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20260702_HMSP_Informasi Transaksi Afiliasi_32107931_lamp2.pdf
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Number : 077/CLD/HMS/VII/2026
Attachment : 1. Information Disclosure on Affiliated Transaction in connection with
Trademark License Agreement between PT Sampoerna Indonesia
Sembilan (“SIS”) and PT Philip Morris Indonesia (“PMID”)
2. Fairness Opinion Report on the Affiliated Transaction
3. Statement of the Board of Commisioners and the Board of Directors
Re. : Information Disclosure on Affiliated Transaction between SIS and PMID
Jakarta, July 3, 2026
To.
The Financial Services Authority (“OJK”)
Soemitro Djojohadikusumo Building
Jalan Lapangan Banteng Timur No.2-4
Jakarta Pusat - 10710
Dear Sirs,
Pursuant to Financial Services Authority Regulation (“POJK”) No. 17/POJK.04/2020 dated 21
April 2020 concerning Material Transactions and Changes in Main Business Activities, POJK
No. 42/POJK.04/2020 dated July 2, 2020, concerning Affiliated Transactions and Conflict of
Interest Transactions and POJK No. 31/POJK.04/2015 dated December 16, 2015, concerning
Disclosure on Material Information or Facts by Issuers or Public Companies, we hereby
inform you the following:
1. Name of Issuer : PT Hanjaya Mandala Sampoerna Tbk.
2. Business Activity : Cigarette Industry
3. Telephone : 021 – 5151234
4. Facsimile : 021 – 51402481
5. Email address : sampoerna.corporate@sampoerna.com
1. Date of Event : July 1, 2026
2. Type of Material Information : The transaction constitutes an Affiliated
or Fact Transaction in connection with the Machinery
Lease Agreement between SIS and PMID.
SIS is wholly owned by the Company, both
directly and indirectly, while PMID is the
Company's principal and controlling
shareholder.
3. Description on the Material : as attached
Information or Fact
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4. Impact of the material event, : There is no potential risks which may result in
information or fact to the adverse impacts or disruption of the
Issuer’s operational activity, Company's business sustainability from such
legal, financial condition and events and information to the operational,
business continuity legal, financial condition, or business
continuity of the Company.
5. Other information : The Transaction is a Machinery Lease
Agreement pursuant to which SIS intends to
lease 3 (three) machines from PMID to
support its manufacturing operations (the
“Transaction”).
In connection with the Transaction as defined in the Disclosure of Information above, the
Board of Directors and Board of Commissioners of the Company hereby state that, having
made all reasonable enquiries and to the best of our knowledge and belief, all material
information has been disclosed and such information is not misleading.
Thus, we submit the disclosure in connection with the Transaction.
Thank you for your attention.
Best Regards,
PT HM Sampoerna Tbk.
Signed and sealed
Maharani Djody Putri
Corporate Secretary
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DISCLOSURE OF INFORMATION
RELATED TO AFFILIATED TRANSACTION
THIS DISCLOSURE OF INFORMATION HAS BEEN MADE TO COMPLY WITH THE FINANCIAL SERVICES AUTHORITY (“OJK”)
REGULATION NO. 42/POJK.04/2020 DATED 2 JULY 2020 ON AFFILIATED TRANSACTIONS AND CONFLICT OF INTEREST
TRANSACTIONS (“POJK 42”) IN CONNECTION WITH THE EXECUTION OF MACHINE LEASE AGREEMENT.
THE INFORMATION CONTAINED IN THIS DISCLOSURE OF INFORMATION IS IMPORTANT TO BE READ AND NOTED BY THE
COMPANY’S SHAREHOLDERS. IF YOU FIND DIFFICULTIES IN UNDERSTANDING THE INFORMATION SET FORTH IN THIS
DISCLOSURE OF INFORMATION, YOU ARE SUGGESTED TO CONSULT WITH YOUR BROKER, INVESTMENT MANAGER, LEGAL
COUNSEL, PUBLIC ACCOUNTANT OR OTHER PROFESSIONAL ADVISORS.
THE BOARD OF DIRECTORS AND THE BOARD OF COMMISSIONERS ARE, JOINTLY AND SEVERALLY, FULLY RESPONSIBLE FOR
THE TRUE AND CORRECTNESS, AND COMPLETENESS OF THE INFORMATION DISCLOSED HEREIN AND IN ANY ADDITIONAL
DISCLOSURE, IF ANY, AND HEREBY CONFIRM THAT THE INFORMATION CONTAINED IN THIS DISCLOSURE OF INFORMATION
IS CORRECT, AND THERE IS NO SIGNIFICANT, MATERIAL AND RELEVANT FACT THAT HAS NOT BEEN DISCLOSED OR HAS
BEEN REMOVED SUCH THAT THE DISCLOSURE OF INFORMATION HEREIN BECOMING INCORRECT AND/OR MISLEADING.
AFTER CAREFUL EXAMINATION, THE COMPANY'S BOARD OF DIRECTORS AND BOARD OF COMMISSIONERS, JOINTLY AND
SEVERALLY STATES THAT THIS AFFILIATED TRANSACTION DOES NOT CONSTITUTE A MATERIAL TRANSACTION AS MEANT BY
POJK 17 (AS DEFINED IN THIS DISCLOSURE OF INFORMATION) AND DOES NOT CONTAIN ANY CONFLICT OF INTEREST AS
MEANT BY POJK 42.
THE BOARD OF DIRECTORS OF THE COMPANY, BOTH JOINTLY AND SEVERALLY STATES THAT THIS AFFILIATED TRANSACTION
HAS GONE THROUGH ADEQUATE PROCEDURES TO ENSURE THAT THIS AFFILIATED TRANSACTION IS IMPLEMENTED IN
ACCORDANCE WITH THE GENERALLY APPLICABLE BUSINESS PRACTICES.
PT HANJAYA MANDALA SAMPOERNA Tbk.
(the ”Company”)
Domiciled in Surabaya
Business Line:
Cigarette Industry
Head Office:
Jl. Rungkut Industri Raya No. 18, Surabaya 60293, Indonesia
Telephone: 031 – 843 1699, Facsimile: 031 – 843 0986
Factory Location:
Surabaya, Pasuruan, Malang, Karawang, Probolinggo, Blitar, Tegal
Corporate Representative Office:
One Pacific Place, Lantai 18, Sudirman Central Business District,
Jl. Jend. Sudirman Kav. 52-53,
Jakarta 12190, Indonesia
Telephone: 021 – 515 1234, Facsimile: 021 – 515 2234
This Disclosure of Information is published in Jakarta on July 3, 2026
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DEFINITIONS Disclosure of Information: means the disclosure of information related to affiliated transaction as specified in the announcement and/or disclosure of information and any additional information that may or will be made available. Fairness Opinion Report: means a report submitted by the Independent Appraiser No.00070/2.0095- 00/BS/04/0269/1/VI/2026 dated June 30, 2026 regarding fairness opinion on the Transaction. Lease Objects: means Machine Lease Objects. Machine Lease Objects: means Machine Packer 22 – Focke F550, Machine Maker 18 – PM100 and Machine Packer 26 - GDX2. Maker Machines are production machines used to manufacture cigarette rods from tobacco and filters. Packer Machines are packaging machines used to pack cigarette rods into retail packaging that is ready for marketing and distribution. The Financial Services Authority or OJK: means the independent institution as set forth under Law No. 21 of 2011 on the Financial Services Authority (“OJK Law”), who has the regulatory and supervisory duties and authorities over the sectors of banking, capital market, insurance, pension fund, financing and other financial institutions, and as of December 31, 2012, OJK is the institution that has replaced and accepts the rights and obligations to run the regulatory and supervisory functions from Bapepam and/or Bapepam and LK pursuant to Article 55 of the OJK Law. Independent Appraiser: means the public appraiser firm of KJPP Ruky, Safrudin & Rekan, an independent appraiser registered with OJK that has been appointed by the Company to appraise the leased asset and the fairness of the Transaction. Machine Lease Agreement: Lease Agreement entered into by PMID as the lessor and SIS as the lessee, effective as of 1 July 2026, in relation to the leasing of the Machine Lease Objects. The Company: means PT Hanjaya Mandala Sampoerna Tbk., a publicly listed company incorporated under and subject to the laws of Indonesia, domiciled in Surabaya, Indonesia. PMID: means PT Philip Morris Indonesia, the major and controlling shareholder of the Company, a limited liability company incorporated under the laws of Indonesia, engaged in the white cigarette industry. SIS: means PT Sampoerna Indonesia Sembilan, a limited liability company duly established under the laws of the Republic of Indonesia, which is a direct and indirect subsidiary of the Company and is engaged in the manufacturing and trading of cigarettes. PM International: means Philip Morris International Inc., a business entity incorporated under the laws of the Commonwealth of Virginia, United States of America, engaged in the manufacture and trading of cigarettes, other tobacco products, and nicotine-containing products marketed outside the United States, and which directly or indirectly owns 100% of the issued shares in Philip Morris Finance SA, Philip Morris Products SA, and PMID. POJK 17: means The Financial Services Authority Regulation No. 17/POJK.04/2020 dated April 21, 2020, on Material Transactions and Changes in Main Business Activities.
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POJK 42: means Regulation of the Financial Services Authority No. 42/POJK.04/2020 dated July 2, 2020
concerning Affiliated Transactions and Conflict of Interest Transactions.
Transaction: means the Machine Lease Transaction.
Machine Lease Transaction: means leasing activities between PMID as the lessor and SIS as the lessee
for Machine Lease Objects based on Machine Lease Agreement.
Capital Market Law: means Law No. 8 of 1995 dated 10 November 1995 on Capital Market.
INTRODUCTION
This Disclosure of Information is made in connection with the Transaction. The Lease Agreement is an
Affiliated Transaction according to POJK 42. However, the Lease Agreement is not Transaction with
Conflict of Interest as defined under POJK 42 and is not a Material Transaction as defined under POJK 17,
based on an appraisal report from the Independent Appraiser regarding the fairness of the Transaction,
the summary of which is presented in Section III of this Disclosure of Information.
I. DESCRIPTION ON THE TRANSACTION
A. Background and Reasons for the Transaction
The Machine Lease Transaction is undertaken because SIS requires additional machinery to support
its manufacturing activities, while PMID owns machinery that is currently not in use. The transaction
aims to support SIS's operational and production requirements through the lease of such machinery
from PMID, thereby enhancing the continuity and efficiency of SIS's production activities.
B. Object of the Agreement
1. Object of the Transaction
Based on the Machine Lease Agreement, SIS will lease the Machine Leased Objects from PMID.
The Lease Objects consists of Packer Machine 22 - F550, Maker Machine 18 - PM100, and Packer
Machine 26 - GDX2.
2. Transaction Value
The Machine Lease Agreement is valid for a period of 5 (five) years, commencing on 1 July 2026
and ending on 30 June 2031. The details of the annual lease fee are as follows:
a) Packer Machine 22 and Maker Machine 18 in amount of Rp8,262,605,000 (eight billion two
hundred sixty-two million six hundred five thousand Rupiah); and
b) Packer Machine 26 Rp2,488,323,000 (two billion four hundred eighty-eight million three
hundred twenty-three thousand Rupiah)
Accordingly, the total value of the Machine Lease Transaction for a period of 1 (one) year is
Rp10,750,928,000 (ten billion seven hundred fifty million nine hundred twenty-eight thousand
Rupiah).
Based on above, the total value of the Machine Lease Transaction for a period of 5 (five) years is
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Rp53,754,640,000 (fifty-three billion seven hundred fifty-four million six hundred forty thousand
Rupiah).
This Transaction value is in accordance with the market value based on an asset appraisal report
conducted by the Independent Appraiser.
PMID will issue invoices for the lease fees of the Machine Lease Objects to SIS in July of each year,
and SIS shall pay such lease fees, together with the applicable VAT, no later than 30 (thirty) days
from the date of issuance of the invoice by PMID.
The total value of the Transaction for 5 years is 0.19% of the Company's equity based on the
Company's audited consolidated financial statements as of December 31, 2025. Thus, the
Transaction is not a Material Transaction as defined in POJK 17, because the value of the
Transaction is not more than 20% (twenty percent) of the Company's equity.
3. Benefits and Impact of the Machine Lease Transaction
The Machine Lease Transaction between SIS and PMID is carried out to fulfill SIS's machinery
requirements in support of its manufacturing activities. Through this transaction, SIS can enhance
its operational performance and production efficiency without the need to procure new
machinery. For the Company, the transaction also promotes a more effective utilization of assets
within the group, thereby creating added value and contributing positively to the overall
performance of the Company.
C. Parties to the Transaction and Their Relationships with the Company
The chart below shows the Company’s share ownership and the parties conducting the Transaction:
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The following is information regarding parties carrying out the Transaction with the Company: PT Philip Morris Indonesia PMID is a limited liability company established under the laws of the Republic of Indonesia, engaging in white cigarette manufacturing. PMID was incorporated based on Deed of Establishment of Limited Liability Company No. 30 dated August 10, 1998 made before Sutjipto, S.H., Notary in Jakarta, which was approved by the Minister of Justice of the Republic of Indonesia through his decision No. C- 7791.HT.01.01.TH.99 YEAR 1998 dated April 28, 1999 and announced in the State Gazette of the Republic of Indonesia No.78 dated September 28, 1999, Supplement No. 6247. PMID is the major and controlling shareholder of the Company. Currently, PMID owns 92.44% of the shares issued by the Company. PMID is a company that is part of the PM International Group. The Company and PMID have the same controlling party, namely PM International. The composition of the Board of Directors and Board of Commissioners of PMID as stated in Deed No. 1 dated April 2, 2026, made before Dorothea Nawang Wulan, S.H., M.KN., Notary in East Jakarta Administrative City, which has been notified to the Minister of Law based on Notification Receipt No. AHU-AH.01.09-0191708 dated April 7, 2026, is as follows: Board of Directors President Director : Aji Sumantoro Director : Roy Kusuma Krisnawan Hekekire Board of Commissioners Commissioner : Jefry Andi Tjokroaminoto PT Sampoerna Indonesia Sembilan SIS is a limited liability company duly established under the laws of the Republic of Indonesia and engaged in the manufacturing and trading of cigarettes. SIS was established based on Deed of Establishment No. 18 dated 13 February 2002, drawn up before Aulia Taufani, S.H., Notary in Jakarta, which was approved by the Minister of Justice and Human Rights of the Republic of Indonesia pursuant to Decision No. C-04598 HT.01.01.TH.2002 dated 20 March 2002. SIS is a subsidiary of the Company, directly and indirectly owned by the Company. The composition of the Board of Directors and Board of Commissioners of SIS, as stated in Deed No. 5 dated 17 December 2025, drawn up before Dorothea Nawang Wulan, S.H., M.KN., Notary in East Jakarta Administrative City, which has been notified to the Minister of Law under Acknowledgement of Notification No. AHU-AH.01.09-0006093 dated 14 January 2026, is as follows: Board of Directors Director : I Made Mahendra Wijaya Board of Commissioners Commissioner : Tias Annisaa Gatra
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D. Nature of Affiliated Relation between Parties to the Transaction
As described above, SIS is directly owned by PT Perusahaan Dagang dan Industri Panamas by
approximately 99% and by the Company by approximately 1%. PT Perusahaan Dagang dan Industri
Panamas itself is almost entirely owned by the Company. Accordingly, SIS is an entity indirectly
controlled by the Company through the Company's majority ownership in PT Perusahaan Dagang dan
Industri Panamas.
