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PROLOGUE
Disclaimer Common Terms Used in this Report
This annual report has been prepared by PT Austindo Nusantara Jaya Tbk. ANJ
(ANJ) for informational purposes only. Certain statements herein may In this report PT Austindo Nusantara Jaya Tbk. is referred to
constitute “forward-looking statements”, including statements regarding
as “ANJ” or “ the Company.”
ANJ’s expectations and projections for future operating performance
and business prospects. Such forward-looking statements are based on ANJA
numerous assumptions regarding ANJ’s present and future business
PT Austindo Nusantara Jaya Agri
strategies and the environment in which ANJ will operate in the future.
Such forward-looking statements speak only as of the date on which they ANJAS
are made. PT Austindo Nusantara Jaya Agri Siais
Accordingly, ANJ expressly disclaims any obligation to update or revise any SMM
forward-looking statement contained herein to reflect any change in the PT Sahabat Mewah dan Makmur
Company’s expectations with regard to new information, future events or
other circumstances. ANJ does not make any representation, warranty or KAL
prediction that the results anticipated by such forward-looking statements PT Kayung Agro Lestari
will be achieved and such forward-looking statements represent, in each
case, only one of many possible scenarios and should not be viewed as the GSB
most likely or standard scenario. PT Galempa Sejahtera Bersama
By reviewing this document, you acknowledge that you will be solely PPM
responsible for your own assessment of the market and the market position PT Permata Putera Mandiri
of the Company and that you will conduct your own analysis and be solely
responsible for forming your own view of the potential future performance
PMP
of the business of ANJ. PT Putera Manunggal Perkasa
ANJAP
About This Report PT ANJ Agri Papua
LSP
This report has been prepared as a detailed and accurate picture of ANJ, PT Lestari Sagu Papua
its subsidiaries and their activities in 2024. It has also been prepared
according to the regulations of the Indonesian Financial Services AANE
Authority (OJK). We hope you find it useful and we welcome your feedback. PT Austindo Aufwind New Energy
Please e-mail comments to corsec@anj-group.com. To download a PDF
of this or previous years’ reports in English or Indonesian, please go to GMIT
https://anj-group.com/en/annual-report. PT Gading Mas Indonesia Teguh
ANJB
PT Austindo Nusantara Jaya Boga
CPO
Crude Palm Oil: the oil extracted after crushing the fruit of
the oil palm.
PK
Palm Kernel: a fibrous cake that results from crushing the
seeds at the center of the oil palm fruit.
PKO
Palm Kernel Oil: the oil extracted after crushing the palm
kernel.
FFB
Fresh Fruit Bunches: the oil palm fruit clusters cut and
harvested from palms as the raw material for milling into
CPO and PK.
Nucleus
The area of an oil palm plantation that forms our core
business.
Plasma
The area of an oil palm plantation allotted to communities
under the Indonesian Government’s Plasma Program to
benefit smallholders.
ii 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
ANJ 2030:
RESILIENT LEADERSHIP:
NAVIGATING CHALLENGES
WITH PURPOSE
In a year of significant challenges, ANJ has exemplified resilient leadership to navigate complexities with
purpose. Despite setbacks, leaders have strategically assessed operations and core values, ensuring the
Company remains aligned with its ESG ambitions and responsible development goals. Initiatives such as the
assertive leadership program have strengthened site-level management, while re-evaluations of agronomy
leadership and lessons from operational challenges highlight a proactive and adaptive approach. With thriving
adaptive measures showcasing innovation, ANJ’s dedication to leadership excellence and sustainability
continues to be a beacon of progress during trying times.
2024 was fraught with obstacles, including lingering impacts of the 2023 El Niño, unseasonably wet weather,
and severe agronomic challenges such as mold outbreaks and poor fruit quality. ANJ’s resilience was evident
in the proactive evaluation and enhancement of operational efficiency. Faced with production and financial
constraints, the Company streamlined projects and prioritized initiatives with long-term value. This included
optimizing fertilizer use after identifying an imbalanced ratio of inorganic to organic applications and
investments made to combat sooty mold infestations across estates.
ANJ’s management addressed structural and logistical inefficiencies, including inadequate flood prevention
infrastructure at ANJAS and delayed road laterization projects in Papua. Fraud and fruit theft further
underscored the need for enhanced security measures to ensure operational transparency and compliance
with global standards like the EU Deforestation Regulation.
The Company’s adaptability extended to human resources and leadership development. Training programs,
assertive leadership initiatives, and more targeted management trainee schemes were implemented to
enhance staff capabilities and align with ANJ’s strategic goals. Recognizing the impact of limited staff rotation
during the COVID-19 pandemic on operational maintenance, regular rotations were reinstated and ANJ
prioritized fostering a stable and transparent working environment through consistent socialization of its
values.
Throughout the year, ANJ upheld its commitment to sustainability, recognizing its unparalleled value for the
Company’s people and long-term success. With our strong focus on traceability of the supply base we are in a
strong position to be EUDR compliant within the timeframe, but this requires concerted effort and an enabling
framework to obtain the necessary legal title for smallholders and sharing of polygon data. Investments in
exploring artificial intelligence for FFB grading and edamame sorting further demonstrated ANJ’s dedication
to innovation while championing low-waste initiatives.
Despite external pressures in 2024, ANJ achieved notable successes, including breakthroughs in the edamame
segment and exploration of new market opportunities for sago and okra products. By prioritizing operational
efficiency, sustainability, and leadership excellence, ANJ has positioned itself to navigate future challenges
while upholding its commitment to responsible agribusiness.
2024 Annual Report 1
Page 4
PROLOGUE
KEY PERFORMANCE 2024
FFB FRESH FRUIT BUNCHES
Total FFB Production Total FFB Yield
777,615 18.4
mt in 2024 mt per Hectare
in 2024
PK PALM KERNEL
Total PK Production
47,668
mt in 2024
Total PK Sales Volume
47,610
mt in 2024
2 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
CRUDE PALM OIL CPO
Total CPO Production
245,395
mt in 2024
Total CPO Sales Volume
245,784
mt in 2024
Total Oil Extraction Rate
19.9%
OER in 2024
PALM KERNEL OIL PKO
Total PKO Production
1,121
mt in 2024
Total PKO Sales Volume
1,550
mt in 2024
2024 Annual Report 3
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PROLOGUE
CONTENTS
01
PROLOGUE
ii DISCLAIMER
ii ABOUT THIS REPORT
COMMON TERMS USED IN THIS
ii
REPORT
7 1 THEME
PERFORMANCE HIGHLIGHTS 2 KEY PERFORMANCE
4 CONTENTS
02
PERFORMANCE HIGHLIGHTS
8 Financial and Operational Highlights
10 Share Information
11 Significant Events 2024
15
MANAGEMENT REPORT
MANAGEMENT REPORT Report from the Board of
16
Commissioners
03
22 Report from the Board of Directors
35 Statement of Responsibility
COMPANY PROFILE
38 ANJ’s Business Identity
37 39 Company Overview
COMPANY PROFILE
44 A Brief History of the ANJ Group
46 Our Logo
04
Our Vision, Mission and Corporate
47
Values
48 Code of Conduct and Corporate Culture
49 Business Activity
50 Core Business Site Map
52 Organizational Structure
105 MANAGEMENT DISCUSSION
Changes in the Composition
of Members of the Board of
54
AND ANALYSIS
Commissioners and the Board of
Directors
55 Profile of the Board of Commissioners
05
65 Profile of the Board of Directors
74 Profile of Key Management
Employee Composition–ANJ and
77
Subsidiaries
Training and Competency Development
78
133
Participation
79 Shareholders Information
CORPORATE GOVERNANCE 82 Share Issuance and Listing Chronology
Bond, Sukuk (Sharia Bond) or
82
Convertible Bond
4 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
82 Suspension of the Company’s Shares CORPORATE GOVERNANCE Employee Share Allocation
Program/ Management Share
82 Corporate Action ANJ’s Commitment to Good 198
134 Ownership Program (ESOP/MSOP)
Dividend Payment for the Last Three Corporate Governance Employee Stock Allocation Program
82
Years 135 Assessment of GCG Implementation Anti-Corruption and Gratuity Control
199
83 Corporate Structure Policies
138 Corporate Governance Structure
84 Our Subsidiaries 200 Participation in Political Activities
138 General Meeting of Shareholders
88 Awards and Certifications 2024 200 Donation Management Policy
146 The Board of Commissioners
94 Membership in Associations 201 Goods and Services Procurement
151 The Board of Directors
Capital Market Supporting Institution 202 Tax Compliance
95 Policy on the Diversity of the Board
and Professionals 156 of Commissioners and Board of 202 Anti-Monopoly and Anti-Trust Policy
96 Information on the Company Website Directors
Policies and Governance of
Performance Assessment of the 203
Training and Development of the Board Information Technology
of Commissioners, Board of Directors, 160 Board of Commissioners and the
97 Board of Directors 204 Insurance
Committees, Corporate Secretary and
Internal Audit Unit Remuneration of the Board of Access to Corporate Data and
205
162 Commissioners and the Board of Information
Directors
MANAGEMENT DISCUSSION 206
Compliance with Corporate
Governance Guidelines for Public
Affiliations between the Board
AND ANALYSIS of Commissioners, the Board Companies
165
106 Macroeconomic Review of Directors and Controlling
Shareholders
107 Industry Review
Committees Under the Board of CORPORATE SOCIAL
166 208
108 Operational Review Per Segment Commissioners RESPONSIBILITY
114 Marketing Review 166 Audit Committee CONSOLIDATED FINANCIAL
210
STATEMENTS
117 Business Prospects and Strategies Nomination and Remuneration
170 Consolidated Financial Statements
120 Review of Financial Performance Committee
for year ended December 31, 2024
120 Assets 172 Risk Management Committee
121 Liabilities Corporate Social Responsibility
174
and Sustainability Committee
121 Equity
Performance Evaluation of
121 Revenue 176
Committees
Capital Structure and Capital Majority and Controlling
125 177
Structure Policy Shareholders
126 Dividend Policy 179 Corporate Secretary
126 Use of IPO Proceeds 180 Investor Relation
Material Information Related to 184 Internal Audit
Investment, Expansion, Divestments,
126 Consolidation/ Merger, Acquisition 185 External Audit
or Debt/ Capital Restructuring
Invesment 187 Internal Control
Information and Material 187 Risk Management System
Transactions, Affiliated 193 Material Litigation
127
Transactions, and Conflict of
Interest Transactions 193 Land Title Claims
Information on Material 193 Administrative Sanctions
Transactions Containing Conflict of
128 193 Insider Trading
Interest and / or Transactions with
Affiliated Parties
194 Code of Ethics on Business Conduct
Material Commitments for Capital
128 196 Corporate Culture
Expenditure
196 Whistleblowing System
Comparison of Realization Against
129
Targets
130 2025 Company Targets
131 Events After Reporting Period
131 Going Concern Information
2024 Annual Report 5
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PERFORMANCE
HIGHLIGHTS
6 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
PERFORMANCE
2024 Annual Report 7
Page 10
PERFORMANCE
HIGHLIGHTS
Financial and Operational Highlights
Variance 2024 vs 2023
2024 2023* 2022*
Amount %
Results from Operations (USD million)
Total Revenue 236.8 237.6 270.2 (0.8) (0.3%)
Palm Oil Products 230.9 234.2 266.4 (3.2) (1.4%)
Sago starch 1.2 0.9 1.6 0.3 34.8%
Service Concession Revenue 0.4 0.6 0.6 (0.2) (27.3%)
Others 4.3 1.9 1.7 2.3 122.0%
Gross profit 47.3 35.1 56.3 12.1 34.5%
EBITDA 59.2 49.1 69.3 10.1 20.6%
Net income for the year 9.2 4.4 23.5 4.7 106.7%
attributable to the owners of the company 9.6 5.2 24.1 4.5 87.1%
attributable to non-controlling interests (0.5) (0.7) (0.6) 0.2 (32.4%)
Total Comprehensive Income (0.0) 9.0 8.5 (9.0) (100.4%)
attributable to owners of the company 0.5 9.7 9.3 (9.1) (94.4%)
attributable to non-controlling interests (0.6) (0.7) (0.8) 0.1 (14.7%)
Basic earnings per share 0.0029 0.0015 0.0072 0.0 85.8%
Financial Position (USD million)
Cash and cash equivalents 9.1 5.9 10.8 3.3 56.0%
Total current assets 62.2 55.0 59.1 7.2 13.1%
Total assets 573.2 580.7 566.7 (7.5) (1.3%)
Bank loans 145.5 150.9 134.2 (5.5) (3.6%)
Total current liabilities 49.4 52.8 40.5 (3.4) (6.4%)
Total liabilities 181.3 188.7 178.5 (7.4) (3.9%)
Total equity 391.9 391.9 388.2 0.0 0.0%
Financial Ratios
Return on assets (%) 1.6% 0.8% 4.2% 0.8% 109.4%
Return on equity (%) 2.3% 1.1% 6.1% 1.2% 106.7%
Gross margin (%) 20.0% 14.8% 20.8% 5.2% 34.9%
EBITDA margin (%) * 16.6% 15.5% 25.7% 4.3% 21.0%
Net profit margin (%) 3.9% 1.9% 8.7% 2.0% 107.3%
Current ratio 1.3 1.0 1.5 0.2 20.8%
Liabilities to equity ratio 0.5 0.5 0.5 0.0 (3.9%)
Liabilities to assets ratio 0.3 0.3 0.3 0.0 (2.7%)
Net debt to equity ratio 0.3 0.4 0.3 0.0 (6.0%)
Cash ratio 0.2 0.1 0.3 0.1 66.7%
% cash to Current assets 14.7% 10.6% 18.3% 4.0% 38.0%
Debt to Equity ratio 0.4 0.4 0.5 0.0 (3.6%)
Palm Oil Production (mt unless specified)
Total FFB produced from our estates 777,615 881,051 840,581 (103,436) (11.7%)
Total FFB bought from third parties 463,835 503,811 538,483 (39,976) (7.9%)
Total FFB processed 1,233,180 1,374,871 1,379,064 (141,692) (10.3%)
Average FFB yield (mt per hectare) 18.4 20.3 19.4 (1,9) (9.2%)
Total CPO Production 245,395 283,659 275,769 (38,264) (13.5%)
Total CPO Sales 245,784 288,942 275,320 (43,158) (14.9%)
Total PK production 47,668 52,432 55,011 (4,764) (9.1%)
Total PK sales 47,610 52,581 54,996 (4,970) (9.5%)
Total PKO Production 1,121 1,459 1,052 (338) (23.2%)
Total PKO Sales 1,550 1,049 928 501 47.7%
CPO extraction rate (%) 19.9% 20.6% 20.1% (0.7%) (3.6%)
PK extraction rate (%) 4.2% 4.1% 4.4% 0.1% 2.9%
PKO extraction rate (%) 1.0% 1.0% 0.9% 0.1% 6.1%
CPO average selling price 822 731 842 90 12.3%
PK average selling price 501 358 559 143 40.1%
PKO average selling price 1,077 734 1,081 343 46.7%
Cash cost of production 434 409 402 25 6.1%
*Restated due to the changes in presentation of shell sales and sales of RSPO certificates, and due to error in applying equity method of accounting and amortization of the fair
value adjustments in step acquisition.
8 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
TOTAL REVENUE
236.8
2024 2024 236.8
2023 237.6
(USD MILLION)
2022 270.2
(USD MILLION)
EBITDA
59.2 59.2
2024 2024
2023 49.1
(USD MILLION)
2022 69.3
(USD MILLION)
NET INCOME FOR THE YEAR
9.2
2024 2024 9.2
2023 4.4
(USD MILLION)
2022 23.5
(USD MILLION)
TOTAL ASSETS
2024
573.2 (USD MILLION)
2024
2023
573.2
580.7
2022 566.7
(USD MILLION)
TOTAL LIABILITIES
2024
181.3 (USD MILLION)
2024
2023
181.3
188.7
2022 178.5
(USD MILLION)
TOTAL EQUITY
2024
391.9 (USD MILLION)
2024
2023
391.9
391.9
2022 388.2
(USD MILLION)
2024 Annual Report 9
Page 12
PERFORMANCE
HIGHLIGHTS
Share Information
ANJ Shares Price Performance 2023 - 2024
MAR
MAR
AUG
AUG
JUN
NOV
JUN
NOV
DEC
DEC
APR
APR
MAY
MAY
FEB
FEB
JAN
JAN
SEP
SEP
OCT
OCT
JUL
JUL
180,000,000 900
2023
2024
160,000,000
850
140,000,000
800
120,000,000
100,000,000
750
80,000,000
700
60,000,000
40,000,000
650
20,000,000
600
0
Trading Volume (shares) Closing Price (IDR)
ANJ Quarterly Share Price Data 2023 - 2024
Value of Market
Open High Low Close Volume Outstanding
Year Quarter Transactions Capitalization
(IDR) (IDR) (IDR) (IDR) (Shares) (Shares)
(IDR) (IDR)
Q1 745 765 700 715 52,561,200 38,632,482,000 3,354,175,000 2,398,235,125,000
Q2 715 735 625 695 33,708,300 22,989,060,600 3,354,175,000 2,331,151,625,000
2024
Q3 770 770 675 710 99,677,400 71,369,018,400 3,354,175,000 2,381,464,250,000
Q4 775 760 705 715 62,987,800 46,170,057,400 3,354,175,000 2,398,235,125,000
Q1 675 785 645 680 210,698,400 152,124,244,800 3,354,175,000 2,280,839,000,000
Q2 680 720 630 710 132,915,000 90,913,860,000 3,354,175,000 2,381,464,250,000
2023
Q3 770 965 755 780 270,903,700 226,475,493,200 3,354,175,000 2,616,256,500,000
Q4 775 775 705 745 72,610,500 53,296,107,000 3,354,175,000 2,498,860,375,000
Corporate Action Suspension and/or Delisting
During financial year 2024, the Company did not take Until the end of 2024, the Company has never received
any corporate actions that cause changes to shares in sanctions that could affect stock trading activities on
the form of stock split, reverse stock, bonus shares or the Stock Exchange, both suspension and/or delisting
changes in the nominal value of its shares. shares. Thus, there is no information related to the
impact of suspension and/or delisting of shares that can
be presented in this Annual Report.
Information on Outstanding Bonds,
Sukuk (Sharia Bond) or Convertible
Bonds
In the last 2 (two) years, the Company has had no
outstanding bonds, sukuk (sharia bond) or convertible
bonds.
10 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Significant Events 2024
ANJAP 25 JANUARY
Acting Governor of Southwest Papua Visits ANJAP, Promotes Sago
Development as a Regional Priority KAL 25 FEBRUARY
Acting Governor of Southwest Papua, accompanied by Samsudin Anggiluli,
Regent of South Sorong, visited ANJAP.
SMM 21 FEBRUARY
SMM Inaugurates the Construction of Air Ruak Dua Village Hall in GAPKI Visits KAL for a Study on Community
Simpang Tiga, Belitung Timur Regent Attends Groundbreaking Empowerment in Fire-Prone Villages
The inauguration was marked by the groundbreaking ceremony led by Drs. KAL received a visit from the Indonesian Palm Oil Entrepreneurs
Burhanudin, Regent of East Belitung, and Juli Wankara Purba, the President Association (GAPKI) for a study on community empowerment in fire-
Director of SMM. prone villages in Kuala Tolak and Kuala Satong, Ketapang.
2024 Annual Report 11
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PERFORMANCE
HIGHLIGHTS
KAL 11 MARCH GMIT 6 MAY KAL 16 MAY
KAL and USAID SEGAR Hold Training GMIT Hosts National Resilience Council KAL Supports Palm Oil Farmers in
to Help Farmers in Ketapang Achieve Visit to Discuss Food Security Programs Ketapang with Sustainable Palm Oil
ISPO Certification through Edamame Premium
KAL, in collaboration with USAID SEGAR and GMIT had the honor of hosting the National KAL provided a sustainable palm oil premium
the Ketapang Agricultural Office, conducted Resilience Council (Wantannas), led by to the Laman Mayang Sentosa Cooperative
training for the Internal Control System (ICS) Major General TNI Syachriyal E. Siregar, for (LMS) as a form of support to local farmers.
team from the Palm Oil Farmers Association. discussions on food security programs.
ANJAS 30 MAY ANJ 4 JUNE SMM 14 JUNE
ANJAS Collaborates with BKKBN and ANJ Receives Best Enterprise &
SMM Welcome Laskar Rempah
Disnaker to Launch Family Planning Most Inspiring Leader in Regulatory
Participants Exploring The Makam
Services at the Workplace Compliance at IRCA 2024
Balok Forest, Beltim
ANJAS commemorated International Workers' ANJ received the "Best Enterprise in Regulatory This visit was part of the Cultural Journey Spice
Day and National Family Day by launching Compliance" and "Most Inspiring Leader in Route program organized by the Directorate
synchronized Family Planning (KB) services at Regulatory Compliance in Agriculture" awards General of Culture, Ministry of Education,
the workplace. at the Indonesia Regulatory Compliance Culture, Research, and Technology.
Awards (IRCA) 2024 held by Hukumonline.
SMM 29 JULY ANJ 8 AUGUST PMP 19 AUGUST
SMM and Belitung Timur Regent ANJ Wins 31 ENSIA 2024 Awards PMP and PPM Clinics Receive Full
Inaugurate Air Ruak Village Hall in for Environmental Commitment and Accreditation
Simpang Tiga Community Empowerment
SMM completed the construction of the Air Four subsidiaries, namely SMM, KAL, ANJA, PMP and PPM Clinics met the accreditation
Ruak Village Hall in Simpang Tiga, Belitung and ANJAS, received 31 Environmental standards and received Full Accreditation
Timur, marked by a plaque signing ceremony and Social Innovation Award (ENSIA) 2024 from the Ministry of Health of the Republic
by Drs. Burhanudin, Regent of Belitung Timur. accolades. of Indonesia through the Primary Healthcare
Facility Accreditation Agency.
12 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
ANJ 9 OCTOBER ANJ 18 OCTOBER
ANJ Wins Three Awards at the
Indonesian In-House Counsel Awards
2024
ANJ Wins First Place in Annual Report Award 2023 for Non-Financial Public ANJ received three awards at the Indonesian
Companies Category In-House Counsel Awards 2024 held by
ANJ received the highest award for Non-Financial Public Companies in the Annual Report Hukumonline and the Indonesian Corporate
Award (ARA) 2023. Counsel Association (ICCA) in Bali.
ANJ 25 OCTOBER ANJAS 3 NOVEMBER ANJ 25 NOVEMBER
ANJ's Cooperative Simpan Listed in the ANJAS and BPBD Tapanuli Selatan ANJ Releases Customer Satisfaction
Steward Leadership 25 (SL25) 2024 Hold Disaster Mitigation Training in Survey Results
Labalasiak Area
ANJ was named one of the top 25 companies ANJAS collaborated with the South Tapanuli ANJ received a high Net Promoter Score (NPS)
in the Asia-Pacific region at the Steward Disaster Management Agency (BPBD) to from B2B customers in their latest customer
Leadership 25 (SL25) Awards 2024 in conduct disaster mitigation training at the satisfaction survey.
Singapore, recognizing their innovative Labalasiak area.
program to establish Simpan Cooperative in
Southwest Papua.
PPM & PMP 16 DECEMBER
ANJ Group in South Sorong and BPJS
Kesehatan Sorong Sign MoU for Clinic
Service Cooperation PPM and PMP
PPM and PMP signed a Memorandum of
Understanding (MoU) with BPJS Kesehatan.
The cooperation includes inpatient services
at PPM Clinic and outpatient services at PMP
Clinic for the community and employees with
BPJS Kesehatan cards.
2024 Annual Report 13
Page 16
MANAGEMENT
REPORT
14 2024 Annual Report
Page 17
PT Austindo Nusantara Jaya Tbk.
MANAGEMENT
2024 Annual Report 15
Page 18
MANAGEMENT
REPORT
Dear Shareholders,
REPORT FROM
THE BOARD OF
COMMISSIONERS The year 2024 will undoubtedly be remembered as one of the most
operationally complex years in ANJ's history. This report highlights the array
of obstacles the Company faced, both internally and externally, that tested its
resilience and capacity for adaptation. Internal setbacks, such as incidents
of fraud and underperformance within key areas presented significant
hurdles. At the same time, external pressures caused by the impacts from
increasingly intense climate change further compounded the difficulties.
These factors collectively forced ANJ to scale down certain operations and
initiatives, ultimately preventing the Company from achieving its targets.
Arguably the dominant issue this year, with the most pervasive impacts,
were the adverse weather conditions brought on by climate change, such
as flooding, which affected multiple business areas. These circumstances
challenged ANJ’s ability to maintain efficiency and manage its workforce
effectively. However, amidst these difficulties, there were some encouraging
developments. The rotation of Resident Directors injected new energy into
key projects, leading to notable improvements in production outcomes. These
leadership changes underscore the importance of adaptive management in
navigating adversity and driving progress.
Political dynamics and economic uncertainties were an important
factor during the year with elections both at home and in the United
States. The Indonesian elections, while presenting opportunities, also
introduced complex variables requiring careful navigation. The focus of
the new government administration in Indonesia on economic growth and
commitment to curbing online gambling were seen as potential positives,
as these efforts could improve Indonesia's broader economic conditions.
However, with the new administration in the United States, concerns around
policy on higher tariffs for international trades could have a potential
negative effect on Indonesia’s economy.
Despite setbacks, ANJ remained steadfast in its commitment to its core
strategic directions. A key focus continued to be the improvement of
operational efficiency across all levels of the organization. This unwavering
dedication to strategy reflects the Company’s understanding of the
increasing interconnectedness of the global economy and its influence
on ANJ's operations. Today, events occurring halfway across the globe
can have as significant an impact on the Company as those occurring in
neighboring countries. This reality has deepened ANJ's awareness of the
need to anticipate and respond to global trends, even while acknowledging
the inherent unpredictability of certain events. While we are yet to be directly
impacted by the US election outcomes or the conflict in the Middle East,
we are prepared for the dramatic influence these two factors may have on
global trade.
16 2024 Annual Report
Page 19
PT Austindo Nusantara Jaya Tbk.
ADRIANTO MACHRIBIE
PRESIDENT COMMISSIONER
(INDEPENDENT)
2024 Annual Report 17
Page 20
MANAGEMENT
REPORT
At first glance, a year marked by setbacks and unmet that forms this cohesive unit capable of driving change.
targets might be viewed as a failure. However, I strongly Communication within the Board of Directors takes the
believe that ANJ's performance in such a demanding form of regular formal and informal frameworks to
environment demonstrates its capacity for perseverance. maximize efficient information sharing and escalation of
Operating in an industry that is poised to face mounting issues which demand urgent, high-level attention. The
pressures from market demands and the worsening Board of Directors holds formal fortnightly leadership
climate crisis, ANJ's ability to adapt and sustain team meetings, where at least one member of the
operations is a testament to the collective commitment Board of Commissioners is present, ensuring that the
to adaptation, innovation and sustainable practice. Board of Commissioners is well-informed about all
While the Company may not have achieved all its goals decisions made by the Board of Directors. Furthermore,
in 2024, the progress it made in the face of adversity is on-site visits by Directors are considered essential
commendable. for maintaining program targets and gathering fresh
perspectives.
The turbulence and volatility within the global economic
and political spheres pose risks that no company can These on-site visits were particularly important in 2024,
entirely avoid. ANJ has worked diligently to prepare for when several operational issues, such as that of fraud,
these uncertainties through careful analysis of trends required action to be taken by our management team.
and comprehensive strategic planning. However, the On-site visits also provide a platform through which
reality remains that not all scenarios can be anticipated. to assess performance and adapt targets to existing
This year served as a reminder of the importance of conditions. In 2024, the Board of Directors identified key
agility, adaptability and foresight in an increasingly areas for improvement concerning work ethic, and plan
interconnected world. to implement strategies in the coming year. Our goal is
to foster innovation in the field and address the cultural
Looking ahead, the lessons learned from 2024 will tendency to attribute underperformance to infrastructure
undoubtedly shape ANJ’s strategies and responses to challenges. Further to the outcome of discussions by
future challenges. ANJ’s journey through 2024 is a story the Risk Management Committee (RMC), the Board
not of failure, but of resolve and the ability to adapt in of Commissioners also suggested that the Board of
an era of uncertainty and change. This steadfastness is Directors should encourage a culture of maintenance
the foundation upon which the Company will continue to across all estates and operations to avoid a repeat of
build, striving toward its goals with a renewed sense of issues such as the mould outbreak in Southwest Papua.
purpose and commitment to sustainable growth. Having observed the Board of Directors address these
issues, it is my opinion that its conduct was professional,
Assessment of the Board of Directors respectful and just. While adaptations may not always
produce immediate positive results, such as the Board
Challenging years are the greatest test of management, of Directors decision to focus on milling efficiency due
and I firmly believe that had ANJ not been equipped with to challenging production conditions contributing to ANJ
such excellent guidance from our Board of Directors, the not meeting its targets, I trust that the Board of Directors
Company would not have progressed in the face of such is forward-thinking and understands that compromises
adversity. Owing to sub-optimal financial performance may be necessary to achieve success in the long run.
and prohibitive climatic conditions, the Board of Directors
adapted policies to streamline projects and processes to Corporate Governance
ensure that the Company would remain commercially
viable without compromising our Environmental, Social Good corporate governance (GCG) has long been a priority
and Governance (ESG) ambitions, all while upholding our for ANJ, but with our increased engagement with ESG
core values and sustainability principles. and sustainability assessments, our people have become
more attuned to the centrality of GCG to successful
I acknowledge that BOD is composed of highly management. This year, ANJ achieved a score of 95.56
experienced professionals, but would argue that it is, in on the ASEAN Corporate Governance Scorecard (ACGS),
fact, their consistent communication and collaboration categorized as “Very Good” or Level 4, which means the
18 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Company's implementation of corporate governance has years. Engaging with reporting platforms has helped
fully complied with international standards as required identify areas of improvement and sustain practices that
by ACGS. contribute to ANJ’s success. We remain dedicated to
promoting good corporate governance and aim to set a
Our strong governance principles are also reflected in strong example for others in the industry.
consistent achievements like the PROPER Gold awards
for subsidiaries SMM, ANJA, KAL and ANJAS, along with The Board’s Opinion of and Involvement
commendable practices such as frequent site visits by in the Whistleblowing System
directors and the audit committee's robust performance.
These accomplishments highlight ANJ’s emphasis on Transparency and communication are two values which
and investment in research and development, even are integral to how ANJ operates. We believe that
during challenging times. Of special note is the pilot establishing accessible avenues to raise grievances and
program, Integration of Conservation Enterprises monitor performance allows us to be, firstly, an inclusive
Community (ICONIC), at SMM, which gives a platform and accepting community, as well as a company that
for communities to work with ANJ to improve their champions continuous development.
economic prosperity while protecting and enhancing
the local environment. Additionally, ANJ continues to Alongside regular audits and performance assessments,
demonstrate commitment to regulatory compliance, we have several grievance mechanisms in place,
proactively addressing new policies like the European which support our staff to voice concerns and areas
Union Deforestation Regulation (EUDR). for improvement. Among these mechanisms is the
Whistleblowing System, wherein anonymous reports
While our governance achievements are notable, areas can be submitted through several platforms, and are
for improvement remain. Formalizing existing practices, subsequently addressed promptly and professionally.
such as board charters and critically evaluating the Each report is assessed for immediate action but can
efficacy of the whistleblowing system to enhance trust also be raised by the Internal Audit to the managerial
and reporting will further strengthen our corporate level, should the case require more widespread attention.
governance.
While the Board acknowledges the value of the
Our ESG credentials were once again recognized by whistleblowing system and its role in uncovering issues,
the SPOTT global transparency initiative for the palm we also recognize that the system is not functioning
oil sector. While our score slightly dropped by 0.5% to optimally due to concerns about anonymity, despite
92.8% this year, ANJ retained 5th place globally and recording more reports in 2024 than in 2023. This year,
ranked 1st among Indonesian companies assessed. In the Board continued to be actively involved in addressing
2024, we chose to undergo assessment by S&P Global issues uncovered by the whistleblowing system, playing
and are proud to have achieved a score of 65 in our first a supervisory role in overseeing how they are handled by
year of the Global Corporate Sustainability Assessment. the Internal Audit team, and taking appropriate action in
Although we have discontinued assessments with the event that a report needs to be escalated for more
Sustainalytics, our early 2024 reporting efforts led to senior review.
ANJ being included in Sustainalytics’ ESG Top-Rated
Companies list for the Food Products Industry in 2025. Internal data suggests that concerns about anonymity
The Company received an ESG Risk Rating of 15.5 (low continue to affect participation rates in our whistleblowing
risk), positioning us as the leading company among 558 systems. Despite the technical safeguards in place
food product companies in the Sustainalytics database. to ensure anonymous submissions, staff members
Additionally, we earned scores of A, B, and B from CDP consistently express uncertainty about the platform's
for Forest, Climate Change, and Water, respectively—an confidentiality during socialization efforts.
especially notable achievement as this marks the first
time ANJ has been included in the CDP A list. Following consultation with the Board, the Internal
Audit Function, is aware of the need to improve the
Overall, ANJ’s culture of good corporate governance whistleblowing system by updating the flow process and
has become stronger and more ingrained over the
2024 Annual Report 19
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socialization materials and making socialization more On a more positive note, ANJ’s edamame sector is
engaging for employees. We hope that in due course, experiencing strong growth, both domestically and
these improvements will allow the whistleblowing internationally. The expansion of the cold storage facility
system to shine through as the valuable platform that and the second phase of solar panel integration at GMIT
it is. will support this growth, ensuring that the Company
is better equipped to meet rising demand. This sector,
Analysis of Prospects along with other agricultural initiatives, holds promise
for ANJ’s long-term success, provided that ongoing
ANJ faces a mixed outlook for the future, marked by investment and innovation are prioritized.
both opportunities and challenges. On one hand, the
Company is strategically positioned to capitalize on However, there are areas where ANJ needs to improve
emerging regulations and market trends; on the other, it its internal operations to maintain growth. Operational
must address persistent internal and external obstacles performance in some locations needs attention,
to secure long-term growth and sustainability. particularly in regions such as Southwest Papua, where
poor road conditions and insufficient fertilizer application
ANJ is well-positioned to comply with the EUDR due to have been hindering productivity for several years.
its robust traceability and due diligence systems. The
Company's proactive initiatives, including assessing Another critical area of concern is fraud prevention. ANJ
EUDR risks, securing sustainability certifications grappled with significant issues related to FFB grading
for independent smallholders and more importantly fraud in 2024. To address this concern, we initiated
continue maintaining certification under the RSPO, the exploration of an AI-powered app for FFB grading
demonstrate a strong commitment to aligning with EUDR and screening, which marks a positive step towards
requirements. However, ANJ's progress may be hindered mitigating these risks and ensuring traceability of our
by the lack of supportive governmental policies, which supply chain. Ensuring that the app is fully integrated
are necessary for full regulatory alignment. To fully and effective will be key to reducing fraud and improving
capitalize on the benefits of the EUDR, ANJ will need to operational transparency. We must also invest in more
continue investing in technology that can enhance data frequent and robust socialisation of values and ensure
analysis capabilities and address issues such as the high regular staff rotation.
costs associated with monitoring using high-resolution
imagery and conducting the EUDR due diligence on its Lastly, while community development has been a
FFB suppliers. significant focus for ANJ, concerns about dependency
are emerging. To ensure the long-term sustainability of
Another key opportunity lies in the political focus on these efforts, ANJ must prioritize income-generating
food and energy security under the new government programs that can eventually become self-sustaining.
administration. The implementation of biodiesel Initiatives such as the fish cultivation program in
mandates such as B40 and B50 is expected to create an KAL are steps in the right direction, and the Company
increased demand for CPO, potentially driving higher plans to explore similar projects that foster long-term
prices. This would be beneficial for ANJ; however, we independence for the communities it serves.
must remain adaptable to ensure that any shifts in the
market driven by government policies can be met. Changes in the Composition of the Board
of Commissioners
While the palm oil sector continues to show promise,
other areas of ANJ's business present challenges. In the This year, there were no changes made to the composition
sago sector, production targets have been recalibrated of the Board of Commissioners. While it is important to
to achieve cost efficiency. To improve efficiency and recognize the value in onboarding new members with
profitability in this area, ANJ has made the strategic fresh perspectives, there is also a lot to be said for
move to reduce its workforce and explore purchasing maintaining a cohesive group of hardworking individuals
semi-finished sago products. These measures should who understand and appreciate ANJ’s strategies and
help streamline operations and reduce costs in a sector values – especially in difficult years.
that has proven to be a struggle for the Company.
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PT Austindo Nusantara Jaya Tbk.
I am honored to represent the Board of Commissioners at critical evaluation of our projects and strategies, ANJ
ANJ and to share the Company’s progress on the Board’s has been able to put its best foot forward moving into the
behalf. This year has presented its own set of challenges, new-year, with new-found enthusiasm and support for
yet I remain confident that ANJ’s integrated and existing programs and innovative solutions for greater
proactive management approach continues to be pivotal future success.
in enabling the Company to navigate uncertainty, adapt
to unforeseen circumstances, and thrive in adversity. Despite significant risks stemming from the accelerating
Our steadfast commitment to ethical and sustainable impacts of climate change, global economic volatility,
development remains at the core of everything we do. and geopolitical instability, I am optimistic about ANJ’s
trajectory. Through continued investment in innovative
In a volatile operating environment, I am proud to affirm solutions that enhance efficiency, mitigate risks, and
that this year’s achievements reflect ANJ’s unwavering drive sustainable growth, we remain on track to achieve
dedication to its values. Our chosen theme for this year, our long-term goals, including our Net Zero targets. As
‘ANJ 2030: Resilient Leadership: Navigating Challenges we advance, I want to express my heartfelt gratitude
with Purpose’, highlights that even in challenging to our staff for their dedication and perseverance, as
times, ANJ’s management ensures that Company well as to our shareholders and stakeholders for their
strategies enhance efficiency and sustainability in trust and support. Together, we will continue building a
our core operations while staying true to our values brighter, more sustainable future for our Company and
and responsible development commitments. Through agribusiness as a collective.
On behalf of the Board of Commissioners,
ADRIANTO MACHRIBIE
President Commissioner (Independent)
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Dear Shareholders,
REPORT FROM
THE BOARD OF
DIRECTORS 2024 was, perhaps, the most challenging year on record for ANJ, marked by
low production amidst inhibitory conditions. As predicted, we felt the lasting
impacts of the 2023 El Niño, compounded by unseasonably wet weather
in the eastern region, with the most pronounced effects being felt in our
Southwest Papua operations. Production was further constrained by mold,
pests, poor fruit quality and agronomic issues, highlighting the growing
impact of climate challenges.
Towards the end of 2024, we faced two important elections on both the global
and domestic stage – that of the United States of America and Indonesia.
Both incoming administrations are yet to implement significant changes,
but based on their proposed strategies, ANJ remains cautiously optimistic
about their potential impacts.
Despite these challenges, I am proud to affirm that ANJ’s commitment
to sustainability and responsible development remained steadfast. This
dedication was reflected in our continued success in Environmental Social
and Governance (ESG) assessments, the consistent achievement of Gold
PROPER awards and adherence to a high standard of corporate governance.
Faced with financial outcomes below expectations, we critically assessed
our operations and streamlined projects, prioritizing efficiency and long-
term value. This strategic shift began yielding benefits late in the year,
reinforcing our cautious optimism for the future.
Looking ahead, ANJ is resolute in addressing operational challenges,
enhancing productivity, and leveraging technology to improve performance
and compliance, including preparedness for the European Union
Deforestation Regulation (EUDR). Above all, the unwavering commitment
of ANJ’s people to sustainable agribusiness gives us confidence that, no
matter the conditions, we will work diligently to overcome obstacles.
22 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
LUCAS KURNIAWAN
PRESIDENT DIRECTOR
2024 Annual Report 23
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MANAGEMENT
REPORT
The Palm Oil Industry in 2024 sustainability commitments. Through a series of
structured review sessions, the Board of Directors
As is increasingly becoming the norm in the context critically assesses progress, refines priorities, and
of climate change and political volatility, the CPO provides guidance on execution.
price fluctuated throughout 2024. Combined with the
production shortfall, this has led to profits inconsistently In 2023, the Company finalized its roadmap for the
meeting the budget forecast. However, the year ended 2024 -2028 period during our Corporate Strategic
strong with a high CPO price in the fourth quarter, giving Session, with direct input and oversight from the Board
us hope for ANJ’s prospects in 2025. of Directors. To ensure effective implementation, the
Board of Directors regularly monitors key performance
While the global political environment was wrought with indicators, evaluates challenges and makes necessary
instability this year, our operations remained relatively adjustments to stay on track. The roadmap outlines five
unharmed and may have reaped some small benefits priority areas aimed at driving the transition toward Net-
from changes in global trade and market demand. Zero by 2030 while enhancing productivity, efficiency, and
Fertilizer prices have stabilized in 2024, although we climate change mitigation efforts. These focus areas are:
have seen fertilizer prices tend to increase in early 2025.
1. Composting and renewable energy initiatives;
On the other hand, climatic conditions, particularly 2. Completing road infrastructure in Southwest Papua;
rainfall intensity, have been highly variable and difficult 3. Continuous replanting program;
to forecast. Although general climate patterns can 4. Scaling up the frozen vegetable production to achieve
sometimes be anticipated, localized impacts remain turnaround;
elusive. Claims of an impending La Niña event further 5. Leveraging opportunities in the carbon market.
complicate the situation, with mitigation efforts only
partially effective. While measures such as flood In 2024, ANJ remained steadfast in its strategic roadmap,
management can be implemented, other challenges— prioritizing operational efficiency and sustainability
such as declining pollinator populations—are harder to despite facing an unpredictable climate and operational
address. The impacts of climate change have become hurdles. Our efforts to enhance efficiency were evident
undeniable. Rising temperatures are also expected to in several key areas, including the optimization of the
exacerbate pest and disease outbreaks, prompting ANJ fertilizer regime with close attention paid to perfecting
to consider employing an on-site entomologist. the ratio of inorganic to organic fertilizer, and a focus
on improving research and development to improve
Another major event in the palm oil industry was the efficiencies in agronomic practices. A major area of
delay of the EUDR. Although ANJ is on track to be largely investment this year was ANJ’s efforts to tackle sooty
compliant by the time of implementation – owing to our mold across our Southwest Papua estates and ANJAS.
commitment to traceability and sustainable practice, we The trunk injection strategy, which induces the tree’s
are grateful for the additional year by means of the delay natural defence mechanisms, is currently progressing
and hope that our Company, as well as others in our in Southwest Papua and ANJAS. As of February 2025,
industry, can take full advantage of this time to ensure the progress in our Papua estates and ANJAS has
our product is up to the high and warranted standards. reached 100%. Ultimately, the sooty mold infestation has
demonstrated to us the importance of maintaining high
Strategies maintenance standards and the consistent application of
mitigation measures.
Strategy development at ANJ remains an ongoing and
integrated process, led by the Board of Directors in While yet to be implemented, ANJ management spent
collaboration with the Board of Commissioners. The time assessing how we will prepare for Indonesia’s
Board of Directors plays a central role in formulating upcoming B40 and B50 biodiesel mandates, as proposed
the Company’s strategic direction and policies, ensuring by the new president, Prabowo Subianto. As the country
alignment with long-term business objectives and pushes towards higher biodiesel blends to reduce
24 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
reliance on fossil fuels, ANJ is positioning itself to development projects. These efforts underscore ANJ’s
benefit from this opportunity. Paying heed to increased long-term commitment to ESG principles, ensuring
demand for biofuels in the future may also benefit ANJ’s that sustainability is integrated into every aspect of its
performance in the export market, with hydrocarbon operations. This year, we have emphasized human rights
price fluctuations driving demand for products such as and well-being as they evolve into a more prominent area
ours. of assessment by the RSPO and other regulatory bodies.
The Company is also exploring expansion in our other ANJ continues to leverage technology to address
segments, with new market opportunities arising for operational inefficiencies and improve productivity.
sago products and the potential to access the premium Investments in artificial intelligence have been directed
market for edamame production. towards improving FFB grading, edamame sorting,
and potentially enhancing compliance with EUDR
ANJ faced significant operational challenges in 2024, requirements. These technological advancements are
many of which, in hindsight, could have been prevented expected to play a pivotal role in streamlining operations
if appropriate action had been taken when needed. and supporting ANJ’s growth.
Adverse weather conditions and increased pest and mold
infestations, contributed to lower CPO production, while On the human resources front, ANJ has prioritized
the sago segment underperformed due to land access employee development and organizational
limitations, which reduced the number of whole logs for improvements. Training programs, assertive leadership,
processing; and weak market demand. These setbacks and enhanced performance evaluations have been
have highlighted the need for a comprehensive evaluation key areas of focus. We also decided to streamline the
to identify performance issues and ensure alignment with management trainee program to ensure learning is as
the Company’s strategic goals. We also recognize that efficient and relevant as possible. We are glad to say
several challenges arose from inadequate staff rotation that we are already seeing results, with management
during the complicated times of the COVID-19 pandemic. trainees meaningfully contributing to operations and
Moving forward, it will be our priority to ensure regular R&D developments.
rotation and continued socialization of ANJ values and
best practices to support a more stable and transparent Challenges in 2024
working environment.
• Due to inconsistent plantation upkeep in previous
The introduction and implications of the EUDR are years, perhaps as a result of limited staff rotation in
resonating strongly within our industry. We have the COVID-19 pandemic and a lack of consistent focus
established a strong due diligence process to assess on upholding best agronomic practices, the palm oil
EUDR risk. Our preparedness is strong thanks to our segment in Southwest Papua and ANJAS operations
robust traceability systems and continuous due diligence suffered from an outbreak of sooty mold, which
audits of our suppliers. However, challenges remain significantly impacted the production of high-quality
in the Indonesian context, particularly the sharing of fruit in 2024.
smallholder land titles and polygon location data, which • While the land dispute in ANJA accounted for a
are crucial for full compliance. With our strong focus relatively very small proportion of ANJ’s land,
on traceability and commitment to the RSPO principles management was forced to invest significant time and
and criteria, however, we believe that our palm oil will effort into resolving the issue.
be certified for EU trade within the additional year by the • Our operations continued to feel the lasting impacts
delay in EUDR implementation. of the severe weather in 2023, with inundation and
other unfavorable conditions impacting quality,
To that end, sustainability remains at the heart of particularly in the edamame segment where the short
ANJ’s operations, even amidst financial pressures. regeneration period of the crop results in immediate
The Company continues to prioritize biodiversity impacts from extreme weather. This impacted
conservation, human rights due diligence, and community production at the start of this year.
2024 Annual Report 25
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• The flood prevention infrastructure at ANJAS remains by 16.7% and 11.7%, respectively. In the sago segment,
an area of significant capital expenditure for ANJ. This we produced 2,228 mt of sago starch, up from 1,896 mt in
year, we determined that the initial infrastructure was 2023, with a higher extraction rate of 10.1 kg starch/tual
inadequate after a large portion of our land flooded compared to 7.6 kg starch/tual in 2023.
when the embankments broke. We are now seeking
new viable solutions. Our vegetable segment achieved a total planting of 826
• Road laterization in Southwest Papua is ongoing, hectares, 11% higher than the budget and 59% higher
with heavy rain in May-June preventing progress and than last year. The average crop yield was 7.5 mt/
demanding operations to shut for several days. A hectare, slightly below the budget but an improvement
short-term solution was put in place, but significant over last year’s yield of 6.2 mt/hectare. Our renewable
attention still needs to be given to achieving a lasting energy segment generated 8.2 GWh of electricity, 25.8%
and robust road network. below our budget of 10.7 GWh, mainly due to lower POME
• The increase in palm oil mills without plantations is production and an engine breakdown.
an emerging issue in the Indonesian palm oil sector.
This emerging issue, in conjunction with the high CPO Segment Performance
price, has led to an increase in FFB theft and impacts
on the smallholder FFB supply chain. Palm Oil
Performance versus Budget Last year’s prolonged dry conditions in Belitung Island,
has severely disrupted productivity. Even in areas like
Performance was mixed in 2024, not meeting targets KAL, where infrastructure to maintain peat hydration
in some segments, which resulted in tight budget was established, water levels continue to drop. This has
scrutiny and a need to balance sustainability goals with necessitated further infrastructure investments and
operational performance. re-evaluations of peat depth and water containment
capacity. Additionally, flooding, due to persistent and
In 2024, ANJ recorded a consolidated revenue of USD intense rainfall, poses a growing threat. In ANJAS, flood
236.8 million, representing a slight decrease of 0.3% events have inundated up to 2,000 hectares, significantly
from the 2023 revenue of USD 237.6 million and an 8.1% affecting production, despite ANJ’s ongoing efforts
shortfall compared to our budgeted target of USD 257.8 to mitigate flooding in the area. Cost-effective flood
million. These unfavorable variances were primarily management strategies are elusive, as viable options
attributed to lower sales volumes of CPO and PK, are either prohibitively expensive or involve reducing
although this was partially mitigated by favorable sales estate value by sacrificing land for embankments.
prices for both commodities. The average selling price
(ASP) for CPO in 2024 was USD 822 per metric ton (mt), Replanting targets for 2024 were successfully met at
exceeding our budgeted assumption of USD 700 per mt ANJA and SMM despite facing some setbacks due to
and the 2023 ASP of USD 731 per mt. intermittent dry conditions and some localized water
stress. The lagging effects of past weather conditions,
The Group reported a consolidated net profit of USD 9.2 such as severe water deficit which caused stress on oil
million for 2024, a significant increase from USD 4.4 palm trees, highlight the importance of proactive soil
million in 2023 and 15.1% above our budget of USD 8.0 hydration maintenance.
million. This improvement was driven by higher CPO
prices and reduced estate costs However, lower sales In Southwest Papua, operations started strong in
volumes partially offset these gains. early 2024, allowing infrastructure catch-up. However,
extreme rainfall in May through July caused severe
Our CPO production in 2024 was 245,395 mt, 13.5% lower disruptions, including road collapses and production
than the 2023 production and 24.3% below the budget. standstills. Reduced photosynthesis, lower pollination,
Combined FFB own production was 777,615 mt, falling poor fruit set, and rampant mold growth impacted
short of both the budget and the previous year’s figures approximately 9,000 hectares of our operations. Efforts
26 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
such as trunk injection were initiated to combat sooty GMIT was the etiella worm infestation, which contributed
mold, with the first phase of the control operation to a low frozen recovery rate. Additionally, GMIT
reaching completion in February 2025. The effectiveness experienced extreme floods in December 2024, which
of trunk injection is currently being monitored. If success adversely affected plant growth and harvesting in January
rates fall below 90%, a further round of injection will be 2025. Thankfully, we were able to implement successful
conducted. Unfortunately, 3% of the total operational measures which mitigated further negative impacts on
area in Southwest Papua remains inaccessible due to our operations. These included integrating beneficial
flooding. We aim to monitor the conditions in these areas microbes for pest control, mechanized fertilizer spraying
and perform pest control as soon as possible. using drones, and enhancing our composting initiatives.
Additionally, ANJ is awaiting a decision from the Ministry The factory’s frozen production reached 2,279 mt of semi-
of Forestry regarding an overplanted area at ANJA due to finished goods, 23% below the budget but 3.5 times more
an overlap with another company. This pending decision than the previous year, with finished goods packing of
adds another layer of complexity to land management 1,937 mt, triggered by sales order fulfillment. Moreover,
and future production planning. GMIT recorded a net loss of IDR 37 billion (USD2.35M)
for the year, a higher loss than the budget but still an
Vegetables improvement over the previous year’s loss, primarily due
to lower frozen production and sales revenue compared
ANJ’s vegetable segment, particularly edamame to budget, as well as higher production costs, particularly
production, performed well in 2024, with growth in in Q3.
exports to India, Jordan and Japan and a significant
expansion of the domestic market. In a bid to protect our operations from further volatility
– that being the condition of global energy supply and
This year, ANJ invested in agronomic improvements, demand – we initiated the second phase of the solar
including the development of a seed storage facility and panel installation project at GMIT, bringing the total to 538
a field assistant training program, which helped turn the panels, contributing to approximately 16% of the plant's
tide and saw 2024 becoming a breakthrough year for energy consumption, with total saving estimated at up
the edamame segment. Total planting for GMIT reached to IDR 200 million per year whilst reducing the carbon
826 hectares, 10% above the budget and surpassed the footprint by approximately 15%. Aside from significantly
previous year’s 531 hectares by 56%, with production reducing our carbon footprint and energy consumption
volumes doubling compared to 2023, frozen product at GMIT, renewable energy adoption; alongside waste
lines tripling, and sales increasing 3.5-fold. recycling, such as brine reuse in edamame processing;
and water use reductions have demonstrably lowered
Favourable weather conditions and growing global operational costs.
demand—bolstered by reduced supply from key
competitors like Thailand, Taiwan and China—positioned In research and development, ANJ is piloting AI tools
ANJ to capture new international buyers while expanding to monitor quality and machinery performance while
its domestic market presence. Delivering on targets exploring automated reporting and the "Kampung
to new customers has strengthened relationships, Edamame" community initiative. With these
encouraging repeat purchases. ANJ also received the advancements and a focus on climate preparedness,
SMK3 Gold certification for food safety and applied ANJ projects 2025 to be a milestone year for GMIT estate,
for the ISO 14001 environmental certification, which further solidifying its leadership in sustainable vegetable
will, hopefully, encourage more buyers to invest in our production.
product.
This year, ANJ also launched its first commercial okra
As in other areas of our operations, ANJ was forced planting. While we are still very new to the market and
to address constraints such as pests and ongoing approaching the task with caution, we hope to apply our
environmental challenges. A significant challenge for expertise from other segments to optimize our product
2024 Annual Report 27
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REPORT
and eventually enter the premium market. However, 35% reduction of the total staff and non-staff workforce.
achieving this target is not a priority for ANJ as market This process was smoothly completed by the end of
opportunities remain limited to Japan as the primary December 2024.
international buyer.
Another potential cost-saving strategy under
Sago consideration is the purchase of semi-finished sago
products, which could reduce production costs while
The sago segment continued to face challenges fostering stronger engagement with local suppliers.
throughout 2024, with sales volumes consistently falling This approach aligns with ongoing efforts to streamline
below budgeted targets and financial losses persisting. operations, improve cost efficiency, and sustain the
High production costs, quality standardization issues, segment’s viability in the face of continued market
and price competition from alternative starches pressures.
remained key obstacles. The disruptions caused by
persistent issues with local customary landowners Renewable Energy
significantly impacted harvesting operations, leading to
periodic shutdowns, most notably the complete halt of AANE started the year strong, selling 2.7 million kWh
operations at ANJAP in March 2024. of electricity in March 2024, 8.4% higher than the same
time last year. However, by mid-year, electricity sales fell
Despite these challenges, the Company introduced below target due to a decline in fresh fruit bunch (FFB)
several operational improvements to boost efficiency and availability. Lower POME and several shutdowns due to
reduce losses. In 2024, extraction rates improved reaching machinery failure during April-December 2024, meant
10.1 kg of starch per tual due to better tree selection and that by year-end the electricity generated was 8.2 GWh,
the introduction of a quality control department. However, 23.3% under budget forecast of 10.7 GWh. While biogas
production volumes of 2,228 mt were 18.2% below the production remained significant, operational disruptions
budget target. Cost-saving measures, such as reducing led to lower efficiency, impacting net income. Still,
generator usage and optimizing fuel consumption, helped AANE maintained a strong gas-to-POME conversion
cut fuel expenses, though overall production costs stayed rate, demonstrating resilience in managing plant
high at IDR 26,803/kg. performance.
In response to ongoing financial challenges, To enhance long-term profitability, AANE has been
management took strategic steps in Q3 2024 to further working to monetize carbon emission reductions (CER).
optimize operations and reduce losses. A major focus The Company completed the necessary verification
was on alternative energy solutions, with a consultant’s process and hosted an auditor visit in 2023. With an
assessment revealing significant boiler repairs needed estimated emissions reduction of 400,000 tCO₂e over
for more sustainable energy use. Log evacuation ten years, CER sales could generate around USD 0.5
remained a key cost driver, and trials were conducted million in revenue. However, challenges with UNFCCC
on crawler dumpers to improve transport efficiency. requirements and uncertainties in Indonesia’s carbon
Additionally, efforts to strengthen relationships with market have delayed the realization of this income
customary landowners continued, including regular stream.
stakeholder meetings and targeted outreach to secure
commitments for uninterrupted operations. People
Given the persistent challenges and limited long-term ANJ places a strong emphasis on upholding its values
benefits from the sago segment, the Company has and commitments to responsible development, even
begun reassessing its approach. In Q4 2024, a labor in difficult circumstances. This philosophy is deeply
efficiency program was initiated which resulted in a ingrained in our strategies, where the involvement
gradual reduction in the workforce with a target of a of people ensures a profound understanding and
28 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
appreciation for the ANJ’s purpose and goals. However, The Company also continues to emphasize its Value
the expansive nature of ANJ's operations inevitably Champion and whistleblowing systems, reinforcing a
involves regular staff on boarding and movement, which culture of ethical accountability and transparency across
can occasionally lead to poor adherence to Company all levels of operation.
policies and values. To address this challenge and
maintain its core values, ANJ heavily invests in value Through these measures, ANJ continues to demonstrate
training and internal integrity support. its dedication to fostering a responsible and innovative
work environment. By addressing challenges such
Innovation and adaptation are key in a business whose as employee mobility, fraud prevention, and health
operational success is so clearly dictated by external awareness, the Company ensures that its operations
conditions, such as weather and the political environment. remain aligned with its core values while adapting to the
Consequently, the ANJ management team underscores dynamic needs of its workforce.
that limitations should not hinder progress and believes
there are always ways to overcome such challenges. Digital Solutions
To bridge gaps and foster innovation, ANJ has revised
its training programs to include assertive leadership The world of technology is rapidly developing and to stay
development and improve the focus and relevance of relevant so must we. Artificial Intelligence is increasingly
the management trainee scheme. These efforts aim to a part of daily life and can bring great benefits to our
empower employees and cultivate a culture of proactive business if used appropriately. It can help to improve
problem-solving. efficiency, reduce emissions, guide strategic decisions,
and enhance productivity – all of which could drive
In alignment with the UN Global Compact, ANJ has success in both our core operations and responsible
implemented a program to educate employees about development initiatives.
fraud and bribery, an issue that came to light through
our auditing and grievance mechanisms this year. This However, AI tools require high initial investment, which
year two of our staff participated in a six-month training is why we are taking our time in the research and
on Business and Human Rights. Strict enforcement of development phase to ensure that it is worthwhile. We are
employee rotation policies has also been introduced excited about the tools we have in the pipeline and hope
as a measure to prevent fraudulent activities, despite to see them trialled in the near future. Among these are
some reluctance from employees to embrace the technologies for FFB grading to reduce the risk of fraud,
rotation policy. The Human Resources department plays edamame sorting for respective product categories, and
a pivotal role in addressing these issues by focusing on high-resolution imagery to improve compliance with the
comprehensive training programs, assertive leadership, RSPO and EUDR.
and refining performance evaluations.
As for existing digital solutions, the eTIS digital
As per an increased focus placed on human welfare traceability platform continued to perform very well
and working conditions by the RSPO and EUDR, worker this year and will play a key role in EUDR compliance,
health has remained a focus area for ANJ. Recognizing concerning traceability, in the future. In a similar vein
the importance of employee well-being, the Company of making information accessible to all, our PENDAKI
has introduced initiatives to promote healthier lifestyles, Champion application, which went live in September
including raising awareness about sugar consumption, 2023, is performing well and continuing to form the basis
demonstrating ANJ’s commitment to the holistic health of our biodiversity monitoring. We believe that using
of its workforce. digital solutions to expand the scope of our operations
and make the jobs of everyone more efficient and
Furthermore, ANJ has strengthened its human rights due accurate helps to build a culture of best practices and
diligence framework by establishing gender committees sustainable development.
at every estate, ensuring that gender-related concerns
and workplace equity are systematically addressed.
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MANAGEMENT
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Good Corporate Governance ad hoc assessments from the internal audit committee.
This year, 14 ad hoc audits took place at the request of
Consistent evaluation of corporate governance is central senior management.
to its success. Year-on-year, ANJ’s management invests
in ensuring consistent excellence in our corporate Unfortunately, while we have several avenues through
governance performance, exemplified by the positive which our people can voice grievances and opinions,
results of our external assessments, including a score such as the Whistleblowing System; LKS Bipartite;
of 95.56 in the ASEAN Corporate Governance Scorecard. the Gender Committee, of which there is now one
To that end, several small lapses in compliance, at every estate; and the Value Champion system, we
specifically shareholders engagement. In the spirit of have observed poor uptake of these systems due to
growth, we aim to learn from our mistakes and make the perceived lack of anonymity. The Audit Committee
changes to our procedures. In response to previous have monitored and assessed the current use of these
assessments, for example, we have taken the decision to systems and, in coordination with management, has
more transparently publish our projects, procedures and decided to reevaluate the systems and focus on increased
achievements on our website. socialization in coming years.
Seeing the positive impact of continuous assessment in Sustainability
all aspects of our operations, we continued to engage
with regular and ad hoc internal and external audits At ANJ, sustainability is not just a corporate obligation
throughout the year, as well as performance reviews that but the cornerstone of our purpose and identity. As
extended to the managerial level. Here, all members of we navigate through challenging economic times, our
the Board of Directors receive an assessment from the dedication to ESG principles remains unwavering. We
Board of Commissioners, whereas the latter receives a believe that our commitment to sustainability is not only
formal assessment from the shareholders. Assessments essential for reputation and market access but is also
of on-site performance are communicated to ANJ a moral imperative that drives our long-term success.
management by the Internal Audit Committee, who Our approach combines robust policies, innovative
share information with the Board of Commissioners in practices, and collaboration with stakeholders to create
regular meetings. The most dominant issue shared with value across the triple bottom line—People, Planet and
the Board this year was that of fraud, which ANJ has now Prosperity.
made the conscious decision to tackle head-on.
ANJ's sustainability strategy is rooted in ambitious
At ANJ, we value regular formal and informal ESG goals, including net-zero carbon emissions,
communication between the Board of Directors, Board of biodiversity conservation and community development.
Commissioners and internal audit committee. Ensuring These objectives serve as a guiding framework for all
that all parties are informed about developments in our our operations. Notably, our ongoing efforts have been
operations and issues that may arise, helps to tailor recognized through accolades such as the prestigious
our strategic direction to produce the most efficient PROPER Gold awards, a testament to our strong ESG
outcomes while mitigating potential setbacks. At present, performance and industry leadership. This year, I am
the Board of Directors and Board of Commissioners are proud to announce that four of our subsidiaries have
in regular communication, with formal leadership team been awarded PROPER Gold, with ANJAS and KAL being
meetings every fortnight, where at least one member recognized for the first time.
of the Board of Commissioners is present, as well as
monthly luncheons to discuss performance and areas for One of our proudest achievements is maintaining more
improvement, ensuring that the Board of Commissioners conservation area than planted area, underscoring our
is well-informed about all decisions made by the Board steadfast commitment to biodiversity preservation. To
of Directors. Here, outcomes of scheduled internal audits reinforce this, we have completed biodiversity accounting
and grievances raised through the internal audit system and valuation ahead of schedule for estates such as KAL,
are discussed, which provides the opportunity to request SMM, PMP, and PPM, achieving our 2025 target years in
advance. These efforts were also validated by external
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PT Austindo Nusantara Jaya Tbk.
platforms, with SPOTT endorsing our biodiversity targets While reducing carbon emissions is a critical component
and Reuters recognizing our PENDAKI project, for which of our strategy, ANJ acknowledges that sustainable
ANJ was shortlisted under the Biodiversity Champion development encompasses far more than this singular
category at the 2024 Reuters Sustainability Awards in metric. We are committed to addressing the full spectrum
London. of sustainability, from environmental stewardship to
social welfare. Our philosophy is rooted in the belief
As part of our commitment to transparency and that sustainability demands going beyond compliance
continuous improvement, ANJ voluntarily engages to set benchmarks that exceed industry standards. For
with corporate sustainability assessments each year. instance, our healthcare initiatives go beyond clinical
In 2024, we opted for an assessment by S&P instead of treatments to assess and mitigate the disease burden
Sustainalytics. We are proud to have achieved a score in our operating regions. Through community health
of 65 in our first evaluation. Additionally, we received a campaigns, we aim to instil a culture of sustainable
score of A, B and B, from CDP, for Forest, Climate Change health practices, contributing to long-term well-being in
and Water respectively from CDP, reflecting our ongoing the communities we serve.
commitment to emissions reduction targets.
Our dedication to community development is equally
Our dedication to sustainable development extends reflected in our smallholder programs. We are not only
to proactive measures for addressing deforestation helping smallholders meet legal and sustainability
alerts and establishing a grievance mechanism that certification requirements but are also actively
empowers smallholders to participate in sustainable addressing grievances and building trust. By empowering
practices. We recognize the importance of transparency these critical stakeholders, we ensure that sustainability
and accountability in supply chains, particularly in light is a shared journey, fostering collective action towards a
of regulatory demands such as the EUDR. To this end, better future.
we have completed comprehensive traceability audits,
are piloting a due diligence project and supporting Sustainability at ANJ is not a static goal but an evolving
smallholders in obtaining legal certifications to comply journey. We see it as a continuous effort to harmonize
with these standards. Additionally, we are exploring the environmental stewardship with social equity and
possibility of extending the Identity Preserved status economic viability. Despite economic challenges and
under the Roundtable on Sustainable Palm Oil (RSPO), periods of low profitability, ANJ continues to prioritize
from our Southwest Papua estates to other operating sustainable practice, recognizing that it not only
sites, which would ensure that our palm oil remains secures the future of our business but also contributes
segregated from non-certified sources throughout the to a healthier planet and more equitable society. Our
supply chain. commitment to sustainability is not merely an operational
choice but a reflection of our identity as a responsible
A core component of ANJ’s sustainability journey is and forward-thinking organization.
achieving Net Zero by 2030. In 2024, we continued
to progress towards our goal, with many of our Looking ahead, we aim to further integrate research and
intermediate targets being met ahead of schedule. This development (R&D), engineering, and agronomy into
year we continued developing our Bio-CBG project at our sustainability initiatives. By leveraging innovation,
ANJA, which is currently under discussion with a third we strive to push the boundaries of what is possible,
party. This project holds great prospects for ANJ, in achieving breakthroughs that benefit not only ANJ but
that Bio-CBG will support mill efficiency, support fuel also the broader agribusiness sector.
use at the mill and for transport, and bring in additional
revenue for the Company through the sale of excess Analysis of Prospects
production. In parallel, we are enhancing our renewable
energy portfolio, aspiring to exceed 60% by 2025. This As demonstrated by the weather-related impacts on
ambition reflects our commitment to decarbonizing our our operations and the ongoing challenges we face
operations while exploring science-backed solutions to concerning climate mitigation projects, it is increasingly
balance sustainability with operational performance. clear even the best of plans cannot prepare one for the
2024 Annual Report 31
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MANAGEMENT
REPORT
unprecedented and unpredictable conditions of our maintaining a steadfast focus on ESG principles and
changing climate. Therefore, moving forward, ANJ’s continuing to innovate, ANJ is well-positioned to adapt
priority lies in building resilience and adaptability across to evolving market conditions and remain resilient in the
our operations, with the hope that we can stay one step face of uncertainties.
ahead and, if caught short, find solutions to keep our
business running. Capital Expenditure
In a year of financial constraint, ANJ management Due to lower than budgeted operational cashflow in
has strategically explored new growth opportunities 2024, ANJ’s management chose to critically assess
and evaluated them in the context of existing projects. all capital expenditures to identify which were truly
Key among these strategies is the expansion into new necessary to promote the success of the Company’s
markets for edamame and sago, accompanied by a core ventures and scale down or eliminate those which
strong focus on improving operational efficiency and were deemed superfluous in trying times. Consequently,
enhancing research and development initiatives. ANJ strategically prioritized investment in the following
projects and strategies in 2024:
While challenges persist in certain areas, such as • Continuation of laterization of roads in PPM and PMP
sago production, the vegetable sector continues to • Replanting in SMM and ANJA
demonstrate potential, driven by increasing demand • Completing the construction of a jetty at KAL
in both export and domestic markets. Addressing
operational inefficiencies in palm oil production, Our planned capital expenditure projects in 2025 include:
including challenges such as flooding, disease and • Continuation of the replanting in SMM and ANJA
maintenance issues, remains critical and will be a key • Finding a solution and building an improved flood
priority in the coming year. prevention mechanism at ANJAS
• Integrating AI into our operations and workflow
At the global level, recent political developments in • Expanding the cold storage facility at GMIT
both the domestic and international spheres offer • Installing an additional boiler in Papua
a mix of opportunities and risks for ANJ. The new • Completing the second phase of the solar panel
administration’s focus on agribusiness, national food installation project at GMIT
security, and potential support for palm oil sales to
Europe alongside the proposed implementation of B40 Changes in the Composition of the Board
in 2025 could benefit the Company through increased of Directors
CPO prices. Additionally, hydrocarbon price fluctuations,
spurred by recent US election outcomes, could increase This year, we maintained a consistent composition of our
the demand for palm oil as biofuel. However, broader Board of Directors, allowing for the seamless transition
geopolitical concerns, including China's expansion and of major targets, projects and initiatives from one year to
the potential for conflict, and the current and future the next. We do, however, acknowledge the importance of
impacts of conflict in the Middle East on global trade, add bringing new perspectives to our work, which is why ANJ
complexity to the business environment. invests in the internal rotation of on-site management.
This year, we saw a shift in our two resident directors
Looking ahead to 2025, ANJ faces a delicate balancing act who switched operating sites at SMM and ANJAS. While
between addressing financial performance and staying both are very talented professionals in their own regard,
true to its sustainability goals. The Company’s ability we observed the change in management at both sites as
to navigate operational challenges while leveraging a stimulus for change, reinvigorating tired operations
growth opportunities will be pivotal to its success. By and boosting motivation among the on-site staff. The
32 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Board of Directors values this initiative and sees it as streamline them to only the most essential functions. In
an essential part of the succession plan, as well as a saying that, our management has remained resilient and
necessary tool to engage our staff and ensure ongoing is unwavering in its dedication to our values, particularly
commitment to our operations and values. those of environmental stewardship and promoting the
socioeconomic well-being of ANJ’s people. I see this
To conclude, I would like to extend my gratitude to dedication as a testament to ANJ’s unique approach
everyone who has made ANJ what it is today. Your hard to its operations, wherein ANJ’s people are driven to
work and dedication to the ANJ values are paramount overcome challenges and take pride in breaking the
to the Company’s ongoing success, even in hard times. mold and striving for excellence. While we can only hope
It has been a long time since conditions were truly for better years to come, I believe that no matter the
favorable for our Company, with this year perhaps the conditions, ANJ and its people will always find a way to
most difficult on record. Amidst these challenges, be a leading force in sustainable agribusiness.
we have had to critically evaluate our operations and
On behalf of the Board of Directors,
LUCAS KURNIAWAN
President Director
2024 Annual Report 33
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MANAGEMENT
REPORT
34 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
STATEMENT OF RESPONSIBILITY
By the Members of the Board of Directors and the Board of Commissioners
for the 2024 Annual Report of PT Austindo Nusantara Jaya Tbk.
Jakarta, April 29, 2025
We, the undersigned, declare that the information contained in the 2024 Annual Report of
PT Austindo Nusantara Jaya Tbk. is complete and we are responsible for the accuracy of the report’s content.
Thus, this statement is duly made by the Board of Directors and Board of Commissioners.
.
BOARD OF DIRECTORS
Lucas Kurniawan Geetha Govindan Naga Waskita
President Director Vice President Director Director
Aloysius D’Cruz Nopri Pitoy Mohammad Fitriyansyah
Director Director Director
BOARD OF COMMISSIONERS
Adrianto Machribie
President Commissioner (Independent)
George Santosa Tahija Sjakon George Tahija
Commissioner Commissioner
Anastasius Wahyuhadi J. Kristiadi
Commissioner Independent Commissioner
Darwin Cyril Noerhadi Istini Tatiek Siddharta
Independent Commissioner Commissioner
2024 Annual Report 35
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COMPANY
PROFILE
36 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
COMPANY
2024 Annual Report 37
Page 40
COMPANY
PROFILE
ANJ's Business Identity
COMPANY NAME:
PT Austindo Nusantara Jaya Tbk.
SHARE OWNERSHIP
COMPANY STATUS:
Public Company
SHARE CODE:
ANJT
DOMICILE:
Jakarta
OFFICE ADDRESS:
SMBC Tower, 40th Floor
Jl. Dr. Ide Anak Agung Gde Agung Kav. 5.5-5.6 Jakarta 12950
Telephone : (62-21) 2965 1777
Fax : (62-21) 2965 1788
40.85%
DATE OF ESTABLISHMENT:
April 16, 1993
BUSINESS ACTIVITY:
PT Austindo Kencana Jaya
Trading, services and operations related to palm oil plantation and
40.85%
processing, as well as trading of palm oil products, sago harvesting
and processing, vegetable production and processing (edamame) and
renewable energy business.
PT Memimpin Dengan Nurani
PRODUCTS AND SERVICES:
8.83%
Crude Palm Oil (CPO), Palm Kernel (PK) and Palm Kernel Oil (PKO),
Sago, Vegetable (Edamame) and Renewable Energy from Palm Oil Mill
Effluent (POME)
LEGAL BASIS:
Public
4.74%
Deed of Establishment and amendments:
• Deed No. 72, dated April 16, 1993, Notary Sutjipto;
• Deed No. 54, dated July 16, 1998, Notary Esther Mercia Sulaiman;
• Deed No. 161, dated January 17, 2013, Notary Irawan Soerodjo; George Santosa Tahija
• Deed No. 270, dated June 22, 2015, Notary Irawan Soerodjo;
• Deed No. 61, dated May 14, 2018, Notary Irawan Soerodjo;
4.74%
• Deed No. 143, dated May 15, 2019, Notary Christina Dwi Utami;
• Deed No. 144, dated May 15, 2019, Notary Christina Dwi Utami;
• Deed No. 74, dated June 9, 2021, Notary Christina Dwi Utami;
• Deed No. 23, dated November 2, 2021, Notary Christina Dwi Utami. Sjakon George Tahija
CHANGE OF NAME
On 16 April 1993, the Company was established under the name of
PT Austindo Teguh Jaya. On 16 July 1998, the Company’s name was
changed to PT Austindo Nusantara Jaya. The Company changed its
0.00%
Yayasan Tahija
name to PT Austindo Nusantara Jaya Tbk. on 17 January 2013, as the
Company became a public company.
www.anj-group.com corsec@anj-group.com | investor.relations@anj-group.com
anjgroup.id Austindo Nusantara Jaya PT Austindo Nusantara Jaya Tbk.
38 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Company Overview
ANJ is a holding company that
operates in the agricultural sector,
both directly and indirectly through
subsidiaries. The Company's
primary focus is on the production
and sale of palm-based products,
including crude palm oil, palm
kernel and palm kernel oil, along
with other sustainable food crops
and renewable energy solutions.
The Company is currently leveraging
its acknowledged capabilities in
agronomic best practice, innovation
and efficiency to develop new
agribusiness ventures in sago
and vegetable harvesting and
processing."
PT Austindo Nusantara Jaya Tbk. (“ANJ”, or “the
Company”) began its journey in 1993, initially established
as PT Austindo Teguh Jaya which has interests in
agribusiness, financial services, healthcare and
renewable energy. In July 1998, the Company underwent
a significant transformation, officially changing its name
to PT Austindo Nusantara Jaya pursuant to Deed No. 54,
dated July 16, 1998, as documented by Notary Esther
Mercia Sulaiman.
A pivotal shift occurred in 2012 when ANJ redefined its
corporate vision to become a world-class agribusiness-
based food company, led to an increased focus on palm
oil operations while diversifying into other food crops
ventures. The second pillar of our vision, which is to be
a company that elevates the lives of people and nature, is
reflected in our commitment to achieving a sustainable
balance between social responsibility, environmental
stewardship, and stakeholder prosperity.
Marking another milestone in its corporate journey,
ANJ went public in 2013, listing 10% of its shares on the
Indonesia Stock Exchange under the ticker symbol ANJT.
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COMPANY
PROFILE
Palm Oil Southwest Papua Plantation
Our core business comprises the integrated cultivation A 91,210 hectares landbank in South Sorong and Maybrat
and harvesting of fresh fruit bunches from our oil palm Regencies in Southwest Papua Province, operated by
plantations, milling them into crude palm oil, palm kernel the Company and our subsidiaries PPM and PMP. An
and palm kernel oil, and selling the oils. ANJ owns six oil area of 9,025 hectares have been developed for oil palm
palm producing plantations: plantations, meanwhile 81,102 hectares have been set
aside for conservation area and the remaining is for
North Sumatra I Plantation infrastructure.
A 9,988 hectares oil palm plantation in Binanga, North ANJ is a member of the Roundtable on Sustainable Palm
Sumatra, operated by our subsidiary ANJA. Oil (RSPO) and Indonesian Sustainable Palm Oil (ISPO).
All of our palm producing plantations mentioned above
North Sumatra II Plantation
are RSPO and ISPO certified.
A 9,412 hectares oil palm plantation in Padang Sidempuan,
South Sumatra Landbank
North Sumatra, operated by our subsidiary ANJAS.
We are also planting areas of our landbank of 12,800
Belitung Island Plantation
hectares in Empat Lawang, South Sumatra. This landbank
A 17,360 hectares oil palm plantation in Belitung Island in is operated by our subsidiary GSB and commenced
Bangka Belitung, operated by our subsidiary SMM. planting parts of the landbank in 2013. This development
plantation is managed in compliance with RSPO and
West Kalimantan Plantation ISPO standards and we will apply for RSPO and ISPO
certification when it starts producing crude palm oil.
A 13,880 hectares oil palm plantation in Ketapang, West
Kalimantan, operated by our subsidiary KAL.
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PT Austindo Nusantara Jaya Tbk.
As of December 31, 2024, the Company had a total
landbank of 154,650 hectares. At that time, approximately Planted Area
one-third of this area or 53,357 hectares, was planted.
48,352Ha
Pursuant to the Indonesian Government’s regulation, the
Company has allocated a total of 5,005 hectares of this
planted area to community smallholders as of the end of
2024.
Mature nucleus oil palms cover 42,176 hectares or
87.2%, of the planted area, while 6,176 hectares or 12.8%, Matured Area
comprises immature oil palms. The average age of our
nucleus oil palms across all the Group's plantations, as
of December 31, 2024, was 12.9 years.
58% of our landbank is allocated for fulfilling a range of
voluntary environmental and social commitments, which
42,176 Ha
encompasses biodiversity conservation, riverine buffers,
and the protection of areas with historical or cultural
significance. As stated in our Sustainability Policy, ANJ
has made a commitment to maintain areas of forest with
High Conservation Value (HCV) and/or High Carbon Stock The remaining portion of our landbank is designated
(HCS) and to refrain from developing peat or wetlands. for infrastructure needs, including roads, housing and
amenities for our employees, while a smaller fraction
Our landbank also covers 12,800 hectares land in South of this land is deemed unplantable due to unsuitable
Sumatra which is ready to be planted when the land topography.
compensation process is completed. As of December
31, 2024, total land compensated was 4,800 hectares, of
which 724 hectares have planted and contains matured
oil palms.
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COMPANY
PROFILE
Sago
ANJ operates a sago harvesting and processing operation
in South Sorong, Southwest Papua, through our
subsidiary, ANJAP. ANJAP manages a 40,000-hectares
concession, where it is pioneering the country’s first
commercial-scale harvesting of natural sago palm.
ANJAP processes the logs at its sago mill to produce dry
sago starch, which is sold to the food industry.
As a sustainable alternative to rice, sago plays a key role
in our sustainable agribusiness strategy, which is aligned
with the government’s food security objectives as well
as its economic and social development acceleration
strategy in Southwest Papua.
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PT Austindo Nusantara Jaya Tbk.
Vegetables
ANJ has operated in the vegetable sector since 2015, ANJ entered into a joint venture with AJI HK Limited
when our subsidiary, GMIT, began cultivating edamame, in 2017, to facilitate GMIT’s market expansion into the
a high-protein, antioxidant-rich legume belonging to the Asia Pacific region. In August 2021, GMIT commenced
soybean family. We use a cooperation model, providing commercial operations of its frozen products. By end
agronomic inputs, training and field support to local of 2024, GMIT has sold its frozen products to domestic
farmers in Jember, East Java to maintain and improve market and export to Japan, Southeast Asia countries,
quality and yield. In 2020 we began field trials for okra, India and Middle East.
another high-value vegetable, and in 2024 we also began
field trials for green beans, which we sold to domestic
market.
Renewable Energy
AANE, a subsidiary of the Company, has
been licensed as an Independent Power
Producer (IPP) since 2013 and began
operating commercially on December
31, 2013. AANE operates a 1.8 MW
capacity biogas power plant at our
Belitung Island Plantation, generating
electricity from the methane produced
as a by-product of our CPO mill.
The Company plans to build further
biogas power plants at selected mills
for internal use, to reduce its reliance on
fossil fuels and improve our greenhouse
gas emission reduction performance.
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COMPANY
PROFILE
A Brief History of the ANJ Group
1993 2005 2014
• ANJ was established. • ANJ acquired KAL. • ANJ acquired PT Pusaka Agro
Makmur.
2000 2006
• PT Austindo Agro
2015
• ANJ became full owner of
Nusantara and
ANJA. • PT Pusaka Agro Makmur was
PT Austindo Nusantara
Resources were merged merged into the Company.
into the Company. • ANJAP completed the construction
• ANJ acquired ANJA of its sago starch mill in Southwest
(formerly PT Eka
2010 Papua.
Pendawa Sakti) through
• ANJAP was awarded a
Verdaine Investments
permit (IUPHHBK) to use
Ltd., acting as manager/
40,000 hectares of land
operator.
in Southwest Papua for a 2016
sago plantation.
• KAL’s palm oil mill in West
Kalimantan began operating.
2001
2012
• PT Austindo Investama
Jaya, PT Austindo • ANJ divested its
Mining Corporindo and healthcare and financial
2017
PT Austindo Nusantara services interests • ANJ divested its shareholding in
Energi were merged into to concentrate on PT Darajat Geothermal
the Company. agribusiness, food and Indonesia and PT Star Energy
renewable energy. Geothermal Suoh Sekincau to
• ANJ acquired GSB. focus on agribusiness, food and
renewable energy.
2003 • The share ownership in (a) PT
Aceh Timur Indonesia (ATI),
• ANJ acquired SMM.
2013 PT Simpang Kiri Plantation
Indonesia (SKPI), (b) PT Surya
• ANJ acquired PPM and Makmur (SM) and PT Bilah
PMP. Plantindo (BP), which all is part
2004 • ANJ’s shares were listed of MP Evans Group was sold.
for the first time on the • AJI HK Limited acquired a 20%
Indonesia Stock Exchange stake in ANJ subsidiary, GMIT.
• ANJ acquired ANJAS
(IDX).
(formerly PT Ondop • ANJ sold a 10.87% stake in
Perkasa Makmur). • AANE began the PT Agro Muko to SIPEV NV,
commercial operation of retaining 5% of the shares.
its biogas plant.
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PT Austindo Nusantara Jaya Tbk.
2018 2022
• ANJ launched its new • ANJ sold 5% shares in
corporate logo. PT Agro Muko.
• GMIT initiated the
construction of a frozen
line facility.
2023
• KAL completed the
construction
2019 of its composting plant.
• ANJ divested its
shareholding in
PT Puncakjaya Power and 2024
entire investment in MP
Evans Group. GMIT recorded
frozen edamame
sales of 1,569 MT,
representing a
Compound Annual
2020 Growth Rate (CAGR)
of 92% since 2021.
• PMP’s palm oil mill and
kernel crushing plant in
Southwest Papua began
operating.
