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Resources Indonesia Tbk.
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PT Adaro
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Andalan Indonesia Tbk.
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Indonesia Stock Exchange
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Self-Registration Bonds Merdeka Copper Gold Tbk.
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PT Agro Maju
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PT Medco Power
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PT Trimitra Karya
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PT Paiton Indonesia
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Indonesia Tbk.
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PT Banyan Mas
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PT Tri Wahana
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PT Nusa Raya Infrastructure
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PT Etika Karya
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PT Mitra Listrik Gorontalo
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PT Lintas Marga
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PT Provident
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PT Mulia Bosco
p.11
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PT Deltomed
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PT Aneka Gas
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Industri Tbk.
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PT Famon Awal
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PT Batu Hitam
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PT ESG New
p.19
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PT Meiming New Energy Material.
p.19 ×2
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PT Alamtri
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PT Adaro Andalan
p.19 ×2
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PT Foodex Inti Ingredients
p.19 ×3
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PT Merdeka Battery
p.22
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Materials Tbk.
p.22
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PT ESG New Energy Material
p.22
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PT Meiming At
p.22
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GEM Co., Ltd.
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Our Minerals Indonesia Tbk.
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PT Foodex At
p.26
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PT Alamtri Resources Aligning
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Private Companies Bersama Digital Asia Infrastructure Pte. Ltd.
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p.28
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p.28
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PT Lautan Natural Krimerindo
p.28
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Karya 15th
p.30
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Business Lines According to Articles of Association
p.30
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p.30
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p.30
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b. to provide assistance with advices, guidance
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PT Cakrawala Andalas Televisi
p.33
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PT Indivara Sejahtera Mandiri
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PT TPS Consulting Indonesia
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Committee Prof. Sidharta
p.34
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Roosdiono & Partners
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Financial Services Authority
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Bank Indonesia
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PT Allianz Global
p.34
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Internasional Tbk.
p.35
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PT Mitra Pinasthika
p.35
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org
PT Merdeka Copper
p.35
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org
University Capital Strategies Group Gold Tbk.
p.35
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PT Mulia Bosco Logistik
p.35
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PT Zulu Alpha
p.35
unresolved
org
PT Brawijaya Investama
p.35
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PT Foodex
p.35
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PT Paiton Energy
p.35
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org
PT Merdeka
p.35
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Battery Materials Tbk.
p.35
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Xurya Pte. Ltd
p.35
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PT UNITRAS
p.36
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org
UNITRAS
50.00% | PERTAMA
p.36
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PT City Vision FOODEX
p.37
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org
PT Foodex Inti Ingredients FOREST CARBON
p.37
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PT Mulia Bosco Logistik MDKA
p.37
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PT Zulu Alpha Papa CONSUMER
p.37
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As of 1 January 2024
p.38
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Stock Split
p.39
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PT Nugraha Eka
p.41
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PT Wahana
p.41
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PT Bumi Hijau Asri
p.41 ×2
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PT Interra Indo Sentra Business
p.41
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PT Wana Bhakti
p.41
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PT Surya Nuansa
p.41
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org
PT Lintas
p.41
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PT Sarana Sukses Mineral
p.41
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Notary KAP Siddharta Widjaja & Rekan
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Siddharta Widjaja
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PT Datindo Entrycom
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Jose Dima Satria
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PT Adaro Strategic Capital
p.49 ×4
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PT Adaro Strategic Lestari. Cash
p.49
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Alamtri Resourses Indonesia Tbk.
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PT Kustodian Sentral
p.61
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Public Accountant Harry Widjaja
p.62 ×3
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Joyce Soeryadjaya Kerr
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p.67 ×18
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Ministry of Cooperatives
p.69
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Lany Djuwita Wong
· Direktur
p.71 ×26
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once a month or whenever necessary as required by one
p.72
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investment performance of the Company and our investee
p.72
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org
KPEI
p.73
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org
Purwantono
p.73
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org
Bank Economic Outlook
p.73
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Bank Self-Assessment Policy
p.73
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org
PT Paxcis Identity
p.78
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org
PT Samudra Energy BwP Meruap
p.78
unresolved
org
SDA South Bengara II Pty Ltd.
p.78
unresolved
org
Taisei Corporation
p.84
unresolved
org
PT Kideco Jaya Agung
p.84
unresolved
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Yayasan Pendidikan Internal Audit.
p.86
unresolved
org
Public Accounting Firm Siddharta Widjaja & Rekan
p.91
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Widjaja & Rekan
p.91
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org
Siddharta Widjaja & Rekan
p.91 ×3
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org
PT Citasys
p.103
unresolved
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PT Adaro Power
p.103
unresolved
org
PT Unitras Pertama. Pemegang
p.118
unresolved
org
PT Nugraha Eka Kencana
p.119
unresolved
org
PT Wana Bhakti Sukses Mineral
p.119
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PT Trimitra Karya Jaya
p.119 ×3
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org
PT Surya Nuansa Ceria
p.119 ×3
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org
PT Lintas Indonesia Sejahtera
p.119 ×3
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PT Interra Indo Resources
p.119
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PT Sarana Investasi Bersama
p.119
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PT Sukses Indonesia
p.119
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PT Sarana Asri
p.119
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PT Mulia Gunung Mas
p.150 ×2
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org
PT Adaro Strategic Lestari
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PT Mulia Gunung Mas Pendapatan
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