Furthermore, the Company is controlled by PMID, which holds approximately 92.44% of the
Company's shares, and PMID forms part of PM International.
Based on the foregoing ownership and control structure, PMID and SIS belong to the same corporate
group and are affiliated through direct and indirect control relationships. Therefore, the transaction
between PMID and SIS constitutes an affiliated transaction as contemplated under the Capital Market
Law and POJK No. 42/2020.
II. DESCRIPTION ON THE COMPANY
A. History
The Company is a publicly listed limited liability company established under the laws of the Republic
of Indonesia within the framework of the Indonesian Capital Investments Law. The Company was
established on October 19, 1963, by virtue of Deed No. 69 dated October 19, 1963, which was
amended by Deed No. 46 dated April 15, 1964, both drawn up before Anwar Mahajudin, S.H., Notary
in Surabaya, which have been approved by the Minister of Justice of the Republic of Indonesia by
virtue of his Decree No. J.A.5/59/15 dated April 30, 1964, and have been published in the State
Gazette of the Republic of Indonesia No. 94 dated November 24, 1964, Supplement No. 357.
The articles of association of the Company have been amended several times, lastly by virtue of Deed
No. 94 dated June 17, 2026, drawn up before Notary Aulia Taufani, S.H., which has obtained approval
from the Minister of Law of the Republic of Indonesia by virtue of his Decree No. AHU-
0045020.AH.01.02.TAHUN 2026, dated July 2, 2026.
B. Capital Structure and Shareholding Composition
The capital structure and the shareholding composition of the Company based on Shareholders’
Register of the Company as of June 30, 2026, are as follows:
Authorized Capital : IDR630,000,000,000
Nominal Value: IDR4/share
Subscribed and Issued Capital : IDR465,272,307,600
No Name Number of Shares Nominal Value %
(IDR)
1 Public shareholders holding more than 5% - PMID 107,523,239,925 430,092,959,700 92.44
2 Other public shareholders 8,794,836,975 35,179,347,900 7.56
Total 116,318,076,900 465,272,307,600 100
C. Composition of the Board of Commissioners and Board of Directors
The compositions of members of the Board of Commissioners and of the Board of Directors of the
Company pursuant to Deed No.40 dated May 18, 2026, drawn up before Aulia Taufani, S.H., Notary
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in Administrative City of South Jakarta, which has obtained the Receipt of the Notification of Changes
in the Company's Data from the Minister of Law No. AHU-AH.01.09-0326202 dated June 10, 2026, are
as follows:
Board of Commissioners
President Commissioner : Paul Norman Janelle
Vice President Commissioner : Mindaugas Trumpaitis
Independent Commissioner : Justin Mayall
Independent Commissioner : Luthfi Mardiansyah
The Board of Directors
President Director : The Ivan Cahyadi
Director : Andre Dahan
Director : Sharmen Karthigasu
Director : Yohan Lesmana Tjhin
Director : Reno Bontemps
Director : Houria Raselma
Director : Rianto Probo Hartono
Director : Umer Jawaid
Director : Virawaty
Director : Joy Kartika Widjaja
III. SUMMARY OF OPINION OF THE INDEPENDENT APPRAISER
To ensure fairness of the Transaction and also to ensure that the Transaction do not have a conflict-of-
interest element, the Company has appointed Ruky, Safrudin & Rekan as the Independent Appraiser
carrying out the assessment of the fairness of the Transaction.
The Independent Appraiser states that it has no affiliate relationship either directly or indirectly with the
Company as defined under the Capital Market Law.
Summary of Opinion of the Independent Appraiser
Asset Appraisal Report Summary
Identity of the Valuer
KJPP Ruky, Safrudin & Rekan has a business license from the Ministry of Finance of the Republic of
Indonesia No. 2.11.0095 based on the Decree of the Minister of Finance of the Republic of Indonesia
No.1131/KM.1/2011 dated October 14, 2011 and Pangaloan Siahaan, S.T., MAPPI (Cert) who was
registered as an appraiser in the Appraisal Service sector with the qualification of Property
Appraiser (P) No. P-1.09.00090 which was registered as capital market supporting professional in OJK
according to Registered Letter of Capital Market Supporting Professional (Property Valuer) No.KEP-
218/KS.13/2026.
Asset Appraisal Report – Lease Objects
The following is the summary of asset appraisal report No.00056/2.0095-
04/PP/04/0090/1/VI/2026 and 00057/2.0095-04/PP/04/0090/1/VI/2026 dated June 15, 2026.
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Appraisal Object
Machine Packer 22 - F550, Machine Maker 18 - PM100 and Machine Packer 26 - GDX2.
Purpose of Appraisal
The purpose and objective of this appraisal is to provide an opinion on the Market Rental Value
for Lease Object in order to comply with the capital market regulation and not intended to
serve as the basis for any specific transaction plan, nor is it meant for banking or tax purposes.
Approach and Method
The Appraisal Approach and Methodology used is the Income Approach with the Residue
Method.
Value Conclusion
Based on the applicable assumptions and limiting conditions, the Independent Appraiser has
opined that the Market Rental Value of the Lease Objects per year (for a lease term of five
years) is as follows:
1. Packer Machine 22 and Maker Machine 18 in amount of IDR8,084,385,000 (eight billion
eighty-four million three hundred eighty-five thousand Rupiah); and
2. Packer Machine 26 in amount of IDR2,367,794,000 (two billion three hundred sixty-seven
million seven hundred ninety-four thousand Rupiah).
Assumption and Limiting Conditions
1. The ownership of properties which included in this appraisal is considered legally valid.
2. All disputes lawsuit and mortgages that are still running, if any, can be ignored and the
property being valued as if clean under owner’s responsibility.
3. This appraisal is based on a list of assets that have been given by the Company.
4. Independent Appraiser has reviewed the documents used in the appraisal process.
5. Independent Appraiser does not verify the legality since appraiser are not lawyer in the field of
law, we assume that the documents concerning to the property are good, marketable, and free
from any disputes or other bindings.
6. Independent Appraiser does not conduct an investigation and neither is the responsibility of
the appraiser if there are issues relating to the property rights or debt/losses on the property
being valued.
7. To the extent within the known knowledge of the appraiser, any data and facts presented in
this report is true and accurate.
8. The value in the conclusion is stated in Rupiah based on the understanding that the market for
property is denominated in Indonesia Rupiah.
9. The report is in bilingual format. Digit grouping symbol in this report using Indonesian format
by using symbol ". (point) "
10. This report is in bilingual format, if there are different interpretations of both, Indonesian
is preferred.
11. Independent Appraiser, which in this case, the appraiser(s) and its employees have no personal
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interest or advantages related to this assignment and fee for this assignment is in no way
influenced by the result of our appraisal conclusion.
12. This appraisal has been carried out in accordance with the Indonesian Appraiser Code of Ethics
(KEPI) and Indonesian Appraisal Standards (SPI) Edition VII-2018, as well as the Republic of
Indonesia Financial Services Authority Regulation No. 28/ POJK.04/2021 and Circular Letter of
Financial Service Authority No.33/SEOJK.04/2021 concerning Guidelines for Valuation and
Presentation Asset Appraisal Report in the Capital Market.
13. Any party does not have the right to publish or use this report and for any purposes without
written consent from Independent Appraiser.
14. This appraisal report is considered valid if there is Independent Appraiser’s seal or stamps and
signed by licensed appraiser whose name is listed in this report.
15. Independent Appraiser do not recommend report to be used for any other use, because
purpose of appraisal will determine the basic of value.
16. Responsibility the Independent Appraiser is limited to the Company and Independent Appraiser
is not responsible for any other parties who use this Appraisal Report. The other parties using
this report are responsible for any risks arising.
17. The Company should grant in demnify and warranties of any disruption to the Independent
Appraiser from and against any dispute claim, responsibility, costs and expenses (including but
not limited to legal fees and time given) addressed, paid or incurred by Independent Appraiser
at any time and posed a variety of ways in connection with the issuance of asset appraisal report,
except have been previously made in the agreements.
18. The Independent Appraiser is responsible for the implementation, appraisal report, and the
final value conclusion.
19. The appraisal report is available for public.
20. The appraisal report is a non-disclaimer opinion.
B. Summary of Fairness Opinion
Identity of the Valuer
KJPP Ruky, Safrudin & Rekan has a business license from the Ministry of Finance of the Republic of
Indonesia No. 2.11.0095 based on the Decree of the Minister of Finance of the Republic of Indonesia
No.1131/KM.1/2011 dated October 14, 2011 and Rudi M. Safrudin, MAPPI (Cert) who was registered
as an appraiser in the Appraisal Service sector with the qualification of Business Appraiser (B) No. B-
1.10.00269 which is registered as capital market supporting professional in OJK according to Registered
Letter of Capital Market Supporting Professional (Business Valuer) No.KEP-795/KS.13/2026 dated 10
June 2026.
Object of the Fairness Opinion Analysis
The object of the fairness analysis is the proposed lease by SIS of the Lease Objects from PMID.
Valuation Date
Fairness opinion analysis was performed as of December 31, 2025, with the parameters and financial
statements used in the analysis based on data as of December 31, 2025.
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The Purpose of the Fairness Opinion
The purpose of this Fairness Opinion report is to provide opinion on the fairness of the SIS plan to
lease the Lease Objects from PMID as outlined in this report in order to comply with POJK 42/2020,
not for taxation purpose, banking and not for other forms of transaction plan.
Assumptions and Disclaimer Limitations
This Fairness Opinion Report is a non-disclaimer opinion, Independent Appraiser have reviewed the
documents used in the process of preparing the fairness opinion, data and information
obtained from both management of the Company and other reliable sources that can be trusted
for accuracy.
This Fairness Opinion Report has been prepared using Incremental Financial Projection provided by
management of the Company by reflecting the fairness of the projections and the ability to achieve
them (fiduciary duty).
This fairness opinion is prepared based on the integrity of the information and data. In preparing
this fairness opinion, Independent Appraiser have relied and based on the information and data
prepared by the Company’s management, which we deem to be true, complete, reliable and not
misleading.
Methodology for Fairness Analysis
In evaluating the fairness of the Transaction, Independent Appraiser used the following methodology
analysis:
1. Transaction Analysis: identification of parties involved in the Transaction, and analysis of
benefit and risk of the Transaction;
2. Qualitative analysis: analysis of background of the transaction, brief explanation of the Company
and business activities, industry analysis, operational analysis, business prospect, advantages and
disadvantages of the Transaction;
3. Quantitative analysis: historical analysis, analysis of proforma financial statements, and
incremental financial projections analysis;
4. Analysis of other relevant factors;
5. Analysis on the Fairness of the Transaction Price;
Fairness Opinion of the Transaction
By considering the fairness analysis of the Transaction which includes analysis of the Transaction,
qualitative analysis and quantitative analysis, analysis of the fairness of the transaction price and
other relevant factors, in Independent Appraiser's opinion, the Transaction is fair.
IV. STATEMENT OF THE BOARD OF DIRECTORS AND BOARD OF COMMISSIONERS
In connection with the Transaction, the Board of Directors and the Board of Commissioners of the
Company declare that, after conducting a reasonable examination and to the best of their knowledge and
belief, all material information has been disclosed in this Disclosure of Information and such information
is not misleading.
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V. ADDITIONAL INFORMATION
Shareholders who have questions about this Disclosure of Information or who wish to have additional
information are invited to contact:
The Corporate Secretary and Investor Relations
PT HANJAYA MANDALA SAMPOERNA Tbk.
One Pacific Place, 18th Floor, Sudirman Central Business District,
Jl. Jend. Sudirman Kav. 52-53, Jakarta 12190, Indonesia
Telephone: 021 – 515 1234
Facsimile: 021 – 515 2234
Jakarta, July 3, 2026
The Board of Directors of the Company
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PT Hanjaya Mandala Sampoerna Tbk Laporan Pendapat Kewajaran atas Rencana Transaksi Afiliasi / Fairness Opinion Report on the Proposed Affiliated Transaction June 2026
Page 15
Jakarta, 30 Juni 2026 Jakarta, June 30, 2026
No. : 00070/2.0095-00/BS/04/0269/1/VI/2026 No. : 00070/2.0095-00/BS/04/0269/1/VI/2026
Kepada Yth/To. Kepada Yth/To.
PT Hanjaya Mandala Sampoerna Tbk. PT Hanjaya Mandala Sampoerna Tbk.
Jl. Rungkut Industri Raya No. 18 Jl. Rungkut Industri Raya No. 18
Surabaya – Jawa Timur
Surabaya – Jawa Timur
Perihal : Laporan Pendapat Kewajaran atas Re : Fairness Opinion Report on the
Rencana Transaksi Afiliasi Proposed Affiliated Transaction
Dengan Hormat, Dear Sirs,
PT Hanjaya Mandala Sampoerna Tbk. PT Hanjaya Mandala Sampoerna Tbk. (the
("Perseroan”) merupakan perusahaan yang "Company") is a company engaged in tobacco
bergerak di bidang manufaktur tembakau dan manufacturing and trading (including
perdagangan (termasuk transportation/distribution and warehousing,
pengangkutan/distribusi dan pergudangan, as well as other supporting service activities and
serta aktivitas jasa penunjang lainnya dan other tobacco product industries).
industri produk tembakau lainnya).
PT Sampoerna Indonesia Sembilan (“SIS”) PT Sampoerna Indonesia Sembilan ("SIS"), plans
berencana menyewa beberapa unit mesin to lease several production and supporting
produksi dan pendukungnya (“Objek Sewa machinery units (the “Machinery Lease
Mesin”), yang berlokasi di Karawang Object”), all of which are located in Karawang
International Industrial City (KIIC), Kecamatan International Industrial City (KIIC), Telukjambe
Telukjambe Timur, Kabupaten Karawang, Timur District, Karawang Regency, West Java
Provinsi Jawa Barat dan yang berlokasi di Jalan Province and located at Jalan Raya Surabaya–
Raya Surabaya-Malang KM. 51,4, Desa Malang KM 51.4, Ngadimulyo Village, Sukorejo
Ngadimulyo, Kecamatan Sukorejo, Kabupaten District, Pasuruan Regency, East Java Province,
Pasuruan, Provinsi Jawa Timur dari PT Philip from PT Philip Morris Indonesia (“PMID”),
Morris Indonesia (“PMID”), untuk selanjutnya hereinafter referred to as “Proposed
disebut “Rencana Transaksi”. Transaction”.
Objek Sewa Mesin adalah Mesin Rokok Maker The Machinery Lease Object are Cigarette
18 Merek PM 100 dan Mesin Rokok Packer 22 Maker 18 Machine Brand PM 100 and Cigarette
Merek Focke F 550, dan Mesin Rokok Packer 26 Packer 22 Machine Brand Focke F 550, and
Merek GD X2. Cigarette Packer 26 Machine Brand GDX2.
SIS dimiliki seluruh sahamnya oleh Perseroan, SIS is wholly owned by the Company, both
baik secara langsung maupun tidak langsung directly and indirectly, and PMID holds 92.44%
dan PMID merupakan pemegang 92,44% saham of the Company's shares.
Perseroan.
Page 16
Berdasarkan informasi manajemen Perseroan, Based on information from the Company's
Rencana Transaksi merupakan transaksi afiliasi management, the Proposed Transaction is
sebagaimana dimaksud dalam Peraturan deemed as an affiliated transaction as defined in
Otoritas Jasa Keuangan Nomor the Financial Services Authority Regulation No.