2021
• PMP and PPM obtained
RSPO and ISPO
certification.
• KAL increased the mill
capacity from 45 tons per
hour to 90 tons per hour.
• GMIT began exporting
frozen edamame.
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COMPANY
PROFILE
Our Logo
ANJ’s logo is a visual representation of our priorities.
Each symbol represents a vital element for the
Company:
PEOPLE
People are the central element of ANJ’s
identity. The circle represents the harmony in
human lives. People cannot survive without
nature’s benefits, so they need to take a lead in
maintaining a harmonious relationship between
people and nature. This is depicted through
the four natural elements that circle the core
element of human life.
SUN
The sun is our primary energy source and is one
of the principal elements in elevating each living
organism’s life on earth.
FAUNA
All animals on Earth have their own unique,
essential role in balancing nature. The footprint
represents Indonesia’s fauna and the everlasting
spirit that is bequeathed from generation to
generation.
WATER
Water is a vital source of life and acts as one of
the balancing elements. Whether a small drop
of rain or a large sea, water has tremendous
potential as a source of power.
FLORA
Flora or plants, are the foundation of the food
chain and a balanced ecosystem. Flora play
essential roles in producing oxygen and food and
in maintaining the soil’s fertility. Indonesia’s rich
geography allows a unique and diverse range
of flora to flourish, making it the pride of the
archipelago.
46 2024 Annual Report
Page 49
PT Austindo Nusantara Jaya Tbk.
Our Vision, Mission and
Corporate Values
MISSION
• People and nature oriented:
People and nature as the north
star of the Company, guiding every
aspect of all business activities.
• Striving for world-class
excellence:
A continuous quest to comply
with and exceed local and global
standards, exercising good
corporate governance.
VISION • Sustainable growth for
prosperity:
To become a world-class Achieving widespread economic
agribusiness-based food prosperity without exhausting the
company that elevates the finite resources at our disposal.
lives of people and nature. • Integrity:
Doing the right thing at all times,
in all circumstances, regardless
of the consequences or of anyone
watching.
The corporate vision and mission above were reviewed
and approved by the Board of Commissioners and the
Board of Directors on February 12, 2018.
VALUES
INTEGRITY RESPECT FOR PEOPLE CONTINUOUS
AND THE ENVIRONMENT IMPROVEMENT
2024 Annual Report 47
Page 50
COMPANY
PROFILE
Code of Conduct and Corporate Culture
ANJ’s Code of Ethics on Business Conduct Covers:
COMPLIANCE WITH LAWS AND
REGULATIONS
The Company's code of
WORKPLACE SAFETY, HEALTH
ethics on business conduct AND THE ENVIRONMENT
(the “Code”), launched
in 2013, elaborates our
core corporate values into WORK RELATIONS
behaviors and guidance that
are designed to ensure that
ANJ's people uphold our CONFLICTS OF INTEREST
reputation and maintain the
trust of our stakeholders
by being transparent, RELATIONS WITH
THE GOVERNMENT
accountable, objective and
treating all stakeholders
equally and with respect. RELATIONSHIPS WITH
SUPPLIERS AND CUSTOMERS
The core values underpinning the Code are:
Integrity, Respect for People and the Environment
USE AND MAINTENANCE OF
and Continuous Improvement. The articles of the
Code provide guidance for employees on fulfilling COMPANY PROPERTY
their work responsibilities and interacting with
others effectively, safely, lawfully and with integrity.
The Code applies equally and without exception COMPANY INFORMATION AND
to all employees and all levels of management,
FINANCIAL DISCLOSURE
including the members of the Board of Directors
and the Board of Commissioners. Every employee
of the ANJ Group is required to pledge to uphold
the Code; our investors, stakeholders and RELATIONSHIPS WITH
business partners are also required to make such INVESTORS AND THE MEDIA
a commitment where relevant. The Code was
formally adopted in January 2014, and has been
disseminated to all employees. Since October
2017, the Code has been an integral part of our
INSIDER TRADING
Management Trainee program curriculum as well
as the induction program provided for all new
employees and is embedded into the learning
and development curriculum at our ANJ Learning The Code is regularly reviewed and periodically updated
Center. to ensure that it remains aligned with the growth of our
business, our strategic objectives and developments in
our external environment.
48 2024 Annual Report
Page 51
PT Austindo Nusantara Jaya Tbk.
Business Activity
Based on the Articles of Association, the Company Information on Products and Services
engages business in the area of: Produced
Core Business Activities: a. Crude Palm Oil (CPO);
b. Palm Kernel (PK);
a. Carry out business of other consultancy management c. Palm Kernel Oil (PKO);
activities. d. Sago (Sapapua and Pati Alam);
b. Carry out business of wholesale of fruit containing oil. e. Vegetable (Edamame: Edashi and Edanusa); and
c. Carry out business of wholesale in agricultural f. Renewable Energy from Palm Oil Mill Effluent
products and other living animals. (POME).
d. Carry out business of wholesale based on fee or
contract.
e. Carry out business of palm oil plantation. Articles of Association
f. Carry out business of crude palm oil (Crude Palm Oil/ ANJ’s Articles of Association have been amended several
CPO) industry. times since the Company’s establishment in 1993. The
g. Carry out business of crude palm kernel oil (Crude most recent amendment was in 2021 pursuant to Deed
Palm Kernel Oil/CPKO) industry. No. 74 of Christina Dwi Utami, SH, M.Si., Notary in
h. Carry out business crude palm oil and crude palm Jakarta, dated June 9, 2021, related to amendment and
kernel oil refinery industry. restatement of the Articles of Association of the Company
to comply with the applicable capital market rules and
regulations and Deed No. 23 of Christina Dwi Utami,
Supporting Business Activities: SH, M.Si., Notary in Jakarta, dated November 2, 2021,
Carry out other businesses, related to and supporting the related to amendment of the Article 16 of the Articles of
main business activities of the Company in accordance Association of the Company regarding to the Duties and
with the prevailing laws and regulations. Authorities of the Board of Directors.
2024 Annual Report 49
Page 52
COMPANY
PROFILE
PT SAHABAT MEWAH DAN MAKMUR PT KAYUNG AGRO LESTARI
(RSPO Certified) (RSPO Certified)
Belitung, Bangka Belitung Ketapang, West Kalimantan
Nucleus Nucleus
Landbank 16,277 Ha Landbank 10,920 Ha
Planted Area 14,278 Ha Planted Area 9,051 Ha
Matured Area 11,120 Ha Matured Area 9,051 Ha
Mill Capacity 60 mt/hour Mill Capacity 90 mt/hour
Conservation Area 1,384 Ha Conservation Area 3,974** Ha
Partnership with Smallholder Plasma
Landbank 1,083 Ha Landbank 2,960 Ha
Planted Area 884 Ha Planted Area 2,345 Ha
Matured Area 884 Ha Matured Area 2,309 Ha
NORTH
SUMATRA
1
2
WEST KALIMANTAN
5
BANGKA
BELITUNG
3
SOUTH 9
SUMATRA
4
PT AUSTINDO NUSANTARA JAYA AGRI
(RSPO Certified)
Binanga, North Sumatra
Landbank 9,988 Ha
Planted Area 9,163 Ha
Matured Area 6,145 Ha
EAST
Mill Capacity 60 mt/hour JAVA
Conservation Area 428 Ha 8
PT AUSTINDO AUFWIND NEW ENERGY (AANE)
PT AUSTINDO NUSANTARA JAYA AGRI SIAIS Belitung, Bangka Belitung
(RSPO Certified) Type of Renewable Energy Biogas
Padang Sidempuan, North Sumatra
Nucleus Production Capacity 1.8 MW
Landbank 9,255 Ha
Planted Area 7,729 Ha
Matured Area 7,729 Ha PT GALEMPA SEJAHTERA BERSAMA (GSB) PT GADING MAS INDONESIA TEGUH (GMIT)
Empat Lawang, South Sumatra Jember, East Java
Mill Capacity 60 mt/hour
Landbank 12,800 Ha Product Vegetables
Conservation Area 1,464* Ha (Fresh and Frozen)
Planted Area 724 Ha
Plasma
Matured Area 724 Ha
Production 3 mt/hour
Capacity
Landbank 158 Ha
Mill Capacity -
Planted Area 158 Ha
Conservation Area 1,367 Ha
Matured Area 158 Ha
50 2024 Annual Report
Page 53
PT Austindo Nusantara Jaya Tbk.
CORE BUSINESS SITE MAP
PT PUTERA MANUNGGAL PERKASA (RSPO Certified),
PT PERMATA PUTERA MANDIRI (RSPO Certified), PT AUSTINDO NUSANTARA JAYA TBK.
South Sorong & Maybrat, Southwest Papua
Nucleus Plasma
Landbank 75,947 Ha Landbank 15,263 Ha
Planted Area 7,407 Ha Planted Area 1,618 Ha
Matured Area 7,407 Ha Matured Area 1,618 Ha
Mill Capacity 45 mt/hour
Conservation Area 81,102 Ha***
PT ANJ AGRI PAPUA (ANJAP)
South Sorong, Southwest Papua
Concession Right 40,000 Ha
Mill Capacity 1,250 mt/month
Conservation Area 8,150 Ha
SOUTHWEST
7 PAPUA
6
LEGEND TOTAL PLANTED AREA:
Palm Oil
Sago
Vegetables
Renewable Energy 48,352 Ha
NOTES:
TOTAL CONSERVATION AREA:
97,779 Ha
Data as of December 31, 2024
* Includes 288 Ha of conservation area outside ANJAS’s HGU
** Includes 2,330.88 Ha of conservation area under KAL’s Plantation business permit
area but outside KAL’s HGU
*** Includes conservation area in plasma landbank
2024 Annual Report 51
Page 54
COMPANY
PROFILE
Organizational Structure
Vice President Director
/ COO Palm Oil
Geetha Govindan
Finance Director/ Agronomy Technical and R&D
Group CFO Director/COO Non-Palm Oil
Nopri Pitoy Aloysius D’cruz
President Director ANJAS and President Director SMM,
Finance & Accounting President Director GMIT President Director ANJAP
GSB and Resident Director Resident Director KAL and
Director Reg. 3 & Director AANE and Director GMIT and GSB
ANJA, PPM and PMP R&D Director
Vonny S. Ardhi Imam Wahyudi Harsono Sutikno Juli Wankara Purba Jerileva Purba
Head of Finance & Head of Procurement & General Manager
Accounting Region 1 & 2 Logistics PPM & PMP
Linawaty Klementius Silalahi Jekson S.
General Manager ANJA Head of Engineering
Head of Sales & Head of Corporate Head of Commercial, & Estate ANJAP
Commercial Planning, Reporting Sago & Edamame
and Business Development Taupan S. Sibarani Jimmy Efraim
Salim Nelda Hermawan
Windianti
General Manager ANJAS
General Manager SMM
Mhd Amrol Siregar
Head of ICT Mukhlisuddin Nasution
Nelson Suwiko
Head of Sustainability General Manager KAL
Head of Business Process
Compliance
Business & Business Development of
Development & Smallholders Dadi
Antoperis Tarigan
Investor Relation GM Estate GMIT
Agustinus
Manager Airlangga Djati
Gilang Rakasiwi Margo Waluyo Head of Research &
Development
Business Process Shankar Robirdan
Sales & Commercial ICT Manager Reg. Managers
Manager 1&2
Khairul Anwar N.
Armansyah S. Vacant Satria Pinandito
Finance & Accounting Sustainability
Manager Compliance & Secretary
Plasma & Partnership Coordinator Manager
Natalia ICT Manager HO
& Reg. 3 Managers Diana Ratna Devie
Franky Budiman
Slamet Haryono
Sustainability &
Compliance Manager
Reg. 3
Tax Manager ICT SAP & Application Vacant
Manager
Sakti Fransisko S.
Andrian Arsil Sustainability &
Compliance Manager
Finance & Accounting
Reg. 1 & 2
Manager PPM, PMP &
ANJAP Ilham Roh Tuah D.
GIS & Survey
Vacant Manager Business Support
Guruh Rindanata
Rachmad Yusuf Hidayat
Procurement & Logistic
Manager Reg. 1 & 2 Factory Manager
Vacant
Julius Chandra
Procurement & Logistic
Manager Reg. 3
Ikram
52 2024 Annual Report
Page 55
PT Austindo Nusantara Jaya Tbk.
Board of
Commissioners
President Director/CEO
Audit Committee
Lucas Kurniawan
Legal Director & Corporate Engineering, Government
Secretary Relations & Security Director
Sustainability and Corporate Naga Waskita M. Fitriyansyah
Communications Director
Nunik Maharani
Group Head of Group Head of
HR & CM Factory
Whisnu R Triatmoko Vacant
Head of HR Shared Services Head of Factory Supervisor Head of Government
Head of Conservation Head of Legal
Reg. 1, 2 & 3 Reg. 2 & 3 Relations & GA Reg. 3
Nardiyono Erwin Santoso Adhika Mandra Andi Gunawan Gritje Fonataba
Karuna
Head of Cooperative & Head of Legal Head of Civil Engineering
KAL, PPM, PMP Head of Security Head of Internal Audit
CID Operation Reg.3 Head of Learning &
Development
Arianto Wibowo David Kurniawan Charles H. Manalu Vacant Christian L. Sitorus
Roli Harni G.
Head of Corporate Head of Civil Engineering
Communications Head of Environmental, ANJAS, ANJA, SMM
Learning & Development Manager Security
Health & Safety Reg. 3
Vacant Manager
Jimmy Efraim
Burhanuddin
Roby Syahputra Frans Tauran
Head of Factory Supervisor
Organizational Development
Reg. 1 Security Manager
Manager, Change
Management & Talent Basar L. Toruan
Management Syam Hadijanto
Vacant
Civil & Structure
Government Relation &
Manager
Payroll & Personnel External Affairs Manager
Administration Manager Edi Tjahjono
Nurwachid Achmad
Patricia Radjiman Jaenudin
EHS Manager Reg. 1&2 Mechanical & Electrical
Payroll & Employee Claim Manager
Adil Situmorang Manager
Astra Agung S. Internal Audit Managers
Devi Fitria
Nurman Hidayat
EHS Manager Reg. 3 Senior Project Ronal Samson R.
GA Manager & Secretary Cost Controller
Indra Putra Harahap Coordinator
Brand & Marketing Rimmy Julianty B.
Communication Manager Elya Krisnia
Nita Janita Ekaniana Biogas Operation
Manager
HR & GA Manager Reg. 1
Internal Communication Ipan Sondali Manalu
Manager Legal Manager Reg. 1 & 2
Mangara H.
Riftyza Gestandi Annisa Noviana
HR & GA Manager Reg. 2
License & Permit Managers
Freddy Siagian
CID Manager Agung Pramudya
Wellyngton Silalahi HR & GA Manager Reg. 3
Vacant
Henry Roi
Conservation Manager
Resident Doctors
Priya Swayanuar
dr. Juni Arman S.
dr. A. Ichmal
dr. Erwan Taufik
dr. Fajar Jayapria
2024 Annual Report 53
Page 56
COMPANY
PROFILE
Changes in the Composition of Members of
Board of Commissioners and the Board of Directors
There is no change in the composition of the Board of Commissioners and Board of Directors of the Company for the
financial year 2024. Accordingly, the composition of the Board of Commissioners and the Board of Directors as of
December 31, 2024, remained as follows:
Board of Commissioners Board of Directors
Adrianto Machribie Lucas Kurniawan
President Commissioner (Independent) President Director
George Santosa Tahija Geetha Govindan
Commissioner Vice President Director
Sjakon George Tahija Naga Waskita
Commissioner Director
Anastasius Wahyuhadi Aloysius D’Cruz
Commissioner Director
J. Kristiadi Nopri Pitoy
Independent Commissioner Director
Darwin Cyril Noerhadi Mohammad Fitriyansyah
Independent Commissioner Director
Istini Tatiek Siddharta
Commissioner
54 2024 Annual Report
Page 57
PT Austindo Nusantara Jaya Tbk.
PROFILE OF
THE BOARD OF
COMMISSIONERS
2024 Annual Report 55
Page 58
COMPANY
PROFILE
THE BOARD OF
COMMISSIONERS
From Left to Right:
Darwin Cyril Noerhadi
Independent Commissioner
J. Kristiadi
Independent Commissioner
Anastasius Wahyuhadi
Commissioner
Istini Tatiek Siddharta
Commissioner
Sjakon George Tahija
Commissioner
Adrianto Machribie
President Commissioner
(Independent)
George Santosa Tahija
Commissioner
56 2024 Annual Report
Page 59
PT Austindo Nusantara Jaya Tbk. 2024 Annual Report 57
Page 60
COMPANY
PROFILE
Adrianto Machribie
President Commissioner (Independent)
INDONESIAN CITIZEN, AGED 83.
BORN IN BANDUNG, 1941. DOMICILED IN JAKARTA.
EDUCATION EXPERIENCE
Mr. Machribie holds a law degree from the University of Indonesia Mr. Machribie has served as one of the Company’s
(1967) and a Master’s degree in Social Science from the Institute Commissioners since July 1996 and was appointed as President
of Social Studies, The Hague, the Netherlands (1969). Commissioner in September 2003. Prior to joining the Company,
he was the Administration Director for subsidiaries of Shell
BASIS OF APPOINTMENT Indonesia (1980–1985), Vice President General Affairs Shell
Companies Indonesia (1986-1992), Executive Vice President
Mr. Machribie was first appointed as President Commissioner of & Director of PT Freeport Indonesia (1992-1995), President
the Company based on deed No. 32 of Esther Mercia Sulaiman Director of PT Freeport Indonesia (1995-2006). Then, he was
S.H, Notary in Jakarta, dated September 24, 2003. appointed as Commissioner of PT Freeport Indonesia (2006-
2011), Non-Executive Director Intrepid Mines Ltd. (2011-2015)
The most recent appointment of Mr. Machribie as the President and the President Director of PT Media Televisi Indonesia
Commissioner of the Company based on deed No. 47 of Christina (Metro TV) (2011-2017). He is also actively engaged in several
Dwi Utami, S.H., M.Hum., M.Kn, Notary in Jakarta, dated June professional organizations.
10, 2020.
AFFILIATIONS
POSITION TENURE
Mr. Machribie has no affiliate relationships with any other
September 2003-present. Commissioners, Directors or shareholders of the Company.
CONCURRENT POSITIONS
INDEPENDENCE
Currently, he also serves as:
• Senior Advisor to the Office of the Chairman of parent company Mr. Machribie has served more than 2 (two) terms as an
Freeport McMoRan Copper & Gold Inc. (2011-present). Independent Commissioner, but he declares that he remains
• Commissioner of PT Freeport Indonesia (2018-present). independent and will comply with all prevailing laws and
regulations.
58 2024 Annual Report
Page 61
PT Austindo Nusantara Jaya Tbk.
George Santosa Tahija
Commissioner
INDONESIAN CITIZEN, AGED 66. BORN IN JAKARTA,
1958. DOMICILED IN JAKARTA.
EDUCATION • President Commissioner of PT Galempa Sejahtera Bersama
(2015–present).
Mr. Tahija holds a Bachelor’s degree in Mechanical Engineering • President Commissioner of PT Melintas Cakrawala Indonesia
from Trisakti University, Indonesia (1983) and an MBA from the (2016–present).
Darden School, University of Virginia, USA (1986). • Chairman of the Tahija Foundation Supervisory Board
(2019-present).
BASIS OF APPOINTMENT
EXPERIENCE
Mr. Tahija was first appointed as Commissioner of the Company
based on Deed No. 72 of Mala Mukti, S.H., L.L.M, Notary in Mr. Tahija was appointed as a commissioner in 2012 and as
Jakarta, dated December 14, 2012. Chairman of the Risk Management Committee of the Company,
after more than 20 years overseeing ANJ as the President
The most recent appointment of Mr. Tahija as Commissioner Director. He is also on the Board of Commissioners of ANJ
of the Company based on Deed No. 47 of Christina Dwi Utami, subsidiaries.
S.H., M.Hum., M.Kn, Notary in Jakarta, dated June 10, 2020.
Mr. Tahija is the founder of the Coral Triangle Centre (CTC),
POSITION TENURE Indonesia’s only marine conservation center owned and funded
by non-governmental organization. He served as a member
December 2012-present. of the Board of Trustees (2012-2015) and the Global Executive
MBA Advisory Board (2010-2019), Darden School, University of
CONCURRENT POSITIONS Virginia.
Currently, he also serves as: He is a founding member and nd Chairman of Supervisory Board
• President Commissioner of PT Austindo Nusantara Jaya of the Tahija Foundationwhich has been successfully completed
Agri (2005–present). dengue elimination program and currently implements
• President Commissioner of PT Sahabat Mewah dan Makmur mangrove conservation program. He was a Commissioner of
(2005–present) PT Freeport Indonesia Company (1992-2012), the President
• President Commissioner of PT Austindo Nusantara Jaya Commissioner of PT Asuransi Indrapura (1991-2012) and Non-
Agri Siais (2006– present). Executive Director of Pearl Energy Pte. Ltd. (2005-2006).
• Commissioner of PT Austindo Nusantara Jaya Healthcare
(2006-present). Mr. Tahija currently serves as an Advisor to the Indonesia
• President Commissioner of PT Kayung Agro Lestari Chapter of The Nature Conservancy (TNC) and a Vice Chair of
(2008–present). TNC Asia Pacific Council. He is an active member of the Young
• President Commissioner of PT Gading Mas Indonesia Teguh Presidents’ Organization (YPO) Gold Indonesia Chapter. As
(2008–present). of Februari 10, 2023, Mr. Tahija also serves as a member of
• President Commissioner of PT ANJ Agri Papua Supervisory Board of Indonesia Business Council (IBC).
(2011–present).
• President Commissioner of PT Lestari Sagu Papua Mr. Tahija was the 2021 Abbott Award recipient from the Darden
(2011–present). School, University of Virginia. In 2023, he received Oak Leaf
• Commissioner of PT Austindo Kencana Jaya (majority Awards from The Nature Conservancy (TNC) , an organization
shareholder of the Company) (2012-present). which is based in Arlington, Virginia, USA. This award recognizes
• President Director of PT Memimpin Dengan Nurani (majority trustees and volunteers who embody the Conservancy’s values
shareholder of the Company) (2012-present). and whose accomplishments advance TNC’s missions.
• President Commissioner of PT Permata Putera Mandiri
(2013–present). AFFILIATIONS
• President Commissioner of PT Putera Manunggal Perkasa
(2013–present). Mr. Tahija is the brother of Sjakon George Tahija, a Commissioner
• President Commissioner of PT Austindo Aufwind New of the Company. He is also President Director and the
Energy (2013–present). majority shareholder of PT Memimpin Dengan Nurani and a
• President Commissioner of PT Austindo Nusantara Jaya Commissioner of PT Austindo Kencana Jaya; both companies
Boga (2013–present). are majority shareholders in ANJ.
2024 Annual Report 59
Page 62
COMPANY
PROFILE
Sjakon George Tahija
Commissioner
INDONESIAN CITIZEN, AGED 72.
BORN IN JAKARTA, 1952. DOMICILED IN JAKARTA.
EDUCATION EXPERIENCE
Dr. Tahija graduated from the University of Indonesia in 1980 Dr. Tahija was appointed as one of the Company’s
with a Bachelor’s degree in Medicine. Commissioners upon its establishment in 1993. A practicing
vitreo-retinal consultant, he founded Klinik Mata Nusantara,
BASIS OF APPOINTMENT a national chain of eye clinics and serves as the Chairman of
the Clinic’s Medical Advisory Board. He was the Commissioner
Dr. Tahija was first appointed as Commissioner of the Company of PT Elbatama Finance (2000-2004), the Commissioner of PT
based on Deed No. 72 of Sutjipto S.H, Notary in Jakarta, dated Aceh Timur (1998-2003) and the President Director of PT ANJ
April 16, 1993. Healthcare (2006-2010).
The most recent appointment of Dr. Tahija as Commissioner of AFFILIATIONS
the Company based on Deed No. 47 of Christina Dwi Utami, S.H.,
M.Hum., M.Kn, Notary in Jakarta, dated June 10, 2020. Dr. Tahija is the brother of George Santosa Tahija, a
Commissioner of the Company. He is also President Director
POSITION TENURE and the majority shareholder of PT Austindo Kencana Jaya, one
of the majority shareholders in ANJ.
April 1993-present.
CONCURRENT POSITIONS
Currently, he also serves as:
• The Chairman of the Board of Trustees of Yayasan Tahija
(1990–present)
• Commissioner of PT Austindo Nusantara Jaya Healthcare
(2010–present)
• President Director of PT Austindo Kencana Jaya (majority
shareholder of the Company) (2012-present)
60 2024 Annual Report
Page 63
PT Austindo Nusantara Jaya Tbk.
Anastasius Wahyuhadi
Commissioner
INDONESIAN CITIZEN, AGED 78.
BORN IN KLATEN, 1946. DOMICILED IN JAKARTA.
EDUCATION EXPERIENCE
Mr. Wahyuhadi holds a Bachelor’s degree in Law from Mr. Wahyuhadi was appointed as one of the Company’s
Satyawacana University, Indonesia (1976). Commissioners in 2006, having served as ANJ’s Corporate
Services Director for eight years from 1997 to 2005. He is also
BASIS OF APPOINTMENT on the Board of Commissioners of ANJ subsidiaries.
Mr. Wahyuhadi was first appointed as Commissioner of the During his career, he served as a Commissioner or Director
Company based on Deed No. 49 of Esther Mercia Sulaiman S.H, of several multinational, national and public companies in
Notary in Jakarta, dated January 19, 2006. Indonesia such as, the Deputy President Director dan Legal
Director & Corporate Secretary of PT Rothmans of Pall Mall
The most recent appointment of Mr. Wahyuhadi as a Indonesia (previously known as PT Faroka SA) (1983-1994), the
Commissioner of the Company based on Deed No. 47 of Director of PT Anwar Sierad Group (1994-1997), the President
Christina Dwi Utami, S.H., M.Hum., M.Kn, Notary in Jakarta, Commissioner of PT Asuransi Indrapura (1998-2012).
dated June 10, 2020.
He is also actively engaged in philanthropic work, serving as
POSITION TENURE Chairman of the Board of Management of the Tahija Foundation
(2003-2018) and Trusteed and Advisors of several foundations
January 2006-present. until now.
CONCURRENT POSITIONS AFFILIATIONS
Currently, he also serves as: Mr. Wahyuhadi has no affiliate relationships with any other
• Commissioner of PT Sahabat Mewah dan Makmur (2003– Commissioners, Directors or shareholders of the Company.
present)
• Commissioner of PT Austindo Nusantara Jaya Agri (2006–
present)
• Commissioner of PT Optik KMN (2007-present)
• Commissioner of PT Austindo Nusantara Jaya Agri Siais
(2008–present)
• Commissioner of PT Kayung Agro Lestari (2008–present)
• Commissioner of PT Gading Mas Indonesia Teguh (2008–
present)
• Director of PT Austindo Nusantara Jaya Healthcare
(2010-present)
• Commissioner of PT ANJ Agri Papua (2011–present)
• Commissioner of PT Permata Putera Mandiri (2013–present)
• Commissioner of PT Putera Manunggal Perkasa (2013–
present)
• Commissioner of PT Austindo Aufwind New Energy (2013–
present)
• Commissioner of PT Austindo Nusantara Jaya Boga (2013–
present)
• Commissioner of PT Galempa Sejahtera Bersama (2015–
present).
2024 Annual Report 61
Page 64
COMPANY
PROFILE
J. Kristiadi
Independent Commissioner
INDONESIAN CITIZEN, AGED 75.
BORN IN YOGYAKARTA, 1948. DOMICILED IN JAKARTA.
EDUCATION Mr. Kristiadi was a member of People's Consultative Assembly
(1987-1992). He regularly appears as a columnist and
Mr. Kristiadi holds a doctorate in Political Science from Gadjah commentator in national media on political development,
Mada University, Yogyakarta (1995). civil-military relations, security and constitutional reform. Mr.
Kristiadi has also served as Head of the Politics Department
BASIS OF APPOINTMENT and Deputy Executive Director at CSIS, Jakarta (1999–2004). Mr.
Kristiadi also serves as an active member of Election Organizer
Mr. Kristiadi was first appointed as Commissioner of the Council (DKPP) for the 2022-2027 period.
Company based on Deed No. 2 of Esther Mercia Sulaiman S.H,
Notary in Jakarta, dated March 5, 2012. AFFILIATIONS
The most recent appointment of Mr. Kristiadi as Independent Mr. Kristiadi has no affiliate relationships with any other
Commissioner of the Company based on Deed No. 47 of Commissioners, Directors or shareholder of the Company.
Christina Dwi Utami, S.H., M.Hum., M.Kn, Notary in Jakarta,
dated June 10, 2020. INDEPENDENCE
POSITION TENURE Mr. Kristiadi has served more than 2 (two) terms as an
Independent Commissioner, but he declares that he remains
March 2012-present. independent and will comply with all prevailing laws and
regulations.
CONCURRENT POSITIONS
Currently, he also serves as secretary of the Board of Directors
of the CSIS Foundation (from 2005–present).
EXPERIENCE
Mr. Kristiadi has been an Independent Commissioner of the
Company since March 2012. His varied career includes serving
as a guest lecturer in several government institutions from
2002 to 2020 period, such as at Sespati/ Sespimti (Sekolah
Kepemimpinan Tinggi Kepolisian), PTIK (Perguruan Tinggi
Ilmu Kepolisian), Sesko, TNI, State Administration Institute and
Lemhanas, with varying time durations.
He was also serving as lecturer and guest lecturer at Faculty of
Social and Political Sciences, Atma Jaya University, Yogyakarta;
the National Resilience Institute; the Air Force Staff and
Command College, Bandung and the National Police Staff
College, Bandung.
62 2024 Annual Report
Page 65
PT Austindo Nusantara Jaya Tbk.
Darwin Cyril Noerhadi
Independent Commissioner
INDONESIAN CITIZEN, AGED 63.
BORN IN JAKARTA, 1961. DOMICILED IN JAKARTA.
EDUCATION EXPERIENCE
Dr. Noerhadi holds a Bachelor’s degree in Petroleum Geology Dr. Noerhadi was appointed as an Independent Commissioner of
from the Bandung Institute of Technology, Indonesia (1985), an the Company in 2017. Dr. Noerhadi has 30 years of experience in
MBA in Finance and Economics from the University of Houston, financial industry. Prior to joining the Company, he has various
USA (1988) and a PhD in Strategic Management from the senior roles, including President Director of PT Kliring Deposit
University of Indonesia (2013). Efek Indonesia (1993-1996), President Director of PT Bursa
Efek Jakarta (1996-1999), Partner of PricewaterhouseCoopers
BASIS OF APPOINTMENT Jakarta (1999-2005), Chief Financial Officer of PT Medco Energi
Internasional Tbk. (2005-2011) and Senior Managing Director of
Dr. Noerhadi was first appointed as Independent Commissioner Creador– Regional Private Equity (2011-2019).
of the Company based on Deed No. 144 of Dr. Irawan Soerodjo
S.H., M.Si, Notary in Jakarta, dated February 20, 2017. AFFILIATIONS
The most recent appointment of Dr. Noerhadi as Independent Dr. Noerhadi has no affiliate relationships with any other
Commissioner of the Company based on Deed No. 73 of Commissioners, Directors or shareholder of the Company.
Christina Dwi Utami, S.H., M.Hum., M.Kn, Notary in Jakarta,
dated June 9, 2021. INDEPENDENCE
POSITION TENURE Dr. Noerhadi has not served more than 2 (two) terms as an
Independent Commissioner.
February 2017-present.
CONCURRENT POSITIONS
Currently, he also serves as:
• Commissioner of PT Medikaloka Hermina Tbk.
(2017-present)
• President Commissioner of PT Creador Indonesia (January
2020-present)
• Member of Supervisory Board (professional) of Indonesia
Investment Authority (INA), sovereign wealth fund Indonesia
(2021-present)
• Commissioner of PT Daya Intiguna Yasa Tbk. (2024-present)
2024 Annual Report 63
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COMPANY
PROFILE
Istini Tatiek Siddharta
Commissioner
INDONESIAN CITIZEN, AGED 62.
BORN IN JAKARTA, 1962. DOMICILED IN JAKARTA.
EDUCATION EXPERIENCE
Mrs. Siddharta holds a Bachelor’s degree in Accounting from Mrs. Siddharta was appointed as the Company’s Commissioner
the University of Indonesia (1985) and an MBA from the John in 2021, after having served as the President Director of the
Anderson School at the University of California, Los Angeles, Company (2016-2021), the Deputy President Director of the
USA (1994). Company (2012-2015) and the ANJ Group Finance Director
(2001-2012).
BASIS OF APPOINTMENT
She began her career as a public accountant and was a Partner
First and most recent appointment of Mrs. Siddharta as at Siddharta, Siddharta & Harsono, a member firm of Coopers &
Commissioner of the Company based on Deed No. 23 of Lybrand, which in 1998 became a member firm of KPMG.
Christina Dwi Utami, S.H., M.Hum., M.Kn, Notary in Jakarta,
dated November 2, 2021. She is an active member of professional association, the
Institute of Indonesian Accountants where she chaired the
POSITION TENURE Indonesian Financial Accounting Standards Board from 2000 to
2002. Currently she is the Chairperson of Sustainability
November 2021-present. Standards Board.
CONCURRENT POSITIONS AFFILIATIONS
Currently, she also serves as: Mrs. Siddharta has no affiliate relationships with any other
• Commissioner PT Austindo Nusantara Jaya Healthcare Commissioners, Directors or shareholders of the Company.
(2007-present)
• Commissioner PT Memimpin Dengan Nurani (2016–present).
• Commissioner PT Austindo Kencana Jaya (2016–present).
• Independent Commissioner of PT Daya Intiguna Yasa Tbk.
(2024-present).
• Chairperson of Sustainability Standards Boards of the
Indonesian Institute of Accountant (2024–present).
64 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
PROFILE OF
THE BOARD OF
DIRECTORS
2024 Annual Report 65
Page 68
COMPANY
PROFILE
THE BOARD OF
DIRECTORS
From Left to Right:
Mohammad Fitriyansyah
Director
Aloysius D’cruz
Director
Lucas Kurniawan
President Director
Naga Waskita
Director
Geetha Govindan
Vice President Director
Nopri Pitoy
Director
66 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk. 2024 Annual Report 67
Page 70
COMPANY
PROFILE
Lucas Kurniawan
President Director
INDONESIAN CITIZEN, AGED 53.
BORN IN TELUK BETUNG, BANDAR LAMPUNG, 1971. DOMICILED
IN JAKARTA.
EDUCATION EXPERIENCE
Mr. Kurniawan holds a Bachelor’s degree in Accounting from Mr. Kurniawan was appointed as President Director in November
Tarumanagara University, Jakarta (1994) and has completed 2021. He joined the Company in November 2014 as the Group
several professional programs, including KPMG AsPac Finance Director.
Chairman’s 25 Program in 2008 (INSEAD certified), PwC
Understanding the Client’s Strategic Agenda in 2012 (INSEAD Prior to joining the Company, Mr. Kurniawan was a partner
certified) and the Executive Program at the Darden School of at Tanudiredja, Wibisana & Rekan, a member firm of
Business, University of Virginia, USA in 2017. PricewaterhouseCoopers International Ltd (2011-2014). He
began his career with Siddharta, Siddharta & Widjaja (formerly
BASIS OF APPOINTMENT Siddharta, Siddharta & Harsono) (1993-1998), a member firm
of Coopers & Lybrand and then a member of KPMG. He was
The first and the most recent appointment of Mr. Kurniawan made a partner at the firm in 2005. He then worked at KPMG
as the President Director of the Company are based on Deed Ltd., Vietnam as an audit partner (2007-2011), before becoming
No. 23 of Christina Dwi Utami, S.H., M.Hum., M.Kn, Notary in a partner at Tanudiredja, Wibisana & Rekan.
Jakarta, dated November 2, 2021.
Mr. Kurniawan has more than 29 years of experience in finance
POSITION TENURE and accounting and more than 3 years of experience in leading
the Company as the Chief Executive Officer. Since 2016, he led
November 2021-present. the Company’s digital transformation which has placed the
Company in the forefront of technology implementation in the
CONCURRENT POSITIONS industry.
Currently, he also serves as: Mr. Kurniawan is a member of the Indonesian Institute of
• Commissioner of PT Austindo Nusantara Jaya Agri Accountants and the Indonesian Institute of Certified Public
(2019–present). Accountants. In November 2023, he was appointed as a member
• Commissioner of PT Austindo Nusantara Jaya Agri Siais of Sustainability Standards Supervisory Board of Indonesian
(2019–present). Institute of Accountants for the period from 2023 to 2027.
• Commissioner of PT Sahabat Mewah dan Makmur (2019–
present). AFFILIATIONS
• Commissioner of PT Kayung Agro Lestari (2019–present).
• Commissioner of PT Galempa Sejahtera Bersama (2019– Mr. Kurniawan has no affiliate relationships with any other
present). Commissioners, Directors or shareholders of the Company.
• Commissioner of PT Permata Putera Mandiri (2019–
present).
• Commissioner of PT Putera Manunggal Perkasa (2019–
present).
• Commissioner of PT Austindo Aufwind New Energy (2019–
present).
• Commissioner of PT Gading Mas Indonesia Teguh (2019–
present).
• Commissioner of PT Austindo Nusantara Jaya Boga (2019–
present).
• Commissioner of PT Lestari Sagu Papua (2019–present).
• Commissioner of PT ANJ Agri Papua (2020–present).
68 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Geetha Govindan
Vice President Director
MALAYSIAN CITIZEN, AGED 65.
BORN IN SELANGOR, 1959. DOMICILED IN JAKARTA.
EDUCATION EXPERIENCE
Mr. Govindan has a Bachelor of Science degree from the Mr. Govindan was appointed as the Vice President Director of the
University of Madras, India (1980), a Diploma in Human Resource Company in November 2021, after serving as a Director since
Management from the University of Malaya, Malaysia (1999), 2015. He also serves as President Director and Commissioners
and an Executive MBA from Euregio Management School, the of various ANJ subsidiaries.
Netherlands (2015). He has also attended an Executive Program
at The Darden School of Business, University of Virginia, USA in Mr. Govindan has over 33 years of experience in the plantation
2015 and has also recently completed a course “Health Effects industry. He began his career as an Estate Manager at Socfin Co.
of Climate Change” from Harvard University in 2020. Bhd in Malaysia, where he spent 16 years (1983–1999). He then
became a regional controller at PT Sinar Mas Agro Resources
BASIS OF APPOINTMENT and Technology Tbk (2000–2001). He next worked at PT REA
Kaltim Plantations, where he served as Estates Controller and
The first and most recent appointment of Mr. Govindan as the Chief Operating Officer before being appointed as Vice President
Vice President Director of the Company are based on Deed Director (2008-2013).
No. 23 of Christina Dwi Utami, S.H., M.Hum., M.Kn, Notary in
Jakarta, dated November 2, 2021. Mr. Govindan also has related experiences in palm oil
sustainability and a wide knowledge on renewable energy
POSITION TENURE possibilities with regards to the palm oil business.
November 2021-present. AFFILIATIONS
CONCURRENT POSITIONS Mr. Govindan has no affiliate relationships with any other
Commissioners, Directors or shareholders of the Company.
Currently, he also serves as:
• President Director of PT Kayung Agro Lestari (2013–present).
• Commissioner of PT Gading Mas Indonesia Teguh (2015–
present).
• Commissioner of PT Permata Putera Mandiri (2022–
present).
• Commissioner of PT Putera Manunggal Perkasa (2022–
present).
• Commissioner of PT Austindo Nusantara Jaya Agri (2022–
present).
• Commissioner of PT Sahabat Mewah dan Makmur (2023–
present).
• Commissioner of PT Galempa Sejahtera Bersama (2023–
present).
• Commissioner of PT Austindo Nusantara Jaya Agri Siais
(2024– present).
2024 Annual Report 69
Page 72
COMPANY
PROFILE
Naga Waskita
Director and Corporate Secretary
INDONESIAN CITIZEN, AGED 50.
BORN IN TANJUNG PINANG, 1974. DOMICILED IN JAKARTA.
EDUCATION • Commissioner of PT Austindo Aufwind New Energy (2021–
present).
Mr. Waskita holds a Bachelor’s degree in Law from Gadjah Mada • Commissioner of PT Gading Mas Indonesia Teguh (2021–
University, Yogyakarta, Indonesia (1997) and a Master’s degree present).
in Law from the University of Groningen, the Netherlands • Commissioner of PT Austindo Nusantara Jaya Boga (2021–
(2008). He is a member of Perhimpunan Advokat Indonesia (the present).
Indonesian Advocates Association), the Indonesian Corporate
Counsel Association and the Indonesian Corporate Secretary EXPERIENCE
Association.
Mr. Waskita joined the Company in 2012 as legal counsel and
BASIS OF APPOINTMENT Corporate Secretary and was appointed as a Director in 2017.
Prior to joining the Company, Mr. Waskita was a corporate
Mr. Waskita was first appointed as Director of the Company lawyer at the law firm Mochtar Karuwin Komar, where he
based on Deed No. 35 of Dr. Irawan Soerodjo, S.H., M.Si., Notary specialized in banking and finance (1997–2012).
in Jakarta, dated May 24, 2017.
Mr. Waskita was in charge for the legal aspect and its associated
The most recent appointment of Mr. Waskita as Director of the matters for the initial public offering of the Company. He also
Company based on Deed No. 52 of Christina Dwi Utami, S.H., led the legal team for the acquisitions of Southwest Papua
M.Hum., M.Kn, Notary in Jakarta, dated June 8, 2022. concessions as well as an internal merger of a subsidiary to the
Company.
POSITION TENURE
AFFILIATIONS
• As Corporate Secretary, September 2012–present.
• As Legal Counsel, September 2012–May 2017. Mr. Waskita has no affiliate relationships with any other
• As Director, May 2017–present. Commissioners, Directors or shareholders of the Company.
CONCURRENT POSITIONS
Currently, he also serves as:
• Commissioner of PT Austindo Nusantara Jaya Agri (2021–
present).
• Commissioner of PT Austindo Nusantara Jaya Agri Siais
(2021–present).
• Commissioner of PT Sahabat Mewah dan Makmur (2021–
present).
• Commissioner of PT Kayung Agro Lestari (2021–present).
• Commissioner of PT Galempa Sejahtera Bersama (2021–
present).
• Commissioner of PT Permata Putera Mandiri (2021–
present).
• Commissioner of PT Putera Manunggal Perkasa (2021–
present).
• Commissioner of PT ANJ Agri Papua (2021–present).
70 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Aloysius D’Cruz
Director
MALAYSIAN CITIZEN, AGED 75.
BORN IN JOHOR, 1949. DOMICILED IN JAKARTA.
EDUCATION EXPERIENCE
Mr. D’Cruz holds a Bachelor’s degree in Agriculture from Prior to holding his current position, Mr. D’Cruz has been an
Allahabad University, India (1973) and an Associate Diploma Estate Director of ANJA since early 2011 and was appointed as
from the Incorporated Society of Planters of Malaysia (1979). the President Director of ANJAP in 2017.
BASIS OF APPOINTMENT His experience, spanning over 51 years, is in rubber, oil palm
and cocoa plantations and industrial forests. As Joint President
The first and most recent appointment of Mr. D’Cruz was as (2008-2011) of Birla Lao Pulp and Plantations Co Ltd, a
Director of the Company are based on Deed No. 23 of Christina subsidiary of India’s conglomerate Aditya Birla Group in Laos,
Dwi Utami, S.H., M.Hum., M.Kn, Notary in Jakarta, dated he assisted in reorganizing and establishing Eucalyptus species,
November 2, 2021. as an industrial forest to provide pulp. He also held positions
as Assistant General Manager in Riau Fiber Plantations (2006-
POSITION TENURE 2008) and Area Manager in Sinarmas Forestry-Asia Pulp and
Paper (2003-2005).
November 2021-present.
He began his career in Sime Darby Plantations in 1973 and held
CONCURRENT POSITIONS several positions before taking up postings in Indonesia.
Currently, he also serves as: AFFILIATIONS
• Commissioner of PT Gading Mas Indonesia Teguh (2015–
present). Mr. D’Cruz has no affiliate relationships with any other
• Commissioner of PT Austindo Nusantara Jaya Agri (2022– Commissioners, Directors or shareholders of the Company.
present).
• Commissioner of PT Austindo Nusantara Jaya Agri Siais
(2022–present).
• Commissioner of PT Sahabat Mewah dan Makmur
(2022-present).
• Commissioner of PT Kayung Agro Lestari (2022-present).
• Commissioner of PT Galempa Sejahtera Bersama
(2022-present).
• Commissioner of PT Permata Putera Mandiri (2022-present).
• Commissioner of PT Putera Manunggal Perkasa
(2022-present).
• Commissioner of PT Austindo Nusantara Jaya Boga
(2022-present).
• Commissioner of PT ANJ Agri Papua (2024–present).
2024 Annual Report 71
Page 74
COMPANY
PROFILE
Nopri Pitoy
Director
INDONESIAN CITIZEN, AGED 59.
BORN IN JAKARTA, 1965. DOMICILED IN MEDAN.
EDUCATION EXPERIENCE
Ms. Nopri obtained her Higher School Certificate in Sydney and Ms. Nopri has over 23 years of experience in the palm oil
continued her Bachelor of Commerce degree with major in industry. She joined ANJ Group in June 2001 and became Head
Accounting and Information Systems from the University New of Finance and Accounting of ANJA in January 2006 and as
South Wales in Sydney, Australia in 1989. Director of ANJA in 2011.
BASIS OF APPOINTMENT Before joining ANJ Group, from 1997 to 2001, Ms. Nopri served
as a financial controller in a palm oil and rubber plantation,
The first and most recent appointment of Ms. Nopri as Director Ukindo Group, a subsidiary of Anglo-Eastern Plantations Plc,
of the Company are based on Deed No. 23 of Christina Dwi quoted on the London Stock Exchange.
Utami, S.H., M.Hum., M.Kn, Notary in Jakarta, dated November
2, 2021. She began her career with a public accounting firm
PricewaterhouseCoopers in Jakarta and worked in the business
POSITION TENURE advisory services from 1989 to 1991.
November 2021-present. AFFILIATIONS
CONCURRENT POSITIONS Ms. Nopri has no affiliate relationships with any other
Commissioners, Directors or shareholders of the Company.
Currently, she also serves as:
• Commissioner of PT Austindo Nusantara Jaya Agri (2022–
present).
• Commissioner of PT Austindo Nusantara Jaya Agri Siais
(2022– present).
• Commissioner of PT Sahabat Mewah dan Makmur (2022–
present).
• Commissioner of PT Kayung Agro Lestari (2022–present).
• Commissioner of PT Galempa Sejahtera Bersama (2022–
present).
• Commissioner of PT Permata Putera Mandiri (2022-present).
• Commissioner of PT Putera Manunggal Perkasa
(2022-present).
• Commissioner of PT ANJ Agri Papua (2022-present).
• Commissioner of PT Austindo Aufwind New Energy
(2022-present).
• Commissioner of PT Gading Mas Indonesia Teguh
(2022-present).
• Commissioner of PT Austindo Nusantara Jaya Boga
(2022-present).
72 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Mohammad Fitriyansyah
Director
INDONESIAN CITIZEN, AGED 58.
BORN IN PALEMBANG, 1966. DOMICILED IN JAKARTA.
EDUCATION EXPERIENCE
Mr. Fitriyansyah holds a Bachelor’s degree in Civil Engineering Mr. Fitriyansyah has more than 34 years of experience in
from University of Indonesia, Jakarta in 1990. Engineering, Procurement and Construction Management in
infrastructure projects (roads and bridges), power plant, power
BASIS OF APPOINTMENT distribution and oil and gas plant.
The first and most recent appointment of Mr. Fitriyansyah as He began his career as a Civil Engineer at PT Rekayasa Industri
Director of the Company are based on Deed No. 63 of Christina involved in design and construction of fertilizer and oil & gas
Dwi Utami, S.H., M.Hum., M.Kn, Notary in Jakarta, dated June plant (1990-1994) and then worked at PT Balfour Beatty Sakti
7, 2023. Indonesia (1994–2008) dealing with project management of
power and distribution plants.
POSITION TENURE
In 2008-2011, he worked at PT JGC Indonesia, where he was
June 2023-present. responsible for the Project Operation Division, which oversaw the
project management, construction management, procurement
CONCURRENT POSITIONS and quality control departments. After that, Mr. Fitriyansyah
served at PT Petrosea Tbk. (2012-2016), where his most recent
Currently, he also serves as: position was as a General Manager for Infrastructure and
• Director of PT Kayung Agro Lestari (2018–present). Offshore Supply Base Projects.
• Director of PT ANJ Agri Papua (2018–present).
• Director of PT Gading Mas Indonesia Teguh (2018–present). AFFILIATIONS
• Director of PT Austindo Nusantara Jaya Agri Siais (2021–
present). Mr. Fitriyansyah has no affiliate relationships with any other
• Director of PT Sahabat Mewah dan Makmur (2021–present). Commissioners, Directors or shareholders of the Company.
• Director of PT Galempa Sejahtera Bersama (2021–present).
• President Director of PT Austindo Aufwind New Energy
(2021–present).
• President Director of PT Lestari Sagu Papua (2021–present).
• President Director of PT Austindo Nusantara Jaya Agri
(2022–present).
• President Director of PT Permata Putera Mandiri (2022–
present).
• President Director of PT Putera Manunggal Perkasa (2022–
present).
2024 Annual Report 73
Page 76
COMPANY
PROFILE
Profile of Key Managers
Nunik Maharani
President Director: ANJB
Director: ANJA, ANJAS, KAL, SMM, PPM, PMP, GSB, ANJAP, AANE and GMIT
Mrs. Maharani joined ANJ in 2016 as the Group Head of Corporate
Communications and, as of 2018, has acted as a Director of PPM, PMP and
ANJAP. In 2021, she was appointed to the role of President Director of ANJB
as of June and a Director of ANJA, ANJAS, KAL, SMM, GSB, AANE and GMIT.
With 34 years of working experience in communications to external affairs,
Mrs. Maharani has handled a broad remit covering community and external
relations, corporate and sustainability communications. Prior to joining the
Company, she has held senior management positions in mining as well as
oil and gas multi-national companies, namely the Rio Tinto group, Unocal
Indonesia, Chevron IndoAsia, Newmont and Ephindo. She was Director and
Senior Partner at Kiroyan Partners before co-founding IComm communication
agency. Beyond her corporate experience, she served on the National Board
of Indonesia Junior Achievement (2006-2015) and is a board member of
Indonesia Business Links (2006-2021). She was an active member of PONGO
Aliance and was a member of the Complaint Panel of RSPO until 2023. She
currently serves as a member of Sustainability Division at GAPKI. She is also
an active member of the Indonesian Society of Sustainability Professionals.
Mrs. Maharani obtained a Graduate Diploma from the London School of
Public Relations in 2002, as well as a Diploma in Project Management from
Interlink Technology Services Pty Ltd in 2021. In 2022, she completed Leading
Sustainable Corporations Program the Saïd Business School, University of
Oxford.
Vonny Stefani
Director: PPM, PMP, ANJAP, ANJB and LSP
Ms. Stefani was appointed as a Finance Director of PPM, PMP, ANJAP and
ANJB in January 2021 and a Director of LSP in April 2021. She has more than
28 years of working experience in accounting. She began her career as an
auditor with Siddharta, Siddharta & Widjaja (formerly Siddharta, Siddharta
& Harsono), a member firm of Coopers and Lybrand and then a member of
KPMG.
She joined ANJ in 2005, at first handling Risk Management Division and
later became a Head of Finance & Accounting. She has expertise in various
industries such as manufacturing, healthcare, financial institution, plantation
and sago industry. Her expertise includes handling and helping the turnaround
of a new entity.
She graduated from Tarumanagara University with a Bachelor’s degree in
Accounting in 1996.
74 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Juli Wankara Purba
President Director: ANJAS and GSB
Director: ANJA, PPM and PMP
Mr. Purba was appointed as President Director of GSB and a Director of
ANJA in March 2023, as Director of PPM and PMP in January 2024 and as the
President Director of ANJAS in October 2024. He joined ANJ Group in 2011
and started his career as Senior Estate Manager of ANJA. He was General
Manager of KAL (2013-2017), ANJA (2017-2018) and SMM (2018-2021).
Prior to joining ANJ Group, he served as Senior Estate Manager in Agrina
Group from 2009 to 2011 in Tebas Regency, West Kalimantan. He also worked
in Asian Agri Group for 12 years (1997-2009).
He holds a Bachelor’s degree in North Sumatra University majoring in
Agriculture in 1996.
Jerileva Purba
President Director: SMM
Director: KAL
Mr. Purba was appointed as a Resident Director of KAL in July 2021 and the
President Director SMM in October 2024. He has 29 years working experience
in the palm oil sector. He joined ANJ Group in 2007 as Estate Manager and
then became General Manager at SMM and subsequently at KAL.
Prior to joining ANJ, he worked at PT Asiatic Persada (CDC-Pacrim) and
PT Cargill Indonesia. He holds a Bachelor’s degree in Agriculture, from the
University of Sumatera Utara and a Master’s degree in Business Administration
from the Gadjah Mada University.
2024 Annual Report 75
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COMPANY
PROFILE
Imam Wahyudi
President Director: GMIT
Director: AANE
Mr. Wahyudi was appointed as the President Director of GMIT in September
2022 and a Director of AANE in January 2022. He joined ANJ Group in 2008
and started his career in Business Process and Business Development
Department.
His working experiences spanning over 22 years, including 5 years working
experiences in Astra Group previously. He has expertise in Operation
Management, Six Sigma Black Belt, Business Development, Project
Management, Strategic Planning and Corporate Valuation. He has experience
in the automotive industry, oil palm industry, renewable energy and food
safety management system.
Mr. Wahyudi graduated as Magister of Business Administration (MBA) from
Institut Teknologi Bandung (ITB) in 2012 and a Bachelor’s Degree in Industrial
Engineering from Institut Teknologi Sepuluh Nopember (ITS Surabaya) in
2003.
Harsono Sutikno
President Director: ANJAP
Director: GMIT and GSB
Mr. Sutikno was appointed as Director of GMIT and GSB in January 2023 and
assumed the role of President Director of ANJAP in September 2024. He
joined the ANJ Group in 2013, beginning his tenure as General Manager of ICT.
Before joining ANJ Group, Mr. Sutikno held the position of IT Manager at PT
Black Platinum Energy Ltd. (2012–2013). His career commenced as an IT
Officer at Merck Sharp & Dohme (2000–2006), followed by a role as Senior
IT Specialist at PT APL Indonesia (2006–2007). From 2007 to 2012, he served
as IT Superintendent at Marathon Oil Company, a multinational oil and gas
company headquartered in Houston, Texas.
With over 24 years of experience in ICT, GIS and operations, Mr. Sutikno
specializes in infrastructure, software development, digital transformation
implementation and factory operations.
He earned a Bachelor’s degree in Information Technology, majoring in
Information Systems, from Bina Nusantara University in 2000, graduating
with Magna Cum Laude honors.
76 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Employee Composition – ANJ and Subsidiaries
2024 2023
Employee Composition ANJ and Subsidiaries
Male Female Total Male Female Total
Head Office Jakarta 18 9 27 20 9 29
Palm Oil 7,366 1,293 8,659 7,770 1,267 9,037
By Segment
Sago 104 11 115 185 17 202
Others 502 363 865 362 313 675
Total 7,990 1,676 9,666 8,337 1,606 9,943
Director 9 3 12 9 3 12
General Manager (GM) 24 5 29 25 4 29
By Position
Manager 192 25 217 203 25 228
Staff 283 79 362 313 77 390
Laborers or Workers 7,482 1,564 9,046 7,787 1,497 9,284
Total 7,990 1,676 9,666 8,337 1,606 9,943
Master's degree 19 10 29 12 7 19
Bachelor's degree 559 187 746 652 168 820
By Education
Diploma 103 56 159 122 48 170
Senior/Vocational High School 3,022 378 3,400 3,038 565 3,603
Other 4,287 1,045 5,332 4,513 818 5,331
Total 7,990 1,676 9,666 8,337 1,606 9,943
By Employment Contract Workers 388 322 710 362 309 671
Status
Permanent Staff 7,602 1,354 8,956 7,975 1,297 9,272
Total 7,990 1,676 9,666 8,337 1,606 9,943
Over 55 76 23 99 86 14 100
41-55 2,116 637 2,753 2,137 628 2,765
By Age
25-40 4,541 833 5,374 4,767 795 5,562
18-24 1,257 183 1,440 1,347 169 1,516
Total 7,990 1,676 9,666 8,337 1,606 9,943
2024 Annual Report 77
Page 80
COMPANY
PROFILE
Training and Competency Development Participation
Number of Total Training Average Training
Employee Hours Hours/Person
By Grade
Non Staff 9,046 38,374 4.24
Male 7,482 32,188 4.30
Female 1,564 6,186 3.95
Staff 362 13,284 36.70
283 11,668 41.23
Male
Female 79 1,617 20.46
Manager 217 1,502 6.92
192 1,417 7.38
Male
Female 25 86 3.42
General Manager/Regional Manager/
29 635 21.90
Group Head
Male 24 513 21.38
Female 5 122 24.40
Board of Directors 12 136 11.33
Male 9 112 12.44
Female 3 24 8.00
Grand Total 9,666 53,931 5.58
By Gender
Male 7,990 45,897 5.74
Female 1,676 8,034 4.79
Grand Total 9,666 53,931 5.58
In 2024, total training hours increased by 10.4% to 53,931 2024. These programs focused on enhancing technical
hours compared to 48,855 hours in 2023, with average capabilities, developing soft skills and supporting
training hours per employee rising by 13.6% year-on- employees in obtaining certifications required for their
year. The Company invested a total of USD 144,895.98 specific roles.
in training and competency development programs in
78 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Shareholders Information
ANJ Majority and Controlling Share Structure as of December 31, 2024
Sjakon Shelley George Laurel Julia
George Laksman Santosa Claire Pekar Pratiwi
Tahija Tahija Tahija Tahija Tahija
90% 10% 50% 49.998% 0.0018%
PT Austindo George PT Memimpin
Sjakon George Yayasan Dengan
Kencana Santosa Tahija Public
Tahija Nurani
Jaya Tahija 296,193,312
158,891,813 1,500 1,370,050,012
1,370,050,012 158,988,351 shares
shares shares
shares shares shares
40.85% 4.74% 4.74% 0.00% 8.83% 40.85%
PT Austindo Nusantara Jaya Tbk.
Shareholders Composition as of January 1, 2024 and December 31, 2024
Shares Percentage Shares Percentage
No. Shareholders
As of January 1, 2024 As of December 31, 2024
1 PT Austindo Kencana Jaya 1,370,050,012 40.85% 1,370,050,012 40.85%
2 PT Memimpin Dengan Nurani 1,370,050,012 40.85% 1,370,050,012 40.85%
3 George Santosa Tahija 158,988,351 4.74% 158,988,351 4.74%
4 Sjakon George Tahija 158,891,813 4.74% 158,891,813 4.74%
5 Yayasan Tahija 1,500 0.00% 1,500 0.00%
6 Public 296,193,312 8.83% 296,193,312 8.83%
TOTAL 3,354,175,000 100.00% 3,354,175,000 100.00%
2024 Annual Report 79
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COMPANY
PROFILE
Share Ownership by Commissioners and Directors as of December 31, 2024
Shares Percentage Shares Percentage
Name Position
As of January 1, 2024 As of December 31, 2024
George Santosa Tahija Commissioner 158,988,351 4.74% 158,988,351 4.74%
Sjakon George Tahija Commissioner 158,891,813 4.74% 158,891,813 4.74%
Istini Tatiek Siddharta Commissioner 3,620,000 0.11% 3,620,000 0.11%
Lucas Kurniawan Director 3,020,000 0.09% 3,020,000 0.09%
Geetha Govindan Director 3,120,000 0.09% 3,120,000 0.09%
Naga Waskita Director 3,019,563 0.09% 3,019,563 0.09%
Aloysius D’Cruz Director 1,600,000 0.05% 1,600,000 0.05%
Nopri Pitoy Director 1,150,000 0.03% 1,150,000 0.03%
Mohammad Fitriyansyah Director 1,200,000 0.04% 1,200,000 0.04%
Note:
1. Sjakon George Tahija has indirect ownerships of the Company’s shares through his 90% ownership on PT Austindo Kencana Jaya.
2. George Santosa Tahija has indirect ownerships of the Company’s shares through his 50% ownership on PT Memimpin Dengan Nurani.
3. There is no indirect ownership of the Company’s shares by the Directors of Company.
Top 20 Public Shareholders as of December 31, 2024
No. Name of Investor December 31, 2024 % Ownership
1 Lo Kheng Hong 45,090,300 1.34%
2 Roy Tjokrowidjoyo 10,314,700 0.31%
3 Citibank Hong Kong S/A PBG Clients SG 10,196,500 0.30%
4 Kwiyono 7,833,300 0.23%
5 Djap Tet Fa 7,100,000 0.21%
6 Tonizar Lumbanbatu 5,170,000 0.15%
7 Sagar Mohan Vasandani 4,572,600 0.14%
8 CGS International Securities Singapore Pte Ltd A-C Morgan Stanley 4,093,400 0.12%
9 Siska Suryati Kurniawan 3,912,500 0.12%
10 Khimberly 3,737,400 0.11%
11 Kosasih Effendy 3,541,100 0.11%
12 Hellen Wahyudi 3,485,300 0.10%
13 DBS Bank Ltd S/A Inclusif Value Fund 2,658,000 0.08%
14 William 2,441,700 0.07%
15 Sie David Gunawan 1,923,500 0.06%
16 Sophia Cendana 1,838,000 0.05%
17 Dra Medya Lengkey S. 1,798,200 0.05%
18 Tony Soetopo 1,763,200 0.05%
19 Liana Rosadi 1,686,800 0.05%
20 Joan Merri Tandiari 1,660,300 0.05%
80 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Shareholders Composition by Type of Investor as of December 31, 2024
Type of Investors Number of Investors Number of Shares Percentage
DOMESTIC 4,882 3,326,456,163 99.2%
Retail 4,865 582,665,241 17.4%
Corporation 15 2,743,789,322 81.8%
Foundation 1 1,500 0.0%
Mutual Fund 1 100 0.0%
FOREIGN 32 27,718,837 0.8%
Retail 15 6,015,137 0.2%
Corporation 17 21,703,700 0.6%
TOTAL 4,914 3,354,175,000 100.0%
Shareholders Composition by Domicile as of December 31, 2024
Type of Investors Number of Accounts Number of Shares Percentage
Domestic
- Domestic Individual 4,865 582,665,241 17.4%
- Domestic Institution 17 2,743,790,922 81.8%
Total 4,882 3,326,456,163 99.2%
Overseas
- Overseas Individual 15 6,015,137 0.2%
- Overseas Institution 17 21,703,700 0.6%
Total 32 27,718,837 0.8%
Grand Total 4,914 3,354,175,000 100.0%
Shareholders Composition by Sub Account Status as of December 31, 2024
Shareholders Status Domestic/ Overseas Number of Accounts Number of Shares Percentage
Limited Liability Company Domestic 17 2,743,790,922 81.8%
Individual Domestic 4,865 582,665,241 17.4%
Limited Liability Company Overseas 17 21,703,700 0.6%
Individual Overseas 15 6,015,137 0.2%
TOTAL 4,914 3,354,175,000 100.0%
2024 Annual Report 81
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COMPANY
PROFILE
Share Issuance and Listing Chronology
ANJ became a public company in 2013 as the culmination Services Authority (OJK) for ANJ’s IPO, the Company
of a comprehensive corporate restructuring. ANJ made listed its shares on the IDX on May 8, 2013, under the
an initial public offering (IPO) of 10% of its shares on the stock code ANJT. A total of 333,350,000 common shares
Indonesia Stock Exchange (IDX) to access the capital were offered at a nominal value of IDR 100 per share. The
needed to expand the Company’s business. Prior to the share price at the Initial Public Offering (IPO) was IDR
listing, the Company was wholly owned by the Tahija 1,200 per share. The Company’s market capitalization as
family through individual shareholdings and corporate of the end of trading in 2024 was IDR 2.4 trillion, with a
entities. On May 1, 2013, of the approval from the Financial closing share price of IDR 715.
Corporate Action/ Total Addition/Reduction Accumulated
Date
Policy of Shares Share Total
May 8, 2013 Initial Public Offering 333,350,000 333,350,000
November 3 - December 5, 2014 MSOP Exercise 1,550,000 334,900,000
November 2 - December 4, 2015 MSOP Exercise 325,000 335,225,000
November 2 - December 4, 2015 MSOP Exercise 300,000 335,525,000
May 9 - June 10, 2016 MSOP Exercise 8,750,000 344,275,000
May 9 - June 10, 2016 MSOP Exercise 9,900,000 354,175,000
Bond, Sukuk (Sharia Bond) and Convertible Bond
The Company did not have any outstanding bonds, sukuk (sharia bond) or convertible bonds in 2024.
Suspension of the Company’s Shares
Until the end of 2024, the Company has never received sanctions that could affect stock trading activities on the Indonesian
Stock Exchange, both suspension and/or delisting shares. Thus, there is no information related to the impact of suspension
and/or delisting of shares that can be presented in this Annual Report.
Corporate Action
During financial year 2024 the Company did not take any corporate actions that cause changes to shares in the form of
stock split, reverse stock, bonus shares or changes in the nominal value of its shares.
Dividend Payment for the Last Three Years
The Annual General Meeting of the Company’s be used to increase the working capital of the Company
Shareholders (AGMS) on 5 June 2024 decided not to amidst the challenging market conditions. No dividend
distribute a dividend for the 2023 financial year, despite was distributed in 2024. Below are the information
the Company generating a net profit of USD 1,901,654 in regarding the dividends distribution in 2022 and 2023:
2023. This net profit added to retained earnings which will
2023 2022
Total Dividend (IDR) 93,246,065,000 143,327,775,784
Payment Date July 7, 2023 July 8, 2022
Dividend per Share (IDR) 27.8 43.0
Dividend Payout Ratio 29.5% 26.4%
Number of Shares 3,354,175,000 3,333,204,088*
* Number of treasury stock as of recording date on June 20, 2022 was 20,970,912 shares
82 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Corporate Structure
PT Memimpin PT Austindo George Santosa Sjakon George
Dengan Nurani Kencana Jaya Yayasan Tahija Public
Tahija Tahija
(40.85%) (40.85%) (4.74%) (4.74%) (0.00%) (8.83%)
PT Austindo Nusantara Jaya Tbk.
ANJAP GMIT
ANJA AANE
Papua Sago Project Agribusiness
North Sumatra I Biogas Project (11)
(8) (Edamame) (12)
Plantation (1)
(78.00%) (99.22%) (80.00%)
(99.993%)
LSP
ANJAS GSB
Agribusiness (Sago) MLII
North Sumatra II South Sumatra
(9) Industrial product
Plantation (2) Landbank (5)
(13)
(51.00%)
(99.98%) (95.68%) (11.88%)
SMM PPM ANJB
Belitung Island Southwest Papua Consumer products
Plantation (3) Plantation (6) (10)
(99.999%)
(99.96%) (68.00%)
KAL PMP
West Kalimantan Southwest Papua
Plantation (4) Plantation (7)
(99.95%) (66.00%)
Description
Palm oil Sago Others
Developing palm oil plantation Renewable Energy
Minority investments Vegetables
Notes : Initials :
1. ANJ has 99.993% and ANJB has 0.007%. • PT Austindo Nusantara Jaya Tbk. (“ANJ”)
2. ANJA has 99.98% and SMM has 0.02%. • PT Austindo Nusantara Jaya Agri (“ANJA”)
3. ANJA has 99.96% and ANJ has 0.04% . • PT Austindo Nusantara Jaya Agri Siais (“ANJAS”)
4. ANJA has 99.95% and SMM has 0.05%. • PT Kayung Agro Lestari (“KAL”)
5. ANJA has 95.68% and ANJ has 4.32%. • PT Galempa Sejahtera Bersama (“GSB”)
6. ANJA has 68.00% and ANJ has 32.00%. • PT Permata Putera Mandiri (“PPM”)
7. ANJA has 66.00% and ANJ has 34.00% • PT Putera Manunggal Perkasa (“PMP”)
8. ANJ has 78.00% and SMM has 22.00%. • PT ANJ Agri Papua (“ANJAP”)
9. ANJAP has 51.00%, SPC has 40.00% and GAH has 9%. • PT Lestari Sagu Papua (“LSP”)
10. ANJ has 99.999% and YT has 0.001%. • PT Austindo Aufwind New Energy (“AANE”)
11. ANJ has 99.22% and ASG has 0.78%. • PT Gading Mas Indonesia Teguh (“GMIT”)
12. ANJ has 80.00% and AJI has 20%. • PT Austindo Nusantara Jaya Boga (“ANJB”)
13. ANJ has 11.88%. • PT Moon Lion Industries Indonesia (“MLII”)
• SP Chemicals Pte, Ltd. (“SPC”)
• Grand Asia Holding Pte, Ltd. (“GAH”)
• Yayasan Tahija (“YT)
• AJI HK Limited (“AJI”)
• Aufwind Schmack Asia Holding GmbH (“ASG”)
Note: Data as at December 31, 2024
2024 Annual Report 83
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COMPANY
PROFILE
Our Subsidiaries
No. Subsidiary Companies Information
1 PT Austindo Nusantara Jaya Agri Business Activity: Total Assets: Board of Directors:
(ANJA) Palm Oil Plantation USD 512,087,594 • Mohammad Fitriyansyah
(PD)
PT Austindo Nusantara Jaya Agri (ANJA) was Location: Commercially • Nunik Maharani
established in March 1986. ANJA was bought Binanga, North Operating Since: • Juli Wankara Purba
by ANJ in 2000 through Verdaine Investments Sumatra 1995
Ltd. and we acquired direct ownership in
2006. ANJA owns, manages and operates our Registered Address: ANJ Group Board of Commissioners:
North Sumatra I Plantation in Binanga, North Sinarmas Land Ownership: • George Santosa Tahija
Sumatra, engaging in the planting, developing Plaza, 7th Floor, 99.99% (PC)
and cultivating of oil palms, production of Jl. P. Diponegoro • Anastasius Wahyuhadi
CPO and PK and activities related to CPO/PK No.18, Medan, North • Lucas Kurniawan
production and marketing. ANJA also holds Sumatra • Geetha Govindan
interests in our six other oil palm plantations
• Naga Waskita
and landbanks through its subsidiaries. ANJA
• Aloysius D’Cruz
has a total landbank of 9,988 hectares, of
• Nopri Pitoy
which 9,163 hectares are planted comprising
6,145 hectares of matured oil palms. ANJA
owns a 60 mt per hour capacity mill in which
it processes FFB from its own plantation as
well as FFB purchased from third parties.
2 PT Austindo Nusantara Jaya Agri Siais Business Activity: Total Assets: Board of Directors:
(ANJAS) Palm Oil Plantation USD 44,378,609 • Juli Wankara Purba (PD)
• Nunik Maharani
PT Austindo Nusantara Jaya Agri Siais Location: Commercially • Mohammad Fitriyansyah
(ANJAS) was established in May 2002 and Padang Sidempuan, Operating Since:
acquired by ANJA in November 2004. It owns, North Sumatra 2009
manages and operates our North Sumatra
II Plantation at Padang Sidempuan, North Registered Address: ANJ Group Board of Commissioners:
Sumatra. ANJAS has a total landbank of Sinarmas Land Ownership: • George Santosa Tahija
9,412 hectares, of which 7,729 hectares are Plaza, 7th Floor, 99.99% (PC)
nucleus planted area and contains matured Jl. P. Diponegoro • Anastasius Wahyuhadi
oil palms. There are 158 planted hectares No.18, Medan, North • Lucas Kurniawan
of plasma which contain matured oil palms. Sumatra • Geetha Govindan
ANJAS’ mill has a capacity of 60 mt per hour
• Naga Waskita
and processes FFB from its own plantation as
• Aloysius D’Cruz
well as FFB purchased from third parties.
• Nopri Pitoy
3 PT Sahabat Mewah dan Makmur Business Activity: Total Assets: Board of Directors:
(SMM) Palm Oil Plantation USD 76,443,771 • Jerileva Purba (PD)
• Nunik Maharani
PT Sahabat Mewah dan Makmur (SMM) was Location: Commercially • Mohammad Fitriyansyah
established in July 1985 and planted from Belitung, Bangka Operating Since:
1990. SMM was acquired by ANJA in March Belitung 1994
2003. It owns, manages and operates our
plantation on Belitung Island. SMM’s total Registered Address: ANJ Group Board of Commissioners:
landbank of 17,360 hectares, 14,278 hectares SMBC Tower, 40th Ownership: • George Santosa Tahija
are nucleus planted area consisting of 11,120 Floor, Jl. Dr Ide Anak 99.99% (PC)
hectares of matured oil palms. There are Agung Gde Agung • Anastasius Wahyuhadi
884 planted hectares in partnership with Kav. 5.5-5.6, Jakarta, • Lucas Kurniawan
smallholders which contain matured oil
12950 • Naga Waskita
palms. SMM has a mill with a capacity of 60
• Aloysius D’Cruz
mt per hour and primarily processes FFB
• Nopri Pitoy
from its plantation as well as FFB purchased
• Geetha Govindan
from third parties.
84 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
No. Subsidiary Companies Information
4 PT Kayung Agro Lestari Business Activity: Total Assets: Board of Directors:
(KAL) Palm Oil Plantation USD 84,992,982 • Geetha Govindan (PD)
• Nunik Maharani
PT Kayung Agro Lestari (KAL) was Location: Commercially • Mohammad Fitriyansyah
established in September 2004 and acquired Ketapang, West Operating Since: • Jerileva Purba
by ANJA in December 2005. It owns, manages Kalimantan 2014
and operates our plantation in Ketapang,
West Kalimantan, which has a total landbank Registered Address: ANJ Group Board of Commissioners:
of 13,880 hectares. Planting began in 2010. Sinarmas Land Ownership: • George Santosa Tahija
Currently, 9,051 hectares are planted, Plaza, 7th Floor, 99.99% (PC)
consisting of 9,051 hectares of matured oil Jl. P. Diponegoro • Anastasius Wahyuhadi
palms. There are 2,345 planted hectares No.18, Medan, North • Lucas Kurniawan
of plasma consisting of 2,309 hectares of Sumatra • Naga Waskita
matured oil palms. KAL has a 90 mt per hour
• Aloysius D’Cruz
capacity mill which processes primarily FFB
• Nopri Pitoy
from its plantation as well as FFB purchased
from third parties.
5 PT Galempa Sejahtera Bersama Business Activity: Total Assets: Board of Directors:
(GSB) Palm Oil Plantation USD 10,352,203 • Juli Wankara Purba (PD)
• Nunik Maharani
PT Galempa Sejahtera Bersama (GSB) was Location: Commercially • Mohammad Fitriyansyah
established in January 2012 and acquired Empat Lawang, Operating Since: • Harsono Sutikno
by ANJA in May 2012. GSB holds a license South Sumatra 2022
for 12,800 hectares of oil palm plantation
in Empat Lawang, South Sumatra, of which Registered Address: ANJ Group Board of Commissioners:
724 hectares have been planted and contains Sinarmas Land Ownership: • George Santosa Tahija
matured oil palm. Plaza, 7th Floor, 99.99% (PC)
Jl. P. Diponegoro • Anastasius Wahyuhadi
No.18, Medan, North • Lucas Kurniawan
Sumatra • Naga Waskita
• Aloysius D’Cruz
• Nopri Pitoy
• Geetha Govindan
6 PT Permata Putera Mandiri Business Activity: Total Assets: Board of Directors:
(PPM) Palm Oil Plantation USD 90,985,058 • Mohammad Fitriyansyah
(PD)
PT Permata Putera Mandiri (PPM) was Location: Commercially • Nunik Maharani
established in July 2007 and acquired by South Sorong, Operating Since: • Vonny Stefani
ANJA in January 2013. It holds land cultivation Southwest Papua 2020 • Juli Wankara Purba
rights for 26,571 hectares of nucleus oil palm
and 5,454 hectares of plasma oil palm in Registered Address: ANJ Group Board of Commissioners:
South Sorong, Southwest Papua. Planting SMBC Tower, 40th Ownership: • George Santosa Tahija
began in 2014, and 3,530 hectares have now Floor, Jl. Dr Ide Anak 99.99% (PC)
been planted and matured. There are 716 Agung Gde Agung • Anastasius Wahyuhadi
planted hectares of plasma, consisting of Kav. 5.5-5.6, Jakarta, • Lucas Kurniawan
matured oil palms. 12950 • Geetha Govindan
• Naga Waskita
• Aloysius D’Cruz
• Nopri Pitoy
2024 Annual Report 85
Page 88
COMPANY
PROFILE
No. Subsidiary Companies Information
7 PT Putera Manunggal Perkasa Business Activity: Total Assets: Board of Directors:
(PMP) Palm Oil Plantation USD 116,858,567 • Mohammad Fitriyansyah
(PD)
PT Putera Manunggal Perkasa (PMP) was Location: Commercially • Nunik Maharani
established in November 1999 and acquired South Sorong and Operating Since: • Vonny Stefani
by ANJA in January 2013. PMP holds a Maybrat, Southwest 2020 • Juli Wankara Purba
land cultivation rights for 18,860 hectares Papua
of nucleus oil palm and 3,818 hectares
of plasma oil palm in South Sorong and Registered Address: ANJ Group Board of Commissioners:
Maybrat, Southwest Papua. Planting began SMBC Tower, 40th Ownership: • George Santosa Tahija
in 2014, and 3,876 hectares of nucleus area Floor, Jl. Dr Ide Anak 99.99% (PC)
are planted and consist of 3,876 hectares Agung Gde Agung • Anastasius Wahyuhadi
matured oil palms. There are 902 hectares Kav. 5.5-5.6, Jakarta, • Lucas Kurniawan
of plasma have now been planted. PMP
12950 • Geetha Govindan
operates a mill with a 45 mt per hour capacity
• Naga Waskita
which primarily processes FFB from its own
• Aloysius D’Cruz
plantation, PPM and plasma.
• Nopri Pitoy
8 PT ANJ Agri Papua (ANJAP) Business Activity: Total Assets: Board of Directors:
Agribusiness (Sago) USD 11,469,945 • Harsono Sutikno (PD)
PT ANJ Agri Papua (ANJAP) was established • Nunik Maharani
in September 2007 and is developing Location: Commercially • Mohammad Fitriyansyah
ANJ’s pioneering sago starch business in South Sorong, Operating Since: • Vonny Stefani
Southwest Papua. ANJAP holds a license Southwest Papua 2017
for a concession of 40,000 hectares of sago
forest in South Sorong, where it has a sago Registered Address: ANJ Group Board of Commissioners:
mill with a capacity of 1,250 mt of dry starch SMBC Tower, 40th Ownership: • George Santosa Tahija
per month. Floor, Jl. Dr Ide Anak 99.99% (PC)
Agung Gde Agung • Anastasius Wahyuhadi
Kav. 5.5-5.6, Jakarta, • Lucas Kurniawan
12950 • Naga Waskita
• Nopri Pitoy
• Aloysius D’Cruz
9 PT Lestari Sagu Papua Business Activity: Total Assets: Board of Directors:
(LSP) Agribusiness (Sago) USD 255,103 • Mohammad Fitriyansyah
(PD)
PT Lestari Sagu Papua (LSP) was established Location: Commercially • Chan Hian Siang
in November 2011 and engages primarily in South Sorong, Operating Since: • Vonny Stefani
the non-timber forest resources concession Southwest Papua Pre-operating
businesses and the processing, marketing stage
and transportation of various kinds of
sago starch. LSP has not yet commenced Registered Address: ANJ Group Board of Commissioners:
operations. SMBC Tower, 40th Ownership: • George Santosa Tahija
Floor, Jl. Dr Ide Anak 51% (PC)
Agung Gde Agung • Hendrik Sasmito
Kav. 5.5-5.6, Jakarta, • Lucas Kurniawan
12950
86 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
No. Subsidiary Companies Information
10 PT Austindo Aufwind New Energy Business Activity: Total Assets: Board of Directors:
(AANE) Renewable Energy USD 1,220,914 • Mohammad Fitriyansyah
(Biogas) (PD)
PT Austindo Aufwind New Energy (AANE) was • Nunik Maharani
established in October 2008 and operates Location: Commercially • Imam Wahyudi
ANJ’s biogas power generation business at Belitung, Bangka Operating Since:
our Belitung plantation SMM, using methane Belitung 2013
produced by waste material from the CPO
mill. Having obtained its independent power Registered Address: ANJ Group Board of Commissioners:
producer (IPP) license in 2013, AANE began SMBC Tower, 40th Ownership: • George Santosa Tahija
operating commercially on December 31, Floor, Jl. Dr Ide Anak 99.22% (PC)
2013. AANE currently has a production Agung Gde Agung • Anastasius Wahyuhadi
capacity of 1.8 MW. Kav. 5.5-5.6, Jakarta, • Lucas Kurniawan
12950 • Naga Waskita
• Nopri Pitoy
11 PT Gading Mas Indonesia Teguh Business Activity: Total Assets: Board of Directors:
(GMIT) Agribusiness USD 11,374,989 • Imam Wahyudi (PD)
(Horticulture) • Mohammad Fitriyansyah
PT Gading Mas Indonesia Teguh (GMIT) was • Nunik Maharani
originally established as PT Gading Mas Location: Commercially • Harsono Sutikno
Indonesian Tobacco in March 1970 to process Jember, East Java Operating Since:
tobacco purchased from individual farmers. 2000
ANJ began to exit the tobacco business in
2012, since then GMIT has focused on higher- Registered Address: ANJ Group Board of Commissioners:
value vegetable products such as edamame Jl. Gajah Mada No. Ownership: • George Santosa Tahija
and okra. Its name was changed to PT Gading 254, Jember, East 80.00% (PC)
Mas Indonesia Teguh in March 2015. In 2017, Java • Anastasius Wahyuhadi
a joint venture was established with AJI HK
• Lucas Kurniawan
Limited, which owns a 20% stake in GMIT.
• Geetha Govindan
• Aloysius D’Cruz
• Seika Lin
• Naga Waskita
• Nopri Pitoy
12 PT Austindo Nusantara Jaya Boga Business Activity: Total Assets: Board of Directors:
(ANJB) Consumer Products USD 86,886 • Nunik Maharani (PD)
• Vonny Stefani
PT Austindo Nusantara Jaya Boga (ANJB)
was established in May 2013 to support ANJ’s Location: Commercially Board of Commissioners:
emerging food business, particularly the Jakarta Operating Since: • George Santosa Tahija
development of product and marketing plans 2014 (PC)
for sago starch and edamame. • Anastasius Wahyuhadi
Registered Address: Group • Lucas Kurniawan
SMBC Tower, 40th Ownership: • Naga Waskita
Floor, Jl. Dr Ide Anak 99.99% • Aloysius D’Cruz
Agung Gde Agung • Nopri Pitoy
Kav. 5.5-5.6, Jakarta
12950
2024 Annual Report 87
Page 90
COMPANY
PROFILE
Awards and Certifications 2024
01 02 03
Company: Company: Company:
ANJ ANJ ANJ
Awards: Awards: Awards:
Best Stock Awards 2024 Beyond HSE Implementation Transparency & Emissions Reduction
Best Corporations 2024
Category: Category: Category:
Kategori Sektor Konsumen Primer
Mid Cap Beyond HSE Implementation Green Elite & Platinum Plus
Date: Date: Date:
January 24, 2024 March 4, 2024 May 29, 2024
Issuer: Issuer: Issuer:
Investortrust & Infovesta SWA Investortrust
04 05 06
Company: Company: Company:
ANJ ANJ ANJ
Awards: Awards: Awards:
Best Enterprise in Regulatory Public Company with the Best 2022 Sustainable Marketing Excellence 2024
Compliance Sustainability Reports
Category: Category: Category:
- Rank A Program Gender Equality Movement
Date: Date: Date:
May 31, 2024 June 20, 2024 July 3, 2024
Issuer: Issuer: Issuer:
Hukum Online Foundation for International Human
Marketeers
Rights Reporting Standards (FIHRRST)
88 2024 Annual Report
Page 91
PT Austindo Nusantara Jaya Tbk.
07 08 09
Company: Company: Company:
ANJ ANJ KAL, SMM, ANJAS, ANJA
Awards: Awards: Awards:
Sustainable Marketing Excellence 2024 Sustainable Marketing Excellence 2024 Environmental and Social Innovation
Award (ENSIA) 2024
Category: Category: Category:
Program PENDAKI (Peduli
Program Sagu: Pangan Asli Indonesia 31 penghargaan
Keanekaragaman Hayati) Planet
Preservation
Date: Date:
Date:
July 3, 2024 July 3, 2024 July 24, 2024
Issuer: Issuer: Issuer:
Marketeers Marketeers Sucofindo
10 11 12
Company: Company: Company:
ANJ SMM KAL
Awards: Awards: Awards:
Katadata ESG Awards 2024 Indonesia Green & Sustainable Indonesia Green & Sustainable
Companies 2024 Companies 2024
Category: Category: Category:
Plantation Sector Governance Best Innovation in ESG Implementation
Champion Best Innovation in ESG Implementation
(Manufacturing) (Manufacturing)
Date: Date:
Date:
September 26, 2024
August 7, 2024 September 26, 2024
Issuer:
Issuer: Issuer:
SWA
Katadata SWA
2024 Annual Report 89
Page 92
COMPANY
PROFILE
13 14 15
Company: Company: Company:
SMM ANJ ANJ
Awards: Awards: Awards:
Indonesia Green & Sustainable Annual Report Award (ARA) 2023 Indonesia's Most Innovative In-House
Companies 2024 Counsel Team
Category: Category: Category:
Best Innovation in Circular Economy Juara 1 Indonesia’s Most Innovative In-House
Implementation Counsel Team 2024
Date: Date: Date:
September 26, 2024 October 7, 2024 October 18, 2024
Issuer: Issuer: Issuer:
SWA Komite Nasional Kebijakan Governansi
Hukum Online
(KNKG)
16 17 18
Company: Company: Company:
ANJ ANJ ANJ
Awards: Awards: Awards:
SL25 Honouree of 2024 CSR Awards 2024 Asia Sustainability Reporting Rating
(ASRRAT) 2024
Category: Category: Category:
Building a Self-reliant Community Integrity & Transparency in Impact Gold Rank
through Savings Cooperatives
Date: Date:
Date:
October 24, 2024 November 21, 2024
October 23, 2024
Issuer: Issuer:
Issuer:
Investortrust dan BGK (Bumi Global National Center for Corporate
Stewardship Asia Karbon) Reporting (NCCR)
90 2024 Annual Report
Page 93
PT Austindo Nusantara Jaya Tbk.
19 20 21
Company: Company: Company:
ANJ ANJ ANJ
Awards: Awards: Awards:
ESG Awards 2024 Editor’s Choice Awards 2024 IDX Channel Anugerah Inovasi
Indonesia 2024
Category: Category: Category:
Platinum Star Award Small Cap Sustainability with Innovation Koalisi
Best Literacy for Climate Resilience
Pemenang
Date: Date: Date:
November 28, 2024 December 4, 2024 December 10, 2024
Issuer: Issuer: Issuer:
InvestorTrust & DataTrust Investing on Climate, Editor’s Choice
IDX Channel
Awards 2024
22 23 24
Company: Company: Company:
GMIT ANJ KAL, SMM, ANJAS, ANJA
Awards: Awards: Awards:
Indonesia's Best Corporate Laporan Keberlanjutan Terbaik Tahun PROPER Emas 2024
Sustainability Initiatives 2024 2023
Category: Category: Category:
Circular Economy - Program Ecomit Peringkat A
Peringkat A
(Ekonomi Circular GMIT dan Mitra
Inovatif Ternak)
Date: Date:
Date:
December 19, 2024 December 16, 2024 February 25, 2025
Issuer: Issuer: Issuer:
MIX Marketing & Communication and Foundation for International Human
SWA Rights Reporting Standards (FIHRRST) Ministry of Environment
& Moores Rowland
2024 Annual Report 91
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COMPANY
PROFILE
Certifications 2024
Estate Certificate Date/Validity Issuer
RSPO November 14, 2022, valid until November 13, 2027 SGS Indonesia
ISPO November 25, 2021, valid until November 24, 2026 TUV Nord Indonesia
ISO 14001 August 1, 2023, valid until July 6, 2026 TUV Nord Indonesia
ANJA
ISO 45001 August 1, 2023, valid until June 15, 2026 TUV Nord Indonesia
PROPER Gold Rating for year 2023 – 2024 Ministry of Environment
SMK3 June 9, 2023, valid until June 9, 2026 Ministry of Manpower
RSPO September 12, 2024, valid until August 12, 2029 TUV Rheinland
ISPO September 4, 2020, valid until September 3, 2025 Mutu International
ISO 14001 November 20, 2023, valid until November 11, 2026 TUV Nord Indonesia
ANJAS
ISO 45001 November 20, 2023, valid until November 10, 2026 TUV Nord Indonesia
SMK3 August 6, 2024, valid until August 6, 2027 Ministry of Manpower
PROPER Gold Rating for year 2023 – 2024 Ministry of Environment
RSPO February 10, 2021, valid until January 5, 2026 Mutu International
ISPO September 23, 2020, valid until September 22, 2025 TUV Nord Indonesia
ISCC December 25, 2024, valid until December 24, 2025 Mutu International
SMM ISO 14001 August 28, 2024, valid until April 8, 2027 Bureau Veritas
ISO 45001 August 28, 2024, valid until April 8, 2027 Bureau Veritas
PROPER Gold Rating for year 2023 – 2024 Ministry of Environment
SMK3 June 9, 2023, valid until June 9, 2026 Ministry of Manpower
RSPO November 11, 2024, valid until November 10, 2029 BSI
ISPO July 25, 2023, valid until July 26, 2028 Mutu International
ISPO Partnership August 4, 2023, valid until Auguts 3, 2028 Mutu International
KAL ISO 14001 January 30, 2024, valid until January 3, 2027 TUV Nord Indonesia
ISO 45001 January 30, 2024, valid until January 3, 2027 TUV Nord Indonesia
SMK3 May 13, 2022, valid until May 13, 2025 Ministry of Manpower
PROPER Gold Rating for year 2023 – 2024 Ministry of Environment
RSPO December 23, 2021, valid until December 22, 2026 Mutu International
RSPO SCCS December 24, 2021, valid until December 23, 2026 SGS Indonesia
PMP ISPO December 17, 2021, valid until December 16, 2026 Mutu International
ISO 14001 February 2, 2023, valid until February 1, 2026 TUV Rheinland
SMK3 December 29, 2022, valid until December 29, 2025 Ministry of Manpower
RSPO December 23, 2021, valid until December 22, 2026 Mutu International
PPM
ISPO December 3, 2021, valid until December 2, 2026 Mutu International
AANE SMK3 June 30, 2021, valid until June 30, 2024* Ministry of Manpower
Brand Reputation through
November 21, 2024, valid until October 29, 2025 Alcumus ISOQAR Limited
Compliance (BRC)
ISO 22000 (Edamame,
July 13, 2023, valid until July 27, 2026 MBRIO Certification Body
Mukimame and Okra (frozen)
GMIT
SMK3 December 8, 2023, valid until December 8, 2026 Ministry of Manpower
Halal Product Assurance
Halal Certificate December 8, 2022, valid until December 8, 2026
Body
*On the process of renewal
92 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Description of Our Certification
RSPO ISPO ISCC
RSPO is the global standard for sustainable ISPO is a guidance for sustainability standards in ISCC is a European sustainability standard that
palm oil which sets environmental and social palm oil production within the framework of the assesses greenhouse gas emissions, preser-
criteria that companies must comply with in Indonesian Ministry of Agriculture regulation. vation of biodiversity, agricultural practices and
order to produce Certified Sustainable Palm Oil respect for labor and land rights.
(CSPO).
ISO 45001 ISO 14001 SMK3
ISO 45001 is an international standard that ISO 14001 is an international standard SMK3 Certification is a prerequisite for ISPO
specifies requirements for an occupational for environmental management systems. certification that standardizes the occupational
health and safety (OH&S) management Certification is valid for three years, and each health and safety regulation in accordance with
system, with guidance for its use, to enable an year the certified company is subject to an audit the Indonesian law.
organization to proactively improve its OH&S by a certification body accredited by the National
performance in preventing injury and ill-health Accreditation Committee.
PROPER BRC ISO 22000
PROPER is a company performance rating BRC is a globally recognized standard which ISO 22000 is an internationally recognized
assessment program in environmental creates a framework that covers internationally standard that combines the ISO9001 approach
management and community engagement accepted food safety standards and helps to food safety management and Hazard Analysis
developed by the Ministry of Environment and improve food safety. Critical Control Point (HACCP) for the assurance
Forestry to encourage companies to improve of food safety at all levels.
their environmental and social performance.
2024 Annual Report 93
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COMPANY
PROFILE
Membership in Associations
ANJ actively participates in national and global associations which promote information and improving standards and
compliance among producers and other stakeholders.
No. Name of Associations Scale of Associations Company Roles Remarks
1 UN Global Compact Global Signatory Tier
Indonesian Public
2 Listed Companies National Participated as Active Member
Association (AEI)
Participates in forums to encourage a conducive
climate for the palm oil industry, increase Head Office, North
Indonesia Palm
capacity for sustainable palm oil, advocate for Sumatra and Bangka
3 Oil Producers National
solutions to problems in the palm oil industry Belitung Regional
Association (GAPKI)
and synergize with the government on related Offices
policies.
Association of Large Participates in forums to coordinate compliance
4 Private Plantations Regional with government policies, to discuss solutions
(APBS) Belitung to industry problems, and to share information.
Indonesia Sago Participates in promoting the development of
5 National
Community (MASSI) sago as part of the national food security effort.
Roundtable on Member and participates actively in two working
6 Sustainable Palm Oil Global groups: No-deforestation Task Force and
(RSPO) Indonesia National Interpretation.
Participates as a member to promote
Indonesian Grower sustainable palm oil management and best
7 National
Caucus practices, and to share insights of common
interests in the industry.
Indonesian
8 Sustainable Palm Oil National Active Participant
Forum (FoKSBI)
94 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Capital Market Supporting Institutions &
Professionals
External Auditor Share Registrar
Siddharta Widjaja & Rekan PT Datindo Entrycom
Registered Public Accountants Jl. Hayam Wuruk No. 28, Jakarta 10120, Indonesia
35th Floor, Jakarta Mori Tower 40-41, Tel.: (62-21) 3508077
Jl. Jend. Sudirman, Jakarta 10210, Indonesia
Tel.: (62-21)574 2333
Fax (62-21)574 1777
Services provided: Services provided:
Auditing of the Company’s financial statements including Keeping and maintaining the shareholders’ register,
the appropriateness of the accounting policies used, and preparing the register for General Meetings of
the reasonableness of accounting estimates and related Shareholders and assisting in the payment of dividends
disclosure made by management and evaluation of the and bonus shares.
presentation of Company’s financial statements. There
are no other services provided to the Company other than Fee 2024:
financial statement audit services.
IDR 40,000,000
Fee 2024:
Period of appointment:
• Audit Fee 2024: IDR 4.7 billion 2013-2024
• Non Audit Fee 2024: -
Period of Appointment:
2017-2024
2024 Annual Report 95
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COMPANY
PROFILE
Information on the Company Website
The Company’s Website,
https://www.anj-group.com/home
contains at least the following information:
Information on the shareholders up to the The Code of Conduct
01 last individual owner
04
Summaries of the minutes of Annual
and Extraordinary General Meetings of Profiles of the Board of Commissioners
02 Shareholders as well as all related notices, 05 and Board of Directors
invitations and abridged minutes of meeting,
dating from 2014
The Charters of the Board of Commissioners,
The Company’s annual reports/financial
Board of Directors, Audit Committee,
statements dating from 2010 and full year
Nomination and Remuneration Committee, Risk
03 and quarterly (interim) financial statements 06
Management Committee, CSR and Sustainability
dating from 2013
Committee as well as Internal Audit Unit
96 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Training and Development of the Board of
Commissioners, Board of Directors, Committees,
Corporate Secretary and Internal Audit Unit
Board of Commissioners
No Trainings Participants Period Remarks
1. Training “ANJ Values Binanga” Anastasius Wahyuhadi February 27, 2024 Speaker
Inauguration and debriefing of the Regional
Government Team (TPD) Interim Replacement
for the 2023-2024 Period ("Towards a healthy
1. May 25, 2025 Speaker
democracy and increasingly dignified
governance of state power”)
National Seminar at IBLAM SCHOOL OF LAW J. Kristiadi
University ("Maintaining Campus Synergy with
2. August 2, 2024 Speaker
Election Organizers to Realize Simultaneous
Regional Elections that are Fair and Ethical.")
Inauguration and Debriefing of the Regional
November 6, 2024 –
3. Audit Team (TPD) for the 2024-2025 Period. Speaker
November 7, 2024
Theme: "Glorifying the People's Voice"
23rd Anniversary of IPB's Faculty of Economics
1. March 27, 2024 Speaker
and Management
Productive Wakaf as an Investment Option-
2. May 22, 2024 Speaker
Indonesian Wakaf Board
3. Management Summit IDX - Bahana IFG July 1, 2024 Speaker
4. ASDP Leadership Forum Darwin Cyril Noerhadi July 15, 2024 Speaker
FGD on Productive Wakaf as an Investment
5. July 16, 2024 Speaker
Option
7th Global Conference: ESG Management &
6. August 6, 2024 Speaker
Sustainability
Building Awareness toward IFRS S1 and S2:
1. February 6, 2024 Speaker
Adoption in Indonesia IAI-ISMS Joint Webinar
Introduction to IFRS Sustainability Disclosure
2. Standards. KIA XI &1st International March 7, 2024 Speaker
Conference
Sosialisation of Annual Report Award - NRCC Istini T. Siddharta
3. June 5, 2024 Speaker
Webinar
Building a sustainable future: Best ESG
Practices in Banking Sector and Empowering
4. Change Through ESG Practices for Accounting June 25, 2024 Speaker
and Financial Professionals Strategic Leaders
Breakfast Talk - KPMG
2024 Annual Report 97
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COMPANY
PROFILE
No Trainings Participants Period Remarks
Updates on the Development of Sustainability
Disclosure Standard in Indonesia (Webinar:
5. July 17, 2024 Speaker
Implementation of Sustainability Reporting in
Indonesia) - KPAP
Implementation IFRS S1 & S2 in Indonesia-
6. July 29, 2024 Speaker
BPKP
IDX Channel ESG Workshop and Panel
7. August 13, 2024 Speaker
Discussion 2024
Introduction of IFRS Sustainability Disclosures
8. Standards-Panel Discussion ACIIA Regional Istini T. Siddharta August 29, 2024 Speaker
Conference 2024
Aligning steps and actions in preparation
for the Adoption of Sustainability Reporting
9. November 19, 2024 Speaker
Standards Based on IFRS S1 and IFRS S2-
Limited Discussion Group MIND ID - PWC
SAK Outlook 2025: Towards Connectivity of the
10. Sustainability Disclosures and Financial-67th December 2, 2024 Speaker
Anniversary of IAI
Challenges in Sustainability Disclosures - 67th
11. December 10, 2024 Speaker
Anniversary of IAI
Board of Directors
No Trainings Participants Period Remarks
1. Global Ambassador Welcome Session - BHR
February 21, 2024 Participant
Accelerator 2024
2. The Revival of the Japanese Stock Market: Will
February 21, 2024 Participant
the Rally Continue in 2024? – Financial Times
3. GHG Reporting for 2024: How to Start Calculating
February 22, 2024 Participant
Your Supply Chain Emissions"
4. Crypto as an Asset Class: Where do we go from
February 23, 2024 Participant
here?
5. Socialization, Discussion and Synchronization
on Indonesian Taxonomy of Sustainable Finance March 14, 2024 Participant
(TKBI) with OJK
6. Navigating the ESG reporting landscape in Asia
March 19, 2024 Participant
Pacific
Lucas Kurniawan
7. Staff Motivation Mastery May 2, 2024 Participant
8. ACMF-ISSB Virtual Technical Training on the
IFRS Sustainability Disclosure Standards for May 9, 2024 Participant
Regulators
9. Meet a Stanford 'LEADer' - Live with Swyl
May 28, 2024 Participant
Saksena
10. Rajah & Tann Asia Sustainability Conference June 26, 2024 Speaker
11. DBS 2H Market Outlook 2024: New Frontiers in
July 3, 2024 Participant
Space
12. BHR Accelerator - Peer Learning 7 July 16, 2024 Participant
13. Live Kickoff for Stanford LEAD Preview of The
Friction Project: Leading Successful Change July 17, 2024 Participant
98 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
No Trainings Participants Period Remarks
14. Live Wrap-Up for Stanford LEAD Preview of The
Friction Project: Leading Successful Change July 24, 2024 Participant
with Impact
15. Training “I Lead Change” August 2, 2024 Participant
16. CFO Forum - InvestorTrust August 29, 2024 Participant
17. UOB Economic Outlook 2025 September 25, 2024 Participant
18. IBC Business Talks - SEA Green Economy Lucas Kurniawan October 10, 2024 Participant
19. Financial Times Webinar Series October 16, 2024 Participant
20. How are government policies and trade flows
shaping Asia’s biofuels industry? – Financial November 7, 2024 Speaker
Times
21. Unilever coconut sugar development & estate
November 14, 2024 Participant
management service
1. Training Event Pengetahuan Antikorupsi Dasar May 20, 2024 –May 24,
Participant
dan Integritas (PADI) –KPK Batch 2 2024
2. GAR-ANJ re EUDR socialization May 20, 2024 Participant
Geetha Govindan
3. Training “I Lead Change” August 2, 2024 Participant
4. Webinar of the 1st Public Dialogue on National
September 5, 2024 Participant
Dashboard Acceleration as EUDR Fulfillment
1. Talk show Expanding Indonesia's Carbon
Market: Opportunities for Economic Growth and March 19, 2024 Participant
Sustainability by IBC
2. Carbon Footprint, Life Cycle Assessment and
April 23, 2024 Participant
PROPER
3. Webinar "ESG Investing: What is it and why
April 25, 2024 Participant
investors care about it?"
4. Hukumonline Indonesia Regulatory Compliance
May 31, 2024 Participant
Awards 2024
5. Socialization of “Standardization of Corporate
Secretary Profession and Corporate Secretary June 11, 2024 Participant
Code of Ethics”
6. Webinar Series Part II: Setting Your Sail on the Naga Waskita
June 27, 2024 Participant
Indonesia Carbon Trading Ecosystem
7. Training “I Lead Change” August 2, 2024 Participant
8. Balancing the Compliance and Growth in a Fast
Paced Industry - Indonesian In-House Counsel October 17, 2024 Participant
Summit & Awards 2024 (Hukumonline)
9. Utilizing Digital Technology as a Partner In-
House Counsel - Indonesian In-House Counsel October 17, 2024 Participant
Summit & Awards 2024 (Hukumonline)
10. Legal Risks, Challenges and Mitigation in the
Use of Technology for Business Conduct -
Indonesian In-House Counsel Summit & Awards October 17, 2024 Participant
2024 (Hukumonline)
2024 Annual Report 99
Page 102
COMPANY
PROFILE
No Trainings Participants Period Remarks
11. Navigating Corporate Governance: The In-House
Counsel Role in Balancing Fiduciary Duties
of the Board of Directors and Shareholders October 17, 2024 Participant
Interest - Indonesian In-House Counsel Summit
& Awards 2024 (Hukumonline)
12. Trends and Responsibilities of Environmental
Social Governance Implementation - Indonesian
October 18, 2024 Participant
In-House Counsel Summit & Awards 2024
(Hukumonline)
13. Building a Strong ESG Culture: The Role of
In-House Counsel in Ensuring Compliance
and Transforming Organizational Behaviour - October 18, 2024 Participant
Indonesian In-House Counsel Summit & Awards
2024 (Hukumonline)
14. Integrated ESG: The Role of Regulations
Naga Waskita
and Standards in Building a Conducive ESG
October 18, 2024 Participant
Landscape - Indonesian In-House Counsel
Summit & Awards 2024 (Hukumonline)
15. ESG Compliance: The Key to Future Business
Success - The Role and Challenges of Legal
Practitioners in Implementing ESG Compliance October 18, 2024 Participant
and Corporate Law - Indonesian In-House
Counsel Summit & Awards 2024 (Hukumonline)
16. Navigating the Indonesia Legal Landscape:
Focus on Carbon, Competition and Dispute
October 18, 2024 Participant
Resolution - Indonesian In-House Counsel
Summit & Awards 2024 (Hukumonline)
17. ICSA: Economic Outlook 2025: Strategies for
Facing Global Opportunities and Challenges in December 17, 2024 Participant
the Era of Economic Transformation
1. Training “I Lead Change” Aloysius D’Cruz August 2, 2024 Participant
1. Training “I Lead Change” Nopri Pitoy August 2, 2024 Participant
1. Training Event Pengetahuan Antikorupsi Dasar May 20, 2024 –May
Participant
dan Integritas (PADI) –KPK Batch 1 24, 2024
2. Webinar "Transparansi Investortrust.id
dengan Bumi Global Karbon Foundation (BGK May, 29, 2024 Participant
Foundation)”
Mohammad Fitriyansyah
3. CEO to Attend CEO Networking 2024 “Navigating
Global Market Forces and Technology Innovation
for Sustainable Business” November 26, 2024 Participant
100 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Audit Committee, Risk Management Committee, Nomination and Remuneration
Committee, Corporate Social Responsibility and Sustainability Committee
In 2024, no training and development was conducted by the Company for the Audit Committee, Risk Management
Committee, Nomination and Remuneration Committee as well as Corporate Social Responsibility and Sustainability
Committee.
Corporate Secretary
No Trainings Participants Period Remarks
Talk show Expanding Indonesia's Carbon
1. Market: Opportunities for Economic Growth and March 19, 2024 Participant
Sustainability by IBC
Carbon Footprint, Life Cycle Assessment and
2. April 23, 2024 Participant
PROPER
Webinar "ESG Investing: What is it and why
3. April 25, 2024 Participant
investors care about it?"
Hukumonline Indonesia Regulatory Compliance
4. May 31, 2024 Participant
Awards 2024
Socialization of “Standardization of Corporate
5. Secretary Profession and Corporate Secretary June 11, 2024 Participant
Code of Ethics”
Webinar Series Part II: Setting Your Sail on the
6. June 27, 2024 Participant
Indonesia Carbon Trading Ecosystem
7. Training “I Lead Change” August 2, 2024 Participant
Balancing the Compliance and Growth in a Fast
8. Paced Industry - Indonesian In-House Counsel October 17, 2024 Participant
Summit & Awards 2024 (Hukumonline)
Naga Waskita
Utilizing Digital Technology as a Partner In-
9. House Counsel - Indonesian In-House Counsel October 17, 2024 Participant
Summit & Awards 2024 (Hukumonline)
Legal Risks, Challenges and Mitigation in the
Use of Technology for Business Conduct -
10. October 17, 2024 Participant
Indonesian In-House Counsel Summit & Awards
2024 (Hukumonline)
Navigating Corporate Governance: The In-House
Counsel Role in Balancing Fiduciary Duties
11. of the Board of Directors and Shareholders October 17, 2024 Participant
Interest - Indonesian In-House Counsel Summit
& Awards 2024 (Hukumonline)
Trends and Responsibilities of Environmental
Social Governance Implementation - Indonesian
12. October 18, 2024 Participant
In-House Counsel Summit & Awards 2024
(Hukumonline)
Building a Strong ESG Culture: The Role of
In-House Counsel in Ensuring Compliance
13. and Transforming Organizational Behaviour - October 18, 2024 Participant
Indonesian In-House Counsel Summit & Awards
2024 (Hukumonline)
2024 Annual Report 101
Page 104
COMPANY
PROFILE
No Trainings Participants Period Remarks
Integrated ESG: The Role of Regulations
and Standards in Building a Conducive ESG
14. October 18, 2024 Participant
Landscape - Indonesian In-House Counsel
Summit & Awards 2024 (Hukumonline)
ESG Compliance: The Key to Future Business
Success - The Role and Challenges of Legal
15. Practitioners in Implementing ESG Compliance October 18, 2024 Participant
and Corporate Law - Indonesian In-House
Counsel Summit & Awards 2024 (Hukumonline) Naga Waskita
Navigating the Indonesia Legal Landscape:
Focus on Carbon, Competition and Dispute
16. October 18, 2024 Participant
Resolution - Indonesian In-House Counsel
Summit & Awards 2024 (Hukumonline)
ICSA: Economic Outlook 2025: Strategies for
17. Facing Global Opportunities and Challenges in December 17, 2024 Participant
the Era of Economic Transformation
Internal Audit Unit
No Trainings Participants Period Remarks
1 Implementing Risk Based Internal Auditing Hamid Al Barkah June 10-12, 2024 Participant
2 Training "I Lead Change" Christian Sitorus August 2, 2024 Participant
3 Internal Auditing: Tools & Techniques Oloan Benny Pardede August 5-8, 2024 Participant
102 2024 Annual Report
Page 105
PT Austindo Nusantara Jaya Tbk. 2024 Annual Report 103
Page 106
MANAGEMENT DISCUSSION
AND ANALYSIS
104 2024 Annual Report
Page 107
PT Austindo Nusantara Jaya Tbk.
MANAGEMENT
DISCUSSION
2024 Annual Report 105
Page 108
MANAGEMENT DISCUSSION
AND ANALYSIS
Macroeconomic Review
In 2024, the global economy experienced moderate approach to monetary policy normalization. The foreign
growth, with an overall increase of approximately 2.6%. exchange markets experienced volatility, influenced by
This growth was driven by resilience in the United States geopolitical risks and policy uncertainties, while the U.S.
and several large emerging markets, despite challenges dollar remained strong against most major currencies.
such as persistent inflation and geopolitical tensions. Additionally, key elections, including the U.S. presidential
Interest rates remained relatively high throughout the election, introduced elements of unpredictability and
year due to ongoing inflationary pressures, with central potential shifts in economic policies.
banks in major economies maintaining a cautious
Economic Growth 2020-2024
10.0%
6.6%
6.0% 5.3% 5.1%
5.0% 5.0%
5.2% 4.1%
4.4% 4.2%
3.7% 3.5% 3.2%
3.3%
2.6% 1.7%
1.7%
0.0%
-2.1%
-2.1%
-3.1%
-4.5%
-5.0%
2020 2021 2022 2023 2024
Global Emerging Market & Developing Countries Developed Countries Indonesia
Furthermore, Indonesia general elections in 2024, which than the previous year's. Bank Indonesia maintained a
elected Prabowo Subianto as the new president, were cautious monetary policy stance, gradually easing interest
closely watched for their potential impact on economic rates to support economic growth while managing
policies and investor sentiment. Despite the political inflation and ensuring Rupiah stability. The Indonesian
challenges, Indonesia's economy grew by 5.03% in 2024, Rupiah experienced relative stability, bolstered by prudent
supported by strong domestic demand and government monetary policies and capital inflows.
consumption, although this growth rate was slightly lower
Exchange Rate USD-IDR | 2023-2024
MAR
MAR
AUG
AUG
JUN
NOV
JUN
NOV
APR
APR
MAY
MAY
DES
DES
FEB
FEB
JAN
JAN
SEP
SEP
OCT
OCT
JUL
JUL
17,000
16,500
16,000
15,500
15,000
14,500
14,000
2023 2024
0
106 2024 Annual Report
Page 109
PT Austindo Nusantara Jaya Tbk.
Industry Review
The palm oil sector encountered
significant challenges
throughout 2024, primarily due
to adverse weather conditions
that imposed operational
constraints on various
plantations. The El Niño event
of 2023 led to a substantial
reduction in harvest yields and
production volumes in Indonesia
and Malaysia, the world's two
largest palm oil producers.
This disruption had a cascading
effect on global supply chains.
The extreme weather conditions created CPO Price (USD/mt)
supply concerns, leading to market
uncertainty and price fluctuations as
market participants adjusted their
MAR
MAR
AUG
AUG
JUN
NOV
JUN
NOV
APR
APR
MAY
MAY
DES
DES
FEB
FEB
JAN
JAN
SEP
SEP
OCT
OCT
JUL
JUL
positions in response to declining 1,300
production forecasts. The CPO reference
price on the Malaysian exchange closed 1,200
above USD 1,000 per metric ton (mt) 1,100
at the end of 2024, marking a 36.4%
1,000
increase compared to the previous year's
closing position. Additionally, several 900
other factors contributed to positive
800
sentiment in CPO prices, such as China's
economic stimulus, which was the most 700
aggressive economic policy since the
2023 2024
600
Covid-19 pandemic, increasing demand
projections for various commodities,
including CPO. Domestically, the Amid these strengthening prices, the European Union announced the
Indonesian government's decision to postponement of the European Union Deforestation Regulation (EUDR)
increase the biodiesel mandate to B40 in implementation until 2025. This decision was made to provide additional
early 2025 served as a positive catalyst, time for stakeholders, particularly companies, to align their supply chains
further strengthening CPO prices. with regulatory standards and ensure a smoother transition.
2024 Annual Report 107
Page 110
MANAGEMENT DISCUSSION
AND ANALYSIS
Operational Review Per Segment
Our business operates seven palm oil estates, five palm oil mills, a sago
concession and its processing mill, and edamame cultivation including a
processing factory and a renewable energy power plant in Indonesia.
We have a total of 194,650 hectares of landbank, including 53,357 hectares
of planted palm oil plantation and 40,000 hectares of sago concession. Our
extensive operations include developing, cultivating and managing palm
oil, sago and vegetables, milling fresh fruit bunch (FFB) into crude palm oil
(CPO), palm kernel (PK) and crude palm kernel oil (PKO) as well as operating
a renewable energy power plant to generate electricity.
Palm Oil
In 2024, the Company had a total planted area of 53,357 FFB Production (mt)
hectares, consisting of 48,352 hectares of nucleus
plantation and 5,005 hectares of plasma and partnership
plantations, in North Sumatra, South Sumatra, Bangka
Belitung, West Kalimantan and Southwest Papua. Our 840,581 881,051
total planted area in nucleus plantation decreased by 777,615
164 hectares from 48,516 hectares in 2023, due to the
conversion of land into a riparian conservation area in the
replanted estates.
Matured Plantations
Our productive plantation area of 42,176 hectares in 2024
was lower than the 43,400 hectares of matured plantation
we operated in 2023, mainly due to ongoing replanting
program in Belitung Island plantation, operated by SMM
and North Sumatra I plantation, operated by ANJA. We
continuously carry on our replanting program in these two
plantations, as one of our strategic initiatives to maintain
the balance of oil palm tress’s age profile, thereby
optimizing yield and enhancing production sustainability.
Throughout 2024, we replanted 1,718 hectares at ANJA
and SMM, resulting in a total replanted area of 12,635
hectares since we initiated this program in 2015 and
maintained our average palm oil age at 12.9 years as of 2022 2023 2024
December 31, 2024.
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The Company faced severe challenges throughout 2024, 2024, where quarterly FFB production from this plantation
primarily due to adverse weather conditions that caused grew by 91.0% compared to Q3 2024.
operational challenges in the North Sumatra II and
Southwest Papua plantations. The El Niño event in 2023 The South Sumatra plantation was also affected by the
also impacted production in the Belitung Island, West 2023 El Niño, recording an FFB production of 8,271 mt, a
Kalimantan and South Sumatra plantations. This led to an 17.2% decrease from 9,991 mt produced in 2023. Finally,
11.7% decrease in the total FFB production from 881,051 FFB production from our North Sumatra I and West
mt in 2023 to 777,615 mt in 2024. Consequently, FFB yield Kalimantan plantations slightly decreased by 3.2% and
per ha matured decreased from 20.3 mt per hectare in 2.5% YoY, respectively.
2023 to 18.4 mt per hectare in 2024.
The most severe production decline was experienced in
our Southwest Papua plantation, which recorded an FFB 1.1%
production volume of 82,195 mt in 2024, a 31.8% decrease 10.6%
from the previous year’s total production of 120,445 mt.
Prevailing weather patterns also triggered plant disease
outbreaks, further exacerbating our production shortfalls. 27.8%
Similar conditions occurred in the North Sumatra II FFB
plantation, where high precipitation caused floods, 24.1%
Production
destroying road and other infrastructure and affecting
FFB transportation and logistics. In 2024, this plantation
recorded an FFB production volume of 145,292 mt, 9.8%
17.7%
below the 2023 figure.
18.7%
Meanwhile, FFB production from the Belitung Island
plantation declined by 15.0% year-on-year (YoY) from
254,579 mt in 2023 to 216,363 mt in 2024 due to the impact Belitung Island West Kalimantan
of the 2023 El Niño event. However, we observed a recovery
North Sumatra I Southwest Papua
in production in the second half of 2024, particularly in Q4
North Sumatra II South Sumatra
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MANAGEMENT DISCUSSION
AND ANALYSIS
In 2024, total FFB purchased from external parties Development Plantation
amounted to 463,835 mt, a drop of 7.9% from 2023’s
purchases. We sold 8,271 mt of FFB from our estate in In Empat Lawang, South Sumatra, our subsidiary GSB
South Sumatra to a third party because we currently do has a landbank of 12,800 hectares. In 2024, we continued
not have a mill until we have a planted area of minimum the land compensation program in GSB with the primary
3,000 hectares. Consequently, we processed 1,233,180 mt objective of securing a commercially viable area of
of FFB in our palm oil mills throughout 2024, to produce approximately 3,000 hectares in one contiguous area.
245,395 mt of Crude Palm Oil (CPO). This production The land compensation achieved in 2024 was 244.97
figure represents a 13.5% decrease from the 283,659 mt hectares, bringing the total land compensation to date
of CPO produced in 2023. The combined oil extraction rate to 4,800.08 hectares. We began the planting program in
(OER) for our own FFB and externally sourced FFB was this area in 2013 with a total planted and matured area
19.9% in 2024, 3.6% lower than the 20.6% in 2023. to date, standing at 724 hectares. We paused the planting
program in 2018 and will resume the planting in the
Our PK production dipped 9.1% to 47,668 mt in 2024, upcoming year as we have secured a sizeable contiguous
compared to 52,432 mt in 2023. We also recorded a lower area for planting.
PKO production of 1,121 mt from our Kernel Crushing
Plant (KCP) in Southwest Papua in 2024, compared to Meanwhile, our third concession in Southwest Papua,
the 1,459 mt in the previous year. This represents kernel operated by the Company (ANJ), has been set aside as a
extraction rates (KER) and kernel oil extraction rates conservation area, which, together with the conservation
(KOER) standing at 4.2% and 1.0%, respectively. areas in PMP and PPM will form an integrated conservation
landscape.
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Vegetables
Our vegetable business, operated by GMIT in Jember, East
Java, focuses on growing and processing edamame. As a
high-protein soybean with strong antioxidant properties,
edamame is recognized as a “superfood”.
Edamame Productivity
5,200
2,533 2,860 870
531
429
2022 2023 2024
Production Volume (mt) Planting Size (Ha)
The edamame business demonstrated exceptional
performance throughout 2024, with the total harvested
volume reaching 5,200 mt, representing a significant
increase of 81.8% from 2,860 mt in 2023. This remarkable
growth was primarily attributed to a higher planting size
in 2024, totaling 870 hectares, including 826 hectares
planting area from the farmer partnership program and
44 hectares from independent smallholders, compared to
total planting area of 531 hectares in 2023.
Edamame Production (mt)
2.253
1,975
1,670 1,710
731 553
Favorable weather conditions and the reliability of our
team in anticipating plant diseases resulted in better
frozen edamame production compared to 2023. Our frozen
edamame production grew by 257.3% to 1,975 mt from
2022 2023 2024 553 mt in 2023. Our frozen line facility also produced 304
mt of mukimame (peeled edamame) in 2024, an increase
Fresh Edamame Frozen Edamame
of 51.0% from 201 mt in 2023. Meanwhile, harvested
edamame not meeting frozen edamame qualification was
directly marketed to domestic fresh vegetable market.
The total production volume of fresh edamame was 2,253
mt in 2024, a 31.8% increase from the 2023 figure of 1,710 mt.
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MANAGEMENT DISCUSSION
AND ANALYSIS
Sago
ANJAP has been at the forefront of industrial-scale
sago harvesting and processing, operating across
approximately 40,000 hectares of natural sago forest in
South Sorong, Southwest Papua. Through continuous
innovation and improvements in both the harvesting
and processing operations, ANJAP has successfully
established the commercial production of high-quality
sago starch. With a production capacity of 1,250 mt per
month, ANJAP’s sago mill serves a growing customer
base within the food industry.
Sago Production
2,708
2,228
1,896
10.1
7.6 7.6
2022 2023 2024
Production Volume (mt) Extraction Rate (%)
Amid various challenges in operating the business, we
recorded an improvement in production volumes in 2024.
We processed a total of 220,756 tuals (log sections) in
2024, decreased by 11.6% from 249,598 tuals in 2023, to
produce 2,228 mt of sago starch. This production volume
was 17.5% higher than 1,896 mt achieved in the previous
year. We successfully maintained a stable extraction rate
throughout 2024, achieving an average extraction rate
of 10.1%. This improvement was largely driven by our
estate team's revised criteria for selecting sago trees for
harvest, along with innovations at the mill that optimized
the number of tuals processed.
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Renewable Energy
AANE, our renewable energy subsidiary located in AANE’s electricity generation and sales decreased
Belitung, was licensed as an independent power producer from 10,219,453 kWh in 2023 to 8,180,572 kWh in 2024,
(IPP) in 2013. AANE started its commercial operation on representing a negative variance of 23.3% from our budget
December 31, 2013, which marked AANE to be the first of 10,665,449 kWh. This was due to several maintenance
IPP in Indonesia to operate and sell electricity from a activities in 2024 and reduced availability of input material,
palm oil mill effluent (POME) biogas power plant. AANE specifically Palm Oil Mill Effluent (POME), which was
generates electricity by capturing and burning methane affected by the lower FFB production at the Belitung Island
released in the decomposition of POME waste from the plantation. As a result, our renewable energy segment
Belitung estate operated by SMM. With a total installed generated revenue of USD 419.0 thousand in 2024, lower
capacity of 1.8 MW, the plant can generate sufficient than the USD 576.2 thousand achieved in 2023.
electricity to power 2,000 households at 900 VA per home.
The sole off-taker for AANE’s electricity is the state power
company PLN, which distributes it on the national grid.
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MANAGEMENT DISCUSSION
AND ANALYSIS
Marketing Review
Palm Oil CPO Sales
The Company reported a 14.9% decrease in CPO sales 275,320 288,942
volume to 245,784 mt in 2024, compared to 288,942 mt 245,784
in 2023, in line with the lower CPO production volume. In
addition, PK sales volume dropped by 9.5% from 52,581
840
mt in 2023 to 47,610 mt in 2024. Meanwhile, PKO sales 822
volume significantly increased by 47.7% to 1,550 mt, 731
compared to 2023’s figure of 1,049 mt.
2022 2023 2024
Sales Volume (mt) Average Selling Price (USD/mt)
The lower supply of CPO in the global market due to We remain committed to marketing our palm oil products
reduced production in the major producing countries, domestically to achieve higher profit margins, benefiting
particularly Indonesia and Malaysia, drove up the from lower transportation costs and the additional
benchmark CPO price in 2024. After fluctuated around premium price for RSPO-certified CPO. In the first quarter
USD 750 – 950 per mt along the second and third quarter of 2025, we successfully obtained RSPO certifications for
of 2024, CPO prices began an upward trajectory in all our nucleus, plasma and partnership plantations.
October, as market increasingly concerned about supply This achievement was earlier than our goal to obtain
challenges and anticipation of Indonesia’s B40 biodiesel 100% RSPO certification for our plasma and partnership
mandate in early 2025. The prices surged to above USD plantations by the end of 2025. Additionally, our Southwest
1,150 per mt in November and closed above USD 1,000 Papua plantation, which received RSPO certification under
per mt at the end of 2024, up 36.4% compared to previous the Identity Preserved category, presents a potential
year’s closing position. As a result, the Company recorded for higher premium pricing. These RSPO and ISPO
an average selling price (ASP) for its CPO of USD 822 per certifications assure our buyers and their downstream
mt, 12.3% higher than the 2023 ASP of USD 731 per mt. supply chains of the sustainability of our CPO, CPKO and
Meanwhile, the ASP for PK increased by 40.1% YoY to USD PK. We are also eligible to charge a quality premium for
501 per mt, and the ASP for PKO rose by 46.7% YoY to USD CPO with a Free Fatty Acid (FFA) content of less than 3.5%.
1,077 per mt.
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PT Austindo Nusantara Jaya Tbk.
Vegetables frozen mukimame in various modern markets as well as
hotel, restaurant and cafe channels in various locations
GMIT marked its official commercial operation for exported throughout Indonesia, including all Java, Bali, and Batam.
frozen products in 2021. The frozen food business is a joint Edashi’s sales volume grew by 60.5% from 79 mt in 2023
venture with AJI HK Limited (Asia Foods group), which to 127 mt, with an ASP of IDR 27,719 per kg, slightly
acquired a 20% stake in GMIT in October 2017. Under higher than IDR 27,363 per kg in 2023. We strengthened
our agreement, Asia Foods provides technical assistance and expanded our collaboration with major retailers, such
for the development of the frozen line facility, as well as as AEON, Hypermart, Ranch Market, Farmers Market
access to the export market. as well as Yogya Group and Pepito. Furthermore, we
have been selected as the supplier of frozen edamame
Frozen Edamame Sales and mukimame for various world-class hotels and well-
known restaurants, such as Hyatt, Sushi Tei and Boga
1,569
Group.
28,358 26,438 Sago
25,454
464 364 We posted a higher sales value from our sago business in
2024, driven by favorable sales volume variance aligned
with a higher sago starch production compared to 2023. In
2024, we sold a total of 2,253 mt of sago starch, a 42.1%
2022 2023 2024
increase from the 1,585 mt sold in 2023. We focused on
Sales Volume (mt) Average Selling Price (USD/kg) selling our product in the domestic market to our existing
key customers. Throughout the year, the selling price
In 2024, the Company booked a positive sales growth in for sago starch remained relatively stable, with an ASP
the vegetable segment, in line with favorable production of IDR 8,381 per kg at the end of 2024, higher than the
volume. We recorded a remarkable growth in frozen average market selling price, reflecting our continued
edamame sales volume, reaching 1,569 mt, a 331.4% rise commitment to quality.
from 364 mt in 2023, with an ASP of 26,438 per kg, higher
than the 2023 ASP of IDR 25,454 per kg. Additionally, the Sago Sales
sales volume for frozen mukimame increased by 19.3%,
from 192 mt in 2023 to 229 mt in 2024, accompanied by a 2,913 8,505 2,253
higher ASP of IDR 29,831 per kg, compared to IDR 26,328
per kg in 2023. Furthermore, the sales volume for fresh
edamame increased by 32.1% from 1,703 mt in 2023 to 1,585 8,381
8,088
2,250 mt in 2024, with an ASP of IDR 8,274 per kg, slightly
lower than ASP 2023 of IDR 8,475 per kg.
We have successfully exported our frozen edamame
2022 2023 2024
to Japan and Malaysia through our export purchase
agreement with the Asia Foods group. Additionally, we Sales Volume (mt) Average Selling Price (USD/kg)
have expanded our market by independently exporting
frozen edamame and mukimame to markets outside the
Asia Food channel, such as exports to India since 2023. In As part of our marketing strategy, we distribute our
2024, we penetrated the Middle East market by exporting sago starch under two distinct commercial brands.
frozen edamame to Jordan. To further expand our market Pati Alam® is designated for the large 50 kg pack size,
for frozen edamame, we are exploring potential markets catering to industrial customers, while Sapapua®
such as Europe, Australia and other countries in the Middle is used for the 500-gram pack size, targeting home
East. This is in line with our marketing strategy, targeting industries and household consumers. The Sapapua®
exports as the main market for frozen vegetables. brand is promoted and available through both online
and selected offline channels. Our official online stores
Meanwhile, our domestic market sales showed significant are managed by employees from various functions as
growth compared to the previous year’s performance. part of their participation in the Company’s Responsible
This was mainly due to the increase in sales to customers Development program. In 2024, seven teams managed
with their private labels, reaching 366 mt, a surge of our online stores in Greater Jakarta, Surabaya, Bandung,
574.2% from 2023 figures of 54 mt. Additionally, to expand Yogyakarta, Medan and Makassar. Offline sales were
the awareness of our products in the domestic market, conducted through collaborations with selected retail
we continued to promote Edashi® frozen edamame and stores in Greater Jakarta, Bali and Sorong.
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MANAGEMENT DISCUSSION
AND ANALYSIS
We also continued to educate potential users from both Renewable Energy
the modern food industry and household consumers
about the benefits of sago starch as a healthy and AANE generated and sold a total of 8,180,572 kWh of
sustainable gluten-free alternative. To support our electricity in 2024 to PLN with the tariff remaining at IDR
emerging food business, particularly the development of 975/kWh. This figure was lower than 10,219,453 kWh
innovative sago and edamame-based food products, the achieved in 2023, due to several maintenance activities in
Company established ANJB in May 2013. Since October 2024 and reduced availability of input material, specifically
2019, this subsidiary has operated Bueno Nasio, a product Palm Oil Mill Effluent (POME), which was affected by the
development and kitchen lab facility, as well as a gluten- lower FFB production at the Belitung Island plantation.
free restaurant located in the same building as our head Consequently, our renewable energy segment generated
office. At Bueno Nasio, we showcase curated sago and revenue of USD 419.0 thousand in 2024, lower than the
edamame innovations through menus offered to public USD 576.2 thousand achieved in 2023.
visitors. Our dedicated research and development team
continuously innovates various recipes and food products
with sago starch and edamame as the main ingredients.
Numerous recipes have been published and are freely
accessible to consumers via our official social media
platforms and various press releases.
In 2024, ANJB launched the website www.anjkitchen.com,
which provides a variety of unique and beneficial recipes,
providing consumers with broader insights and inspiration
for preparing delicious and healthy dishes using sago and
edamame.
Additionally, ANJB successfully introduced Edashi
Krunchie® with two variants: Krunchie® Edamame,
a mukimame (peeled edamame) product processed
through deep vacuum frying to achieve a crunchy texture,
and Krunchie® Okra, a crispy okra product made through
the same process as Krunchie® Edamame. Previously,
in 2023, ANJB also successfully launched Sapapua®
Pancake Mix, the first gluten-free sago-based pancake
mix, which is now available through various channels in
Greater Jakarta and Bali.
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Business Prospects and Strategies
Palm Oil
Prospects
Adverse weather conditions have significantly impacted In the Southwest Papua plantations, we will continue
the palm oil supply chain and caused fluctuations in CPO the planned construction of infrastructure, mainly for
prices. However, the prospects for the palm oil sector laterization of roads to have more efficient logistics and
from 2025 onwards appear promising, with several key transportation. Furthermore, in ANJAS, we keep focusing
factors influencing its trajectory. The industry is expected on finishing the pilling of the embankment project to
to experience increased production due to favorable mitigate floods from the nearby river in the coming years.
weather conditions and higher yields per hectare. Meanwhile, we will continue land compensation in GSB
with a plan to consolidate 3,000 hectares of contiguous
On the demand side, global consumption of palm oil is area for the HGU process, to expand the planted area.
anticipated to rise, driven by the continuous increase in
biodiesel blending mandates, particularly in Indonesia In addition to those business strategies, we see ESG
with its B40 program which has been implemented in initiatives as another opportunity to improve our
early 2025. The Indonesia government has also set a productivity while upholding our vision in elevating
target to increase their biodiesel blending mandates to the lives of people and nature. Our main guideline is to
B50, projected to require approximately 20 million mt of integrate ESG strategy into the core strategy. Some of our
CPO per year. Additionally, the global biofuels industry is ESG initiatives have proven to help us maintain a balanced
projected to grow positively, with palm oil accounting for soil structure and protect above and underground
a substantial portion of the feedstock used in biodiesel biodiversity, which are beneficial to our palm trees. This
production. regenerative agriculture program comprises composting,
drip fertigation, assisted pollination, pollinators hatch and
Furthermore, major importing countries, includes China carry, and breeding of natural predators such as barn owl
and India, are expected to replenish their stocks, further (Tyto alba). We will invest more effort into exploring other
driving demand. The limited supply of other vegetable oils, initiatives and agronomic innovation to drive productivity
such as sunflower oil, also contributes to the sustained while continuing to prioritize cost control and minimize
high demand for palm oil. non-essential capital expenditure to maintain margin of
profitability.
Despite these positive demand scenarios, the industry
faces challenges such as potential fluctuations in weather
conditions, which can impact production and yields.
Strategies
Our management will stay prudent in determining
any strategies to uphold. Our focus is to ensure that
productivity will improve to the optimum level by
leveraging the advantageous position of a balanced age
profile of our palm trees. To enhance our age profile
and maintain production yields in the coming years, we
will continue the replanting program in ANJA and SMM
plantations, with plans to replant approximately 1,000
hectares in SMM and 700 hectares in ANJA per year.
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MANAGEMENT DISCUSSION
AND ANALYSIS
Vegetables
Prospects
Edamame business has quite promising prospects in targets in this segment, we focus on increasing yields
Indonesia, driven by the increase in global demand due to through upholding best agronomy practices, investing in
its nutritional benefits and versatility as a food ingredient. seed quality programs and strengthening integrated pest
Edamame is rich in protein, fiber, vitamins and minerals, management strategies. We have also budgeted capital
making it a popular choice among health-conscious expenditure for the expansion of cold storage facilities in
consumers. The increased awareness of the importance response to projected production increases in the coming
of consuming nutritious foods for health, led to an years.
increase in both fresh and frozen edamame demands in
the domestic market, primarily in Java, Bali and other In 2024, we installed a solar-powered water pump
major cities of Indonesia. irrigation system to address water shortages, particularly
during the dry season. This initiative demonstrates our
Edamame is a type of vegetable that has a short resilience against the extreme weather conditions that
regenerative period. Coupled with Indonesia’s favorable frequently affect the edamame plantations in Jember.
climate, it allows farmers to produce two to three cycles
annually. This gives Indonesia a relative production Considering the increasing advancements in artificial
advantage over other major edamame-producing intelligence (AI) technology, the Company recognizes
countries such as China and Taiwan, which are bound by the potential of leveraging AI in its business processes.
summer and winter seasons. Management is promoting the use of AI in the sorting
process of our edamame production. This initiative is
Since October 2021, we have succeeded in penetrating the currently in its final fine-tuning phase and is expected
export market for our frozen edamame product to Japan to be implemented in 2025. In addition to maintaining
and Malaysia cooperating with Asia Foods as our business the quality standards of our products, the use of AI is
partner. Furthermore, we expanded our export market by also anticipated to reduce personnel expenses, thereby
entering the Indian market in 2023 and Jordanian market making the business process more efficient and achieving
in 2024. We will continue to expand our export market as optimal profitability.
we see a growing demand in India and Middle East, and
potential demand in Europe, Australia and United States. We are also developing professional and skilled Field
Assistants through the Field Assistant Development
Our processing plant has the capacity to produce frozen Program to guide farmers in achieving better yields. To
vegetables of up to 3 mt/hour and we have yet to reach optimize factory capacity, we are exploring to diversify
maximum production capacity due to varying seasonal by processing other raw vegetables during unfavorable
productivity of edamame harvest within a year. This edamame production periods, such as okra, green beans,
prompts us to diversify our product line with other and corn.
vegetables that are more suitable to harvest during low
edamame harvest periods. We expect this strategy could We will continue to increase production to meet the
optimize the cost of production per kilogram due to the increasing demands from export and domestic markets
higher utilization of our processing plant’s capacity. while prioritizing product quality. Most of the production
will be absorbed by the Asia Foods group and exported
Strategies to Japan. We have successfully expanded our export
market to India and penetrated Jordan market in 2024
We will continue to expand the planting area by and explore other potential markets such as Australia,
establishing partnerships with more farmers and Europe and other Middle East countries, all of which
exploring potential cultivated land in nearby areas are outside of Asia Foods channels. With Edashi®, our
accessible to our processing plant. In 2025, we have set domestic brand for frozen edamame, we will continue to
a target to plant edamame in a cultivated area of 992.5 promote the benefits of edamame as an affordable and
hectares, an increase of 14.1% from total planted area highly nutritious plant-based source of protein and fiber
of 870.1 hectares in 2024. To achieve the Company's to local and export consumers.
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Sago Renewable Energy
Prospects Prospects
We believe that natural sago forests hold significant We see a role for biogas for internal use as part of our
potential to be cultivated and developed as valuable food sustainability strategy, targeting reduced reliance on fossil
sources, given the high starch content of sago trees. A fuels, lower greenhouse gas emissions and the optimized
single sago plant has potential productions of 100 to 150 use of waste products. We are planning a further stage of
kg of dry starch. As a sustainable alternative carbohydrate biomass utilization by developing the Bio-CBG project to
source, sago starch offers a viable solution to reduce gradually replace the reliance on fossil fuels.
reliance on traditional staples, such as rice and wheat,
aligning with Indonesia’s broader food diversification and Strategies
security strategies.
Considering the low selling price of the electricity to PLN,
Sago starch, being naturally gluten-free and beneficial we decided not to develop another power plant dedicated
for digestion, presents strong market potential across solely for commercial purposes in the future. However, we
various applications. Public awareness of gluten-free will continue maintaining or improving the profitability of
diets has grown significantly in recent years, driven by the existing commercial power plant in SMM by optimizing
a rising interest in healthier lifestyles. We anticipate operations and cost efficiency at the power plant.
this trend will continue to drive demand for gluten-free
ingredients, such as sago starch. Moreover, we are seeing Furthermore, we saw the impact of fossil fuel shortages
growing interest in sago starch as an ingredient in a affecting our cash cost adversely in 2022. We need to
wide range of processed food products, both in domestic mitigate this risk in the coming years by focusing on
and international markets, including Japan, Singapore, accelerating our renewable energy initiatives, with the
Malaysia, China and Europe. commencement of the Bio-CBG project at ANJA as the
most potential next project plan.
Strategies
We will continue to address operational challenges to
enhance sago starch production and processing capacity
from natural sago forests in Southwest Papua. Having
improved our extraction rate since the second half of 2023,
reaching an average of 10.1% in 2024. Our next objective is
to consistently and efficiently meet our production targets
while maintaining extraction performance.
Despite our concession in Southwest Papua has the right
to harvest sago from the natural sago forest, we keep our
continued commitment to sustainably manage this sago
forest by working closely with the local communities.
The activities include agronomy measures on selective
harvesting, enhancing and replacing harvested sago
trees, restoring forest paths and managing water levels
to ensure sustainable production in the upcoming years
while maintaining the natural environment.
On the marketing side, we will continue to campaign
for sago starch as one of the gluten-free food source
alternatives. A key component of this strategy is
developing and promoting innovative applications for
sago, both for the industry and for consumer use. We
believe that increasing the consumer understanding of
sago will ultimately create a wider market share.
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MANAGEMENT DISCUSSION
AND ANALYSIS
Review of Financial Performance
Palm oil contributed 97.5% of the Company’s consolidated The following discussion and analysis of the Company’s
revenue in 2024. CPO sales volume dropped by 14.9% financial performance in 2024 is based on the Consolidated
year-on-year (YoY), from 288,942 mt in 2023 to 245,784 Financial Statements and Notes to the Financial
mt in 2024, in line with the decrease in FFB production Statements as of and for the years ended December 31,
of 11.7% from 881,051 mt in 2023 to 777,615 mt in 2024. 2024, and 2023.
Despite the lower operational performance in 2024, total The Consolidated Financial Statements as of and for
consolidated revenue recorded only a slight decrease of the years ended December 31, 2024, and 2023 were
0.3% to USD 236.8 million from USD 237.6 million in 2023, audited by Siddharta Widjaja & Rekan (Registered Public
mainly due to the higher ASPs for CPO, PK and PKO as Accountants) who rendered an unqualified opinion that
well as notable improvements from Sago and Vegetables they fairly present the Company’s consolidated financial
businesses. The Company recorded an ASP for its CPO of position, consolidated financial performance and
USD 822 per mt in 2024, 12.3% higher than the 2023 ASP consolidated cash flows.
of USD 731 per mt. Meanwhile, the ASP for PK and PKO
increased by 40.1% and 46.7%, respectively, compared to
its ASPs in 2023.
Consolidated Statements of Financial Position
USD thousand 2024 2023* Change (%)
Current assets 62,159 54,978 13.1%
Non-current assets 511,045 525,697 (2.8%)
Total assets 573,204 580,675 (1.3%)
Current liabilities 49,396 52,762 (6.4%)
Non-current liabilities 131,915 135,985 (3.0%)
Total liabilities 181,311 188,747 (3.9%)
Equity attributable to owners of the Company 391,041 390,499 0.1%
Total equity 391,893 391,928 0.0%
* Restated due to error in applying equity method of accounting and amortization of the fair value adjustments in step acquisition.
Assets from USD 525.7 million in 2023. This decline was mainly
due to the decrease in fixed assets by 3.5% or USD 7.4
At the end of 2024, the Company’s current assets million from USD 213.4 million in 2023 to USD 206.0
amounted to USD 62.2 million, an increase of 13.1% from million in 2024, attributed to translation adjustment from
USD 55.0 million at end of 2023. This increase was mainly the Company’s bookkeeping in Rupiah, impacted by the
attributable to the increase in cash and cash equivalents depreciation of Rupiah, and assets deprecation in current
by 56.0% from USD 5.9 million in 2023 to USD 9.1 million year. This decrease was partially offset by the addition
in 2024. Additionally, biological assets surged by 125.7% of capital expenditure in the current year. Furthermore,
from USD 3.4 million in 2023 to USD 7.7 million in 2024 non-current assets decreased due to a 2.6% reduction
due to a higher CPO price at the end of 2024 compared in bearer plants, from USD 249.2 million in 2023 to USD
to previous year. Investments in equity securities 242.8 million in 2024, also due to translation adjustment
also increased to USD 4.3 million in 2024 due to the from the Company in Rupiah and assets depreciation.
reclassification of the investment value in PT Moon Lion However, there was a 13.5% increase in claims for tax
Industries Indonesia from non-current asset to current refund from USD 11.4 million to USD 13.0 million in 2024.
asset. However, these increases were partially offset by a
13.8% decrease in prepayments and advances, which fell As a result, total assets slightly decreased by 1.3% or USD
from USD 30.8 million in 2023 to USD 26.5 million in 2024. 7.5 million from USD 580.7 million at end of 2023 to USD
573.2 million at end of 2024.
Non-current assets at the end of 2024 stood at USD 511.0
million, marking a 2.8% decrease or USD 14.7 million
120 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Liabilities with the increase in deferred tax liabilities by USD 1.5
million in 2024. Total outstanding long-term bank loans
The Company’s current liabilities stood at USD 49.4 million amounted to USD 131.3 million as of December 31, 2024,
at the end of 2024, decreased by 6.4% or USD 3.4 million a 2.8% increase compared to USD 127.7 million at the end
from USD 52.8 million at end of 2023. This decrease was of 2023. Overall, total liabilities decreased by 3.9% from
primarily driven by a 38.9% decrease in short-term bank USD 188.7 million in 2023 to USD 181.3 million in 2024.
loans, from USD 23.3 million in 2023 to USD 14.2 million in
2024, offset by the increase in current maturities of long- Equity
term bank loans by USD 5.9 million from USD 5.8 million
in 2023 to USD 11.7 million in 2024 and a 38.6% increase Total equity remained relatively stable at USD 391.9
in trade accounts payable from USD 6.1 million in 2023 to million in 2024. Unappropriated retained earnings saw
USD 8.5 million in 2024. an increase of 2.9% or USD 8.7 million from USD 303.9
million at end of 2023 to USD 312.7 million at end of 2024.
Non-current liabilities decreased by 3.0% or USD 4.1 Conversely, other reserves decreased by USD 8.2 million
million from USD 136.0 million at the end of 2023 to USD from negative USD 46.6 million to negative USD 54.8
131.9 million at the end of 2024, principally due to the million in 2024 due to other comprehensive income from
repayment of long-term bank loans of USD 2.3 million and foreign exchange differentials arising from the translation
employee benefits obligations of USD 3.2 million, offset of subsidiaries’ financial statements.
Consolidated Statements of Profit or Loss and Other Comprehensive Income
USD thousand except where stated 2024 2023* Change
Total Revenue 236,814 237,569 (0.3%)
Total cost of revenue (189,545) (202,423) (6.4%)
Gross profit 47,270 35,146 34.5%
Total operating expenses, net (17,124) (13,497) 26.9%
Operating profit 30,146 21,649 39.2%
Finance costs, net (9,789) (9,551) 2.5%
Income before tax 20,356 12,097 68.3%
Net Income for the year 9,159 4,431 106.7%
Net Income (loss) attributable to non-controlling interests (490) (725) (32.4%)
Net income attributable to the owners of the Company to
9,648 5,156 87.1%
the owners of the Company
Total comprehensive income (35) 8,998 (100.4%)
EBITDA 59,245 49,128 20.6%
EBITDA margin (%) 25.0% 20.7% 21.0%
* Restated due to the changes in presentation of shell sales and sales of RSPO certificates, and due to error in applying equity method of accounting and amortization of the fair value
adjustments in step acquisition.
Revenue
The Company posted a consolidated revenue of USD 236.8 USD 230.9 million in 2024, accounted for 97.5% of the
million in 2024, slightly lower than the USD 237.6 million Company’s consolidated revenue, whereas 2.5% was
achieved in 2023. Our consolidated revenue in 2024 contributed by service concession revenues and sales of
comprises of revenue from sales of USD 236.4 million and edamame and sago starch. The table below summarizes
service concession revenue of USD 0.4 million. The palm the profitability of each segment:
oil segment remained our core business, contributing
2024 Annual Report 121
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MANAGEMENT DISCUSSION
AND ANALYSIS
Profit and Loss by Segment
(million USD) Palm Oil Sago Vegetables and others Renewable Energy
2024
Revenue 230.9 1.2 4.3 0.4
Gross Profit (Loss) 52.3 (2.6) (2.6) 0.1
Profit (Loss) before Tax 26.1 (2.8) (2.6) 0.0
2023
Revenue 234.2 0.9 1.9 0.6
Gross Profit (Loss) 41.5 (3.8) (2.8) 0.2
Profit (Loss) before Tax 21.4 (4.0) (3.7) 0.1
CPO sales remained our main contributor to consolidated attributable to the lower harvesting expenses from USD
revenue in 2024, even though its sales revenue decreased 21.8 million in 2023 to USD 18.9 million in 2024, due to
by 4.5% from USD 211.9 million in 2023 to USD 202.5 million lower FFB production volume. In addition, the Company
in 2024, as a result of lower sales volume. Meanwhile, PK recorded a decrease in the upkeep cost of mature
sales revenue amounted to USD 23.8 million in 2024, an plantations by 14.8%, from USD 29.6 million to USD 25.2
increase of 26.6% from USD 18.8 million in 2023, in line million, mainly due to lower fertilizer costs. In 2024, we
with the higher ASP for PK in 2024. In addition, we also also recorded a decrease in factory overhead and indirect
saw an improvement in PKO sales revenue to USD 1.7 costs of 11.8% or USD 4.9 million to USD 37.0 million
million in 2024, surged by 116.8% compared to USD 0.8 in 2024, compared to USD 41.9 million in 2023. These
million in 2023, due to the sales of PKO stock balance decreases were offset by an increase in FFB purchases
from 2023 and favorable PKO prices. Our revenue in 2024 costs from USD 69.9 million in 2023 to USD 76.5 million in
also included the sales of FFB from our developing estate 2024, due to higher FFB prices in 2024.
in South Sumatra, which was stable at USD 1.6 million,
the sales of palm oil shell of USD 1.3 million and premium In the sago business, our cost of sales decreased by
price from the sales of RSPO certified products amounted 22.6% to USD 3.5 million compared to USD 4.6 million in
to USD 0.1 million. 2023. The decrease was largely attributable to the lower
sago processing cost, which decreased by USD 0.9 million
Our edamame business demonstrated exceptional from USD 3.1 million to USD 2.1 million. Meanwhile, our
performance throughout 2024, with revenue reaching edamame business recorded an increase in cost of sales
USD 4.2 million, a significant increase of 124.1% from USD by 57.4%, from USD 4.8 million in 2023 to USD 7.5 million
1.9 million in 2023. This growth was driven by a 331.4% in 2024, aligned with higher edamame production volume
increase in frozen edamame sales volume to 1,569 mt and in 2024. Meanwhile, the Company recorded a lower cost
a 32.1% increase in fresh edamame sales YoY. Additionally, of revenue in the service concession business, decreased
our sago segment contributed USD 1.2 million to our total by 14.6% from USD 0.4 million to USD 0.3 million in 2024.
revenue in 2024, a 34.8% increase from USD 0.9 million
in the previous year, primarily due to an increase in sales Operating (Expense) Income and
volume from 1,585 mt to 2,253 mt in 2024. Financial Charges
Conversely, our renewable energy segment generated The Company recorded an operating expense (net of
revenue of USD 419.0 thousand in 2024, lower than the operating income) of USD 17.1 million, an increase of
USD 576.2 thousand achieved in 2023 due to several 26.9% from USD 13.5 million in 2023. This increase
maintenance activities in 2024 and reduced availability of was primarily attributed to the increase in general and
input material, specifically Palm Oil Mill Effluent (POME), administrative expenses of USD 8.1 million in 2024,
which was affected by the lower FFB production at the increased by 85.2% from USD 4.4 million in the previous
Belitung Island plantation. year due to the increase in tax penalties of USD 3.6 million.
Furthermore, the Company recorded a foreign exchange
Cost of Revenue loss of USD 917.8 thousand in 2024, compared to a gain of
USD 175.7 thousand in 2023 as a result of the depreciation
The cost of revenue amounted to USD 189.5 million in of the Rupiah against the US Dollar. These increases were
2024, a decrease of 6.4% from USD 202.4 million in 2023. partially offset with the decrease in personnel expenses
The main component was costs relating to sales of CPO, from USD 10.5 million in 2023 to USD 9.5 million in 2024.
PK and PKO, amounting to USD 177.2 million, a decrease
of 7.3% from USD 191.2 million in 2023. The decrease was
122 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
In 2024, the Company recorded a stable dividend income PK sales volume. Additionally, there was a decrease in
of USD 0.5 million, largely from our investment at PT Moon sago starch processing costs from USD 3.1 million to USD
Lion Industries Indonesia. The Company also recorded 2.1 million in 2024. Consequently, our net profit margin
USD 1.5 million as other income, an increase of 14.2% (NPM) ratio rose by 107.3% from 1.87% in 2023 to 3.87%
from USD 1.3 million in 2023, largely attributable to the in 2024.
gain on sale of fixed assets.
The Company booked an EBITDA of USD 59.2 million in
Meanwhile, our financial charges, which represent 2024, an increase of 20.6% from USD 49.1 million in 2023.
interest expenses on our loans, slightly increased by As a result, our EBITDA margin also improved from 20.7%
1.7% to USD 10.0 million in 2024, compared to interest in 2023 to 25.0% in 2024.
expenses of USD 9.9 million in 2023.
In 2024, the Company recorded a negative comprehensive
Net Profit and Total Comprehensive income of USD 35.1 thousand, compared to a
Income comprehensive income of USD 9.0 million in 2023. This
was influenced by the exchange rate of the Rupiah
The Company recognized a net profit of USD 9.2 million in against the US Dollar, which depreciated the net assets
2024, a strong increase of 106.7% from a net profit of USD of some of the Company’s subsidiaries which maintain
4.4 million in 2023. This improvement was primarily driven their bookkeeping records in Rupiah, when their financial
by higher ASPs for palm oil products and lower fertilizer statements are translated from Rupiah to US Dollar.
costs at our mature plantations, offset by lower CPO and
Consolidated Statement of Cash Flows
USD thousand except where stated 2024 2023* Change
Net cash provided by operating activities 43,656 36,645 19.1%
Net cash used in investing activities (27,964) (41,243) (32.2%)
Net cash used in financing activities (12,411) (370) 3,251.4%
Net increase (decrease) in cash and cash equivalents 3,280 (4,968) (166.0%)
Cash and cash equivalents at the beginning of the year 5,853 10,821 (45.9%)
Cash and cash equivalents at the end of the year 9,133 5,853 56.0%
* Restated due to the changes in presentation of shell sales and sales of RSPO certificates.
Net Cash Provided by Operating Activities Net Cash Used in Investing Activities
A total of USD 43.7 million in cash was provided by In 2024, a total of USD 28.0 million was used in investing
operating activities in 2024, an increase from USD 36.6 activities, a 32.2% decrease from USD 41.2 million in 2023.
million in 2023, mainly due to the increase in cash received A significant portion of the cash flow was mainly used for
from customers by 2.5% from USD 232.1 million in 2023 the additions of bearer plants, which increased by 7.1%
to USD 237.9 million in 2024. Meanwhile, payments to from USD 13.3 million to USD 14.2 million. Meanwhile,
suppliers slightly decreased by 1.6% or USD 1.9 million net cash used in acquiring property, plant and equipment
from USD 116.5 million in 2023 to USD 114.7 million in significantly decreased from USD 20.7 million in 2023 to
2024, in line with the decrease of FFB volume purchases USD 8.1 million in 2024. In 2023, the Company booked
from third parties, offset with higher FFB prices. a total of USD 1.2 million from proceeds from sales of
property, plant and equipment, increased by USD 1.0
In 2024, the Company received a VAT refund of USD 8.4 million compared to USD 0.2 million in 2023.
million, 137.5% higher than 2023 figure of USD 3.6 million.
Conversely, we paid a lower income tax of USD 9.6 million Net Cash Used in Financing Activities
in 2024, decreased by 16.8% from USD 11.6 million in the
previous year although income tax expense increased Net cash used in financing activities was USD 12.4 million
by USD 3.5 million in 2024. The increase in income tax in 2024, higher than net cash of USD 0.4 million used in
expense was primarily attributable to increase in deferred 2023. The cash flow was largely used for the repayment of
income tax expense by USD 2.8 million. The Company short-term bank loans of USD 88.7 million and repayment
recorded an increase in payment of employee benefits of long-term bank loans of USD 8.9 million, as well as the
and contribution to pension fund of USD 5.7 million, a
780.5% increase from USD 0.6 million in 2023.
2024 Annual Report 123
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MANAGEMENT DISCUSSION
AND ANALYSIS
payment of their interest amounting to USD 9.8 million in Return on Equity (ROE) is calculated by dividing net profit
2024. Based on annual general meeting of shareholders for the year by the total equity at the end of the year. ROE
in June 2024, the Company decided to not distribute cash in 2024 was 2.3%, higher than 1.1% achieved in 2023.
dividend for the 2023 fiscal year. On the other hand, the
Company withdrawn a total of USD 95.3 million from bank
loans, comprising of proceeds from short-term bank loans Account Receivable Collectability
of USD 80.2 million and long-term bank loans of USD 15.1
million. These figures were higher than 2023 withdrawal Receivables Turnover
of USD 64.9 million from short-term bank loans and USD
1.4 million proceeds from long-term bank loans. This is a measure of the average days required by a
company to turn receivables into cash collected. Our
The Company booked a net increase of USD 3.3 million average receivables turnover was approximately 1.3 days
in cash and cash equivalents in 2024, compared to a net in 2024, slower than our average receivables turnover
decrease of USD 5.0 million in 2023. This resulted in a in 2023 of 0.9 days. Receivables turnover is calculated
higher cash and cash equivalents at end of the year 2024 by dividing the number of days in the year (365) by the
of USD 9.1 million, a 56.0% increase from USD 5.9 million quotient of total revenue from sales during the year and
in 2023. trade receivables at the end of the year. The lower the
number of days, the faster the receivables are turned into
Operating Ratios cash. In 2024, our trade receivables were derived from
our local sales of palm oil, service concession revenue
Gross Margin and edamame and sago sales. Local sales of CPO and
PK are either on a one-year contract basis or a spot
Our gross margin is measured by dividing the gross contract, both of which require advance payment from
profit by the sum of the revenue from sales and service buyers before delivery, vary from 80%-95% and receive
concessions. In 2024 our gross margin increased by 5.2 the remaining balance soon after delivery. Thus, our
percentage points to 20.0%, from 14.8% in 2023, which outstanding trade receivables at the end of the year will
was largely attributable to the higher ASPs for CPO, PK be minimal compared to the total revenue.
and PKO, coupled with the lower upkeep costs at our
matured plantations, particularly fertilizer costs. Solvability
EBITDA Margin The Current Ratio is measured by dividing total current
assets by total current liabilities at the end of the year. Our
Our EBITDA margin is measured by dividing EBITDA by the current ratio in 2024 was 1.3x, higher than 1.0x in 2023.
sum of revenue from sales and service concessions. Our This was attributable to the increase in current assets
EBITDA is calculated from profit before tax, adding back combined with the decrease in current liabilities. The
depreciation, amortization, interest expenses, impairment increase in current assets is mainly due to the increase
loss and foreign exchange loss, then subtracting foreign in cash and cash equivalents, biological assets and
exchange gain and interest income. Our EBITDA margin investment in equity securities. Meanwhile, the decrease
stood at 25.0% in 2024, an increase of 4.3 percentage in current liabilities is largely attributable to the decrease
points from 20.7% in 2023, primarily due to the higher net in short-term bank loans.
profit for the year as discussed above.
The Cash Ratio is calculated by dividing the total cash and
Net Profit Margin cash equivalents by total current liabilities. At the end of
2024, our cash and cash equivalents were 14.7% of the
In 2024 our net profit margin was 3.9%, compared to 1.9% total current assets, higher than cash ratio of 10.6% in
in 2023. This represented a net income of USD 9.2 million 2023, resulting in our cash ratio 2024 of 0.2x, up from 0.1x
from a total revenue of USD 236.8 million, compared to a in 2023. Although our cash ratio in 2024 is lower than 0.5x,
net income of USD 4.4 million from a total revenue of USD we believe that we have adequate capacity to meet our
237.6 million in 2023. current liabilities since our current ratio is stable above
1.0x.
Return on Assets and Equity
The Liabilities to Equity Ratio reflects our ability to meet
Return on Assets (ROA) is calculated by dividing net profit our total liabilities. The lower the ratio, the better our
for the year by the total assets at the end of the year. We ability. In 2024, our total liabilities decreased by 3.9% to
booked a ROA of 1.6% in 2024, an increase of 109.4% from USD 181.3 million from USD 188.7 million in 2023, while
ROA 2023 of 0.8%. our total equity remained stable at USD 391.9 million,
driving a lower liabilities-to-equity ratio of 0.46x in 2024
124 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
compared to 0.48x in 2023. Meanwhile, our debt-to-equity The Net Debt to Equity Ratio is calculated by dividing
ratio in 2024 was 0.37x in 2024, slightly lower than 2023 net debt by equity, where net debt represents interest-
figure of 0.39x. This indicates that our capacity to meet bearing liabilities minus cash and cash equivalents. Our
our liabilities remains strong. net debt-to-equity ratio in 2024 was 0.3x, lower than 0.4x
in 2023, due to the decrease in bank loans, coupled with
the increase in cash and cash equivalents.
Capital Structure and Capital Structure Policy
Capital Structure
USD thousand except where stated 2024 2023* Change
Debts
Short term bank loans 14,200 23,252 (38.9%)
Long-term bank loan – current maturities 11,662 5,806 100.8%
Long-term bank loans- net of current maturities 119,627 121,885 (1.9%)
Lease liabilities - current maturities 18 305 (94.0%)
Lease liabilities - net of current maturities 2 20 (87.7%)
Total debt 145,509 151,267 (3.8%)
Total cash and cash equivalents 9,133 5,853 56.0%
Net debt 136,376 145,415 (6.2%)
Equity attributable to the owners of the Company 391,041 390,499 0.1%
Net debt to equity ratio 0.35 0.37 (8.1%)
* Restated due to error in applying equity method of accounting and amortization of the fair value adjustments in step acquisition.
Our strategy for value creation across the ANJ Group is withdrawals from PT Bank CIMB Niaga Tbk. and PT Bank
growing our agribusiness-based food business in palm SMBC Indonesia Tbk. The total equity attributable to the
oil, sago and vegetables, based on responsible growth. owners of the Company stood at USD 391.0 million as of
We seek to maintain a balance between the use of equity December 31, 2024.
and borrowings. We have therefore taken advantage of
the strong liquidity from our palm oil operations and our We recognize the importance of a resilient capital structure
cash balance from operations to finance our investments, for the sustainability of our businesses. We believe that
supplementing this by using substantial bank loan the strength of our capital structure is demonstrated by
facilities. We have also maintained a modest degree of our net debt to total equity ratio of 0.35x as of December
leverage into the Company’s capital structure. 31, 2024. However, to fulfill the financing requirements
of our oil palm replanting program and other business
Capital Structure Policy expansion plans, we will continue to increase our leverage
in our capital structure prudently, up to a level of no more
Management periodically reviews the Company’s capital than 0.75x net debt to shareholders’ equity, from bank
structure, focusing particularly on the cost of capital and loans, bonds or other resources.
associated risks. This capital structure consists of equity
attributable to the owners of the Company (comprising Changes in Laws and Regulations
capital stock, additional paid-in capital, difference in value
due to changes in equity of subsidiaries, other reserves There were no changes in laws or regulations that had a
and retained earnings) and debt. The Group is not required significant impact on the Company’s business in 2024.
to meet any specific capital requirements.
Changes to Accounting Policy
We recorded USD 14.2 million in outstanding short-
term bank loans from PT Bank OCBC NISP Tbk. as of In 2024, the Company has applied a number of Amendments
December 31, 2024. Meanwhile, outstanding long-term to PSAK issued by the Financial Accounting Standards
bank loans as of December 31, 2024, amounted to USD Board of the Indonesian Institute of Accountants that are
131.4 million. A total of USD 116.3 million or 88.5% of this relevant and effective for accounting period beginning on
amount was withdrawn from loan facilities from PT Bank January 1, 2024:
OCBC NISP Tbk. and the remaining balance consisted of
2024 Annual Report 125
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MANAGEMENT DISCUSSION
AND ANALYSIS
• Amendment to PSAK 116: “Leases” the restatement) in 2023. This net profit will be added
Amendment to PSAK 116 confirms the subsequent to retained earnings which will be used to increase the
measurement of right-of-use assets and leased working capital of the Company amidst the challenging
liabilities from sale and leaseback transactions. The market conditions.
seller-lessee (seller-lessee) measures the lease
liability in such a way that it will not recognize the Dividend Payment 2023
amount of gain or loss associated with the retained
rights of use asset. USD thousand except where stated 2023
• Amendment to PSAK 201: “Classification of Liabilities Total dividend in USD 6,239,282
as Current or Non-Current” Net income in thousand USD 21,155
This amendment to PSAK 201 stipulates that long-
Dividend per share IDR 27.8
term liabilities with covenants are presented as short-
term or long-term liabilities depending on the right to Dividend yield 3.3%
defer liabilities settlement. Covenants in this case are
Dividend Payout Ratio 29.5%
divided into covenants that affect and do not affect the
right to delay the settlement of liabilities for at least 12 Declaration date June 7, 2023
months after the reporting period. Payment date July 7, 2023
The adoption of those amendments does not have a In the Annual General Shareholders’ Meeting held on
material effect on the consolidated financial statements. June 7, 2023, the shareholders of the Company approved
the distribution of cash dividends of IDR 93,246.1
Dividend Policy million or IDR 27.8 (full amount) per share (equivalent
to USD 6,239,282 or USD 0.0019 per share) from the
Under Indonesian law, dividend payments are determined unappropriated retained earnings as of December 31,
by a resolution of the Annual General Meeting of 2022 to the shareholders recorded on the shareholders
Shareholders, based on the recommendation of the register on 19 June 2023 (recording date). The dividend
Board of Directors. A dividend may be announced in any was paid to the shareholders on July 7, 2023.
given year if we have positive retained earnings. Our
policy is to pay dividends at a rate of up to 50% of our Use of IPO Proceeds
consolidated net income after provisioning all statutory
reserves. The dividend rate, as well as our ability to pay The proceeds from the IPO in 2013 were used in their
dividends in the future, is subject to our cash flow, future entirety for the expansion of the business and investment
retained earnings, financial condition, working capital in capital goods.
requirements and investment plans, as well as regulatory
and other requirements. Dividends are paid in Indonesian
Material Information Related to
Rupiah. Shareholders of record on the dates concerned
will be entitled to the full approved dividend amount,
Investment, Expansion, Divestments,
subject to any withholding tax imposed by Indonesian Consolidation/Merger, Acquisition or
authorities. Debt/Capital Restructuring Investment
Since 2021, dividends paid to shareholders who are The Company did not invest in any new subsidiaries or
resident in Indonesia are not subject to withholding tax. other new entities in 2024 but increased its investments
Dividends paid to shareholders who are not resident in in fixed assets and palm plantations.
Indonesia are subject to a 20% Indonesian withholding
tax. This rate may be lower if tax treaties are in place. Divestment
Our dividend policy is a statement of present intention
and is subject to modification by our Board of Directors, The Company did not divest any subsidiaries in
with the shareholders’ approval at a General Meeting of 2024. However, the Company obtained the Board of
Shareholders. Commissioners approval to sell all shares representing an
11.88% ownership in PT Moon Lion Industries Indonesia.
Dividend Payment 2024 Subsequently, this transaction was successfully completed
in accordance with the resolution of the General Meeting
The Annual General Meeting of the Company’s of Shareholders of PT Moon Lion Industries Indonesia
Shareholders (AGMS) on June 5, 2024, decided not to held on April 22, 2025, as reported in the Events after
distribute a dividend for the 2023 financial year, despite the Reporting Period section on page 131.
Company generating a net profit of USD 1.9 million (before
126 2024 Annual Report
Page 129
PT Austindo Nusantara Jaya Tbk.
Debt/Capital Restructuring • Based on a management and technical services
agreement dated June 27, 2014, which was amended
To enhance the capital structures of its subsidiaries, ANJ recently on October 8, 2021, ANJA charged management
Group has approved an increase in the issued and paid-up fees of USD 600,000 per annum to ANJAS.
capital by issuing the following new shares in 2024: • Based on a management and technical services
agreement dated June 27, 2014, which was recently
• On December 4, 2024, SMM subscribed and paid amended on October 8, 2021. ANJA charged
30,200 new shares to ANJAP. SMM’s direct ownership management fees of USD 1,200,000 per annum to
in ANJAP became 22.00% SMM.
• On December 4, 2024, the Company subscribed and • Based on a management and technical services
paid 900,000 new shares to ANJB. The Company’s agreement dated August 24, 2022, ANJA charged
direct ownership in ANJB remained at 99.99%. management fees of USD 960,000 per annum to KAL.