42/POJK.04/2020 tanggal 1 Juli 2020 tentang 42/POJK.04/2020 dated July 1, 2020 regarding
Transaksi Afiliasi dan Transaksi Benturan Affiliated Transactions and Conflict of Interest
Kepentingan (“POJK 42/2020”), oleh karena SIS Transactions (“POJK 42/2020”), since SIS is an
merupakan entitas yang dikendalikan secara entity under the direct and indirect control of
langsung dan tidak langsung oleh Perseroan the Company through the Company's
melalui kepemilikan Perseroan pada SIS dan ownership in SIS and indirectly through PT
secara tidak langsung melalui PT Perusahaan Perusahaan Dagang dan Industri Panamas.
Dagang dan Industri Panamas. Selanjutnya, Furthermore, the Company is itself controlled
Perseroan dikendalikan oleh PMID. Dengan by PMID. As a result, the Company and SIS are
demikian, Perseroan dan SIS berada dalam under common control within the same
pengendalian yang sama dalam satu kelompok business group and therefore considered
usaha sehingga dianggap sebagai pihak-pihak affiliated parties. Accordingly, the transactions
yang terafiliasi. Oleh karena itu, transaksi yang conducted between the Company and SIS
dilakukan antara Perseroan dan SIS merupakan constitutes related party transactions.
transaksi afiliasi.
Berdasarkan informasi manajemen Perseroan, Based on information from the Company's
Rencana Transaksi tidak termasuk transaksi management, the Proposed Transaction is not a
material sebagaimana dimaksud dalam material transaction as defined in the Financial
Peraturan Otoritas Jasa Keuangan Nomor Services Authority Regulation,
17/POJK.04/2020 tanggal 20 April 2020 tentang No. 17/POJK.04/2020 dated April 20, 2020
Transaksi Material dan Perubahan Kegiatan regarding Material Transactions and Changes in
Usaha (“POJK 17/2020”). Business Activities (“POJK 17/2020”).
Sehubungan dengan Rencana Transaksi, In regards with the Proposed Transaction, the
Perseroan telah menunjuk KJPP Ruky, Safrudin Company has appointed KJPP Ruky, Safrudin &
& Rekan (“RSR”) sebagai Penilai Independen Rekan (“RSR”) as an Independent Valuer to
untuk memberikan pendapat kewajaran. provide fairness opinion.
Penjelasan spesifik Rencana Transaksi dapat Detail explanation of the Proposed Transaction
dilihat pada bagian Latar Belakang dalam is explained in the Background section of this
Laporan ini. Report.
STATUS PENILAI VALUER STATUS
RSR memiliki izin usaha dari Kementerian RSR holds a business license from the Minister
Keuangan Republik Indonesia No. 2.11.0095 of Finance of the Republic of Indonesia
berdasarkan Surat Keputusan Menteri No. 2.11.0095 based on Decision Letter No.
Keuangan Republik Indonesia 1131/KM.1/2011 dated October 14, 2011.
No. 1131/KM.1/2011 tanggal 14 Oktober 2011.
Penilai Publik yang menandatangani laporan The Public Valuer who signs the fairness opinion
pendapat kewajaran adalah penilai yang report is a valuer with competence to conduct
memiliki kompetensi dalam melakukan analisis fairness analysis, has obtained a license as a
kewajaran serta telah memperoleh izin sebagai public valuer from the Minister of Finance of the
penilai publik dari Kementerian Keuangan Republic of Indonesia and is registered as a
Republik Indonesia dan terdaftar sebagai Penilai valuer at the Financial Service Authority (“OJK”).
di Otoritas Jasa Keuangan (“OJK”).
ii
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Sesuai Keputusan Menteri Keuangan Republik Pursuant to the Decree of the Minister of
Indonesia No. 33/KM.1/2010 tertanggal 19 Finance of the Republic of Indonesia No.
Januari 2010 mengenai Izin Penilai Rudi M. 33/KM.1/2010 dated 19 January 2010 regarding
Safrudin, MAPPI (Cert) yang ditetapkan sebagai the Valuer License of Rudi M. Safrudin, MAPPI
penilai di Bidang Jasa Penilaian dengan (Cert.), designated as a valuer in Business
kualifikasi Penilai Bisnis (B) No. B-1.10.00269 Valuation Services with (B) business valuer
dan terdaftar sebagai profesi penunjang penilai qualifications under license No. B-1.10.00269
publik dengan surat Keputusan Dewan and registered as a supporting profession of
Komisaris Otoritas Jasa Keuangan No. KEP- public valuer pursuant to the Decree of the
795/KS.13/2026 tanggal 10 Juni 2026. Board of Commissioners of the Financial
Services Authority No. KEP-795/KS.13/2026
dated 10 June 2026.
PEMBERI TUGAS DAN PENGGUNA LAPORAN THE ASSIGNOR AND THE USER OF THE REPORT
Dalam laporan ini, Perseroan bertindak sebagai In this report, the Company acts as “The
“Pemberi Tugas” dan “Pengguna Laporan” Assignor” and “The User of the Report”.
Nama PT Hanjaya Mandala Name
Sampoerna Tbk.
Kantor Pusat Jl. Rungkut Industri Raya No. Head Office
18,
Surabaya – Jawa Timur
Telepon: (031) 8431699
Kantor Perwakilan Korporasi One Pacific Place Lantai 16-20 Representative Office
Sudirman Central Business
District (SCBD) Lot 3&5
Jalan Jenderal Sudirman Kav
52-53
Jakarta Selatan 12190
Telepon:(021) 515 1234
Email contact@sampoerna.com Email
Website www.sampoerna.com Website
Bidang Usaha Industri manufaktur dan Business Activities
perdagangan rokok /
manufacturing and trading of
cigarette
LATAR BELAKANG BACKGROUND
Perseroan merupakan perusahaan yang The Company is a company engaged in tobacco
bergerak di bidang manufaktur tembakau dan manufacturing and trading (including
perdagangan (termasuk transportation/distribution and warehousing,
pengangkutan/distribusi dan pergudangan, as well as other supporting service activities and
serta aktivitas jasa penunjang lainnya dan other tobacco product industries).
industri produk tembakau lainnya).
SIS dimiliki seluruh sahamnya oleh Perseroan, SIS is wholly owned by the Company, both
baik secara langsung maupun tidak langsung directly and indirectly, and PMID holds 92.44%
dan PMID merupakan pemegang 92,44% saham of the Company's shares.
Perseroan.
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SIS memerlukan tambahan mesin untuk SIS requires additional machines to support its
menunjang kegiatan manufakturnya, manufacturing activities, while PMID has
sementara PMID memiliki mesin yang saat ini machines that are currently not being used.
tidak digunakan.
Melalui transaksi ini, SIS dapat memenuhi Through this transaction, SIS can meet its
kebutuhan operasional dan produksinya melalui operational and production needs by leasing
penyewaan mesin dari PMID, sehingga machines from PMID, thus supporting the
mendukung kelangsungan dan efisiensi continuity and efficiency of SIS's production
kegiatan produksi SIS. activities.
SIS akan menyewa Objek Sewa Mesin yang SIS will lease the Machinery Lease Object,
terdiri dari Mesin Rokok Maker 18 Merek PM consisting of Cigarette Maker 18 Machine Brand
100 dan Mesin Rokok Packer 22 Merek Focke F PM 100 and Cigarette Packer 22 Machine Brand
550, dan Mesin Rokok Packer 26 Merek GD X2. Focke F 550, and Cigarette Packer 26 Machine
Brand GDX2.
Dalam Perjanjian Sewa Menyewa yang akan In the Lease Agreement to be entered into by
ditandatangani oleh PMID dan SIS, total harga PMID and SIS, the total annual lease price for
sewa per tahun untuk Objek Sewa Mesin adalah the Machinery Lease Object is Rp8,262,605,000
Rp8.262.605.000 untuk Mesin Rokok Maker 18 for Cigarette Maker 18 Machine Brand PM 100
Merek PM 100 dan Mesin Rokok Packer 22 and Cigarette Packer 22 Machine Brand Focke F
Merek Focke F 550, dan Rp2.488.323.000 untuk 550, and Rp2,488,323,000 for Cigarette Packer
Mesin Rokok Packer 26 Merek GD X2, sehingga 26 Machine Brand GDX2, so that the price of the
harga Transaksi Sewa Mesin untuk jangka waktu Machinery Lease Transaction for a period of 1
1 (satu) tahun adalah sebesar Rp10.750.928.000 (one) year is Rp10,750,928,000 (ten billion
(sepuluh miliar tujuh ratus lima puluh juta seven hundred fifty million nine hundred twenty
sembilan ratus dua puluh delapan ribu Rupiah) eight thousand Rupiah) per year for a lease term
setiap tahunnya selama jangka waktu sewa 5 of 5 (five) years, and such amount is exclusive of
(lima) tahun, dan jumlah tersebut belum Value Added Tax (VAT).
termasuk Pajak Pertambahan Nilai (PPN).
Dengan demikian, harga Transaksi Sewa Mesin Thus, the Machinery Lease Transaction price for
untuk jangka waktu 5 (lima) tahun adalah a period of 5 (five) years is Rp53,754,640,000
sebesar Rp53.754.640.000 (lima puluh tiga (fifty-three billion seven hundred fifty-four
miliar tujuh ratus lima puluh empat juta enam million six hundred and forty thousand Rupiah).
ratus empat puluh ribu Rupiah).
Berdasarkan informasi Perseroan, Based on the Company’s information,
pertimbangan manajemen atas Rencana management consideration of the Proposed
Transaksi tidak dilakukan Perseroan dengan Transaction was not conducted with unaffiliated
pihak yang tidak terafiliasi dengan Perseroan parties, given that, to date, the Company has not
mengingat hingga saat ini Perseroan belum received any offers from unaffiliated parties to
menerima penawaran apapun dari pihak yang lease the machineries.
tidak terafiliasi untuk menyewa mesin tersebut.
TUJUAN PENDAPAT KEWAJARAN PURPOSE OF THE FAIRNESS OPINION
Tujuan Laporan Pendapat Kewajaran ini adalah The purpose of this Fairness Opinion report is to
untuk memberikan opini atas kewajaran provide opinion on the fairness of SIS's plan to
rencana SIS untuk menyewa Objek Sewa Mesin lease the Machinery Lease Object from PMID, as
dari PMID, sebagaimana didefinisikan dalam outlined in this report in order to comply with
laporan ini dalam rangka memenuhi ketentuan POJK 42/2020, not for taxation or banking
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POJK 42/2020, tidak untuk perpajakan, purpose and not for other forms of transaction
perbankan serta tidak untuk bentuk rencana plan.
transaksi lainnya.
OBYEK ANALISIS PENDAPAT KEWAJARAN OBJECT OF THE FAIRNESS OPINION ANALYSIS
Obyek analisis kewajaran adalah rencana SIS The object of fairness analysis is SIS's plan to
untuk menyewa Objek Sewa Mesin dari PMID. lease the Machinery Lease Object from PMID.
SIFAT RENCANA TRANSAKSI NATURE OF THE PROPOSED TRANSACTION
Transaksi Afiliasi Affiliated Transaction
Berdasarkan informasi manajemen Perseroan, Based on information from the Company's
Rencana Transaksi merupakan transaksi afiliasi management, the Proposed Transaction is
sebagaimana dimaksud dalam POJK 42/2020, deemed as an affiliated transaction as defined in
oleh karena SIS merupakan entitas yang the POJK 42/2020, since SIS is an entity under
dikendalikan secara langsung dan tidak the direct and indirect control of the Company
langsung oleh Perseroan melalui kepemilikan through the Company's ownership in SIS and
Perseroan pada SIS dan secara tidak langsung indirectly through PT Perusahaan Dagang dan
melalui PT Perusahaan Dagang dan Industri Industri Panamas. Furthermore, the Company is
Panamas. Selanjutnya, Perseroan dikendalikan itself controlled by PMID. As a result, the
oleh PMID. Dengan demikian, Perseroan dan SIS Company and SIS are under common control
berada dalam pengendalian yang sama dalam within the same business group and therefore
satu kelompok usaha sehingga dianggap sebagai considered affiliated parties. Accordingly, the
pihak-pihak yang terafiliasi. Oleh karena itu, transactions conducted between the Company
transaksi yang dilakukan antara Perseroan dan and SIS constitutes related party transactions.
SIS merupakan transaksi afiliasi.
Selanjutnya, berdasarkan informasi dari Furthermore, based on information from the
manajemen Perseroan, Rencana Transaksi Company's management, the Proposed
bukan merupakan transaksi yang mengandung Transaction does not constitute a conflict of
benturan kepentingan sebagaimana interest transaction as defined in POJK 42/2020.
didefinisikan dalam POJK 42/2020.
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Transaksi Material Material Transaction
Berdasarkan informasi manajemen Perseroan, Based on information from the Company's
Rencana Transaksi tidak termasuk transaksi management, the Proposed Transaction does
material sebagaimana dimaksud dalam POJK not constitute a material transaction as defined
17/2020. in POJK 17/2020.
Untuk memenuhi ketentuan dalam POJK To fulfill the requirement of POJK 42/2020, the
42/2020, Perseroan telah menunjuk RSR Company has appointed RSR as independent
sebagai Penilai Independen untuk memberikan valuer to provide Fairness Opinion on the
Pendapat Kewajaran (”Fairness Opinion”) atas Proposed Transaction for the shareholders of
Rencana Transaksi bagi para pemegang saham the Company.
Perseroan.
RUANG LINGKUP PENDAPAT KEWAJARAN SCOPE OF WORK OF FAIRNESS OPINION
Ruang Lingkup Pendapat Kewajaran akan Scope of work of the Fairness Opinion will be
didasarkan pada analisis atas kewajaran dari based on its fairness analysis of the Proposed
Rencana Transaksi untuk memenuhi ketentuan Transaction in accordance with POJK 42/2020.
POJK 42/2020.
Ruang lingkup Pendapat Kewajaran antara The scope of the Fairness Opinion includes:
lain meliputi: identifikasi permasalahan problem identification (including scope
(termasuk batasan, maksud, tujuan dan objek), limitations, purpose, objectives, object), data
pengumpulan data dan wawancara, analisis collection and interviews, transaction analysis,
transaksi, analisis kewajaran harga, serta analysis of price fairness, and preparation of
penyusunan laporan. reports.
PEDOMAN DAN STANDAR PENILAIAN VALUATION GUIDELINES AND STANDARDS
Laporan Pendapat Kewajaran ini disusun sesuai This Fairness Opinion Report was prepared in
dengan Standar Penilaian Indonesia (SPI) Edisi accordance with the Indonesian Valuation
VII Tahun 2018 dengan Edisi Revisi pada SPI 300, Standards (SPI) 2018, VII Edition, with the
SPI 310, SPI 320, dan SPI 330 yang ditetapkan Revised Edition on SPI 300, SPI 310, SPI 320, and
pada 1 Maret 2020 dan Kode Etik Penilai SPI 330 effective as of March 1, 2020 and the
Indonesia (KEPI) sebagaimana ditetapkan oleh Indonesian Valuer Code of Ethics (KEPI), as
Masyarakat Profesi Penilai Indonesia (MAPPI). stipulated by the Indonesian Society of
Appraisers (MAPPI).