• On December 4, 2024, ANJA subscribed and paid • The Company charged management fees to subsidiaries,
87,500 new shares to GSB. ANJA’s direct ownership in based on a management services agreement, dated
GSB became 95.68%. December 14, 2015, which was recently amended on
February 19, 2024. The management service fee per
Information and Material Transactions, annum (excluding deviation charges, if any) for each
subsidiary is as the follows:
Affiliated Transactions, and Conflict of
Interest Transactions
Subsidiary Maximum Management Service Fee
The Company has a Policy for Affiliated Transactions ANJA, ANJAS IDR 7,813.1 million
and Conflict of Interest Transactions, which requires SMM IDR 9,487.1 million
any affiliated transactions to be submitted by the Board
KAL IDR 8,371.1 million
of Directors for review by the Audit Committee of the
Company. The Audit Committee is required to provide a PPM IDR 1,107.3 million
recommendation to the Board of Commissioners which PMP IDR 2,037.3 million
is based on the recommendation. The Independent ANJAP IDR 323.8 million
Commissioners may decide to approve the proposed
AANE IDR 93 million
affiliated transactions, while the other Commissioners
may decide to co-approve the proposed affiliated GMIT IDR 507.9 million
transaction. All of the affiliated transactions have been ANJB IDR 18.6 million
disclosed to either the Financial Services Authority
(OJK) or the Indonesia Stock Exchange (IDX) or both, in • ANJA entered into a loan agreement with KAL
compliance with prevailing laws and regulations and (borrower) on June 24, 2015, for which the most recent
under arm-length transactions. amendment was made on February 15, 2022. The
current loan facility is equivalent to USD 25 million,
ANJ has very few transactions with related parties; our bears interest at an annual interest rate of 8.13%
related-party transactions entered in 2024 were within for borrowing in IDR and Term Secured Overnight
the ANJ Group. Our related-party transactions as of Financing Rate (SOFR) 1 month + 1.38% for borrowing
December 31, 2024, were as follows: in USD and is valid until December 31, 2024, and will
be automatically extended for one year until the facility
• GMIT used land and buildings owned by AKJ and MDN has been fully paid. As of December 31, 2024, the total
for its offices, employee housing, training center and outstanding loan was nil.
warehouse in accordance with a lend-use agreement, • ANJA entered into a loan agreement with SMM
dated May 17, 2012. This agreement has been renewed (borrower) on July 18, 2022, for USD 15 million which
and is valid until May 17, 2026. Based on this lend and bears interest at an annual interest rate of Term
use agreement, GMIT has no obligation to pay anything Secured Overnight Financing Rate (SOFR) 1 month +
to AKJ or MDN, however, GMIT has to bear and pay 1.38% and is valid until July 17, 2025. As of December
the Land and Building tax, fire insurance, repair and 31, 2024, the total outstanding loan was nil.
maintenance, electricity, water, telephone, security • On May 19, 2022, ANJA entered into a loan agreement
and all other maintenance costs related to the land and with ANJAS, as the borrower, for USD 15 million which
building during the lend and use period. bears interest at an annual interest rate of Term
• Pursuant to a management and technical services Secured Overnight Financing Rate (SOFR) 1 month +
agreement, dated May 21, 2014, which has been 1.38%. This loan facility is valid until May 18, 2025. As of
amended several times, most recently on October 31, December 31, 2024, the total outstanding loan was nil.
2017, SMM charged AANE management fees of IDR • On August 28, 2020, and as recently amended on March
300 million per annum. 31, 2021, LSP entered into a loan agreement with
2024 Annual Report 127
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MANAGEMENT DISCUSSION
AND ANALYSIS
PPM, as the borrower, for IDR 2.35 billion which bears until March 2, 2025. As of December 31, 2024, the total
interest at an annual interest rate of 8.13%. This loan outstanding loan was USD 0.2 million.
facility is valid until August 27, 2025. As of December • All Fresh Fruit Bunch (FFB) produced in PPM is solely
31, 2024, the total outstanding loan was IDR 2.35 billion sold to PMP. During 2024, PPM sold Rp 69.8 billion (or
(equivalent to USD 0.15 million). equivalent to USD4.4 million).
• On August 28, 2020, which was recently amended on
June 3, 2022, AANE entered into a loan agreement with Information on Material Transactions
PPM, as the borrower, for IDR 10 billion, which bears Containing Conflict of Interest and / or
interest at an annual interest rate of 8.13%. This loan Transactions with Affiliated Parties
facility is valid until August 27, 2025. As of December
31, 2024, the total outstanding loan was IDR 7.25 billion In 2024, the Company did not have any material
(equivalent to USD 0.4 million). transactions containing conflict of interest and/or
• On October 28, 2020, ANJAS entered into a loan transactions with affiliated parties.
agreement with PPM, as the borrower, for USD 10
million or its equivalent in IDR, which bears interest at
Material Commitments for Capital
an annual interest rate of 8.13% for borrowing in IDR
and Term Secured Overnight Financing Rate (SOFR) 1
Expenditure
month + 1.38% for borrowing in USD. This loan facility
Capital Expenditure Realization in 2024
is valid until October 27, 2025. As of December 31,
2024, the total outstanding loan was nil.
Our Capital Expenditure (Capex) in 2024 amounted to
• On October 28, 2020, ANJAS entered into a loan
USD 24.3 million. Of this, USD 23.9 million was used
agreement with PMP, as the borrower, for USD 10
for developing our palm oil plantations (PPM, PMP,
million or its equivalent in IDR, which bears interest at
ANJA, ANJAS, SMM, KAL, GSB); USD 0.2 million for
an annual interest rate of 8.13% for borrowing in IDR
developing our sago starch (ANJAP); and the remainder
and Term Secured Overnight Financing Rate (SOFR) 1
for developing our edamame business (GMIT). The Capex
month + 1.38%.for borrowing in USD. This loan facility
was mainly financed by the cash flows generated from our
is valid until October 27, 2025. As of December 31,
operating and financing activities.
2024, the total outstanding loan was nil.
• On October 24, 2022, SMM entered into a loan
Certain of our capital expenditures are denominated
agreement with ANJ, as the borrower, for USD 10
in USD or affected by the USD exchange rate volatility.
million, which bears interest at an annual interest rate
We mitigate our exposure to forex risk by monitoring
of Term Secured Overnight Financing Rate (SOFR) 1
fluctuations in the foreign currency rates, and by entering
month + 1.38%. This loan facility is valid until October
into forward exchange-rate contracts to hedge against
24, 2025. As of December 31, 2024, the total outstanding
fluctuations, as permitted by Company policy, on the
loan was nil.
condition that any such contract does not exceed six
• On May 12, 2023, SMM entered into a loan agreement
months and the value of the contracts does not exceed
with PMP, as the borrower, for USD 10 million or its
the amount of IDR needed for operational expenses for
equivalent in IDR, which bears interest at an annual
three months.
interest rate of 8.13% for borrowing in IDR and Term
Secured Overnight Financing Rate (SOFR) 1 month +
Capital Expenditure and Work Plans 2025
1.38% for borrowing in USD. This loan facility is valid
until May 12, 2025. As of December 31, 2024, the total
We have budgeted capital expenditures totaling USD 29.8
outstanding loan was nil.
million in 2025 to fund several programs that support our
• On March 3, 2023, ANJ entered into a loan agreement
productivity improvement. Our capital expenditure work
with PMP, as the borrower, for USD 10 million or its
plans for 2025 including:
equivalent in IDR, which bears interest at an annual
interest rate of 8.13% for borrowing in IDR and Term
• Replanting program of 950.61 ha at our Belitung Island
Secured Overnight Financing Rate (SOFR) 1 month +
Plantation (SMM);
1.38% for borrowing in USD. This loan facility is valid
• Replanting program of 716.16 ha at our North Sumatra
until March 2, 2025. As of December 31, 2024, the total
I Plantation (ANJA);
outstanding loan was nil.
• River embankments piling project in our North
• On March 3, 2023, ANJ entered into a loan agreement
Sumatra II Plantation (ANJAS) to mitigate floods from
with PPM, as the borrower, for USD 10 million or its
the nearby river;
equivalent in IDR, which bears interest at an annual
• Further land compensation and new planting in the
interest rate of 8.13% for borrowing in IDR and Term
compensated area at our South Sumatra landbank
Secured Overnight Financing Rate (SOFR) 1 month +
(GSB);
1.38% for borrowing in USD. This loan facility is valid
128 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
• Expansion of cold storage for edamame business at reduce or suspend our planned capital expenditures, or
GMIT; modify the timing and/or location of any of our planned
• Completion of construction of infrastructures in our capital spending from the estimates described above in
Southwest Papua Plantations (PPM and PMP) for road response to market conditions or for other reasons.
surfacing (laterite) to support the operation of 9,025 ha
of planted area. In addition, our actual capital expenditure may be
significantly higher or lower than the estimated amount
These capital expenditures will be financed largely by due to various factors, including, but not limited to,
cash from operations and external financing, including unplanned cost overruns, our ability to generate
but not limited to bank loans. sufficient cash flows from operations and our ability to
obtain adequate external financing for planned capital
Our overall expenditure and its allocation among projects expenditures.
are subject to several uncertainties. We may increase,
Comparison of Realization Against Targets
2024
Target 2024 Realization 2024 % of Achivement
Palm oil production (mt)
FFB production 933,602 777,615 83.3%
FFB purchase 629,454 463,835 73.7%
CPO production 324,043 245,395 75.7%
PK production 59,693 47,668 79.9%
PKO production 2,220 1,121 50.5%
Edamame production (mt)
Fresh edamame 1,574 2,253 143.1%
Frozen edamame 2,606 1,975 75.8%
Frozen mukimame 349 304 86.9%
Sago starch production (mt) 2,725 2,228 81.8%
Renewable energy production (kWh) 10,665,449 8,180,572 76.7%
Palm oil sales performance
CPO sales (mt) 323,637 245,784 75.9%
PK sales (mt) 59,693 47,610 79.8%
Financial performance
Revenue (million USD) 257.8 236.8 91.9%
Gross profit (million USD) 40.6 47.3 116.3%
Income before tax (million USD) 17.7 20.4 115.2%
Net profit for the year (million USD) 8.0 9.2 115.1%
Production
The Company produced 777,615 mt of FFB in 2024, 245,395 mt, representing 75.7% of our target of 324,043
representing a total achievement of 83.3% compared mt. Our PK production was 47,668 mt, achieving 79.9% of
to our target of 933,602 mt. All of our plantations our target of 59,693 mt. Additionally, our KCP in Southwest
experienced a decline in FFB production volume due to Papua produced 1,121 mt of PKO in 2024, which is only
adverse extreme weather, as discussed earlier in this 50.5% of our target.
report. These decreases lead to lower CPO production of
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MANAGEMENT DISCUSSION
AND ANALYSIS
Sago starch production in 2024 was 2,228 mt or an Sales and Revenues
achievement of 81.8% to our target of 2,725 mt. Meanwhile,
our fresh edamame production in 2024 was 2,253 mt, In line with production performance, the Company
representing 143.1% of our target of 1,574 mt. Frozen sold 245,784 mt of CPO in 2024, representing a total
edamame production was 1,975 mt in 2024, representing achievement of 75.9% compared to our sales target of
an achievement of 75.8% compared to our target of 2,606 323,637 mt. The PK sales volume stood at 47,610 mt in
mt. This was due to pests and plant diseases throughout 2024, which is 20.2% below our target of 59,693 mt. These
2024, resulting in a lower volume of premium-quality sales performances weigh on our total revenue in 2024
edamame for further processing into frozen products. We of USD 236.8 million, representing 91.9% of our target of
also recorded a lower mukimame production of 304 mt, USD 257.8 million.
representing 13.1% below our target of 349 mt in 2024.
Profit
Our renewable energy segment generated a total of
8,180,572 kWh of electricity in 2024, lower than our The Company posted a net income of USD 9.2 million in
target of 10,665,449 kWh in 2024. This was due to several 2024, representing a total achievement of 115.1% of our
maintenance activities in 2024 and reduced availability of target of USD 8.0 million. This success was primarily driven
input material, specifically Palm Oil Mill Effluent (POME), by higher ASPs for palm oil products and lower fertilizer
which was affected by the lower FFB production at the costs at our mature plantations, as previously mentioned.
Belitung Island plantation. Additionally, the lower losses from the sago segment,
resulting from decreased sago starch processing costs in
2024, contributed to this positive outcome.
2025 Company Target
2024 2025
Production Change (%)
Actual Target
Palm oil production (mt)
FFB production 777,615 889,046 14.3%
FFB purchase 463,835 500,964 8.0%
CPO production 245,395 286,418 16.7%
PK production 47,668 55,689 16.8%
PKO production 1,121 1,710 52.6%
Edamame production (mt)
Fresh edamame 2,253 2,336 3.7%
Frozen edamame 1,975 3,372 70.7%
Frozen mukimame 304 552 81.8%
Sago starch production (mt) 2,228 2,060 (7.6%)
Renewable energy (kWh) 8,180,572 10,391,410 27.0%
Our revenue is highly dependent on the prices and sales production of 245,395 mt in 2024. In line with FFB and CPO
volumes of CPO and PK, as the palm oil business segment production targets, the Company has also set targets for
contributes the majority to the Company’s revenue. The PK and PKO to grow by 16.8% and 52.6%, respectively in
Company has set targets for FFB production of 889,046 2025.
mt in 2025, a 14.3% higher than the 2024 achievement of
777,615 mt. Additionally, CPO production is expected to For the non-palm oil segment, the Company aims to
increase by 16.7% to 286,418 mt, compared to the actual achieve significant improvement in frozen edamame
production due to growing demand in the export market
130 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
and higher planting size in the upcoming year. We have production of 2,253 mt in 2024, as we aim to produce more
set a target for frozen edamame to grow by 70.7% to frozen products than the fresh ones. Our sago segment
3,372 mt in 2025, compared to 1,975 mt achieved in 2024. is projected to produce a lower production volume of
Mukimame production is expected to increase by 81.8% 2,060 mt in 2025. Meanwhile, for the renewable energy
from 304 mt in 2024 to 552 mt in 2025. Meanwhile, fresh business, the Company is targeting a 27.0% growth in its
edamame production is expected to experience a modest electricity production, reaching 10,391,410 kWh in 2025.
increase of 2,336 mt in 2025, a 3.7% rise from the actual
Events After Reporting Period
After the reporting period up to the issuance of this annual 2. Waiver letter from Banks
report, there have been subsequent events that can be
Upon the completion of the proposed acquisition of
reported, as follows:
the Company, ANJ will no longer comply with the
non-financial covenants in our bank loans to have a
1. Share purchase agreement of the Company’s shares
minimum 51% ownership, directly or indirectly, by the
On March 18, 2025, the Company received a written Tahija family. On April 16, 2025 and April 17, 2025, we
notification from PT Ciliandra Perkasa (CP) regarding obtained waiver letters from PT Bank CIMB Niaga Tbk.
the plan to acquire approximately 91.17% of all issued and PT Bank OCBC NISP Tbk., respectively, granting
and fully paid-up shares in ANJ owned by PT Austindo an extension of the loan facilities until May 20, 2025.
Kencana Jaya, PT Memimpin Dengan Nurani, Mr. The loan facilities in PT Bank SMBC Indonesia Tbk. and
Sjakon George Tahija and Mr. George Santosa Tahija. On PT Bank UOB Indonesia remain available, as we have
April 14, 2025, ANJ received a written notification from obtained the waiver letters from both banks approving
First Resources Limited (FRL), the parent company of the change in the majority shareholders of ANJT to
CP, to inform that following further negotiations, the FRL. The entire long term bank loan balance as of
share purchase agreement dated March 18, 2025 has March 31, 2025 is still presented in long term liabilities
been novated so that FRL replaced CP as the proposed because the proposed acquisition has not yet become
purchaser. As of the date of issuance of this newsletter, effective.
the completion of the proposed acquisition has not yet
become effective. 3. Divestment of PT Moon Lion Industries Indonesia
On April 22, 2025, the Company divested its entire
investment in PT Moon Lion Industries Indonesia which
represents 2,376,523 shares or 11.88% ownership to
Chun Yu Works & Co., Ltd and Mr. Mintarto Halim for a
total cash consideration of IDR 68.9 billion.
Going Concern Information
There is still significant potential for the Company to yield and ramp up the volume of commercial operation
develop its core business of palm oil, especially on and export of frozen vegetable products (especially
our South Sumatra landbank. Our landbanks in North edamame) in 2025. We believe that both businesses have
Sumatra, Belitung Island, West Kalimantan, South the potential to strengthen our position as a world-class
Sumatra and Southwest Papua extend to over 154,650 agribusiness-based food company that makes a positive
hectares, with the infrastructure to support improvements contribution to local economic development and national
in productivity and operational efficiency. In addition, food diversification and security. A priority in 2025 will be
we continue to develop responsible strategic initiatives to continue to develop domestic and export markets for
that incorporate community development and other value-added sago and edamame products.
sustainability initiatives, in support of the government
development policies. The Company’s sound capital structure also bodes well for
sustained growth as we continue to pursue our long-term
In our sago segment, we will continue to improve our sago objectives of growing responsibly, generating sustainable
extraction and reduce the variable cost of production. In our value and strengthening our reputation and position in the
vegetable segment, we managed to improve our planting industry.
2024 Annual Report 131
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CORPORATE
GOVERNANCE
132 2024 Annual Report
Page 135
PT
PTAustindo
AustindoNusantara
NusantaraJaya
JayaTbk.
Tbk
CORPORATE
2024 Annual Report 133
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CORPORATE
GOVERNANCE
ANJ’s Commitment to Good Corporate Governance
The Company believes that a ANJ’s corporate governance framework consists of
policies, controls, processes and standards that cover all
strong commitment to upholding aspects of the business. The framework is underpinned
the principles of Good Corporate by the Company’s Code of Ethics on Business Conduct
and our core values of integrity, respect for people and
Governance (GCG) — ethics the environment and continuous improvement.
(ethical behavior), transparency, Legal Basis for Corporate Governance at
accountability and sustainability ANJ
— throughout our business is The legal and policy foundation for the implementation
of corporate governance at ANJ includes the following:
essential for delivering sustainable
1. The prevailing laws and regulations in Indonesia,
value to all our stakeholders and particularly those related to the capital market and
ensuring the Company's long-term Law No. 40/2007 on Limited Liability Companies
("Company Law");
growth in line with our responsible 2. Regulations and circular letters issued by OJK;
development goals. 3. The Articles of Association of the Company;
4. The ASEAN Corporate Governance Scorecard; and
5. The Good Corporate Governance Guidelines issued by
the National Governance Policy Committee (KNKG).
GCG Policy
ANJ’s internal corporate governance policy is defined in
the following documents:
The Articles of Association of the Company;
By-laws
The Code of Ethics on Business Conduct
The Charters of the Board of Commissioners
(and its Committees) and the Board of
Directors
The Company’s Sustainability Policy
Together with ANJ’s operational procedures, business
processes and quality management systems, these
documents represent the Company rules. All of these are
reviewed and updated periodically to ensure that they are
aligned with growth of the business, regulatory changes
and shifts in the market dynamics.
134 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Assessment of GCG Implementation
The goals of the GCG implementation assessment are to 2. Governance Process
determine the extent to which GCG practices are being The primary objective of the governance process
applied and to receive feedback that can be used to assessment is to measure the effectiveness of the
improve future performance. The Company evaluates the ongoing governance principles implementation. The
quality of GCG implementation annually, both individually adequacy of the Company’s governance structure and
(self-assessment) and in partnership with third parties, infrastructure when supported by a good governance
to obtain independent results. process is expected to help the Company achieve
results that meet stakeholder expectations.
The Company is committed to the continuous improvement
of our corporate governance practices, in line with our 3. Governance Outcome
commitment to responsible business growth. This is The Company assesses governance results to
realized through an ongoing cycle of review, remediation determine the quality of the Company’s outcome. This
and development by the Board of Commissioners, the includes both qualitative and quantitative factors. In
Board of Directors, the Board Committees and the addition, the evaluation ensures that the governance
Internal Audit Unit. structure and process have been properly executed
resulting in a proper GCG implementation.
To the extent permitted by applicable laws and
regulations, the Company’s Directors serve as Directors Assessment Criteria
and/or Commissioners of our subsidiaries, enabling
them to monitor and guide corporate governance across There are 10 (ten) governance assessment factors for
the entire Group. self-assessment, namely:
1. Implementation of the duties and responsibilities of
Assessing Parties the Board of Commissioners.
2. Implementation of the duties and responsibilities of
Our governance is either evaluated through self- the Board of Directors.
assessment by the Company itself or in collaboration with 3. Execution and completion of Committee duties.
the third party to obtain an independent assessment. The 4. Implementation of internal audit functions.
assessment are as follows: 5. Implementation of external audit functions.
6. Implementation of risk management, including
A. Self-Assessment internal control system.
7. Provision of funds for related parties and large
Every year, a self-assessment is conducted under the exposures.
provisions of OJK Regulation No. 21/POJK.04/2015 and 8. Management of conflicts of interest.
OJK Circular Letter No. 32/SEOJK.04/2015 concerning 9. Transparency, GCG implementation report and
Governance Guidelines for Listed Companies. The internal reporting.
Company also conducts an annual self-assessment 10.The Company’s strategic plan.
against the ASEAN Corporate Governance Scorecard
criteria. This assesses the application of Good Corporate Parties Conducting the Assessment
Governance principles within the Company which includes
transparency, accountability, responsibility, independency The self-assessment involves the Board of
and fairness in the operational activities of the Company. Commissioners, the Board of Directors and Executive
Officers of the Company, resulting in a comprehensive
Assessment Procedures and well-structured evaluation of the effectiveness
and quality of the Company’s governance systems and
The Company performs a comprehensive and structured outcomes.
self-assessment which consists of 3 (three) aspects of
governance, namely: Assessment Results
1. Governance Structure OJK Governance Guidelines for Listed Companies:
The assessment of the governance structure aims for the Company has fulfilled substantially all the
a comprehensive evaluation of the adequacy of the recommendations, as shown in the matrix on page 206
Company’s governance structure and infrastructure of this Report.
to ensure outcomes that meet the expectations of
stakeholders.
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CORPORATE
GOVERNANCE
B. External Assessments Assessment Criteria for 2024
1. ASEAN Corporate Governance Scorecard The first level consist of 4 (four) aspects, namely Rights
and Equitable Treatment of Shareholders, Sustainability
The ASEAN Corporate Governance Scorecard is a and Resilience, Disclosure and Transparency as well as
quantitative tool to measure the compliance of public Responsibilities of the Board. The second level consist
companies in ASEAN with corporate governance of bonus items, reflecting practices beyond minimum
guidelines according to exemplary practices based on standard expectations and penalty items reflecting of
international standards, in particular the principles of poor governance practices.
corporate governance issued by the Organization for
Economic Cooperation and Development (OECD). Parties Conducting the Assessment
ANJ has been assessed by the Indonesian Institute for The ASEAN Corporate Governance Scorecard of the
Corporate Directorship (IICD) for its corporate governance Company is assessed by the Indonesian Institute for
implementation from the financial year of 2017 until 2023. Corporate Directorship (IICD).
Assessment Procedure Assessment Results
The assessment is conducted based on a review The result for the financial year of 2023 is 95.56, compared
of publicly available and accessible information in to last year score of 100.27. This result was verified by
English and Indonesian languages published by the the IICD at the Company’s request. With this score, it puts
Company, including the Annual Report, website and any ANJ in level four (out of five) which means ANJ is Very
announcements or reports of the Company to OJK and Good on Corporate Governance. The reduction in score
IDX. The assessment methodology consists of 2 (two) is also driven by changes and renewal of assessment
levels: criteria of the ASEAN Corporate Governance Scorecard,
which started to be implemented in 2024. The Company
1. Level 1: minimum standard items that are expected will continue to strive to improve the implementation of
to be implemented in each ASEAN member countries, good corporate governance and improve the score of
including prevailing laws and regulations and OECD Company's ASEAN Corporate Governance Scorecard by
principles. analysis of the assessment. The following describes the
2. Level 2: bonus items reflecting practices beyond assessment results for the last 3 years:
minimum standard expectations and penalty items
reflecting poor governance practices.
ACGS Results
99.74 100.27
95.56
2021 2022 2023
ACGS Result
136 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Principle 2020 2021 2022
Principle A (Rights of Shareholders) 9.52 9.52 9.52
Principle B (Equitable Treatment of
7.14 10 9.28
Shareholders)
Principle C (Role of Stakeholders) 15 15 15
Principle D (Disclosure and
22.66 24.21 24.21
Transparency)
Principle E (Board of the
31.25 35 36.25
Commissioners Responsibilities)
Bonus 6 8 8
Penalty -4 -2 -2
Total Score 87.57 99.74 100.27
Level 3 Level 4 Level 5
Level (Good) (Very Good) (Leadership in Corporate
Governance)
Principle 2023
Principle A (Rights and Equitable Treatment of Shareholders) 18.52
Principle B (Sustainability and Resilience) 14.32
Principle C (Disclosure and Transparency) 23.53
Principle D (Responsibilities of the Board) 34.19
Bonus 10
Penalty -5
Total Score 95.56
Level Level 4 (Very Good)
The Company has also made public the ASEAN Corporate Implementation of Recommendations
Governance Scorecard’s assessment reports on the
website of the Company. The Company follows up on the findings of the above
assessments as well as the results of our internal audit
2. Corporate Sustainability Assessment (CSA) mechanisms.
Rating
The Company was assessed by S&P Global for Corporate
Sustainability Assessment (CSA) with score of 65 out of
100 for 2023. With this achievement, the Company was
ranked in the first place among the Indonesian food and
products sector companies and the 20th globally among
390 companies in the food and products sector assessed
by S&P Global.
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CORPORATE
GOVERNANCE
Corporate Governance Structure
ANJ’s corporate governance structure consists of three of Commissioners (a non-executive position) and the
mutually independent bodies, in accordance with Law No. President Director is a member of the Board of Directors
40/2007 on Limited Liability Companies: (an executive position) who acts as chairman.
• the General Meeting of Shareholders (GMS): this is the
highest decision-making authority; The Board of Commissioners is supported in its
• the Board of Commissioners: this provides oversight supervisory functions by the four Committees (Audit, Risk
over the Company’s management and advises the Management, Nomination and Remuneration as well
Board of Directors; and as Corporate Social Responsibility and Sustainability).
• the Board of Directors: this has overall responsibility The Board of Directors is supported in its management
for organizes, manages and represents the Company functions by the Corporate Secretary and the Internal
for the benefit of the Company and its shareholders. Audit Unit.
Both the Board of Commissioners and the Board of
Directors are accountable to the GMS. This framework is underpinned by a series of
complementary mechanisms that ensure the effective
The Company applies a two-tier board type system. The and consistent implementation of corporate governance
highest governing body is divided into two tiers: the throughout the Company. These mechanisms include the
Board of Directors, which serves as the executive board internal control system, the risk management system,
and the Board of Commissioners, which serves as the the internal and external audits, the whistleblowing
supervisory board. In the two-tier governance system, system and the corporate governance policy documents
the President Commissioner is a member of the Board referred to above.
General Meeting of Shareholders
The general meeting of shareholders (GMS) is the GMS Procedures
principal forum in which shareholders can exercise their
rights to make certain decisions relating to the Company, To maximize the shareholders’ participation in meetings
to receive reports from the Board of Commissioners and to protect their interests, the Company publishes
and the Board of Directors on their performance and announcements about the GMS and its agenda on (i) the
accountability and to question the Boards about their website of e-RUPS, provided by PT Kustodian Sentral
actions. Efek Indonesia (KSEI), (ii) the website of Indonesia Stock
Exchange (IDX) and (iii) the website of the Company
According to Indonesian Company Law, OJK Regulation (www.anj-group.com). Meeting rules and materials are
No. 15/POJK.04/2020 on the Planning and Organization of available from the date of the GMS notice at the Company’s
the General Meeting of Shareholders of a Public Company Head Office and can be obtained by shareholders upon
and OJK Regulation No. 16/POJK.04/2020 regarding written request to the Company. These procedures are
Implementation of General Meeting of Shareholders in compliance with OJK Regulation No. 15/POJK.04/2020
of a Public Company on Held Electronically and the on the Planning and Organization of the General Meeting
Company’s Articles of Association, the Company must of Shareholders of a Public Company and the Company’s
hold an Annual General Meeting of Shareholders (AGMS) Articles of Association.
once a year and no later than six months after the end of
the Company’s financial year. An Extraordinary General Meetings are considered legal and able to issue binding
Meeting of Shareholders (EGMS) can be convened at any decisions if they are attended by shareholders and/or
time if deemed necessary. their proxies who represent more than one half of the
total number of shares unless, the Articles of Association
GMS Authority determine a higher quorum.
The GMS has authority that is not possessed by either the Rights, Authority and Responsibility of the
Board of Commissioners or the Board of Directors, such Shareholders
as the authority to appoint and dismiss commissioners
and directors and the right to determine the distribution The Company does not have a share classification so
and appropriation of the Company’s net profit. that each share has rights of one vote. The rights held by
shareholders include:
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PT Austindo Nusantara Jaya Tbk.
1. Attend the GMS and cast one vote; The Company does not have a series or class of shares.
2. The opportunity to propose the GMS agenda by one The Company only has one classification of shares. The
shareholder or more representing at least 1/10 (one Company also does not have (i) agreement between
tenth) of the total shares with voting rights; shareholders, (ii) voting stamps, (iii) multiple voting rights,
3. The opportunity to grant a proxy to another party if the (iv) other agreements that allow certain shareholders to
shareholder is unable to attend the GMS. The proxy have voting rights over their ownership in the Company.
form is available on the Company’s website (www.anj-
group.com); Shareholders rights, authorities and responsibilities are
4. The Company will provide the material of the agenda regulated, in detail, in the Articles of Association of the
of GMS for the shareholders of the Company at the Company that are accessible through the Company’s
main office of the Company and such material may be website (www.anj-group.com).
obtained by the shareholders by delivering a written
request to the Company during the office hours in any The Company also encourages all shareholders,
working day as of the date of this notice until the date including institutional shareholders, to attend the GMS
of the GMS; of the Company with advertisements or announcements
5. The opportunity to raise questions in the GMS; on all of the social media of the Company, including the
6. The opportunity to vote on any proposed decision in Company’s website, since the notice of the GMS until the
the GMS; and GMS is held. In addition, the Company also considers
7. Receive equal treatment from ANJ. the proximity of GMS venue to ensure that it is easily
accessible by the shareholders. Additionally, for the
Shareholders also have additional authorities such as: shareholders who cannot attend the GMS physically, the
1. Appoint and dismiss members of the Board of shareholders can attend the GMS by electronic means.
Commissioners and the Board of Directors;
2. Evaluate the performance of Board of Commissioners The following is an abbreviated discussion on the
and Board of Directors; resolutions and implementation of the AGMS in 2024 and
3. Approve the amendments of the Company’s Articles of 2023 of the Company:
Association;
4. Approve the Annual Report and Sustainability Report; GMS in 2024
5. Approve the remuneration of the Board of
Commissioners and the Board of Directors; The Company held its AGMS on June 5, 2024. The AGMS
6. Approve the proposed allocations of the use of was held at the Menara SMBC, 40th floor, Jl. Dr. Ide Anak
Company’s profits including dividend payments; and Agung Gde Agung Kav. 5.5 – 5.6, South Jakarta.
7. Approve the acquisition, merger or material
transaction of the Company (if any). The actions taken to comply with the regulations on
holding the AGMS on June 5, 2024 were as follows:
No. Action Date Medium
Notified OJK of the plan to hold the AGMS, with the
1. March 27, 2024 IDX website and the Company website
agenda.
IDX website, KSEI website and the
2. Notified shareholders of the planned AGMS. April 5, 2024
Company website
Published the notice to shareholders to attend the IDX website, KSEI website and the
3. May 3, 2024
AGMS, with the detailed agenda. Company website
4. Held the AGMS. June 5, 2024 Menara SMBC 40th Floor, Jakarta
IDX website, KSEI website and the
5. Published the summary of the AGMS. June 6, 2024
Company website
6. Published the minutes of meeting of the AGMS. June 13, 2024 IDX website and the Company website
The 2024 AGMS was attended by shareholders and/or their proxies representing 3,101,935,681 shares or 92.48% of the
total shares with valid voting rights issued by the Company. The quorum for the meeting was therefore legally fulfilled.
2024 Annual Report 139
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CORPORATE
GOVERNANCE
Online Voting and Vote Calculation Independent Party to Calculate Votes
Mechanism
The Company appointed independent parties for the
The GMS decisions are made by deliberations for AGMS of the Company in 2024, namely: (i) Notary Gatot
consensus. However, to ensure that deliberation Widodo, S.E., S.H., M.Kn, as the Public Notary and (ii)
for consensus was reached, while maintaining the PT Datindo Entrycom as the Share Registrar Bureau
independence and confidentiality of shareholders in the in calculating and/or validating quorum as well as the
voting process, decision-making is conducted through voting in the GMS of the Company.
voting. Voting is conducted by the shareholders or their
proxies directly in confidence through the easy KSEI GMS Resolutions
system, such that the confidentiality and independency
of shareholder’s votes are secured. Disclosures on the The following tables present the resolutions made at the
procedures of voting and its tally in the GMS have been general meetings of shareholders held in 2024 and 2023
stated clearly in the Code of Conduct of Meeting that and their implementation status. There is no resolution of
was published on the Company’s website together with the Company's GMS for 2024 and 2023 that has not been
the invitation to the GMS and was read out before the realized by the Company.
start of Meeting. In addition to the Code of Conduct of
Meeting, the voting procedures were also uploaded onto
the website of the Company.
Summary of the resolutions of the 2024 AGMS held on June 5, 2024:
THE FIRST AGENDA
Approval and ratification on the Annual Report and Sustainability Report of the Company, which
includes the Report on the Supervisory Duties of the Board of Commissioners and the ratification of
the Consolidated Financial Statements of the Company for the year ending on December 31, 2023,
including the Consolidated Statement of Financial Position and Consolidated Statement of Profit or
Agenda
Loss and Other Comprehensive Income for the year ending on December 31, 2023 and granting of
full release and discharge from responsibilities (acquit et de charge) to the Board of Directors and
the Board of Commissioners of the Company for their management duties and supervisory duties
carried out during the year ending on December 31, 2023.
Number of Shareholders
Who Raised Queries and/or
There was no question on the first meeting agenda.
Opinions
Agree 3,101,935,481 99.99%
The Results of the Voting Disagree 100 0.00%
Abstain 100 0.00%
To approve and ratify the Annual Report and the Sustainability Report of the Company for the year
ending on December 31, 2023, including the Operational Report of the Company, the Supervisory
Report of the Board of Commissioners and the Consolidated Financial Statements of the Company
for the year ending on December 31, 2023, including the Consolidated Statement of Financial
The Resolution of the First Position and Consolidated Statement of Profit or Loss and Other Comprehensive Income for the
Agenda year ending on December 31, 2023 as well as to give full release and discharge of responsibilities
(acquit et de charge) to the members of the Board of Directors and the Board of Commissioners
of the Company for their management duties and supervisory duties carried out during the year
ending on December 31, 2023 to the extent that their actions are reflected in the Annual Report of
the Company.
Completed.
Financial statements for the year ending December 31, 2023 were delivered on February 29, 2024
Implementation Status and the annual report and the sustainability report for the year ending December 31, 2023 was
delivered on April 30, 2024, both to the OJK and IDX.
140 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
THE SECOND AGENDA
Stipulation of use of net profit of the Company for the year ending on December 31, 2023.
Agenda
Number of Shareholders
Who Raised Queries and/or
Opinions There was no question on the second meeting agenda.
Agree 3,101,935,481 99.99%
The Results of the Voting Disagree 100 0.00%
Abstain 100 0.00%
a. To approve that the Company will not distribute dividends for the year ending in December 31,
2023.
The Resolution of the b. To approve the use of the net profit of the Company for the financial year ended December 31,
Second Agenda 2023 amounting to USD1,901,654 to be recorded as retained earnings which will be used to
increase the working capital of the Company.
Completed.
Implementation Status
THE THIRD AGENDA
Appointment of an Independent Public Accountant and Public Accounting Firm to carry out audit
Agenda on the Company for the financial year of 2024 and to approve the honorarium of the Independent
Public Accountant and Public Accounting Firm so appointed.
Number of Shareholders
Who Raised Queries and/or
There was no question on the third meeting agenda.
Opinions
Agree 3,101,935,481 99.99%
The Results of the Voting Disagree 100 0.00%
Abstain 100 0.00%
a. To approve the appointment of KAP (Public Accountant Office) Siddharta Widjaja & Rekan and Mr.
Susanto, S.E, CPA as the Public Accountant from KAP Siddharta Widjaja & Rekan to carry out
the audit of the Company for the financial year of 2024.
The Resolution of the Third b. To give authorities and powers to the Board of Commissioners of the Company to appoint a
Agenda substitute Public Accountant Office, including a replacement of a Public Accountant, as well as
to dismiss the appointed Public Accountant.
c. To give authorities to the Board of Directors of the Company to approve and determine the
honorarium and the terms of its appointment in accordance with applicable laws and regulations.
Implementation Status
Completed.
THE FOURTH AGENDA
Stipulation of the amount of salary and honorarium as well as other allowances for the members of
Agenda
the Board of Directors and the Board of Commissioners for the financial year of 2024.
Number of Shareholders
Who Raised Queries and/or There was no question on the fourth meeting agenda.
Opinions
Agree 3,101,925,181 99.99%
The Results of the Voting Disagree 100 0.00%
Abstain 10,400 0.00%
2024 Annual Report 141
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CORPORATE
GOVERNANCE
a. To give authorities and powers to the Nomination and Remuneration Committee, one of the
committees under the Board of Commissioners of the Company, to determine the salary and/or
honorarium and other allowances payable to the members of the Board of Directors.
The Resolution of the b. To approve and stipulate that the amount of salary and/or honorarium and other allowances for
Fourth Agenda the Board of Commissioners of the Company for the financial year of 2024 is the same amount
with the previous financial year and/or with a maximum increase of 20% from the previous
financial year.
Implementation Status Completed.
The Board of Directors who attended the AGMS on June 5, 2024 was as follows:
• President Director : Lucas Kurniawan
• Vice President Director : Geetha Govindan K. Gopalakrishnan
• Director : Naga Waskita
• Director : Aloysius D’Cruz
• Director : Nopri Pitoy
• Director : Mohammad Fitriyansyah
The Board of Commissioners who attended the AGMS on June 5, 2024 was as follows:
• President Commissioner (Independent) : Adrianto Machribie
• Commissioner : George Santosa Tahija
• Commissioner : Sjakon George Tahija
• Commissioner : Anastasius Wahyuhadi
• Independent Commissioner : J. Kristiadi
• Commissioner : Istini Tatiek Siddharta
Summary of the resolutions of the 2023 AGMS held on June 7, 2023:
THE FIRST AGENDA
Approval and ratification on the Annual Report and Sustainability Report of the Company, which
include the Report on the Supervisory Duties of the Board of Commissioners and the ratification
of the Consolidated Financial Statements of the Company for the year ending on December 31,
2022, including the Consolidated Statement of Financial Position and Consolidated Statement of
Agenda Profit or Loss and Other Comprehensive Income for the year ending on December 31, 2022 and
granting of full release and discharge from responsibilities (acquit et de charge) to the Board of
Directors and the Board of Commissioners of the Company for their management duties and
supervisory duties carried out during the year ending on December 31, 2022.
Number of Shareholders There was 1 (one) question on the first meeting agenda.
Who Raised Queries and/or
Opinions
Agree 3,148,687,886 99.99%
The Results of the Voting Disagree 95,100 0.003%
Abstain 3,500 0.0001%
To approve and ratify the Annual Report and the Sustainability Report of the Company for the
year ending on December 31, 2022, including the Operational Report of the Company, the
Supervisory Report of the Board of Commissioners and the Consolidated Financial Statements
of the Company for the year ending on December 31, 2022, including the Consolidated Statement
of Financial Position and Consolidated Statement of Profit or Loss and Other Comprehensive
The Resolution of the First
Income for the year ending on December 31, 2022 as well as to give full release and discharge
Agenda
of responsibilities (acquit et de charge) to the members of the Board of Directors and the Board
of Commissioners of the Company for their management duties and supervisory duties carried
out during the year ending on December 31, 2022 to the extent that their actions are reflected in
the Annual Report of the Company.
142 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Completed.
Financial statements for the year ending December 31, 2022 were delivered on March 28, 2023
Implementation Status and the annual report for the year ending December 31, 2022 was delivered on May 1, 2023 (April
30, 2023 fell on a public holiday), both to the OJK and IDX.
THE SECOND AGENDA
Agenda Stipulation of use of net profit of the Company for the year ending on December 31, 2022.
Number of Shareholders There was no question on the second meeting agenda.
Who Raised Queries and/or
Opinions
The Results of the Voting Agree 3,148,687,886 99.99%
Disagree 95,100 0.003%
Abstain 3,500 0.0001%
The Resolution of the Second a. To approve the distribution of the net profit of the Company for the year ending on December
Agenda 31, 2022, as follows:
i. The Company will distribute cash dividends of IDR 27.8 (twenty seven point eight Rupiah)
for each share to the entitled shareholders of the Company. The exchange rate for book-
keeping purposes will use the middle exchange rate of Bank Indonesia on June 19, 2023,
which is the date to determine the shareholders who are entitled to the cash dividend
(cum dividend).
ii. The remaining balance will be recorded as retained earnings which will be used for the
working capital of the Company.
b. To give powers and authorities to the Board of Directors of the Company to carry out any and
all actions required in relation to the abovementioned resolutions in accordance with the
prevailing laws and regulations.
Implementation Status Completed.
The dividend was distributed to shareholders on July 7, 2023.
THE THIRD AGENDA
Appointment of an Independent Public Accountant and Public Accounting Firm to carry out audit
Agenda on the Company for the financial year of 2023 and to approve the honorarium of the Independent
Public Accountant and Public Accounting firm so appointed.
Number of Shareholders
Who Raised Queries and/or There was no question on the third meeting agenda.
Opinions
Agree 3,148,117,986 99.97%
The Results of the Voting Disagree 665,000 0.021%
Abstain 3,500 0.0001%
a. To give authorities and powers to the Board of Commissioners of the Company to appoint
the Independent Public Accountant and Public Accountant Office (KAP) to carry out the audit
of the Company for the financial year of 2023, subject to the recommendations of the Audit
The Resolution of the Third
Committee of the Company.
Agenda
b. To give authorities to the Board of Directors of the Company to approve and determine
the honorarium and the terms of its appointment in accordance with applicable laws and
regulations.
Implementation Status Completed.
THE FOURTH AGENDA
Agenda Approval of the change of the members of the Board of Commissioners of the Company.
Number of Shareholders
Who Raised Queries and/or There was no question on the fourth meeting agenda.
Opinions
2024 Annual Report 143
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CORPORATE
GOVERNANCE
Agree 3,148,687,886 99.97%
The Results of the Voting Disagree 665,000 0.021%
Abstain 3,500 0.0001%
a. To approve the resignation of Mr. Istama Tatang Siddharta from his position as a Commissioner
of the Company effectively as of the closing of the Meeting and to release and discharge Mr.
Istama Tatang Siddharta from his responsibility during his term of office provided that his
supervisory duty has been carried out in accordance with the Articles of Association of the
Company, the prevailing laws and regulations, including but not limited to Law Number 40 of
2007 concerning Limited Liability Company.
b. To restate the composition of the Board of Commissioners of the Company effectively as of
the closing of the Meeting as follows:
Board of Commissioners:
President Commissioner (Independent) : Mr. Adrianto Machribie
Commissioner : Mr. George Santosa Tahija
Commissioner : Mr. Sjakon George Tahija
Commissioner : Mr. Anastasius Wahyuhadi
Independent Commissioner : Mr. J. Kristiadi
The Resolution of the Fourth Independent Commissioner : Mr. Darwin Cyril Noerhadi
Agenda Commissioner : Mrs. Istini Tatiek Siddharta
The term of office of the Board of Commissioners is as follows:
• Mr. Adrianto Machribie as the President Commissioner (Independent), Mr. George
Santosa Tahija as a Commissioner, Mr. Sjakon George Tahija as a Commissioner, Mr.
Anastasius Wahyuhadi as a Commissioner and Mr. Josep Kristiadi as an Independent
Commissioner are until the closing of the Annual General Meeting of Shareholders of the
Company in 2025;
• Mr. Darwin Cyril Noerhadi as an Independent Commissioner and Mrs. Istini Tatiek
Siddharta as a Commissioner are until the closing of the Annual General Meeting of
Shareholders of the Company in 2026.
c. To give authorities and powers to the Board of Directors of the Company and/or Mr. Naga
Waskita, individually or jointly with the rights of substitution, to draw up/state the resolutions
regarding the composition of the Board of Commissioners of the Company, in a notarial deed
made before a Notary Public and further to notify the authorities, and to take all and every
actions necessary in connection with the abovementioned decision in accordance with the
applicable laws and regulations.
Implementation Status Completed.
THE FIFTH AGENDA
Agenda Approval of the change of the members of the Board of Directors of the Company.
Number of Shareholders There was no question on the fifth meeting agenda.
Who Raised Queries and/or
Opinions
Agree 3,148,687,886 99.97%
The Results of the Voting Disagree 665,000 0.021%
Abstain 3,500 0.0001%
a. To approve the appointment of Mr. Mohammad Fitriyansyah as a Director of the Company
effectively as of the closing of the Meeting.
b. To restate the composition of the Board of Directors of the Company effectively as of the
closing of the Meeting as follows:
Board of Directors:
The Resolution of the Fifth
Agenda
President Director : Mr. Lucas Kurniawan
Vice President Director : Mr. Geetha Govindan K. Gopalakrishnan
Director : Mr. Naga Waskita
Director : Mr. Aloysius D’Cruz
Director : Ms. Nopri Pitoy
Director : Mr. Mohammad Fitriyansyah
144 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
The term of office of the Board of Directors is as follows:
• Mr. Lucas Kurniawan as the President Director, Mr. Geetha Govindan Kunnath
Gopalakrishnan as the Vice President Director, Mr. Aloysius D’Cruz as a Director and
Ms. Nopri Pitoy as a Director are until the closing of the Annual General Meeting of
Shareholders of the Company in 2026;
• Mr. Naga Waskita as a Director is until the closing of the Annual General Meeting of
Shareholders of the Company in 2027;
• Mr. Mohammad Fitriyansyah as a Director is until the closing of the Annual General
Meeting of Shareholders of the Company in 2028.
c. To give authorities and powers to the Board of Directors of the Company and/or Mr. Naga
Waskita, individually or jointly with the rights of substitution, to draw up/state the resolutions
regarding the composition of the Board of Directors of the Company, in a notarial deed made
before a Notary Public and further to notify the authorities, and to take all and every actions
necessary in connection with the abovementioned decision in accordance with the applicable
laws and regulations.
Completed.
Implementation Status
Mr. Mohammad Fitriyansyah was appointed as a Director.
THE SIXTH AGENDA
Stipulation of the amount of salary and honorarium as well as other allowances for the members
Agenda
of the Board of Directors and the Board of Commissioners for the financial year of 2023.
Number of Shareholders There was no question on the sixth meeting agenda.
Who Raised Queries and/or
Opinions
Agree 3,142,195,586 99.79%
The Results of the Voting Disagree 6,587,400 0.209%
Abstain 3,500 0.0001%
a. To give authorities and powers to the Nomination and Remuneration Committee, one of the
committees under the Board of Commissioners of the Company, to determine the salary
and/or honorarium and other allowances payable to the members of the Board of Directors.
The Resolution of the Sixth
b. To approve and stipulate that the amount of salary and/or honorarium and other allowances
Agenda
for the Board of Commissioners of the Company for the financial year of 2023 is the same
amount with the previous financial year and/or with a maximum increase of 20% from the
previous financial year.
Implementation Status Completed.
The Board of Directors who attended the AGMS on June 7, 2023 was as follows:
• President Director : Lucas Kurniawan
• Vice President Director : Geetha Govindan K. Gopalakrishnan
• Director : Naga Waskita
• Director : Aloysius D’Cruz
• Director : Nopri Pitoy
• Director : Mohammad Fitriyansyah
The Board of Commissioners who attended the AGMS on June 7, 2023 was as follows:
• President Commissioner (Independent) : Adrianto Machribie
• Commissioner : George Santosa Tahija
• Commissioner : Sjakon George Tahija
• Commissioner : Anastasius Wahyuhadi
• Commissioner : Istama Tatang Siddharta
• Independent Commissioner : J. Kristiadi
• Independent Commissioner : Darwin Cyril Noerhadi
• Commissioner : Istini Tatiek Siddharta
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The Board of Commissioners
The Board of Commissioners is responsible for e. To provide inputs on the regular reports of the Board
supervising the management of the Company and of Directors and to provide inputs at any time relating
advising the Board of Directors. This includes the duty to to the development of the Company.
ensure that the strategies, policies and actions executed
by the Board of Directors are in line with the provisions of Duties and Responsibilities of the President
the Company’s Articles of Association, its Code of Ethics Commissioner
and the prevailing laws and regulations. In addition, the
Board of Commissioners is responsible for monitoring The President Commissioner has the following main
the implementation of good corporate governance duties:
throughout the Company. a. To coordinate and ensure that the activities and/
or duties and responsibilities of the Board of
Duties and Responsibilities of the Board Commissioners have been carried out in accordance
with procedures.
of Commissioners
b. To provide proposals for the agenda of the meeting
and request a meeting of the Board of Commissioners
The duties of the Board of Commissioners, as stated in
to be held, if necessary.
the Board of Commissioners’ Charter, are as follows:
c. To lead and chair the meeting of the Board of
Commissioners and the GMS.
a. To carry out the supervision and to be responsible for
d. To submit a supervisory report in order to obtain an
the supervision of the management of the Company or
approval at the Annual GMS on the implementation
the business of the Company and to provide advice to
of the duties and supervision of the Board of
the Board of Directors.
Commissioners.
b. To approve the annual working plan of the Company
e. To ensure the effectiveness of the implementation of
at the latest before the commencement of a new
the Board of Commissioners’ meetings.
financial year.
f. To ensure the Board of Commissioners carries
c. To carry out duties specifically designated to it
out its conducts in accordance with the Board of
pursuant to the Articles of Association, the prevailing
Commissioners Charter.
laws and regulations and/or the resolutions of the
g. To lead efforts to fulfill the development of the Board
GMS.
of Commissioners.
d. To carry out duties, powers and responsibilities in
h. To perform other duties and responsibilities as
accordance with the Articles of Association of the
determined by the Board of Commissioners from time
Company and the resolutions of the GMS.
to time.
e. To examine and review the annual report prepared by
i. To conduct a final evaluation of the performance
the Board of Directors and to sign such annual report.
either individually or collectively of the members of
f. To obey the Articles of Association and the laws
the Board of Commissioners and Committees under
and regulations, as well as to implement principles
the Board of Commissioners.
of professionalism, efficiency, transparency,
independency, accountability and appropriateness.
Board of Commissioners’ Charter
With regard to those duties, the Board of Commissioners
The Board of Commissioners’ Charter sets out the
has the following obligations:
duties and responsibilities, values, membership and
the rules of procedure of the Board of Commissioners.
a. To supervise the implementation of the annual
The charter complies with the Company’s Articles of
working plan of the Company.
Association and relevant laws and regulations and is
b. To keep updated with the activities of the Company
periodically reviewed and updated. The charter can be
and in the event that the Company shows indications
found on ANJ’s website at www.anj-group.com/en/boc.
of major impediments, to immediately report to the
GSM together with advice on rectification.
c. To provide opinions and advice to the GMS regarding Appointment, Dismissal and Term of
any matter deemed pivotal for the management of the Office of the Board of Commissioners
Company.
d. To carry out other supervision duties as determined According to the Articles of Association, the Board of
by the GMS. Commissioners must have at least two members, one
of whom is appointed as the President Commissioner.
146 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Commissioners are appointed by the general meeting of c. Independence of the members of the Board of
shareholders at the recommendation of the Company’s Commissioners is also considered, because the
Nomination and Remuneration Committee. Board of Commissioners consists of professional
Commissioners and Independent Commissioners who
A Commissioner’s term is valid until the fifth AGMS have no relationship or affiliation with the Company's
following his or her appointment. However, the general shareholders, in accordance with the provisions of
meeting of shareholders reserves the right to dismiss OJK Regulation No. 33/POJK.04/ 2014.
a Commissioner during his or her term of office or to
re-appoint a Commissioner whose term of office has The Process of Selecting Members of the
expired.
Board of Commissioners
The Criteria of Selecting Members of the The process of selecting members of the Board of
Board of Commissioners Commissioners is as follows:
a. A proposal for the appointment, reappointment
The criteria for the selecting of the Company’s Members or replacement of a member of the Board of
of the Board of Commissioners below are aligned with Commissioners shall observe the recommendations
the provisions of OJK Regulation No.33/POJK.04/2014: of the Nomination and Remuneration Committee.
b. The identification and selection of candidates for
a. Meet the following requirements at the time of members of the Board of Commissioners can be
appointment and during his/her term: carried out from the internal of the Company or
1. Have good character, morals and integrity; external candidates who meet the requirements.
2. Capable of carrying out legal actions; If necessary, the Nomination and Remuneration
3. During the past five years prior to his/her Committee of the Company can use the services of
appointment and during his/her term: an independent and reputable search firm in the
a) Has never been declared bankrupt; process of selection of the members of the Board of
b) Has never been a member of the Board of Commissioners.
Commissioners who was found guilty of causing c. The candidates for members of the Board of
a company to be declared bankrupt; Commissioners may also be proposed by 1 (one)
c) Has never been convicted of a criminal offense shareholder or more representing at least 10% (ten
that is detrimental to the country’s financial percent) of the total shares with valid voting rights,
and/or relating to the financial sector; and unless otherwise stipulated by the prevailing laws and
d) Has never been a member of the Board of regulations.
Commissioners of a company who during his/ d. The selection of candidates for members of the Board
her term: of Commissioners is carried out by the Nomination
1) Does not hold an annual GMS; and Remuneration Committee. Candidates who meet
2) Their responsibilities as members of the the requirements are recommended to the Board of
Board of Commissioners have never been Commissioners of the Company to be submitted for
accepted by the GMS or have not provided approval by the shareholders at the General Meeting
accountability as members of the Board of of Shareholders.
Commissioners to the GMS; and e. The curriculum vitae of prospective members of the
3) Has caused a company that obtained a Board of Commissioners who will be appointed must
permit, approval or registration from the be available on the Company’s website for a period of
Financial Services Authority to fail to fulfill at the latest from the time of the notice of the General
the obligation to submit an annual report Meeting of Shareholders until the holding of the
and/or financial report to the Financial General Meeting of Shareholders.
Services Authority.
b. Has a commitment to comply with the prevailing laws Independent Commissioners
and regulations; and
c. Has knowledge and/or expertise in the field required Number of Independent Commissioners
by the Company.
Three of the Company’s seven Commissioners in 2024,
In addition to these criteria, the Company also considers including the President Commissioner, are independent.
the following criteria: The Company therefore fulfills the provisions of OJK
a. Diversity in accordance with the Company's Diversity Regulation No.33/POJK.04/2014 stating that more than
Policy; 30% of the members of the Board of Commissioners
b. Experience in the business economic, environmental must be independent.
and social fields and competence regarding the
Company's organizational impact.
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GOVERNANCE
Criteria for Independent Commissioners independence, in compliance with the provisions of OJK
Regulation No.33/POJK.04/2014. These statements can
All Independent Commissioners in the Company are be seen in the Commissioners’ profiles.
selected based on criteria set forth in OJK Regulation
No.33/POJK.04/2014 and the Board of Commissioners Orientation for New Members of the
Charter. The criteria for the appointment of the Board of Commissioners
Company’s Independent Commissioners below are
aligned with the provisions of OJK Regulation No. 33/ The Corporate Secretary facilitates a comprehensive
POJK.04/2014: orientation for a new Commissioner, covering the
1. Has not worked for or had any authority or Company, its business, the operating environment and
responsibility for planning, leading, controlling or their duties and responsibilities. The Company will
supervising the activities of the Company within the conduct orientation when there is a new member of the
six months prior to his/her appointment, except in the Board of Commissioners.
case of independent commissioners who are being
reappointed;
2. Does not hold any shares in the Company;
Composition of the Board of
3. Does not have any affiliation with the Company or its Commissioners
majority shareholders or any of the members of the
Boards of Commissioners or Directors; and The current Board members are confirmed pursuant to
4. Does not have any business relationship, either Notarial Deed No. 63 dated June 7, 2023. The notification
directly or indirectly, that is related to the Company’s of the change in the Company’s data was received and
business activities. recorded by the Ministry of Law and Human Rights
(MOLHR) through Letter No. AHU-AH.01.09-0126196
Independence Statement dated June 12, 2023.
Each Independent Commissioner meets the appointment
criteria above and has made a statement declaring their
The Board of Commissioners as of December 31, 2024:
Name Position Term started Term ends Independent
Adrianto Machribie President Commissioner AGMS 2020 AGMS 2025
George Santosa Tahija Commissioner AGMS 2020 AGMS 2025
Sjakon George Tahija Commissioner AGMS 2020 AGMS 2025
Anastasius Wahyuhadi Commissioner AGMS 2020 AGMS 2025
J. Kristiadi Commissioner AGMS 2020 AGMS 2025
Darwin Cyril Noerhadi Commissioner AGMS 2021 AGMS 2026
Istini Tatiek Siddharta Commissioner AGMS 2021 AGMS 2026
Brief profiles of the members of the Board of in ownership of the Company’s shares in order to be
Commissioners can be seen on page 58 of this Annual reported to the OJK and the IDX. A shorter or longer
Report. period of time may apply if required by the applicable
laws and regulations.
Shareholding of the Board of 2. The provisions above do not apply to the Company’s
Independent Commissioners who are prohibited
Commissioners
from having shares in the Company. The Independent
Commissioner is also not entitled to obtain stock
1. Each member of the Board of Commissioners shall
options from the Company.
report to the Corporate Secretary of the Company
for the ownership and any change (additions or
There is no change in the ownership of the Board of
reductions) in ownership of the Company’s shares
Commissioners of the Company’s shares and there is
at the latest 3 (three) working days after the change
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PT Austindo Nusantara Jaya Tbk.
no share transaction made by the Company’s Board of A Board meeting is deemed valid and may take binding
Commissioners in 2024. decisions if more than one half of its members are present
or represented in the meeting. Resolutions are adopted
Policy on Loans to the Board of by consensus, but if a consensus cannot be reached,
a resolution may be passed by the affirmative votes of
Commissioners
more than one half of the total number of votes validly
exercised in the meeting. The Company will require the
The Board of Commissioners and their families cannot
quorum and the decisions taking to become two thirds
ask for a loan facility from the Company.
for the Board decision which aims to be implemented in
2025.
Meetings of the Board of Commissioners
Each member of the Board has equal voting rights and
The Board of Commissioners is required to meet at least is entitled to cast one vote and up to one additional vote
once every two months, in accordance with the Charter. for another member whom he or she represents. Each
These meetings are scheduled in advance, but additional member of the Board of Commissioners must attend
meetings may be held at the request of one or more at least 75% (seventy five percent) of the meeting of the
members of the Board, by the Board of Directors or by Board of Commissioners in a year. If a commissioner
one or more of the shareholders jointly representing at is not able to attend a meeting, the Commissioner in
least 10% of the total number of shares with valid voting question may provide a Power of Attorney to another
rights. The board papers for the Board of Commissioners Commissioner and notify the reason for their absence to
meeting will be prepared and distributed to the Board of the President Commissioner.
Commissioners at least 5 (five) working days prior the
relevant meeting. In the year ending December 31, 2024, the Board of
Commissioners held six meetings and four other
meetings which were held jointly with the Board of
Directors.
Board of Commissioners’ Meetings in 2024
1 2 3 4 5 6
Feb Apr May Aug Sep Nov No. of Number Attendance
Name Position
21 17, 15, 14, 11, 20, Meetings Attended Percentage
2024 2024 2024 2024 2024 2024
President
Adrianto
Commissioner 6 6 100%
Machribie
(Independent)
George Santosa
Commissioner 6 6 100%
Tahija
Sjakon George
Commissioner 6 6 100%
Tahija
Anastasius
Commissioner 6 6 100%
Wahyuhadi
Independent
J. Kristiadi 6 6 100%
Commissioner
Darwin Cyril Independent
6 6 100%
Noerhadi Commissioner
Istini Tatiek
Commissioner 6 6 100%
Siddharta
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Board of Commissioners’ Meeting Agendas 2024
Date Agenda
1. Update from the Risk Management Committee.
2. Update from the Audit Committee.
February 21, 2024
3. Update from the CSR and Sustainability Committee.
4. Update from the Nomination and Remuneration Committee.
1. Update from the Risk Management Committee.
2. Update from the Audit Committee.
April 17, 2024
3. Update from the CSR and Sustainability Committee.
4. Update from the Nomination and Remuneration Committee.
1. Update from the Risk Management Committee.
May 15, 2024 2. Update from the Audit Committee.
3. Update from the CSR and Sustainability Committee.
4. Update from the Nomination and Remuneration Committee.
1. Update from the Risk Management Committee.
2. Update from the Audit Committee.
August 14, 2024
3. Update from the CSR and Sustainability Committee.
4. Update from the Nomination and Remuneration Committee.
1. Update from the Risk Management Committee.
2. Update from the Audit Committee.
September 11, 2024
3. Update from the CSR and Sustainability Committee.
4. Update from the Nomination and Remuneration Committee.
1. Update from the Risk Management Committee.
November 20, 2024 2. Update from the Audit Committee.
3. Update from the CSR and Sustainability Committee.
4. Update from the Nomination and Remuneration Committee.
Board of Commissioners’ Meeting Schedule for 2025
The Company has scheduled the Board of Commissioners meeting in 2025, as follows:
February 12, 2025 April 16, 2025 May 14, 2025 August 13, 2025 September 10, 2025 November 19, 2025
The Board of Commissioners’ meeting schedule is subject to change at any time as needed. The schedule for the Board
of Commissioners’ meeting in 2025 has been published on the Company’s website and can be accessed at https://www.
anj-group.com/en/board-of-commissioners-meeting.
Training to Improve the Competency of Details of the training undertaken by members of the
Board of Commissioners in 2024 are provided on page
the Board of Commissioners
97 of this Annual Report.
The Company has a training program policy that is
stated in the Charter of the Board of Commissioners. Remuneration of the Board of
The Board of Commissioners is encouraged and willing Commissioners
to participate in training and program at least once a
year for continuous competency improvement suitable Details of the policy and procedures for determining
for the implementation of the duties and responsibilities the remuneration of the Board of Commissioners are
of the Board of Commissioners and the Company's provided on page 162 of this Annual Report.
business.
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PT Austindo Nusantara Jaya Tbk.
The Board of Directors
The Board of Directors is responsible for managing and other stakeholders and compliance with regulations;
the Company’s interests, assets and progress towards and leads the Board of Directors, human resources,
objectives in pursuit of its vision and mission, in corporate communication, internal audit, information
accordance with the Articles of Association and the and communication technology, business process and
prevailing laws and regulations. business development departments.
Duties and Responsibilities of the Board Vice President Director (Operations Director): Plans,
coordinates, directs, controls, implements and evaluates
of Directors
agronomic aspects and overall operational processes of
our agribusinesses.
Members of the Board of Directors are jointly and
severally liable for the Board’s actions. They are
Legal Director: Plans, coordinates, directs, controls,
responsible for the management of Company for the
implements and evaluates matters related to legal
interest of the Company, in accordance with its purpose
affairs, licensing and permits as well as environment,
and objectives, the Articles of Association and prevailing
health and safety. The Legal Director is also responsible
law and regulation. Board of Directors is accountable to
for the corporate secretary function.
the shareholders through the GMS.
Finance Director: Leads the finance department to
The Board of Directors has the right to consult and
ensure that the Company complies with all reporting,
seek advice from the Board of Commissioners at any
accounting and audit requirements imposed by capital
time. If the Board of Directors does not share the Board
market regulations and prepares an annual budget,
of Commissioners’ perspective regarding its advice
other budgets and financial plans of the Company; and
or recommendations, the two boards will discuss the
leads the tax, commercial and supply chain management
matter together.
departments.
The Directors who are empowered to act for and on behalf
Agronomy Technical and R&D Director: Plans,
of the Board of Directors and represent the Company are
coordinates, directs, controls, implements and evaluates
the President Director and a Director who is responsible
operational tasks with respect to agronomic aspects and
for a subject under his/her authority.
research and development aspects for plantation of the
Company.
The principle duties of the Board of Directors are:
a. To lead, manage and direct the Company in line with
Engineering and Security Director: Plans, coordinates,
the objectives of the Company and to continuously
directs, controls, implements and evaluates operational
improve the efficiency and effectiveness of the
tasks with respect to engineering, security and
Company.
government relations aspects for the Company.
b. To control, maintain and manage the assets of the
Company.
c. To draw up the Company’s annual working plan, Actions Requiring Board of
including the annual budget, which shall be delivered Commissioners’ Approval
to the Board of Commissioners for its approval prior
to the commencement of the relevant financial year. The Board of Directors is authorized to carry out
corporate actions for and on behalf of the Company.
In addition, each member of the Board of Directors has However, they must seek the prior approval of the
specific duties and responsibilities which are specified in Board of Commissioners for certain corporate actions,
their respective job descriptions. These are as follows: including:
a. The acquisition of a new business, including approval
President Director: Co-ordinates, supervises and of any subsidiary’s acquisition of a new business;
leads the Company’s management and ensures that b. The acquisition or sale of assets or properties
all the Company’s business activities are executed representing more than 5% of the Company’s total
in accordance with the vision, mission and values of assets;
the Company; monitors and reviews the Company’s c. Approval of the acquisition of new assets or properties
risk management, internal control system, corporate by a subsidiary whose value more than USD 500,000
governance for the interests of the minority shareholders (five hundred thousand US Dollars) or its equivalent in
Rupiah currency;
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CORPORATE
GOVERNANCE
d. Approval of the transfer or encumbrance of more than Appointment, Dismissal and Term of
50% of the total net assets or property of a subsidiary;
Office of the Board of Directors
e. Changes in the Company’s business plan or budget
and spend on capital and operational expenditures
The current Board complies with the Company’s Articles
(if beyond the approved annual budget), including
of Association, which states that the Board of Directors
approval of any change in the annual business plans
must comprise a President Director and at least one
and/or annual budgets of the subsidiary and approval
Director. Directors are appointed by the shareholders
of the capital and operational expenditures (if beyond
at a general meeting of shareholders based on the
the approved annual budget) of the subsidiary of
recommendations of the Nomination and Remuneration
the Company, in value more than USD 100,000 (one
Committee.
hundred thousand US Dollars) or its equivalent in
Rupiah currency;
The Directors are appointed for a term that is valid until
f. Approval of the appointment and dismissal of any
the fifth AGMS following his or her appointment and
member of a subsidiary’s Board of Directors or
afterwards, he/she may be reappointed for a further
Commissioners or its auditor;
term. However, the general meeting of shareholders
g. Obtaining loans and other financial facilities from
reserves the right to dismiss a Director at any time
banks by the Company, including obtaining loans and
during his or her term.
other financial facilities from banks by a subsidiary, in
value more than USD 500,000 (five hundred thousand
US Dollars) or its equivalent in Rupiah currency;
The Criteria of Selecting Members of the
h. Entry into any material contract other than in the Board of Directors
ordinary course of business;
i. Approval of the signing of any material contract other The criteria for the selecting of the Company’s Members
than in the ordinary course of business of a subsidiary of the Board of Directors below are aligned with the
of the Company; provisions of OJK Regulation No.33/POJK.04/2014:
j. Entry into an agreement with a Director, Commissioner
or shareholder of the Company (or their affiliates) a. Meet the following requirements at the time of
other than on bona fide arms-length terms; and appointment and during his/her term:
k. Approval of any amendment to a subsidiary’s articles 1. Have good character, morals and integrity;
of association or other constitutional documents or 2. Capable of carrying out legal actions;
a merger, acquisition, consolidation and spin-off of a 3. During the past five years prior to his/her
subsidiary or a bankruptcy, liquidation, winding up or appointment and during his/her term:
dissolution of a subsidiary. a) Has never been declared bankrupt;
b) Has never been a member of the Board of
Directors who was found guilty of causing a
Oversight of ANJ’s subsidiaries
company to be declared bankrupt;
c) Has never been convicted of a criminal offense
ANJ’s governance structure is designed to ensure strong
that is detrimental to the country’s financial
oversight across the Group. To the extent permitted by
and/or relating to the financial sector; and
prevailing laws and regulations, one or more directors
d) Has never been a member of the Board of
of the Company serve on the Board of Commissioners
Directors who during his/her term:
of each of the Company’s key subsidiaries and each
1) Does not held an annual GMS;
subsidiary has at least one director of the Company
2) Their responsibilities as members of
serving on its Board of Directors (details of the
the Board of Directors have never been
commissioners and directors of ANJ Group subsidiaries
accepted by the GMS or have not provided
are presented in the Company Profile chapter of this
accountability as members of the Board of
Report). This ensures that ANJ’s Board of Directors has
Directors to the GMS; and
direct oversight over each of the Company’s subsidiaries
3) Has caused a company that obtained a
and the material actions they take.
permit, approval or registration from the
Financial Services Authority to fail to fulfill
Board of Directors’ Charter the obligation to submit an annual report
and/or financial report to the Financial
The Board of Directors’ Charter sets out the duties and Services Authority.
responsibilities of the Board of Directors in accordance b. Has a commitment to comply with the prevailing laws
with the prevailing laws and regulations. The Charter and regulations; and
is periodically reviewed and updated when necessary. c. Has knowledge and/or expertise in the field required
The Charter can be found on ANJ’s website at www.anj- by the Company.
group.com/en/bod/.
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PT Austindo Nusantara Jaya Tbk.
In addition to these criteria, the Company also considers stipulated by the prevailing laws and regulations.
the following criteria: e. The selection of candidates for members of the
a. Diversity in accordance with the Company's Diversity Board of Directors is carried out by the Nomination
Policy; and Remuneration Committee. Candidates who meet
b. Experience in the business economic, environmental the requirements are recommended to the Board
and social fields and competence regarding the of Directors of the Company to be submitted for
Company's organizational impact. approval by the shareholders at the General Meeting
of Shareholders.
The Process of Selecting Members of the f. The curriculum vitae of prospective members of the
Board of Directors who will be appointed must be
Board of Directors
available on the Company’s website for a period of at
the latest from the time of the notice of the General
The process of selecting members of the Board of
Meeting of Shareholders until the holding of the
Directors is as follows:
General Meeting of Shareholders.
a. A proposal for the appointment, reappointment or
replacement of a member of the Board of Directors
shall observe the recommendations of the Nomination Orientation for New Members of the
and Remuneration Committee. Board of Directors
b. The Nomination and Remuneration Committee also
identifies criteria in terms of integrity, competence The Corporate Secretary facilitates a comprehensive
and the quality of the Board of Directors that are in orientation for a new Director, covering the Company, its
line with the vision, mission and program strategy of business, the operating environment and their duties and
the Company. responsibilities. The Company will conduct orientation
c. The identification and selection of candidates for when there is a new member of the Board of Directors.
members of the Board of Directors can be carried
out internally or from external candidates who meet
the requirements. The Company may also use the Composition of the Board of Directors
services of an independent and reputable recruitment
firm in the process of selection of the members of the The legal basis for the appointment of the current Board,
Board of Directors. shown below, is Notarial Deed No. 63 dated June 7,
d. The candidates for members of the Board of Directors 2023. The notification of the change in the Company’s
may also be proposed by 1 (one) shareholder or more data was received and recorded by the Ministry of Law
representing at least 10% (ten percent) of the total and Human Rights (MOLHR) through Letter No. AHU-
shares with valid voting rights, unless otherwise AH.01.09-0126196 dated June 12, 2023.
Board of Directors as of December 31, 2024
Name Position Term started Term ends
Lucas Kurniawan President Director AGMS 2021 AGMS 2026
Geetha Govindan Vice President Director AGMS 2021 AGMS 2026
Naga Waskita Director AGMS 2022 AGMS 2027
Aloysius D’Cruz Director AGMS 2021 AGMS 2026
Nopri Pitoy Director AGMS 2021 AGMS 2026
Mohammad Fitriyansyah Director AGMS 2023 AGMS 2028
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CORPORATE
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Shareholding of the Board of Directors who jointly represent at least 10% of the total number of
shares with valid voting rights. Directors of the Company’s
1. Each member of the Board of Directors shall report subsidiaries and other interested parties may be invited
to the Corporate Secretary of the Company for the to the Board meetings. The board papers for the meeting
ownership and any change (additions or reductions) will be prepared and distributed to the Board of Directors
in ownership of the Company’s shares at the latest 3 at least 5 (five) working days prior to the meeting.
(three) working days after the change in ownership
of the Company’s shares in order to be reported to A Board meeting may take binding decisions if more than
the OJK and the IDX. A shorter or longer period of half of the Board members are present or represented
time may apply if required by the applicable laws and in the meeting. Resolutions should be adopted by
regulations. consensus, but may be passed by the affirmative votes
2. The Company’s share ownership by the members of more than half of the total number of votes validly
of the Board of Directors is aimed as a long-term exercised in the meeting, in the event that a consensus
investment. The members of the Board of Directors of cannot be reached. The Company will require the quorum
the Company are bound by the policy regarding stock and the decisions taking to become two thirds for the
trading as regulated in the Company’s Code of Ethics. Board decision which aims to be implemented in 2025.
There is no changes in the ownership of the Board of Each member of the Board has equal voting rights and
Directors of the Company’s shares and there is no share is entitled to cast one vote and up to one additional vote
transaction made by the Company’s Board of Directors for another member he or she is representing. Each
in 2024. member of the Board of Directors must attend at least
75% (seventy five percent) of the meeting of the Board of
Policy on Loans to the Board of Directors Directors in a year including combined meetings with the
Board of Commissioners. If a director not able to attend
The Board of Directors and their families cannot ask for a meeting, the Director in question may provide a Power
a loan facility from the Company. However, the Company of Attorney to another Director and notify the reason for
may provide a loan facility to the Board of Directors at its their absence to the President Director.
sole discretion. The loan must be conducted on an arm’s
length basis and at market rates. The Board of Directors held the following meetings in
2024:
Meetings of the Board of Directors • Meeting A: Combined meetings with the Board of
Commissioners, at least once every three months.
The Board of Directors meets at least once every month, Four of these meetings were held in 2024.
as required by OJK Regulation No.33/POJK.04/2014 and • Meeting B: Meetings of the Board of Directors, at
the Board Charter. Monthly meetings are scheduled in least every two weeks where possible. Directors of the
advance, but additional meetings may be convened at the Company’s subsidiaries and other invitees may also
request of one or more members of the Board, the Board attend these meetings. In 2024 there were a total of 21
of Commissioners or one or more of the shareholders Board of Directors’ meetings.
Meeting A in 2024
1 2 3 4
Feb May Aug Nov No. of Number Attendance
Name Position
21, 15, 14, 20, Meetings Attended Percentage
2024 2024 2024 2024
Lucas Kurniawan President Director 4 4 100%
Vice President
Geetha Govindan 4 4 100%
Director
Naga Waskita Director 4 4 100%
Aloysius D’Cruz Director 4 4 100%
Nopri Pitoy Director 4 4 100%
Mohammad Fitriyansyah Director 4 4 100%
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PT Austindo Nusantara Jaya Tbk.
Joint Board Meeting Agendas 2024
Date Agenda
• Financial Performance 2023.
February 21, 2024 • Palm Oil Segment – Production Review and Key Operational Matters for 2024.
• Land Update.
May 15, 2024 • Operational Updates – April 2024.
• Land Update.
• Palm Oil Operational Updates 7M2024 and Latest Estimate 2024.
August 14, 2024
• GMIT Performance Update 7M2024.
November 20, 2024 • Latest Estimate 2024 and Proposed Budget 2025.
• RSPO Procedures on Replanting.
Joint Board Meeting Schedule for 2025
The Company has scheduled the combined meetings between the Board of Directors with the Board of Commissioners
meeting in 2025, as follows:
February 12, 2025 May 14, 2025 August 13, 2025 November 19, 2025
The Joint Board’s meeting schedule is subject to change at any time as needed. The schedule for the Joint Board’s
meeting in 2025 has been published on the Company’s website and can be accessed at https://www.anj-group.com/en/
board-of-commissioners-meeting.
Meeting B in 2024
Name Position Number of Meetings Total Attended % Attended
Lucas Kurniawan President Director 21 21 100%
Geetha Govindan Vice President Director 21 17 81%
Naga Waskita Director 21 17 81%
Aloysius D’Cruz Director 21 18 85%
Nopri Pitoy Director 21 19 90%
Mohammad Fitriyansyah Director 21 19 90%
Board of Directors’ Meeting Schedule for 2025
Month Date
January January 6, 2025 and January 20, 2025
February February 3, 2025 and February 17, 2025
March March 3, 2025 and March 17, 2025
April April 7, 2025 and April 21, 2025
May May 5, 2025 and May 26, 2025
June June 9, 2025 and June 23, 2025
July July 7, 2025 and July 21, 2025
August August 4, 2025 and August 18, 2025
September September 8, 2025 and September 22, 2025
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CORPORATE
GOVERNANCE
Month Date
October October 6, 2025 and October 20, 2025
November November 3, 2025 and November 17, 2025
December December 1, 2025 and December 15, 2025
The Board of Directors’ meeting schedule is subject to training and program at least once a year for continuous
change at any time as needed. competency improvement suitable for the implementation
of the duties and responsibilities of the Board of Directors
The schedule for the Board of Directors’ meeting in 2025 and the Company's business.
has been published on the Company’s website and can
be accessed at https://www.anj-group.com/en/board-of- Details of the training undertaken by members of the
commissioners-meeting. Board of Directors in 2024 are provided on page 98 of this
Annual Report.
Training to Improve the Competency of
the Board of Directors
The Company has a training program policy that is stated
in the Charter of the Board of Directors. The Board of
Directors is encouraged and willing to participate in
Policy on the Diversity of the Board of
Commissioners and Board of Directors
The Company recognizes the value of diversity Commissioners and the Board of Directors or the Board
throughout the Company, including at the senior level. of Commissioners and the Board of Directors collegially.
The members of the Board of Commissioners and the
Board of Directors possess wide-ranging experience, The Company’s Diversity Policy is used as a guideline in
qualifications and knowledge that the Company believes succession planning for the Board of Commissioners and
are needed to achieve the Company’s objectives. The the Board of Directors of the Company. This ensures that
diversity in the composition of members of the Board the Company maintains an adequate talent pool and aligns
of Commissioners and the Board of Directors of ANJ is with the targets and Diversity Policy for the composition of
in line with the Appendix of the OJK Circular Letter No. the Board of Commissioners and the Board of Directors.
32/SEOJK.04/2015 on the Guidelines of the Corporate When the diversity in the composition of members of the
Governance for Public Listed Companies. Board of Commissioners and Board of Directors of the
Company is appropriate and is in accordance with the
The diversity of the composition is a combination of the Company’s needs, it will support the effectiveness of the
required characteristics both collegially and individually, Board of Commissioners and Board of Directors duties,
in accordance with the Company’s needs. The Company and responsibilities implementation and will support the
also appoints members of the Board of Commissioners achievement of the Company’s vision and mission. The
and Board of Directors by considering the experience and Company has governed the diversity in the composition of
understanding of the plantation industry, integrity and members of the Board of Commissioners and the Board
dedication of each individual. of Directors.
This combination should take into account the appropriate Diversity in the Composition of the Board
expertise, knowledge and experience when distributing of Commissioners
the duties and functions to the Board of Commissioners
and Board of Directors, in achieving the objective of the The diversity factors in the composition of the Board of
Company. Consideration of these characteristics will have Commissioners include:
an impact on the accuracy of the nomination process and 1. Expertise/Experience/Education:
the appointment of individual members of the Board of a. The members of the Board of Commissioners who
have expertise or work experience or education in
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PT Austindo Nusantara Jaya Tbk.
the fields of global economy or business or financial expertise or work experience or education in the
industry; fields of management, global economy or business
b. The members of the Board of Commissioners who or financial industry;
have expertise or work experience or education in b. The members of the Board of Directors who have
the fields of the business of the Company; and expertise or work experience or education in the
c. The members of the Board of Commissioners who fields of the business of the Company;
have expertise or work experience or education in c. The members of the Board of Directors who have
the fields of law and politics. expertise or work experience or education in the
2. Nationalities fields of accounting and finance; and
The majority (more than 50% (fifty percent)) of the d. The members of the Board of Directors who have
members of the Board of Commissioners shall be expertise or work experience or education in the
Indonesian. fields of law.
3. Gender e. The members of the Board of Directors who have
The Company aims at having gender diversity in the expertise or work experience or education in the
Board of Commissioners. fields of engineering.
4. Age 2. Nationalities
The Company aims at age diversity in the Board of The majority (more than 50% (fifty percent)) of the
Commissioners. members of the Board of Directors shall be Indonesian.
3. Gender
While the Company believes that it has adequate diversity The Company aims at having gender diversity in the
in the Board of Commissioners in terms of expertise/ Board of Directors.
experience/education and age, it is the Company’s 4. Age
intention to increase gender diversity of the Board of The Company aims at age diversity in the Board of
Commissioners without compromising the balanced mix Directors.
of expertise/experience/education.
While the Company believes that it has adequate diversity
Diversity in the Composition of the Board in the Board of Directors in terms of expertise/experience/
of Directors education, nationalities and age, it is the Company’s
intention to increase gender and nationality diversities
The diversity factors in the composition of the members of the Board of Directors without compromising the
of the Board of Directors include: balanced mix of expertise/experience/education and
manpower regulations.
1. Expertise/Experience/Education, shall have at least:
a. The members of the Board of Directors who have
Diversity Aspects of Members of the Board of Commissioners
All of the members of the Board of Commissioners are Indonesian citizens.
Nationality
The education of the members of the Board of Commissioners covers accounting, engineering,
Education
medicine, business management, law and political science.
A diversity of working experience that includes members of the Board of Commissioners who have
experiences or hold senior positions, both in the past or present, in:
1. National and multinational companies;
Work Experience
2. Accounting firms in Indonesia;
3. Capital market authorities in Indonesia; and
4. Lecturers of leading universities in Indonesia.
3 (three) out of the 7 (seven) members of the Board of Commissioners are Independent
Independence
Commissioners, representing 43% of the Board of Commissioners.
The age diversity of members of the Board of Commissioners is in a fairly productive and mature
Age
ages, ranging from 62 to 83 years old.
Gender There is 1 (one) female Commissioner.
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Diversity Aspects of Members of the Board of Directors
Nationality Four members of the Board of Directors are Indonesian citizens and two members are Malaysian
citizens.
Education The level of education of the members of the Board of Directors includes Bachelor and
Postgraduate degrees in accounting, agriculture, business management, law, science and
engineering.
Work Experience A diversity of working experience that includes members of the Board of Directors who have
experiences or held senior positions in:
1. National and multinational companies, including those in the palm oil industry;
2. Accounting firms in Indonesia; and
3. Corporate law firms in Indonesia.
Age The age diversity of members of the Board of Directors is in a fairly productive and mature ages,
ranging from 50 to 75 years old.
Gender There is 1 (one) female Director.
Diversity Achievements in the Composition of the Board of Commissioners and
Board of Directors
In 2024, the composition of the Board of Commissioners and the Board of Directors of Directors of the Company adhered
to the diversity requirements outlined in the relevant regulations. These requirements are align with the Company’s
vision, mission and strategy in accordance with the Diversity Policy of the Company as depicted in the charts, as follows:
Nationality of the Board of Commissioners and Age of the Board of Commissioners
the Board of Directors
8
7
6
60-70
4
4
43%
2
2
0
0
Indonesian Malaysian
The Board of Commissioners The Board of Directors
Education of the Board of Commissioners and the
Board of Directors 43% 70-80
6
4
5
4
4
3
7 4
2
1 14% 80-90
0
Bachelor Post Graduate
The Board of Commissioners The Board of Directors
158 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Age of the Board of Directors
66% 17% 17%
50-60 60-70 70-80
Gender of the Board of Commissioners
Male
86% 14% Female
Gender of the Board of Directors
Male
83% 17% Female
Independence of the Board of Commissioners
Commissioners
57% 43% Independent Commissioners
2024 Annual Report 159
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CORPORATE
GOVERNANCE
Performance Assessment of the Board of
Commissioners and Board of Directors
The performance of the Board of Commissioners and the d. Board accountability;
Board of Directors in carrying out their functions, duties e. Risk management and internal control;
and responsibilities are regularly evaluated and reported f. Review of President Director and top management;
to the shareholders of the Company at the Annual g. Standard of conducts.
General Meeting of Shareholders every year, based on
their annual accountability reports. Performance Assessment Criteria for
Board of Directors
The performance assessment of the Board of
Commissioners and the Board of Directors is conducted
1. Every year, key performance indicators (KPIs),
annually and includes:
which are linked to the corporate strategy and
1. Collegial performance assessment;
implementation plan, are assigned to each members
2. Individual performances assessment.
of the Board of Directors. Each Board member also
assumes responsibility for at least one of the corporate
Assessing Parties KPIs for Responsible Development.
2. At the end of the appraisal period, each Board
The Boards’ performance is evaluated by:
member, self-assesses their performance against his/
• The Board members themselves through a self-
her respective KPIs.
assessment process;
3. The President Director will evaluate the performance
• The President Commissioner, President Director
assessment of the each member of the Board of
and the Nomination and Remuneration Committee,
Directors.
through their verification of the self-assessment
4. The results are verified by the President Commissioner
results;
and further discussed with the Nomination and
• The shareholders at the AGMS.
Remuneration Committee.
5. The Nomination and Remuneration Committee takes
In 2024, no external parties were appointed to evaluate
the assessment results into account when making
the performance of either the Board of Commissioners
recommendations on the remuneration of the
or the Board of Directors.
Directors. The Committee also provides guidance on
improvement actions based on the self- assessment
Performance Assessment Procedure and results.
Criteria
Performance Assessment Criteria for Board of
Commissioners
The collegial performance assessment of the Board of
Commissioners is carried out by each Commissioner.
The final evaluation will be presented to the Nomination
and Remuneration Committee in the Board of
Commissioners meeting. The President Commissioner
provides feedbacks or improvements on the assessment
of the Board of Commissioners, if deemed necessary.
The assessment criteria shall include:
a. Effectiveness of the Board of Commissioners’
composition;
b. Information to the Board;
c. Board procedures, including effectiveness of the
Board of Commissioners’ meetings;
160 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk
THE COMPANY’S
STRATEGY
DETERMINATION
BOD KPI
(Determination and
Discussion)
Nomination and
Remuneration Approval of Nomination
Committee Discussion and and Remuneration
REVIEW OF MONITORING OF
Approval of Committee
THE COMPANY’S BOD Performance
STRATEGY
STRATEGY IMPLEMENTATION
Monitoring of KPI
Achievement Progress
Self Appraisal through Combined
Meeting of BOC & BOD and
BOD Nomination &
Remuneration Committee
Meeting
The Criteria Applied in the Performance Assessment of the Board of Directors includes:
Effectiveness of the Board of Directors Role
Effectiveness in the Strategy and Management Implementation
Implementation of Good Corporate Governance and Sustainability Principles
Effectiveness of Risk Management and Internal Control Implementation
Achievement of KPI
2024 Annual Report 161
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CORPORATE
GOVERNANCE
Remuneration of the Board of Commissioners and
Board of Directors
Remuneration Policy Review on the Implementation of the
Remuneration Policy
The Company is committed to implementing a
competitive, fair, risk-based remuneration system based The Company conducts regular reviews of the
on standard practices as well as prevailing laws and remuneration system and employee welfare. To ensure
regulations. The Company also ensures that no individual fair remuneration for all employees, including those in
receives compensation below the minimum wages as the control unit, the Company conducts performance
determined by the government. In addition, the Company evaluations and remuneration reviews through the
also considers the remuneration applicable in the similar Nomination and Remuneration Committee. The reviews
industries (peer group) and the Company’s capabilities. take into account the following:
1. The Company’s performance and financial condition;
The Company implements remuneration policies which 2. Peer remuneration practices (market competitiveness);
cover all levels of organization of the Company, including 3. Eligibility and suitability of the position;
the Board of Commissioners, the Board of Directors 4. Internal equity;
and the employees, comprising of both mandatory 5. Risk level attached to the position;
components and additional benefits, in accordance with 6. The Company’s long-term strategy.
the prevailing laws and regulations. The remuneration
policy also takes into consideration short and long-term
Remuneration Structure of the Board
requirements, capital adequacy and strength, financial
stability, the creation of risk management effectiveness,
of Commissioners and the Board of
as well as potential future revenues. Directors
The Company did not use external consultants to The remuneration structure of the Board of
prepare its remuneration policy. However, to remain Commissioners and the Board of Directors is as follows:
competitive, the Company performed remuneration 1. Fixed remuneration: Remuneration that is unrelated
benchmarking through independent party surveys. The to performance and risk, such as salary/ honorarium,
Company’s remuneration policy is based on performance, facilities, housing allowance, health allowance,
competitiveness, fairness and risk. education allowance, transportation allowance and
religious holidays allowance.
2. Variable remuneration: Remunerations provided
Risk-Based Remuneration Policy
in connection with performance and risks, such as
bonuses, rewards/ performance incentives or any
The Company implements remuneration strategy
other similar forms.
that includes reviews of a remuneration policies
based on performance, risk and empowerment.
The Company executed the policy and procedure of Remuneration of the Board of
implementing an employee benefit program as a part Commissioners
of its remuneration strategy. The main types of risk
outlined in the remuneration policy were adjusted in line Procedure for Determining the Remuneration of
with the Company’s annual risk profile that takes into the Board of Commissioners
consideration market conditions, industry developments,
business performance and the financial capacity of the The procedures for determining the remuneration of the
Company. As a result, the main risk profile has an impact Board of Commissioners are as follows:
on the implementation of variable remuneration. 1. The Nomination and Remuneration Committee
reviews the amount and structure of the compensation
Performance evaluation is based on Key Performance received by the Board of Commissioners in the current
Indicators (KPI), which are based on the Company’s year;
objectives and strategies and take into consideration 2. The Nomination and Remuneration Committee
risk, compliance and good corporate governance. In conducts discussions regarding the Board of
accordance with this, the Company conducts periodic Commissioners’ remuneration after taking into
evaluations and reviews as determined by the business account information on the range and remuneration
needs and developments in the peer industry. standards in similar industries (peers group) and the
Company’s capabilities;
162 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
3. The Nomination and Remuneration Committee Remuneration of the Board of Directors
formulates recommendations on the remuneration
amount for the following year, taking into consideration Procedure for Determining the Remuneration of the
the criteria as determined by the Company; Board of Directors
4. The Nomination and Remuneration Committee
provides recommendations for further discussions at The procedures for determining the remuneration of the
Board of Commissioners’ meetings; Board of Directors are as follows:
5. The Board of Commissioners studies the 1. The Nomination and Remuneration Committee
recommendations of the Nomination and reviews the amount and structure of the compensation
Remuneration Committee and proposes to the GMS; received by the Board of Directors in the current year;
6. The GMS determines the remuneration for the Board 2. The Nomination and Remuneration Committee
of Commissioners, to be further implemented by the conducts discussions regarding the Board of Directors’
Board of Directors. remuneration after taking into account information
about the remuneration standards in similar industries
Basis for Determining the Remuneration Amount (peer group), the Company’s performance, each
of the Board of Commissioners director’s performance and risk involved in achieving
the predetermined KPI, as well as the Company’s
The Company determines the structure, policies and capabilities;
amount of remuneration for each member of the Board 3. The Nomination and Remuneration Committee
of Commissioners after taking into account their duties, formulates recommendations on the remuneration
performance and responsibilities. In addition, the amount for the following year, taking into consideration
Nomination and Remuneration Committee takes into the criteria as determined by the Company;
account the market rates for such positions and the 4. The Nomination and Remuneration Committee
participation of individual commissioners in the various provides recommendations for further discussion at
committees under the Board of Commissioners, as well the Board of Commissioners’ meetings;
as the Company’s capabilities. 5. The Board of Commissioners studies the
recommendations of the Nomination and
Remuneration Structure of the Board of Remuneration Committee and proposes to the GMS;
Commissioners 6. The GMS determines the remuneration of the Board
of Directors by granting authority to the Board of
a. Commissioners Commissioners to determine the remuneration
The Commissioners of the Company remuneration of the Board of Directors after taking into account
structure consists of: the Nomination and Remuneration Committee’s
a. A fixed monthly honorarium; recommendations, to be further implemented by the
b. An annual bonus depending on the performance of Board of Directors.
the Company and subject to the maximum limit as
approved in the AGMS; Basis for Determining the Remuneration Amount
of the Board of Directors
There are no stock options provided to the
Commissioners of the Company. The Company determines the structure, policies and
amount of remuneration for each member of the Board
b. Independent Commissioners of Directors after taking into account their duties,
The Independent Commissioners of the Company performance and responsibilities. In addition, the
remuneration structure only consist of a fixed monthly Company also takes into account the remuneration
honorarium. applicable in similar industries (peers group), as well as
the Company’s capabilities.
There are no bonus, stock options and additional
incentive provided to an Independent Commissioner. The remuneration received by the Directors is based on
the achievement of the Company’s performance targets.
All Commissioners are covered by liability insurance. The Nomination and Remuneration Committee takes the
following factors into consideration in determining the
Remuneration Amount of the Board of remuneration amount it will recommend to the Board of
Commissioners Commissioners:
1. Financial performance;
The amount of remuneration received by the members of 2. Achievement against corporate key performance
the Board of Commissioners of the Company in 2024 is indicators (KPIs), including the area planted and
amounted to USD 748,105. other non-financial indicators such as the Board’s
2024 Annual Report 163
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CORPORATE
GOVERNANCE
leadership in developing and improving the internal Additionally, the members of the Board of Directors
structures and organization of the Company and its receive benefits and facilities, such as medical and
subsidiaries, and their performance on guiding the club membership. All Directors are covered by liability
Company towards its strategic objectives; insurance.
3. Individual performance, as assessed by the Nomination
and Remuneration Committee on the basis of the Long Term Incentives
Board’s self-assessment; The Board of Directors of the Company also receives long-
4. Benchmarking against the compensation offered by term incentive programs in the form of the management
peer companies; and stock options, long-term retainer bonus which is
5. Consideration of the Company’s long-term goals and provided at a certain percentage of the Company’s net
objectives, including strategic development. profit and accumulated over a period of five years and
enterprise value increase sharing plan. The long-term
To embed our commitments within our decision making retainer bonus is paid at the end of the fifth year provided
and execution, the Company has a policy to include 15% if the Director remains at the service with the Company.
of the management performance, including at the board Both long-term incentives are intended to maintain and
level, to link with the targets of ESG initiatives within our motivate the Board of Directors to improve the retain
Responsible Development program. Every employee and performance or productivity that will impact on improving
Board member should contribute to at least one ESG the Company’s performance over the long term. The
initiative project. Company’s long-term incentive program can also be
provided in the deferred bonus program. The Company
Remuneration Structure of the Board of Directors does not have a malus and clawback programs.
Short Term Incentives
The remuneration of the Board of Directors consists of: Remuneration Amount of the Board of Directors
1. Fixed monthly remuneration;
2. Annual bonus depending on the performance of the The amount of remuneration received by the members
Company; of the Board of Directors and key management of the
3. Transportation allowance; and Company in 2024 is amounted to USD 6,055,739.
4. Religious Holiday allowance.
164 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
Affiliations Between the Board of Commissioners,
Board of Directors and Controlling Shareholders
The affiliate relationships between members of the •Commissioner Mr. Sjakon George Tahija is the
Board of Directors, Board of Commissioners and the President Director and majority shareholder of
Controlling Shareholders are presented below. All such PT Austindo Kencana Jaya.
relationships comply with OJK regulations. • Commissioner Mrs. Istini Tatiek Siddharta is a
Commissioner of PT Austindo Kencana Jaya and
1. There are no affiliations between any members of the PT Memimpin Dengan Nurani, which are both
Board of Directors. majority shareholders of the Company.
2. Affiliations between members of the Board of 3. Affiliations among members of the Board of
Commissioners and majority shareholders: Commissioners:
• Commissioner Mr. George Santosa Tahija is the • Commissioners Mr. George Santosa Tahija and Mr.
President Director and majority shareholder Sjakon George Tahija are brothers.
of PT Memimpin Dengan Nurani. He is also a
Commissioner of PT Austindo Kencana Jaya.
Controlling
Board of Commissioners Board of Directors
Shareholders
Machribie
Adrianto
Santosa Tahija
George
George Tahija
Sjakon
Wahyuhadi
Anastasius
J. Kristiadi
Noerhadi
Darwin Cyril
Siddharta
Istini Tatiek
Kurniawan
Lucas
Govindan
Geetha
Naga Waskita
Aloysius D'Cruz
Nopri Pitoy
Kencana Jaya
PT Austindo
Dengan Nurani
PT Memimpin
Name
Adrianto Machribie
George Santosa Tahija
Board of Commissioners
Sjakon George Tahija
Anastasius Wahyuhadi
J. Kristiadi
Darwin Cyril Noerhadi
Istini Tatiek Siddharta
Lucas Kurniawan
Board of Directors
Geetha Govindan
Naga Waskita
Aloysius D'Cruz
Nopri Pitoy
Shareholders
PT Austindo Kencana
Controlling
Jaya
PT Memimpin Dengan
Nurani
2024 Annual Report 165
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CORPORATE
GOVERNANCE
Committees Under the Board of Commissioners
The Board of Commissioners has established four committees to assist in
its supervisory function. These are the Audit Committee, the Corporate Risk
Management Committee, the Nomination and Remuneration Committee as
well as the Corporate Social Responsibility and Sustainability Committee.
Each committee operates independently, in accordance with Company policy.
Audit Committee
The Audit Committee supports the Board of Commissioners by reviewing the quality and integrity of the Company’s
financial disclosures, providing oversight on the effectiveness of the internal control and risk management systems
and ensuring that the internal core values are upheld. The legal basis for the Committee is OJK Regulation No. 55/
POJK.04/2015, dated December 23, 2015, concerning the Establishment and Working Guidelines of Audit Committees.
The current structure, composition and basis of appointment of the Audit Committee are stated in table below:
Audit Committee Composition as of December 31, 2024
Member Position Basis of Appointment Period
Darwin Cyril Noerhadi Chairman BoC Resolution No. 011/BOC/ANJ/GEN/2023 dated June 8, 2023 2021 - 2026
Irawan Soerodjo Member BoC Resolution No. 011/BOC/ANJ/GEN/2023 dated June 8, 2023 2020 - 2025
Osman Sitorus Member BoC Resolution No. 011/BOC/ANJ/GEN/2023 dated June 8, 2023 2020 - 2025
166 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
The Profile of the Audit Committee
Darwin Cyril Noerhadi Irawan Soerodjo
Mr. Noerhadi was appointed as the chairman of the Indonesian Citizen, born in Banyuwangi in 1952 (aged 72)
Audit Committee based on the Resolution of the Board
of Commissioners No. 08/BOC/ANJ/GEN/2020 dated Experience:
June 10, 2020 and he has reappointed for the second Mr. Soerodjo was as a Notary Public and Land Deed
term of office as the chairman of the Audit Committee Officer (PPAT) from 1982 until he retired in 2019. He
until 2026 following his terms as the Independent is also active as a lecturer at some universities, such
Commissioner of the Company. His profile can be seen as Muhammadiyah University, Jember (1983-2007),
in the Commissioners’ profiles on page 63 of this Annual Magister Notarial at Airlangga University, Surabaya
Report. (1999-2022), Magister program at Pelita Harapan
University, Jakarta (2000-present), Magister Notarial at
University of Surabaya (2003-present), Magister Notarial
at University of Jember (2014-2022) and Faculty of Law at
Dr. Soetomo University, Jakarta (2014-present).
Education:
Mr. Soerodjo holds a law degree from the State University
of Jember (1978), a notarial specialty from Gadjah Mada
University (1981), a Master’s degree from University
of Indonesia (1999) and a Doctorate from Airlangga
University, Surabaya (1999). He obtained his Professor of
Law degree in 2019.
Concurrent Positions:
• Independent Commissioner of PT Supreme Cable
Manufacturing & Commerce Tbk. (2023-present);
• Independent Commissioner of PT Asahimas Flat Glass
Tbk. (2021-present).
Basis of appointment as a member:
Resolution Board of Commissioners No. 011/BOC/ANJ/
GEN/2023 dated June 8, 2023
2024 Annual Report 167
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CORPORATE
GOVERNANCE
Concurrent Positions:
• President Commissioner (Independent) and Chairman
of the Audit, Risk and Compliance Committee of PT
Petrosea Tbk. (2023-present);
• President Commissioner (Independent) and Chairman
of Audit Committee of PT Mulia Industrindo Tbk.
(2021-present);
• Member of the Audit, Risk and Compliance Committee
of PT Indika Energy Tbk. (2020-present).
Basis of appointment as a member:
Resolution of the Board of Commissioners No. 011/BOC/
Osman Sitorus ANJ/GEN/2023 dated June 8, 2023.
Indonesian Citizen, born in North Sumatra in 1959 (aged 65) Appointment of Audit Committee
Members
Experience: Mr. Sitorus started his career as an auditor.
In 1986, he joined a local public accounting firm that later
The Audit Committee comprises a chairman, who is one
became part of Deloitte in Indonesia. From 1995 to 2006,
of the Company’s independent commissioners and two
he handled clients in various industries, including energy
other members. All of them are appointed by the Board of
and resources, manufacturing, constructions, shipping
Commissioners. Members are appointed for a term that
and aviation and media and telecommunication, as an
runs until the fifth AGMS following his or her appointment.
audit partner. From 2006 to 2016, he led the Deloitte’s
All the current members have fulfilled the membership
Audit Business in Indonesia and became the Lead Client
criteria stated in OJK Regulation No.55/ POJK.04/2015
Service Partner for major clients listed on the Indonesia
on the Establishment and Working Guidelines of Audit
Stock Exchange and State-owned Enterprises.
Committees.
He has held concurrent positions as the President
Commissioner (Independent) and Chairman of the Audit, Independence of the Audit Committee
Risk and Compliance Committee of PT Petrosea Tbk., as
a President Commissioner/Independent Commissioner Assurance of the Audit Committee’s independence is
and Chairman of Audit Committee of PT Mulia Industrindo provided by the following:
Tbk., as a member of the Audit, Risk and Compliance a. The Chairman is one of the Company’s Independent
Committee of PT Indika Energy Tbk. and as a member of Commissioners;
the Audit, Risk and Compliance. b. The two other members are professionals with no
connection to the Company;
He was a member of the Indonesian Institute of Certified c. Each member of the Committee is required to carry
Public Accountants (IAPI) and served as Head of the out his/her duties and responsibilities independently,
Capital Market Public Accountant Forum. He is also objectively and professionally;
a member of the Indonesian Institute of Accountants d. None of the current Audit Committee members owns
(IAI) and served a member of the Financial Accounting any shares in the Company and none has any affiliate
Standard Board. relationships with any other commissioners, directors
or shareholders of the Company;
Education: e. The Audit Committee reports directly to the Board of
Mr. Sitorus graduated from the Faculty of Economics Commissioners and is independent of the Company’s
at the University of North Sumatra in 1986 majoring in management.
accounting.
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PT Austindo Nusantara Jaya Tbk.
Audit Committee Charter j. Carry out other duties assigned by the Board
of Commissioners provided that it is within the
The Audit Committee Charter, which specifies the Commissioner’s scope of responsibilities and
Committee’s duties and responsibilities, was adopted obligations.
on February 6, 2013. It undergoes periodical review and 2. The Audit Committee receives and reviews the internal
was last updated in 2021 to comply with OJK Regulations auditor’s annual work plans, and the realization made
No. 55/POJK.04/2015, No. 56/ POJK.04/2015 and No. 13/ by the Internal Auditor Unit (IAU) and provides input to
POJK.03/2017. It is available on ANJ’s website at www. the Board of Commissioners.
anj-group.com/en/commissioners-commitees. 3. The Audit Committee conducts 3 (three) monthly
review on the implementation of the audit by the
internal auditors and supervises the implementation
Duties and Responsibilities of the Audit
of follow-up actions by the Board of Directors on the
Committee findings of the internal auditors.
4. The Audit Committee is obliged to maintain the
As specified in the Audit Committee Charter, the Audit
confidentiality of documents, data and information
Committee’s duties and responsibilities are as follows:
regarding the Company for an indefinite period of time.
1. The Audit Committee is tasked with providing opinions
to the Board of Commissioners on reports or matters
The roles of the Audit Committee concerning external
submitted by the Board of Directors, identifying issues
auditors are:
requiring the attention of the Commissioners and
a. Nominate and recommend the appointments,
carrying out other tasks related to the duties of the
termination and/or replacement of the external
Board of Commissioners, including the following:
auditor to the Board of Commissioners.
a. Ensuring that there is a satisfactory procedure
b. Monitor the process of appointing the external auditor.
for the review of information submitted/issued by
c. Evaluate the potential risk of using the services of
the Company to the public, shareholders and/or
the same external auditor for period of 3 (three)
authorities, including 3 (three) monthly financial
consecutive financial years.
statements, projections and other reports related
d. Review and recommend a reasonable fees for external
to the Company’s financial information.
auditor services to the Board of Commissioners.
b. Assessing the planning, implementation and
e. With the Internal Audit Unit (IAU) and the Director of
results of audits carried out by the internal auditors
Finance, discuss the audit’s objectives and scope with
and external auditors to ensure that the auditors’
the external auditor before the audit.
performance of audit procedures and audit
f. Conduct periodic reviews of the progress of the
reporting follow applicable audit standards.
external auditors’ work.
c. Reviewing compliance with laws and regulations
g. If necessary, discuss the external auditor’s audit
relating to the Company’s activities.
results with management, external auditors and the
d. Providing an independent opinion in the event of
Internal Audit Unit (IAU).
a difference of opinion between management and
h. Monitor the external auditor’s performance to ensure
the external auditor on the services provided by the
that the external auditors’ complies with applicable
external auditor.
professional standards and maintain the external
e. Providing recommendations to the Board of
auditor’s independence.
Commissioners regarding the appointment,
i. Provide an independent opinion in the event of
termination and/or replacement of an external
disagreements between management and accountants
auditor, based on independence, the scope of the
for the services rendered.
assignment and remuneration for services.
f. Reviewing complaints related to the Company’s
accounting and financial reporting processes. Audit Committee Meetings
g. Reviewing and providing advice to the Board of
Commissioners regarding potential conflict of In compliance with OJK Regulation No.55/POJK.04/2015
interests with the Company. on the Establishment and Working Guidelines for Audit
h. Reviewing and providing advice to the Board of Committees and the provisions of the Audit Committee
Commissioners regarding the affiliation transaction Charter, the Audit Committee meets at least 4 times a
(RPT) and/or conflict of interest transaction that year. The Audit Committee held seven meetings in 2024.
will be carried out by the Company. Four meetings with the Internal Audit and three other
i. Providing recommendations on strengthening meetings with the external auditor for the result and
the Company’s internal control system and its reports.
implementation.
2024 Annual Report 169
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CORPORATE
GOVERNANCE
Audit Committee Meetings in 2024
Name Position No. of Meetings/No. Attended % Attendance
Darwin Cyril Noerhadi Chairman 7/7 100%
Irawan Soerodjo Member 6/7 85%
Osman Sitorus Member 6/7 85%
Training and Development for Audit Audit Committee Activities in 2024
Committee Members
The Audit Committee reviewed the following in 2024:
Details of the training and development undertaken by a. The implementation of risk management by the
members of the Audit Committee in 2024 are provided on Company’s Board of Directors;
page 97 of this Annual Report. b. The quarterly financial reports disclosed to the public
and the authorities;
c. The performance and independence of the external
auditor, Siddharta, Widjaja & Rekan;
d. The Company’s compliance with applicable laws and
regulations; and
e. The implementation of the internal audit function and
management’s follow-up to internal audit findings.
Nomination and Remuneration Committee
The Nomination and Remuneration Committee (NRC) The NRC was established in 2013 under the name of the
supports the efficient succession and renewal of the Compensation and Benefit Committee and change its
Board of Directors and Board of Commissioners as name to the Nomination and Remuneration Committee.
well as reviews and makes recommendations on the The current structure, composition and basis of
remuneration for the senior management of ANJ and its appointment of the NRC are stated in table below:
subsidiaries.
Nomination and Remuneration Committee Composition as of December 31, 2024
Member Position Basis of Appointment Period
Adrianto Machribie Chairman BoC Resolution No. 011/BOC/ANJ/GEN/2023 dated June 8, 2023 2020 - 2025
George Santosa Tahija Member BoC Resolution No. 011/BOC/ANJ/GEN/2023 dated June 8, 2023 2020 - 2025
Sjakon George Tahija Member BoC Resolution No. 011/BOC/ANJ/GEN/2023 dated June 8, 2023 2020 - 2025
Anastasius Wahyuhadi Member BoC Resolution No. 011/BOC/ANJ/GEN/2023 dated June 8, 2023 2021 - 2025
The Profile of the Nomination and Appointment of Nomination and
Remuneration Committee Members Remuneration Committee Members
The NRC members are all members of the Company’s The NRC comprises a chairman and three other
Board of Commissioners. Their profiles can be seen in members, who are appointed for a term that runs until
the Board of Commissioners’ profile on page 58-61 of the fifth AGMS following their appointment, unless
this Annual Report. otherwise stated in the appointment document.
All current members fulfill the membership criteria
set out in OJK Regulation No. 34/ POJK.04/2014 on the
Nomination and Remuneration Committee of an Issuer
or Public Company.
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PT Austindo Nusantara Jaya Tbk.
Independence of the Nomination and 2) policy and criteria for nominations to both boards;
and
Remuneration Committee
3) policy on the performance review for both boards.
b. Assist the Board of Commissioners in conducting
The Nomination and Remuneration Committee works
performance evaluations of the Board of Directors
independently of the Company’s management and
and Board of Commissioners based on approved
is chaired by one of the Company’s Independent
benchmarking.
Commissioners. This Commissioner does not own any
c. Provide recommendations to the Board of
shares in the Company and has no affiliate relationships
Commissioners relating to the capacity development
with any other commissioners, directors or major
of the Board of Directors and the Board of
shareholders of the Company or its subsidiaries. The
Commissioners.
other NRC members are not independent.
d. Propose qualified candidates for the Board of
Directors and Board of Commissioners.
Nomination and Remuneration e. Review and update the succession plan of the Board
Committee Charter of Directors and Board of Commissioners.
The NRC Charter was issued on February 10, 2015, in Remuneration function:
compliance with OJK Regulation No. 34/POJK.04/2014 a. Provide recommendations to the Board of
dated December 8, 2014. The Charter sets out the NRC’s Commissioners relating to the policy, structure and
duties and responsibilities, in accordance with the amount of remuneration for the Board of Directors
relevant laws and regulations. It is periodically reviewed and the Board of Commissioners.
and updated as necessary. b. Assist the Board of Commissioners in evaluating
performance against remuneration for each member
Duties and Responsibilities of the of the Board of Directors and Board of Commissioners.
Nomination and Remuneration
Committee Nomination and Remuneration
Committee Meetings
The duties and responsibilities of the Nomination and
Remuneration Committee, as stated in the Nomination As specified by its Charter, the Nomination and
and Remuneration Committee Charter, are as follows: Remuneration Committee meets at least once every
four months. Meetings may be held in person or by
Nomination function: teleconference and there is a pre-approved agenda for
a. Provide recommendations to the Board of each meeting. The Committee held four meetings in
Commissioners relating to: 2024.
1) the composition of the Board of Directors and the
Board of Commissioners;
Nomination and Remuneration Committee Meetings in 2024
Member Position No. of Meetings/No. Attended % Attendance
Adrianto Machribie Chairman 4/4 100%
George Santosa Tahija Member 4/4 100%
Sjakon George Tahija Member 4/4 100%
Anastasius Wahyuhadi Member 4/4 100%
Training and Development for Nomination and Remuneration Committee Members
Details of the training and development undertaken by members of the Nomination and Remuneration Committee in
2024 are provided on page 97 of this Annual Report.
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Succession Policy for the Board of If required, the Nomination and Remuneration Committee
can also utilize and engage the services of independent
Commissioners and the Board of
and reputable search firms or any other third party to
Directors assist the Company in the selection process of a Director.
Succession Policy for the Board of Commissioners Upon the recommendation from the Nomination and
Remuneration Committee, the appointment of a Director
The Company has a list of potential candidates who is subject to the approval of the General Meeting of
meet the membership requirements specified in the Shareholders of the Company.
Board of Commissioners’ charter. The Nomination and
Remuneration Committee periodically reviews and Nomination and Remuneration Committee
updates the list and if there is a vacancy on the Board, Activities in 2024
the Committee recommends suitable candidates to
the Board of Commissioners. Their appointment is The Nomination and Remuneration Committee reports
then subject to the approval of the General Meeting of its activities to the Board of Commissioners at the
Shareholders. Board of Commissioners’ meetings. Its activities in 2024
included the following:
Succession Policy for the Board of Directors a. Providing input on the performance assessment of
the Board of Commissioners and Board of Directors;
As part of its succession planning for the Board of
b. Reviewing the remuneration system and formula
Directors, the Nomination and Remuneration Committee
and gave recommendations on the amount of the
develops and determines appropriate selection criteria
remuneration to be paid to the Board of Commissioners
and identifies and recommends suitable candidates,
and Board of Directors;
which may include internal or external candidates. The
c. Reviewing the range of skills and expertise needed for
Company’s policy is to promote from within, internal
the Boards;
candidates where possible. The Human Resources
d. Identifying and proposing qualified candidates for
division is continuously mapping talent with leadership
positions on the Board of Commissioners and Board
potential across the organization and providing future
of Directors; and
leaders with integrated management development
e. Reviewing the succession plan for the Board of
programs that include on-the-job assignments and
Directors.
rotation as well as training, coaching and mentoring and
ensuring that they have a path to leadership positions
through strategic promotions.
Risk Management Committee
The Risk Management Committee (RMC) was established in 2013 by a Resolution of the Board of Commissioners.
The current structure, composition and basis of appointment of the RMC are stated in table below:
Risk Management Committee Composition as of December 31, 2024
Member Position Basis of Appointment Period
George Santosa Tahija Chairman BoC Resolution No. 08/BOC/ANJ/GEN/2020 dated June 10, 2020 2020 - 2025
Adrianto Machribie Member BoC Resolution No. 08/BOC/ANJ/GEN/2020 dated June 10, 2020 2020 - 2025
Anastasius Wahyuhadi Member BoC Resolution No. 08/BOC/ANJ/GEN/2020 dated June 10, 2020 2020 - 2025
J. Kristiadi Member BoC Resolution No. 08/BOC/ANJ/GEN/2020 dated June 10, 2020 2020 - 2025
The Profiles of the Risk Management Committee Members
All of the members of the RMC are members of the Company’s Board of Commissioners and their profiles can be seen
on page 58-62 of this Report.
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PT Austindo Nusantara Jaya Tbk.
Independence of the Risk Management Duties and Responsibilities of the Risk
Committee Management Committee
The RMC works independently of the Company’s The RMC supports the Board of Commissioners in
management and two of its members, Adrianto Machribie evaluating the Group’s risk management system,
and J. Kristiadi, are Independent Commissioners of the including the internal control system and assessing
Company. the Company’s risk tolerance. It also provides advice
to the Board of Directors on current and potential risk
Risk Management Committee Charter management and compliance issues.
The Risk Management Committee Charter, issued on Risk Management Committee Meetings
February 10, 2015, specifies the Committee’s duties and
responsibilities and is in compliance with the relevant According to the RMC Charter, the Committee must
laws and regulations. meet at least six times a year, either in person or by
teleconference, with a pre-approved agenda for each
meeting. The RMC held seven meetings in 2024.
Risk Management Committee Meetings in 2024
Member Position No. of Meetings/No. Attended % Attendance
George Santosa Tahija Chairman 7/7 100%
Adrianto Machribie Member 6/7 85%
Anastasius Wahyuhadi Member 7/7 100%
J. Kristiadi Member 7/7 100%
Training and Development for Risk Management Committee Members
Details of the training and development undertaken by members of the Risk Management Committee in 2024 are
provided on page 97 of this Annual Report.
Risk Management Committee Activities in b. Identify and monitor any issues related to risk
management and compliance that required the
2024
attention of the Board of Commissioners; and
c. Seek information on and discuss issues that
The RMC communicated with management at least once
could potentially negatively impact the Company’s
a month, where possible, during 2024, either at meetings
performance.
or by other means, to:
a. Review the Company’s policies on risk management
The RMC chairman reported on the Committee’s activities
and compliance, giving due consideration to existing
to the Board of Commissioners at the scheduled Board
and new regulations, the Company’s Code of Ethics
of Commissioners’ meetings and joint meetings of the
and any conflicts of interest;
Board of Commissioners and the Board of Directors.
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Corporate Social Responsibility and Sustainability
Committee
The Corporate Social Responsibility and Sustainability Committee was originally established as the Corporate Social
Responsibility Committee in 2013. The current structure, composition and basis of appointment of the Corporate Social
Responsibility and Sustainability Committee (CSRS) are stated in table below:
Corporate Social Responsibility and Sustainability Committee Composition as of December 31, 2024
Member Position Basis of Appointment Period
Sjakon George Tahija Chairman BoC Resolution No. 08/BOC/ANJ/GEN/2020 dated June 10, 2020 2020 - 2025
Anastasius Wahyuhadi Member BoC Resolution No. 08/BOC/ANJ/GEN/2020 dated June 10, 2020 2020 - 2025
J. Kristiadi Member BoC Resolution No. 08/BOC/ANJ/GEN/2020 dated June 10, 2020 2020 - 2025
Istini Tatiek Siddharta Member BoC Resolution No.020/BOC/ANJ/GEN/2021 dated November 2, 2021 2021 - 2025
The Profiles of the Corporate Social Duties and Responsibilities of the
Responsibility and Sustainability Corporate Social Responsibility and
Committee Members Sustainability Committee
All the CSRS Committee members are also members of The CSRS Committee supports the oversight function
the Company’s Board of Commissioners, whose profiles of the Board of Commissioners by monitoring the
can be seen on page 60-64 of this Report. development and implementation of the Group’s
corporate social responsibility and sustainability plans
Independence of the Corporate Social and policy. The Committee also advises the Board of
Directors on these matters.
Responsibility and Sustainability
Committee Corporate Social Responsibility and
The CSRS Committee works independently of the Sustainability Committee Meetings
Company’s management. One member, J. Kristiadi, is an
Independent Commissioner of the Company. According to the CSRS Committee Charter, the
Committee should hold at least two meetings every
year, either in person or by teleconference, with a pre-
Corporate Social Responsibility and approved agenda for each meeting. The committee held
Sustainability Committee Charter four meetings in 2024.
The CSRS Committee Charter was adopted on February
10, 2015 and defines the duties and responsibilities of
the Committee.
Member Position No. of Meetings/No. Attended % Attendance
Sjakon George Tahija Chairman 4/4 100%
Anastasius Wahyuhadi Member 4/4 100%
J. Kristiadi Member 4/4 100%
Istini Tatiek Siddharta Member 4/4 100%
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PT Austindo Nusantara Jaya Tbk.
Training and Development for Corporate Committees Under The Board Of
Social Responsibility and Sustainability Directors
Committee Members
The Board of Directors of the Company does not have
Details of the training and development undertaken by a committee under it. However, the Board of Directors
members of the Risk Management Committee in 2024 liaises closely with the committees under the Board of
are provided on page 97 of this Annual Report. Commissioners.
Corporate Social Responsibility and
Sustainability Committee Activities in
2024
The CSRS Committee’s activities in 2024 included
reviewing and updating the following:
a. The strategic direction of the Company’s corporate
social responsibility and sustainability program.
b. The Company’s Sustainability Policy.
c. Company policies and practices relating to
corporate social responsibility and sustainability, the
environment, politics and government.
d. The Company’s response to issues of major concern
or material non-compliance related to corporate
social responsibility and sustainability.
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GOVERNANCE
Performance Evaluation of Committees
Performance Evaluation Process
The Board of Commissioners supervises and carries
Performance Evaluation Results
out the performance evaluation of four committees in 2024
under it, which support the Board’s oversight function,
which conduct once per year. Committee performance All the committees under the Board
is evaluated against the objectives in their respective of Commissioners have successfully
duties and responsibilities. The results relates to the completed their respective duties
determination of the following year’s objectives. and responsibilities. They have
reported their findings, opinions
Performance Evaluation Criteria and recommendations to the Board
of Commissioners. The Board made
The performance assessment is conducted annually and use of their input to strengthen good
includes the following criteria: corporate governance throughout the
a. Effectiveness of the Committee composition; organization and has concluded that all
b. Information to the Committee; the committees performed effectively
c. Committee procedures, including effectiveness of the in 2024.
Committee meetings;
d. Committee accountability;
e. Standard of Conducts;
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PT Austindo Nusantara Jaya Tbk.
Majority and Controlling Shareholders
The Company’s majority and controlling shareholders a. Engages in business:
are PT Austindo Kencana Jaya, which holds 40.85% of • Professional, scientific and technical activities; and
the shares and whose President Director is Mr. Sjakon • Real estate.
George Tahija and PT Memimpin Dengan Nurani, which b. Engages in business:
also holds 40.85% of the shares and whose President • Management consultancy activities; and
Director is Mr. George Santosa Tahija. • Real estate.
PT Austindo Kencana Jaya is 100% owned by Mr. Sjakon Board Composition
George Tahija, who is the company’s President Director As of December 31, 2024, the members of the Board of
and members of his family. PT Memimpin Dengan Commissioners and Board of Directors of MDN were as
Nurani is 100% owned by Mr. George Santosa Tahija, follows:
the company’s President Director and members of his
family. Board of Commissioners
President Commissioner : Laurel Claire Pekar Tahija
A chart showing the majority and controlling shareholders Commissioner : Istini Tatiek Siddharta
and individual shareholders of the Company is presented
in the Company Profile section on page 79 of this Report. Board of Directors
President Director : George Santosa Tahija
PT MEMIMPIN DENGAN NURANI (MDN) Director : Trihadi
Established in 2012, MDN is a holding company that has The composition of the Board of Commissioners and
interests in the service provider. MDN engages in the the Board of Directors above was appointed pursuant to
following business activities: Deed No. 573 dated February 10, 2021.
Shareholders Structure
Pursuant to Deed No. 76 dated August 30, 2012, the shareholder composition of MDN is as follows:
Par value IDR 1,000,000,- per share
Share
Total Shares Total Par Value (IDR) %
Authorized capital 680,000 680,000,000,000
Issued and paid-up capital
George Santosa Tahija 85,505 85,505,000,000 50
Laurel Claire Pekar Tahija 85,502 85,502,000,000 49.9982
Julia Pratiwi Tahija 3 3,000,000 0.0018
Total issued and paid-up capital 171,010 171,010,000,000 100
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PT AUSTINDO KENCANA JAYA (AKJ) Board Composition
As of December 31, 2024, the members of the Board of
AKJ is a holding company that was established in 2012 Commissioners and Board of Directors of AKJ were as
and has interests in the service provider. AKJ engages in follows:
the following business activities:
Board of Commissioners
a. Engages in business: President Commissioner : Shelley Laksman Tahija
• Professional, scientific and technical activities; Commissioner : George Santosa Tahija
• Real estate; and Commissioner : Istini Tatiek Siddharta
• Human health and social activities.
b. Engages in business: Board of Directors
• Management consultancy activities; President Director : Sjakon George Tahija
• Real estate; and Director : Trihadi
• Health support services.
The composition of the Board of Commissioners and
the Board of Directors above was appointed pursuant to
Deed No. 572 dated February 10, 2021.
Shareholders Structure
Pursuant to Deed No. 1686 dated December 21, 2024, the shareholder composition of AKJ is as follows:
Par value IDR 1,000,000,- per share
Share
Total Shares Total Par Value (IDR) %
Authorized capital 800,000 800,000,000,000
Issued and paid-up capital
Sjakon George Tahija 207,458 207,458,000,000 90
Shelley Laksman Tahija 23,052 23,052,000,000 10
Total issued and paid-up capital 230,510 230,510,000,000 100
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PT Austindo Nusantara Jaya Tbk.
Corporate Secretary
The Corporate Secretary facilitates internal f. Giving input and recommendations to the Company’s
communications between all the functions and units Board of Directors regarding legal matters of the
of the Company, as well as external communications Company and corporate action plans.
with the Company’s external stakeholders, including g. Being responsible for organizing meetings of the
the capital market authorities, financial regulators, Board of Directors, Board of Commissioners and
shareholders and the investor community. In addition, shareholders, as well as the Company’s annual public
the Corporate Secretary manages the Company’s expose.
compliance with all relevant laws and regulations and
advises the Board of Directors on compliance issues and Training and Development for the
any changes in the regulatory environment.
Corporate Secretary
Corporate Secretary Profile Details of the training and development undertaken by
the Corporate Secretary in 2024 are provided on page
His profile can be seen in the Board of Directors’ profiles 101 of this Annual Report.
on page 70 of this Annual Report.
Corporate Secretary Activities in 2024
Term of Office and Domicile
The Corporate Secretary’s activities in 2024 included the
The Company’s Corporate Secretary is Mr. Naga following:
Waskita, who has served concurrently as the Company’s a. Ensured full compliance with the prevailing laws
Legal Director and domiciled in Jakarta, Indonesia. The and regulations, particularly with Indonesia Stock
Corporate Secretary serves from the date of appointment Exchange (IDX) and capital market regulations.
until such time as a new Corporate Secretary is appointed b. Provided input and recommendations to the Board
by the Board of Directors. of Directors in respect of the Company’s compliance
with applicable laws and regulations, particularly
Legal Basis pertaining to the capital market.
c. Liaised with and submitted the required reports and
He was appointed as Corporate Secretary pursuant to notices to the OJK, IDX and other relevant parties.
a Letter of Appointment No.001/FAD/ANJ/2013 dated d. Kept abreast of developments and changes in capital
January 3, 2013. market and other regulations and communicated
these to the Board of Directors.
Duties and Responsibilities of the e. Gave input and recommendations to the Board of
Directors regarding the Company’s legal affairs and
Corporate Secretary
corporate action plans.
f. Led the organization of meetings of the Board of
The Corporate Secretary’s duties and responsibilities
Directors and Board of Commissioners and general
include:
meetings of shareholders, as well as the Company’s
a. Ensuring full compliance with applicable laws and
annual public exposé.
regulations, particularly the prevailing Indonesia
g. Convened the Annual General Meeting of Shareholders
Stock Exchange (IDX) and capital market regulations.
on June 5, 2024.
b. Providing input and recommendations to the
h. Convened the Annual Public Expose on June 5, 2024.
Company’s Board of Directors with respect to the
Company’s compliance with applicable laws and
regulations, particularly in the capital market.
c. Providing input and recommendations to the
Company’s Board of Directors with respect to the
Company’s compliance with corporate governance.
d. Liaising with and assuming responsibility for
correspondence with the OJK, IDX and other relevant
parties.
e. Keeping abreast of developments and changes in
capital market regulations.
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GOVERNANCE
Investor Relations
The Company is a public listed company, therefore The Company has always strived to engage with
the Company is obliged to maintaining transparency shareholders, investors, security analysts, investment
principles and openness in all our business activities managers and brokers or retailers beyond the GMS. The
and achievements. The Company also aim to build strong Company will always develop a positive image through
relationships with the financial community with those improving relations with the financial community,
who have an interest in share investment, especially the interactively and regularly delivering information
shareholders, security analysts, investment managers especially with regard to the Company’s performance
and brokers or retailers. and future prospects. Information disclosure is
conducted through email, phone and the Company’s
The Company has established an Investor Relations official website, which covers data and regular financial
(IR) function to carry out strategic management information, project updates, analyst meeting as well as
responsibilities in integrating financial, communication, presentation of the Company.
marketing and compliance on securities regulation to
develop effective two-way communication among the Investor Relations function activities in
Company, financial communities and other parties,
2024:
eventually influencing toward the reasonable valuation
of the Company’s shares. Effective IR activities positively
1. Assisting the implementation of annual public expose
impact the overall value of the Company.
on June 5, 2024 as a communication forum to the
community in delivering information and developing
The primary responsibilities of the IR division include:
project plans;
1. Building and maintaining good relationships with the
2. Submitting correspondence and responding questions
financial community (shareholders, security analysts,
from the financial community;
investment managers).
3. Submitting an investor newsletter that is disclosed to
2. Monitoring stock exchange developments and
the public on:
advising management concerning on the Company's
a. February 29, 2024;
shares.
b. April 30, 2024;
3. Providing performance information to the financial
c. July 31, 2024; and
community.
d. October 31, 2024;
4. Addressing inquiries from the financial community.
4. Advising management regarding updates of the stock
exchange and the Company’s shares.
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Internal Audit
The Internal Audit Unit’s primary function is to provide Appointment of the Head of the Internal
independent and objective assurance on the Company’s
Audit Unit
financial and operational processes and controls, the
risk management systems, compliance and general
The Head of the Internal Audit Unit is appointed and
governance. In addition, it provides consulting services
dismissed by the President Director, subject to the
to management on strengthening the effectiveness of
approval of the Board of Commissioners. Any change in
these operations to ensure that the Company’s business
the status of the Head of the Internal Audit is reported
and sustainability objectives are met, in the best interests
immediately to the OJK.
of the Company and its stakeholders. The Internal Audit
Unit was established on the basis of:
Number, Qualifications and Certification
• OJK Regulation No. 56 /POJK.04/2015 on the of Internal Auditors
Establishment and Working Guidelines of the Internal
Audit; In 2024, the Internal Audit Unit comprises 9 (nine) people,
• Resolution of the Board of Directors No. 02/BOD/ANJ/ specifically chosen for their expertise in agronomy,
GEN/2017 dated December 13, 2017. agriculture and engineering as well as finance and
accounting to reflect the scope of ANJ’s operations. 2 (two)
of them has professional internal audit qualifications,
Head of Internal Audit
they all fulfill the Company’s requirements regarding
professionalism, integrity and technical knowledge and
The Head of the Internal Audit Unit is Mr. Christian
experience in relevant disciplines.
Lunard Sitorus, who was appointed in 2017.
To enhance proficiency of the internal audit activity, the
head of Internal Audit would encourage professional
development of internal auditors, whether that occurs
through on-the-job training, attendance at professional
conferences and seminars, or encouraging the pursuit
of professional certifications. As at December 31, 2024,
The Internal Audit Unit has 2 (two) persons who have
professional internal audit certification, namely the
Certified Practitioner of Internal Audit (CPIA) and one
person who has a professional internal audit certification,
namely the Certified Forensic Auditor (CFRa).
Training and Development for the
Christian Lunard Sitorus Internal Audit Unit
Indonesian citizen, born in Pematang Siantar in 1970 To strengthen the capabilities of the internal auditors
(aged 54). and ensure that the team can meet the increasingly
complex challenges of the business, the Company
Experience: Mr. Sitorus was appointed as the Head of provides regular training, including an annual internal
Internal Audit in December 2017. His prior positions workshop to improve the team’s understanding of
include Head of the Corporate Audit Department at PT industrial relations, ethics and related issues. Details of
Triputra Agro Persada (2016-2017), Head of the Internal the training and development undertaken by members of
Audit Division at PT Eagle High Plantation Tbk. (2006- the Internal Audit Unit in 2024 are provided on page 102
2015) and Internal Audit Supervisor at PT RGM Indonesia of this Annual Report.
(Asian Agri) (2002-2006).
Structure and Position of the Internal
Education: He holds a Diploma in Finance (1994) and an
Audit Unit
Extension in Financial Management (1999), both from
the University of North Sumatra.
The Internal Audit Unit (IAU) is part of the management
structure, reporting directly to the President Director and
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CORPORATE
GOVERNANCE
the Audit Committee, in compliance with OJK Regulation k. Providing guidance and consultation on good
No. 56/ POJK.04/2015 on the Establishment and Working administrative, operational and financial systems.
Guidelines of the Internal Audit. The IAU coordinates l. Monitoring, analyzing and reporting on the
with the Audit Committee on its day-to-day activities. implementation of the follow-up improvements that
have been suggested.
Internal Audit Unit Charter m. Coordinating with appropriate levels of management
if there are indications of fraud and system failure.
The Internal Audit Charter sets out the duties and n. Cooperating with the Audit Committee.
responsibilities of the IAU. Adopted on February 6, 2014, o. Developing a Quality Assurance and Improvement
it is regularly reviewed and was last updated in 2025 to Program to evaluate the quality of the internal audit
comply with OJK Regulations No. 55/POJK.04/2015; No. activities it carries out.
56/POJK.04/2015 and No. 13/POJK.03/2017. The Charter
is available on ANJ’s website: www. anj-group.com/en/ Internal Audit Reporting Flow
internal-audit.
The following Internal Audit Unit reports are submitted
Duties and Responsibilities of the to the President Director and the Audit Committee and
copied to the Board of Commissioners:
Internal Audit Unit • Annual accountability report;
• Reports on individual audits; and
The Internal Audit Unit’s responsibilities are as follows:
• Reports on management’s follow-up of remedial
a. Reviewing the Company's internal control system to
actions.
achieve organizational goals including testing and
evaluating the implementation of internal control and
risk management based on internal audit. Internal Audit Activities in 2024
b. Developing and implement an annual internal audit
plan. The Internal Audit Unit continued to focus on the most
c. Preparing and submit an annual accountability report serious corporate risks in 2024, completing 64 audit
for the achievement and implementation of the projects, thus meeting the target of 66 projects specified
Internal Audit Unit plan. in the work plan. The planned audits included the
d. Testing and evaluating the implementation, relevance, following:
reliability and integrity of the internal control and risk • Replanting project at ANJA;
management system following Company policy. • Harvesting, fertilizer at ANJAS, SMM, PPM, PMP and
e. Conducting inspections and assessments of efficiency GSB;
and effectiveness in finance, accounting, operations, • Drip fertigation, composting at KAL;
human resources, marketing, information technology • Yayasan perguruan at ANJA and ANJAS;
and other activities. • Land acquisition, upkeep at GSB;
f. Assessing the effectiveness of securing asset values • Cooperation Operation (KSO), SIGAP application
and verifying the existence of these assets. implementation and edamame processing at GMIT;
g. Assessing the level of compliance with the Company's • Process mills at ANJA, ANJAS, SMM, KAL and PMP;
policies, procedures, internal instructions, regulations • Sago harvesting and sago flour processing at ANJAP,
and applicable laws. and
h. Conducting a special examination based on the • Employee cooperative at ANJAS and KAL.
approval of the President Director of the Company,
the Commissioners of the Company or the Audit Internal Audit Meetings
Committee on allegations of a conflict of interest,
unlawful act, criminal act of corruption or fraud based The Internal Audit held four meetings in 2024. The
on the urgency and scope of the examination, namely Internal Audit meetings are to present internal audit
potential loss, the impact of the incident and grace performance to the Audit Committee and the President
period the time of the assignment in question. Director. The Internal Audit meetings were held in March,
i. Preparing a report on audit results and submit June, September and December.
the report to the President Director and the Audit
Committee, accompanied by a copy of the report to
the Board of Commissioners.
j. Providing suggestions and recommendations for
improving systems and procedures to prevent
inefficiency and fraud at every management level.
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PT Austindo Nusantara Jaya Tbk.
Internal Audit Unit Activities by Type
Activity Planned Realization
Follow up 1 1
Project Initiatives 15 14
Regular audit 17 16
Adhoc 3 17
Audit committee and training 18 5
Whistleblowing System 12 11
Total 66 64
Internal Audit Focus for 2025
The Internal Audit Unit will continue to focus on the Company’s strategic objectives, capital expenditure and key risks.
Additional ad hoc risk-based audits may also be performed upon request.
In Region 1 and Region 2, the key audit areas will include: In Region 3, the key audit areas will include:
1. Harvesting at PPM;
1. Replanting project at ANJA and SMM; 2. Fertilizer at PMP;
2. Harvesting at PPM and GSB; 3. Road laterization at PPM and PMP;
3. Fertilizer at ANJAS, KAL; 4. Mil process and palm kernel oil process di PMP; and
4. Cooperative Operation (KSO), edamame harvesting 5. Sago harvesting and sago starch production at ANJAP.
and maintenance at GMIT;
5. Edamame processing consultancy (frozen line) and
preventive maintenance at GMIT;
6. Mill process at ANJA, ANJAS, KAL and SMM;
7. Inventories at ANJAS.
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GOVERNANCE
External Audit
The Company’s consolidated financial statements for the year ended December 31, 2024, were audited, for the eighth
consecutive year, by the public accounting firm Siddharta Widjaja & Rekan (a member firm of the KPMG network). The
firm was selected through a tender supervised by the Company’s Audit Committee in 2017, which included four leading
accounting firms in Indonesia.
The auditors appointed by the Company in the last five years are shown below:
External auditors for ANJ’s financial statements, 2020-2024
Year Public Accountants Signing Partner
2024 Siddharta Widjaja & Rekan Susanto, S.E., CPA
2023 Siddharta Widjaja & Rekan Susanto, S.E., CPA
2022 Siddharta Widjaja & Rekan Susanto, S.E., CPA
2021 Siddharta Widjaja & Rekan Susanto, S.E., CPA
2020 Siddharta Widjaja & Rekan Kartika Singodimejo, S.E., CPA
Public Accountant’s Fee Other Services Rendered
The fee paid for the audit of the consolidated financial No other services rendered by the Public Accountant in
statements of the Company for the year ended December 2024.
31, 2024 was IDR 4.7 billion.
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PT Austindo Nusantara Jaya Tbk.
Internal Control
ANJ’s internal control framework is designed to Components of the Internal Control System
provide reasonable, but not absolute, assurance of the
effectiveness and integrity of the Company’s financial and • Control Environment: The key element in internal
operational activities, focusing on the following areas: control is the behavior of each individual at every level
a. Operational effectiveness and efficiency; of the organization. ANJ’s Code of Ethics and core
b. Asset management and monitoring; values have been instilled throughout the organization
c. Timely and accurate reporting; and and are regularly refreshed across all our operational
d. Compliance with laws and regulations. sites through the activities of the internal audit, our
internal promotion programs, our network of Value
Alignment of the Company’s Internal Champions and the whistleblowing system (see page
Control System with the COSO Internal 196 of this Report).
Control Framework • Risk Assessment: Operational and strategic risks that
could materially affect the Company’s performance,
Since 2015, the Company’s internal control system
prospects or reputation are identified, assessed
has been aligned with the internal control framework
and continuously monitored. Any change in the risk
approach advocated by the Committee of Sponsoring
environment is immediately detected and analyzed.
Organizations of the Treadway Commission (COSO), an
initiative of five US private-sector organizations dedicated
• Control Activities: Internal control and operational
to global excellence in corporate governance, business
activities are in place to mitigate the impact of
ethics, internal control, enterprise risk management,
potentially serious risks. These include the continuous
fraud and financial reporting. The COSO approach works
strengthening of our procedures and policies
across the three principal control objective categories of
according to the following principles: segregation of
operations, reporting and compliance across all the units
duties; limited access, authority and responsibility;
and activities of an organization. It comprises five key
components, which ANJ applies as follows:
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adequate documentation; and a phased review On the basis of the review and follow-up actions, we are
system. All our internal control activities are designed satisfied that the Company’s internal control system
to ensure that these internal control objectives are gives reasonable assurance i) that any potential risks
achieved. and bottlenecks will be identified promptly; and ii) that
appropriate action will be taken to mitigate the impact
• Information and Communication: Information related on the Company and the achievement of our business
to the structures and status of the internal control objectives. Nevertheless, we recognize that no internal
system, including improvements and challenges, control system can provide absolute assurance against
is communicated regularly through quarterly human error, poor judgment, intentional misconduct or
Audit Committee meetings, internal audit reports, other irregularities.
management meetings and reports from the Value
Champion team, as well as to relevant external Statement of Adequate Internal Control
stakeholders as necessary.
The internal control system is a process that is carried
• Monitoring Activities: All the internal control out by the Board of Directors together with, among
components are regularly reviewed to ensure that others, the Internal Audit, to ensure that the governance
they are present and functioning properly. If any of the Company is carried out. Both the Board of
deficiencies are found, the relevant managers are Commissioners and Board of Directors commit to
promptly informed so that they can take remedial ensuring that good corporate governance is implemented
actions. at all levels as the foundation for achieving the goal of
protecting and increasing the value of the Company.
Management’s Evaluation Of Internal The Board of Directors is responsible for implementing
Control Effectiveness In 2024 internal control effectively to enable the Company to
achieve its goal.
The Internal Audit Unit, the Corporate Secretary and
the Risk Management Committee monitor the internal
control system and the Company’s daily operations on
an ongoing basis, while the Audit Committee provides
an additional layer of supervision through its quarterly
review. The Company’s external auditor also evaluates
the system as part of its annual audit of the Company’s
financial statements.
To make the internal control system more effective and
responsive, the Company took various remedial and
strengthening actions in 2024, including the following:
• Strengthening the capacity of the internal audit team
through training based on the Institute of Internal
Auditor standards;
• Reducing misstatement risks in our financial
disclosures by using dedicated computer software to
generate statements; sampling financial transactions
for review by the Internal Audit Unit; and ensuring a
more rigorous review of quarterly financial reports by
the Audit Committee prior to disclosure;
• Ensuring that all financial results were reported to the
Board of Commissioners and the Board of Directors
as well as the Audit Committee for control purposes;
and
• Strengthening the management of company data
using the Company’s dedicated system, One Database.
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Risk Management System
ANJ Risk Management Policy d. Formulate internal audit plan that includes high-risk
areas and enables timely identification of areas for
ANJ recognizes that risks are an inherent part of doing follow-up by management, especially to identify areas
business. To minimize exposure to these risks and that have potential to improve productivity, efficacy of
ensure that they do not impede strategic objectives and capital expenditures realization and internal control
business goals, ANJ is committed to ensuring that key and procedures; and
risks are properly identified, evaluated, mitigated and e. Perform periodic monitoring of the priority risks and
effectively managed. opportunities based on their likelihood and impact to
the Company objectives.
Our principal objective is to safeguard the long-term
continuity of the business by ensuring a consistent, These procedures ensure that we will regularly assess
reliable supply of agribusiness products to our inherent risks, identify new emerging risks and monitor
customers at a margin adequate to safeguard future the adequacy and effectiveness of the risk control.
growth and ensuring shareholder returns. Given the The ongoing review and identification of significant
capital-intensive and long-term nature of the plantation operational and financial risk areas by management are
business, we take a proactive, conservative approach to discussed at monthly Board of Directors meetings, as
anticipating and neutralizing risks. well as at the Risk Management Committee meetings.
ANJ follows the COSO framework for enterprise risk Statement of Adequate Risk Management
management. This framework provides a comprehensive System
approach to identifying, assessing, and managing risks,
ensuring that our risk management practices are aligned The risk management is carried out by the Board of
with industry standards and best practices. Directors together with, among others, the Internal
Audit and Risk Management Committee to safeguard
In accordance with the OJK’s corporate governance the long-term continuity of the business by ensuring
framework, responsibility for risk management rests a consistent, reliable supply of agribusiness products
primarily with the Board of Directors, while the Board to our customers at a margin adequate to safeguard
of Commissioners exercises oversight. The Risk future growth and ensuring shareholder returns. Both
Management Committee supports this oversight function the Board of Commissioners and Board of Directors
and advises the Directors on identifying, assessing and are committed to ensuring that key risks are properly
mitigating risks. identified, evaluated, mitigated and effectively managed.
Evaluation of Risk Management Key Risks to Our Business and Their
Effectiveness Mitigation
We conduct an annual risk review during annual strategic The key risks assessments by the Company in 2024 are
planning session, the Board of Directors determines the presented in the table below, together with the ongoing
Company’s risk management priorities, with oversight mitigating actions. Any of the risks below could adversely
from the Risk Management Committee. The Business affect our business, performance results, financial cash
Development and Corporate Planning Division facilitates flows, financial condition, growth prospects, and/or
and documents this process. To ensure the compliance reputation.
of the risk mitigation strategies, the Internal Audit Unit
will plan the audit process based on risk priorities. With the inherent dynamics of the business environment,
there may be other risks and uncertainties not currently
The procedure is as follows: identified as major risks to the business. These risks
a. Determine the corporate-wide risk exposures and could emerge at any time and negatively affect the
appetite, as well as what opportunities, if any, that business; therefore, we are vigilant in anticipating
may rise from the risk itself; emerging risks. We are also mapping the risks related
b. Formulate the corporate-wide strategic initiatives to to physical, regulatory, and transitional factors, which
manage the Company’s exposure and mitigate severe include the impacts of climate change and evolving
impacts from the risks; regulatory landscapes.
c. Cascade and direct each business unit to make an
internal assessment of its risks and control measures;
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Fluctuations of CPO Price
Risk Mitigation
CPO prices have exhibited high volatility and cyclicality Management has anticipated the possibility of low commodity
in recent years, posing significant risks to financial prices; we have therefore consistently focused on managing
stability. The primary risk factor is the balance of supply production costs and improving efficiency to mitigate the
and demand, which directly influences price fluctuations. impact.
Weather patterns, such as dry spells or heavy rainfall, can We have been able to maintain our cash cost of CPO production
disrupt palm oil production, leading to price instability. within the range between USD 300/ton to USD 400/ton for
Additionally, global demand for other vegetable oils the last 10 years despite inflation and increases in our input
and dynamic government regulations, including biofuel costs (such as wages, fuel price and fertilizer price) through
mandates in Indonesia and Malaysia, further contribute to agronomy innovation to increase the productivity and cost
price volatility. management.
Several factors exacerbate the uncertainty in CPO In addition, the Board of Commissioners has authorized
prices. Extreme weather conditions, such as El Niño, can management to enter into derivative forward contracts if we
significantly impact supply, with effects typically manifesting believe the CPO price trend is declining. The limitations of this
six months to a year later. Environmental and conservation in terms of mitigating the risk are:
regulations can limit production capabilities and increase
1. the price range, volume for each contract and total volume
costs. Economic and demographic developments, including
are entered in due observance of the break-even price levels
changes in population growth, per capita consumption, and
for the consolidated profit or loss and the palm oil segment;
economic conditions, can influence demand. Consumer
awareness and preferences, particularly shifts towards 2. the forward contract period may not exceed six months.
sustainable and environmentally friendly products, also Overriding these limitations requires the approval of the
impact demand. Furthermore, the overall health of the Board of Commissioners.
global economy affects market dynamics and pricing.
In 2024, CPO prices fluctuated within a range influenced
by these factors. Concerns about El Niño were prominent,
as this weather phenomenon typically affects production
with a delay. Increased production in major producing
countries and rising demand from regions like Africa also
played a role. Competition with alternative vegetable oils,
such as soybean and sunflower oil, further influenced price
movements.
Increases in Material Costs (Fertilizers and Diesel Fuel)
Risk Mitigation
The most dominant material cost in agriculture is fertilizer We have been embarking on reducing the usage of diesel
and fuel. Fertilizer is required to ensure the plant gets the fuel and combining inorganic fertilizer with organic
required nutrient to grow and produce in optimum level, where fertilizer. In aiming to reduce dependency of chemical
diesel fuel is required for the FFB transportation as well as fertilizer, we have implemented composting technology
for electricity in the area not connected by the electricity grid to convert the empty fruit bunch into high quality organic
from the palm oil mill biomass turbine. fertilizer with the catalyst of microbes and enzymatic
Both the price of fertilizers and diesel fuels are affected by process. We believe organic fertilizer application from
global supply-demand of petrochemicals, which is also high compost could maintain moisture and rejuvenate the soils,
in price fluctuations. so dependency on chemical fertilizer could gradually be
reduced.
There are other factors affecting the price of petrochemical
other than supply-demand balance: crude oil production quota To reduce the dependency on fossil fuel, we improved the
agreement, discovery of new reserves, global political tension efficiency of biomass power plants by revamping the boiler
and also regional crisis especially in the producing areas of turbine system for more efficient power generation and
oil and gas, such as Middle East, Eastern Europe and Russia. connected some of our locations with national grid system.
We also developed our competency in running the biogas
power plant in Belitung and we are planning to build
another biogas power plant facility in two of our other site
location within the next five years. Our target is to increase
renewable energy portfolio to above 60%.
Increases in Labor Costs
Risk Mitigation
We operate in a labor-intensive industry therefore the Since 2015, we have continuously introduced initiatives to
government regulations related with labor wages will mitigate annual labor cost increases, e.g: improving workers
significantly affect us. Labor costs are a significant component productivity, mechanization, digital data recording and mill
of our total production costs, typically accounting for about automation.
20-30%.
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Ministry of Labor and Transmigration Law No.7/2013 We introduced incentive programs to boost workers’
stipulates that the minimum wage is determined and productivity and applied stricter standards to ensure
implemented annually by provincial governments based on that we harvest the FFB at the prime condition for
the annual living cost conditions of each respective province. higher extraction rates. We implemented harvesting
Further, Government Regulation No. 78/2015 specifies a mechanization in non- undulating plantation areas such
measured annual wage increase based on current growth as Belitung, North Sumatra I and Southwest Papua, and
rates of inflation and gross domestic product. in our Southwest Papua sago operation. In our mill in West
The government issued Law No. 6 of 2023 on the Stipulation Kalimantan and Southwest Papua, we chose the most
of Government Regulation in Lieu of Perpu No. 2 of 2022 on robust technology with automation possibility to reduce
Job Creation into Law. In Law No. 6 of 2023, the government dependency on manual operation.
added several articles that allow the government to We also transformed our production data recording with
change the minimum wage setting formula in certain the Electronic Plantation Mobile System (EPMS) to reduce
circumstances. These articles create uncertainties that manual recording and to initiate paperless business
can negatively affect the Company. process documentation.
All these initiatives have also helped to mitigate the
challenge posed by skilled labor availability constraints in
our operating areas.
Fluctuation in Foreign Exchange Rates
Risk Mitigation
Our financial reporting currency is the USD and our sales The Company policy allows us to enter into forward
are primarily affected from the international market in USD exchange- rate contracts to hedge against fluctuations,
or Malaysian Ringgit, whereas our expenditures, including provided that any such contract does not exceed six months
labor costs, are primarily denominated in IDR. Due to this and the value of the contract does not exceed the amount of
mismatch, any appreciation of the IDR against the dollar IDR needed for three months’ operational expenses.
will reduce our net income and increase our expenditures Regarding cash holdings, our general policy is to hold
in USD terms. enough IDR for two weeks’ operational requirements, but
In contrast, some of our subsidiaries maintain their we may increase our IDR cash holdings up to a maximum
bookkeeping in IDR as their operating currency, while their amount sufficient to cover up to three months’ operational
borrowing, if any, is denominated in either USD or IDR. expenses, if we judge the future trend of the IDR to be
Any appreciation of the dollar against the IDR will result in unfavorable.
foreign exchange losses for these entities. Since 2015, our policy has been that any borrowing by
a subsidiary should be in the functional currency (i.e.
bookkeeping currency) of that subsidiary. This has
significantly reduced our exposure to foreign exchange
volatility. For subsidiaries that maintain their bookkeeping
records in IDR, we have converted their borrowings into
IDR. While the interest rate for IDR borrowing is higher
than for USD borrowing, we believe this policy enables us
to measure currency risks and take action more promptly
and effectively.
Difficulties in Attracting or Retaining Qualified Staff
Risk Mitigation
Our business success and growth depend on our ability to We review our remuneration and benefit programs on an
attract and retain highly qualified, skilled and experienced ongoing basis and benchmark them against the market and
personnel in the palm oil industry. Our inability to attract, seek to improve our performance-related pay program to
recruit, train and retain either experienced senior help retain our employees and attract new candidates.
management or sufficiently qualified key personnel such as We aim to ensure that our employees enjoy a good quality of
plantation or mill managers, field assistants and engineers life while working on our plantations, with a healthy and safe
could have a material adverse effect on our business, environment, comfortable living conditions, transportation,
financial condition and operations. water, electricity, health care, clubhouse facilities, childcare
In addition, oil palm plantations require extensive labor. facilities, training facilities and schooling.
Harvesters and other plantation workers are increasingly We also regularly update our learning and development
mobile and if we are unable to hire and retain sufficient programs, with an emphasis on leadership development.
workers to maintain our workforce or if the minimum wage We have a dedicated management training program for
rate is increased significantly, our business and prospects recent graduates as well as internal training and career
could be adversely affected. path programs to ensure the continuous improvement
of capabilities. We also offer retention programs for
qualified personnel and senior management, and pay
retention bonuses where appropriate. We also leveraged
the technology to have virtual training to ensure that
our development program can reach every level of our
employees spread from west to east Indonesia.
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Transportation or logistics disruptions or mishaps
Risk Mitigation
We typically sell our products on an ex-mill, ex-jetty or We have made significant investments in developing
FOB basis and our customers transport the products they flexible and reliable transportation systems, and we only
purchase from us. Any disruption of transportation services enter into transport contract agreements with reliable
due to bad weather, strikes, lock-outs or other events and experienced logistics companies. We anticipated
could impair their ability to take delivery of our products or the logistical challenges posed by our Southwest Papua
increase their freight costs, thereby making our products businesses early in the planning process. Taking into
more expensive for them. Such disruptions may also result account the size, remoteness and scale of economic
in storage problems at our plantations. investment, we established a dedicated department to
It is our practice only to sell CPO once it is available for improve logistics planning develop integrated logistics
supply in our storage facilities, thus we rely on efficient systems and create logistical synergies between our
transportation for timely off-take by our customers. estates in order to reduce disruption risks.
Our Southwest Papua businesses also present logistics We also rent storage facilities in Dumai, Sumatera to
and construction challenges, as those project areas are enable us to export our product to foreign buyers requiring
located mainly in the interior (palm oil) and in swampland volumes that are economically sizeable enough for
(sago). Both are relatively far from any town or city and shipment.
consequently, remote from reliable infrastructure and
electricity supplies.
Delays in Land Compensation in Developing Plantations
Risk Mitigation
To develop our plantations and obtaining land cultivation We seek to offer attractive compensation for the land,
right (Hak Guna Usaha or HGU), plantation owners must combined with economic development plans that will
release and compensate the land from legal right and benefit the community. During the process, we establish
customary right from the communities to avoid future a local land compensation committee that includes
third-party claims. This usually involves complicated community leaders and representatives of local authorities
negotiations with local stakeholders such as communities, and neighboring industries to facilitate amicable
tribes, indigenous people and influential community communication to expedite the compensation process. We
figures. Achieving consensus and resolution can be make concerted efforts to publicize and explain the benefits
complex and therefore time-consuming, affecting the of our business to the community. These benefits include
plantation’s development and operation timeline. employment opportunities, improved infrastructure, our
community development initiatives, and the multiplier
effects thereof.
We completed the land compensation process for our
Southwest Papua landbanks in 2017. Land compensation
at our South Sumatra landbank is still ongoing, and we are
following the principles stated above to develop a mutually
agreeable land compensation plan.
In all of our land compensation process, we seek to adhere
to RSPO Guidelines and follow the principle of Free, Prior
and Informed Consent (FPIC) that are well documented for
future accountability.
Community Social Conflict and Land Disputes
Risk Mitigation
Even after land has been acquired for a plantation or other We seek to build and maintain positive community
uses, plantation owners commonly face contested land claims relationships based on mutual benefit and respect, and
from people living or working on such land and are required to ensure that we use fair processes and proper administration
negotiate the payment of compensation with such claimants. procedures. We are implementing sustainable corporate
Resolving such contested land rights issues can be a difficult social responsibility initiatives to support social and
and time-consuming process. economic development in the communities close to our
business operations. We also cooperate with NGOs on
community development and environmental management
and welcome input from various organizations to improve
our programs. Through our CID department, we engage
in regular communication and dialogue with community
members to communicate the benefits of the Company’s
presence and hear their concerns.
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Low Community Understanding of Our Plasma Program Activities
Risk Mitigation
Under the Indonesian Government’s Plasma Program, Our plasma program is based on cooperative ownership,
oil palm plantation companies who obtained a plantation which we believe is in the best interests of both smallholders
business license (IUP) since 2007 must develop part and the Company. We plan to run any future plasma
of the plantation to be operated by local smallholders. programs in the same way. We have made management
Accordingly, our West Kalimantan and Southwest Papua service agreements with our cooperatives to ensure that
Plantations currently have a plasma program. our standards of maintenance and harvesting are upheld in
In developing our South Sumatra landbanks, we are setting our plasma areas.
aside the required 20% of the plantable area to be allocated In line with our sustainability objectives, we continue to
for the plasma program. To mitigate the risk of receiving develop our capacity-building and coaching programs
inferior quality of FFB through our plasma program, we for cooperative members and smallholders to develop
develop our programs through cooperative structures. their plantation, agronomic and business management
However, these programs may not be accepted by the capabilities and enable them to grow with us. We also
smallholders and as such, we may be forced to purchase support our plasma smallholders in gaining RSPO
FFB harvested from oil palms grown and maintained by the certification to give them the opportunity to get premium
communities instead of by us. prices. A series of programs and activities have been
ongoing and as a result, as of 2024 100% of our plasma and
partnership have received RSPO certification. Furthermore,
we are working to assist our plasma and partnership with
smallholder farmers in gaining ISPO certification.
Risks Related to Climate Change: experience varying drought severity due to local
climate and soil types, with sandy soils being more
Strategic Mapping and Mitigation
susceptible. Plantations on sandy soils, such as
those in Belitung Island, suffer more severe impacts.
As we navigate the complexities of our rapidly changing
As a group wide, prolonged drought could reduce
environment, it is essential to recognize and address
production yields by 7% to 15%.
the multifaceted risks posed by climate change. Our
operations and industry are increasingly affected by
2. Heat Stress
physical, regulatory, and transitional factors, each
Prolonged high temperatures cause heat stress to
presenting unique challenges and opportunities. By
outdoor workers, reducing their productivity by 3%,
mapping these risks, we can better understand their
which may decrease the total Fresh Fruit Bunches
potential impacts and develop strategies to mitigate
(FFB) harvested by up to 3% annually. Additionally,
them effectively. This comprehensive approach ensures
high temperatures significantly impact Elaeidobius
that we remain resilient and sustainable in the face of
kamerunicus (E.K.) weevils, the primary pollinators of
evolving climate conditions and regulatory landscapes.
palm oil trees. Extreme temperatures above 30º C can
lead to laeness, resulting in a 5%-15% decrease in oil
Physical Risks palm productivity.
The advent of climate change introduces a spectrum of
3. Wildfires
physical risks to our agribusiness, underscored by an
Wildfires have a profound and multifaceted
increase in temperatures and the frequency of extreme
economic impact on palm oil companies. They cause
weather events. These variations significantly influence
immediate financial losses by destroying large
our agricultural outputs and operational efficiencies. For
areas of plantations, resulting in the loss of crops,
instance:
infrastructure, and equipment. Our risk measurement
resulted in the potential impacted area ranging from
1. Drought
280 to 570 hectares, with a potential asset loss of
Drought conditions significantly reduce water
USD 20,000/ha. The subsequent need for replanting
availability, affecting soil moisture levels, particularly
and restoration requires significant investment in
in sandy and marginal lands. This water deficit can
new seedlings, lab rval mortality, reducing the weevil
dry out peat, leading to subsidence and increased fire
population and their pollination effectiv or and other
risk. Young oil palms are highly vulnerable to water
resources, with an additional capital expenditure of
stress, which can stunt their growth, while mature
USD 5,500 per hectare. In addition, the maturation
palms may produce fewer fruits, and old palms may
of new palm oil trees will take four to five years,
not survive prolonged droughts, resulting in lower
thereby prolonging periods of reduced income for
overall yields. The impact on oil palm productivity is
five years ranging from USD 2.5 – 10.0 million with an
delayed, taking months to years to fully manifest as
opportunity loss ranging from USD 0.3 to 1.3 million.
palms recover from water stress. Different regions
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4. Precipitation and Flooding Moving Toward ESG Objectives through
High-intensity rainfall and frequent floods can disrupt
Strategic Assessment and Integration
road and bridge accessibility, hindering the harvesting
process and transportation of Fresh Fruit Bunches
Annually, we assess each risk and opportunity, integrating
(FFB) to the mill. The company estimates that the
these insights into our business strategy to meet our
flood-affected area could range from 700 to 2,300
ESG goals. The Board of Directors, led by our Chief
hectares in ANJAS and 900 to 2,700 hectares in KAL
Operating Officer, oversees the mitigation of transitional
during high precipitation. This led to lower productivity
risks, acknowledging the financial stakes climate
and resulted in an opportunity loss of USD 125,000 to
change poses. We proactively address these challenges
700,000 per year. Additionally, repairing infrastructure
through agribusiness innovations and research, aiming
damaged by flooding requires an additional capital
for operational and economic efficiencies.
expenditure of USD 300,000 to 400,000.
Our strategic endeavors in agribusiness innovation
Regulatory and Transitional Risks and research are pivotal in addressing climate change
impacts and enhancing operational efficiency. We
The evolving regulatory landscape and consumer have established the following initiatives as methods
expectations around carbon footprint and sustainability to mitigate the physical risks associated with our
practices spotlight the urgency of transitioning towards operations:
more resilient and adaptable business models. This
encompasses: 1. Composting
1. Changing of Policy and Customer Behavior Leveraging microbes to transform empty fruit
Rising policy pressures across our operational bunches into organic fertilizers, our composting
landscape, driven by robust national and global initiative necessitates an investment of USD 3.5 million
policies such as carbon pricing mechanisms and for each operational site. This significant investment
clean energy subsidies, present both challenges pays dividends by reducing the reliance on chemical
and opportunities. Specifically, the European Union fertilizers, enhancing soil moisture, and revitalizing
Deforestation Regulation (EUDR) mandates increased soil structure. Notably, in regions like Belitung, this
due diligence and supply chain transparency. initiative has led to a notable increase in yield for young
Simultaneously, consumer preferences are mature palms and a reduction in chemical fertilizer
shifting significantly towards sustainable products, usage, effectively lowering greenhouse gas (GHG)
necessitating adaptations in our operational practices emissions from fertilizer application. (SEOJK16-F.5)
to meet the growing demand for environmental impact 2. Drip Fertigation
transparency and traceability down to the plantation Implementing a small-scale pipeline network allows
level. precise distribution of water and fertilizers directly
2. Carbon Pricing Mechanism to each palm tree. With an investment of USD 1,850
Carbon pricing mechanisms, such as carbon per hectare, this method substantially diminishes
taxes and cap-and-trade systems, pose significant operational expenses by over 55% and ensures
risks to agribusiness companies by increasing sustained crop growth, proving especially beneficial
operational costs and altering market dynamics. during extended drought periods.
These mechanisms aim to reduce greenhouse gas 3. Assisted Pollination
emissions by assigning a cost to carbon emissions, By bolstering the population of pollinators and
impacting energy-intensive processes like fertilizer providing mechanical assistance in pollination
production, machinery use, and transportation. processes, especially in areas with diminished
Higher fuel and energy costs can reduce profit natural pollinator populations, we have successfully
margins, and compliance with emission reduction increased the weight of fruit bunches and enhanced
targets may require costly investments in sustainable fruit set development. This initiative underscores our
practices. Companies that fail to adapt may face commitment to maintaining ecosystem balance and
reputational risks or lose market share to competitors improving production efficiency.
with lower carbon footprints. The uncertainty of 4. Wildfire Prevention
future carbon pricing policies and regulatory changes To safeguard our concessions from external
further complicates long-term strategic planning for wildfires, we have implemented fire prevention
agribusinesses. measures, including the construction of closed canal
systems and water reservoirs that act as protective
barriers. Additionally, enhancing our rapid response
capabilities ensures we are well-prepared to address
potential wildfires swiftly, minimizing their impact on
our operations and the surrounding environment.
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These initiatives are central to our strategic priorities and In addition, to mitigate the environmental and health
operational ethos. As such, every investment undergoes impacts of particulate matter (PM) emissions, which
a thorough evaluation of its financial implications and are exacerbated by increasingly drier conditions linked
a detailed life cycle cost-benefit analysis. This rigorous to changing climate landscapes, the introduction of an
assessment process is embedded in our annual strategic Electrostatic Precipitator (ESP) in our boiler systems
planning and budgeting activities, ensuring that our is a proactive strategy. By installing ESPs, we aim to
commitments not only align with our sustainability goals significantly reduce the amount of particulate matter
but also contribute to our long-term financial health and emitted during the combustion processes in our
operational efficiency. Through this approach, we aim to boilers. This not only helps in complying with stricter
optimize our resource allocation and enhance the overall environmental regulations but also plays a crucial
impact of our sustainability initiatives, reaffirming our role in safeguarding the health of our workforce and
dedication to environmental stewardship and responsible the surrounding communities by ensuring cleaner air
business practices. quality. Thus, the ESP serves as a critical component in
our efforts to adapt to and mitigate the effects of climate
change on our operations.
Material Litigation Administrative
Sanctions
In 2024, the Company, its subsidiaries and members of
the Board of Commissioners and the Board of Directors The Company, its subsidiaries and members of the Board
of the Company and its subsidiaries, were not involved in of Commissioners and the Board of Directors were not
any material cases involving civil, criminal, bankruptcy, subject to any administrative sanctions from the capital
taxation or arbitration proceedings with any court or market authorities or any other authorities in 2024.
arbitration board that would have materially affected the
Company or posed a risk to the continuity of the business
Insider Trading
if the court had found against either the Company or the
Board of Commissioners or Board of Directors.
Land Title Claims
The Company ensures that information is released to
the market in a balanced, fair and timely manner, so
that the activity of a so-called of an insider, in relation
to the trading of securities of the Company, is done only
Up to the end of 2024, there were no major outstanding on the basis of a balance of information available to both
land title claims against the Company. (Company) insiders and the general public.
There was no share trading transactions by the Board
of Commissioners, the Board of Directors and the
controlling shareholders of the Company in 2024.
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Code of Ethics on Business Conduct
The Company adopted its Code of Ethics on Business • Work relations, including professionalism,
Conduct (the "Code") in 2014. The Code serves as a fairness and the separation of personal and
guide and a reference for the Company’s employees and corporate interests
management on how to carry out their duties effectively, Professionalism that enables a focus on the
lawfully and safely. achievement of best performance; fairness and equal
treatment based on the principles of transparency
The Code is based on the Company’s three core values, and objectivity; a distinct division between personal
Integrity, Respect for People and the Environment as interests and the interests of the Company.
well as Continuous Improvement, which reflect the
corporate culture that the ANJ Group seeks to create. We • Relationships with suppliers and customers,
believe that these values will support the achievement of including responsibility for product quality
ANJ’s vision, mission and objectives. The Code describes The Company does not accept the granting of gifts
various principles and behaviors derived from these which are exclusive in nature in the form of cash, cash
values that are essentially aimed at maintaining the trust equivalents or others, either personally or from any
and respect of our stakeholders through transparency, organization which is doing or seeking to do business
accountability, objectivity and equality. Every manager with ANJ or a competitor of ANJ.
and employee is expected to internalize and practice
these behaviors at all times. • Relations with the government
The Company complies with all laws and regulations
We review the Code from time to time to ensure that it is to support a clean government to realize a state
commensurate with and relevant to the growing scope of economic competitive advantage.
our business, the interests of our stakeholders and the
social, economic and regulatory environment, including • Conflicts of interest
the challenges we face. The Company makes a clear and distinct division
between personal interests and the interests of the
Main Principles of the Code of Ethics on Company and avoids any situation which may result
Business Conduct in or be perceived as a conflict of interest between the
interests of the Company and personal interests.
The Company’s Code of Ethics on Business Conduct is
set out below: • Use and maintenance of Company property
All employees are responsible for maintaining
• Corporate Values and using the Company’s property and internal
Brief information about the Corporate Values of the information efficiently, effectively and solely to achieve
Company can be seen on page 47 of this Annual the objectives of the Company in accordance with the
Report. prevailing rules.