Laporan ini juga telah disusun dengan mengacu This report has also been prepared with
pada ketentuan POJK 42/2020, Peraturan reference to the provisions of POJK 42/2020, the
Otoritas Jasa Keuangan Nomor Financial Services Authority Regulation No.
35/POJK.04/2020 tentang Penilaian dan 35/POJK.04/2020 on the Valuation and
Penyajian Laporan Penilaian Bisnis di Pasar Presentation of Business Valuation Reports in
Modal (“POJK 35/2020”) serta Surat Edaran the Capital Market (“POJK 35/2020”) and the
Otoritas Jasa Keuangan Nomor Financial Services Authority Circular No.
17/SEOJK.04/2020 tentang Pedoman Penilaian 17/SEOJK.04/2020 on Guidelines for Valuation
dan Penyajian Laporan Penilaian Bisnis di Pasar and Presentation of Business Valuation Reports
Modal (“SEOJK 17”). in the Capital Market (“SEOJK 17”).
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TANGGAL PENILAIAN VALUATION DATE
Analisis Pendapat Kewajaran dilakukan per Fairness opinion analysis was performed as of
tanggal 31 Desember 2025, parameter dan 31 December 2025, with the parameters and
laporan keuangan yang digunakan dalam financial statements used in the analysis based
analisis didasarkan pada data per tanggal on data as of 31 December 2025.
31 Desember 2025.
PENGGUNAAN MATA UANG CURRENCY USED
Dalam analisis pendapat kewajaran, mata uang In the fairness opinion analysis, the currency
yang digunakan adalah mata uang Rupiah. used is the Indonesian Rupiah.
KEJADIAN SETELAH TANGGAL PENILAIAN SUBSEQUENT EVENT
Dari tanggal penilaian, yaitu tanggal From the Valuation Date of
31 Desember 2025, sampai dengan tanggal 31 December 2025 until the issuance date of
diterbitkannya laporan pendapat kewajaran ini, this fairness opinion report, there were no
tidak terdapat kejadian penting yang dapat significant events that could affect the fairness
mempengaruhi opini kewajaran. opinion.
Kami tidak bertanggung jawab untuk We are not responsible for reaffirming or
menegaskan kembali atau melengkapi pendapat updating our opinion due to events occurring
kami karena peristiwa-peristiwa yang terjadi after the issuance date of this fairness opinion
setelah tanggal laporan pendapat kewajaran ini. report.
INDEPENDENSI PENILAI INDEPENDENCE OF THE VALUER
Dalam mempersiapkan Laporan Pendapat In preparing this Fairness Opinion Report, we
Kewajaran ini, kami telah bertindak secara have acted independently without any conflict
independen, tanpa adanya konflik kepentingan of interest and not affiliated with the Company,
dan tidak terafiliasi dengan Perseroan, SIS, SIS, PMID or their respective shareholders, nor
PMID, maupun para pemegang sahamnya with any parties affiliated with those
masing-masing ataupun pihak-pihak yang companies. We also have no personal interests
terafiliasi dengan perusahaan tersebut. Kami or advantages related to this assignment.
juga tidak memiliki kepentingan atau
keuntungan pribadi terkait dengan penugasan
ini.
Laporan Pendapat Kewajaran ini tidak This Fairness Opinion Report is not intended to
dimaksudkan untuk memberikan keuntungan provide any advantage or disadvantage to any
atau kerugian kepada pihak manapun. Imbalan party. The fees we receive are not influenced by
yang kami terima tidak dipengaruhi oleh opini the opinion on the fairness of the Proposed
atas kewajaran Rencana Transaksi yang Transaction derived from this fairness analysis
dihasilkan dari proses analisis kewajaran ini, dan process, and we only received professional fees
kami hanya menerima imbalan sebagaimana as stated in the Proposal No. RSR/P-
tercantum pada Proposal No. RSR/P- B/FO/120626.04 dated 12 June 2026. The
B/FO/120626.04 tanggal 12 Juni 2026. Biaya service fees have been determined in
jasa tersebut telah ditetapkan dengan accordance with the provisions set by the
memperhatikan ketentuan yang diatur oleh Association of Public Appraisal Service Firms
Ikatan Kantor Jasa Penilai Publik (IKJPP) MAPPI. (IKJPP) MAPPI.
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SUMBER DATA DAN INFORMASI SOURCE OF DATA AND INFORMATION
Sebagai Penilai Independen dalam As an Independent Valuer in preparing the
mempersiapkan Pendapat Kewajaran atas Fairness Opinion on the Proposed Transaction,
Rencana Transaksi, kami telah menelaah, we have studied, referred to and considered
mengacu dan mempertimbangkan atas data data or documents provided by the Company’s
dan dokumen yang disediakan oleh manajemen management as follows:
Perseroan atas hal-hal sebagai berikut:
1. Opini dan Laporan Keuangan Konsolidasian 1. The Opinion and Consolidated Financial
Perseroan dan anak perusahaan untuk Statements of the Company and its
tahun yang berakhir pada 31 Desember subsidiaries for the year ended December
2025, yang telah diaudit oleh KAP Rintis, 31, 2025 audited by the Registered Public
Jumadi, Rianto & Rekan dengan opini wajar Accounting Firm Rintis, Jumadi, Rianto &
dalam semua hal yang material dan telah Rekan with fair opinion in all material
ditandatangani pada tanggal 11 Maret respects and signed on March 11, 2026 by
2026 oleh Jumadi, S.E., CPA, dengan Ijin Jumadi, S.E., CPA, with License of Public
Akuntan Publik No. AP. 0227; Accountant No. AP. 0227;
2. Opini dan Laporan Keuangan Konsolidasian 2. Consolidated Opinion and Financial
Perseroan dan anak perusahaan untuk Statements of the Company and its
tahun yang berakhir pada 31 Desember subsidiaries for the year ended on
2024, yang telah diaudit oleh KAP Rintis, December 31, 2024 audited by Registered
Jumadi, Rianto & Rekan dengan opini wajar Public Accountant Rintis, Jumadi, Rianto &
dalam semua hal yang material dan telah Rekan with fair opinion in all material
ditandatangani pada tanggal 25 Maret respects and was signed on March 25, 2025
2025 oleh Jumadi, S.E., CPA, dengan Ijin by Jumadi, S.E., CPA, with License of Public
Akuntan Publik No. AP. 0227; Accountant No. AP. 0227;
3. Opini dan Laporan Keuangan Konsolidasian 3. Consolidated Opinion and Financial
Perseroan dan anak perusahaan untuk Statements of the Company and its
tahun yang berakhir pada 31 Desember subsidiaries for the year ended on
2023, yang telah diaudit oleh KAP December 31, 2023 audited by Registered
Tanudiredja, Wibisana, Rintis & Rekan Public Accountant Tanudiredja, Wibisana,
dengan opini wajar dalam semua hal yang Rintis & Rekan with fair opinion in all
material dan telah ditandatangani pada material respects and was signed on March
tanggal 15 Maret 2024 oleh Jumadi, S.E., 15, 2024 by Jumadi, S.E., CPA, with License
CPA, dengan Ijin Akuntan Publik No. AP. of Public Accountant No. AP. 0227;
0227;
4. Opini dan Laporan Keuangan Konsolidasian 4. Consolidated Opinion and Financial
Perseroan dan anak perusahaan untuk Statements of the Company and its
tahun yang berakhir pada 31 Desember subsidiaries for the year ended on
2022, yang telah diaudit oleh KAP December 31, 2022 audited by Registered
Tanudiredja, Wibisana, Rintis & Rekan Public Accountant Tanudiredja, Wibisana,
dengan opini wajar dalam semua hal yang Rintis & Rekan with fair opinion in all
material dan telah ditandatangani pada material respects and was signed on March
tanggal 30 Maret 2023 oleh Jumadi, S.E., 30, 2023 by Jumadi, S.E., CPA, with License
CPA, dengan Ijin Akuntan Publik No. AP. of Public Accountant No. AP. 0227;
0227;
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5. Opini dan Laporan Keuangan Konsolidasian 5. Consolidated Opinion and Financial
Perseroan dan anak perusahaan untuk Statements of the Company and its
tahun yang berakhir pada 31 Desember subsidiaries for the year ended on
2021, yang telah diaudit oleh KAP December 31, 2021 audited by Registered
Tanudiredja, Wibisana, Rintis & Rekan Public Accountant Tanudiredja, Wibisana,
dengan opini wajar dalam semua hal yang Rintis & Rekan with fair opinion in all
material dan telah ditandatangani pada material respects and was signed on March
tanggal 23 Maret 2022 oleh Jumadi, S.E., 23, 2022 by Jumadi, S.E., CPA, with License
CPA, dengan Ijin Akuntan Publik No. AP. of Public Accountant No. AP. 0227;
0227;
6. Laporan Tahunan Perseroan 2021 – 2025; 6. The Company’s Annual Report of 2021 –
2025;
7. Inkremental Proyeksi Laporan Laba Rugi 7. The Company's Incremental Consolidated
Konsolidasian Perseroan sehubungan Income Statement Projections with regard
dengan Rencana Transaksi untuk tahun to the Proposed Transaction for the years
2026 – 2030 yang disiapkan oleh 2026 – 2030 prepared by the Company’s
manajemen Perseroan; management;
8. Laporan Keuangan Konsolidasian Proforma 8. Consolidated Proforma Financial
Perseroan per 31 Desember 2025, yang Statements of the Company for the year
telah disiapkan oleh manajemen ended on December 31, 2025, which have
Perseroan; been prepared by the Company’s
management;
9. Laporan Penilaian Aset untuk Objek Sewa 9. Asset Appraisal Report for the Machinery
Mesin Rokok Maker 18 Merek PM 100 dan Lease Object Cigarette Maker 18 Machine
Mesin Rokok Packer 22 Merek Focke F 550 Brand PM 100 and Cigarette Packer 22
oleh RSR dengan No. 00056/2.0095- Machine Brand Focke F 550 by RSR with
04/PP/04/0090/1/VI/2026 tanggal 15 Juni No. 00056/2.0095-
2026, yang ditandatangani oleh Pangaloan 04/PP/04/0090/1/VI/2026 dated June 15,
Siahaan, S.T., MAPPI (Cert), dengan izin 2026, signed by Pangaloan Siahaan, S.T.,
Penilai Publik No. P-1.09.00090 dan SKDK MAPPI (Cert), with license for Public
OJK No. KEP-218/KS.13/2026. Appraiser No. P-1.09.00090 and SKDK OJK
No. KEP-218/KS.13/2026.
10. Laporan Penilaian Aset untuk Objek Sewa 10. Asset Appraisal Report for the Machinery
Mesin Rokok Packer 26 Merek GD X2 oleh Lease Object Cigarette Packer 26 Machine
RSR dengan No. 00057/2.0095- Brand GD X2 by RSR with No.
04/PP/04/0090/1/VI/2026 tanggal 15 Juni 00057/2.0095-04/PP/04/0090/1/VI/2026
2026, yang ditandatangani oleh Pangaloan dated June 15, 2026, signed by Pangaloan
Siahaan, S.T., MAPPI (Cert), dengan izin Siahaan, S.T., MAPPI (Cert), with license for
Penilai Publik No. P-1.09.00090 dan SKDK Public Appraiser No. P-1.09.00090 and
OJK No. KEP-218/KS.13/2026. SKDK OJK No. KEP-218/KS.13/2026.
11. Draft Perjanjian Sewa Menyewa antara SIS, 11. Draft Lease Agreement between the SIS
dan PMID, yang telah disediakan oleh and PMID, which has been provided by the
manajemen Perseroan; Company’s management;
12. Draft Keterbukaan Informasi, yang telah 12. Draft Information Disclosure, which has
disediakan oleh manajemen Perseroan; been provided by the Company’s
management;
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Atas data yang telah disampaikan tersebut, For the submitted data, we have received a
kami telah menerima Representation Letter dari Representation Letter from the Company's
manajemen Perseroan management No. 079.1/CLD/HMS/VI/2026
No. 079.1/CLD/HMS/VI/2026 tertanggal 30 Juni dated 30 June 2026 in regards to Fairness
2026, sehubungan dengan penugasan Pendapat Opinion assignment;
Kewajaran;
Kami telah melakukan wawancara dan diskusi We have conducted interviews and discussions
melalui video conference dengan manajemen via video conference with the Company's
Perseroan, termasuk diantaranya, yaitu Ibu management, including, among others,
Elisabeth Oktavia, Nabila Chiesarani dan Bapak Ms. Elisabeth Oktavia, Ms. Nabila Chiesarani,
Yohannes Sinembadan pada tanggal 25 Juni and Mr. Yohannes Sinembadan on 25 June
2026, dengan agenda pembahasan proyeksi 2026, with the agenda of discussing the
konsolidasian Perseroan, sehubungan dengan Company's consolidated projections, in regards
penugasan Pendapat Kewajaran. with Fairness Opinion assignment.
Kami juga menggunakan berbagai sumber We also use various sources of information both
informasi baik berdasarkan media cetak dan printed and electronic media such as Bank
elektronik, seperti Bank Indonesia, dan Bursa Indonesia, and the Indonesia Stock Exchange
Efek Indonesia serta hasil analisis lain yang kami and other analysis results that we consider
anggap relevan dengan penugasan pendapat relevant to the assignment of fairness opinions.
kewajaran.
ASUMSI DAN KONDISI PEMBATAS ASSUMPTIONS AND DISCLAIMER LIMITATIONS
Asumsi Assumptions
Laporan Pendapat Kewajaran ini bersifat non- This Fairness Opinion Report constitutes a non-
disclaimer opinion, kami telah melakukan disclaimer opinion, we have reviewed the
penelaahan atas dokumen-dokumen yang documents used in the preparation of this
digunakan dalam proses penyusunan pendapat fairness opinion, and the data and information
kewajaran, data dan informasi yang diperoleh obtained from the Company’s management and
berasal baik dari manajemen Perseroan other sources that we consider reliable and
maupun dari sumber lain yang dapat dipercaya accurate.
keakuratannya.
Laporan Pendapat Kewajaran ini disusun dengan This Fairness Opinion Report has been prepared
menggunakan Inkremental Proyeksi Keuangan based on Incremental Financial Projection
yang disiapkan oleh manajemen Perseroan, prepared by the Company’s management,
namun kami tidak bertanggung jawab atas however, we are not responsible for the
pencapaiannya. achievements of such projections.
Kami bertanggung jawab atas opini yang We are responsible for the opinions generated
dihasilkan dalam Laporan Pendapat Kewajaran. in the Fairness Opinion Report.
Laporan Pendapat Kewajaran bersifat terbuka The Fairness Opinion Report is open to the
untuk publik, kecuali terdapat informasi yang public, except for any confidential information
bersifat rahasia yang dapat mempengaruhi that may affect the Company's operations.
operasional Perseroan.
Kami telah memperoleh informasi atas status We have obtained information on the legal
hukum Perseroan berdasarkan anggaran dasar status of the Company based on the Company's
Perseroan. articles of association.
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Kondisi Pembatas Disclaimer Limitations
Pendapat Kewajaran ini disusun berdasarkan This fairness opinion has been prepared based
pada prinsip integritas atas informasi dan data. on the principle of integrity of data and
Dalam menyusun Pendapat Kewajaran ini, kami information. In preparing this fairness opinion,
melandaskan dan berdasarkan pada sumber we have relied upon and based our analysis on
data dan informasi sebagaimana diberikan the data and information provided by the
manajemen Perseroan, yang mana berdasarkan Company’s management, which we deem to be
hakekat kewajaran adalah benar, lengkap, true, complete, reliable, and not misleading.
dapat diandalkan, serta tidak menyesatkan.