• Compliance with Laws and Regulations • Company information and financial disclosure
The Company complies with all prevailing laws and The Company does not provide internal information
regulations and will ensure that all obligations are (including but not limited to the business strategies,
carried out in accordance with the prevailing laws contracts to be executed, products to be launched,
and regulations. Employees also are obliged to research results, information on customers or
understand the laws and regulations in accordance suppliers, acquisitions or divestments and financial
with their duties and work. data) which has not yet been made available to
the public to parties outside of the Company or to
• Workplace safety, health and the environment unauthorized parties within the Company without the
The Company prioritizes the safety and health of our prior approval of an authorized Director.
employees as well as the work environment, starting
from employees’ mind sets and actions to methods of The Company also will not manipulate accounting
continued supervision, as well as ways of obtaining treatments, records or preparations of financial
commitments to uphold this from all parties. statements of the Company. All financial statements
of the Company, accounting records, research reports,
sale reports, records on liabilities, production reports,
reports on the entry of employees and other reports
194 2024 Annual Report
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PT Austindo Nusantara Jaya Tbk.
will always be prepared based on accurate and Company-Wide Application of the Code of
complete data which clearly represent the relevant
Ethics on Business Conduct
facts or the true nature of the transactions.
The Code applies equally and without exception to all
• Relationships with investors and the media employees and management of the Company, including
The Company will:
the Board of Commissioners and the Board of Directors,
1. Not provide information on behalf of the Company
as stated in their respective Charters. The Code
to any party (including, among others, the
notes that everyone in the organization is collectively
shareholders, share agents, investment analysts,
responsible for upholding the values and principles in the
candidate investors and the mass media) if we are
Code of Ethics in their interactions and transactions with
not so authorized.
all customers, vendors and shareholders. In addition,
2. Treat each member of the investment community
the guidance on the ANJ Values notes that every leader
and the mass media fairly, in accordance with
and employee at ANJ must internalize and practice the
reasonable business practices in the investment
corporate culture on a daily basis.
community and the mass media.
The Code also applies, where relevant, to our investors,
• Insider trading stakeholders and business partners, including
The Company maintains and respects the principle of
contractors and vendors.
ensuring that information is released to the market in
a balanced and fair manner, so that the activity of a so-
called insider in relation to the trading of securities of
Disciplinary Policy
the Company is done only on the basis of a balance
The Company may impose the following sanctions for
of information, whether it be factual or conjectural,
misconduct or violations of the Code, in order of severity:
being available on the same basis to both (company)
1. First warning letter.
insiders and the general public.
2. Second warning letter.
3. Final warning letter.
The Code can be found on our website at www.anj-group.
4. Suspension.
com/en/code-of-conduct.
5. Dismissal.
Socialization of the Code of Ethics on
Breaches of the Code of Ethics and
Business Conduct
Sanctions Imposed in 2024
The Code of the Company is continuously communicated
The following Code violations were substantiated in 2024:
and disseminated to the Board of Commissioners and
1. Fraud.
its committees, the Board of Directors and its senior
2. Grievance.
management as well as all employees of the Company,
in order to increase the awareness and understanding to
With regard to the violations above, the Company
implement behavior in accordance with the core values
imposed the following sanctions:
and the Code of the Company.
1. Warning letter.
2. Termination of employment.
The Company periodically conducts socialization to all
employees of the Company through various media. In
2024, the Company has conducted 9 (nine) socializations
or refreshments of the Code to all employees and vendors
of the Company. The socializations were conducted
by face-to-face meeting, poster and/or pamphlet. The
materials are also uploaded on the internal system of
the Company and the website of the Company to make it
easily accessible by employees.
2024 Annual Report 195
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CORPORATE
GOVERNANCE
Corporate Culture
Value Champions employees in making complaints, voicing grievances or
finding appropriate assistance. There were a total of 31
ANJ aspires to create a corporate culture based on our (thirty one) Value Champions in the Company by the end
three core values of Integrity, Respect for People and the of 2024.
Environment as well as Continuous Improvement. These
three values provide the foundation for all our objectives, The Value Champions submit monthly reports on
policies and operations. At each of our offices and estates, their observations of actions and behaviors that either
we have appointed one to three Value Champions who, embody or conflict with the core values. These reports
in addition to their regular work for the Company, also are reviewed, analyzed and consolidated by an organizing
help to model and communicate the values to their co- committee and the analysis is forwarded to the
workers. In this way, we aim to ensure that the values are Company’s ‘Value Guardians’, currently Commissioners
internalized and upheld across the organization. When George Santosa Tahija and Anastasius Wahyuhadi, who
necessary, they also serve as intermediaries between may take further action if warranted. Value Champions
management and employees, for example, by facilitating are also responsible for reporting immediately any action
or conduct that requires urgent attention.
Whistleblowing System
The Company does not tolerate breaches of the Code of
Ethics or the corporate values or any other misconduct
in the form of fraud, corruption, abuse or violation of
any laws and regulations. We are striving to create a
transparent, supportive and proactive corporate culture
in which employees and business partners can feel
confident about reporting such misconduct without
fear of reprisal, provided that such reports are made
in good faith and in the best interests of the Company.
The Company’s whistleblowing system (WBS) provides
a secure, confidential channel for anyone to report
suspected misconduct.
Information about the WBS, which was launched in
May 2016, is disseminated to all employees at all of the
Company’s estates and offices during inductions and
through refresher sessions on the Code and Corporate
Values. During site visits, the internal auditors also
ensure that employees are aware of and understand
the WBS and distribute cards with the hotline numbers.
Vendors are informed about the WBS during briefings.
Procedure for Reporting Misconduct
Informants can contact the WBS Reporter Protection
Unit via one of the following dedicated email or phone/
SMS hotlines, stating the initial indication of misconduct
and supporting evidence:
1. Email: beranibicara@anj-group.com
2. Phone/SMS/WhatsApp: 0815 1600 100
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Protection for Whistleblowers 3. A Supervisory Team, consisting of the Board of
Commissioners, the President Director and the
The WBS protects informants against retaliation by: Audit Committee, reviews the report and gives its
1. Keeping the identity of the informant confidential. considerations on the action to be taken.
2. Keeping the reported information secure and
confidential. Whistleblowing System Manager
3. Protecting informants against reprisals from any
party implicated in the report. The Whistleblowing System Manager and Investigator is
the Internal Audit Unit. The President Director, selected
Handling of Whistleblower Reports members of the Board of Commissioners and the Audit
Committee function as the Supervisory Team.
1. The WBS Informant Protection Team (an independent
representative of the Internal Audit Unit) analyses Whistleblowing reports in 2024
and verifies the incoming report and then assesses
whether further investigation is required. In 2024, a total of 22 (twenty two) reports were received
2. If further investigation is required, the case is through the WBS. A total of 15 (fifteen) reports were
escalated to the WBS Follow-up Team (part of the grievances from stakeholders and have been managed
Internal Audit Unit). This Team assigns a team to by the relevant departments. 2 (two) case was confirmed
investigate, which could be led by the IAU, by the and subsequently followed up and investigated by the
Legal Director or through joint efforts with external Internal Audit Unit. The Internal Audit then passed the
investigators. After conducting its investigation, report to the Commissioners, the President Director and
the team makes a report on its findings. If the case the Audit Committee for review. Misconduct was proven
does not involve the President Director, this report in 2 (two) cases that was reported. The management
is submitted to the President Director, the Board of has implemented the necessary mitigation plan and
Commissioners and the Audit Committee. However, if enhanced the internal system to prevent the recurrence
the President Director is involved, the report is sent of the same issue in the future.
directly to the Board of Commissioners and the Audit
Committee, bypassing the President Director.
Description 2024 2023
Related to Fraud 7 1
Proven 2 1
On Progress 3 -
Not Proven 2 -
Related to Compliance - -
Related to Code of Ethics - -
Related to Grievance 15 12
Total Report Received 22 13
2024 Annual Report 197
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CORPORATE
GOVERNANCE
Employee Share Allocation Program/ Management
Share Ownership Program (ESOP/MSOP) Employee
Stock Allocation Program
Following the Company’s initial public offering (IPO) in The stock options were granted as follows: 40% on the
2013, the shareholders gave their approval for a share first anniversary of the Company’s IPO (Cycle I); 30%on
ownership program for selected employees, including the second anniversary (Cycle II) and 30% on the third
managers and assistant managers, who met certain anniversary (Cycle III). They were valid for a period
administrative requirements specified by the Company. of three years after issue, which included a one-year
vesting period from the date of issue, during which
The Employee Stock Allocation Program (ESAP) offered option holders were not entitled to exercise the options.
its participants a fixed allotment of up to 1% of the
shares offered in the IPO, in accordance with Bapepam- Once the vesting period expired, the options could be
LK Regulation No.IX.A.7. During the IPO, the Company exercised at specified periods of up to 25 trading days,
sold shares to ESAP participants at a 20% discount from which occurred up to two times per year for each cycle.
the offer price. To finance the purchase of the shares The first window in Cycle I for MSOP options to be
allocated to them, participants were offered loans from exercised was opened on November 3, 2014, when 40% of
the Company on the condition that the loans were repaid the stock options (equivalent to 20,000,000 shares) were
in four annual installments with funds deducted from the made available to be exercised. At that time, participants
participants’ bonuses. exercised a total of 1,550,000 shares, at an exercise
price of IDR 1,095 per share. The IDX was notified of the
A lock-up period of at least 12 months from the listing exercise of the options on December 8, 2014.
date was imposed on the ESAP shares or until the
participant’s loan had been repaid in full, after which they In 2015, there were two windows during which options
were allowed to sell or otherwise transfer, their ESAP could be exercised from May 8 to June 15 and from
shares. Participants who resigned from the scheme November 2 to 4 December. While no Cycle I or Cycle II
before their loan was fully repaid were allowed to sell or options were exercised during the first period, a total of
transfer their shares and then repay their ESAP loan in 325,000 Cycle I options and 300,000 Cycle II options were
full. All ESAP loans were fully repaid by the end of 2017. exercised in the second period, all at an exercise price of
IDR 1,095 per share. The Company notified the IDX of the
Management Stock Option Plan exercise of the options on June 17, 2015 and December
8, 2015.
The shareholders also approved a Management Stock
Option Plan (MSOP) in 2013 for senior management The Company opened two more windows for options to
and directors, including the management and directors be exercised in 2016, from May 9 to June 10 and from
of ANJ’s subsidiaries. Like the ESAP, the MSOP gave November 1 to December 5. A total of 8,750,000 Cycle
participants an option to buy shares in the Company, II options and 9,900,000 Cycle III options were exercised
in the future, at a predetermined price. The maximum during the first period, all at an exercise price of IDR
number of new shares that the Company was able to 1,095 per share. No Cycle II or Cycle III options were
issue was 1.5% of the Company’s subscribed and paid- exercised during the second period. The Company
up capital following the Company’s initial public offering. notified the IDX of the exercise of the options on June 15,
2016 and December 7, 2016, respectively.
Complying with the Indonesian Stock Exchange (IDX)
rules, the exercise price of the options was at least 90% In 2017, two more windows for options to be exercised
of the average closing price of the shares over the 25 were opened, from May 3 to June 9 and from November
trading days before the stock option implementation plan 1 to December 6. No Cycle II or Cycle III options were
was reported to the exchange. The terms and conditions exercised during either period. The Company notified the
for exercising the MSOP options were determined by the IDX on June 13, 2017 and December 7, 2017, respectively.
Board of Directors with due observance of the prevailing No more windows for options were opened after
laws and regulations. December 2017.
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PT Austindo Nusantara Jaya Tbk.
Employee Stock Option Plan or Employee Stock Purchase Plan, to the Directors and certain
employees of the Company. The sale price of the treasury
Stock Purchase Plan
stock to said Directors and employees was IDR 1,271
per share. On June 23, 2016, the Company completed
On June 1, 2016, the Company’s AGMS approved the
the transfer of 15,000,000 shares to the Directors and
transfer of a maximum of 63,000,000 treasury stocks,
certain employees of the Company.
through an Employee Stock Option Plan or Employee
Anti-Corruption and Gratuity Control Policies
Program and Procedure 6. The employee is prohibited from providing facilitation
payments to domestic and foreign officers in any
The Company has policies on prohibiting corruption, form. The facilitation payments to domestic and
including insider trading and the giving/receiving of foreign officers are payments or gifts (whether in
gratuities from external parties. The above mentioned the form of money, goods, facilities, or other forms)
policies are stipulated in the Code of Ethics on Business that are given directly or indirectly for the purpose
Conduct of the Company. The Company also has a of securing or accelerating the performance of the
longstanding practice of having all employees of the officer in carrying out his/her duties or functions or
Company and all vendors of the Company sign a so- administrative government matters, both in Indonesia
called Integrity Pact in order to prevent corruption and and overseas.
gratification practices. The policy is as follows:
Training/Socialization
1. The Company does not tolerate any kind of bribery and
corruption, whether it is committed by an employee to The Company constantly strives to increase the
another party or the other way around. awareness of all employees in the prevention and
2. The employee shall explain, internally and when avoidance of corruption and gratification practices,
dealing with third parties, that the Company applies including by socialization through face-to-face meeting,
the principles of integrity and zero-tolerance of any blast email, poster or pamphlet. In 2024, the Company
form of bribery and corruption, and shall not (directly has conducted 9 (nine) socializations to the employees
or indirectly) offer, pay, seek or accept payments, gifts and vendors of the Company.
or favors with the intention of influencing business
improperly. The Company also has a Whistleblowing System as a
3. The employee shall immediately notify his/her direct reporting tool for employees and external parties which
supervisor or through the Whistleblowing System or is explained in more detail in the Whistleblowing System
other reporting means provided by the Company if he/ section in this Annual Report.
she knows of any potential or occurrence of bribery
and corruption.
4. The employee is prohibited, directly or indirectly, from
offering or giving bribes or improper advantages
(including facilitation payments) to a public officer or
other individual or third party, which is intended or
gives the impression to influence that party’s decision
on the Company.
5. The employee is prohibited from, directly or indirectly,
soliciting or receiving bribes or other improper
advantages from a third party, which may, or give an
impression to, be intended to influence the Company's
decisions about such party.
2024 Annual Report 199
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CORPORATE
GOVERNANCE
Participation in Political Activities
In accordance with our Code of Ethics, the Company is In 2024, the Company, its subsidiaries and members of
committed to not involving in political activities or political the Board of Commissioners and the Board of Directors
parties and prohibiting our employees from conducting of the Company and its subsidiaries asserts our
political activities in the Company’s premise or engaging commitment to refraining from engaging in any political
in political activities that could give rise to the perception activities particularly sponsoring certain political parties.
that the employee is acting on behalf of the Company. The
Company does not provide funds for political activities or
parties and is committed to disclosing this information to
the public if we do otherwise.
Donation Management Policy
The Company may offer and/or provide donations for the 4. Donation upholds local cultural values.
betterment of the community, especially the community 5. Donation shall not bribe the recipient of the donation
in the area where the Company and its subsidiaries in accordance with the provisions in the Company's
operate. The Company can provide donations on a code of ethics.
planned or incidental basis. Donations must be made 6. Donations are prohibited from being used for
and managed with the following principles: purposes that are contrary to the prevailing laws and
regulations.
1. Donations shall not replace the role of the government 7. Donations shall as far as possible be given in the form
in developing the community and shall not overlap of in-kind (goods or in-kind contributions) and avoid
with the interests of the government and other giving in the form of money.
stakeholders in the community. 8. Donations must be transparent and accountable.
2. Donations shall enhance community and stakeholder
participation in local community development.
3. Donation is oriented towards regional economic, social
and environmental development and strengthens
the company's collaboration with the government,
community and/or other parties involved.
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Goods and Services Procurement
The Company’s procurement policy states that the b. The estimated price of goods and/or services is
procurement of any goods and services by the Company confidential and can be adjusted and shall be
must be effective, efficient, professional, independent, approved by the Procurement Department and/or
performed with integrity, contain no conflict of interest Procurement Committee.
and uphold the GCG principles of transparency, c. Price estimates are used to assess the fairness of
accountability, responsibility, independence and fairness/ the offering price including its breakdown.
equality. This is aimed at ensuring that procurement is 3. Method of selection of goods and/or service suppliers/
carried out inclusively, in a manner that supports local contractors
economies by empowering small businesses in our The method of selecting providers of goods and/
supply chain, including cooperatives and suppliers close or services that can be used by tender and direct
to our operational areas. appointment.
a. Tender is conducted with at least 3 (three) candidate
Each vendor must meet specific qualifications related suppliers/contractors.
to their administrative, financial and technical capability b. Tender participants must have met the
and capacity as well as fulfill all licensing and tax matters administrative requirements, licensing and tax
required by law. They must also satisfy the Company’s matters required by law. They must also satisfy the
standards with regard to environmental, health and Company’s standards with regard to environmental,
safety management systems, quality management, health and safety management systems, quality
technical specifications and scheduling and the management, technical specifications and
Company’s Sustainability Policy. scheduling and the Company’s Sustainability
Policy.
They are also required to sign an integrity pact stating c. Direct appointment shall only be conducted if there
explicitly that they will not offer, give or accept any item, is an urgent and unplanned procurement of goods
including but not limited to money, gifts or facilities, to and/or services and other immediate matters and
or from any employee or person associated with the shall be approved by the Board of Directors of the
Company and the Group for the purpose of influencing Company.
any decision. The Company reserves the right to 4. The procurement department and/or procurement
unilaterally cancel a contract if the vendor is found to committee will evaluate the bids provided by
have acted in any way that conflicts with the principles of suppliers/contractors for the supply of goods and/
integrity and honesty specified in the pact. or services by considering and/or examining the
compatibility of bids with technical, administrative
The Company has a policy for the appointment of goods and price requirements.
and/or services suppliers/contractors. The selection 5. The procurement department and/or procurement
of the Company's goods and/or services suppliers/ committee may request technical clarifications,
contractors is carried out as follows: explanations and/or presentations to the candidate of
suppliers/contractors of goods and/or services.
1. Organizer of the selection of goods and/or services 6. The Board of Directors of the Company will approve
suppliers/contractors the appointment of suppliers/contractors of goods
a. The implementation of the selection of goods and/or services that have participated in the tender
and/or services suppliers/contractors is carried based on the recommendation from the procurement
out by the Company's procurement department department and/or procurement committee.
and if necessary a Procurement Committee can
be formed by involving the finance function/
department, the work unit that requires goods and/
or services and the Board of Directors.
b. The internal audit department is prohibited from
being part of the procurement committee to
prevent conflicts of interest.
2. Estimation of the price of goods and services
a. The estimated price of goods and/or services is
made by the work unit that requires the goods and/
or services.
2024 Annual Report 201
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CORPORATE
GOVERNANCE
Tax Compliance
ANJ fully supports the government’s policy of promoting Collectively, the current members of the Board of
national development through optimizing tax revenue. Commissioners and the Board of Directors complies with
ANJ has assessed tax compliance throughout the the provisions of the prevailing tax laws and regulations,
Group and consistently complies with the provisions including by submitting tax returns accurately and
of the prevailing tax laws and regulations, including by on time. ANJ also has Tax Policy that can be found
submitting tax returns accurately and on time. on our website at https://anj-group.com/en/anj-s-
commitment-to-good-corporate-governance.
Anti-Monopoly and Anti-Trust Policy
The Company is committed to maintaining a fair and 4. Fair Competition Practices: We are committed to fair
competitive market environment. In accordance with competition and do not engage in unfair methods of
relevant regulations, including Law No. 5 year 1999 competition or deceptive practices. This includes
regarding Prohibition of Monopolistic Practices and ensuring transparency in our business dealings and
Unfair Business Competition. The following are the maintaining integrity in all our operations.
principles of the anti-monopoly and anti-trust policy of 5. Compliance and Training: We provide regular training
the Company: to our employees on anti-trust laws and regulations to
1. Prohibition of Unlawful Agreements: We strictly ensure compliance. Our legal and compliance teams
prohibit any agreements, combinations, or are dedicated to monitoring and enforcing this policy.
conspiracies that unreasonably restrain trade. This 6. Reporting and Accountability: Any violations of this
includes price-fixing, bid-rigging and market division policy are taken seriously and will be investigated
among competitors. promptly. Employees are encouraged to report any
2. Prevention of Monopolization: We do not engage suspected anti-competitive behavior through our
in practices that aim to monopolize or attempt to confidential reporting channels.
monopolize any part of trade or commerce. This
includes avoiding actions that could lead to the By adhering to these principles, we aim to foster a
creation of monopolies or unfair dominance in the competitive market that benefits consumers, promotes
market. innovation, and ensures a level playing field for all
3. Merger and Acquisition Oversight: All mergers and businesses.
acquisitions are carefully reviewed to ensure they
do not substantially lessen competition or create a
monopoly. We comply with all regulatory requirements
and seek approval from relevant authorities when
necessary.
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Policies and Governance of Information Technology
The implementation of the Company’s Information e. Conduct discussions related to the management of
Technology Governance ensures compliance with information technology in Management Meetings.
applicable rules and regulations, while taking into f. Integrate the systems, applications and networks of
account the need to achieve the Company’s business the Company in order to increase the effectiveness
plan. The Company periodically evaluates and improves and efficiency of the Company's operations and the
its Information Technology Governance Policy and Company's business that supports the Company's
Procedure by adopting the best Practices at both national sustainability.
and international levels. The Company’s Information g. Conduct periodical evaluations of information
Technology Governance can accommodate technological technology management policies of the Company
developments and mitigate new risks and threats. in order to meet the Company's needs and mitigate
the risk of disruption and/or cyber security.
The Company already has policies related to Information
Technology Governance, including handling information 2. Emergency and/or Disaster Recovery
technology issues related to disruption and cyber
security as well as emergency and/or disaster recovery, The Company has a policy or Standard Operation
as follows: Procedure (SOP) regarding to ICT Emergency
Recovery that refers to the Business Continuity
1. Disruption and Cyber Security Plan Policy Manual. The ICT Emergency Recovery
SOP includes procedures for handling and restoring
The Company has several policies in the the Company's infrastructure, communication and
implementation of information technology governance application systems in the event of an emergency and/
to avoid and/or mitigate the risk of disruption and for or disaster.
cyber security system of the Company, as follows:
a. The Policy Manual for the Implementation of The Company implements the above policy, which is
Information Technology Security Configuration and carried out in the following manners:
Implementation Standards; a. Draw up and evaluate disaster recovery plans
b. The Policy Manual for the Creation and Use of the regularly by information technology work unit to
Company Email; address the impact of disasters so as to ensure the
c. The Policy Manual on the Use of Internet Access; business and operational activities of the Company.
d. Information Security Policy; b. Develop a disaster recovery plan in terms of
infrastructure, communication and applications to
The Company implements these policies, which are minimize the occurrence of failure or damage.
carried out in the following manners: c. Conduct periodical evaluation and testing of
a. To establish an information technology work unit to the Business Continuity Plan (BCP) jointly with
plan, procure, manage, implement and supervise information technology work unit and the Business
information, applications, hardware, software and Process Department
infrastructure so that it always observes the risk of d. Create backup storage of data, documents and/
disruption and mitigates cyber security risks. or information of the Company in the event of a
b. Maintain the Company's systems, store data disaster.
servers, limit internet access, implement
information technology security and implement
data backups in the event of an emergency
regularly by information technology providers.
c. Conduct socialization and/or awareness to all work
units and/or employees of the Company regarding
the implementation of information technology
management policies.
d. Send socialization and/or awareness e-mails to all
of employees of the Company.
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CORPORATE
GOVERNANCE
Insurance
The Company has comprehensive insurance coverage to 6. Public Liability Insurance: all our operating
protect against various risks to our operational assets. In companies are covered against claims of loss or
2024 our insurance policies included the following: damage to other parties.
1. Property All Risk Insurance: this covers the risk of 7. Marine Cargo: this covers most of our operational
potential loss of buildings, machinery and equipment companies against the risk of potential loss of
and vehicles as well as assets under construction, inventory, including inventory in warehouses and in
in our head office and in our operating companies transit.
across Indonesia. 8. DNO (Directors and Officers Liability Insurance): our
2. Indonesian Standard Earthquake Insurance: provides executives, members of the Board of Commissioners,
cover for physical loss, destruction or damage to the members of the Board of Directors and officers
insured property from any cause. are protected by this liability coverage for losses or
3. EEI (Electronic Equipment Insurance): the majority of advancement of legal defense costs in the event of a
our operating companies are covered against potential claim against them brought for alleged wrongful acts
loss or damage to their electronic equipment. in their capacity as directors and officers.
4. Money Insurance: this covers the risk of loss of money 9. Health Insurance and Life Insurance: provides cover
in transit or on our premises. for all ANJ employees.
5. Fidelity Guarantee Insurance: this insures against 10.Environmental Liability insurance: this protect us
infidelity risk on the part of our employees by against pollution exposure and natural resources
providing indemnity to the employer against the loss damage at all of our operating sites.
of money or properties belonging to the Company as a
result of acts of fraud or dishonesty by any employee,
such as forgery, embezzlement, larceny or fraudulent
conversion.
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Access to Corporate Data and Information
The latest information on the Company’s share price
movements, corporate actions and other news, as well
as our quarterly and annual results, press releases,
investor newsletters and other corporate information, is
available on our website, www.anj-group.com.
Inquiries may be addressed to the Company at any time
via the website, by email, by phone/fax or in writing to:
PT AUSTINDO NUSANTARA JAYA Tbk.
Menara SMBC, 40th Floor
Jl. Dr. Ide Anak Agung Gde Agung Kav. 5.5 – 5.6
Jakarta 12950
Tel : (62 21) 2965 1777
Fax : (62 21) 2965 1788
Attention:Corporate Secretary; Investor Relation;
Corporate Communication
E-mail: corsec@anj-group.com; investor.relations@anj-
group.com
2024 Annual Report 205
Page 208
CORPORATE
GOVERNANCE
Compliance with Corporate Governance Guidelines
for Public Companies
The Company’s compliance with the Corporate Governance Aspects and Principles specified in the provisions of OJK
Regulation No.21/ POJK.04/2015 is outlined in the following table.
Principle Recommendation Status
Aspect 1: Relations between Public Companies and Shareholders in Assuring Shareholders’ Rights
Principle 1 Companies should have procedures for Status: Fulfilled. The voting procedure is stated
Increase the value of voting, whether open or closed, that in the GMS rules distributed to shareholders at
the general meetings of protect the shareholders’ independence each GMS.
shareholders (GMS) and interests.
All members of the Board of Directors Status: Partly Fulfilled. All members of the
and Board of Commissioners attend the Board of Directors and Board of Commissioners
annual general meeting of shareholders. attended the GMS, except Mr. Darwin Cyril
Noerhadi.
A summary of the minutes of AGMS should Status: Fulfilled. Minutes are available at https://
be available on the Company’s website for www.anj-group.com indefinitely.
at least one year.
Principle 2 Companies should have a policy on Status: Fulfilled. The basic principles are stated
Strengthen the quality of communications with their shareholders in the Company’s Code of Ethics on Business
communications between or investors. Conduct.
public companies and their The Corporate Secretary functions as a contact
shareholders or investors. person to shareholders or investors for any
question they have.
The communications policy should be Status: Fulfilled. The Company’s Code of Ethics
disclosed on the website. on Business Conduct is available on the website.
The Company publishes Investor Newsletters
accompanying its Quarterly Financial Statements.
The Company fulfills all regulatory requirements
of disclosures on its website.
Aspect 2: Function and Role of the Board of Commissioners
Principle 3 The condition of the company Status: Fulfilled.
Strengthen the membership determination should be considered in
and composition of the Board determining the number of members of
of Commissioners the Board of Commissioners.
The composition of the Board of Status: Fulfilled.
Commissioners should take into account
the range of expertise, knowledge and
experience required by the Company.
Principle 4 The Board of Commissioners should have Status: Fulfilled. The Board has a policy on
Strengthen the quality of a policy on self-assessment to evaluate its annual self-assessment.
execution of the Board of performance.
Commissioners’ duties and
responsibilities.
The self-assessment policy should be Status: Fulfilled.
disclosed in the Company’s annual report.
The Board of Commissioners should Status: Fulfilled. Members of the Board are
have a policy on the resignation of board subject to the Company’s Code of Ethics and
members who are involved in financial are required to obey all prevailing laws and
crimes. regulations.
The Board of Commissioners or the Status: Fulfilled. We established a succession
committee that performs the nomination committee in 2015 to identify and train potential
and remuneration functions should have leadership candidates.
a succession policy for members of the The succession policy is described in the
Board of Directors. ‘Nomination and Remuneration Committee’
subsection of this Report.
206 2024 Annual Report
Page 209
PT Austindo Nusantara Jaya Tbk.
Principle Recommendation Status
Aspect 3: Function and Role of the Board of Directors
Principle 5 The condition of the Company and Status: Fulfilled.
Strengthen the membership effectiveness in decision making should
and composition of the Board be considered in determining the number
of Directors. of members of the Board of Directors.
The composition of the Board of Directors Status: Fulfilled.
should take into account the range of
expertise, knowledge and experience
required by the Company.
Members of the Board of Directors who Status: Fulfilled.
are in charge of accounting or finance
functions should have expertise in and/or
knowledge of accounting.
Principle 6 The Board of Directors should have a Status: Fulfilled. The Board of Directors conducts
Strengthen the quality of policy on self-assessment to evaluate its an annual self-assessment based on their KPIs
execution of the Board performance. and the results are reviewed by the Nomination
of Directors’ duties and and Remuneration Committee.
responsibilities.
The self-assessment policy should be Status: Fulfilled.
disclosed in the company’s annual report.
The Board of Directors should have a policy Status: Fulfilled. Members of the Board of
on the resignation of board members who Directors are subject to the Company’s Code of
are involved in financial crimes. Ethics and are required to obey all prevailing laws
and regulations.
Aspect 4: Stakeholder Participation
Principle 7 Companies should have a policy on Status: Fulfilled. The policy is stated in the
Strengthen corporate preventing insider trading. Company’s Code of Ethics.
governance through
stakeholder participation.
Companies should have anti-corruption Status: Fulfilled. The policy is an integral part of
and antifraud policies. the Company’s Code of Ethics and all employees
and suppliers sign an integrity pact.
Companies should have a policy on vendor/ Status: Partly fulfilled. We have a policy on
supplier selection and improvement. supplier selection, but not on supplier/Vendor
capacity improvement. However, we do implement
several capacity improvement initiatives for our
suppliers.
Companies should have a policy on Status: Fulfilled. The policy is stated in this
fulfilling creditors’ rights. Report.
Companies should have a whistleblowing Status: Fulfilled. Our whistleblowing system is
policy. described in the GCG chapter of this Report.
Aspect 5: Information Disclosure
Principle 8 Companies should make use of a range Status: Fulfilled. We use the ANJ website, the
Strengthen information of information technology (in addition to Indonesia Stock Exchange website and e-mail
disclosure. their websites) as a means of disclosing communications for disclosures.
information.
The Company’s annual report should Status: Fulfilled. The information is presented in
disclose the ultimate beneficial owners the Company Profile chapter of this Report.
of shareholdings of 5% (five percent)
or more of their shares, in addition to
disclosing the ultimate beneficial owners
of shareholdings in the company through
the ultimate and controlling shareholders.
2024 Annual Report 207
Page 210
CORPORATE SOCIAL
RESPONSIBILITY
Corporate Social Responsibility is reported in our
Sustainability Report 2024 which is available on our website at
https://anj-group.com/en/sustainability-report.
208 2024 Annual Report
Page 211
PT Austindo Nusantara Jaya Tbk.
CORPORATE
SOCIAL
2024 Annual Report 209
Page 212
210 2024 Annual Report
Page 213
CONSOLIDATED
FINANCIAL
STATEMENTS
2024 Annual Report 211
Page 214
PT AUSTINDO NUSANTARA JAYA Tbk
AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
Page 215
PT AUSTINDO NUSANTARA JAYA Tbk
AND SUBSIDIARIES
PAGE
CONTENTS
THE DIRECTORS‘ STATEMENT OF RESPONSIBILITY
CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024:
CONSOLIDATED STATEMENT OF FINANCIAL POSITION----------------------------------------------------------------- 1
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME---------- 3
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ---------------------------------------------------------------- 4
CONSOLIDATED STATEMENT OF CASH FLOWS---------------------------------------------------------------------------- 5
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS------------------------------------------------------------ 6 – 76
SUPPLEMENTARY INFORMATION APPENDIX
STATEMENT OF FINANCIAL POSITION – PARENT ENTITY ONLY -----------------------------------------------------
1
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
– PARENT ENTITY ONLY------------------------------------------------------------------------------------------------------------ 2
STATEMENT OF CHANGES IN EQUITY – PARENT ENTITY ONLY------------------------------------------------------ 3
STATEMENT OF CASH FLOWS – PARENT ENTITY ONLY----------------------------------------------------------------- 4
NOTES TO THE FINANCIAL STATEMENTS – PARENT ENTITY ONLY------------------------------------------------ 5–8
NOTES TO THE INVESTMENTS IN SUBSIDIARIES ----------------------------------------------------------------------- 9
INDEPENDENT AUDITORS’ REPORT
Page 216
#ANr
THE DIRECTORS' STATEMENT OF RESFONSIBILITY
FOR THE GONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3I DECEMBER 2024
PT AUSTTNDO NUSANTARA JAYA Tbk (THE COMPANY) AND SUBSID|ARIES
We, the undersigned:
1. Name Lucas Kurniawan
Office address Menara SMBC 40t' Floor, Jalan Dr. lde Anak Agung Gde Agung
Kav 5.5 - 5.6, Kawasan Mega Kuningan , Jakarta 12950
Domicile as in lD Card Jl. Pulau Pelangi ll No. 7, Kembangan Utara
Office telephone (021) 29051777
Func'tion President Director
2. Neme Nopri Pitoy
Office address Sinar Mas Land Plaza 7h floor, Jl. Diponegoro No.18, Medan,
Sumalera
Ulara
Domicile as in lD Card Jl. Supeno No. 8, Medan Maimun, Jati
Office telephone (061) 4537480
Function Director
declare that:
't. We are responsible for the preparation ancl presentation of the consolidated financial statements of the
Company and subsidiaries, and supplementary information;
2. The consolidated financial statements and supplementary information have been prepared and presented in
accordance with lndonesian Financial Accounting Standards;
3. a. The disclosures we have made in the consolidated financial statements and supplementary information are
complete and accurate;
b. The consolidated financial statements and supplementary information do not contain misleading
information, and we have not omitted any information or facts that would be material to the consolidated
financial statements and supplementary information;
4. We are responsible forthe intemal mntrol.
This statement is made truthfully.
14 March 2025
W K'p"
$JrEMh
24838532
Lucas Kurniawan Nopri Pitoy
Prcsident Director Director
PT Austindo Nusantara Jaya Tbk.
Menara BTPN Lantai 40
Ja[an Dr. lde Anak Agung Gde Agung Kav. 5.5 - 5.6
Kawasan Mega Kuningan, Jakarta 12950
T 162 211 2965 1777 F t62 211 2965 1788
www.anj-group,com
Page 217
PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 DECEMBER 2024, 31 DECEMBER 2023 AND 1 JANUARY 2023
31 December 31 December 1 January
Notes 2024 2023* 2023*
US$ US$ US$
ASSETS
CURRENT ASSETS
Cash and cash equivalents 5 9,132,895 5,852,646 10,820,724
Investments in equity securities 12 4,264,273 - -
Investment in marketable securities 6 490,209 490,209 490,209
Receivable from service concession arrangement- current 43 94,020 86,614 74,585
Trade accounts receivable 7 869,778 590,958 1,292,435
Other receivables 8 480,366 779,250 524,143
Inventories 9 12,595,332 13,004,641 16,661,133
Biological assets 11 7,705,509 3,414,702 4,067,927
Prepayments and advances 10 26,526,567 30,759,256 25,216,810
Total Current Assets 62,158,949 54,978,276 59,147,966
NON-CURRENT ASSETS
Long-term receivable from service concession arrangement 43 367,340 483,686 558,880
Investments in equity securities 12 608 4,188,051 4,162,556
Deferred tax assets 37 2,046,367 2,068,473 1,115,132
Bearer plants 13,49 242,761,160 249,162,929 257,499,399
Property, plant and equipment 14,49 205,978,561 213,432,979 203,989,102
Intangible assets 15 893,806 971,911 1,038,593
Right of use assets 16 124,484 392,778 998,565
Advances 17 12,168,921 11,573,514 10,785,839
Goodwill 18 4,967,256 4,967,256 4,967,256
Claims for tax refund 19 12,961,252 11,421,743 5,139,756
Other non-current assets 20 28,775,565 27,033,435 17,260,620
Total Non-current Assets 511,045,320 525,696,755 507,515,698
TOTAL ASSETS 573,204,269 580,675,031 566,663,664
* As restated (See Note 49)
See accompanying notes to the consolidated financial statements which are an integral part of the consolidated financial statements
-1-
Page 218
PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Continued)
31 DECEMBER 2024, 31 DECEMBER 2023 AND 1 JANUARY 2023
31 December 31 December 1 January
Notes 2024 2023* 2023*
US$ US$ US$
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term bank loans 21 14,199,726 23,251,634 4,635,687
Trade accounts payable 22 8,511,030 6,141,049 6,317,320
Taxes payable 23 1,757,909 2,620,709 4,213,109
Derivative liabilities 40b 163,576 - -
Other payables 24 7,292,170 8,713,709 12,865,634
Accrued expenses 25 5,666,532 5,776,300 6,779,661
Long term bank loan - current maturities 21 11,661,708 5,806,250 4,600,000
Lease liabilities - current maturities 16 18,174 304,924 822,607
Provision for service concession arrangement - current maturities 43 125,205 147,095 236,067
TOTAL CURRENT LIABILITIES 49,396,030 52,761,670 40,470,085
NON-CURRENT LIABILITIES
Long-term bank loans - net of current maturities 21 119,626,860 121,884,725 125,006,648
Lease liabilities - net of current maturities 16 2,435 19,868 264,475
Provision for service concession arrangement - net of current maturities 43 162,096 241,553 300,798
Deferred tax liabilities 37 1,671,672 176,938 781,200
Employee benefits obligation 26 10,451,854 13,661,823 11,656,078
TOTAL NON-CURRENT LIABILITIES 131,914,917 135,984,907 138,009,199
TOTAL LIABILITIES 181,310,947 188,746,577 178,479,284
EQUITY
Capital stock - Rp 100 par value per share
Authorized -12,000,000,000 shares
Issued and paid-up - 3,354,175,000 shares as of
31 December 2024, 31 December 2023 and 1 January 2023 27 46,735,308 46,735,308 46,735,308
Additional paid in capital 28 48,902,344 48,902,344 49,890,831
Treasury stock 1c - - (1,973,591)
Difference in value due to changes in equity of subsidiaries 29 30,706,366 30,706,366 30,706,366
Other reserves 12,29 (54,808,557) (46,617,492) (50,768,552)
Retained earnings
Appropriated 6,824,453 6,824,453 6,824,453
Unappropriated 49 312,680,800 303,948,042 304,664,238
Equity attributable to the owners of the Company 391,040,714 390,499,021 386,079,053
Non-controlling interests 30 852,608 1,429,433 2,105,327
TOTAL EQUITY 391,893,322 391,928,454 388,184,380
TOTAL LIABILITIES AND EQUITY 573,204,269 580,675,031 566,663,664
* As restated (See Note 49)
See accompanying notes to the consolidated financial statements which are an integral part of the consolidated financial statements
-2-
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
YEARS ENDED 31 DECEMBER 2024 AND 2023
Year ended 31 December
Notes 2024 2023*
US$ US$
Revenue 31,49 236,814,460 237,568,975
Cost of revenue 32,49 (189,544,721) (202,423,260)
GROSS PROFIT 47,269,739 35,145,715
Dividend income 463,969 498,784
Foreign exchange (loss) gain, net 45 (917,783) 175,665
Selling expenses (607,021) (656,377)
Personnel expenses 33 (9,467,243) (10,455,863)
General and administrative expenses 34 (8,092,528) (4,369,316)
Other income, net 36,49 1,496,436 1,310,026
OPERATING PROFIT 30,145,569 21,648,634
Finance costs, net 35 (9,789,128) (9,551,328)
PROFIT BEFORE TAX 20,356,441 12,097,306
Income tax expense 37 (11,197,622) (7,666,071)
PROFIT FOR THE YEAR 9,158,819 4,431,235
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified subsequently to
profit or loss:
Change in fair value of investments
in equity securities 12 76,830 25,495
Change resulting from actuarial remeasurements
of post-employment benefits obligation 26 (602,327) 471,121
Income tax on items that will not be
reclassified to profit or loss 37 (326,005) (109,256)
Total (851,502) 387,360
Items that will be reclassified subsequently to
profit or loss:
Foreign exchange differentials from translation
of subsidiaries' financial statements (8,342,449) 4,179,657
Total (8,342,449) 4,179,657
OTHER COMPREHENSIVE INCOME,
NET OF TAX (9,193,951) 4,567,017
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR (35,132) 8,998,252
PROFIT FOR THE YEAR
ATTRIBUTABLE TO:
Owners of the Company 9,648,361 5,155,924
Non-controlling interests 30 (489,542) (724,689)
9,158,819 4,431,235
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR ATTRIBUTABLE TO:
Owners of the Company 541,693 9,674,146
Non-controlling interests 30 (576,825) (675,894)
(35,132) 8,998,252
EARNING PER SHARE 38
Basic earning per share 0.0029 0.0015
Diluted earning per share 0.0029 0.0015
* As restated (See Note 49)
See Notes to the Consolidated Financial Statements which form an integral part of these consolidated financial statements.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
YEARS ENDED 31 DECEMBER 2024 AND 2023
Difference Other Comprehensive Income Equity
in value due to Revaluation of attributable
Additional changes in equity of investment in Translation Retained Earnings to the owners Non-controlling
Notes Capital stock paid in capital Treasury stock subsidiaries equity securities adjustments Appropriated Unappropriated of the Company interests Total equity
US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$
Balance as of 1 January 2023
as previously reported 46,735,308 49,890,831 (1,973,591) 30,706,366 2,719,821 (53,488,373) 6,824,453 340,591,048 422,005,863 2,105,327 424,111,190
Adjustment in relation to
restatement 49 - - - - - - - (35,926,810) (35,926,810) - (35,926,810)
Balance as of 1 January 2023 46,735,308 49,890,831 (1,973,591) 30,706,366 2,719,821 (53,488,373) 6,824,453 304,664,238 386,079,053 2,105,327 388,184,380
after restated
Sales of treasury stock - (988,487) 1,973,591 - - - - - 985,104 - 985,104
Profit for the year 49 - - - - - - - 5,155,924 5,155,924 (724,689) 4,431,235
Other comprehensive income:
Changes resulting from
actuarial remeasurements of post
employment benefit obligation 26 - - - - - - - 470,721 470,721 400 471,121
Changes in fair value of
invesments in equity securities 12 - - - - 25,495 - - - 25,495 - 25,495
Income tax on items that will not be
reclassified to profit or loss 37 - - - - (5,609) - (103,559) (109,168) (88) (109,256)
Difference in translations of
subsidiaries' financial statements in
foreign currencies 29 - - - - - 4,131,174 - - 4,131,174 48,483 4,179,657
Cash dividend 39 - - - - - - - (6,239,282) (6,239,282) - (6,239,282)
Balance as of 31 December 2023, as restated 46,735,308 48,902,344 - 30,706,366 2,739,707 (49,357,199) 6,824,453 303,948,042 390,499,021 1,429,433 391,928,454
Profit for the year - - - - - - - 9,648,361 9,648,361 (489,542) 9,158,819
Other comprehensive income:
Changes resulting from
actuarial remeasurements of post
employment benefit obligation 26 - - - - - - - (607,678) (607,678) 5,351 (602,327)
Changes in fair value of
investments in equity securities 12 - - - - 76,830 - - - 76,830 - 76,830
Income tax on items that will not be
reclassified to profit or loss 37 - - - - (16,903) - - (307,925) (324,828) (1,177) (326,005)
Difference in translations of
subsidiaries' financial statements in
foreign currencies 29 - - - - - (8,250,992) - - (8,250,992) (91,457) (8,342,449)
Balance as of 31 December 2024 46,735,308 48,902,344 - 30,706,366 2,799,634 (57,608,191) 6,824,453 312,680,800 391,040,714 852,608 391,893,322
See Notes to the Consolidated Financial Statements which form an integral part of these consolidated financial statements.
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Page 221
PT AUSTINDO NUSANTARA JAYA Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED 31 DECEMBER 2024 AND 2023
Year ended 31 December
2024 2023*
US$ US$
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers 237,929,275 232,104,652
Cash received from interest income 126,324 26,451
Cash received from income tax refund 149,473 163,080
Cash received from VAT refund 8,442,693 3,555,119
Payment of employee benefits and contribution to pension fund (5,707,208) (648,199)
Income taxes paid (9,636,750) (11,575,977)
Payments to employees (46,799,231) (47,601,151)
Payments to suppliers (114,663,519) (116,540,482)
Payments for other operating activities (26,184,946) (22,838,167)
Net cash provided by operating activities 43,656,111 36,645,326
CASH FLOWS FROM INVESTING ACTIVITIES
Cash dividends received 463,969 498,784
Proceeds from sale/deduction of property, plant and equipment 1,228,208 180,003
Acquisition of property, plant and equipment (8,098,407) (20,699,972)
Additions of bearer plants (14,223,865) (13,282,442)
Additions of advances (1,855,683) (1,304,818)
Acquisitions of intangible assets (8,101) (6,045)
Acquistion of other non-current assets (5,470,556) (6,628,577)
Net cash used in investing activities (27,964,435) (41,243,067)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment for loan interest expenses (9,768,210) (9,648,476)
Payment of cash dividends - (6,239,282)
Sale of treasury stock - 985,104
Lease liabilities payment (315,260) (978,219)
Proceeds from short-term bank loans 80,230,106 64,883,886
Payment of short-term bank loans (88,730,103) (46,209,160)
Proceeds from long-term bank loans 15,103,749 1,435,810
Payment of long-term bank loans (8,931,709) (4,600,000)
Net cash used in financing activities (12,411,427) (370,337)
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 3,280,249 (4,968,078)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF THE YEAR 5,852,646 10,820,724
CASH AND CASH EQUIVALENTS AT END OF THE YEAR 9,132,895 5,852,646
* As restated (See Note 49)
See accompanying notes to the consolidated financial statements which are an integral part of the consolidated financial statements
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Page 222
PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
1. GENERAL
a. Establishment and General Information
PT Austindo Nusantara Jaya Tbk (the Company), formerly PT Austindo Teguh Jaya, was established by Deed
No. 72 of Notary Mr. Sutjipto, S.H., dated 16 April 1993 which was approved by the Minister of Justice of the
Republic of Indonesia in its Decision Letter No. C2-3479.HT.01.01.TH.93 dated 21 May 1993, and was
published in Supplement No. 4010 to the State Gazette No. 70, dated 31 August 1993. The Company’s Articles
of Association have been amended several times, among others, by Deed No. 161 of Notary Dr. Irawan
Soerodjo, S.H., M.Si., dated 17 January 2013, pertaining to the Initial Public Offering (IPO) of the Company,
which included the change in the Company’s status, the IPO plan through the issuance of new shares from
Company’s portfolio, the approval of share allocation program to employees and the management stock option
program, changes in composition of the Board of Commissioners and the Board of Directors and the change in
the Articles of Association in order to comply with the regulation of Financial Service Authority (“OJK”, formerly
Bapepam-LK). The deed was approved by the Minister of Law and Human Rights of the Republic of Indonesia
in its Decision Letter No. AHU-03796.AH.01.02. Tahun 2013 dated 31 January 2013.
The amendment to the entire Articles of Association by the Deed No. 270 of notary Dr. Irawan Soerodjo, S.H.,
M.Si., dated 22 June 2015, pertaining to the merger between the Company and PT Pusaka Agro Makmur
(“PAM”), changes to the Company’s principal business activities and the change to the Company’s Articles of
Association in order to comply with the regulation of OJK. The deed was approved by the Minister of Law and
Human Rights of the Republic of Indonesia in its Decision Letter of the Changes to the Articles of Association
No. AHU-0937905.AH.01.02. Tahun 2015 dated 23 June 2015. The Notification of Merger and Notification of
Amendment to the Articles of Association of the Company has been recorded in the database of the Legal Entity
Administrative System of the Ministry of Law and Human Rights of the Republic of Indonesia under No. AHU-
AH.01.10-0105667 and No. AHU-AH.01.03-0944887, respectively, both dated 23 June 2015. The Articles of
Association have been further amended by the Deed No. 98 of notary Dr. Ir. Yohanes Wilion, S.H, S.E., M.M.
dated 31 May 2016 pertaining to the issuance of new shares from the Company’s portfolio in relation with the
management stock option program. The deed has been accepted by the Minister of Law and Human Rights of
the Republic of Indonesia in its Decision Letter of the Changes to the Articles of Association No. AHU-AH.01.03-
0053226 dated 31 May 2016.
In accordance with the latest amendment in Article 3 of the Company’s Articles of Association, the scope of its
activities is to engage in the general trading, services and integrated palm oil plantation with its processing into
crude palm oil and palm kernel. The Company is eligible to, among others, pursue business opportunities and
investments. The Company started its commercial operations in 1993. Currently, the Company provides
management services, operates in palm oil plantations and also operates as a holding company for its
subsidiaries and associates operating in the agribusiness industry, which are palm oil plantation, sago
processing and horticultural agriculture as well as renewable energy.
As of 31 December 2024 and 2023, the Company and its subsidiaries (the Group) had 9,666 and 9,272
permanent employees (unaudited), respectively.
The Company is majority owned by PT Austindo Kencana Jaya and PT Memimpin Dengan Nurani which are
the ultimate parent of the group. PT Austindo Kencana Jaya and PT Memimpin Dengan Nurani are owned by
Dr. Sjakon George Tahija and Mr. George Santosa Tahija as the ultimate shareholders. The Company is
domiciled in Jakarta and its head office is located at Menara SMBC 40th floor, Jl. Dr. Ide Anak Agung Gde
Agung Kav. 5.5 – 5.6, Kawasan Mega Kuningan, Jakarta 12950.
Based on Deed No. 63 of Notary Christina Dwi Utami, S.H., M.Hum., M.Kn., dated 7 June 2023, the Company’s
shareholders approved the resignation of Mr. Istama Tatang Siddharta as the Company’s Commissioner and
the appointment of Mr. Mohammad Fitriyansyah as the Company’s Director effective from 7 June 2023. The
deed was reported and accepted by the Minister of Law and Human Rights of the Republic of Indonesia and
accepted in its Decision Letter No. AHU-AH.01.09-0126196 dated 12 June 2023.
6
Page 223
PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
1. GENERAL (Continued)
a. Establishment and General Information (Continued) b.
As of 31 December 2024, and 2023, the composition of the Company’s Board of Commissioners and Board of
Directors are as follows:
31 December 2024 and 2023
President Commissioner
(Independent Commissioner) Mr. Adrianto Machribie Reksohadiprodjo
Commissioners Mr. George Santosa Tahija
Mr. Sjakon George Tahija
Mr. Anastasius Wahyuhadi
Mrs. Istini Tatiek Siddharta
Independent Commissioners Mr. Josep Kristiadi
Mr. Darwin Cyril Noerhadi
President Director Mr. Lucas Kurniawan
Vice President Director Mr. Geetha Govindan Kunnath Gopalakrishnan
Directors Mr. Naga Waskita
Mr. Aloysius D’Cruz
Ms. Nopri Pitoy
Mr. Mohammad Fitriyansyah
Group paid benefits to its key management personnel as follows:
2024 2023
US$ US$
Short-term benefits 6,803,844 7,732,179
The members of the Audit Committee as of 31 December 2024 and 2023 were as follows:
31 December 2024 and 2023
Chairman Mr.Darwin Cyril Noerhadi
Members Mr. lrawan Soerodjo
Mr. Osman Sitorus
b. Initial Public Offering c.
On 1 May 2013, the Company obtained an effective statement from Otoritas Jasa Keuangan (OJK) by virtue of
its letter No. S-101/D.04/2013 for its initial offering of 333,350,000 shares to the public at par value of Rp 100
per share on the Indonesia Stock Exchange at an initial offering price of Rp 1,200 per share. On 8 May 2013,
all of these shares were listed on the Indonesia Stock Exchange.
Based on Deed No. 100 of Notary Dr. Irawan Soerodjo, S.H., M.Si., dated 14 June 2013, in accordance with the
shareholders register dated 31 May 2013, the shares issued by the Company to the public in the Initial Public
Offering were 333,350,000 shares, representing 10% of the outstanding shares. The deed was reported to the
Minister of Law and Human Rights of the Republic Indonesia and accepted in its Decision Letter No. AHU-
AH.01.10-25577 dated 24 June 2013.
As of 31 December 2024, all of the Company’s 3,354,175,000 outstanding shares have been listed at the
Indonesian Stock Exchange.
c. Merger with PT Pusaka Agro Makmur and Repurchase of Shares
The Extraordinary General Meeting of Shareholders (EGMS) of the Company on 22 June 2015 approved the
merger of the Company and PAM (subsidiary), as stated in Deed No. 270 dated 22 June 2015 of notary Dr.
Irawan Soerodjo, S.H., M.Si. The effective date of the merger was 23 June 2015, which was the approval date
of the merger by the Minister of Law and Human Rights of the Republic of Indonesia as stated in its decision
letter No. AHU-AH.01.10-0105667 dated 23 June 2015. Prior to merger, PAM was a wholly owned subsidiary
of the Company and its financial statements were consolidated to the Group’s consolidated financial statements.
Accordingly, the merger does not have any impact to the consolidated financial statements of the Group. At the
effective date of the merger, all assets and liabilities were transferred to the Company, and PAM was liquidated
in accordance with laws and regulations in Indonesia. The approval by the Capital Investment Coordinating
Board was obtained on 29 January 2016.
7
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
1. GENERAL (Continued)
c. Merger with PT Pusaka Agro Makmur and Repurchase of Shares (Continued) d.
In accordance with Law No. 40 of 2007 regarding Limited Liability Company (“Company Law”) and Government
Regulation No. 27 of 1998 regarding Merger, Consolidation and Acquisition of a Limited Liabilty Company
(“PP 27/1998”), the shareholders of the Company who disagreed with the EGMS resolution as discussed above
can exercise their rights to have their shares purchased by the Company at a fair price determined by the
Company which is Rp 1,224 per share. On 30 June 2015, the Company completed the purchase of 115,651,300
shares from the shareholders who disagreed with the EGMS resolution for total acquisition cost of Rp 141,840
million (including other direct acquisition costs of Rp 283 million) or equivalent to US$ 10.6 million.
In December 2015, the Company submitted its application to use the book value in relation with this merger to
the Directorate General of Taxation (DGT). On 19 February 2016, DGT issued the approval letter No. KEP-
563/WPJ.07/2016 for using the net book value in the merger between the Company and PAM.
d. Subsidiaries e.
i. Details of the Group’s subsidiaries at the end of the reporting periods are as follows:
Percentage of Group’s
ownership Total assets before elimination
Year of
Subsidiaries’ name and principal commercial 31 December 31 December 31 December 31 December
activities Location operation 2024 2023 2024 2023
% % US$ US$
Direct Subsidiaries
Renewable Energy
PT Austindo Aufwind New Energy Belitung, Bangka 2013 99.22 99.22 1,220,914 1,383,250
(AANE) Belitung
Agribusiness
PT Austindo Nusantara Jaya Agri Binanga, North 1995 99.99 99.99 512,087,594 521,313,722
(ANJA) Sumatera
PT ANJ Agri Papua (ANJAP) South Sorong, 2017 99.99 99.99 11,469,945 13,249,921
Papua
PT Gading Mas Indonesia Teguh
(GMIT) Jember 2000 80.00 80.00 11,374,989 11,045,784
Consumer Products
PT Austindo Nusantara Jaya Boga
(ANJB) Jakarta 2014 99.99 99.99 86,886 115,230
Indirect Subsidiaries
Agribusiness
PT Sahabat Mewah dan Makmur Belitung, Bangka
(SMM) Belitung 1994 99.99 99.99 76,443,771 73,347,848
PT Austindo Nusantara Jaya Agri South Angkola, 2009 99.99 99.99 44,378,609 47,162,032
Siais (ANJAS) North Sumatera
PT Kayung Agro Lestari (KAL) Ketapang, West 2014 99.99 99.99 84,992,982 83,107,019
Kalimantan
PT Galempa Sejahtera Bersama 2022 99.99 99.99 10,352,203 10,359,139
(GSB) South Sumatera
PT Putera Manunggal Perkasa (PMP) South Sorong 2020 99.99 99.99 116,858,567 127,202,129
and Maybrat
PT Permata Putera Mandiri (PPM) South Sorong, 2020 99.99 99.99 90,985,058 100,220,105
Papua
PT Lestari Sagu Papua (LSP) South Sorong, Pre-operating 51.00 51.00 255,103 262,580
Papua
PT ANJ Agri Papua (ANJAP)
Based on Deed No. 771 of Notary Kartika, S.H., M.Kn. dated 14 November 2023 the shareholders of ANJAP
approved the increase of issued and paid up capital from Rp 1,035,852,000,000 to Rp 1,103,652,000,000
by issuing 67,800 new shares which were subscribed and paid by SMM. The increase in paid up capital was
reported and accepted by the Minister of Law and Human Rights of the Republic of sIndonesia in its decision
letter No. AHU-AH.01.03-0143619 dated 20 November 2023. The Company’s direct ownership in ANJAP
decreased from 85.38% to 80.14%.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
1. GENERAL (Continued)
d. Subsidiaries (Continued) e.
e.
i. Details of the Group’s subsidiaries at the end of the reporting periods are as follows (Continued): f.
PT ANJ Agri Papua (ANJAP) (Continued)
Based on Deed No. 2 of Notary Kartika, S.H., M.Kn. dated 2 December 2024 the shareholders of ANJAP
approved the increase of issued and paid up capital from Rp 1,103,652,000,000 to Rp 1,133,852,000,000
by issuing 30,200 new shares which were subscribed and paid by SMM. The increase in paid up capital was
reported and accepted by the Minister of Law and Human Rights of the Republic of Indonesia in its decision
letter No. AHU-AH.01.03-0217313 dated 4 December 2024. The Company’s direct ownership in ANJAP
decreased from 80.14% to 78.00%.
PT Gading Mas Indonesia Teguh (GMIT)
Based on Deed No. 772 of Notary Kartika, S.H., M.Kn. dated 14 November 2023, the shareholders of GMIT
approved the increase of issued and paid up capital from Rp 270,034,765,000 to
Rp 289,623,290,000 by issuing 120,175 new shares, of which 96,140 shares were subscribed and paid by
the Company and 24,035 shares were subscribed and paid by AJI HK Limited. The increase in capital was
reported and accepted by the Minister of Law and Human Rights of the Republic of Indonesia in its decision
letter No. AHU-AH.01.03-0143633 dated 20 November 2023. The Company’s direct ownership in GMIT
remains at 80.00%.
PT Austindo Nusantara Jaya Boga (ANJB)
Based on Deed No. 770 of Notary Kartika, S.H., M.Kn. dated 14 November 2023, the shareholders of ANJB
approved the increase of issued and paid up capital from Rp 9,530,000,000 to Rp 10,130,000,000 by issuing
600,000 new shares, all of which was subscribed and paid by the Company. The increase in paid up capital
was reported and accepted by the Minister of Law and Human Rights of the Republic of Indonesia in its
decision letter No. AHU-AH. 01.03-0143614 dated 20 November 2023. The Company’s direct ownership in
ANJB is 99.99%.
Based on Deed No. 1 of Notary Kartika, S.H., M.Kn. dated 2 December 2024, the shareholders of ANJB
approved the increase of issued and paid up capital from Rp 10,130,000,000 to Rp 11,030,000,000 by
issuing 900,000 new shares, all of which was subscribed and paid by the Company. The increase in paid
up capital was reported and accepted by the Minister of Law and Human Rights of the Republic of Indonesia
in its decision letter No. AHU-AH. 01.09-0283614 dated 4 December 2024. The Company’s direct ownership
in ANJB is 99.99%.
PT Galempa Sejahtera Bersama (GSB)
Based on Deed No. 768 of Notary Kartika S.H., M.Kn., dated 14 November 2023, the shareholders of GSB
approved the increase of authorized capital from Rp 300,000,000,000 to Rp 350,000,000,000 and paid-up
share capital from Rp 252,120,000,000 (2,521,200 shares) to Rp 259,720,000,000 (2,597,200 shares). From
76,000 new shares, ANJA subscribed and paid for 100% ownership, whereas the Company will not
participate in the capital increase. Thus, the percentage of ownership of new shares issued to ANJA and the
Company become 95.54% and 4.46% ownership, respectively. The increase in authorized capital and paid-
up share capital were approved, reported and accepted by Ministry of Law ans Human Rights of the Republic
Of Indonesia in its decision letter No. AHU-0071443.AH.01.02.TAHUN 2023 and AHU-AH.01-03-0143594
dated 20 November 2023.
Based on Deed No. 3 of Notary Kartika S.H., M.Kn., dated 2 Desember 2024, the shareholders of GSB
approved the increase of issued and paid-up share capital from Rp 259,720,000,000 to Rp 268,470,000,000.
From 87,500 new shares, ANJA subscribed and paid for 100% ownership, whereas the Company will not
participate in the capital increase. Thus, the percentage of ownership of new shares issued to ANJA and the
Company become 95.68% and 4.32% ownership, respectively. The increase in authorized capital and paid-
up share capital were approved, reported and accepted by Ministry of Law ans Human Rights of the Republic
Of Indonesia in its decision letter No. AHU-AH.01-03-0217333 dated 4 December 2024.
PT Putera Manunggal Perkasa (PMP)
Based on Deed No.769 of Notary Kartika, S.H., M.Kn. dated 14 November 2023, the shareholders of PMP
approved the increase of authorized capital from Rp 2,000,000,000,000 to Rp 2,500,000,000,000 and paid
up share capital from Rp 1,896,589,000,000 to Rp 1,952,371,000,000 by issuing 55,782,000 new shares,
all of which were subscribed and paid by ANJA. The increase in authorized capital and paid-up share capital
were approved, reported and accepted by the Minister of Law and Human Rights of the Republic of
Indonesia in its decision letter No. AHU·0071447.AH.01.02. TAHUN 2023 and AHU-AH.01.03-0143605
dated 20 November 2023. ANJA’s direct ownership in PMP increased from 65.00% to 66.00% and
Company’s direct ownership decreased from 35.00% to 34.00%.
9
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
1. GENERAL (Continued)
d. Subsidiaries (Continued) e.
i. Details of the Group’s subsidiaries at the end of the reporting periods are as follows (Continued):
PT Permata Putera Mandiri (PPM)
Based on Deed No. 773 of Notary Kartika, S.H., M.Kn. dated 14 November 2023, the shareholders of PPM
approved the increase of issued and paid up capital from Rp 1,569,694,000,000 to Rp 1,716,853,000,000
by issuing 147,159,000 new shares, all of which were subscribed and paid by ANJA. The increase in capital
was was reported and accepted by the Minister of Law and Human Rights of the Republic of Indonesia in
its decision letter No. AHU-AH.01.03-0143634 dated 20 November 2023. ANJA’s direct ownership in PPM
increased from 65.00% to 68.00% and Company’s direct ownership decreased from 35.00% to 32.00%.
ii. Details of non-wholly owned subsidiaries that have non-controlling interests to the Group are further
disclosed in Note 30
2. ADOPTION OF NEW AND REVISED STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS (“PSAK”)
a. PSAK effective in the current year b.
In the current year, the Group has applied a number of Amendments to PSAK issued by the Financial
Accounting Standards Board of the Indonesian Institute of Accountants that are relevant and effective for
accounting period beginning on 1 January 2024:
- Amendment to PSAK 116: “Leases”
Amendment to PSAK 116 confirms the subsequent measurement of right-of-use assets and leased
liabilities from sale and leaseback transactions. The seller-lessee (seller-lessee) measures the lease liability
in such a way that it will not recognize the amount of gain or loss associated with the retained rights of use
asset.
- Amendment to PSAK 201: “Classification of Liabilities as Current or Non-Current” -
-
This amendment to PSAK 201 stipulates that long-term liabilities with covenants are presented as short-
term or long-term liabilities depending on the right to defer liabilities settlement. Covenants in this case are
divided into covenants that affect and do not affect the right to delay the settlement of liabilities for at least
12 months after the reporting period.
The adoption of those amendments does not have material effect to the conssolidated financial statements.
b. Standard issued but not yet adopted c.
a.
The following standard was issued, but is not yet effective in 2024:
- PSAK 221: “The effects of changes in foreign exchange rates- Amendment in lack of exchangeability” -
This amendment clarifies the accounting when there is a lack of exchangeability and the related disclosure.
This amendment will be efective for the financial reporting beginning on 1 January 2025.
As of the issuance date of the consolidated financial statements, management is still evaluating the effect of
adoption of those amendments on the consolidated financial statements.
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES
The accounting policies set out below have been applied consistently to all periods in these consolidated financial
statements.
a. Statement of Compliance
The consolidated financial statements of the Group have been prepared in accordance with Indonesian
Financial Accounting Standards.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
b. Basis of Preparation
The Company’s directors approved the consolidated financial statements for issuance on 14 March 2025.
The consolidated financial statements have been prepared on the accrual basis using the historical cost
concept, except where the accounting standards require fair value measurement at the end of each reporting
period, as explained in the accounting policies below. These consolidated financial statements are presented in
United States Dollar (US$), which is the Company’s functional currency.
Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.
The consolidated statements of cash flows are prepared using the direct method with classification of cash flows
into operating, investing and financing activities.
c. Basis of Consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities
(including structured entities) controlled by the Company and its subsidiaries. Control is achieved when the
Company has the power over the investee; is exposed, or has rights, to variable returns from its involvement
with the investee; and has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there
are changes to one or more of the three elements of control listed above.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when
the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or
disposed during the year are included in the consolidated statement of profit or loss and other comprehensive
income from the date the Company gains control until the date when the Company ceases to control the
subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the owners of the Company
and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of
the Company and to the non-controlling interests even if this results in the non-controlling interests having a
deficit balance.
The accounting policies adopted in these consolidated financial statements are consistently applied by the
Company and subsidiaries.
Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group
transactions, are eliminated.
Changes in the Company’s ownership interests in subsidiaries that do not result in the Company losing control
over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Company’s interests
and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries.
Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the
consideration paid or received is recognized directly in equity and attributed to the owners of the Company.
When the Group loses control of a subsidiary, a gain or loss is recognized in profit or loss and is calculated as
the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any
retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the
subsidiary and any non-controlling interests. All amounts previously recognized in other comprehensive income
in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or
liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as
specified/permitted by the applicable accounting standards). The fair value of any investment retained in the
former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent
accounting under PSAK 109 or when applicable, the cost on initial recognition of an investment in an associate
or a jointly controlled entity.
11
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
d. Business Combination e.
Business combination is accounted for using the acquisition method. The consideration transferred in a business
combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the
assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the
SSequity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are
recognized in profit or loss as incurred.
At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair
value except for certain assets and liabilities that are measured in accordance with the relevant standards.
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-
controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the
acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities
assumed. If, after the reassessment, the net of the acquisition-date amounts of the identifiable assets acquired
and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling
interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the
excess is recognized immediately in profit or loss as a bargain purchase option.
Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share
of the entity’s net assets in the event of liquidation may be initially measured either at fair value or at the non-
controlling interests’ proportionate share of the acquiree’s identifiable net assets. The choice of measurement
basis is made on a transaction-by-transaction basis. Other types of non-controlling interests are measured at
fair value or, when applicable, on the basis specified in another accounting standard.
When the consideration transferred by the Group in a business combination includes assets or liabilities
resulting from a contingent consideration arrangement, the contingent consideration is measured at its
acquisition-date fair value and included as part of the consideration transferred in a business combination.
Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are
adjusted retrospectively against goodwill. Measurement period adjustments are adjustments that arise from
additional information obtained during the measurement period (which cannot exceed one year from the
acquisition date) about facts and circumstances that existed at the acquisition date.
The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as
measurement period adjustments depends on how the contingent consideration is classified. Contingent
consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent
settlement is accounted for within equity. Contingent consideration that is classified as an asset or liability is
remeasured subsequent to reporting dates at fair value, with changes in fair value recognized in profit or loss.
When a business combination is achieved in stages, the Group’s previously held equity interest in the acquiree
is remeasured to fair value at the acquisition date and the resulting gain or loss, if any, is recognized in profit or
loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been
recognized in other comprehensive income are reclassified to profit or loss, where such treatment would be
appropriate if the interests were disposed of.
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the
combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete.
Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are
recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition
date that, if known, would have affected the amount recognized as of that date.
e. Business Combination Under Common Control
Business combination of entities under common control that qualifies as a business is accounted for using
pooling of interest method where assets and liabilities acquired in the business combination are recorded by the
acquirer at their book values.
The difference between the transfer price and the book value is presented as Additional Paid in Capital and is
not recycled to profit or loss.
12
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
e. Business Combination Under Common Control (Continued)
The pooling of interest method is applied as if the entities had been combined from the period when the merging
entities were placed under common control.
f. Foreign Currency Transactions and Translation
The individual financial statements of each Group’s entity are measured and presented in the currency of the
primary economic environment in which the entity operates (its functional currency). The consolidated financial
statements of the Group and the financial statements of the Company are presented in United Stated Dollar,
which is the functional currency of the Company and the presentation currency for the consolidated financial
statements.
In preparing the financial statements of each individual group entity, transactions in currencies other than the
entity’s functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates
of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are
retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated
in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined.
Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences on monetary items are recognized in profit or loss in the period in which they arise except
for:
− Exchange differences on foreign currency borrowing relating to assets under construction for future
productive use, which are included in the cost of those assets when they are regarded as an adjustment to
interest costs on those foreign currency borrowing.
− Exchange differences on transaction entered into in order to hedge certain foreign currency risks.
− Exchange differences on monetary items receivable from or payable to a foreign currency operation for
which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the
foreign operation), which are recognized initially in other comprehensive income and reclassified from
equity to profit or loss on repayment of the monetary items.
g. Transactions with Related Parties
A related party is a person or entity that is related to the Group (the reporting entity):
(a) A person or a close member of that person's family is related to the reporting entity if that person:
i. has control or joint control over the reporting entity;
ii. has significant influence over the reporting entity; or
iii. is a member of the key management personnel of the reporting entity or of a parent of the reporting
entity.
(b) An entity is related to the reporting entity if any of the following conditions applies:
i. The entity and the reporting entity are members of the same group (which means that each parent,
subsidiaries and fellow subsidiaries is related to the other).
ii. One entity is an associate or joint venture of the other entity (or an associate or joint venture of a
member of a group, of which the other entity is a member).
iii. Both entities are joint ventures of the same third party.
iv. One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
v. The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity
or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring
entities are also related to the reporting entity.
vi. The entity is controlled or jointly controlled by a person identified in (a).
vii. A person identified in (a) (i) has significant influence over the entity or is a member of the key
management personnel of the entity (or of a parent of the entity).
viii. The entity, or any member of a group of which it is a part, provides key management personnel services
to the reporting entity or to the parent of the reporting entity.
13
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
g. Transactions with Related Parties (Continued)
Significant transactions with related parties, whether or not made at similar terms and conditions as those done
with third parties, are disclosed in the consolidated financial statements.
h. Financial Instruments
Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual
provisions of the instrument.
i. Financial Assets
On initial recognition, a financial asset is classified as measured at amortized cost; fair value through other
comprehensive income (“FVOCI”) - debt investment; FVOCI - equity investment; or, fair value through profit
or loss (“FVTPL”).
Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its
business model for managing financial assets in which case all affected financial assets are reclassified on
the first day of the first reporting period following the change in the business model.
The financial assets that are measured at amortized cost consist of cash in banks and cash equivalents,
investments in marketable securities, receivable from service concession arrangement, trade accounts
receivable, other receivables, refundable deposits and plasma receivable (recorded as other non-current
assets). These financial assets are initially recognized at fair value plus directly attributable transaction costs,
and subsequently are measured at amortized cost using the effective interest method. The amortized cost is
reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are
recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.
Investments in equity securities are categorized as measured-at-FVOCI financial assets. These financial
assets are recognized and measured at fair value. All gains or losses are recognized in other comprehensive
income and are not reclassified to the income statement when the investments are sold or derecognized,
aside from dividends which are recognized in the income statement when the right to receive payment is
established.
ii. Financial Liabilities
Financial liabilities are classified as either measured at amortized cost, or FVTPL. A financial liability is
classified as at FVTPL if it is classified as held-for-trading, if it is a derivative, or if it is designated as such on
initial recognition.
Bank loans, trade accounts payable, provision for service concession arrangement, other payables, and
accruals, are initially measured at fair value, plus transaction costs and subsequently measured at amortized
cost using the effective interest method. Interest expense and foreign exchange gains and losses are
recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.
Derivative payables are classified as at FVTPL, and all gains or losses, and interest charges, are recognized
in profit or loss.
iii. Derecognition
Financial assets
The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial
asset expire, or when it transfers the rights to receive the contractual cash flows in a transaction in which
substantially all of the risks and rewards of ownership of the financial asset are transferred: i.e. when control
over the financial asset is relinquished.
In a transaction where a financial asset is transferred but the risks and rewards associated with ownership
are somehow retained, the transferred asset is not derecognized.
Financial liability
The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled, or
otherwise extinguished. The Group also derecognizes a financial liability when its terms are modified and
the cash flows of the modified liability are substantially different, in which case a new financial liability, based
on the modified terms, is recognized at fair value.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
h. Financial Instruments (Continued)
iii. Derecognition (Continued)
Financial liability (Continued)
On derecognition of a financial liability, the difference between the carrying amount extinguished and the
consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit
or loss.
iv. Offsetting
Financial assets and liabilities are offset and the net amount presented in the statements of financial position
when, Group currently have legally enforceable right to set off the recognized amounts and intends either to
settle on a net basis, or to realize the asset and settle the liability simultaneously.
v. Impairment
The Group recognizes loss allowances for expected credit loss (“ECL”) on financial assets measured at
amortized cost.
Measurement of ECLs
ECLs are a probability-weighted estimates of credit losses. Credit losses are measured as the present value
of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the
contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest
rate of the financial asset.
Presentation of allowance for ECL in the consolidated statement of financial position
Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying
amount of the assets.
The Group measures loss allowances at an amount equal to lifetime ECL, except for bank balances for
which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not
increased significantly since initial recognition, which are measured as 12-month ECL.
Loss allowances for trade and other receivables measured at amortized cost are always measured at an
amount equal to lifetime ECL.
i. Cash and Cash Equivalents j.
For cash flow presentation purposes, cash and
cash equivalents consists of cash on hand and in banks and investments which (i) have maturities of three
months or less from the date of placement, (ii) are not pledged as collateral and (iii) are unrestricted.
j. Time Deposits
Time deposits with maturities of three months or less which are pledged as collateral or restricted and time
deposits with maturities of more than three months that are realizable within one year from reporting period are
presented separately.
k. Receivable from Service Concession Arrangement
Receivable due from concession project represents services provided in connection with the service concession
arrangement for which guaranteed minimum payments have been agreed irrespective of the extent of use. Due
to the length of the payment plans, receivables are measured at present value of amortized cost.
The annual accumulation of interest on these discounted values is presented as interest income under revenue.
Customers’ payments divided into a portion to be deducted from the receivable and interest on the unpaid
amounts and a portion for the other concession services.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
k. Receivable from Service Concession Arrangement (Continued)
If collection is expected in one year or less, it is classified as current assets. Otherwise, it is presented as non-
current assets.
l. Inventories
Inventories are stated at cost or net realizable value, whichever is lower.
Net realizable value is the estimated selling price in the ordinary course of business, less the estimated cost of
completion and the estimated selling cost.
Cost of palm oil finished goods comprises fair value less costs to sell of fresh fruit bunch at the date of harvest
and processing cost. Cost of edamame transferred from biological assets is at its fair value less costs to sell at
the date of harvest. Cost of finished goods inventories are determined using the weighted average method.
Materials, spare parts and supplies are stated at cost, which is calculated using the weighted average method.
Allowance for decline in value of inventories is provided based on a review of the condition of the inventories at
year end.
m. Property, Plant and Equipment - Direct Acquisitions
Property, plant and equipment held for use in the production or supply of goods or services, or for administrative
purposes, are stated at cost, less accumulated depreciation and any accumulated impairment losses.
Depreciation is recognized so as to write-off the cost of assets, computed on the cost of assets less estimated
residual value using the straight-line method based on the estimated useful lives of the assets as follows:
Years
Buildings, roads and bridges 4 – 20
Machinery and equipment 4 – 20
Computer and communication equipment 4
Office equipment, furniture and fixtures 4–8
Motor vehicles 4–8
The estimated useful lives and depreciation method are reviewed at each year end.
The cost of maintenance and repairs is charged to profit or loss as incurred. Other costs incurred subsequently
related to addition, replacement or service of property, plant and equipment are recognized as asset if, and only
if, it is probable that future economic benefits associated with the item will flow to the entity and the cost of the
item can be measured reliably.
When assets are retired or otherwise disposed of, their carrying values are removed from the accounts and any
resulting gain or loss is reflected in profit or loss.
Construction in progress is stated at cost, which include borrowing costs during construction on debts incurred
to finance the construction. Accumulated cost will be transferred to the respective property, plant and equipment
account when the construction is completed and the asset is ready for use.
Proceeds from the sale of the product when the asset is still during construction during the trial production is
recognized in profit or loss including the related production costs.
Land
Land is stated at cost and not depreciated.
Land cost consists of acquisition cost, land compensation cost and all legal processing cost of landrights.
During the process of obtaining legal landrights (i.e. Land Cultivation Rights or Hak Guna Usaha/HGU title), all
relevant expenses incurred will be recognized as advances and will be reclassified as land cost when the HGU
is obtained.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
n. Goodwill
Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the
business less accumulated impairment losses, if any.
For the purpose of impairment testing, goodwill is allocated to each of the Group cash-generating units expected
to benefit from the synergies of the combination. A cash-generating unit to which goodwill has been allocated is
tested for impairment annually. If the recoverable amount of the cash-generating unit is less than its carrying
amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit
and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An
impairment loss recognized for goodwill is not reversed in a subsequent periods.
On the disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the
determination of the profit or loss on disposal.
o. Bearer Plants
Bearer plants (palm plantations) are classified as immature and mature plantations.
Immature plantations are stated at cost which represents accumulated costs incurred on the palm plantations
before they mature and produce crops. Such costs include the cost for nurseries, field preparation, planting,
fertilizing, maintenance, interest on debts incurred to finance the development of plantations until maturity, and
allocation of other indirect costs based on hectares planted. These costs are accumulated up to the time the
plantations are ready for harvest, for as long as the carrying value of such immature plantations do not exceed
the higher of replacement cost or recoverable amount.
Proceeds from sale of the products of bearer plants prior to the palm plantations are considered mature is
recognized in profit or loss including with the related cost such as the cost for fertilizing, maintenance, harvesting
and transport.
Palm plantations are considered mature when (1) the age of the plantations in a block are at the minimum 36
months old with the productivity at a minimum of 3.5 ton per hectare per year or (2) the age of the plantations in
a block has reached 48 months. At the time palm plantations are considered mature, immature plantations are
reclassified to mature plantations account and are depreciated from the date of transfer.
Mature plantations are stated at cost as of the date of transfer, less accumulated depreciation. Mature
plantations are depreciated using the straight line method based on the estimated productive lives of the mature
plantations which is 20 years.
p. Biological Assets
Biological assets comprise of agricultural produce growing on bearer plants up to the point to be harvested,
which are referred as Fresh Fruit Bunches (“FFB”) that grows on mature palm plantations and edamame plants.
Biological assets measured at fair value less costs to sell. Gains or losses arising from the initial recognition and
changes in fair value are recognized in the profit or loss for the period when they arise.
The fair value of FFB biological assets is estimated by reference to the projected harvest quantities and market
price of FFB as at the financial position date, net of depreciation, maintenance and harvesting costs and
estimated costs to sell. The fair value of edamame plants biological assets is estimated by reference to the
estimated harvesting yields and market price of edamame as at the financial position date, net of maintenance
and harvesting costs and estimated cost to sell. FFB and edamame plants biological assets are presented as
part of current assets in the consolidated statement of financial position.
q. Intangible Assets
Intangible assets comprise of deferred charges for landrights and computer software, which have finite useful
lives, and are measured at cost less accumulated amortization. Amortization is recognized in profit or loss on a
straight-line basis over the estimated useful lives of intangible assets, from the date they are available for use.
The Group’s estimated useful life of the computer software is 4 years while for deferred charges of landrights is
over the legal term of the renewal extension or over the economic life of the asset, whichever is shorter, ranging
from 20 – 55 years.
r. Impairment of Non-Financial Assets
At the end of each reporting period, the Group reviews the carrying amount of non-financial assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such indication exists,
the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
17
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
r. Impairment of Non-Financial Assets (Continued)
If it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the
recoverable amount of the cash generating unit to which the asset belongs.
Estimated recoverable amount is the higher of fair value less cost to sell or value in use. In assessing value in
use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset for which the
estimates of future cash flows have not been adjusted.
If the recoverable amount of a non-financial asset (cash generating unit) is less than its carrying amount, the
carrying amount of the asset (cash generating unit) is reduced to its recoverable amount and an impairment loss
is recognized immediately in profit or loss.
Further policy for impairment of financial assets is discussed in Note 3h, while for impairment of goodwill is
discussed in Note 3n.
s. Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or
contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in
exchange for consideration. To assess whether a contract conveys the right to control the use of an identified
asset, the Group assesses whether:
- The contract involves the use of an identified asset – this may be specified explicitly or implicitly, and should
be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier
has a substantive substitution right, then the asset is not identified;
- The Group has the right to obtain substantially all of the economic benefits from use of the asset throughout -
the period of use; and
- The Group has the right to direct the use of the asset. The Company has this right when it has the decision -
making rights that are most relevant to changing how and for what purpose the asset is used.
At inception or on reassessment of a contract that contains a lease component, the Group allocates the
consideration in the contract to each lease component on the basis of their relative stand-alone prices.
The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-
use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any
lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate
of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it
is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date
to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated
useful lives of right-of-use assets are determined on the same basis as those of fixed assets. In addition, the
right-of-use asset is periodically reduced by impairment losses if any, and adjusted for certain remeasurements
of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily
determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate
as the discount rate.
18
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
s. Leases (Continued)
Lease payments included in the measurement of the lease liability comprise the following:
- Fixed payments, including in-substance fixed payments;
- Variable lease payments that depend on the index or a rate, initially measured using the index or rate as
at the commencement date;
- Amounts expected to be payable under a residual value guarantee; and
- The exercise price under a purchase option that the Group is reasonably certain to exercise, lease
payments in an option renewal period if the Group is reasonably certain to exercise an extension option,
and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.
When the lease liability is measured this way, a corresponding adjustment is made to the carrying amount of
the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been
reduced to zero.
Short term leases and leases of low-value assets
The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have
a lease term of 12 months or less and leases of low value assets. The Group recognizes the lease payments
associated with these leases as an expense on a straight-line basis over the lease term.
t. Provisions
Provision is recognized when: (i) the Group has a present obligation (legal or constructive) as a result of a past
event, (ii) it is probable that the Group will be required to settle the obligation, and (iii) a reliable estimate can be
made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle the present
obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the
obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its
carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a
third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and
the amount of the receivable can be measured reliably.
Provision for Service Concession Arrangements
Under the concession arrangement, AANE as the service provider is responsible for the maintenance of
Electricity Generation Facility under its management. In this case, AANE is responsible to conduct a major
overhaul of gas engine, which varies every 12,000 hours (approximately 4 years) until 64,000 hours
(approximately 8 years) of its operation.
Since AANE are not specifically remunerated for its maintenance activities, such maintenance costs are then
recognized and measured in accordance with PSAK 237, Provision, Contingent Liabilities and Contingent
Assets, that is, at the present value of the expenditures expected to be required to settle the obligations using a
pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the obligations.
u. Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets including
development of immature plantations, which are assets that necessarily take a substantial period of time to get
ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are
substantially ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on
qualifying assets is deducted from the borrowing costs eligible for capitalization.
19
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
u. Borrowing costs (Continued)
All other borrowing costs are recognized in profit or loss in the period in which they are incurred.
v. Revenue Recognition
Revenue is measured based on the consideration specified in a contract with a customer. The Group recognizes
revenue when it transfers control over a product to a customer.
The following is the information about the nature and timing of the satisfaction of performance obligations in
contracts with customers, including significant payment terms, and the related revenue recognition policies
under PSAK 115:
- Revenue is recognized when the customer obtains control of the goods. Export sales are recognized when
the control is transferred upon shipping in accordance with the sales term, while domestic sales are
recognized when the control is transferred upon delivery of the goods to the customers because by that
time the customer can direct the use of the goods and will obtain substantially all of the economic benefits
from the goods.
- The Group does not provide shipping and handling services after control of the goods is transferred to the
customers.
Service Concession Arrangement
Group recognizes a financial asset arising from a service concession arrangement when it has unconditional
contractual right to receive cash or another financial asset from or at the direction of the grantor. Such financial
assets are measured at fair value on initial recognition and classified as loan and receivables. Subsequent to
initial recognition, the financial assets are measured at amortized cost.
Construction services related to service concession arrangement are recognized as revenue in accordance with
PSAK 115 ”Revenue from Contracts with Customers” (previously PSAK 34 “Construction Contracts”) using the
percentage of completion method based on the assumption of zero profit margin, considering that the
construction cost is approximate to the fair value of construction revenue.
Under the service concession arrangement, AANE received only one consideration for its services. Management
is of the opinion that the margin of the overall consideration should then be split into two different activities i.e.
(1) financing activities and (2) operation and maintenance activities. AANE employed the residual value method
in allocating the margin of the overall consideration into financing, and operation and maintenance activities.
The finance income from the financing activities is determined based on prevailing rate of lending for a similar
concession arrangement.
Dividend Income
Dividend income from investments is recognized when the shareholders’ rights to receive the payment have
been established.
Interest Income
Interest income is recognized on a timely basis, by reference to the outstanding principal and at the applicable
effective interest rate.
w. Employee Benefits x.
y.
The Company and certain subsidiary established defined benefit pension plan covering all the local permanent z.
employees. In addition, the Group also provides post-employment benefits as required under Labor Law in
Indonesia. For normal pension scheme, the Group calculates and recognizes the higher of the benefits under
the Labor Law and those under such pension plan.
The cost of providing benefits is determined using the projected unit credit method, with actuarial valuations
being carried out at the end of each annual reporting period.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
w. Employee Benefits (Continued) x.
Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if
applicable) and the return on plan assets (excluding interest), is reflected immediately in the consolidated
statement of financial position with a charge or credit recognized in other comprehensive income in the period
in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in
retained earning and will not be reclassified to profit or loss. Past service cost is recognized in profit or loss in
the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the
period to the net defined benefit liability or asset.
Defined benefit costs are categorized as follows:
- Service cost (including current service cost, past service cost, as well as gains and losses on curtailments
and settlements).
- Net interest expense or income.
- Remeasurement. -
The Group presents the first two components of defined benefit costs in profit or loss. Curtailment gains and
losses are accounted for as past service costs. Gains or losses arising from actuarial remeasurements of the
net defined benefit liability are recognized immediately in other comprehensive income.
The retirement benefit obligation recognized in the consolidated statement of financial position represents the
actual deficit or surplus in the Group’s defined benefit plans. Any surplus resulting from this calculation is limited
to the present value of any economic benefits available in the form of refunds from the plans or reductions in
future contributions to the plans.
A liability for a termination benefit is recognized at the earlier of when the entity can no longer withdraw the offer
of the termination benefit and when the entity recognizes any related restructuring costs.
x. Income Tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as
reported in the consolidated statement of profit or loss and other comprehensive income because of items of
income or expense that are taxable or deductible in other years and items that are never taxable or deductible.
Current tax expense is determined based on the taxable income for the period computed using prevailing tax
rates.
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in
the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are
generally recognized for all deductible temporary differences to the extent that is probable that taxable profits
will be available against which those deductible temporary differences can be utilized. Such deferred tax assets
and liabilities are not recognized if the temporary differences arises from the initial recognition (other than in a
business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the
accounting profit. In addition, deferred tax liabilities are not recognized if the temporary differences arises from
the initial recognition of goodwill.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which
the liability is settled or the asset realized, based on the tax rates (and tax regulation) that have been enacted,
or substantively enacted, by the end of the reporting period.
The measurement of deferred tax assets and liabilities reflects the tax consequences that would follow from the
manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount
of their assets and liabilities.
The carrying amount of deferred tax asset is reviewed at the end of each reporting period and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset
to be recovered.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
x. Income Tax (Continued)
Current and deferred tax are recognized as an expense or income in profit or loss, except when they relate to
items that are recognized outside of profit or loss (whether in other comprehensive income or directly in equity),
in which case the tax is also recognized outside of profit or loss, or where they arise from the initial accounting
for a business combination. In the case of a business combination, the tax effect is included in the accounting
for the business combination.
Deferred tax assets and liabilities are offset when there is legally enforceable right to set off current tax assets
against current tax liabilities and when they relate to income taxes levied by the same taxation authority on either
the same taxable entity or different taxable entities when there is an intention to settle its current tax assets and
current tax liabilities on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future
period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
y. Earnings per Share z.
Basic earnings per share is calculated by dividing net income attributable to the owners of the Company by the
weighted average number of shares outstanding during the year.
Diluted earnings per share is calculated by dividing net income attributable to the owners of the Company by the
weighted average number of shares outstanding which has taken into account all effects of all dilutive potential
ordinary shares.
z. Segment Information
Operating segments are identified based on internal reports on components of the Group that are regularly
reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess
their performances.
An operating segment is a component of an entity:
a. That engagses in business activities from which it may earn revenue and incur expenses (including revenue
and expenses relating to the transaction with other components of the same entity);
b. Whose operating results are reviewed regularly by the entity’s chief operating decision maker responsible for c
resources allocation to the segments and assessment of its performance; and
c. For which discrete financial information is available. d
Information reported to the chief operating decision maker for the purpose of resource allocation and assessment
of their performance is specifically focused on the category by industry.
4. CRITICAL ACCOUNTING JUDGMENTS AND ESTIMATES
In the application of the Group’s accounting policies, which are described in Note 3, the Board of Directors are required
to make judgments, estimates and assumptions that affect the application of the Group’s accounting policies and the
reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are made
based on historical experience and other relevant factors. Actual results may differ from these estimated amounts.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognized prospectively.
Critical Judgments in Applying Accounting Policies aa.
In the process of applying the Group’s accounting policies described in Note 3, management has not made any critical
judgment that has significant impact on the amounts recognized in the consolidated financial statements, apart from
those involving estimates, which are described below.
Key Sources of Estimation Uncertainty
Information about the assumptions and estimation uncertainties that may result in causing a material adjustment to
the carrying amounts of assets and liabilities within the following year, are discussed below:
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
4. CRITICAL ACCOUNTING JUDGMENTS AND ESTIMATES (Continued)
i. Impairment Loss on Loans and Receivables
bb.
The Group assesses its loans and receivables for impairment at the end of each reporting period. Management
makes judgement as to the methodology and assumptions for estimating the amount and timing of future cash
flows which are reviewed regularly to reduce any difference between the estimated loss and actual loss. The
carrying amount of loans and receivables are disclosed in Notes 7, 8, 20 and 43.
ii. Estimated Useful Lives of Bearer Plants and Property, Plant and Equipment
The useful life of each item of the Group’s palm oil plantations as well as property, plant and equipment are
estimated based on the period over which the asset is expected to be available for use. Such estimation is
made based on internal technical evaluation and experience with similar assets. The estimated useful life of
each asset is reviewed periodically and updated if expectation differs from previous estimates due to physical
wear and tear, technical or commercial obsolescence and legal or other limits on the use of the asset. Future
results of operation could be materially affected by changes in the amounts and timing of recorded expenses
brought about by changes in the factors mentioned above.
The carrying amount of bearer plants and property, plant and equipment are disclosed in Notes 13 and 14.
iii. Biological Assets Valuation
As described in Note 3p, the fair value of FFB biological assets is estimated by reference to the projected
harvest quantities and market price of FFB as at the financial position date, net of depreciation, upkeep and
harvesting costs and estimated costs to sell. The estimation of fair value of biological assets is highly dependent
on the weather, price and the related cost at the time of harvesting. The carrying amount of biological assets
is disclosed in Note 11.
iv. Impairment of Goodwill
Determination of goodwill impairment requires an estimation of the value in use of the cash-generating units to
which goodwill has been allocated. The value in use calculation requires management to estimate the future
cash flows expected from the cash-generating unit using an appropriate growth rate and a suitable discount
rate in order to calculate present value. Where the actual future cash flows are less than expected, a material
impairment loss may arise.
The carrying amount of goodwill is disclosed in the consolidated statement of financial position and Note 18.
v. Allowance for Decline in Value of Inventories
The Group provides allowance for decline in value of inventories based on estimated future usage of such
inventories. While it is believed that the assumptions used in the estimation of the allowance for decline in value
of inventories are appropriate and reasonable, significant changes in these assumptions may materially affect
the assessment of the allowance for decline in value of inventories, which ultimately will affect the result of the
Group’s operation.
The carrying value of inventories after the provision of the impairment loss of inventories is disclosed in Note
9.
vi. Realizability of Deferred Tax Assets
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the
extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred
tax assets to be utilized. Based on current assessment, management believes that sufficient taxable profit will
be generated to allow all or part of the deferred tax assets to be utilized.
The carrying amount of deferred tax assets is disclosed in Note 37.
vii. Employment Benefits
The cost of defined benefit plan and present value of the pension obligation are determined based on actuarial
valuation which makes use of various assumptions such as discount rates, expected rates of return on plan
assets, rates of compensation increases and mortality rates. The defined benefit obligation is highly sensitive
to changes in the assumptions.
The carrying amount of the obligation is disclosed in Note 26.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
4. CRITICAL ACCOUNTING JUDGMENTS AND ESTIMATES (Continued)
viii. Impairment of Non-Financial Assets ix.
Impairment exists when the carrying value of an asset exceeds its recoverable amount, which is the higher of
its fair value less costs to sell and its value in use. In assessing the value in use, the estimated net future cash
flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment
of the time value of money and the specific risks to the asset.
ix. Valuation of Financial Instruments
As described in Note 47, the Group uses valuation techniques that include inputs that are not based on
observable market data to estimate the fair value of certain types of financial instruments. Note 47 provides
detailed information about the key assumptions used in the determination of the fair value of financial
instruments, as well as the detailed sensitivity analysis for these assumptions.
The management believes that the chosen valuation techniques and assumptions used are appropriate in
determining the fair value of financial instruments.
x. Recoverability of advance for plasma and partnership plantation projects and plasma receivables
The Group uses valuation techniques to determine the recoverability of the advances for plasma and
partnership plantation projects and plasma receivables. The key assumptions used by management in
assessing the recoverability of the advances for plasma and partnership plantation projects projects and
plasma receivables are selling price of Fresh Fruit Bunch (FFB), total FFB purchased, estate costs (excluding
general cost and depreciation), and pre-tax discount rate.
The management believes that the chosen valuation techniques and assumptions used are appropriate in
determining the recoverability of the advances for plasma and partnership plantation projects and plasma
receivable.
24
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
5. CASH AND CASH EQUIVALENTS
31 December 2024 31 December 2023
US$ US$
Cash on hand 129,891 169,800
Bank - third parties
Rupiah
PT Bank OCBC NISP Tbk 3,873,399 980,992
PT Bank Mandiri (Persero) Tbk 1,631,641 1,523,473
PT Bank CIMB Niaga Tbk 857,247 330,359
PT Bank Negara Indonesia (Persero) Tbk 753,956 305,098
PT Bank Rakyat Indonesia Tbk 231,294 215,781
PT Bank Syariah Mandiri 144,317 163,480
PT Bank UOB Indonesia 90,897 79,093
PT Bank Central Asia Tbk 75,510 15,192
PT Bank Pembangunan Daerah Sumatera Selatan and Bangka Belitung - 890
Dolar Amerika Serikat
PT Bank OCBC NISP Tbk 557,636 988,033
PT Bank Mandiri (Persero) Tbk 168,938 106,057
Bank OCBC Singapore 150,647 151,349
PT Bank CIMB Niaga Tbk 128,252 194,791
J.P. Morgan International Bank Ltd. 99,289 72,258
PT Bank BTPN Tbk 9,887 998
PT Bank UOB Indonesia 7,666 9,114
Credit Suisse Singapore - 2,366
Dolar Singapura
Bank OCBC Singapore 36,807 -
Time Deposit - third parties
Rupiah
PT Bank OCBC NISP Tbk 185,621 120,005
PT Bank Mandiri (Persero) Tbk - 113,523
Dolar Amerika Serikat
Credit Suisse Singapore - 309,994
Total 9,132,895 5,852,646
Interest rate per annum of time deposits
Rupiah 2.25% - 5.0% 2.25% - 4.5%
U.S. Dollar 5.23% - 5.42% 2.25% - 5.45%
As of 31 December 2024 and 2023, all of the Company’s, ANJA’s, SMM’s, ANJAS’, PPM’s and PMP’s bank
accounts at PT Bank OCBC NISP Tbk were used as collateral for the bank loan obtained from PT Bank OCBC
NISP Tbk (Note 21).
6. INVESTMENTS IN MARKETABLE SECURITIES
The fair value of the investments in money market fund and bonds is based on market value at the end of reporting
period.
31 December 2024 and 2023
Acquisition cost Unrealized loss Fair value
US$ US$ US$
Money market fund 490,209 - 490,209
Bonds 65,000 (65,000) -
Total 555,209 (65,000) 490,209
All investments in marketable securities are placed with third parties.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
7. TRADE ACCOUNTS RECEIVABLE
31 December 2024 31 December 2023
US$ US$
Third parties
Palm oil 485,654 278,832
Vegetables 184,674 128,671
Sago starch 137,496 102,148
Electricity power 80,561 100,815
Total 888,385 610,466
Less:
Allowance for impairment losses (18,607) (19,508)
Net 869,778 590,958
Details of trade accounts receivable based on their currencies are as follows:
31 December 2024 31 December 2023
US$ US$
Rupiah 869,778 575,718
U.S. Dollar - 15,240
Total 869,778 590,958
The summary of the aging profile of trade accounts receivable is as follows:
31 December 2024 31 December 2023
US$ US$
Not yet due 284,069 453,657
Overdue <30 days 508,129 118,487
Overdue 31-60 days 32,972 12,850
Overdue >60 days 44,608 5,964
Total 869,778 590,958
Management believes that no allowance for impairment losses on trade accounts receivable is adequate.
8. OTHER RECEIVABLES
31 December 2024 31 December 2023
US$ US$
Employee receivables 220,563 255,093
Farmers receivables - 652,483
Others 259,803 92,496
Total 480,366 1,000,072
Less: allowance for impairment losses - (220,822)
Total 480,366 779,250
In 2024, GMIT wrote-off its farmer receivables amounting to Rp 3.4 billion (equivalent to US$ 220,822) that had
been fully provided for impairment losses.
Management believes that the allowance for impairment losses as of 31 December 2024 and 2023 of nil and US$
220,822, respectively are adequate to cover any possible losses from uncollectible other receivables.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
9. INVENTORIES
31 December 2024 31 December 2023
US$ US$
Palm Oil Products 8,522,234 5,467,747
Edamame 1,129,990 493,152
Sago starch 1,099,525 1,406,800
Supplementary materials,sparepart and others 6,544,571 8,222,589
Total 17,296,320 15,590,288
Allowance for decline in value of inventories (4,700,988) (2,585,647)
Total, net 12,595,332 13,004,641
31 December 2024 31 December 2023
US$ US$
Changes in the allowance for decline in value of inventories:
Beginning balance 2,585,647 2,270,077
Addition 2,363,861 346,678
Write-off (94,707) (20,242)
Translation adjustments (153,813) (10,866)
Ending balance 4,700,988 2,585,647
Management believes that the allowance for decline in value of inventories is adequate.
As of 31 December 2024 and 2023, fiduciary of ANJA’s palm oil inventories amounting to US$ 4.5 million were used
as collateral for the bank loan obtained from PT Bank OCBC NISP Tbk (Note 21).
Palm oil inventories were insured against losses from fire and other risks under a blanket policy amounting to US$
18.6 million and Rp 73 billion as of 31 December 2024 (US$ 11.1 million and Rp 62 billion on 31 December 2023).
Management believes that the insurance coverage is adequate to cover possible losses to the Group.
10. PREPAYMENTS AND ADVANCES
31 Decem ber 2024 31 Decem ber 2023
US$ US$
Prepaid expens es :
Ins urance 308,508 254,062
Rent 133,444 123,871
Other 44,454 37,684
Value added taxes 25,627,826 29,744,161
Advances :
Advance from farm ers 899,431 -
Advances others 348,298 599,478
Total 27,361,961 30,759,256
Les s :
Value added tax-non current portion (Note 20) (835,394) -
Prepaym ents and advances -current portion 26,526,567 30,759,256
11. BIOLOGICAL ASSETS
The following is the carrying value movements of biological assets:
31 December 2024 31 December 2023
US$ US$
Fair value
Beginning balance 3,414,702 4,067,927
Net changes in the fair value of biological assets and harvested
agriculture produce transferred to inventories during the year (Note 32) 4,291,693 (653,203)
Translation adjustments (886) (22)
Ending balance 7,705,509 3,414,702
27
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
11. BIOLOGICAL ASSETS (Continued)
The fair value of biological assets FFB is estimated by reference to the projected harvest quantities of fruits for one
month after the reporting period and market price of FFB as at the financial position date, net of maintenance and
harvesting costs and estimated costs to sell. The fair value technique is included in fair value measurement
hierarchy level 3. The estimated fair value of biological assets would increase (decrease) if:
• The estimated prices for FFB were higher (lower);
• The estimated yields per hectare were higher (lower); and
• The estimated maintenance, harvesting and transportation costs were lower (higher).
12. INVESTMENTS IN EQUITY SECURITIES
This account represents the Group’s investments in shares of other investees with ownership interest of less than
20%.
31 December 2024
Acquisition cost Changes in fair
Acquisition cost after impairment value Fair value
US$ US$ US$ US$
PT Moon Lion Industries Indonesia 1,026,225 643,164 3,621,109 4,264,273
Cyprium Australia Pty Ltd . 2,911,153 111,913 (111,305) 608
Others 41,964 - - -
Total 3,979,342 755,077 3,509,804 4,264,881
Classified as current assets 4,264,273
Classified as non-current assets 608
31 December 2023
Acquisition cost Changes in fair
Acquisition cost after impairment value Fair value
US$ US$ US$ US$
PT Moon Lion Industries Indonesia 1,026,225 643,164 3,544,015 4,187,179
Cyprium Australia Pty Ltd . 2,911,153 111,913 (111,041) 872
Others 41,964 - - -
Total 3,979,342 755,077 3,432,974 4,188,051
The Group made an irrevocable election to present changes in the fair value of equity investments that are not held
for trading in other comprehensive income. All gains or losses are recognized in other comprehensive income and
are not reclassified to the income statement when the investments are disposed of, aside from dividends which are
recognized in the income statement when the right to receive payment is established. Equity investments are
recorded in non-current assets unless they are expected to be sold within one year.
PT Moon Lion Industries Indonesia
For the year ended 31 December 2024 and 2023, fair value adjustment of investment in PT Moon Lion Industries
Indonesia of US$ 77,094 and US$ 27,617, respectively was recognized in other comprehensive income.
The Company obtained an approval from the Board of Commisioners of the Company to sell the entire investment
in PT Moon Lion Industries Indonesia which represents 2,376,523 shares or 11.88% ownership in PT Moon Lion
Industries Indonesia. Until the date of the issuance of these consolidated financial statements, the divestment is still
in progress.
28
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
12. INVESTMENTS IN EQUITY SECURITIES (Continued)
Cyprium Australia Pty Ltd. (CYM)
For the year ended 31 December 2024 and 2023, based on the quoted market price of CYM shares, the decrease
in the fair value of CYM amounting to US$ 264 and US$ 2,122, respectively, was recognized in other comprehensive
income.
13. BEARER PLANTS
1
January Translation 31
2024 Additions Deductions Reclassification adjustments December 2024
US$ US$ US$ US$ US$ US$
Mature plantation
Cost 372,477,569 - (13,066,986) 6,817,232 (7,712,950) 358,514,865
Accumulated depreciation (153,306,411) (14,743,569) 13,021,188 - 1,238,135 (153,790,657)
219,171,158 (14,743,569) (45,798) 6,817,232 (6,474,815) 204,724,208
Immature plantation - at cost 29,991,771 14,223,865 - (6,129,225) (49,459) 38,036,952
249,162,929 242,761,160
1 Balance as of 1
January January 2023 Translation 31
2023 Adjustment after restated* Additions Deductions Reclassification adjustments December 2023*
US$ US$ US$ US$ US$ US$ US$ US$
Mature plantation
Cost 363,158,627 (23,693,095) 339,465,532 - (11,601,498) 42,195,017 2,418,518 372,477,569
Accumulated depreciation (139,726,063) (10,205,461) (149,931,524) (14,755,124) 11,595,596 - (215,359) (153,306,411)
223,432,564 (33,898,556) 189,534,008 (14,755,124) (5,902) 42,195,017 2,203,159 219,171,158
Immature plantation – at cost 67,965,391 - 67,965,391 13,282,442 - (52,518,379) 1,262,317 29,991,771
291,397,955 257,499,399 249,162,929
* As restated (See Note 49)
A summary of net mature plantations balance based on planted area/location are as follows:
31 December 2024 31 December 2023
US$ US$
Belitung, Bangka Belitung 30,005,685 29,755,599
Ketapang, West Kalimatan 25,679,611 25,651,616
Binanga, North Sumatera 10,528,776 8,721,342
Batang Angkola, North Sumatera 9,936,023 11,936,509
South Sorong, Southwest Papua 124,717,207 138,823,453
Empat Lawang, South Sumatera 3,856,906 4,282,639
Total 204,724,208 219,171,158
Depreciation expense allocated to cost of revenue for the years ended 31 December 2024 and 2023 amounted to
US$ 14,743,569 and US$ 14,755,124 respectively (Note 32).
Borrowing cost capitalized to the acquisition cost of immature plantations for the years ended 31 December 2024
and 2023 amounted to US$ 1,748,212 and US$ 1,488,652, respectively.
29
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
13. BEARER PLANTS (Continued)
As of 31 December 2024 and 2023, an amount of US$ 688,007 and US$ 176,813, respectively, from KAL relating
to estate infrastructure was reclassified from property, plant and equipment to bearer plants.
In 2023, there was also an amount of US$ 10,500,175 was reclassified from bearer plants in PPM to plasma
receivable.
The area of mature and immature plantations based on location (unaudited) are as follows:
31 December 2024
Mature plantation Immature plantation Total planted area
(hectare) (hectare) (hectare)
Belitung, Bangka Belitung 11,120 3,158 14,278
Ketapang, West Kalimantan 9,051 - 9,051
Binanga, North Sumatera 6,145 3,018 9,163
Batang Angkola, North Sumatera 7,729 - 7,729
Sorong Selatan, Southwest Papua 7,407 - 7,407
Empat Lawang, South Sumatera 724 - 724
Total 42,176 6,176 48,352
31 December 2023
Mature
plantation Immature plantation Total planted area
(hectare) (hectare) (hectare)
Belitung, Bangka Belitung 11,906 2,379 14,285
Ketapang, West Kalimantan 8,928 123 9,051
Binanga, North Sumatera 6,683 2,614 9,297
Batang Angkola, North Sumatera 7,752 - 7,752
Sorong Selatan, Southwest Papua 7,407 - 7,407
Empat Lawang, South Sumatera 724 - 724
Total 43,400 5,116 48,516
The Group has insurance policies to cover certain business and operation risks with regards to its plantation
operational activities (see Note 14).
Management reviews whether there are any impairment on bearer plants and believes that there is no impairment
on immature plantations and mature plantations as of 31 December 2024 and 2023.
30
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
14. PROPERTY, PLANT AND EQUIPMENT
Translation
1 January 2024 Additions Deductions Reclassification adjustments 31 December 2024
US$ US$ US$ US$ US$ US$
Cost
Direct acquisitions
Land 77,437,665 440,765 (100,493) - (444,194) 77,333,743
Buildings, roads, and bridges 128,364,607 193,963 (287,342) 12,923,242 (1,832,813) 139,361,657
Machinery and equipment 114,645,742 1,372,501 (1,745,209) 2,261,899 (1,935,845) 114,599,088
Computer and communication equipment 1,006,332 62,935 (2,135) 1,195 (28,217) 1,040,110
Office equipment, furniture and fixtures 6,190,373 100,598 (26,902) 11,859 (77,614) 6,198,314
Motor vehicles 9,650,403 110,945 (838,410) 125,993 (185,894) 8,863,037
Construction in progress 16,992,438 7,768,155 (154,444) (16,181,885) (390,353) 8,033,911
Total cost 354,287,560 10,049,862 (3,154,935) (857,697) (4,894,930) 355,429,860
Accum ulated depreciation
Direct acquisitions
Buildings, roads, and bridges (55,853,766) (7,258,774) 257,814 - 497,080 (62,357,646)
Machinery and equipment (60,082,021) (4,793,633) 1,563,765 - 543,078 (62,768,811)
Computer and communication equipment (633,445) (85,093) 2,135 - 62,785 (653,618)
Office equipment, furniture and fixtures (5,380,127) (401,584) 26,903 - 22,282 (5,732,526)
Motor vehicles (7,147,712) (557,128) 796,302 - 142,769 (6,765,769)
Total accumulated depreciation (129,097,071) (13,096,212) 2,646,919 - 1,267,994 (138,278,370)
Impairment provision (11,757,510) - 42,714 - 541,867 (11,172,929)
Net carrying am ount 213,432,979 205,978,561
Balance as of 1
1 January January 2023 Translation 31 December
2023 Adjustment after restated* Additions Deductions Reclassifications adjustments 2023*
US$ US$ US$ US$ US$ US$ US$ US$
Cost
Direct acquisitions
Land 77,244,115 - 77,244,115 - - - 193,550 77,437,665
Buildings, roads and bridges 118,346,530 - 118,346,530 5,408,904 (433,907) 4,334,276 708,804 128,364,607
Machinery and equipment 109,210,242 - 109,210,242 4,071,381 (1,771,382) 2,305,592 829,909 114,645,742
Computer and communication equipment 943,100 - 943,100 73,694 (93,761) - 83,299 1,006,332
Office equipment, furniture and fixtures 5,875,934 - 5,875,934 387,935 (43,376) 12,731 (42,851) 6,190,373
Motor vehicles 9,481,643 - 9,481,643 805,332 (727,890) 4,806 86,512 9,650,403
Construction in progress 13,782,435 - 13,782,435 9,963,647 (23,147) (6,835,378) 104,881 16,992,438
Total cost 334,883,999 - 334,883,999 20,710,893 (3,093,463) (177,973) 1,964,104 354,287,560
Accumulated depreciation
Direct acquisitions
Buildings, roads and bridges (49,598,956) (95,417) (49,694,373) (6,378,588) 361,710 - (142,515) (55,853,766)
Machinery and equipment (54,997,919) (1,860,217) (56,858,136) (4,595,824) 1,545,147 - (173,208) (60,082,021)
Computer and communication equipment (581,526) - (581,526) (97,847) 93,721 - (47,793) (633,445)
Office equipment, furniture and fixtures (5,082,159) 52,926 (5,029,233) (416,628) 44,004 - 21,730 (5,380,127)
Motor vehicles (7,084,007) (125,546) (7,209,553) (577,511) 703,390 - (64,038) (7,147,712)
Total accumulated depreciation (117,344,567) (2,028,254) (119,372,821) (12,066,398) 2,747,972 - (405,824) (129,097,071)
Impairment provision (11,522,076) - (11,522,076) - - - (235,434) (11,757,510)
Net carrying amount 206,017,356 203,989,102 213,432,979
* As restated (See Note 49)
31
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
14. PROPERTY, PLANT AND EQUIPMENT (Continued)
During 2024, property, plant and equipment amounted to US$ 688,007 from KAL’s estate infrastructure was
reclassified to bearer plants, US$ 118,428 from GMIT’s construction in progress was reclassified to inventory and
US$ 52,457 from ANJAP’s construction in progress was reclassified to inventory and US$ 1,195 was reclassified
from PMP’s intangible asset to computer and communiacation equipment. In 2023, property, plant and equipment
amounted to US$ 176,813 from KAL’s estate infrastructure was reclassified to bearer plants and US$ 1,160 from
GMIT’s construction in progress was reclassified to intangible asset.
As of 31 December 2024 and 2023, management believes that the fair value of the property, plant and equipment is
not significantly different from its net carrying amount, except for land. As of 31 December 2024, the total estimated
fair value of land is US$ 690,213,819 (as of 31 December 2024, the carrying amount of these land is US$
77,333,744). The fair value of these assets is estimated by a qualified appraiser using the market comparison (fair
value level 2). The valuation model considers quoted market prices for similar assets when they are available.
Depreciation expense for the years ended 31 December 2024 and 2023 were allocated as follows:
2024 2023*
US$ US$
Cost of revenue (Note 32) 12,798,325 11,732,352
General and administrative expenses (Note 34) 297,887 334,046
Total 13,096,212 12,066,398
* As restated (See Note 49)
Borrowing cost capitalized to the acquisition cost of property, plant and equipment for the years ended 31 December
2024 and 2023 amounted to US$ 114,985 and US$ 99,156, respectively.
ANJA and its subsidiaries own several parcels of land with cultivation rights title (HGU) totaling to 91,212 hectares
in Binanga, Ramba, Batang Angkola and Siais (North Sumatera Province), Gantung and Dendang (Bangka and
Belitung Province), Laman Satong, Kuala Satong and Kuala Tolak (West Kalimantan Province), Metamani, Kais,
North Kokoda and South Aifat (Southwest Papua Province) and land with building use rights title (HGB) covering a
total area of 189 hectares in Dendang and Laman Satong. Those HGU and HGB will expire between 2030 and 2091.
GMIT and LSP own several parcels of land with HGB in Jember and Lumajang (East Java) and Sorong (Southwest
Papua). This HGB will expire between 2026 and 2044.
The Company owns land with HGU totaling to 30,515.75 hectares in Womba, Sorong, Southwest Papua. This HGU
will expire in 2050.
As of 31 December 2024, construction in progress represents buildings, roads and bridges under construction as
well as machinery and equipment under installation which belong to the subsidiaries. These construction in progress
are estimated to be completed between 2025-2026.
Property, plant and equipment, except land, were insured against fire, theft, earthquake, flood and other possible
risks for a total coverage of US$ 78,520 thousand and Rp 953 billion as of 31 December 2024 and (US$ 91,823
thousand and Rp 899 billion on 31 December 2023). Management believes that the insurance coverage is adequate
to cover the possible losses on the assets insured.
32
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
14. PROPERTY, PLANT AND EQUIPMENT (Continued)
Cost of fully depreciated property, plant and equipment which were still utilized in operation as of 31 December 2024
and 2023 amounted to US$ 50,569,064 and US$ 49,644,326, respectively.
Certain property, plant and equipment were sold and disposed in the years ended 31 December 2024 and 2023. The
reconciliation between gain on sale and disposal of property, plant and equipment and proceeds from sale of
property, plant and equipment are as follows:
2024 2023
US$ US$
Proceeds from sale/deduction of property, plant and equipment 1,228,208.. 180,003.
Net carrying amount of property, plant and equipment sold and disposed (465,301). (345,491)
Net carrying amount of landrights sold and disposed (Note 15) (1,894) -.
Gain (loss) on sale and disposal of property, plant and equipment (Note 36) 761,013.. (165,488)
15. INTANGIBLE ASSETS
Translation
1 Januari 2024 Additions Deductions Reclassification adjustments 31 December 2024
US$ US$ US$ US$ US$ US$
Landrights
Cost 1,048,301 5,679 (1,894) - (19,147) 1,032,939
Accumulated amortization (238,020) (14,833) - - 11,276 (241,577)
810,281 (9,154) (1,894) - (7,871) 791,362
Software and implementation
Cost 2,151,066 2,422 - (1,195) (12,078) 2,140,215
Accumulated amortization (1,989,436) (59,540) - - 11,205 (2,037,771)
161,630 102,444
971,911 893,806
1 January Translation 31 December
2023 Additions Deductions Reclassification adjustments 2023
US$ US$ US$ US$ US$ US$
Landrights
Cost 1,040,026 - - - 8,275 1,048,301
Accumulated amortization (218,347) (15,371) - - (4,302) (238,020)
821,679 (15,371) - - 3,973 810,281
Software and implementation
Cost 2,250,303 6,045 (111,654) 1,160 5,212 2,151,066
Accumulated amortization (2,033,389) (63,091) 111,654 - (4,610) (1,989,436)
216,914 161,630
1,038,593 971,911
As of 31 December 2024, and amount of US$ 1,195 was reclassified from PMP’s intangible assets to property, plant
and equipment. As of 31 December 2023, an amount of US$ 1,160 from GMIT relating to software was reclassified
from property, plant and equipment to intangible assets.
Amortization expense for the years ended 31 December 2024 and 2023 were allocated as follows:
2024 2023
US$ US$
General and administrative expense (Note 34) 60,220 63,762
Cost of revenue 14,153 14,700
Total 74,373 78,462
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
16. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES
The Group leases office space and vehicles. The leases of office space run for a period of 2-5 years until 2025 and
leases of vehicles runs for a period of 3-4 years until 2025-2026.
Right-of-use assets
1 January Translation 31 December
2024 Additions Deductions adjustments 2024
US$ US$ US$ US$ US$
Property
Cost 1,088,020 - (3,577) (4,146) 1,080,297
Accumulated depreciation (720,778) (248,351) 3,577 3,328 (962,224)
367,242 (248,351) - (818) 118,073
Machine
Cost 1,142,948 - (1,039,860) (29,072) 74,016
Accumulated depreciation (1,117,412) (19,125) 1,039,860 29,072 (67,605)
25,536 (19,125) - - 6,411
Total, net 392,778 124,484
Translation 31 December
1 January 2023 Additions Deductions adjustments 2023
US$ US$ US$ US$ US$
Property
Cost 1,100,599 113,877 (227,514) 101,058 1,088,020
Accumulated depreciation (667,968) (240,523) 227,514 (39,801) (720,778)
432,631 (126,646) - 61,257 367,242
Machine
Cost 1,199,531 - - (56,583) 1,142,948
Accumulated depreciation (633,597) (514,430) - 30,615 (1,117,412)
565,934 (514,430) - (25,968) 25,536
Total, net 998,565 392,778
Depreciation expense for the years ended 31 December 2024 and 2023 were allocated as follows:
2024 2023
US$ US$
Cost of revenue (Note 32) - 495,098
General and administrative expenses (Note 34) 267,476 259,855
Total 267,476 754,953
34
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
16. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Continued)
Lease liabilities
Future minimum lease payments for these leases as of 31 December 2024 and 2023 was as follows:
31 31
December December
2024 2023
US$ US$
Finance lease liabilities are payable as follows:
2024 - 325,813
2025 19,051 18,234
2026 2,469 2,588
Total future minimum lease payments 21,520 346,635
Interest portion of the lease payments (911) (21,843)
Present value of minimum lease payments 20,609 324,792
Lease liabilities-current maturities (18,174) (304,924)
Lease liabilities-net of current maturities 2,435 19,868
Amount recognized in profit or loss: 2024 2023
US$ US$
Depreciation of right-of-use assets (Note 34) 267,476 754,953
Interest on lease liabilities (Note 35) 20,189 61,774
Expense relating to short-term leases (Note 34) 392,190 402,899
Total 679,855 1,219,626
The discount rate used in calculating the present value of the lease liabilities denominated in Rupiah is 8.25%-9.25%
as of 31 December 2024 and 2023.
The following summarizes the component of changes in the liabilities arising from leases
31 December 31 December
2024 2023
US$ US$
Beginning balance 324,792 1,087,082
Addition - 113,877
Non-cash changes: interest amortization 20,189 61,774
Cash flows: payment of lease liabilities (315,260) (978,219)
Translation adjustments (9,112) 40,278
Ending balance 20,609 324,792
35
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
17. ADVANCES
31 31
Decem ber Decem ber
2024 2023
US$ US$
Third parties :
Advances for legal proces s ing of landrights 8,556,458 8,297,174
Advances for palm plantation 1,792,718 2,256,279
Advances for purchas e of property, plant and equipm ent 1,718,766 924,292
Other advances 100,979 95,769
Total 12,168,921 11,573,514
Advances for legal processing of landrights represent payments to obtain HGU in Empat Lawang estate.
Advances for palm plantation represent down payments paid to third party contractors for land clearing and other
activities related to the immature plantation.
18. GOODWILL
Goodwill represents the excess of acquisition cost over the Company’s interest in the fair value of the net assets of
ANJA and its subsidiaries at the acquisition date.
Management believes that there is no impairment loss on goodwill as of 31 December 2024 and 2023.
Impairment test of goodwill
The recoverable amount of the cash generating unit/CGU was based on its value in use and was determined by
discounting the future cash flows to be generated from the continuing use of CGU.
The key assumptions used in the calculation of the recoverable amount are set out below:
31 31
December 2024 December 2023
Discount rate (9% (10%
Terminal value multiple 14 14
Budgeted revenue growth rate for the next
five years 4.70% 4.43%
The discount rate was a post-tax measure estimated based on past experience, and the relevant CGU's weighted
average cost of capital.
The terminal value multiple is assumed based on management’s experience and understanding of the relevant
industry sector and capital market.
In 2024 and 2023, five years of future cash flows were included in the discounted cash flow model. A long-term
growth rate into perpetuity has been determined as the lower of the nominal industry growth rate for the country in
which the CGU operates and the budgeted revenue growth rate estimated by management. The budgeted revenue
growth rate was based on the past experience of the CGU and management’s best knowledge of future industry
outlook.
36
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
19. CLAIMS FOR TAX REFUND
31 Decem ber 31 Decem ber
2024 2023
US$ US$
Claim s for tax refund:
ANJA:
VAT fiscal year 2013 - 600,601
Witholding incom e tax 2019 267,335 283,592
SMM:
VAT fiscal year 2019 1,251,287 1,280,730
VAT fiscal year 2021 150,290 216,096
KAL:
VAT fiscal year 2018 342,568 359,145
VAT fiscal year 2019 247,366 259,337
VAT fiscal year 2020 76,089 39,116
Witholding incom e tax 2017 110,209 115,543
ANJAS:
VAT fiscal year 2022 117,135 -
Total claim s for tax refund 2,562,279 3,154,160
Overpaym ent of corporate incom e tax:
The Com pany:
Fiscal year 2021 - 12,708
Fiscal year 2022 - 64,285
Fiscal year 2023 56,522 56,649
Fiscal year 2024 49,273 -
ANJA:
Fiscal year 2019 875,174 949,370
Fiscal year 2020 278,904 -
Fiscal year 2023 2,161,089 2,161,089
Fiscal year 2024 393,443 -
ANJAS:
Fiscal year 2022 284,027 462,513
Fiscal year 2023 1,915,160 1,897,916
Fiscal year 2024 416,333 -
SMM:
Fiscal year 2019 1,858,786 1,858,786
Fiscal year 2023 - 153,980
Fiscal year 2024 619,046 -
KAL:
Fiscal year 2022 754,080 -
Fiscal year 2023 737,136 650,287
Total overpaym ent of corporate incom e tax 10,398,973 8,267,583
Total 12,961,252 11,421,743
Overpayment of corporate income tax
In March 2024, the Director General of Taxes granted the objection filed by the Company regarding the overpayment
of income tax for the year 2021 amounting to US$ 15 thousand. The Company received the refund in April 2024.
In April 2024, ANJAS claim on corporate income tax overpayment for fiscal year 2022 was approved amounting to
US$ 74 thousand and ANJAS received the refund in April 2024. Subsequently, ANJAS filed an objection amounting
to US$ 284 thousand for correction on corporate income tax overpayment fiscal year 2022. The remaining of claims
is recorded as an expense in 2024.
In May 2024, the Company’s claim on corporate tax overpayment for fiscal year 2022 was approved amounting to
US$ 60 thousand. The Company received the refund in July 2024.
37
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
19. CLAIMS FOR TAX REFUND (Continued)
Overpayment of corporate income tax (Continued)
In November 2024, ANJA has paid CIT underpayment for fiscal year 2020 and filed an objection amounting to US$
278 thousand for correction on corporate income tax underpayment fiscal year 2020.
In December 2024, KAL has paid CIT underpayment for fiscal year 2022 and CIT underpayment for fiscal year 2023
and filed tax lawsuit amounting to US$ 754 thousand and US$ 87 thousand, respectively.
ANJA has adjusted its corporate income tax for fiscal year 2019 and SMM for fiscal year 2023 which resulted in a
reduction of its claim for tax refund for 2019 and 2023. The adjustment was recorded as an expense in 2024.
As of 31 December 2024, ANJA’s claims on income tax overpayment for fiscal year 2020 and ANJAS claims on
income tax overpayment for fiscal year 2022 are in tax objection at the Directorate General of Taxation. ANJA’s and
SMM’s claims on income tax overpayment for fiscal year 2019 and KAL’s claims on income tax overpayment for
fiscal year 2022 are in tax appeal and tax lawsuit at the Tax Court. Until the date of this consolidated financial
statements, ANJA, ANJAS, SMM and KAL have not received any decision for the remaining outstanding tax claim.
Other claims for tax refund
In March 2024, the Supreme Court has rejected the judicial review filed by ANJA regarding the claims on prepaid
VAT for the fiscal year 2013. Claims on prepaid VAT for the fiscal year 2013 has been recorded as expense in 2024.
In April 2024, ANJAS filed an objection at Tax Court amounting to US$ 126 thousand for VAT 2022.
In August 2024, KAL paid tax penalty for VAT 2020 and filed request to cancel the tax penalty to the Directorate
General of Taxation amounting to US$ 40 thousand.
As of 31 December 2024, ANJA’s claims on tax refund for prepaid VAT fiscal year 2022 is still in tax objection and
KAL has submitted tax penalty cancellation request of VAT for fiscal period February – March 2020 at the Directorate
General of Taxation. KAL’s claims on tax refund prepaid VAT for fiscal year 2018, KAL’s claim on withholding tax for
fiscal year 2017, ANJA’s claims on withholding tax for fiscal year 2019, and SMM’s prepaid VAT for fiscal year 2019
and 2021 are in tax appeal at the Tax Court. KAL’s claim on VAT for fiscal year 2019 and for fiscal period February
– March 2020 is in judivial review stage at the Supreme Court. Until the date oh this consolidated financial statements,
ANJA, ANJAS, SMM and KAL have not received any decision for the remaining outstanding tax claim.
20. OTHER NON-CURRENT ASSETS
31 Decem ber 31 Decem ber
2024 2023
US$ US$
Plas m a receivables - net 26,122,979 25,151,179
MSOP and ESPP loan 1,381,334 1,443,314
Value added tax - non current portion 835,394 -
Others 435,858 438,942
Total 28,775,565 27,033,435
As of 31 December 2023, plasma receivables represent all payments made to develop palm oil plasma and
partnership plantation in KAL, SMM, PPM and PMP, net of proceeds from loan facility for plasma financing. Plasma
in KAL and SMM have bank loan commitments for these plasma plantation project financing (Note 42d, 42f).
As of 31 December 2023, there was a reclassification of plasma receivables amounting to US$ 10,500,175 from
PPM’s bearer plants (Note 13).
Management reviews whether there are any impairment on plasma receivables, mainly in PPM and PMP and
believes that there is no impairment on both plasma receivables as of 31 December 2024 and 2023.
38
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
20. OTHER NON-CURRENT ASSETS (Continued)
The Group provided an interest bearing loan to the Group’s eligible employees to finance the purchase of the
Company’s shares through Management Stock Option Program (MSOP) and Employee Stock Purchase Plan
(ESPP). The number of new shares issued for the MSOP and the number of treasury shares issued under ESPP
are 18,650,000 shares and 15,000,000 shares, respectively. The loan bears interest at 3.5% per annum until the due
date on 15 May 2026. As of 31 December 2024 and 2023, the balance of MSOP and ESPP loan amounting to Rp
22.3 billion (equivalent to US$ 1,381,334) and Rp 22.3 billion (equivalent to US$ 1,443,314), respectively.
21. BANK LOANS
31 Decem ber 31 Decem ber
2024 2023
US$ US$
Short-term bank loans
Rupiah
PT Bank UOB Indones ia
Subs idiaries - 1,297,353
PT Bank OCBC NISP Tbk.
Subs idiaries 14,199,726 5,254,281
U.S. Dollar
PT Bank CIMB Niaga Tbk.
Subs idiaries - 14,000,000
PT Bank OCBC NISP Tbk.
Subs idiaries - 2,700,000
Total 14,199,726 23,251,634
Long-term bank loans
Rupiah
PT Bank OCBC NISP Tbk
Subs idiaries 58,572,895 56,234,432
U.S. Dollar
PT Bank OCBC NISP Tbk
Subs idiaries 57,712,500 64,281,250
PT Bank SMBC Indones ia Tbk
Subs idiaries 10,275,000 2,000,000
PT Bank CIMB Niaga Tbk
Subs idiaries 4,802,445 5,402,445
Total 131,362,840 127,918,127
Les s : deferred financing cos t (74,272) (227,152)
Total 131,288,568 127,690,975
Long-term bank loan current m aturities (11,661,708) (5,806,250)
Long-term bank loans -net of current m aturities 119,626,860 121,884,725
Effective interes t rates per annum
Short-term bank loans
Rupiah 8.13%-9.15% 6.59%-9.01%
U.S. Dollar 6.09%-7.11% 6.13%-7.48%
Long-term bank loans
Rupiah 8.13%-8.25% 8.13%-8.25%
U.S. Dollar 5.89%-7.66% 6.66%-7.70%
The following table summarizes the repayment schedule for principal balance of long-term bank loans as of 31
December 2024 and 2023:
31 Decem ber 2024 31 Decem ber 2023
US$ US$
Due in the year:
Within one year 11,661,708 5,806,250
1 - 5 years 119,701,132 122,111,877
Total 131,362,840 127,918,127
39
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
21. BANK LOANS (Continued)
PT Bank CIMB Niaga Tbk with the Company, ANJA, ANJAS, PPM, PMP and SMM
On 28 July 2015, the Company, KAL, and ANJA entered into a short-term loan agreement with PT Bank CIMB Niaga
Tbk for a total facility of US$ 35 million. The loan agreement has been amended several times whereas KAL was no
longer the party in the loan agreement and the total facility become US$ 30 million.
On 3 October 2023, the loan agreement was extended until 28 July 2024 and included ANJAS, PPM, PMP and SMM
as parties in the loan agreement.
On 29 August 2024, loan facility was amended to be due on 28 July 2025.
The loan bears floating annual interest rate as follow:
- For withdrawal 2 weeks tenor:
a. Term Secured Overnight Financing Rate (SOFR) + 1.75% p.a. for the withdrawals denominated in U.S.
Dollar.
b. Jakarta Interbank Offerred Rate (JIBOR) 1 month + 2.25% p.a. for the withdrawals denominated in Rupiah c.
- For withdrawal 1 month tenor: -
a. Term Secured Overnight Financing Rate (SOFR) + 1.75% p.a. for the withdrawals denominated in U.S. b.
Dollar
c.
b. Jakarta Interbank Offerred Rate (JIBOR) 1 month + 3% p.a. for the withdrawals denominated in Rupiah.
The interest rate for loan facilities denominated in Rupiah were amended to 8.13% p.a., effective from 4 March 2024.
The loan facility is secured with corporate guarantee from ANJA, ANJAS and SMM.
The Company, ANJA, ANJAS, PPM, PMP and SMM should fulfill certain financial covenants in the ANJA’s
consolidated financial statements which among others maintain debt to equity ratio at a maximum of 1.5x, debt
service coverage ratio of not less than 1.25x and debt to EBITDA ratio of not more than 3.5x for the financial year
2023 and thereafter.
PT Bank CIMB Niaga Tbk with KAL
On 19 December 2016, ANJA and KAL entered into a long-term loan agreement with PT Bank CIMB Niaga Tbk.
which was recently amended on 12 August 2022 whereas ANJA was no longer the party in the loan agreement and
the credit facility of Rp 115 billion was converted into US$ 2.15 million with due date 31 December 2026, and provide
additional credit facility of US$ 4 million with due date 5 years from first withdrawal date. The interest rate were
change effective from 1 November 2023 to SOFR + 1.75% p.a.
The credit facilities are guaranteed with the fiduciary of machinery and equipment in KAL’s mill and bulking amounting
to Rp 390.9 billion, assignment of insurance proceeds of machinery and equipment in KAL’s mill and bulking
amounting to Rp 390.9 billion and corporate guarantee from ANJA, ANJAS and SMM.
KAL should fulfill certain financial covenants in ANJA’s consolidated financial statements which among others
maintaining a maximum leverage of 1.5x, interest bearing debt to EBITDA ratio of not more than 5.5x, 4.5x, and 3.5x
for financial year 2021, 2022, and 2023 and thereafter, respectively, interest service coverage ratio of not less than
2x and debt service coverage ratio of not less than 1.25x.
As of 31 December 2024, KAL is in compliance with the terms and conditions of the loan agreement.
PT Bank OCBC NISP Tbk (OCBC NISP)
OCBC NISP with the Company, ANJA, PPM, PMP, ANJAS and SMM
On 20 March 2020, the Company, ANJA, PPM, PMP, ANJAS and SMM entered into a loan agreement with OCBC
NISP. The loan agreement has been amended several times until 12 December 2024 and therefore the credit
facilities were as follows:
- Overdraft credit facility of US$ 5 million with the allocation limit to the Company, ANJA, PMP and PPM of US$ 2 -
million, US$ 2 million, US$ 0.5 million and US$ 0.5 million, respectively.
40
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
21. BANK LOANS (Continued)
OCBC NISP with the Company, ANJA, PPM, PMP, ANJAS and SMM (Continued)
- Demand Loan 1 credit facility of US$ 11.12 million or its equivalent in Rupiah. -
- Demand Loan 2 credit facility of Rp 55 billion available in Rupiah and U.S. Dollar. -
-
- Term Loan 1 credit facility of US$ 7 million or its equivalent in Rupiah for ANJA. -
- Term Loan 2 credit facility of US$ 23,962,500 million or its equivalent in Rupiah for SMM. -
- Term Loan 3 credit facility of US$ 18,287,500 or its equivalent in Rupiah for ANJAS. -
- Term Loan 4 credit facility of US$ 42,906,921 or equivalent to Rp 673,424,125,000 for PPM and PMP (31 -
December 2023: US$ 45,052,000 or equivalent to Rp 673,424,125,000).
- Term Loan 5 credit facility of US$ 4.5 million or its equivalent in Rupiah for the Company, PPM and PMP. -
- Foreign exchange transaction facility of US$ 20 million. -
- Combined Trade Facility of US$ 12 million or its equivalent in Rupiah. -
- Interest Rate Swap Facility with the maximum notional amount US$ 50 million. -
Loan facilities bear annual interest rate at at Term Secured Overnight Financing Rate (SOFR) + Credit Adjustment
Spread (CAS) + 2.25% for the U.S. Dollar withdrawal and 8.13% for the Rupiah withdrawal.
The interest rate for loan facilities denominated in USD were change effective from 26 July 2023 to SOFR + 1.75%
p.a. Effective from 1 March 2024, the interest rate for loan facilities denominated in USD were amended to SOFR +
1.38% p.a.
Overdraft, demand loan, combined trade credit facilities and foreign exchange transaction facility are extended to 20
March 2025, the Term loan credit faciilities are due on 19 March 2028, while Interest Rate Swap facility is due on 9
March 2026.
The loan facilities are guaranteed with:
- Pledges of ANJA’s shares in SMM; -
-
- Pledges of ANJA’s shares in ANJAS; -
-
- Pledges of the Company’s shares in PMP; -
-
- Pledges of the Company’s shares in PPM; -
-
- Pledges of ANJA’s shares in PMP; -
-
- Pledges of ANJA’s shares in PPM; -
-
- Corporate guarantee from ANJA -
-
- Fiduciary of inventory in the amount of US$ 4.5 million from ANJA; -
-
- Charge over all accounts of the Company, ANJA, SMM, ANJAS, PPM and PMP at OCBC NISP; and; -
-
- Assignment of insurance proceeds of inventory in the amount of US$ 4.5 million from ANJA. -
-
Combined Trade Facilities are guaranteed with fiduciary of account receivable in the amount of US$ 3 million each
from ANJA, SMM and ANJAS; and US$ 1.5 million each from PPM and PMP. As of 31 December 2024 and 2023,
there was no outstanding combined trade loan.
-
The Company, ANJA, PPM, PMP, ANJAS and SMM should fulfill certain financial covenants in the Group’s
consolidated financial statement which among others maintain debt to equity ratio at a maximum of 1x, debt service
coverage ratio of not less than 1.25x and debt to EBITDA ratio of not more than 4.5x for the financial year 2022 and
3.5x for the financial year 2023 and thereafter.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
21. BANK LOANS (Continued)
OCBC NISP with the Company, ANJA, PPM, PMP, ANJAS and SMM (Continued)
The Company, ANJA, PPM, PMP, ANJAS and SMM should also fulfill certain non-financial covenants which among
others maintain the ownership of Tahija family at least at 51%, restrict the Group to incur financial activities in the
amounts which equivalent with the loan financing, submit the annual budget plan to the bank for the next accounting
year at the latest 30 days after the year end of the current year and submit the loan monitoring report at the latest 60
days after the year end.
-
As at 31 December 2024 and 2023, the Company, ANJA, PPM, PMP, ANJAS and SMM are in compliance with the
terms and conditions of the loan agreement
-
OCBC NISP with KAL
On 29 January 2016, KAL entered into loan agreement with OCBC NISP. The loan agreement has been amended
several times until 10 July 2023, therefore the credit facilities were as follows:
-
- Terminate the Term Loan 2 credit facility, so that all clauses related to the Term Loan 2 credit facility become
invalid in the Loan Agreement.
- Demand Loan facility amounting to US$ 4 million. The loan facility will be due on 31 July 2024. -
- Foreign exchange transaction facility of US$ 4.5 million. The loan facility will be due on 31 July 2024. -
- Term Loan 4 credit facility of US$ 14.4 million. The loan facility will be due on 21 June 2027. -
Subsequently on 8 July 2024, the loan agreement was amended to be as follows: -
- Demand Loan facility amounting to US$ 4 million. The loan facility will be due on 31 July 2025. -
- Foreign exchange transaction facility of US$ 4.5 million. The loan facility will be due on 31 July 2025. -
- Term Loan 4 credit facility of US$ 12.6 million. The loan facility will be due on 21 June 2027. -
The interest rate for loan facilities denominated in Rupiah were amended several times with the latest change
effective from 1 December 2022 to 8.25% p.a. while loan facilities denominated in U.S. Dollar effective from 26 July
2023 bear annual interest rate at Term SOFR + 1.75%. Effective from 1 March 2024, the interest rate for loan facilities
denominated in USD were amended to SOFR + 1.50% p.a.
KAL should fulfill certain financial covenants which among others maintain debt to equity ratio at a maximum of 2x
and debt service coverage ratio of not less than 1.25x and current ratio of not less than 1x, which is reviewed every
semester on 30 June and 31 December.
The credit facilities are guaranteed with the similar collateral to PT Bank CIMB Niaga Tbk. which are valid
propotionally (pari passu), which includes fiduciary of machinery and equipment in KAL’s mill and bulking amounting
to Rp 390.9 billion, assignment of insurance proceeds of machinery and equipment in KAL’s mill and bulking
amounting to Rp 390.9 billion and corporate guarantee from ANJA, ANJAS and SMM.
As at 31 December 2024, KAL met financial covenant from the banks, however as at 31 December 2023, KAL did
not meet the current ratio of not less than 1x. In 2023, KAL has received the waiver approval from the bank in relation
to the required current ratio financial covenants.
OCBC NISP with GMIT
On 8 August 2024, GMIT entered into loan agreement with OCBC NISP. The credit facility is Term Loan 1 credit
facility of Rp 30 billion and used for refinancing edamame processing machines. This credit facility is available for 5
years from the date of signing the credit deed and can be extended upon the agreement of the Parties. The
repayment date is 5 years from the withdrawal date, with quarterly installments starting from the date of the first
installment until maturity. The interest rate charged for the facility is 8.25% per annum.
-
GMIT should fulfill certain financial covenants in the financial statement which among others maintain debt to equity
ratio at a maximum of 2x, current ratio of not less than 1x, and adjusted debt service coverage ratio of not less than
1.11x. This financial covenants valid for the financial year 2024 and thereafter, which is reviewed every 3 months.
42
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
21. BANK LOANS (Continued)
-
OCBC NISP with GMIT (Continued)
GMIT should also fulfill certain non-financial covenants which among others maintain the ownership of Tahija family
at least at 51%, distribute the GMIT’s financial transaction to the Bank in an amount of not less than 60% from total
income, give a rights of first refusal to the Bank to refinancing the facility, and submit edamame and okra key
performance report in every 3 months.
The credit facilities are guaranteed with fiduciary of machinery in GMIT’s edamame processing factory amounting to
Rp 37.5 billion, corporate guarantee from SMM (related parties), and Letter of Awareness from AJI HK Limited.
PT Bank UOB Indonesia with GMIT
Credit facilities Bank UOB Indonesia consist of:
- Uncommitted Revolving Credit Facility (“RCF”), is used for working capital with a total facility of Rp 10 billion or -
other amount approved by the Bank. The loan period is 12 months from the date of signing the credit deed and
can be extended upon the agreement of the Parties. The repayment date/tenor is 3 months from the withdrawal
date. The current interest rate charged for the facility is JIBOR plus a margin of 2.25% per annum.
- The Uncommitted Invoice Financing (“IF”) facility, which is a sublimit of the RCF Facility, is used to finance the -
company's working capital needs amounting to Rp 10 billion or other amount approved by the Bank. Facility
Term is 12 months from the signing date of this Credit Agreement and can be extended upon agreement of the
Parties. Repayment date/tenor is up to the due date of payment of the principal invoice; until receipt of invoice
payment in escrow account; or a maximum of 3 months from the date of withdrawal, whichever is earlier. The
interest rate charged is the funding fee or JIBOR plus a margin of 2.00% per annum.
- Foreign Exchange (“FX”) facilities are used for hedging purposes amounting to USD 1 million and/or its -
equivalent in the currency approved by the Bank or other amount approved by the Bank. Facility Term is 12
months from the signing date of this Credit Agreement and can be extended upon agreement of the Parties.
Repayment date/tenor is maximum 3 months for Forward transactions.
-
The outstanding amount of combined RCF Facility, IF Facility and FX Facility from time to time shall not exceed Rp
10 billion and USD 1 million.
Subsequently in February 2023, the loan agreement was amended to be as follows:
- Uncomitted Revolving Credit Facility (“RCF”) with a total facility IDR 20 billion. The loan facility will be due on 31 -
March 2024.
-
- Uncomitted Invoice Financing (“IF”) facility with a total facility IDR 20 billion. The loan facility will be due on 31 -
March 2024.
-
- Foreign Exchange (“FX”) facility will be due on 31 March 2024. -
-
Subsequently on 19 March 2024, due date of RCF, IF, and FX loan facility agreement was amended to 31 March
2025.
The outstanding amount of combined RCF Facility and IF Facility from time to time shall not exceed Rp 20 billion.
The credit facilities are guaranteed with the corporate guarantee from SMM (related parties).
The loan agreement required GMIT to maintain a financial ratio which is current ratio of not less than 1x, which is
reviewed annually on 31 December.
As of 31 December 2024, GMIT is in compliance with the terms and conditions of the loan agreement.
43
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
21. BANK LOANS (Continued)
PT Bank SMBC Indonesia Tbk with the Company, ANJA, ANJAS and SMM
On 16 March 2020, the Company, ANJA, ANJAS, and SMM entered into loan agreement with PT Bank SMBC
Indonesia Tbk. (previously was PT Bank BTPN Tbk.). This agreement was subsequently amended on 11 June 2024,
therefore the credit facilities were as follows:
-
- Loan on Note (LoN) facility was adjusted to US$ 5 million or its equivalent in Rupiah with the drawdown limit to -
the Company, ANJA, ANJAS and SMM of US$ 10 thousand, US$ 5 million, US$ 5 million and US$ 5 million,
respectively. The credit facility is available until 31 March 2025, with a maturity of three months from the
drawdown date. The annual interest rate is Cost of Fund plus 1.50% p.a. for withdrawal in US Dollars and 1.50%
above JIBOR for withdrawals in Rupiah.
-
- Loan on Certificate (LoC) facility of US$ 8 million with the allocation limit to the Company, ANJA, ANJAS and -
SMM of US$ 10 thousand, US$ 8 million, US$ 8 million and US$ 8 million, respectively. The credit facility is
available until 30 September 2020 and due on 31 March 2025. The interest rate has amended several times,
with the most recent rate set at Term SOFR plus 1.50%.
-
- New Loan on Certificate-2 (LoC-2) facility of US$ 10 million with the allocation limit to the Company, ANJA, -
ANJAS and SMM of US$ 10 thousand, US$ 10 million, US$ 10 million and US$ 10 million, respectively. The
credit facility is available until 31 December 2024 and due on 31 December 2029. The annual interest rate is
Term SOFR plus 1.50%.
The Company, ANJA, ANJAS and SMM should fulfill certain financial covenants in ANJA’s consolidated financial
statements which among others maintain debt to equity ratio at a maximum of 1.25x and debt service coverage ratio
of not less than 1.25x.
The credit facilities are guaranteed with the fiduciary of ANJAS’ present and future crude palm oil, machineries and
the infrastructures amounting to Rp 100 billion.
As of 31 December 2024 and 2023, the Company, ANJA, ANJAS and SMM are in compliance with the terms and
conditions of the loan agreement.
22. TRADE ACCOUNTS PAYABLE
31 Decem ber 31 Decem ber
2024 2023
US$ US$
Third parties
Palm oil 8,394,413 5,949,109
Sago 33,400 79,445
Other 83,217 112,495
Total 8,511,030 6,141,049
Based on currencies:
31 Decem ber 31 Decem ber
2024 2024
US$ US$
United States Dollar 29,555 98,107
Euro 8,828 -
Rupiah 8,472,647 6,042,942
Total 8,511,030 6,141,049
23. TAXES PAYABLE
31 December 31 December
2024 2023
US$ US$
Corporate income tax
Subsidiaries 472,466 -
Income taxes
Article 21 427,296 1,349,528
Article 25 714,917 1,155,856
Other taxes 143,230 115,325
Total 1,757,909 2,620,709
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
24. OTHER PAYABLES
31 December 2024 31 December 2023
US$ US$
Payable to third parties 4,360,530 7,066,764
Contract liabilities 2,931,640 1,646,945
Total 7,292,170 8,713,709
Contract liabilities mainly represent receipt of cash advances from several customers for the sale of crude palm oil
which deliveries will be made based on further instructions from those customers
All other payable is payable to third parties.
25. ACCRUED EXPENSES
31 December 2024 31 December 2023
US$ US$
Salaries, bonuses and allowances 3,688,406 4,115,940
Profesional fees 970,703 601,828
Interest 207,794 119,002
Contractor 123,463 110,241
Others 676,166 829,289
Total 5,666,532 5,776,300
26. EMPLOYEE BENEFITS OBLIGATION
Defined Benefit Pension Plan
The Group provides post-employment benefits for their eligible employees in accordance with Labor Law in
Indonesia.
The pension fund for the Company’s employees is managed by Dana Pensiun Lembaga Keuangan (DPLK) Manulife
Indonesia, the deed of establishment of which was approved by the Minister of Finance of the Republic of Indonesia
in its decision letter No. KEP-231/KM.17/1994 dated 5 August 1994.
The defined benefit pension plan typically expose the Group to actuarial risks such as: investment risk, interest rate
risk and salary risk.
Investment Risk
The present value of the defined benefit plan liability is calculated using a discount rate determined by reference to
high quality corporate bond yields; if the return on plan asset is below this rate, it will create a plan deficit. Currently,
the plan assets are placed at the state owned banks and in money market.
Interest Risk
A decrease in the bond interest rate will increase the plan liability, however this will be partially offset by an increase
in the return on the plan’s assets.
The present value of the defined benefit obligation is calculated by reference to the future salaries of the plan’s
participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
26. EMPLOYEE BENEFITS OBLIGATION (Continued)
Amounts recognized in profit or loss and other comprehensive income in respect of the defined benefit costs are as
follows:
31 December 2024 31 December 2023
US$ US$
Recognized in profit or loss
Current service cost 1,795,423 1,840,227
Past service cost (523,220) (30,788)
Adjustment to early retirement/
termination benefits 40,958 -
Severance, curtailment, and
settlement cost 523,596 261,114
Interest from asset ceiling 2,014 18,814
Interest cost 883,748 884,871
Interest income on plan assets (207,323) (66,570)
Component of defined benefit costs
recognized in profit or loss 2,515,196 2,907,668
Recognized in other comprehensive
income:
Remeasurement on the net defined
benefit asset/liability:
Return on plan assets 50,689 32,319
Actuarial gains (1,450,317) (258,120)
Impact form asset restriction 2,001,955 (245,320)
Recognized in othercomprehensive income 602,327 (471,121)
Total 3,117,523 2,436,547
All the expenses for the years ended 31 December 2024 and 2023 amounted to US$ 2,515,196 and US$ 2,907,668
respectively, are recorded as part of personnel expenses and cost of revenue.
The amounts included in the consolidated statement of financial position arising from the Group’s obligation in
respect of the defined benefits plan is as follows:
31 December 31 December
2024 2023
US$ US$
Present value of defined benefit obligation (PVDBO) 13,857,441 14,484,514
Fair value of plan assets (5,399,970) (853,591)
Impact of asset ceiling 1,994,383 30,900
Net liability 10,451,854 13,661,823
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
26. EMPLOYEE BENEFITS OBLIGATION (Continued)
Movements in the present value of the defined benefit obligation (PVDBO) were as follows:
31 December 31 December
2024 2023
US$ US$
Opening balance of
defined benefit obligation 14,484,514 12,432,338
Current service cost 1,795,423 1,840,227
Past service cost (523,220) (30,788)
Interest cost 883,748 884,871
Benefit paid (1,186,908) (880,184)
Provision for termination cost 523,596 261,114
Remeasurement on the net defined benefit liability:
Actuarial (gains) losses arising from changes in financial assumptions (466,207) 474,306
Actuarial gains from experience adjustments (984,110) (732,426)
Foreign exchange differential (669,395) 235,056
Ending balance of defined benefit obligation 13,857,441 14,484,514
Movements in the fair value of the plan assets were as follows:
31 Decem ber 31 Decem ber
2024 2023
US$ US$
Opening balance of
fair value of plan as s ets 853,591 1,026,194
Interes t incom e 207,323 66,570
Rem eas urem ent los s :
Return on plan as s ets (50,690) (32,319)
Contribution from the em ployer 4,888,559 110,610
Foreign exchange differences on plans (130,554) 25,131
Benefits paid (368,259) (342,595)
Ending balance of
fair value of plan as s ets 5,399,970 853,591
Cumulative actuarial gain recognized in other comprehensive income are as follows:
31 Decem ber 31 Decem ber
2024 2023
US$ US$
Cum ulative am ounts at beginning of year 4,658,011 4,186,890
Actuarial gain (los s ) for the year (602,327) 471,121
Cum ulative am ounts at end of year 4,055,684 4,658,011
47
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
26. EMPLOYEE BENEFITS OBLIGATION (Continued)
The major category of plan assets, and the expected rate of return at the end of the reporting period for each
category, are as follows:
Expected rate of return Fair value of plan assets
31 December 31 December 31 December 31 December
2024 2023 2024 2023
% % US$ US$
Investment in money market 6.39% 5.67% 5,399,970 853,591
Fair value of plan assets 5,399,970 853,591
The fair value of the investments in money market are determined based on quoted market prices in active markets.
This policy has been implemented during the current and prior years.
As of 31 December 2024, the cost of providing employee benefits is calculated annually by a qualified actuary, Kantor
Konsultan Aktuaria Steven & Mourits. The actuarial valuation was carried out using the following key assumptions:
31 December 2024 31 December 2023
Mortality rate TMI 4 2019 TMI 4 2019
Normal pension age 56-60 tahun/years 56-60 tahun/years
Salary increment rate per annum 8% 8%
Discount rate per annum 7.10% 6.70% -6.90%
31 December 31 December 31 December 31 December 31 December
Historical information: 2024 2023 2022 2021 2020
US$ US$ US$ US$ US$
Present value of defined
benefit obligation 13,857,441 14,484,514. 12,432,338) 15,614,984 26,552,905)
Experience adjustments (984,110) (732,426) (1,408,957) 255,001 105,552)
Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected salary
increase rate and mortality rate. The sensitivity analysis below have been determined based on reasonably possible
changes of the respective assumptions occurring at the end of the reporting period, while holding all other
assumptions constant.
- If the discount rate is 1% higher (lower), the defined enefit obligation would decrease to US$ 12,833,124 -
(increase to US$ 15,013,723) on 31 December 2024 and would decrease to US$ 13,379,022 (increase to US$
15,720,731) on 31 December 2023.
- If the expected salary growth increases (decreases) by 1%, the defined benefit obligation would increase to US$ -
15,136,565 (decrease to US$ 12,712,248) on 31 December 2024 and increase to US$ 15,844,398 (decrease to
US$ 13,256,277) on 31 December 2023.
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the
assumptions may be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been
calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied
in calculating the defined benefit liability recognized in the consolidated statement of financial position.
There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
26. EMPLOYEE BENEFITS OBLIGATION (Continued)
Defined benefit pension plan of the Company, ANJA, ANJAS, SMM, KAL, PMP, PPM and GMIT are funded through
DPLK Manulife Indonesia. Grup has a minimum funding requirement amounting to Rp 496 million per year under
the arrangement with DPLK Manulife Indonesia and the prevailing regulations.
The average duration of the benefit obligation as of 31 December 2024 is 12.08 – 18.06 years. This number can be
analysed from average expected future service of active members is 8.33 – 13.64 years for 2024.
27. CAPITAL STOCK
The composition of the Company’s shareholders is as follows:
31 December 2024 and 2023
Total paid-in capital stock
Percentage of
Name of shareholders Number of shares ownership Rp Equivalent in US$
PT Memimpin Dengan Nurani 1,370,050,012 40.8461% 137,005,001,200 14,040,188
PT Austindo Kencana Jaya 1,370,050,012 40.8461% 137,005,001,200 14,040,188
Mr. George Santosa Tahija 158,988,351 4.7400% 15,898,835,100 7,545,604
Mr. Sjakon George Tahija 158,891,813 4.7371% 15,889,181,300 7,541,023
Yayasan Tahija 1,500 0.0001% 150,000 73
Public (each below 5%) 296,193,312 8.8306% 29,619,331,200 3,568,232
Total outstanding shares, issued and
fully paid 3,354,175,000 100.0000% 335,417,500,000 46,735,308
As of 31 December 2024 and 2023, the total Company’s public shares owned by the Company’s Directors are
13,109,563 shares.
28. ADDITIONAL PAID IN CAPITAL
31 December 2024 31 December 2023
US$ US$
Excess of IPO price over par value 37,643,466) 37,643,466)
Share issuance costs (5,496,381) (5,496,381)
Net excess of IPO proceeds over paid in capital 32,147,085) 32,147,085)
Management Stock Option Plan exercised 2,179,887) 2,179,887)
Lapsed Management Stock Option Plan 370,964) 370,964)
Sale of treasury stock 1,200,075) 1,200,075)
Sub total 35,898,011) 35,898,011)
Differences in value from
restructuring transaction between entities under common control:
Sale of investment in shares of ANJHC 8,024,263) 8,024,263)
Sale of investment in shares of BKM 1,490,208) 1,490,208)
Sale of investment in properties 32,592) 32,592)
Sale of property, plant and equipment 3,569,959) 3,569,959)
Sale of other assets (112,689) (112,689)
Subtotal 13,004,333) 13,004,333
Total 48,902,344) 48,902,344
49
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
28. ADDITIONAL PAID IN CAPITAL (Continued)
The difference in value from restructuring transaction between entities under common control arised from the
following transactions:
Sale of investment in shares of ANJHC
On 7 May 2012, the Company transferred 165,837,499 shares or 99.99% ownership in PT Austindo Nusantara Jaya
Healthcare (ANJHC) to PT Austindo Nusantara Jaya Husada Cemerlang with the selling price of
US$ 20,000,000. The difference between the selling price and the book value of equity transferred of US$ 8,024,263
represents difference in value from restructuring transaction between entities under common control.
Sale of investment in shares of BKM
On 23 July 2012, the Company transferred 27,750 shares in PT Bina Kosala Metropolitan (BKM) to PT Austindo
Nusantara Jaya Husada Cemerlang with the selling price of US$ 2,630,886. The difference between the selling price
and the book value of equity transferred of US$ 1,490,208 represents the difference in value from restructuring
transaction between entities under common control.
Sale of investment properties
On 14 August 2012, the Company sold its investment in land and buildings to PT Memimpin Dengan Nurani and PT
Austindo Kencana Jaya with total selling price of US$ 2,606,165. The difference between the selling price and the
book value of US$ 994,316 represents the difference in value from restructuring transaction between entities under
common control.
On 5 September 2012, the Company sold its investment in properties to PT Austindo Nusantara Jaya Husada
Cemerlang with the total selling price of US$ 4,324,371. The difference between the selling price and the book value
of (US$ 961,724) represents the difference in value from restructuring transaction between entities under common
control.
Sale of property, plant and equipment
On 6 December 2012, the Company sold building, office equipment, furniture and fixtures to PT Memimpin Dengan
Nurani and PT Austindo Kencana Jaya with a total selling price of US$ 2,970,834. The difference between the selling
price and the book value of US$ 2,392,599 represents the difference in value from restructuring transaction between
entities under common control.
On 16 May 2012, GMIT sold its land and building located in Jember to entities under common control, PT Memimpin
Dengan Nurani and PT Austindo Kencana Jaya. The difference between the selling price and the book value of those
land and building of US$ 1,177,360 was recorded as difference in value from restructuring transaction between
entities under common control.
Sale of other assets
On 29 June 2012, the Company sold other assets to Mr. Sjakon George Tahija with a selling price of US$ 42,440.
The difference between the selling price and the book value of (US$ 112,689) represents the difference in value from
restructuring transaction between entities under common control.
29. DIFFERENCE IN VALUE DUE TO CHANGES IN EQUITY OF SUBSIDIARIES AND OTHER RESERVES
Difference in Value Due to Changes in Equity of Subsidiaries
31 December 2024 31 December 2023
US$ US$
Effect of changes in equity resulting from
step acquisition of ANJA 29,217,031) 29,217,031)
Effect of changes in equity resulting
from remeasurement of functional currency in SMM 1,860,354) 1,860,354)
Effect of changes in equity of ANJA
from option conversion and purchase of shares from non controlling
interests (469,794) (469,794)
Effect of changes in equity
from share ownership in GMIT 98,775) 98,775)
Total 30,706,366 30,706,366
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
29. DIFFERENCE IN VALUE DUE TO CHANGES IN EQUITY OF SUBSIDIARIES AND OTHER RESERVES
(Continued)
Other Reserves
31 December 2024 31 December 2023
US$ US$
Unrealized gain on investments
in investments in equity securities
Beginning balance 2,7)22,739,707) 2,7)22,719,821)
Changes in fair value of investments in equity securities (Note 12) 76,830( 25,495)
Income tax on change in fair value investment in equity securities (16,903) (5,609)
Subtotal 2,799,634) 2,739,707)
Difference in translation of
subsidiaries’ financial statements in foreign currencies
Beginning balance (49,357,199) (53,488,373)
9,21997)
Difference in translation of subsidiaries’ financial statements in foreign currencies 9,2) (8,250,992) 4,131,174)
Subtotal (57,608,191) (49,357,199)
Total (54,808,557) (46,617,492)
30. NON-CONTROLLING INTERESTS
31 December 2024 31 December 2023
US$ US$
PT Gading Mas Indonesia Teguh 722,431 1,293,736
PT Lestari Sagu Papua 123,404 128,664
PT Austindo Aufwind New Energy 6,773 7,033
Total 852,608 1,429,433
Summarized financial information in respect to PT Gading Mas Indonesia Teguh and PT Lestari Sagu Papua,
subsidiaries that has material non-controlling interest is set out below. The summarized financial information below
represents amounts before intragroup eliminations.
31 December 31 December
2024 2023
US$ US$
PT Gading Mas Indonesia Teguh
Balance at beginning of year 1,293,736 1,977,831
Share of loss for the year (490,282) (730,353)
Share of other comprehensive income 4,156 321
Translation adjustments (85,179) 45,937
Total 722,431 1,293,736
PT Lestari Sagu Papua
Balance at beginning of year 128,664 121,973
Share of profit for the year 692 4,243
Translation adjustments (5,952) 2,448
Total 123,404 128,664
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
30. NON-CONTROLLING INTERESTS (Continued)
Other subsidiaries
with immaterial
PT Lestari Sagu PT Gading Mas non-controlling
31 December 2024 Papua Indonesia Teguh interests Total
Non-controlling interests percentage of ownership 49% 20%
Current assets 178,044 3,602,935
Non-current assets 77,059 7,902,342
Current liabilities (3,259) (462,601)
Non-current liabilities - (1,599,040)
Capital paid in advance - (5,831,481)
Net assets attributable to owners of the Company 251,844 3,612,155
Net assets attributable to non-controlling interests 123,404 722,431 6,773 852,608
Revenue 12,496 4,224,628
Expenses (11,084) (6,676,036)
Profit (loss) for the year 1,412 (2,451,408)
Total comprehensive income (loss) attributable to owners of the Company 1,412 (2,430,632)
Total net income (loss) attributable to non-controlling interests 692 (490,282) 48 (489,542)
Total other comprehensive income attributable to non-controlling interests - 4,156 18 4,174
Difference in translation of subsidiaries’ financial statements in foreign currencies (5,952) (85,178) (327) (91,457)
Total comprehensive income (loss) attributable to non-controlling interests after translation (5,260) (571,304) (261) (576,825)
Cash flows provided by (used in) operating activities 3,298 (3,486,622)
Cash flows provided by investing activities - 1,064,311
Cash flows provided by financing activities - 3,005,618
Net increase in cash and cash equivalents 3,298 583,307
Other subsidiaries
with immaterial
PT Lestari Sagu PT Gading Mas non-controlling
31 December 2023 Papua Indonesia Teguh interests Total
Non-controlling interests percentage of ownership 49% 20%
Current assets 181,792 2,362,458
Non-current assets 80,788 8,908,600
Current liabilities - (1,696,833)
Non-current liabilities - (171,903)
Capital paid in advance - (2,933,645)
Net assets attributable to owners of the Company 262,580 6,468,677
Net assets attributable to non-controlling interests 128,664 1,293,736 7,033 1,429,433
Revenue 13,011 1,829,148
Expenses (4,352) (5,480,915)
Profit (loss) for the year 8,659 (3,651,767)
Total comprehensive income (loss) attributable to owners of the Company 8,659 (3,650,165)
Total net income (loss) attributable to non-controlling interests 4,243 (730,353) 1,421 (724,689)
Total comprehensive income (loss) attributable to non-controlling interests - 321 (9) 312
Difference in translation of subsidiaries’ financial statements in foreign currencies 2,448 45,937 98 48,483
Total comprehensive income (loss) attributable to non-controlling interests after translation 6,691 (684,095) 1,510 (675,894)
Cash flows provided by (used in) operating activities 5,599 (3,164,769)
Cash flows used in investing activities - (247,601)
Cash flows provided by financing activities - 3,465,894
Net increase in cash and cash equivalents 5,599 53,524
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
31. REVENUE
Revenue consists of revenue from sales and service concession revenue.
2024 2023*
US$ US$
Revenue from sales 236,395,402 236,992,726
Service concession revenue 419,058 576,249
Total 236,814,460 237,568,975
a. Revenue from Sales
2024 2023*
US$ US$
Crude palm oil (CPO) 202,482,320 211,938,056
Palm kernel (PK) 23,817,397 18,811,737
Palm kernel oil (PKO) 1,668,805 769,900
Fres h fruit bunches (FFB) 1,564,368 1,612,004
Edam am e 4,221,812 1,884,846
Sago s tarch 1,184,966 883,679
Palm s hell 1,287,500 809,438
RSPO certificate (palm e-trace) 129,359 247,834
Others 38,875 35,232
Total 236,395,402 236,992,726
* As restated (See Note 49)
The revenue from the sales of CPO and PK includes the sales of physical RSPO certifcates of US$ 1,427,583 for
the year ended 31 December 2024 (2023: US$ 1,778,578).
b. Service Concession Revenue
2024 2023
US$ US$
Service concession revenue 351,839 495,805
Financing revenue from service concession 67,219 80,444
Total 419,058 576,249
32. COST OF REVENUE
Cost of revenue consists of cost of sales and cost of service concession.
2024 2023*
US$ US$
Cost of sales 189,227,459 202,051,816
Cost of service concession 317,262 371,444
Total 189,544,721 202,423,260
a. Cost of Sales b.
2024 2023*
US$ US$
Crude palm oil, palm kernal oil and palm kernel 177,183,466 191,166,465
Edamame 6,809,819 4,728,061
Sago starch 3,784,313 4,647,871
Fresh fruit bunches 1,434,837 1,492,924
Others 15,024 16,495
Total 189,227,459 202,051,816
* As restated (See Note 49)
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
32. COST OF REVENUE (Contined)
a. Cost of Sales (Continued) b.
2024 2023*
US$ US$
Palm oil production cos ts
Harves ting expens es 18,911,518 21,814,234
Maintenance cos ts of m ature plantation 25,184,581 29,565,640
Factory overhead and indirect cos ts 36,961,475 41,885,832
Depreciation of m ature plantation (Note 13) 14,743,569 14,755,124
Depreciation of property, plant and equipm ent (Note 14) 11,222,428 10,152,359
Depreciation of right-of-us e as s ets (Note 16) - 495,098
Purchas es of FFB 76,469,315 69,899,250
Purchas es of CPO 361,349 -
Im pairm ent inventories 1,962,298 540,526
Realized los s (gain) from derivative trans action, net 289,011 (23,018)
Total palm oil production cos ts 186,105,544 189,085,045
Sago s tarch production cos ts
Sago logs harves ting cos ts 633,241 690,624
Sago proces s ing cos ts 2,130,613 3,074,915
Revers al im pairm ent of inventories (227,499) (207,395)
Depreciation of property, plant and equipm ent (Note 14) 1,000,798 1,014,112
Total s ago s tarch production cos ts 3,537,153 4,572,256
Edam am e production cos ts
Raw m aterial cons um ption 3,281,607 2,052,736
(Revers al) im pairm ent for inventories 629,062 (6,695)
Edam am e proces s ing cos ts 2,996,761 2,143,005
Depreciation of property, plant and equipm ent (Note 14) 575,099 565,881
Total edam am e production cos ts 7,482,529 4,754,927
Others 15,024 10,375
Finis hed goods :
Beginning of year (Note 9)
Palm oil product 5,467,747 8,352,697
Sago s tarch 1,406,800 1,452,022
493,152 457,223
End of year (Note 9)
Palm oil product (8,522,234) (5,467,747)
Sago s tarch (1,099,525) (1,406,800)
Edam am e (1,129,990) (493,152)
Trans lation adjus tm ents of inventories (237,048) 81,767
Net changes in the fair values of biological as s ets and harves ted agriculture produce
trans ferred to inventories during the year (Note 11) (4,291,693) 653,203
Cos t of s ales 189,227,459 202,051,816
* As restated (See Note 49)
b.
b. Cost of Service Concession c.