Kami tidak melakukan audit ataupun uji tuntas We did not conduct an audit or comprehensive
secara mendetail atas penjelasan maupun data- due diligence on the explanations and data
data yang diberikan oleh manajemen provided by the Company’s management,
Perseroan, baik lisan maupun tulisan. Dengan whether verbal or written. Accordingly, we do
demikian kami tidak dapat memberikan jaminan not provide any assurance nor assume
atau bertanggung-jawab terhadap kebenaran responsibility for the accuracy and
dan kelengkapan dari informasi atau penjelasan completeness of such explanations and
tersebut. information.
Sebagai dasar bagi kami untuk melakukan As the basis for our analysis in preparing the
analisis dalam mempersiapkan Pendapat Fairness Opinion on the Proposed Transaction,
Kewajaran atas Rencana Transaksi, kami we have used data as stated in the Data and
menggunakan data-data sebagaimana Information Sources section as the basis for our
tercantum pada bagian Sumber Data dan review, calculation and analysis.
Informasi sebagai bahan penelahaan,
perhitungan dan analisis.
Segala perubahan terhadap data tersebut di Any changes to the underlying data may
atas dapat mempengaruhi opini kami secara materially affect our opinion. Therefore, we do
material. Oleh karena itu, kami tidak dapat not accept any responsibility for potential
menerima tanggung jawab atas kemungkinan differences in the conclusions arising from such
terjadinya perbedaan kesimpulan yang changes in the underlying data.
disebabkan perubahan data tersebut.
Pendapat Kewajaran ini disusun hanya dengan The Fairness Opinion is based on the Company’s
mempertimbangkan sudut pandang pemegang shareholders point of view only and does not
saham Perseroan dan tidak mempertimbangkan reflect other stakeholder’s point of view or any
sudut pandang stakeholders lain serta aspek- other aspects.
aspek lainnya.
Pendapat Kewajaran ini disusun dengan The Fairness Opinion has been prepared taking
mempertimbangkan kondisi pasar dan into consideration the market and economic
perekonomian, kondisi umum bisnis dan conditions, general business and financial
keuangan, serta peraturan pemerintah yang conditions, as well as the prevailing government
berlaku pada tanggal laporan pendapat regulations as of the date this Fairness Opinion
kewajaran ini diterbitkan. Report is issued.
Laporan Pendapat Kewajaran ini hanya This Fairness Opinion Report has been prepared
dilakukan terhadap Tujuan Pendapat Kewajaran solely for the Purpose of the Fairness Opinion as
sebagaimana telah diuraikan di atas. outlined above.
Kami menganggap bahwa sejak Tanggal We assume that from the Valuation Date until
Penilaian hingga laporan pendapat kewajaran the issuance of the fairness opinion report,
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diterbitkan, tidak terdapat kejadian luar biasa there have been no extraordinary events that
yang secara material, baik secara makro may materially, whether from a macroeconomic
ekonomi maupun industri, pada saat kini or industry perspective, either currently or in
maupun yang akan datang, yang dapat the future, affect the Company's business and
mempengaruhi bisnis Perseroan dan rencana business plan and budget.
bisnis dan anggaran Perseroan.
Dengan ini kami menyatakan bahwa penugasan We hereby state that our assignment does not
kami tidak termasuk menganalisis transaksi- include the analysis of transactions outside the
transaksi di luar Tujuan Pendapat Kewajaran scope of the Purposes of the Fairness Opinion
yang mungkin tersedia bagi Perseroan, serta that may be available to the Company, nor the
pengaruh dari transaksi-transaksi tersebut implications of those transactions to the
terhadap Tujuan Pendapat Kewajaran, dan juga Purposes of the Fairness Opinion, nor does it
bukan merupakan analisis penggunaan yang constitute an analysis of the highest and best
paling mungkin dan optimal dari Tujuan use from the Purposes of the Fairness Opinion.
Pendapat Kewajaran.
Kami ingin menekankan bahwa hasil analisis dan We would like to emphasize that the result of
penelaahan kami secara khusus hanya terbatas our analysis and review is specifically limited to
pada aspek finansial atas Rencana Transaksi, the financial aspects of the Proposed
kami tidak melakukan kajian atas keabsahan Transaction. We have not assessed its legal
Rencana Transaksi dari segi hukum dan implikasi validity or tax implications, because it is outside
aspek perpajakan dari Rencana Transaksi the scope of our assignment.
tersebut, karena hal tersebut berada di luar
lingkup penugasan kami.
Penggunaan atas sebagian atau keseluruhan The use of this report, in whole or in part,
dari laporan harus memperoleh persetujuan requires the approval from the Company’s
dari manajemen Perseroan mengingat management, considering that it may contain
kemungkinan adanya informasi yang bersifat confidential information that may affect the
rahasia yang dapat mempengaruhi kompetisi Company’s competitiveness and operations.
dan operasional Perseroan.
Mengingat adanya kemungkinan perbedaan Considering the potential time difference from
waktu dari tanggal laporan ini dengan the date of this report and the implementation
pelaksanaan Rencana Transaksi, maka of the Proposed Transaction, the conclusions set
kesimpulan dalam laporan pendapat kewajaran forth in this fairness report are valid only if there
ini hanya berlaku sepanjang tidak terdapat are no significant changes that may materially
perubahan signifikan yang akan berdampak affect the fairness of the Proposed Transaction.
material terhadap kewajaran Rencana Such changes may include internal changes
Transaksi. Perubahan tersebut termasuk within the respective companies as well as
perubahan baik secara internal pada masing- external changes, including market and
masing perusahaan maupun perubahan economic conditions, general business and
eksternal, termasuk kondisi pasar dan financial conditions, and Indonesian
perekonomian, kondisi umum bisnis dan government regulations after the date this
keuangan, serta peraturan pemerintah report is issued. Should any such changes occur
Indonesia setelah tanggal laporan ini after the issuance date of this report, the
diterbitkan. Apabila setelah tanggal laporan ini fairness opinion on the Proposed Transaction
diterbitkan terjadi perubahan-perubahan may differ.
tersebut, maka pendapat kewajaran atas
Rencana Transaksi ini dapat berbeda.
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Kami juga berpedoman pada surat pernyataan We have also relied on the representation letter
(representation letter) dari manajemen from the Company's management regarding our
Perseroan atas penugasan kami untuk assignment to prepare the fairness opinion
mempersiapkan laporan pendapat kewajaran, report, which states all material and relevant
yang menyatakan bahwa seluruh informasi information relating to the fairness opinion has
penting dan relevan terkait pendapat kewajaran been disclosed and to the best of the Company's
telah disampaikan dan sepanjang pengetahuan management's knowledge there are no
manajemen Perseroan tidak terdapat faktor undisclosed material factors that could be
material yang belum diungkapkan dan dapat misleading.
menyesatkan
Tingkat Kedalaman Investigasi Depth Level of Investigation
Dalam melakukan penugasan, tidak ada batas There are no limitations or restrictions in
atau pembatasan dalam melakukan conducting inspection, review, calculation and
penelaahan, perhitungan dan analisis. analysis in performing this assignment.
Inkremental Proyeksi Laporan Laba Rugi Incremental Consolidated Income Statement
Konsolidasian yang disampaikan dalam format Projections submitted in excel format only
excel hanya mencakup perubahan atas includes changes to the occurrence of the
terjadinya Rencana Transaksi sehingga kami Proposed Transaction so that we do not conduct
tidak melakukan review lebih lanjut dan kami further reviews and we are not responsible for
tidak bertanggung jawab atas proyeksi financial projections outside the Proposed
keuangan diluar Rencana Transaksi. Transaction.
RSR telah melakukan wawancara dan diskusi RSR has conducted interview and discussion
dengan manajemen Perseroan yaitu Ibu with the Company’s management, i.e., among
Elisabeth Oktavia, Nabila Chiesarani dan Bapak others, Ms. Elisabeth Oktavia, Ms. Nabila
Yohannes Sinembadan pada tanggal 25 Juni Chiesarani, and Mr. Yohannes Sinembadan on
2026, dengan agenda pembahasan proyeksi 25 June 2026, with the agenda of discussing the
konsolidasian Perseroan, sehubungan dengan Company's consolidated projections, with
penugasan Pendapat Kewajaran. regard to the fairness opinion assignment.
PERSYARATAN ATAS PERSETUJUAN UNTUK REQUIREMENTS OF APPROVAL FOR
PUBLIKASI PUBLICATION
Laporan Pendapat Kewajaran bersifat terbuka The Fairness Opinion Report is open to the
untuk publik, kecuali terdapat informasi yang public, unless there is confidential information
bersifat rahasia yang dapat mempengaruhi that may affect the Company’s operations.
operasional Perseroan.
METODOLOGI PENGKAJIAN KEWAJARAN METHODOLOGY FOR FAIRNESS ANALYSIS
Dalam menilai kewajaran Rencana Transaksi, In evaluating the fairness of the Proposed
kami menggunakan metodologi analisis sebagai Transaction, we used the following
berikut: methodology analysis:
1. Analisis Rencana Transaksi berupa 1. Proposed Transaction Analysis:
identifikasi pihak-pihak yang terlibat identification of parties involved in the
dalam Rencana Transaksi, analisis Proposed Transaction, analysis of term
persyaratan dari perjanjian Rencana and condition of the agreement, and
Transaksi, analisis manfaat dan risiko analysis of benefit and risk of the
Rencana Transaksi; Proposed Transaction;
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2. Analisis Kualitatif berupa analisis 2. Qualitative analysis: analysis of
terhadap alasan dan latar belakang background of the Proposed
Rencana Transaksi, riwayat singkat Transaction, brief explanation of the
Perseroan dan kegiatan usaha, analisis Company and business activities,
industri, analisis operasional dan industry analysis, operational analysis,
prospek usaha Perseroan, keuntungan business prospect, advantages and
dan kerugian Rencana Transaksi; disadvantages of the Proposed
Transaction;
3. Analisis Kuantitatif berupa analisis 3. Quantitative analysis: historical
kinerja historis, analisis proforma analysis, analysis of proforma financial
laporan keuangan, dan analisis statements, and incremental financial
inkremental proyeksi keuangan; projections analysis;
4. Analisis atas faktor lain yang relevan, 4. Analysis of other relevant factors, in the
berupa analisis biaya dan pendapatan form of analysis of relevant costs and
yang relevan, informasi non keuangan revenues, relevant non-financial
yang relevan, prosedur pengambilan information, decision-making
keputusan oleh Perseroan. procedures by the Company.
5. Analisis Kewajaran Harga Rencana 5. Analysis on the Fairness of the Proposed
Transaksi. Transaction Price
ANALISIS KEWAJARAN FAIRNESS ANALYSIS
1. Analisis Rencana Transaksi 1. Proposed Transaction Analysis
a) Pihak-pihak yang terkait Rencana a) The parties involved in the Proposed
Transaksi adalah PMID sebagai pihak yang Transaction, PMID is the lessor and SIS is
menyewakan dan SIS adalah pihak the lessee.
penyewa.
b) Rencana Transaksi merupakan transaksi b) The Proposed Transaction is deemed as
afiliasi sebagaimana dimaksud dalam an affiliated transaction as defined in the
POJK 42/2020, oleh karena SIS POJK 42/2020 since SIS is an entity under
merupakan entitas yang dikendalikan the direct and indirect control of the
secara langsung dan tidak langsung oleh Company through the Company's
Perseroan melalui kepemilikan Perseroan ownership in SIS and indirectly through
pada SIS dan secara tidak langsung PT Perusahaan Dagang dan Industri
melalui PT Perusahaan Dagang dan Panamas. Furthermore, the Company is
Industri Panamas. Selanjutnya, Perseroan itself controlled by PMID. As a result, the
dikendalikan oleh PMID. Dengan Company and SIS are under common
demikian, Perseroan dan SIS berada control within the same business group
dalam pengendalian yang sama dalam and therefore considered affiliated
satu kelompok usaha sehingga dianggap parties. Accordingly, the transactions
sebagai pihak-pihak yang terafiliasi. Oleh conducted between the Company and SIS
karena itu, transaksi yang dilakukan constitutes related party transactions.
antara Perseroan dan SIS merupakan
transaksi afiliasi.
Selanjutnya, berdasarkan informasi dari Furthermore, based on information from
manajemen Perseroan, Rencana the Company's management, the
Transaksi bukan merupakan transaksi Proposed Transaction does not
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yang mengandung benturan kepentingan constitute a conflict of interest
sebagaimana didefinisikan dalam POJK transaction as defined in POJK 42/2020.
42/2020.
Berdasarkan informasi manajemen Based on information from the
Perseroan, Rencana Transaksi tidak Company's management, the Proposed
termasuk transaksi material sebagaimana Transaction does not constitute a
dimaksud dalam POJK 17/2020. material transaction as defined in POJK
17/2020.
c) Analisis perjanjian dan persyaratan atas c) Analysis of the agreement and terms of
Rencana Transaksi dilakukan terhadap the Proposed Transaction is carried out
Draft Perjanjian Sewa Menyewa antara on the draft Lease Agreement between
SIS dan PMID yang telah disediakan SIS and PMID which has been provided by
manajemen Perseroan. the Company's management.
d) Analisis Manfaat dan Risiko d) Analysis of the Benefits and Risks
Manfaat yang diharapkan diterima oleh The benefits expected to be received by
Perseroan berdasarkan penjelasan the Company based on the explanation of
manajemen Perseroan dan analisis atas the Company's management and analysis
manfaat Rencana Transaksi, antara lain: of the benefits of the Proposed
Transaction, including:
• mendukung pemanfaatan aset dalam • support the more effective
grup secara lebih efektif, sehingga utilization of assets within the group,
memberikan nilai tambah secara thereby providing overall added
keseluruhan terhadap kinerja value to the Company's
Perseroan. performance.
Risiko yang mungkin dihadapi oleh The risks that may arise for the Company,
Perseroan berdasarkan penjelasan based on management’s explanation,
manajemen, meliputi potensi tambahan include the potential for additional
biaya perawatan atau perbaikan mesin maintenance or repair costs of the leased
yang disewakan di luar anggaran yang machineries beyond the approved
telah ditetapkan, yang dapat timbul budget, which may arise from events
akibat kejadian seperti kebakaran, banjir, such as fire, flood, earthquake, or other
gempa atau kejadian tidak terduga unforeseen circumstances.
lainnya.
2. Analisis Kualitatif 2. Qualitative Analysis
a) Riwayat perusahaan dan sifat kegiatan a) Company history and nature of business
usaha activities
Perseroan didirikan pada tanggal 19 The Company was founded on 19
Oktober 1963 berdasarkan Akta No. 69 October 1963 based on Deed No. 69
tanggal 19 Oktober 1963 yang diubah dated 19 October 1963 as amended by
dengan Akta No. 46 tanggal 15 April 1964, Deed No. 46 dated April 15, 1964, both
keduanya dibuat di hadapan Anwar were made before Anwar Mahajudin,
Mahajudin, S.H., Notaris di Surabaya, S.H., Notary in Surabaya, which was
yang telah disetujui oleh Menteri approved by the Minister of Justice of the
Kehakiman Republik Indonesia Republic of Indonesia based on his
berdasarkan Keputusannya No. Decree No. J.A.5 / 59/15 dated 30 April
J.A.5/59/15 tanggal 30 April 1964 dan 1964 and has been published in the State
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telah diumumkan dalam Berita Negara Gazette of the Republic of Indonesia No.