For the years ended 31 December 2024 and 2023, this account mainly represents expenses in order to maintain
production capacity according to the service concession contract, which amounted to US$ 317,262 and US$
371,444, respectively.
33. PERSONNEL EXPENSES
This account represents salaries, allowances, bonuses and employee benefit expenses (Note 26).
54
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
34. GENERAL AND ADMINISTRATIVE EXPENSES
2024 2023
US$ US$
Tax penalty 3,619,370 83,817
Prof essional f ees 1,835,356 1,311,073
Travel and transportation 511,926 605,529
Rent (Note 16) 392,190 402,899
Depreciation of property, plant and equipment (Note 14) 297,887 334,046
Training, seminars and meeting 276,881 466,274
Depreciation of right of use assets (Note 16) 267,476 259,855
Membership and subscription f ees 174,345 209,306
Of f ice expenses 134,512 160,958
Custodian f ees and bank charges 128,524 21,221
Insurance 103,557 128,045
Communication and electricity 91,116 109,647
Repairs and maintenance 75,053 95,608
Amortization of intangible assets (Note 15) 60,220 63,762
Donation 2,080 2,790
Others 122,035 114,486
Total 8,092,528 4,369,316
35. FINANCE COSTS, NET
2024 2023
US$ US$
Financial income:
Interest income from time deposit and current account 126,296 155,747
Others 112,595 152,776
Total 238,891 308,523
Financial charges:
Loan interest expense (9,857,002) (9,651,484)
Interest expense from lease liabilities (Note 16) (20,189) (61,774)
Amortization of financing cost (150,828) (146,593)
Total (10,028,019) (9,859,851)
Total, net (9,789,128) (9,551,328)
36. OTHER INCOME , NET
2024 2023*
US$ US$
Other income:
Management service income from plasma and other third parties 598,952 515,885
Gain on sale of property, plant, and equipment 761,013 -
Others 272,784 986,627
Total 1,632,749 1,502,512
Other expenses:
Loss on sale of property, plant, and equipment - (165,488)
Loss on bearer plants write off (45,798) -
Others (90,515) (26,998)
Total (136,313) (192,486)
Total, net 1,496,436 1,310,026
* As restated (See Note 49)
55
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
37. INCOME TAXES
Income tax expense of the Group consists of the following:
2024 2023
US$ US$
Recognized in profit and loss:
Current tax 10,079,424 9,357,023
Deferred tax 1,118,198 (1,690,952)
Total 11,197,622 7,666,071
Recognized in other comprehensive income:
Deferred tax 326,005 109,256
Total 326,005 109,256
Total income tax expense of the Group 11,523,627 7,775,327
Current Tax
The reconciliation between consolidated profit before tax per consolidated statements of profit or loss and other
comprehensive income and taxable income of the Company is as follows:
2024 2023*
US$ US$
Consolidated profit before tax 20,356,441 12,097,306
Less: profit before tax per subsidiaries (22,385,953) (13,765,309)
Profit adjustement based on cost method 11,206,027 6,502,276
Profit before tax of the Company 9,176,515 4,834,273
Temporary differences:
Bonus (41,952) (91,822)
Post-employment benefits - 233,364
Rental (45,045) (21,644)
Depreciation and amortization 59,007 65,810
Subtotal (27,990) 185,708
Non-tax-deductible expenses (non-taxable income/subject to final tax):
Dividend income from subsidiaries (11,644,284) (6,976,754)
Post-employment benefits (including the effect of difference in exchange rate) (1,997,020) -
Interest income (3,066) (6,195)
Donation 609 5,325
Personnel expenses 186,650 345,625
Gain on sale of fixed assets 89,051 -
Others 35,757 56,562
Subtotal (13,332,303) (6,575,437)
Total tax loss of the Company (4,183,778) (1,555,456)
* As restated (See Note 49)
2024 2023
US$ US$
Current income tax expense - the Company 168 -
Current income tax expense - subsidiaries
PT Austindo Nusantara Jaya Agri and subsidiaries 10,079,256 9,355,913
PT Lestari Sagu Papua - 1,110
Income tax expense - current 10,079,424 9,357,023
56
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
37. INCOME TAXES (Continued)
Current Tax (Contined)
The Company has submitted its corporate income tax return for fiscal year 2023 in April 2024. As of the issuance of
these consolidated financial statements, the Company has not submitted its corporate income tax return for fiscal
year 2024. The calculation above will be used as the basis to submit the 2024 corporate income tax return.
Deferred Tax
As of 31 December 2024 and 2023, the Company had temporary differences from employee benefits obligation,
fixed assets, security deposit, investments in equity securities, bonus and right-of-use assets.
The following deferred tax assets of the Group have not been recognized:
2024 2023
US$ US$
Tax loss carry forwards 23,543,554 18,450,098
Impairment provision of property, plant and equipment - 2,524,122
Allowance for decline in value of inventories 154,641 273,061
Provision for service concession arrangement 14,670 14,129
Employee benefits obligation 409 -
Total 23,713,274 21,261,410
The Group’s tax loss carry forwards, which as of 31 December 2024 and 2023 amounting to
US$ 119,128,203 and US$ 87,885,209, respectively, will expire between 2025 and 2029 (2023: will expire between
2024 and 2028) if not utilized against future taxable profits. Deferred tax assets are not recognized because it is not
probable that future taxable profits will be available against which the Group can utilize the benefits therefrom.
Realization of the Company’s and subsidiary’s deferred tax assets is dependent upon their profitable operations.
Management believes that these deferred tax assets below are probable of being realized through offset against
taxes due on future taxable income.
The details of deferred tax assets and liabilities of the Group are as follows:
Credited
Credited (charged) to Credited (charged)
(charged) other to available
1 January to profit comprehensive investment Translation 31 December
2024 or loss income revaluation adjustments 2024
US$ US$ US$ US$ US$ US$
Deferred tax assets
The Company 107,759 (6,158) - (16,903) - 84,698
GMIT 33,651 57,999 (5,860) - (2,568) 83,222
ANJA 1,842,701 126,150 (30,119) - (67,626) 1,871,106
ANJAP 68,979 (65,883) (1,219) - (1,877) -
AANE 15,383 (6,770) (706) - (566) 7,341
Total 2,068,473 105,338 (37,904) (16,903) (72,637) 2,046,367
Deferred tax liabilities
ANJA (176,938) (1,223,536) (271,198) - - (1,671,672)
Total (176,938) (1,223,536) (271,198) - - (1,671,672)
Net (1,118,198) (309,102) (16,903)
57
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
37. INCOME TAXES (Continued)
Current Tax (Contined)
Credited
Credited (charged) to Credited (charged)
(charged) other to available
1 January to profit comprehensive investment Translation 31 December
2023 or loss income revaluation adjustments 2023
US$ US$ US$ US$ US$ US$
Deferred tax assets
The Company 123,852 40,856 (51,340) (5,609) - 107,759
GMIT 36,308 (2,983) (452) - 778 33,651
ANJA 883,509 1,040,838 (57,046) - (24,600) 1,842,701
ANJAP 71,463 1,982 (5,968) - 1,502 68,979
AANE - 16,812 344 - (1,773) 15,383
Total 1,115,132 1,097,505 (114,462) (5,609) (24,093) 2,068,473
Deferred tax liabilities
ANJA (729,629) 541,876 10,815 - - (176,938)
AANE (51,571) 51,571 - - - -
Total (781,200) 593,447 10,815 - - (176,938)
Net 1,690,952 (103,647) (5,609)
A reconciliation between total income tax expense of the Group and the amount computed by applying the prevailing
tax rates to profit before tax of the Company is as follows:
2024 2023
US$ US$
Profit before tax of the Company 9,176,515 4,834,273
Tax expense at prevailing tax rates (2,018,833) (1,063,540)
Effect of non-tax-deductible expenses (non-taxable income/subjected to final tax):
Dividend income from subsidiaries 2,561,742 1,534,886
Post-employment benefits (including the effect of difference in exchange rate) 439,344 -
Interest income 675 1,363
Donation (134) (1,171)
Personnel expenses (41,063) (76,038)
Gain on sale of fixed assets (19,591) -
Others (7,867) (12,444)
Total 2,933,106 1,446,596
Adjustment due to the tax case result (168) -
Fiscal loss for which no tax benefit was recognized (920,431) (342,200)
Total tax expense of the Company recognized in profit or loss (6,326) 40,856
Tax expense of subsidiaries (11,191,296) (7,706,927)
Total Group's tax expense (11,197,622) (7,666,071)
58
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
38. EARNING PER SHARE
The computation of earning per share attributable to the owners of the Company is based on the following data:
2024 2023*
US$ US$
Income
Net income attributable to owners of the Company 9,648,361 5,155,924
Number of shares
Weighted average number of ordinary shares outstanding for basic
earning per share computation 3,354,175,000 3,352,427,424
Weighted average number of ordinary shares outstanding for diluted
earning per share computation 3,354,175,000 3,352,427,424
Earning per share
Basic 0.0029 0.0015
Diluted 0.0029 0.0015
As of 31 December 2024 and 2023, the Company has no dilutive potential common shares.
* As restated (See Note 49)
39. CASH DIVIDENDS
In the Annual General Shareholders’ Meeting held on 5 June 2024, the shareholders of the Company decided not to
distribute the cash dividends for the year 2023.
In the Annual General Shareholders’ Meeting held on 7 June 2023, the shareholders of the Company approved the
distribution of cash dividends of Rp 93,246.06 million or Rp 27.8 (full amount) per share (equivalent to US$ 6,239,282
or US$ 0.0019 per share) from the unappropriated retained earnings as of 31 December 2022 to the shareholders
recorded on the shareholders register on 19 June 2023 (recording date). The dividend was paid to the shareholders
on 7 July 2023.
40. DERIVATIVE INSTRUMENTS
a. The Company, ANJA, ANJAS, SMM, PPM dan PMP entered into forward currency contract facilities with PT
Bank OCBC NISP Tbk to minimize foreign exchange exposure. Foreign currency contracts require ANJA, at a
future date, to buy and sell U.S. Dollar against Rupiah using the rates agreed at the inception of the contracts.
As of 31 December 2024, there was no outstanding balance of the facility.
b. ANJA and SMM have CPO commodity swap contracts with several financial institution. In 2024, ANJA and SMM c.
have executed CPO commodity swap contracts for a total notional amount of 1,000 metric tonnes and strike
price at US$ 842 – US$ 973 per metric tonnes. ANJA and SMM have an outstanding liabilities of US$ 163,576
to the bank due to losses incurred from the commodity swap contract
On 9 March 2020, the Company, ANJA, SMM entered into a forward currency contract agreement for a total
facility of US$ 20 million with PT Bank UOB Indonesia to minimize foreign exchange exposure. As of
31 December 2024, there was no outstanding balance of the facility.
c. On 11 May 2021, GMIT entered into a foreign currency contract agreement for a total facility of US$ 1 million d.
with PT Bank UOB Indonesia for hedging. As of 31 December 2024, there was no outstanding balance of the
facility.
c
d. On 13 November 2017, the Company, ANJA, dan KAL entered into a forward currency contract agreement with e.
PT Bank CIMB Niaga Tbk to minimize foreign exchange exposure. This agreement has been amended on 3
October 2023, which included ANJAS, SMM, PPM and PMP into the agreement. This facility is totaling to US$
5 million and valid until 28 July 2024. On 29 August 2024, this facility was extended to 28 July 2025. On 31
December 2024, there was no outstanding balance of the facility.
d
59
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
41. NATURE OF RELATIONSHIP AND TRANSACTION WITH RELATED PARTIES
Nature of Relationship
- Mr. George Santosa Tahija, Mr. Sjakon George Tahija, Yayasan Tahija, PT Memimpin Dengan Nurani (MDN) and
PT Austindo Kencana Jaya (AKJ) are the Company’s shareholders.
Transaction with Related Parties
GMIT utilizes land and building in Jember owned by AKJ and MDN as its office, employee housing, training centre
and warehouse in accordance with the lend and use agreement dated 17 May 2012. This agreement has been
renewed and valid until 17 May 2026. Based on this lend and use agreement, GMIT has no obligation to pay anything
to AKJ or MDN, however, GMIT has to bear and pay the Land and Building tax, fire insurance, repair and
maintenance, electricity, water, telephone, security and all other maintenance costs related to the land and building
during the lend and use period.
42. COMMITMENTS AND CONTINGENCIES
COMMITMENTS a
b
a. On 29 November 2012, Perusahaan Listrik Negara (PLN) and AANE entered into a Power Purchase Agreement b
(PPA) which is valid for 15 years since the signing date. AANE agreed to sell electricity power to PLN and PLN
agreed to purchase the electricity power generated by the power plant built by AANE with a capacity of 1,200
kW in Desa Jangkang, subdistrict Dendang, regency of Belitung Timur. AANE has an agreed price of
Rp 975/kWh, adjustable to new price if announced by PLN. AANE will also be responsible in designing, building,
providing fund, construction, testing, commissioning and providing interconnection facilities and transaction
points to connect the power plant owned by AANE to PLN’s electricity system, operating and maintaining the
power plant in accordance with standard operating procedures (SOP) as determined and agreed by both parties.
Commercial date of operation for the electricity sales from AANE to PLN was 31 December 2013. On 18
December 2015, the PPA was amended to increase the electricity production capacity by 600 kW to 1,800 kW.
All increase in electricity production from this capacity will continue to be sold to PLN. On 29 January 2016, PLN
and AANE have signed the Commercial Operation Date Agreement for the increase of 600 kW electricity
capacity.
b. On 17 June 2021, ANJA, ANJAS, PPM, and PMP entered into a security service agreement with PT G4S c.
Security Services to provide security services which valid until 30 June 2025. Total fees related to these security
services until 30 June 2025 is Rp 10 billion per year.
b
c. On 7 June 2018, the Company entered into a lease agreement with PT Bahanasemesta Citranusantara for d.
leasing of 1,853.96 square meters office space at Menara SMBC. The office lease period is effective from 1
April 2019 until 31 March 2025. The rental fee will be charged to the Company, SMM, ANJAP, AANE, PPM,
PMP and ANJB with certain office lease space. The rental fee is Rp 170,000/sqm for the period 1 April 2022
until 31 March 2025, and the service charges is Rp 85,000/sqm and should be paid quarterly in advance.
Effective on 1 April 2025, the lease agreement is extended until 31 March 2028 with the rental fee of Rp
180,000/sqm and service charges of Rp 90,000/sqm. The Group has paid Rp 1.4 billion (equivalent to US$ 0.1
million) security deposits, which is recorded as other non-current assets.
d. Based on the Ministry of Agriculture Regulation No. 26 year 2007, KAL has plasma obligation for a minimum d
20% of total area. In July 2014, KAL allocates 2,576 hectares for plasma plantation that are owned by Bina
Satong Lestari Cooperative, Laman Mayang Sentosa Cooperative and Lestari Abadi Bersama Cooperative.
Management cooperation agreements between KAL and Bina Satong Lestari Cooperative and Laman Mayang
Sentosa Cooperative were signed on 19 August 2014 and with Lestari Abadi Bersama Cooperative on 30 March
2021, whereas KAL (referred to as the Nucleus) is required to perform the following, among others:
- Act as business partner to develop the plantation for smallholders based on the mutual agreement between
the Nucleus and the Cooperatives.
- Purchase the fresh fruit bunches (FFB) produced by plasma plantations at prevailing price in West -
Kalimantan Province.
- Plasma financing is derived from bank loan made between bank and the Cooperatives. -
The period of the agreement is 30 years. -
Meanwhile, the bank loan agreements between Bina Satong Lestari Cooperative, Laman Mayang Sentosa -
Cooperative and PT Bank Mandiri (Persero) Tbk (Bank Mandiri) were signed on 22 August 2014. The loan
facility was Rp 31.6 billion and Rp 130.3 billion, respectively and guaranteed by KAL. The bank loan period is
until 2025, bearing floating interest rate of 10.75% p.a. In February 2021, the loan from Bank Mandiri to Laman
Mayang Sentosa Cooperative was fully repaid through the loan facility from PT Bank OCBC NISP Tbk, as
explained below.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
42. COMMITMENTS AND CONTINGENCIES (Continued)
COMMITMENTS (Continued) a
On 16 December 2020, Laman Mayang Sentosa Cooperative entered into loan agreement with PT Bank OCBC
NISP Tbk. to obtain Term Loan Credit facility amounting to Rp 97.8 billion to refinance its loan from
PT Bank Mandiri (Persero) Tbk. The loan is guaranteed by the mortgage on plasma plantation HGU and
corporate guarantee from KAL. The loan will be due in 2026 with floating interest rate at 8.75% p.a. effective
from 26 November 2022.
On 14 September 2021, Bina Satong Lestari Cooperative entered into loan agreement with PT Bank OCBC
NISP Tbk. To obtain Term Loan Credit facility amounting to Rp 25.0 billion to refinance its loan from PT Bank
Mandiri (Persero) Tbk. The loan is guaranteed by the mortgage on plasma plantation HGU and corporate
guarantee from KAL. The loan will be due in 2026, bearing floating interest rate at 8.75% p.a. effective from 26
November 2022.
e. ANJA, ANJAS, KAL and SMM has sales commitments of CPO and PK with several customers, for delivery of f.
CPO in 2025 maximum of 25,500 metric tonnes per month and for delivery of PK in 2024 maximum of 8,125
metric tonnes per month. The average sales price under this sales commitment is subject to variance adjustment
calculated based on formula defined in these agreements. These commitments are cancellable with 1 months
notice in advance.
g.
f. SMM entered into cooperation agreements related to development and management of palm oil plantation with g.
Mitra Anugrah Cooperative and Mitra Lestari Cooperative on 30 October 2014 and with Lindong Raya
Cooperative, Gunong Nyerundong Cooperative, Sambang Jaya Makmur Cooperative and Tiong Sejahtera
Cooperative on 13 April 2018, whereas SMM (referred to as the Nucleus) is required to perform the following,
among others:
h
- Act as business partner to develop the plantation for smallholders based on the mutual agreement between -
the Nucleus and the Cooperatives (small holders).
- Purchase the fresh fruit bunches (FFB) produced by plasma plantation at prevailing price in Bangka Belitung -
Province.
- Plasma financing is derived from bank loan made between bank and the Cooperatives. -
-
The period of the agreement is 30 years.
-
The bank loan agreements between Mitra Anugrah Cooperative and Mitra Lestari Cooperative and PT Bank
CIMB Niaga Tbk were signed on 27 July 2016. The loan facility was Rp 3.7 billion and Rp 3.6 billion, respectively,
and guaranteed by SMM. The bank loans’ periods are until 2026 for Mitra Anugrah Cooperative and until 2024
for Mitra Lestari Cooperative, bearing floating interest rate of 9% p.a. effective from February 2023. Effective
from 6 May 2024, the interest rate for these loan facilities was increased to 9.25%.
-
Meanwhile, the bank loan agreements between Sambar Jaya Makmur Cooperative, Gunong Nyerudong
Cooperative, Tiong Sejahtera Cooperative, Lindong Raya Cooperative and PT Bank CIMB Niaga Tbk were
signed on 18 September 2018. The loan facility was Rp 3.9 billion, Rp 10.3 billion, Rp 3.7 billion and Rp 24.3
billion, respectively, and guaranteed by SMM. The bank loans’ periods are until 2026 for Sambar Jaya Makmur
Cooperative, Gunong Nyerudong Cooperative and Tiong Sejahtera Cooperative and until 2028 for Lindong Raya
Cooperative, bearing floating interest rate 9% p.a. effective from February 2023. Effective from 1 June 2024, the
interest rate for these loan facilities was increased to 9.25%.
-
g. Other than the above commitments, the Group through its various subsidiaries have various contracts to assist h.
the Group to develop its plantations. The contracts will expire throughout 2024. The total significant contracts
commitment as of 31 December 2024 is as follows:
-
Total amount g.
Contract value have been paid h.
i.
IDR Rp 72.3 billion Rp 34.0 billion g.
h.
CONTINGENCIES -
-
a. As of 31 December 2024, KAL, SMM and ANJAS are in the judicial review process relating to the request filed b.
by the tax authorities with the Supreme Court. KAL, SMM and ANJAS have not recorded additional tax liabilities
in relation to those ongoing judicial review because KAL, SMM and ANJAS assessed that KAL, SMM and ANJAS
have technical ground to support its tax position.
-
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
42. COMMITMENTS AND CONTINGENCIES (Continued)
CONTINGENCIES (Continued)
b. ANJA and ANJAS have applied Keterlanjuran within the framework of Omnibus Law and Government c.
Regulation No. 24 of 2021 over certain areas to the Ministry of Forestry (MOF) (previously Ministry of
Environment and Forestry). ANJA and ANJAS have not recorded any provision in relation to this Keterlanjuran
application, because of data limitation to make a reliable estimate of the provision. On 6 February 2025, the
Minister of Forestry issued Decree No. 36 of 2025 which confirmed that an area of 501 Ha in ANJA and 9 Ha in
ANJAS meet the criteria in Article 110A of Omnibus Law and an area of 63 Ha in ANJA does not meet the criteria
to be processed pursuant to Article 110A of Omnibus Law. Decree No. 36 of 2025 does not determine the
monetary amount to be paid in relation with the Keterlanjuran application. Until the date of the issuance of these
consolidated financial statements, ANJA and ANJAS have not received a final result from the MOF for these
applications.
43. SERVICE CONCESSION ARRANGEMENT
-
Energy Sales Contract (ESC) of AANE (Note 42a) fulfill all characteristics of a concession arrangement and the
infrastructure arising from those contracts is controlled by the grantor, therefore, the management treated those
contracts as service concession arrangements.
Receivable from Service Concession Arrangement
-
The movement in the net carrying amount of receivable from service concession arrangement is as follows:
31 December
31 December 2024 2023
US$ US$
Balance at beginning of year 570,300 633,465
Repayment (84,259) (76,912)
Translation adjustments (24,681) 13,747
Balance at end of year/period 461,360 570,300
Less:
Current maturity (94,020) (86,614)
Non-current portion 367,340 483,686
AANE have used an implicit interest rate of 13%.
-
Provision For Service Concession Arrangement
-
The provision for service concession arrangement represents the present value of minimum contractual obligations
from the related service concession arrangement.
-
The movement of provision recognized in the consolidated statements of financial position is as follows:
-
31 Decem ber 31 Decem ber
2024 2024
US$ US$
Balance at beginning of year 388,648 536,865
Provis ion during the period/year 40,465 111,838
Realization during the year (125,531) (272,704)
Trans lation adjus tm ent (16,281) 12,649
Balance at end of period/year 287,301 388,648
Les s :
Current m aturity (125,205) (147,095)
Non-current portion 162,096 241,553
The discount rate used in calculating the present value of the AANE’s provision is 5.50%-6.82%.
-
44. SEGMENT INFORMATION
For management reporting purposes, the Group is segmented into 4 segments based on product line, comprising of
palm oil, sago, energy and others. These segments form the basis for operation segment reporting of the Group.
-
62
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
44. SEGMENT INFORMATION (Continued)
-
The organization of the Group is not entirely grouped by each business segment, therefore the segment information
available on the earnings and assets is directly related to the main activity. The Group has no reasonable basis for
allocating revenues, expenses and other assets to each segment. The Group’s business segments operate in
Indonesia.
Entity wide information
-
For the years ended 31 December 2024 and 2023, total revenue to external customers by geographical areas are
as follows:
2024 2023*
US$ US$
Dom es tic 234,593,378 237,001,724
Offs hore countries 2,221,082 567,251
236,814,460 237,568,975
* As restated (See Note 49) -
-
As of 31 December 2024 and 2023, the total of non-current assets other than financial instruments and deferred tax
assets amounted to US$ 481,126,692 and US$ 492,362,052, respectively, and all is located in Indonesia.
-
Below is the operating segment information:
-
a. Segment Results b
31 December 2024
Palm oil Energy Sago Others Total Elimination Consolidated
US$ US$ US$ US$ US$ US$ US$
COMPREHENSIVE INCOME
Revenue 230,949,749 419,058 1,191,539 4,263,503 236,823,849 (9,389) 236,814,460
Cost of revenue (178,618,308) (317,262) (3,784,311) (6,834,229) (189,554,110) 9,389 (189,544,721)
Gross profit (loss) 52,331,441 101,796 (2,592,772) (2,570,726) 47,269,739 - 47,269,739
Foreign exchange gain (loss), net (869,809) (91) 1,066 (15,828) (884,662) (3,225) (887,887)
Selling expense (541,903) - (16,132) (48,986) (607,021) - (607,021)
Personnel expense (5,515,905) (65,910) (61,419) (467,550) (6,110,784) - (6,110,784)
General & administrative expense (10,684,831) (47,652) (116,447) (334,278) (11,183,208) 4,165,725 (7,017,483)
Others, net 697,751 (3,770) (63,246) 974,855 1,605,590 (20,220) 1,585,370
Operating profit (loss) 35,416,744 (15,627) (2,848,950) (2,462,513) 30,089,654 4,142,280 34,231,934
Financial income (charges), net (9,352,036) 28,411 14,949 (112,858) (9,421,534) (373,624) (9,795,158)
Segment income (loss) before tax 26,064,708 12,784 (2,834,001) (2,575,371) 20,668,120 3,768,656 24,436,776
Unallocated income before tax 9,176,515 (13,256,850) (4,080,335)
Income before tax 29,844,635 (9,488,194) 20,356,441
Tax expense:
Segment (11,176,642) (6,770) (65,883) 58,000 (11,191,295) - (11,191,295)
Unallocated (6,327) - (6,327)
Total tax expense (11,197,622) - (11,197,622)
Income for the year 18,647,013 (9,488,194) 9,158,819
Income for the year attributable to:
Owners of the Company 19,136,555 (9,488,194) 9,648,361
Non-controlling interest (489,542) - (489,542)
Income for the year 18,647,013 (9,488,194) 9,158,819
Total comprehensive income (loss) for the year attributable to:
Owners of the Company 10,029,887 (9,488,194) 541,693
Non-controlling interest: (576,825) - (576,825)
Total comprehensive income (loss) 9,453,062 (9,488,194) (35,132)
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
44. SEGMENT INFORMATION (Continued)
-
a. Segment Results (Continued) b
-
31 December 2023
Palm oil Energy Sago Others Total Elimination Consolidated
US$ US$ US$ US$ US$ US$ US$
COMPREHENSIVE INCOME
Revenue 234,188,969 576,249 883,679 1,920,078 237,568,975 - 237,568,975
Cost of revenue (192,659,389) (371,444) (4,647,871) (4,744,556) (202,423,260) - (202,423,260)
Gross profit (loss) 41,529,580 204,805 (3,764,192) (2,824,478) 35,145,715 - 35,145,715
Foreign exchange gain (loss), net 157,220 (220) 740 (3,556) 154,184 (6,336) 147,848
Selling expense (631,914) - (11,010) (13,453) (656,377) - (656,377)
Personnel expense (6,082,651) (74,439) (80,009) (440,499) (6,677,598) - (6,677,598)
General & administrative expense (5,262,722) (48,798) (188,695) (328,639) (5,828,854) 2,694,246 (3,134,608)
Others, net 1,069,037 (5,472) (1,237) 1,959 1,064,287 (20,339) 1,043,948
Operating profit (loss) 30,778,550 75,876 (4,044,403) (3,608,666) 23,201,357 2,667,571 25,868,928
Financial income (charges), net (9,387,455) 37,946 14,808 (100,871) (9,435,572) 198,724 (9,236,848)
Segment income (loss) before tax 21,391,095 113,822 (4,029,595) (3,709,537) 13,765,785 2,866,295 16,632,080
Unallocated loss before tax 4,834,273 (9,369,047) (4,534,774)
Profit before tax 18,600,058 (6,502,752) 12,097,306
Tax expense:
Segment (7,773,199) 68,383 872 (2,983) (7,706,927) - (7,706,927)
Unallocated 40,856 - 40,856
Total tax expense (7,666,071) - (7,666,071)
Profit for the year 10,933,987 (6,502,752) 4,431,235
Profit for the year
attributable to:
Owners of the Company 11,658,676 (6,502,752) 5,155,924
Non-controlling interest (724,689) - (724,689)
Profit for the year 10,933,987 (6,502,752) 4,431,235
Total comprehensive income (loss)
for the year attributable to:
Owners of the Company 16,176,898 (6,502,752) 9,674,146
Non-controlling interest: (675,894) - (675,894)
Total comprehensive income (loss) 15,501,004 (6,502,752) 8,998,252
-
* As restated (See Note 49) -
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
44. SEGMENT INFORMATION (Continued)
-
b. Segment Assets and Liabilities c
31 December 2024
Palm oil Energy Sago Others Total Elimination Consolidated
US$ US$ US$ US$ US$ US$ US$
CONSOLIDATED FINANCIAL POSITION
ASSETS
Segment assets 518,912,890 1,220,914 11,469,945 11,579,005 543,182,754 280,283 543,463,037
Unallocated assets - - - - 349,495,599 (319,754,367) 29,741,232
Total consolidated assets 573,204,269
LIABILITIES
Segment liabilities 179,570,010 352,551 565,908 2,061,915 182,550,384 (1,698,159) 180,852,225
Unallocated liabilities - - - - 834,304 (375,582) 458,722
Total consolidated liabilities)) 181,310,947
Capital expenditure
Segment 23,891,125 1,323 197,377 176,673 24,266,498 - 24,266,498
Unallocated - - - - 15,330 - 15,330
Total capital expenditure 24,281,828
Depreciation and amortization
Segment 26,278,389 4,187 1,020,754 607,151 27,910,481 - 27,910,481
Unallocated - - - - 271,149 - 271,149
Total depreciation and amortization 28,181,630
31 December 2023*
Palm oil Energy Sago Others Total Elimination Consolidated
US$ US$ US$ US$ US$ US$ US$
CONSOLIDATED FINANCIAL POSITION
ASSETS
Segment assets 527,890,839 1,383,250 13,365,151 11,270,984 553,910,224 (3,448,050) 550,462,174
Unallocated assets 346,762,824 (316,549,967) 30,212,857
- - - -
580,675,031
Total consolidated assets
LIABILITIES
Segment liabilities 186,020,238 481,626 954,472 1,868,736 189,325,072 (5,595,696) 183,729,376
Unallocated liabilities 5,315,278 (298,077) 5,017,201
- - - -
188,746,577
Total consolidated liabilities))
Capital expenditure
Segment 33,325,313 9,873 468,482 177,031 33,980,699 - 33,980,699
Unallocated 18,681 - 18,681
- - - -
Total capital expenditure 33,999,380
Depreciation and amortization
Segment 25,720,542 3,661 1,034,858 601,810 27,360,871 - 27,360,871
Unallocated - - - - 294,564 - 294,564
Total depreciation and amortization 27,655,435
-
* As restated (See Note 49) -
65
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
45. MONETARY ASSETS AND LIABILITIES DENOMINATED IN CURRENCIES OTHER THAN U.S. DOLLARS
As of 31 December 2024 and 2023, the Group had monetary assets and liabilities in currencies other than U.S.
Dollars as follows:
31 Decem ber 2024 31 Decem ber 2023
Foreign currencies Equivalent to Foreign currencies Equivalent to
US$ US$
Assets
Cas h and cas h equivalents
Rupiah 128,708,899,188 7,963,674 61,472,625,776 3,987,587
Singapore Dollar 49,910 36,807 - -
Trade accounts receivable
Rupiah 14,057,352,036 869,778 8,875,268,688 575,718
Other receivable
Rupiah 7,763,675,292 480,366 12,012,918,000 779,250
Receivable from s ervice
conces s ion arrangem ent
Rupiah 7,456,500,320 461,360 8,791,744,800 570,300
Prepaym ents –
Value Added Taxes
Rupiah 400,695,285,984 24,792,432 458,535,985,976 29,744,161
Claim s for tax refund
Rupiah 41,411,553,198 2,562,279 48,624,545,976 3,154,161
Other non-current as s ets
Rupiah 460,773,108,758 28,509,659 412,727,465,304 26,772,669
Total 65,676,355 65,583,846
Liabilities
Short-term bank loans
Rupiah 229,495,971,612 14,199,726 101,000,000,000 6,551,635
Trade accounts payable
Rupiah 136,934,920,814 8,472,647 93,157,993,872 6,042,942
8,467 8,828
Taxes payable
Rupiah 9,220,841,212 570,526 22,582,173,848 1,464,853
Long-term bank loans
Rupiah 946,665,128,990 58,572,895 866,910,000,000 56,234,432
Other payable
Rupiah 70,474,885,860 4,360,530 108,941,233,824 7,066,764
Provis ion for s ervice
conces s ion arrangem ent
Rupiah 4,643,358,762 287,301 5,991,397,568 388,648
Accrued expens es
Rupiah 91,580,970,956 5,666,438 89,032,502,696 5,775,331
Leas e liabilities
Rupiah 333,082,658 20,609 5,006,993,472 324,792
Em ployee benefits
obligation
Rupiah 168,922,864,348 10,451,854 210,610,663,368 13,661,823
Total 102,611,354 97,511,219
Total liabilities , net (36,934,999) (31,927,373)
As of 31 December 2024 and 2023, the conversion rates used by the Group were as follows:
31 December 2024 31 December 2023
US$ US$
Currencies:
1 Rupiah 0.000062 0.000065
1 Euro 1.042631 1.111832
1 Singapore Dollar 0.737471 0.759730
In relation to the fluctuation of the U.S. Dollar exchange rate against foreign currencies, the Group recorded the
foreign exchange (loss) gain, net of (US$ 917,783) and US$ 175,665, respectively for the years ended 31 December
2024 and 2023.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
46. FINANCIAL RISK AND CAPITAL RISK MANAGEMENT
a. Capital Risk Management b
The Group manages capital risk to ensure that they will be able to continue as a going concern, in addition to
maximizing shareholders profit through the optimization of the balance of debt and equity.
Management periodically reviews the Group’s capital structure. As part of this review, the Board of Directors
considers the cost of capital and related risk.
The Group's capital structure consists of ssequity attributable to the owners of the Company (consisting of capital
stock, additional paid in capital, difference in value due to changes in equity of subsidiaries, management stock
option, other comprehensive income, and retained earnings) and debt. The Group is not required to meet certain
capital requirements.
The debt to equity ratio as of 31 December 2024 and 2023 were as follows:
31 December 2024 31 December 2023*
US$ US$
Debts
Short term bank loans 14,199,726 23,251,634
Long-term bank loan – current maturities 11,661,708 5,806,250
Long-term bank loans-net of current maturities 119,626,860 121,884,725
Lease liabilities – current maturities 18,174 304,924
Lease liabilities-net of current maturities 2,435 19,868
Total debt 145,508,903 151,267,401
Equity attributable to the owners of the Company 391,040,714 390,499,021
Debt to equity ratio 37.21% 38.74%
* As restated (see Note 49)
Financial Financial assets/
assets/ liabilities at fair
liabilities at Investment in equity value through profit
amortized cost securities or loss (FVTPL)
US$ US$ US$
31 December 2024
Current financial assets
Cash in banks and cash equivalents 9,003,004 - -
Investment in available-for-sale financial assets - 4,264,273 -
Investment in marketable securities - - 490,209
Receivable from service concession arrangement 94,020 - -
Trade accounts receivable 869,778 - -
Other receivable 480,366 - -
Non-current financial assets
Receivable from service concession arrangement 367,340 - -
Investments in equity securities - 608 -
Other assets 27,701,665 - -
Current financial liabilities
Short-term bank loans (14,199,726) - -
Trade accounts payable (8,511,030) - -
Derivative payables - - (163,576)
Other payables (4,360,530) - -
Accrued expenses (5,666,532) - -
Long term bank loan - current maturities (11,661,708) - -
Lease liabilities - current maturities (18,174) - -
Provision for service consession arrangement - current maturities (125,205) - -
Non-current financial liabilities
Long-term bank loans - net of current maturities (119,701,132) - -
Lease liabilities - net of current maturities (2,435) - -
Provision for service concession arrangement - net of current maturities (162,096) - -
Total (125,892,395) 4,264,881 326,633
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
46. FINANCIAL RISK AND CAPITAL RISK MANAGEMENT (Continued)
a. Capital Risk Management (Continued) b
Financial Financial assets/
assets/ liabilities at fair
liabilities at Investment in equity value through profit
amortized cost securities or loss (FVTPL)
US$ US$ US$
31 December 2023
Current financial assets
Cash in banks and cash equivalents 5,682,846 - -
Investment in marketable securities - - 490,209
Receivable from service concession arrangement 86,614 - -
Trade accounts receivable 590,958 - -
Other receivable 779,250 - -
Non-current financial assets
Receivable from service concession arrangement 483,686 - -
Investments in equity securities - 4,188,051 -
Other assets 26,800,069 - -
Current financial liabilities
Short-term bank loans (23,251,634) - -
Trade accounts payable (6,141,049) - -
Other payables (7,066,764) - -
Accrued expenses (5,776,300) - -
Long term bank loan - current maturities (5,806,250) - -
Lease liabilities - current maturities (304,924) - -
Provision for service consession arrangement - current maturities (147,095) - -
Non-current financial liabilities
Long-term bank loans - net of current maturities (122,111,877) - -
Lease liabilities - net of current maturities (19,868) - -
Provision for service concession arrangement - net of current maturities (241,553) - -
Total (136,443,891) 4,188,051 490,209
b. Financial Risk Management Objectives and Policies c.
The Group’s financial risk management objective and policy are implemented to ensure that adequate financial
resources are available for operation and development of its business, while managing its exposure to foreign
currency risk, foreign currency sensitivity, interest rate risk, price risk, credit risk and liquidity risk. The Group
operates within defined guidelines that are approved by the Board of Directors.
The Group divides risks into the following categories: market risk, credit risk and liquidity risk. Market risks
include foreign exchange rate risk, interest rate risk and price risk. In managing risk, the Group considers
priorities based on the probability of the risk will materialize and the scale of potential impacts if the risk occurs.
i. Foreign Currency Risk j
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument fluctuates
following changes in foreign exchange currency rates.
The Group has monetary assets and liabilities denominated in currencies other than U.S. Dollar (mostly
Rupiah) as disclosed in Note 45. In the event of sharp fluctuations, the operating performance may be
affected. However, management mitigates this risk exposure by monitoring the foreign currency rate
fluctuation and maintaining the balance between present and future assets and liabilities in foreign currency.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
46. FINANCIAL RISK AND CAPITAL RISK MANAGEMENT (Continued)
b. Financial Risk Management Objectives and Policies (Continued) c
i. Foreign Currency Risk (Continued) j
Foreign currency sensitivity
The following table details the Group’s sensitivity to 5% dan 3% increase and decrease in U.S. Dollar rate
against Rupiah in 31 December 2024 and 2023, respectively. The increase and decrease represent
management’s assessment of reasonable possible change in foreign exchange rates after considering the
current economic conditions. The sensitivity analysis includes only the outstanding foreign currency
denominated monetary assets and liabilities and shows their translation effects at period end for every 5%
and 3% change in the foreign currency rates of Rupiah at 31 December 2024 and 2023
31 December 2024
Impact f rom Rupiah
5% -5%
US$ US$
As s e ts
Cash and cash equivalents (398,184) 398,184
Trade accounts receivable (43,489) 43,489
Other receivable (24,018) 24,018
Receivable f rom service concession arrangement (23,068) 23,068
Prepayments – Value Added Taxes (1,239,622) 1,239,622
Claim f or tax ref und (128,114) 128,114
Other non-current assets (1,425,483) 1,425,483
Total *) (3,281,978) 3,281,978
Liabilitie s
Short term bank loan 709,986 (709,986)
Trade accounts payable 423,632 (423,632)
Taxes payable 28,526 (28,526)
Long-term bank loans 2,928,645 (2,928,645)
Other payable 218,026 (218,026)
Provision f or service arrangement 14,365 (14,365)
Accrued expenses 283,322 (283,322)
Lease liabilities 1,030 (1,030)
Post employee benef its obligation 522,593 (522,593)
Total *) 5,130,125 (5,130,125)
Total assets (liabilities) net 1,848,147 (1,848,147)
31 December 2023
Impact f rom Rupiah
3% -3%
US$ US$
As s e ts
Cash and cash equivalents (119,628) 119,628
Trade accounts receivable (17,272) 17,272
Other receivable (23,378) 23,378
Receivable f rom service concession arrangement (17,109) 17,109
Prepayments – V alue A dded Taxes (892,325) 892,325
Claim f or tax ref und (94,625) 94,625
Other non-current assets (803,180) 803,180
Total *) (1,967,517) 1,967,517
Liabilitie s
Short term bank loan 196,549 (196,549)
Trade accounts payable 181,288 (181,288)
Taxes payable 43,946 (43,946)
Long-term bank loans 1,687,033 (1,687,033)
Other payable 212,003 (212,003)
Provision f or service arrangement 11,659 (11,659)
A ccrued expenses 173,260 (173,260)
Lease liabilities 9,744 (9,744)
Post employee benef its obligation 409,855 (409,855)
Total *) 2,925,337 (2,925,337)
Total assets (liabilities) net 957,820 (957,820)
*) included the translation effect of assets and liabilities as of 31 December 2024 amounted to Rp 524.6
billion and Rp 1.3 trillion (31 December 2023: Rp 559.2 billion and Rp 1.1 trillion), respectively, from
subsidiaries with Rupiah reporting currency.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
46. FINANCIAL RISK AND CAPITAL RISK MANAGEMENT (Continued)
b. Financial Risk Management Objectives and Policies (Continued) c
i. Foreign Currency Risk (Continued) j
Other than its impact to monetary assets and liabilities value of each entity within the Group, an increase
or decrease of Rupiah to U.S. Dollar currency will also affect the Group’s equity as a whole. The impact
comes from the difference in net equity translation adjustments of subsidiaries with Rupiah reporting
currency when they are consolidated into the Group’s consolidated financial statements in U.S. Dollar. This
impact is recorded as ‟Difference in translation of subsidiaries financial statements in foreign currencies”
(part of other reserves).
The following table shows impact to other comprehensive income from the translation adjustments, if the
U.S. Dollar increases or decreases by 5% (2023: 3%) against Rupiah, respectively for the year ended 31
December 2024 and 2023:
31 December 2024 31 December 2023
5% 5% 3% -3%
US$ US$ US$ US$
Translation adjustments 7,987,190 (7,987,190) 5,637,146 (5,637,146)
ii. Interest Rate Risk ii.
The Group is exposed to the interest rate risk since it has cash and cash equivalents and certain financial
assets and financial liabilities with both fixed and floating interest rates.
Interest rate profile iii.
The Group financial instruments that are exposed to fair value interest rate risk (i.e. fixed rate instruments)
and cash flow interest rate risk (i.e. floating rate instruments), are as follows:
Carrying amount
31 December 2024 31 December 2023
US$ US$
Financial assets:
Floating rate
Cash in banks 8,817,383 5,139,324
Time deposits 185,621 543,521
Investments in marketable securities 490,209 490,209
Total 9,493,213 6,173,054
Fixed rate
Receivable from service concession arrangement 461,360 570,300
Financial liabilities:
Floating rate
Short-term bank loans 14,199,726 23,251,634
Long-term bank loans 131,362,840 127,918,127
Total 145,562,566 151,169,761
Fixed rate
Lease liabilities 20,609 324,791
Provision for service concession arrangement 287,301 388,649
Total 307,910 713,440
The Group accounts for the fixed interest rate bearing financial instruments using amortized cost method.
Therefore, changes in interest rate do not have any impact to profit or loss and equity of the Group.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
46. FINANCIAL RISK AND CAPITAL RISK MANAGEMENT (Continued)
b. Financial Risk Management Objectives and Policies (Continued) c
iv.
ii. Interest Rate Risk (Continued) v.
Sensitivity analysis for floating rate financial instruments
The following cash flows sensitivity analysis has been determined based on the exposure to interest rates
for the Group’s financial instruments outstanding at the reporting date. This analysis is prepared assuming
the amount of financial instruments outstanding at the end of reporting period represents the balance
throughout the year, taking into account the movement of the actual principal amount throughout the year.
This sensitivity analysis utilizes the assumption of an increase and decrease of 25 basis points on the
relevant interest rates with other variables held constant. The 25 basis points increase and decrease
represents the management’s assessment on rational interest rate changes after considering the current
economic conditions.
31 December 2024
+ 25 basis points - 25 basis points
Financial assets US$ US$
Cash in bank 22,043) (22,043)
Time deposits 464) (464)
Investments in marketable securities 1,226) (1,226)
)
Financial liabilities
Short-term bank loans (35,499) 35,499)
Long-term bank loans (328,407) 328,407)
Total (340,173) 340,173)
31 December 2023
+ 25 basis points - 25 basis points
US$ US$
Financial assets 12,848 (12,848)
Cash in bank 1,359 (1,359)
Time deposits 1,226 (1,226)
Investments in marketable securities
Financial liabilities
Short-term bank loans (58,129) 58,129
Long-term bank loans (319,795) 319,795
Total (362,491) 362,491
iii. Price Risk iv.
The Group is exposed to price risks arising from investments in marketable securities which are classified
as financial assets at FVTPL. Investments in marketable securities is held for trading purposes. To manage
price risk arising from investments in marketable securities, the Group diversifies its portfolio. Diversification
of the portfolio is performed within the limits set by the Board of Directors.
The Group’s investments in marketable securities (consisting of money market funds) is described in Note
6.
The Group faces commodity price risk because crude palm oil (“CPO”), palm kernel oil (“PKO”) and palm
kernel (“PK”) are commodity products traded in the global markets. CPO, PKO and PK prices are generally
determined based on an international index as benchmark, which tend to be highly cyclical and subject to
significant fluctuations. As a global commodity product, CPO, PKO and PK prices are principally dependent
on the supply and demand dynamics of those products in the global export market. The Group has not
entered into any CPO, PKO and PK pricing agreements to hedge its exposure to fluctuations in the prices
but it may do so in the future. However, in order to minimize the risk, CPO, PKO and PK prices are
negotiated with the customers to obtain favorable prices. ANJA and SMM entered into certain derivatives
transactions for the purpose of economic hedge against commodity price risk.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
46. FINANCIAL RISK AND CAPITAL RISK MANAGEMENT (Continued)
b. Financial Risk Management Objectives and Policies (Continued) c
iv. Credit Risk
Credit risk refers to the risk of a counterparty defaulting on its contractual obligation, resulting in a loss to
the Group.
The Group’s credit risk is primarily attributed to its cash and cash equivalents, trade receivables and plasma
receivables. The Group places its cash and cash equivalents with credit worthy financial institutions.
Management believes on its ability to control and maintain minimal exposure on credit risk considering the
Group monitor the receivable collection in accordance with the credit terms in the sales agreements.
As for plasma receivables, the Group minimizes the credit risk by entering into legal agreement for sale of
fresh fruit bunches by plasma plantations to the Group (Notes 42d, 42f).
Trade accounts receivable aging profile is disclosed in Note 7.
The carrying amount of financial assets recorded in the consolidated financial statements, net of any
allowance for losses represents the Group’s exposure to credit risk.
v. Liquidity Risk
The Group manages liquidity risk by maintaining adequate reserves by continuously monitoring forecast
and actual cash flows and matching the maturity profiles of its financial assets and liabilities.
The following tables detail the Group’s contractual details of financial assets and liabilities based on the
remaining maturity profile as of 31 December 2024 and 2023. The tables represent the undiscounted cash
flows and carrying amount of financial assets and liabilities based on the earliest required payment date:
31 December 2024
Contractual Cash Flows
Less than Beyond Carrying
1 year 1-5 Years 5 years Total Amount
US$ US$ US$ US$ US$
Financial assets:
Cash in banks and cash equivalents 9,003,004 - - 9,003,004 9,003,004
Investments in marketable securities 490,209 - - 490,209 490,209
Receivable from service concession arrangement 148,526 445,577 - 594,103 461,360
Trade accounts receivable 869,778 - - 869,778 869,778
Other receivable 480,366 - - 480,366 480,366
Other non-current assets - 27,701,665 - 27,701,665 27,701,665
Total financial assets 10,991,883 28,147,242 - 39,139,125 39,006,382
Financial liabilities:
Short-term bank loans
Rupiah 14,594,304 - - 14,594,304 14,199,726
Trade accounts payable 8,511,030 - - 8,511,030 8,511,030
Derivative payables 163,576 - - 163,576 163,576
Provision for service concession arrangement 128,272 168,366 - 296,638 287,301
Long-term bank loans
Rupiah 4,973,423 67,128,981 - 72,102,404 58,572,895
U.S. Dollar 15,515,774 67,293,749 - 82,809,523 72,789,945
Other payable 4,360,530 - - 4,360,530 4,360,530
Lease liabilities 19,051 2,469 - 21,520 20,609
Accruals 5,666,532 - - 5,666,532 5,666,532
Total financial liabilities 53,932,492 134,593,565 - 188,526,057 164,572,144
Total net liabilities (42,940,609) (106,446,323) - (149,386,932) (125,565,762)
72
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
46. FINANCIAL RISK AND CAPITAL RISK MANAGEMENT (Continued)
b. Financial Risk Management Objectives and Policies (Continued) c
v. Liquidity Risk (Continued)
31 December 2023
Contractual Cash Flows
Less than Beyond Carrying
1 year 1-5 Years 5 years Total Amount
US$ US$ US$ US$ US$
Financial assets:
Cash in banks and cash equivalents 5,682,846 - - 5,682,846 5,852,646
Investments in marketable securities 490,209 - - 490,209 490,209
Receivable from service concession arrangement 155,713 622,852 - 778,565 570,300
Trade accounts receivable 590,958 - - 590,958 590,958
Other receivable 779,250 - - 779,250 779,250
Other non-current assets - 26,800,069 - 26,800,069 26,800,069
Total financial assets 7,698,976 27,422,921 - 35,121,897 35,083,432
Financial liabilities:
Short-term bank loans
Rupiah 6,659,983 - - 6,659,983 6,551,635
U.S. Dollar 16,924,181 - - 16,924,181 16,700,000
Trade accounts payable 6,141,049 - - 6,141,049 6,141,049
Provision for service concession arrangement 148,658 250,444 - 399,102 388,648
Long-term bank loans
Rupiah 4,516,903 57,356,156 - 61,873,059 56,234,432
U.S. Dollar 10,588,377 69,133,057 - 79,721,434 71,683,695
Other payable 7,066,764 - - 7,066,764 7,066,764
Lease liabilities 325,813 20,822 - 346,635 324,792
Accruals 5,776,300 - - 5,776,300 5,776,300
Total financial liabilities 58,148,028 126,760,479 - 184,908,507 170,867,315
Total net liabilities (50,449,052) (99,337,558) - (149,786,610) (135,783,883)
47. FAIR VALUE MEASUREMENT
Fair value of financial instruments carried at amortized cost
Management considers that the carrying amounts of financial assets and financial liabilities recorded at amortized
cost approximate their fair values due to their short-term maturities, the insignificant impact of discounting or they
carry market interest rate.
Valuation techniques and assumptions applied for the purposes of measuring fair value
The fair values of financial assets and financial liabilities are determined as follows:
- The fair values of financial assets and financial liabilities with standard terms and conditions and traded on active
liquid markets are determined with reference to quoted market prices.
- The fair values of derivative instruments are calculated using quoted prices. Where such prices are not available, -
a discounted cash flow analysis is performed using the applicable yield curve for the duration of the instruments
for non-optional derivatives, and option pricing models for optional derivatives. Foreign currency forward
contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest
rates matching maturities of the contracts. Interest rate swaps are measured at the present value of future cash
flows estimated and discounted based on the applicable yield curves derived from quoted interest rates.
-
- The fair values of other financial assets and financial liabilities (excluding those described above) are determined -
in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from
observable current market transactions and dealer quotes for similar instruments.
-
73
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
47. FAIR VALUE MEASUREMENT (Continued)
Fair value measurement hierarchy of the Group’s assets and liabilities
The following tables summarize the carrying amounts and fair values of the assets and liabilities, analyzed among
those whose fair value is based on:
- Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical -
assets or liabilities;
- Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 -
that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
The fair value measurements are based on market and net asset value adjusted with price of sales and purchase
agreement, net present value and discounted cash flow models, comparison with similar instruments for which
market observable price exist, or other valuation models.
- Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset -
or liability that are not based on observable market data (unobservable inputs). The fair value measurements
are based on net present value and discounted cash flow models that include information of projection for which
that are no market observable exist such as CPO production, estimated capital expenditures and interest rates
used for discount rate estimation.
31 Decem ber 2024 Level 1 Level 2 Level 3 Total
US$ US$ US$ US$
Financial assets
Financial assets at FVTPL
Inves tm ents in trading s ecurities
Inves tm ents in m oney m arket fund 490,209 - - 490,209
Investments in equity securities
Other Inves tm ent 4,264,881 - - 4,264,881
Non-financial assets
Biological as s ets - - 7,705,509 7,705,509
Total 4,755,090 - 7,705,509 12,460,599
Financial liability
Financial liability at FVTPL
Derivative liability - 163,576 - 163,576
Total - 163,576 - 163,576
31 Decem ber 2023 Level 1 Level 2 Level 3 Total
US$ US$ US$ US$
Financial assets
Financial assets at FVTPL
Inves tm ents in trading s ecurities
Inves tm ents in m oney m arket fund 490,209 - - 490,209
Investments in equity securities
Other Inves tm ent 872 - 4,187,179 4,188,051
Non-financial assets
Biological as s ets - - 3,414,702 3,414,702
Total 491,081 - 7,601,881 8,092,962
To determine the fair value of financial assets of investments in equity securities at Level 2, management used a
Discounted Cash Flows valuation technique in which certain significant inputs were based on non-observable market
data, such as production volume, production cost and interest rate used for discount rate estimation. There were no
transfers between Level 1 and 2 during the year and no transfers in either direction in 2024 and 2023.
74
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
48. NON-CASH FINANCING AND INVESTING ACTIVITIES
31 December 2024 31 December 2023
US$ US$
Non-cash financing and investing activities:
Addition of plasma receivable through reclassification from bearer plants - 10,500,175
Addition of palm plantation through reclassification from property, plant and equipment 688,007 -
Acquisitions of property, plant and equipment through:
Other payable 2,196,718 1,251,798
Reclassification from other advance 845,620 -
Addition of right of use asset through lease liabilities - 54,599
The following summarizes the components of change in the liabilities arising from financing activities during the year:
31 Decem ber 31 Decem ber
2024 2023
US$ US$
Begining balance of s hort-term and long-
term bank loans (Note 21) 150,942,609 134,242,335
Cas h flows :
Proceeds from s hort-term bank loans 80,230,106 64,883,886
Proceeds from long-term bank loans 15,103,749 1,435,810
Paym ents of s hort-term bank loans (88,730,103) (46,209,160)
Paym ents of long-term bank loans (8,931,709) (4,600,000)
Non-cas h changes :
Am ortization of financing cos t 150,828 146,593
Foreign exchange differences (3,277,186) 1,043,145
Ending balance of s hort-term and long-term bank loans (Note 21) 145,488,294 150,942,609
49. RESTATEMENT
As of 1 January 2024, the Group changes the presentation of shell sales and sales of RSPO certificates from other
income to revenue.
The Group also made a restatement on the bearer plant and property, plant and equipment due to error in applying
the equity method accounting and the requirement that amortization of the fair value adjustments should consider
the remaining economic life of the bearer plant and property, plant and equipment acquired in business combination
achieved in stages (step acquisition).
As a consequence, the bearer plants and property, plant and equipment and retained earnings were overstated.
The errors have been corrected by restating each of the affected consolidated financial statements line items in the
comparative financial information presented in these consolidated financial statements, as follows:
31December 2023
As previously reported Adjustment As restated
C ON SOLID A T ED ST A T EM EN T S OF US$ US$ US$
F IN A N C IA L P OSIT ION
ASSETS
NON-CURRENT ASSETS
Bearer plants 280,531,904 (31,368,975) 249,162,929
Property, plant and equipment 215,461,233 (2,028,254) 213,432,979
EQUITY
Retained earnings
Unappropriated 337,345,271 (33,397,229) 303,948,042
75
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2024 AND 2023
49. RESTATEMENT (Continued)
31 December 2023
As previously reported Adjusment As restated
US$ US$ US$
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
Revenue 236,511,703 1,057,272 237,568,975
Revenue from sales 235,935,454 1,057,272 236,992,726
Other income, net 2,367,298 (1,057,272) 1,310,026
Cost of revenue
Cost of sales 204,952,841 (2,529,581) 202,423,260
31December 2023
As previously reported Adjustment As restated
US$ US$ US$
C ON SOLID A T ED ST A T EM EN T S OF C A SH F LOWS
C A SH F LOWS F R OM OP ER A T IN G A C T IVIT IES
Cash received from customers 231,047,380 1,057,272 232,104,652
Payments for other operating activities (21,780,895) (1,057,272) (22,838,167)
The consolidated statement of financial position as of 1 January 2023 (which was derived from the consolidated
statement of financial position as of 31 December 2022) also reflects restated balances.
1 January 2023
As previously reported Adjustment As restated
CONSOLIDATED STATEMENTS OF US$ US$ US$
FINANCIAL POSITION
ASSETS
NON-CURRENT ASSETS
Bearer plants 291,397,955 (33,898,556) 257,499,399
Property, plant and equipment 206,017,356 (2,028,254) 203,989,102
EQUITY
Retained earnings
Unappropriated 340,591,048 (35,926,810) 304,664,238
50. SUPPLEMENTARY INFORMATION
The supplementary information on Appendices 1 to 9 presented the statements of financial position, profit or loss
and other comprehensive income, changes in equity, cash flows and other explanatory information of the parent
entity only. The parent entity only financial statements, which exclude the balances of the Company’s subsidiaries,
have been prepared using the accounting policies that are consistent with those applied to the Group’s consolidated
financial statements, except for investments in subsidiaries, which have been presented at cost.
76
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PT AUSTINDO NUSANTARA JAYA Tbk
SUPPLEMENTARY INFORMATION
STATEMENTS OF FINANCIAL POSITION
PARENT ENTITY ONLY
31 DECEMBER 2024 AND 2023
31 December
Notes 2024 2023
US$ US$
ASSETS
CURRENT ASSETS
Cash and cash equivalents 488,112) 635,736)
Investments in marketable securities 490,209) 490,209)
Investments in equity securities-short term 4,264,273) -
Other receivables 1,288,145)) 1,243,658)
Prepayments and advances 59,661) 67,655)
Loan to related party 247,494) -)
TOTAL CURRENT ASSETS 6,837,894) 2,437,258)
NON-CURRENT ASSETS
Investments in subsidiaries 312,630,274) 312,572,994)
Investments in equity securities 608) 4,188,051)
Advances 7,625,539) 4,762,590)
Deferred tax assets 2 84,698) 107,760)
Property and equipment 22,038,191) 22,218,425)
Right-of-use assets 36,660) 194,305)
Overpayment of corporate income tax 105,795) 133,641)
Other non-current assets 135,940) 147,800)
TOTAL NON-CURRENT ASSETS 342,657,705) 344,325,566)
) )
TOTAL ASSETS 349,495,599) 346,762,824)
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Taxes payable 1 178,660) 396,434)
Other payables 435,415) 412,216)
Due from related parties -) 4,011,935)
Accruals 220,229) 292,001)
Lease liabilities-current maturities -) 202,689)
TOTAL CURRENT LIABILITIES 834,304 5,315,275)
TOTAL LIABILITIES 834,304 5,315,275)
EQUITY
Capital stock – Rp 100 par value per share
Authorized – 12,000,000,000 shares
Issued and paid-up – 3,354,175,000 shares as of 31 December 2024 and 2023 46,735,308) 46,735,308)
Additional paid in capital 39,731,197) 39,731,197)
Other reserves 3,935,976) 3,876,048)
Retained earnings
Appropriated 6,824,453) 6,824,453)
Unappropriated 251,434,361) 244,280,543)
TOTAL EQUITY 348,661,295) 341,447,549)
TOTAL LIABILITIES AND EQUITY 349,495,599) 346,762,824
Appendix 1
Page 294
PT AUSTINDO NUSANTARA JAYA Tbk
SUPPLEMENTARY INFORMATION
STATEMENTS OF FINANCIAL POSITION
PARENT ENTITY ONLY
31 DECEMBER 2024 AND 2023
Year ended 31 December
Notes 2024 2023
US$ US$
Dividend income 11,669,996) 7,001,056)
Revenue from management services 3 2,424,459) 2,667,572)
Interest income 24,742) 46,288)
Foreign exchange gain -) 27,817)
Other income -) 266,073)
TOTAL REVENUE 14,119,197) 10,008,806)
Personnel expenses (3,356,276) (3,777,558)
General and administrative expenses (1,075,229) (1,235,410)
Finance costs (392,348) (161,565)
Foreign exchange loss (29,896) -)
Other expense (88,933) -)
TOTAL EXPENSES (4,942,682) (5,174,533)
PROFIT BEFORE TAX 9,176,515) 4,834,273)
Income tax (expense) benefit 2 (6,326) 40,856)
PROFIT FOR THE YEAR 9,170,189) 4,875,129)
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to profit or loss:
Changes resulting from actuarial remeasurements of employee benefits
obligation (2,016,371) 233,364)
Changes in fair value of investments in equity securities 76,832) 25,494)
Gain on sale of investment in equity securities -)) -)
Income tax on items that will not be reclassified to profit or loss 2 (16,904) (56,949)
Other comprehensive income, net of tax (1,956,443) 201,909)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 7,213,746) 5,077,038)
Appendix 2
Page 295
PT AUSTINDO NUSANTARA JAYA Tbk
SUPPLEMENTARY INFORMATION
STATEMENTS OF FINANCIAL POSITION
PARENT ENTITY ONLY
31 DECEMBER 2024 AND 2023
Other reserves
Unrealized
gain (loss) on
Additional Investments in
Capital paid Treasury equity Translation Retained earnings
stock in capital stock securities adjustments Appropriated Unappropriated Total equity
US$ US$ US$ US$ US$ US$ US$ US$
Balance as of 31 December 2022 46,735,308 40,719,68) (1,973,591) 2,719,821) 1,136,342 6,824,453 245,462,672 341,624,691)
Sales of treasury stock -) (988,489) 1,973,591) -) - -) -. 985,102.
Profit for the year -) -) -) -) -) -) 4,875,129. 4,875,129.
Other comprehensive income:
Changes in fair value of investments in equity securities -) -) -) 25,494. -) -) -) 25,494.
Changes resulting from actuarial remeasurements of employee
benefits obligation -) -) -) -) -) -) 233,364. 233,364.
Income tax on items that will not be reclassified to profit or loss -) -) -) (5,609) -) -) (51,340) (56,949)
Cash dividend -) -) -) -) -) -) (6,239,282) (6,239,282)
Balance as of 31 December 2023 46,735,308 39,731,197. -.) 2,739,706) 1,136,342 6,824,453 244,280,543) 341,447,549)
Profit for the year -)) -) -) -) - -) 9,170,189. 9,170,189.
Other comprehensive income:
Changes in fair value of investments in equity securities -) -) -) 76,832) - -) -. 76,832)
Changes resulting from actuarial remeasurements of employee
benefits obligation -) -) -) -) - -) (2,016,371). (2,016,371)
Income tax on items that will not be reclassified to profit or loss -) -) -) (16,904) - -) - (16,904)
Balance as of 31 December 2024 46,735,308 39,731,197. -. 2,799,634. 1,136,342 6,824,453 251,434,361) 348,661,295)
Appendix 3
Page 296
PT AUSTINDO NUSANTARA JAYA Tbk
SUPPLEMENTARY INFORMATION
STATEMENTS OF FINANCIAL POSITION
PARENT ENTITY ONLY
31 DECEMBER 2024 AND 2023
Year ended 31 December
2024 2023
US$ US$
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from rendering of services 2,379,972) 2,668,671)
Payments to employees (3,633,581) (3,366,080)
Cash received from income tax refund 75,296) 163,080)
Income taxes paid (51,672) (56,649)
Payment of contribution to pension plan (2,016,371) -)
Interest received 24,742) 46,288)
Payments for operating activities (790,706) (854,357)
Net cash used in operating activities (4,012,320) (1,399,047)
CASH FLOWS FROM INVESTING ACTIVITIES)))
Cash dividends received 711,669,996) 77,001,056)
Acquisition of property and equipment (15,330) (16,244)
Proceeds for loan to related parties (247,494) -)
Proceeds from sale of property and equipment 261) 384)
Acquisitions investments in subsidiaries (2,935,765) (2,989,278)
Acquisition of other non-current assets -) (2,437)
Net cash provided by investing activities 8,471,668) 3,993,481)
CASH FLOWS FROM FINANCING ACTIVITIES
Sale of treasury shares -) 985,102)
Receipt of loan from a subsidiary 4,375,000) 2,811,936)
Payment of loan from a subsidiary (8,386,935) -)
Payments of interest (392,348) (160,617)
Payments of dividends -) (6,239,282)
Lease liabilities payment (202,689) (177,087)
Net cash used in financing activities))) (4,606,972) (2,779,948)
DECREASE IN CASH AND CASH EQUIVALENTS (147,624) (185,514)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 635,736) 821,250)
CASH AND CASH EQUIVALENTS AT END OF YEAR 488,112) 635,736)
Appendix 4
Page 297
PT AUSTINDO NUSANTARA JAYA Tbk
SUPPLEMENTARY INFORMATION
NOTES TO THE FINANCIAL STATEMENTS
PARENT ENTITY ONLY
31 DECEMBER 2024 AND 2023
1. TAXES PAYABLES
31 December 31 December
2024 2023
US$ US$
Income tax:
Article 4 (2) 8,397 8,770
Article 21 151,649 383,462
Article 23/26 8,504 4,202
Value Added Taxes 10,110 -
Total 178,660 396,434
2. INCOME TAX
Income tax expense of the Company consists of the followings:
2024 2023
US$ US$
Recognized in profit and loss:
Adjustment to prior year’s tax expense))) 168 -)
Deferred tax 6,158 (40,856)
Recognized in other comprehensive income☺)
Deferred tax 16,904 56,949)
Income tax expense of the Company 23,230 16,093)
Current tax
The reconciliation between profit before tax of the Company per statements of profit or loss and other
comprehensive income and taxable loss of the Company is as follows
2024 2023
US$ US$
Profit before tax of the Company 9,176,515) 4,834,273)
Temporary differences:
Bonus (41,952) (91,822)
Employee benefits -) 233,364)
Depreciation and amortization 59,007) 65,810)
Rental (45,045) (21,644)
Subtotal (27,990) 185,708)
Non-tax-deductible expenses (non-taxable income/subject to
final tax):
Dividend income (11,644,284) (6,976,754)
Employee benefits obligation (1,997,020) -)
Interest income (3,066) (6,195)
Personnel expenses 186,650) 345,625)
Loss on sales/ disposal of property, plant and equipment 89,051) -)
Others 36,366) 61,887)
Subtotal (13,332,303) (6,575,437)
Total taxable loss of the Company (4,183,778) (1,555,456)
Appendix 5
Page 298
PT AUSTINDO NUSANTARA JAYA Tbk
SUPPLEMENTARY INFORMATION
NOTES TO THE FINANCIAL STATEMENTS
PARENT ENTITY ONLY (Continued)
31 DECEMBER 2024 AND 2023
2. INCOME TAX (Continued)
Current corporate income tax expense and tax overpayment of the Company are computed as follows:
2024 2023
US$ US$
Current tax expense – the Company -) -
Less: prepaid taxes:
Article 23 – the Company (49,273) (56,649)
Corporate income taxes overpayment (49,273) (56,649)
Deferred Tax
As of 31 December 2024 and 2023, the Company has temporary differences from employee benefits, fixed assets,
security deposit, investments in equity, bonus and right-of-use asset. Realization of the Company’s deferred tax
assets is dependent upon their profitable operations. Management believes that these deferred tax assets below
are probable of being realized through offset against taxes due on future taxable income.
The details of deferred tax assets of the Company are as follows:
Credited to other
1 January Credited (charged) to comprehensive 31 December
2024 profit or loss income 2024
US$ US$ US$ US$
Security deposits 27,280. -. -. 27,280.
Investments in equity securities (45,916) -) (16,904). (62,820)
Fixed assets 78,327) 12,982. -. 91,309)
Bonus 46,225) (9,230) -. 36,995)
Lease liabilities 44,592) (44,592) -) -)
Right-of-use assets (42,748) 34,682) -. (8,066)
Total 107,760. (6,158) (16,904) 84,698.
Credited to other 31
1 January Credited (charged) to comprehensive December
2023 profit or loss income 2023
US$ US$ US$ US$
Employee benefits obligation -) 51,340. (51,340) -..
Security deposits 27,280) -. -. 27,280.
Investments in equity securities (40,307) (5,609). (45,916)
Fixed assets 63,848) 14,479. -. 78,327)
Bonus 66,426) (20,201) -. 46,225)
Lease liabilities 83,551) (38,959) -) 44,592)
Right-of-use assets (76,945) 34,197) -. (42,748)
Total 123,853) 40,856) (56,949) 107,760.
Appendix 6
Page 299
PT AUSTINDO NUSANTARA JAYA Tbk
SUPPLEMENTARY INFORMATION
NOTES TO THE FINANCIAL STATEMENTS
PARENT ENTITY ONLY (Continued)
YEARS ENDED 31 DECEMBER 2024 AND 2023
2. INCOME TAX (Continued)
A reconciliation between income tax expense of the Company and the amount computed by applying the
prevailing tax rates to profit before tax of the Company is as follows:
2024 2023
US$ US$
Profit before tax of the Company 9,176,515. 4,834,272.
Tax expense at prevailing tax Rates (2,018,833) (1,063,540)
Effect of non-tax deductible
expenses (non-taxable income/subject to final tax):
Dividend income 2,561,742. 1,534,886.
Employee benefit obligation 439,344) -
Interest income 675. 1,363.
Personnel expenses (41,063) (76,038)
Gain on sale of property, plant and equipment (19,591) -)
Others (8,001) (13,615)
Total 2,933,106. 1,446,596.
Adjustment due to prior year tax (168) -)
Current year’s unrecognized tax losses
(920,431) (342,200)
Income tax (expense) benefit of the Company
(6,326) 40,856
3. NATURE OF RELATIONSHIP AND TRANSACTION WITH RELATED PARTIES
Nature of relationship
During 2024 and 2023, the following related parties, in which the Company is a shareholder (directly or indirectly),
has transactions with the Company:
− PT Austindo Nusantara Jaya Agri (ANJA)
− PT Gading Mas Indonesia Teguh (GMIT)
− PT Sahabat Mewah dan Makmur (SMM)
− PT Austindo Nusantara Jaya Agri Siais (ANJAS)
− PT Kayung Agro Lestari (KAL)
− PT Galempa Sejahtera Bersama (GSB)
− PT ANJ Agri Papua (ANJAP)
− PT Permata Putera Mandiri (PPM)
− PT Putera Manunggal Perkasa (PMP)
− PT Austindo Nusantara Jaya Boga (ANJB)
− PT Austindo Aufwind New Energy (AANE)
Appendix 7
Page 300
PT AUSTINDO NUSANTARA JAYA Tbk
SUPPLEMENTARY INFORMATION
NOTES TO THE FINANCIAL STATEMENTS
PARENT ENTITY ONLY (Continued)
YEARS ENDED 31 DECEMBER 2024 AND 2023
3. NATURE OF RELATIONSHIP AND TRANSACTION WITH RELATED PARTIES (Continued)
Transaction with related parties
In the normal course of business, the Company entered into certain transactions with its related parties, including
the followings:
− On 14 December 2015, the Company entered into a Management Service Agreement with each of its
subsidiaries, to provide the subsidiaries with certain management assistance to support the business operation
of the subsidiaries. In return, the subsidiaries shall pay the Company management fee on a monthly basis, as
specified in the agreement between the Company and each subsidiary. This agreement was recently amended
on 19 February 2024 for the period until 31 December 2024 and will be automatically extended for another one
year period. Management fee charged to subsidiaries is amounted to US$ 2,424,459 and US$ 2,667,572 for
the years ended 31 December 2024 and 2023, respectively.
− As of 31 December 2024 and 2023, the Company has outstanding loan from SMM to finance the Company's
operational and working capital activities amounted to nil and US$ 4.0 million, respectively. During 2024 and
2023, the Company recorded finance cost amounted to US$ 381 thousand and US$ 131 thousand,
respectively.
− During 2024 and 2023, the Company has outstanding loan receivable to PPM to finance the PPM's operational
and working capital activities amounted to IDR 4.0 billion (equivalent to US$ 0.3 million) and nil, respectively.
During 2024, the Company recorded finance income amounted to US$ 7 thousand.
− For the years ended 31 December 2024 and 2023, the Company received dividend distributions from the
following related parties:
2024 2023
US$ US$
PT Austindo Nusantara Jaya Agri 11,199,230 6,499,553
PT Sahabat Mewah dan Makmur 6,797 2,719
11,206,027 6,502,272
Appendix 8
Page 301
PT AUSTINDO NUSANTARA JAYA Tbk
SUPPLEMENTARY INFORMATION
NOTES TO THE INVESTMENTS IN SUBSIDIARIES
YEARS ENDED 31 DECEMBER 2024 AND 2023
INVESTMENTS IN SUBSIDIARIES
As of 31 December 2024 and 2023, investments in subsidiaries were as follows:
Percentage of Percentage of
Company’s Company’s voting
ownership rights
Subsidiaries names Domicile Nature of business 2024 2023 2024 2023
% % % %
Direct Subsidiaries
PT Austindo Aufwind New Energy (AANE) Belitung, Bangka Belitung Renewable energy 99.22 99.22 99.22 99.22
PT Austindo Nusantara Jaya Agri (ANJA) Binanga, North Sumatera Agribusiness 99.99 99.99 99.99 99.99
PT Austindo Nusantara Jaya Boga (ANJB) Jakarta Consumer products 99.99 99.99 99.99 99.99
PT Gading Mas Indonesia Teguh (GMIT) Jember Agribusiness 80.00 80.00 80.00 80.00
PT ANJ Agri Papua (ANJAP) South Sorong, Papua Agribusiness 78.00 80.14 99.99 99.99
Entitas Anak Tidak Langsung
PT Galempa Sejahtera Bersama (GSB) South Sumatera Agribusiness 4.32 4.46 99.99 99.99
PT Putera Manunggal Perkasa (PMP) South Sorong and Maybrat, Agribusiness 34.00 34.00 99.99 99.99
Papua
PT Permata Putera Mandiri (PPM) South Sorong, Papua Agribusiness 32.00 35.00 99.99 99.99
PT Sahabat Mewah dan Makmur (SMM) Belitung, Bangka Belitung Agribusiness 0.04 0.04 99.99 99.99
PT Austindo Nusantara Jaya Agri SIAIS (ANJAS) South Angkola, North Sumatera Agribusiness - - 99.99 99.99
PT Kayung Agro Lestari (KAL) Ketapang, West Kalimantan Agribusiness - - 99.99 99.99
PT Lestari Sagu Papua (LSP) South Sorong, Papua Agribusiness - - 51.00 51.00
Appendix 9
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2024 ANNUAL REPORT PT AUSTINDO NUSANTARA JAYA Tbk. Menara SMBC, 40th Floor Jl. Dr. Ide Anak Agung Gde Agung Kav. 5.5 – 5.6 Jakarta 12950 Tel: (62 21) 2965 1777 Fax: (62 21) 2965 1788 www.anj-group.com
Names mentioned 176 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Austindo Nusantara Jaya Agri
p.2 ×12
unresolved
org
PT Austindo Nusantara Jaya Agri Siais Accordingly
p.2
unresolved
org
PT Sahabat Mewah
p.2 ×11
unresolved
org
PT Kayung Agro Lestari
p.2 ×13
unresolved
org
PT Galempa Sejahtera Bersama By
p.2
unresolved
org
PT Putera Manunggal Perkasa ANJAP About This
p.2
unresolved
org
PT ANJ Agri Papua LSP This
p.2
unresolved
org
PT Lestari Sagu Papua
p.2 ×7
unresolved
org
PT Austindo Aufwind New Energy Please
p.2
unresolved
org
PT Gading Mas Indonesia Teguh ANJB
p.2
unresolved
org
PT Austindo Nusantara Jaya Boga CPO Crude Palm
p.2
unresolved
—
Code of Ethics on Business Conduct
p.7
unresolved
—
Whistleblowing System
p.7
unresolved
org
2025 Company Targets
p.7
unresolved
org
Ministry of Education
p.14
unresolved
org
Ministry of Health
p.14
unresolved
person
Drs. Burhanudin
p.14
unresolved
person
Vice
· President Director
p.37 ×3
unresolved
person
Dr. Ide Anak Agung Gde Agung
p.40
unresolved
org
PT Austindo Kencana Jaya Trading
p.40
unresolved
org
PT Memimpin Dengan Nurani PRODUCTS AND SERVICES
p.40
unresolved
org
PT Austindo Teguh Jaya. On
p.40
unresolved
org
PT Austindo Teguh Jaya
p.41
unresolved
org
Indonesia Stock Exchange
p.41 ×3
unresolved
org
AJI HK Limited
p.45 ×4
unresolved
org
PT Pusaka Agro Makmur.
p.46 ×2
unresolved
org
PT Austindo Agro
p.46
unresolved
org
PT Austindo Nusantara Resources
p.46
unresolved
org
PT Eka
p.46
unresolved
org
PT Austindo Investama Jaya
p.46
unresolved
org
PT Austindo
p.46 ×3
unresolved
org
PT Austindo Nusantara
p.46
unresolved
org
PT Darajat Geothermal
p.46
unresolved
org
PT Star Energy
p.46
unresolved
org
PT Aceh Timur Indonesia
p.46
unresolved
org
PT Simpang Kiri Plantation Indonesia
p.46
unresolved
org
PT Surya
p.46
unresolved
org
PT Bilah PMP.
p.46
unresolved
org
PT Ondop
p.46
unresolved
org
PT Agro Muko
p.46 ×2
unresolved
org
PT Puncakjaya Power
p.47
unresolved
org
PT SAHABAT MEWAH DAN MAKMUR
p.52
unresolved
org
PT AUSTINDO AUFWIND NEW ENERGY
p.52 ×9
unresolved
org
PT AUSTINDO NUSANTARA JAYA AGRI SIAIS
p.52 ×11
unresolved
org
PT GALEMPA SEJAHTERA BERSAMA
p.52 ×12
unresolved
org
PT GADING MAS INDONESIA TEGUH
p.52 ×12
unresolved
org
PT ANJ AGRI PAPUA
p.53 ×11
unresolved
person
Resident Director KAL
· Director
p.54
unresolved
org
Plasma & Partners
p.54
unresolved
person
H. Manalu
p.55
unresolved
person
H. Riftyza Gestandi
p.55
unresolved
person
dr. Juni Arman S.
p.55
unresolved
person
dr. A. Ichmal
p.55
unresolved
person
dr. Erwan Taufik
p.55
unresolved
person
dr. Fajar Jayapria
p.55
unresolved
person
Machribie
p.60 ×6
unresolved
org
PT Freeport Indonesia
p.60 ×5
unresolved
org
Non-Executive Director Intrepid Mines Ltd.
p.60
unresolved
org
PT Media Televisi Indonesia
p.60
unresolved
org
Gold Inc.
p.60
unresolved
person
Tahija
· Commissioner
p.61 ×14
unresolved
org
PT Melintas Cakrawala Indonesia
p.61
unresolved
person
Mala Mukti
p.61
unresolved
org
PT Asuransi Indrapura
p.61 ×2
unresolved
org
Pearl Energy Pte. Ltd.
p.61
unresolved
org
PT Austindo Nusantara Jaya Healthcare
p.61 ×4
unresolved
org
PT Austindo Aufwind New
p.61
unresolved
org
PT Elbatama Finance
p.62
unresolved
org
PT ANJ
p.62
unresolved
person
Wahyuhadi
p.63 ×5
unresolved
org
PT Rothmans
p.63
unresolved
org
PT Faroka SA
p.63
unresolved
org
PT Anwar Sierad Group
p.63
unresolved
org
PT Optik KMN
p.63
unresolved
org
PT Austindo Nusantara Jaya Boga
p.63 ×8
unresolved
person
Kristiadi
p.64 ×9
unresolved
person
Dr. Noerhadi
p.65 ×7
unresolved
org
PT Kliring Deposit University
p.65
unresolved
person
Creador
· Commissioner
p.65
unresolved
org
PT Creador Indonesia
p.65
unresolved
person
Siddharta
p.66 ×4
unresolved
person
KPMG. Christina Dwi Utami
p.66 ×12
unresolved
person
Kurniawan
p.70 ×7
unresolved
org
Wibisana & Rekan
p.70 ×2
unresolved
org
PricewaterhouseCoopers International Ltd
p.70
unresolved
person
Govindan
p.71 ×6
unresolved
org
PT Sinar Mas Agro Resources BASIS OF APPOINTMENT
p.71
unresolved
org
Technology Tbk
p.71
unresolved
org
PT REA Kaltim Plantations
p.71
unresolved
person
D’Cruz
p.73 ×4
unresolved
org
Plantations Co Ltd
p.73
unresolved
person
Nopri
· Director
p.74 ×5
unresolved
org
Ukindo Group
· Director
p.74
unresolved
person
London Stock Exchange. Utami
p.74
unresolved
person
Fitriyansyah
p.75 ×5
unresolved
org
PT Rekayasa Industri
p.75
unresolved
org
PT Balfour Beatty Sakti
p.75
unresolved
org
PT JGC Indonesia
p.75
unresolved
person
ANJB
· President Director
p.76 ×2
unresolved
person
ANJA
· Director
p.76 ×2
unresolved
person
Maharani
p.76 ×3
unresolved
org
Interlink Technology Services Pty Ltd
p.76
unresolved
person
PPM
· Director
p.76
unresolved
person
ANJAS
· President Director
p.77 ×2
unresolved
person
Purba
p.77 ×2
unresolved
person
SMM
· President Director
p.77 ×2
unresolved
person
KAL
· Director
p.77
unresolved
org
PT Asiatic Persada
p.77
unresolved
org
PT Cargill Indonesia. He
p.77
unresolved
person
GMIT
· President Director
p.78 ×3
unresolved
person
AANE
· Director
p.78
unresolved
person
ANJAP
· President Director
p.78 ×2
unresolved
person
Sutikno
p.78 ×3
unresolved
org
PT Black Platinum Energy Ltd.
p.78
unresolved
org
PT APL Indonesia
p.78
unresolved
org
PT Memimpin Sjakon George
p.81
unresolved
—
As of December 31, 2024
p.81
unresolved
—
As of January 1, 2024
· As of December 31, 2024
p.82
unresolved
org
PT Memimpin
p.85
unresolved
org
PT Moon Lion Industries Indonesia
p.85
unresolved
org
Aufwind Schmack Asia Holding GmbH
p.85
unresolved
org
PT Gading Mas
p.89
unresolved
org
PT Gading
p.89
unresolved
org
Ministry of Environment & Moores Rowland
p.93
unresolved
org
Ministry of Environment SMK
p.94 ×2
unresolved
org
Ministry of Manpower RSPO
p.94 ×3
unresolved
org
Ministry of Manpower PROPER
p.94 ×2
unresolved
org
Ministry of Environment RSPO
p.94 ×2
unresolved
org
Ministry of Manpower Brand Reputation
p.94
unresolved
org
Alcumus ISOQAR Limited
p.94
unresolved
org
Ministry of Manpower Halal Product Assurance Halal Certificate
p.94
unresolved
org
Ministry of Agriculture
p.95
unresolved
org
Ministry of Environment
p.95
unresolved
org
Share Registrar Siddharta Widjaja & Rekan
p.97
unresolved
org
PT Datindo Entrycom Registered Public Accountants
p.97
unresolved
org
Bank Indonesia
p.108
unresolved
org
Siddharta Widjaja & Rekan
p.122
unresolved
org
PT Moon Lion
p.122
unresolved
org
PTAustindo AustindoNusantara NusantaraJaya JayaTbk. Tbk
p.135 ×2
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