Republik Indonesia No. 94 tanggal 24 94 dated 24 November 1964, Supplement
November 1964, Tambahan No. 357. No. 357.
Anggaran Dasar Perseroan telah The Articles of Association of the
mengalami beberapa kali perubahan, Company have been amended several
yang terakhir berdasarkan Akta No. 107 times, the most recent being based on
tanggal 27 Mei 2025, yang dibuat di Deed No. 107 dated 27 May 2025, drawn
hadapan Aulia Taufani, S.H., Notaris di up before Aulia Taufani, S.H., a Notary in
Kota Administrasi Jakarta Selatan, yang the Administrative City of South Jakarta,
telah disetujui oleh Menteri Hukum dan which has been approved by the Minister
Hak Asasi Manusia Republik Indonesia of Law and Human Rights of the Republic
berdasarkan Keputusannya No. AHU- of Indonesia pursuant to Decision No.
0040768.AH.01.02.TAHUN 2025 tanggal AHU-0040768.AH.01.02.TAHUN 2025
23 Juni 2025. dated 23 June 2025.
Ruang lingkup kegiatan Perseroan The Company’s scope of activities
meliputi manufaktur tembakau, comprises tobacco manufacturing,
perdagangan (termasuk trading (including
pengangkutan/distribusi dan transportation/distribution and
pergudangan serta aktivitas jasa warehousing as well as other supporting
penunjang lainnya) serta di bidang services activities) and other tobacco
industri produk tembakau lainnya. products industry.
Perseroan berkedudukan di Surabaya, The Company is domiciled in Surabaya,
dengan kantor pusat berlokasi di Jl. with the head office located at Jl. Rungkut
Rungkut Industri Raya No. 18, Surabaya, Industri Raya No. 18, Surabaya, and has
serta memiliki pabrik yang berlokasi di factories located in Pasuruan, Karawang,
Pasuruan, Karawang, dan beberapa lokasi and several other locations. The
lainnya. Perseroan juga memiliki kantor Company also has a corporate
perwakilan korporasi di Jakarta. representative office in Jakarta.
b) Analisis Industri b) Industry Analysis
Industri tembakau dan rokok di Indonesia The tobacco and cigarette industry in
merupakan salah satu sektor yang secara Indonesia is one of the sectors that
konsisten memberikan kontribusi consistently contributes significantly to
signifikan terhadap penerimaan negara state revenue as evidenced by the
yang tercermin dari besarnya penerimaan substantial tobacco excise and Cigarette
cukai hasil tembakau dan PPN Rokok VAT receipts each year. The tobacco
setiap tahunnya. Pasar tembakau di market in Indonesia is dominated by
Indonesia didominasi oleh beberapa several major companies, both national
perusahaan besar, baik nasional maupun and multinational.
multinasional.
Hal tersebut tercermin dalam tren This is reflected in the trend of cigarette
produksi rokok di Indonesia yang relatif production in Indonesia, which remains
tinggi, meskipun menunjukkan relatively high, although showing a
kecenderungan menurun dari tahun ke declining trend from year to year.
tahun. Produksi rokok pada tahun 2021 Cigarette production reached 334.8
mencapai 334,8 miliar batang dan billion sticks in 2021 and gradually
menurun secara bertahap menjadi 307,8 declined to 307.8 billion sticks by 2025.
miliar batang pada tahun 2025. Dengan Accordingly, the compound annual
demikian, tingkat pertumbuhan (CAGR) growth rate (CAGR) of cigarette
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produksi rokok di Indonesia untuk production in Indonesia for the period
periode 2021–2025 tercatat sebesar 2021–2025 was recorded at negative
negatif 2,08%. 2.08%.
Berdasarkan proyeksi pasar rokok di dunia Based on global cigarette market
untuk periode 2026 hingga 2031, industri projections for the period 2026 to 2031,
ini diperkirakan akan tetap mengalami the industry is expected to continue
pertumbuhan nilai pasar secara experiencing sustained growth in market
berkelanjutan. Pada tahun 2026, nilai value. In 2026, the global cigarette
pasar rokok di dunia diperkirakan market is projected to reach US$770,89
mencapai US$770,89 miliar, dan billion and is expected to grow to
diproyeksikan meningkat menjadi US$821,81 billion by 2031. This increase
US$821,81 miliar pada tahun 2031. Hal ini indicates that, despite various regulatory
menunjukkan bahwa meskipun terdapat challenges, the global tobacco industry
berbagai tantangan regulasi, industri hasil continues to demonstrate strong
tembakau secara global tetap memiliki economic resilience.
daya tahan ekonomi yang kuat.
Berdasarkan data proyeksi Statista Based on Statista’s projection data on the
mengenai lima negara dengan volume five countries with the largest cigarette
penjualan rokok terbesar di dunia untuk sales volumes in the world for the 2026–
periode 2026–2030, terlihat tren yang 2030 period, the global market shows a
cenderung stagnan hingga menurun di trend that is relatively stagnant to
pasar global. Tiongkok tetap declining. China continues to dominate
mendominasi pasar dengan volume the market with a significant sales
penjualan yang besar, yakni berkisar di volume, estimated at around 2,419 billion
angka 2.419 miliar batang pada 2026 dan sticks in 2026 and projected to increase
diproyeksikan meningkat menjadi 2.425 slightly to 2,425 billion sticks by 2030.
miliar batang pada 2030. Sementara itu, Meanwhile, Indonesia demonstrates
Indonesia menunjukkan stabilitas volume stable sales volumes at approximately
penjualan yang di angka 304 miliar batang 304 billion sticks annually throughout the
setiap tahunnya selama periode tersebut, period, making it the second-largest
menjadikannya pasar terbesar kedua market within this group.
dalam kelompok ini.
c) Analisis Operasional dan Prospek Usaha c) Operational Analysis and Business
Perseroan Prospects of the Company
Perseroan telah memulai kegiatan The Company has started production
produksi sejak tahun 1913 sebagai activities since 1913 as a home industry.
industri rumah tangga. Selanjutnya, Subsequently, the Company made a
Perseroan melakukan penawaran umum public offering and also traded its shares
dan mencatatkan sahamnya di Bursa Efek at the Jakarta Stock Exchange (now
Jakarta (sekarang Bursa Efek Indonesia), Indonesia Stock Exchange) as a public
sebagai perusahaan publik pada tahun company in 1990. In 2005, the Company
1990. Pada tahun 2005 Perseroan was acquired by PT Philip Morris
diakuisisi oleh PT Philip Morris Indonesia. Indonesia.
Perseroan dan Anak Perusahaan The Company and its Subsidiaries
menghasilkan dan mendistribusi produk manufacture and distribute tobacco
rokok yang dapat dikelompokkan menjadi products that can be classified into two
dua kategori utama yaitu: Sigaret main categories, i.e Conventional
Konvensional dan Produk Bebas Asap. Cigarettes and Smoke-Free Products.
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Selama tahun 2021-2025, penjualan Between 2021 and 2025, the Company’s
konsolidasian Perseroan mengalami consolidated sales experienced
pertumbuhan fluktuatif dengan fluctuating growth, with a Compound
Compound Annual Growth Rate (CAGR) Annual Growth Rate (CAGR) of 3.20%,
sebesar 3,20%, yaitu dari sebesar rising from Rp98,875 billion in 2021 to
Rp98.875 miliar pada tahun 2021 menjadi Rp112,172 billion in 2025.
sebesar Rp112.172 miliar pada tahun
2025.
Wilayah operasional Perseroan dan Anak The operational areas of the Company
Perusahaan tersebar di berbagai wilayah and its subsidiaries are spread across
di Indonesia. Wilayah operasional terbagi various regions in Indonesia. The
menjadi kantor pusat, kantor penjualan operational areas are divided into a head
dan pusat distribusi, kantor perwakilan office, sales office and distribution
wilayah serta fasilitas produksi produk centers, regional representative offices
rokok SKM, SKT dan produk bebas asap. and production facilities for SKM, SKT,
and smoke-free products.
Perseroan memiliki 9 (sembilan) fasilitas The Company operates 9 (nine)
produksi yang terdiri dari 2 (dua) fasilitas production facilities, consisting of two
produksi SKM di Pasuruan (Jawa Timur) production facilities for SKM in Pasuruan
dan Karawang (Jawa Barat). Satu fasilitas (East Java) and Karawang (West Java),
untuk produk tembakau inovatif bebas one facility for innovative smoke-free
asap di Karawang (Jawa Barat) serta enam tobacco products in Karawang (West
fasilitas produksi SKT di Jawa Timur dan Java), and six SKT production facilities
Jawa Tengah. located in East Java and Central Java.
Perseroan fokus untuk mengelola The Company has been focused on
tantangan dan peluang utama melalui addressing key challenges and
inisiatif strategis, sekaligus menangani opportunities via strategic initiatives,
perubahan peraturan dan ekonomi yang while navigating the evolving regulatory
terus berkembang secara efektif. Sebagai and economic landscape effectively. As a
Perusahaan yang telah lebih dari 110 Company with more than 110 years of
tahun menciptakan nilai berkelanjutan di sustainable value creation in Indonesia,
Indonesia, kami memiliki pola pikir we have a forward-looking mindset so
berwawasan ke depan sehingga dapat that we maintain leadership in
mempertahankan kepemimpinan dalam combustible products with a diversified
produk konvensional melalui diversifikasi portfolio across segments, while
portofolio di seluruh segmen, sekaligus accelerating the growth of smoke-free
mempercepat pertumbuhan produk products and anticipating the needs of
bebas asap dan mengantisipasi our stakeholders.
kebutuhan para pemangku kepentingan.
d) Keuntungan dan Kerugian d) Advantages and Disadvantages
Keuntungan yang diharapkan diperoleh The expected advantages to be obtained
Perseroan dengan melaksanakan by the Company by implementing the
Rencana Transaksi adalah mendukung Proposed Transaction are support the
pemanfaatan aset dalam grup secara more effective utilization of assets within
lebih efektif, sehingga memberikan nilai the group, thereby providing overall
tambah secara keseluruhan terhadap added value to the Company's
kinerja Perseroan. performance.
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Adapun potensi kerugian yang timbul The potential disadvantages arising in
sehubungan dengan Rencana Transaksi connection with the Proposed
antara lain berupa biaya-biaya yang Transaction include costs related to the
terkait dengan proses pelaksanaan execution process of the Proposed
Rencana Transaksi, termasuk biaya pajak Transaction, including tax expenses as
serta biaya konsultan pendukung dan jasa well as fees for supporting consultants
profesional. and professional services.
3. Analisis Kuantitatif 3. Quantitative Analysis
a) Analisis Kinerja Historis a) Historical Performance Analysis
Perseroan menjalankan kegiatan utama The Company conducts its main business
usaha pada industri manufaktur dan activities in the cigarette manufacturing
perdagangan rokok. Penjualan Perseroan and trading industry. Sales of the
dan Anak Perusahaan terdiri atas Company and its Subsidiaries consist of
penjualan ekspor dan domestik produk export and domestic sales of cigarettes
rokok serta lainnya. Penjualan domestik and other products. Domestic cigarette
produk rokok terdiri atas penjualan sales consist of sales of SKM, SKT, SPM,
produk rokok jenis SKM, SKT, SPM, SPT SPT and smoke-free products.
dan produk bebas asap.
Penjualan bersih konsolidasian Perseroan The Company’s consolidated net revenue
selama tahun 2021-2025 secara during the 2021–2025 period recorded a
Compound Annual Growth Rate (“CAGR”) fluctuating increase, with a Compound
mengalami fluktuatif peningkatan Annual Growth Rate (CAGR) of 3.20%. In
sebesar 3,20%. Pada tahun 2025, 2025, net revenue decreased by 4.84%
penjualan bersih menurun sebesar 4,84% compared to 2024, primarily due to a
dibanding tahun 2024, terutama decline in revenue from the SKM and SKT
disebabkan oleh menurunnya segments.
pendapatan dari segmen SKM dan SKT.
Beban pokok penjualan konsolidasian The Company's consolidated cost of
Perseroan selama tahun 2021-2025 juga goods sold (COGS) during the 2021-2025
mengalami peningkatan yang period also experienced a fluctuating
berfluktuasi dengan CAGR sebesar 2,81%. increase with a CAGR of 2.81%. In 2025,
Pada tahun 2025, beban pokok penjualan COGS decreased by 7.84% compared to
Perseroan menurun sebesar 7,84% 2024, primarily driven by lower volume
dibandingkan tahun 2024, yang terutama and ongoing productivity initiatives.
mencerminkan penurunan volume During the 2021–2025 period, the
penjualan serta berlanjutnya inisiatif average proportion of COGS to Net
peningkatan produktivitas. Selama Revenue was 83.34%.
periode 2021-2025, rata-rata proporsi
Beban Pokok Penjualan terhadap
Penjualan Bersih adalah sebesar 83,34%.
Selama tahun 2021-2025, laba kotor During the 2021–2025 period, the
konsolidasian Perseroan mengalami Company’s consolidated gross profit
peningkatan dengan CAGR sebesar increased at a CAGR of 5.07%. Over the
5,07%. Selama tahun 2021-2025, rata- same period, the Company’s average
rata margin laba kotor Perseroan adalah gross profit margin was 16.66%.
sebesar 16,66%.
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Selama tahun 2021-2025, beban usaha During the 2021–2025 period, the
konsolidasian Perseroan mengalami Company’s consolidated operating
peningkatan yang berfluktuasi dengan expenses experienced a fluctuating
CAGR sebesar 7,98%. Pada tahun 2025, increase with a CAGR of 7.98%. In 2025,
Beban usaha Perseroan meningkat the Company’s operating expenses
sebesar 4,58% dari tahun sebelumnya increased by 4.58% from the previous
menjadi Rp11.333 miliar, didorong oleh year to Rp11,333 billion, primarily driven
kenaikan biaya jasa manajemen serta by higher management services fees and
beban royalti yang lebih tinggi, sejalan higher royalty expenses in line with
dengan pertumbuhan produk bebas asap growing SFP and higher volume of
(SFP) dan meningkatnya volume produk Marlboro products manufactured by the
Marlboro yang diproduksi oleh Company.
Perseroan.
Selama tahun 2021-2025, EBITDA During the 2021–2025 period, the
konsolidasian Perseroan mengalami Company’s consolidated EBITDA
peningkatan yang berfluktuasi dengan experienced a fluctuating growth with a
CAGR sebesar 2,18%. Namun demikian, CAGR of 2.18%. However, a significant
pada tahun 2025 tercatat peningkatan increase was recorded in 2025, when
yang signifikan, dimana EBITDA EBITDA increased by 19.58%, aligned with
meningkat sebesar 19,58%, sejalan the increase in gross profit. During the
dengan peningkatan laba kotor. Selama 2021–2025 period, the Company’s
tahun 2021-2025, rata-rata margin average EBITDA margin was 8.72%.
EBITDA Perseroan adalah sebesar 8,72%.
Selama tahun 2021-2025, laba tahun During the 2021–2025 period, the
berjalan konsolidasian Perseroan Company’s consolidated profit for the
mengalami fluktuatif penurunan dengan year experienced a fluctuating decrease
CAGR sebesar 1,90%, dengan rata-rata with a CAGR of 1.90%, with the average
margin laba tahun berjalan konsolidasian consolidated profit for the year was
Perseroan tercatat sebesar 6,28%. recorded at 6.28%.
Jumlah aset konsolidasian Perseroan The Company’s consolidated total assets
selama tahun 2021-2025 mengalami during 2021-2025 recorded a fluctuating
fluktuatif penurunan dengan CAGR growth with a CAGR of 0.73%. In 2025,
sebesar 0,73%. Pada tahun 2025, jumlah the Company's consolidated total assets
aset konsolidasian Perseroan tercatat were recorded at Rp51,563 billion, a
sebesar Rp51.563 miliar, menurun decrease of 5.03% compared to 2024,
sebesar 5,03% dari tahun 2024 yang mainly driven by a decline in loans to
terutama didorong oleh penurunan related parties and inventories.
pinjaman kepada pihak berelasi dan
persediaan.
Jumlah liabilitas konsolidasian Perseroan The Company’s consolidated total
selama tahun 2021-2025 mengalami liabilities during the 2021–2025 period
penurunan dengan CAGR sebesar 0,73%. experienced a decline with a CAGR of -
Penurunan tertinggi terjadi pada tahun 0.73%. The most significant decrease
2025 sebesar 10,50% terutama occurred in 2025 at 10.50%, driven by
disebabkan oleh penurunan utang cukai lower excise tax payable and lower trade
serta utang usaha dan utang lainnya, yang and other payables partially offset by the
diimbangi oleh pengukuran kembali remeasurement of post-employment
liabilitas imbalan pascakerja berdasarkan benefits based on annual independent
penilaian aktuaria independen tahunan actuarial valuation and other non current
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serta peningkatan liabilitas jangka liabilities.
panjang lainnya.
Jumlah ekuitas konsolidasian Perseroan The Company’s consolidated total equity
selama tahun 2021-2025 mengalami during the 2021–2025 period
fluktuatif penurunan dengan CAGR experienced a fluctuating decline with a
sebesar 0,73%. Ekuitas Perseroan per CAGR of 0.73%. The Company’s equity as
31 Desember 2025 relatif tidak of December 31, 2025, remained
mengalami perubahan pada Rp28.351 relatively unchanged at Rp28,351 billion,
miliar, sejalan dengan kinerja laba in line with the Company’s profit
Perseroan pada tahun berjalan. performance for the year.
b) Analisis Inkremental proyeksi Keuangan b) Incremental analysis of the Proposed
atas Rencana Transaksi dilakukan untuk Transaction is carried out to measure the
mengukur nilai tambah dari Rencana added value of the Proposed Transaction
Transaksi untuk periode 2026–2030: for the period of 2026–2030:
Inkremental Proyeksi Laporan Laba Rugi Incremental Consolidated Profit or Loss
Konsolidasian Projections
• Inkremental penjualan bersih • The Company's incremental net sales
Perseroan selama periode 2026 – for the period 2026 – 2030 are
2030 diproyeksikan tidak mengalami projected to remain the same in
perubahan sehubungan dengan connection with the implementation
pelaksanaan Rencana Transaksi. of the Proposed Transaction.
• Inkremental beban pokok penjualan • The Company’s incremental cost of
Perseroan selama periode 2026– goods sold during the 2026–2030
2030 diproyeksikan mengalami period is projected to decrease,
penurunan, yaitu sebesar Rp8,43 amounting to Rp8.43 billion in 2026
miliar pada tahun 2026 dan sebesar and Rp20.96 billion for the period
Rp20,96 miliar untuk periode tahun 2030, driven by decreased
2030, yang berasal dari penurunan depreciation expenses in connection
beban depresiasi sehubungan with the implementation of the
dengan pelaksanaan Rencana Proposed Transaction.
Transaksi.
• Inkremental laba bersih Perseroan • The Company’s incremental net
selama periode 2026 – 2030 yaitu profit during the 2026–2030 period
sebesar Rp6,23 miliar pada tahun is projected at Rp6.23 billion in 2026
2026 dan sebesar Rp16,56 miliar and Rp16.56 billion for the period
untuk periode tahun 2030, yang 2030, driven by a decrease in cost of
berasal dari penurunan beban pokok goods sold in connection with the
penjualan sehubungan dengan implementation of the Proposed
pelaksanaan Rencana Transaksi. Hal Transaction. This reflects the positive
ini mencerminkan kontribusi positif contribution of the Proposed
Rencana Transaksi terhadap Transaction to the Company's overall
profitabilitas Perseroan secara profitability over the projection
keseluruhan selama periode period.
proyeksi.
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Inkremental Proyeksi Laporan Posisi Incremental Consolidated Statement of
Konsolidasian Financial Position Projections
• Inkremental jumlah aset Perseroan • The Company’s incremental total
selama periode 2026 – 2030 assets during the 2026–2030 period
diproyeksikan mengalami are projected to increase, amounting
peningkatan, sebesar Rp97,15 miliar to Rp97.15 billion in 2026, primarily
pada tahun 2026, yang berasal dari due to an increase in cash and cash
peningkatan kas dan setara kas. equivalents. The Company's total
Jumlah aset Perseroan diproyeksikan assets are projected to increase by
mengalami peningkatan sebesar Rp8.18 billion in 2027 and Rp5.98
Rp8,18 miliar pada tahun 2027 dan billion for the 2028-2030 period,
Rp5,98 miliar untuk periode 2028- driven by an increase in fixed assets.
2030, yang berasal dari peningkatan
aset tetap.
• Inkremental jumlah liabilitas • The Company's incremental liabilities
Perseroan periode 2026 for the 2026 period are projected to
diproyeksikan mengalami increase by Rp90.92 billion for the
peningkatan yaitu sebesar Rp90,92 2026 period, primarily due to
miliar untuk periode tahun 2026, increase in tax payable and lease
yang berasal dari peningkatan utang liabilities. Meanwhile, the Company's
pajak dan liabilitas sewa pembiayaan. incremental liabilities for the 2027-
Sedangkan, Inkremental jumlah 2030 period are projected to
liabilitas Perseroan untuk periode decrease by Rp10.58 billion for the
2027-2030 diproyeksikan mengalami 2030 period, primarily due to
penurunan yaitu sebesar Rp10,58 decrease in lease liabilities-current, in
miliar untuk periode tahun 2030, connection with the implementation
yang berasal dari penurunan liabilitas of the Proposed Transaction.
sewa pembiayaan jangka pendek,
sehubungan dengan pelaksanaan
Rencana Transaksi.
• Inkremental jumlah ekuitas • The Company’s incremental total
Perseroan selama periode 2026 – equity during the 2026–2030 period
2030 diproyeksikan mengalami is projected to increase, amounting to
peningkatan sebesar Rp6,23 miliar Rp6.23 billion in 2026 and Rp16.56
pada tahun 2026 dan sebesar billion for the period 2030, primarily
Rp16,56 miliar untuk periode tahun due to an increase in unappropriated
2030, yang berasal dari peningkatan retained earnings. This reflects the
saldo laba yang belum dicadangkan. positive impact of the
Hal ini mencerminkan dampak positif implementation of the Proposed
dari pelaksanaan Rencana Transaksi Transaction for the Company’s
untuk pemegang saham Perseroan shareholders over the projection
selama periode proyeksi. period.
c) Analisis terhadap Laporan Keuangan c) Analysis of the Company's Proforma
Proforma Perseroan per tanggal Financial Statements as of 31 December
31 Desember 2025, yang telah disediakan 2025, provided by the Company's
oleh manajemen Perseroan: management:
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Laba (Rugi) Profit or Loss
Proforma penjualan bersih Perseroan The Company's proforma net revenue
tidak mengalami perubahan, sehubungan remain unchanged in connection with the
dengan pelaksanaan Rencana Transaksi. implementation of the Proposed
Transaction.
Proforma beban pokok penjualan The Company's proforma cost of goods
Perseroan mengalami peningkatan sold increased by 0.01%, derived from
sebesar 0,01% yang berasal dari beban rental expenses in connection with the
sewa sehubungan dengan pelaksanaan implementation of the Proposed
Rencana Transaksi. Transaction.
Proforma laba bersih Perseroan The Company's proforma net profit
mengalami penurunan sebesar 0,15% decreased by 0.15%, driven by the
yang berasal dari peningkatan beban increase in the Company's cost of goods
pokok penjualan Perseroan. sold.
Laporan Posisi Keuangan Statement of Financial Position
Aset Asset
Proforma Aset Lancar Perseroan The Company's proforma Current Assets
mengalami penurunan sebesar 0,03%, decreased by 0.03%, primarily due to a
terutama berasal dari penurunan kas dan decrease in cash and cash equivalents.
setara kas.
Proforma Aset Tidak Lancar Perseroan The Company's proforma Non-Current
mengalami peningkatan sebesar 0,25%, Assets increased by 0.25%, primarily due
terutama berasal dari peningkatan aset to an increase in fixed assets.
tetap.
Proforma Jumlah Aset Perseroan The Company's proforma Total Assets
mengalami peningkatan sebesar 0,05%, increased by 0.05%, with the
sehubungan dengan pelaksanaan implementation of the Proposed
Rencana Transaksi. Transaction.
Liabilitas Liabilities
Proforma Liabilitas Jangka Pendek The Company's proforma Current
Perseroan mengalami peningkatan Liabilities increased by 0.05%, primarily
sebesar 0,05%, terutama berasal dari due to an increase in financial lease
peningkatan liabilitas sewa pembiayaan liabilities - current.
jangka pendek.
Proforma Liabilitas Jangka Panjang The Company's proforma Non-Current
Perseroan mengalami peningkatan Liabilities increased by 1.01%, primarily
sebesar 1,01%, terutama berasal dari due to an increase in financial lease
peningkatan liabilitas sewa pembiayaan. liabilities.
Proforma Jumlah Liabilitas Perseroan The Company's proforma Total Liabilities
mengalami peningkatan sebesar 0,16%, increased by 0.16%, with the
sehubungan dengan pelaksanaan implementation of the Proposed
Rencana Transaksi. Transaction.
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Ekuitas Equity
Proforma Ekuitas Perseroan mengalami The Company's Proforma Equity
penurunan sebesar 0,03%, yang berasal decreased by 0.03%, primarily due to
dari saldo laba yang belum dicadangkan retained earnings with regard to the
sehubungan dengan penurunan laba decrease in the Company's net profit
bersih Perseroan.
Rasio Keuangan Financial Ratios
Rasio profitabilitas menunjukkan The profitability ratio showed a decline,
penurunan, dimana ROE Perseroan as the Company’s ROE decreased from
menurun dari 23,31% menjadi 23,29%, 23.31% to 23.29%, and ROA decreased
dan ROA Perseroan menurun dari 12,82% from 12.82% to 12.79%.
menjadi 12,79%.
4. Analisis atas Faktor Lain Yang Relevan 4. Analysis of Other Relevant Factors
Berdasarkan keterangan yang diperoleh dari Based on information provided by the
manajemen Perseroan, tidak terdapat biaya Company's management, there are no
atau pendapatan yang relevan yang significant relevant costs or revenues related
signifikan terkait dengan Rencana Transaksi, to the Proposed Transaction, other than
selain yang telah diungkapkan dalam those disclosed in the Fairness Opinion
Laporan Pendapat Kewajaran. Report.
5. Analisis Kewajaran Harga Rencana Transaksi 5. Analysis on the Fairness of the Proposed
Transaction Price
Analisis kewajaran terhadap harga Rencana The fairness analysis of the Proposed
Transaksi dilakukan dengan membandingkan Transaction price is carried out by comparing
Harga Rencana Transaksi Draft Perjanjian the Proposed Transaction Price based on the
Sewa Menyewa antara SIS dan PMID, dengan Draft of Lease Agreement between SIS and
Nilai Sewa Pasar berdasarkan laporan penilai PMID, with the Market Rental Value based
independen. on the independent valuer's report
A. Harga Rencana Transaksi A. Proposed Transaction Price
Berdasarkan Draft Perjanjian Sewa Based on the Draft Lease Agreement
Menyewa antara PMID dan SIS, total harga between PMID and SIS, the total annual
sewa per tahun untuk Objek Sewa Mesin lease price for the Machinery Lease
adalah Rp8.262.605.000 untuk Mesin Object is Rp8,262,605,000 for Cigarette
Rokok Maker 18 Merek PM 100 dan Mesin Maker 18 Machine Brand PM 100 and
Rokok Packer 22 Merek Focke F 550, dan Cigarette Packer 22 Machine Brand Focke
Rp2.488.323.000 untuk Mesin Rokok F 550, and Rp2,488,323,000 for Cigarette
Packer 26 Merek GD X2, setiap tahunnya Packer 26 Machine Brand GDX2, annually
selama jangka waktu sewa 5 (lima) tahun, for a lease term of 5 (five) years, and such
dan jumlah tersebut belum termasuk amount is exclusive of Value Added Tax
Pajak Pertambahan Nilai (PPN). (VAT).
B. Nilai Sewa Pasar B. Market Lease Value
• Berdasarkan Laporan Penilaian Aset • Based on the Asset Valuation Report
per 31 Desember 2025 oleh RSR as of 31 December 2025 by RSR with
dengan No. 00056/2.0095- No. 00056/2.0095-
04/PP/04/0090/1/VI/2026 tanggal 15 04/PP/04/0090/1/VI/2026 dated June
Juni 2026 untuk Objek Sewa Mesin 15, 2026 for the Lease Object
Rokok Maker 18 Merek PM 100 dan Cigarette Maker 18 Machine Brand PM
Mesin Rokok Packer 22 Merek Focke F 100 and Cigarette Packer 22 Machine
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550, yang ditandatangani oleh Brand Focke F 550, signed by
Pangaloan Siahaan, MAPPI (Cert), Pangaloan Siahaan, MAPPI (Cert), with
dengan izin Penilai Publik No. P- license for Public Appraiser No. P-
1.09.00090 dan SKDK OJK No. KEP- 1.09.00090 and SKDK OJK No. KEP-
218/KS.13/2026, dengan 218/KS.13/2026, by applying the
mengaplikasikan Pendekatan Income Approach with Residue
Pendapatan dengan Metode Residu, Method, the annual market rental
maka Nilai Sewa Pasar per tahun (untuk value (for a lease term of 5 (five) years)
jangka waktu 5 tahun) adalah sebesar is Rp8,084,385,000.00 (Eight Billion
Rp8.084.385.000,- (Delapan Miliar Eighty-Four Million Three Hundred
Delapan Puluh Empat Juta Tiga Ratus Eighty-Five Thousand Rupiah).
Delapan Puluh Lima Ribu Rupiah).
• Berdasarkan Laporan Penilaian Aset • Based on the Asset Valuation Report
per 31 Desember 2025 oleh RSR as of 31 December 2025 by RSR with
dengan No. 00057/2.0095- No. 00057/2.0095-
04/PP/04/0090/1/VI/2026 tanggal 15 04/PP/04/0090/1/VI/2026 dated June
Juni 2026 untuk Objek Sewa Mesin 15, 2026 for the Lease Object
Rokok Packer 26 Merek GD X2, yang Cigarette Packer 26 Machine Brand
ditandatangani oleh Pangaloan GDX2, signed by Pangaloan Siahaan,
Siahaan, MAPPI (Cert), dengan izin MAPPI (Cert), with license for Public
Penilai Publik No. P-1.09.00090 dan Appraiser No. P-1.09.00090 and SKDK
SKDK OJK No. KEP-218/KS.13/2026, OJK No. KEP-218/KS.13/2026, by
dengan mengaplikasikan Pendekatan applying the Income Approach with
Pendapatan dengan Metode Residu, Residue Method, the annual market
maka Nilai Sewa Pasar per tahun (untuk rental value (for a lease term of 5 (five)
jangka waktu 5 tahun) adalah sebesar years) is Rp2,367,794,000,- (Two
Rp2.367.794.000,- (Dua Miliar Tiga Billion Three Hundred Sixty-Seven
Ratus Enam Puluh Tujuh Juta Tujuh Million Seven Hundred Ninety-Four
Ratus Sembilan Puluh Empat Ribu Thousand Rupiah).
Rupiah).
Berikut di bawah ini adalah tabel kewajaran The following is a table of the fairness of the
Harga Rencana Transaksi terhadap Nilai Sewa Proposed Transaction Price to the Market
Pasar dari Penilai Independen : Lease Value from the Independent Valuer:
Kewajaran : Harga Rencana Transaksi
Harga Rencana Transaksi
Perseroan Berada Dalam Kisaran +/-
Objek Transaksi / Transaction Harga Rencana Transaksi / Proposed Nilai Sewa Pasar / Market terhadap Nilai Sewa Pasar /
7,5% / Fairness: The Company's
Object Transaction Price (Rp) Rental Value (Rp) Proposed Transaction Price
Proposed Transaction Price is in the
to Market Rental Value
Range of +/-7,5%
Packer 22 and Maker 18 Rp8.262.605.000 Rp8.084.385.000 2,20%
Packer 26 Rp2.488.323.000 Rp2.367.794.000 5,09% wajar
Total Rp10.750.928.000 Rp10.452.179.000 2,86%
Dengan hasil perbandingan Harga Rencana By comparing the Proposed Transaction Price
Transaksi dengan Nilai Sewa Pasar dari with the Market Rental Value from the
Penilai Independen, maka Rencana Transaksi Independent Valuer, the Proposed
adalah wajar karena Harga Rencana Transaction is fair because the Company's
Transaksi Perseroan berada dalam kisaran Proposed Transaction Price is within the
kewajaran dari Nilai Pasar sebesar 7,5% reasonable range of the Market Value of
sesuai POJK 35 Pasal 48, b. 7.5% in accordance with POJK 35 Article 48,
b.
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KESIMPULAN CONCLUSION
Dengan mempertimbangkan analisis kewajaran By considering the fairness analysis of the
atas Rencana Transaksi yang dilakukan meliputi Proposed Transaction which includes analysis of
analisis terhadap Rencana Transaksi, analisis the Proposed Transaction, qualitative analysis
kualitatif dan analisis kuantitatif, analisis atas and quantitative analysis, analysis of the
kewajaran harga transaksi serta faktor lain yang fairness of the transaction price and other
relevan, maka menurut pendapat RSR, Rencana relevant factors, in RSR's opinion, the Proposed
Transaksi adalah wajar. Transaction is fair.
PENUTUP CLOSING
Laporan Pendapat Kewajaran ini harus This Fairness Opinion report should be regarded
dipandang sebagai satu kesatuan. Penggunaan as an integrated whole. Using part of the
sebagian analisis dan informasi tanpa analysis or information without considering the
mempertimbangkan keseluruhan informasi dan overall data and analysis may lead to a
analisis dapat menyebabkan pandangan yang misleading interpretation.
menyesatkan.
Kami tidak bertanggung jawab untuk We assume no responsibility to reaffirm or
menegaskan kembali atau melengkapi modify our opinion for any events and
pendapat kami karena peristiwa-peristiwa yang circumstances that occur after the date of this
terjadi setelah tanggal Laporan Pendapat Fairness Opinion Report.
Kewajaran ini.
Hormat kami, KJPP Ruky, Safrudin & Rekan Yours faithfully,
Rudi M. Safrudin, MAPPI
(Cert)
Penilai Bisnis Business Valuer
Izin Penilai Publik B-1.10.00269 Registered Public Valuer
License
SK DK OJK No. KEP-795/KS.13/2026 SK DK OJK No.
MAPPI 00-S-01349 MAPPI
xxvi
Page 41
PERNYATAAN PENILAI/
STATEMENT of THE VALUER(s)
Dalam batas kemampuan dan keyakinan To the best of our capability and knowledge
kami sebagai Penilai, kami yang bertanda as (a) Valuer(s), we the undersigned state
tangan di bawah ini menerangkan bahwa: that:
1. Dalam mempersiapkan Laporan 1. In preparing this Fairness Opinion
Pendapat Kewajaran ini, kami telah Report, we have acted independently
bertindak secara independen, tanpa without any conflict of interest and not
adanya konflik kepentingan dan tidak affiliated with the Company, SIS, PMID
terafiliasi dengan Perseroan, SIS, PMID, or their respective shareholders, nor
maupun para pemegang sahamnya with any parties affiliated with those
masing-masing ataupun pihak-pihak companies.
yang terafiliasi dengan perusahaan
tersebut.
2. Kami tidak mempunyai kepentingan 2. We have no personal interest or
atau keuntungan pribadi berkaitan advantage in connection with this
dengan penugasan ini. Selanjutnya, assignment. Furthermore, this valuation
laporan penilaian ini tidak dilakukan report is not carried out to provide an
untuk memberikan keuntungan atau advantage or disadvantage to any party.
merugikan pada pihak manapun. The professional fees we receive are not
Imbalan yang kami terima adalah sama affected by the indicative value
sekali tidak dipengaruhi oleh indikasi generated from this valuation process
nilai yang dihasilkan dari proses analisis and we only receive remuneration as
penilaian ini kami hanya menerima stated in the Proposal No. RSR/P-
imbalan sesuai yang tercantum pada B/FO/120626.04 dated 12 June 2026.
Proposal No. RSR/P-B/FO/120626.04 Such professional fees have taken into
tanggal 12 Juni 2026. Adapun biaya jasa account the provisions stipulated by the
penilaian tersebut telah memperhatikan Valuer Profession Association (“IKJPP”)
sebagaimana ketentuan yang diatur oleh of MAPPI.
Ikatan Kantor Jasa Penilai Publik
(“IKJPP”) MAPPI.
3. Penilai bertanggung jawab atas opini 3. The Valuer(s) is responsible for the
Laporan Pendapat Kewajaran; opinion in the Fairness Opinion Report;
4. Pendapat Kewajaran dilaksanakan per 4. This Fairness Opinion was conducted as
tanggal 31 Desember 2025, parameter of December 31, 2025, all parameters
dan laporan keuangan yang digunakan and financial statements used in the
dalam analisis didasarkan pada data per analysis based on data as of December
tanggal 31 Desember 2025; 31, 2025;
5. Penugasan pendapat kewajaran telah 5. This fairness opinion assignment has
dilakukan dengan pemahaman terhadap been carried out with understanding of
Obyek Analisis Pendapat Kewajaran the Object of Fairness Opinion on the
pada Tanggal Penilaian dan analisis telah Valuation Date, and the analysis has
dilakukan sesuai dengan Tujuan been carried out in accordance to the
Pendapat Kewajaran sebagaimana Purpose of Fairness Opinion as stated in
diungkapkan dalam Laporan ini; this Report;
xxvii
Page 42
6. Laporan penilaian ini disusun sesuai 6. This valuation report is prepared in
dengan SPI 2018 dengan Edisi Revisi accordance with the SPI 2018 with the
pada SPI 300, SPI 310, SPI 320, dan SPI Revised Edition of SPI 300, SPI 310, SPI
330 yang ditetapkan pada 1 Maret 2020 320, and SPI 330, which were
dan KEPI seperti yang ditetapkan oleh established on 1 March 2020, and KEPI
MAPPI, POJK 42/2020, POJK 35 dan as set by MAPPI, POJK 42/2020, POJK 35
SEOJK 17; and SEOJK 17;
7. Opini yang dihasilkan dalam penugasan 7. The opinion concluded in this
ini telah disajikan sebagai Kesimpulan assignment has been presented as the
pada Laporan Pendapat Kewajaran ini; Conclusion in this Fairness Opinion
Report;
8. Lingkup pekerjaan telah diungkapkan 8. The scope of work has been disclosed in
pada ruang lingkup dan data-data yang the scope of work and the analyzed data,
dianalisis serta data ekonomi dan as well as the economic and industrial
industri yang diungkapkan dalam data stated in this Fairness Opinion
Laporan Pendapat Kewajaran ini pada Report i.e the Source of Data were
Sumber Data diperoleh dari berbagai obtained from various sources which we
sumber yang diyakini dapat believe can be accounted for;
dipertanggungjawabkan;
9. Laporan ini menjelaskan semua asumsi 9. This Report explained all assumption
dan syarat-syarat pembatasan yang and limiting condition affecting the
mempengaruhi analisis, pendapat dan analysis, opinion and conclusion stated
kesimpulan yang tertera dalam Penilaian in this Report;
ini;
10. Pernyataan yang menjadi dasar analisis, 10. Statements which are basis of analysis,
pendapat dan kesimpulan yang opinion and conclusion detailed in this
diuraikan di dalam Laporan ini adalah Report are true, in accordance with our
benar, sesuai dengan pemahaman best understanding.
terbaik.
11. Dalam melakukan penugasan ini, Penilai 11. In conducting this assignment, the
telah memenuhi persyaratan pendidikan Valuer(s) has fulfilled the required
profesional dalam menyiapkan Laporan professional education in preparing
Pendapat Kewajaran; dan Fairness Opinion Report; and
12. KJPP RSR telah melakukan wawancara 12. KJPP RSR have conducted an interview
dengan Ibu Elisabeth Oktavia, Nabila on 25 June 2026, with Ms. Elisabeth
Chiesarani dan Bapak Yohannes Oktavia, Ms. Nabila Chiesarani, and Mr.
Sinembadan pada tanggal 25 Juni 2026 Yohannes Sinembadan on 25 June 2026,
sehubungan dengan penugasan terkait in connection with the engagement
penilaian ini. related to this valuation.
xxviii
Page 43
13. Tidak seorangpun, kecuali yang 13. No one except those stated in this report
disebutkan dalam Laporan ini, telah has provided professional assistance in
menyediakan bantuan profesional preparing this Fairness Opinion Report.
dalam menyiapkan Laporan Pendapat
Kewajaran.
Jakarta, 30 Juni 2026 Jakarta, June 30, 2026
Signing Partner
Rudi M. Safrudin, MAPPI (Cert.)
Penilai Bisnis Business Valuer
Izin Penilai Publik B-1.10.00269 Registered Public Valuer
License
SK DK OJK KEP-795/KS.13/2026 OJK SK DK
MAPPI 00-S-01349 MAPPI
Reviewer
Nursatrio, MAPPI (Cert.)
Penilai Bisnis Business Valuer
Registered Public Valuer
Izin Penilai Publik B-1.24.00663 License
SK DK OJK KEP-857/KS.13/2026 OJK SK DK
MAPPI 12-S-03901 MAPPI
Penilai
Penilai Ari Kurnia Valuer
MAPPI 11-T-03180 MAPPI
Register No. RMK-2017.00649 Register No
xxix
Page 44
Penilai Agustya Lisdayanti Valuer
MAPPI 18-P-08359 MAPPI
Register No. RMK-2021.04059 Register No.
xxx
Page 45
Page 46
Page 47
Page 48
Names mentioned 69 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Financial Services Authority
p.1 ×12
unresolved
org
Bapepam
p.4 ×4
unresolved
org
KJPP Ruky
p.4 ×6
unresolved
org
Safrudin & Rekan
p.4 ×5
unresolved
org
Philip Morris International Inc.
p.4
unresolved
org
PT Philip Morris Indonesia PMID
p.7
unresolved
person
Sutjipto
· Notaris
p.7
unresolved
org
Minister of Justice
p.7 ×3
unresolved
person
Dorothea Nawang Wulan
· Notaris
p.7 ×3
unresolved
org
Minister of Law
p.7 ×3
unresolved
org
PT Sampoerna Indonesia Sembilan SIS
p.7
unresolved
org
Minister of Justice and Human Rights
p.7
unresolved
org
PT Perusahaan Dagang
p.8 ×7
unresolved
person
Anwar Mahajudin
· Notaris
p.8
unresolved
person
Notary Aulia Taufani
· Notaris
p.8 ×8
unresolved
org
Public shareholders holding more than 5% - PMID
p.8
unresolved
org
Minister of Law No. AHU-AH.
p.9
unresolved
org
Ministry of Finance
p.9 ×2
unresolved
org
Minister of Finance
p.9 ×3
unresolved
person
Pangaloan Siahaan
p.9 ×5
unresolved
org
PT Philip
p.15
unresolved
org
Kementerian Keuangan
p.16
unresolved
org
Menteri Keuangan Republik
p.17
unresolved
org
Minister of Indonesia
p.17
unresolved
person
Safrudin
p.17
unresolved
org
PT Hanjaya Mandala
p.17
unresolved
org
Name Sampoerna Tbk.
p.17
unresolved
org
Rintis
p.22 ×2
unresolved
org
Rianto & Rekan
p.22 ×2
unresolved
org
Rintis & Rekan
p.22 ×6
unresolved
person
Siahaan
p.23 ×3
unresolved
person
Elisabeth Oktavia
p.24 ×3
unresolved
person
Nabila Chiesarani
p.24 ×2
unresolved
org
Bank Indonesia
p.24
unresolved
org
Indonesia Stock Exchange
p.24 ×2
unresolved
person
Nabila Yohannes Sinembadan
p.27 ×3
unresolved
person
Mahajudin
p.29
unresolved
org
Menteri
p.30
unresolved
org
KJPP RSR
p.42 ×2
unresolved
person
Elisabeth Chiesarani
p.42
unresolved
person
Yohannes
p.42
unresolved
person
Sinembadan
p.42
unresolved
person
Signing Partner Rudi M. Safrudin
p.43 ×4
unresolved
person
MAPPI Reviewer Nursatrio
p.43
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
Rule parser
Needs review
confidence 0.364
11413 ms
12 Sep 2026 21:52
Raw output
{'appraiser_exempt': None,
'appraiser_name': '',
'assets': [{'area_sqm': None,
'category': 'LEASE',
'description': 'Perseroan Berada Dalam Kisaran +/- / Transaction '
'Harga Rencana Transaksi / Proposed Nilai Sewa '
'Pasar / Market terhadap Nilai Sewa Pasar / 7,5% / '
"Fairness: The Company's"}],
'currency': None,
'fact_type': '',
'issuer_name': '',
'kind': 'MATERIAL_FACT',
'kjpp_name': '',
'letter_number': '',
'object_text': 'Perseroan Berada Dalam Kisaran +/- / Transaction Harga '
'Rencana Transaksi / Proposed Nilai Sewa Pasar / Market '
"terhadap Nilai Sewa Pasar / 7,5% / Fairness: The Company's",
'object_truncated': True,
'parties': [],
'pct_of_equity': None,
'reference_period': '',
'requires_rups': None,
'rups_date': None,
'ticker': '',
'transaction_date': None,
'valuation_date': None,
'value': None}