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KJPP
DASA' AT, YUDISTIRA DAN RE KAN
Business , PrvrH·,r -- , Appraiser'5
AREA SERVED lt4DONESIIL i.. WORLD WIDE.
LAPORAN STUDI KELA YAKAN BISNIS
ATAS
PENAMBAHAN KEGIATAN USAHA
PT ASTRA GRAPHIA TBK
/FEASIBILITY STUDY REPORT
OF ADDITIONAL BUSINESS ACTIVITIES
PT ASTRA GRAPH/A TBK ("AG")
Lokasi / Location:
JAKARTA
No. Laporan / Report: 00007/2.0041-00/BS/NB-1/0384/1/1V/2025
Trusted Appraisal Services
Page 2
KJPP
DASA' AT, YUDISTIRA DAN RE KAN
Business & Pr ope rt� Appraiser,
AR£:A 5E�\IE:D lt�CONfS,A Ii WORLD )Ii.ID[
No. Laporan/Report: 00007/2.0041-00/BS/NB-1 /0384/1 /1V/2025
Jakarta, April 24, 2025
Kepada Yth / Attention To,
PT ASTRA GRAPHIA Tbk
Jl Kramat Raya No. 43
Jakarta, Indonesia
Perihal /Reff; LAPORAN STUDI KELAYAKAN BISNIS PENAMBAHAN KEGIATAN USAHA PT ASTRA
GRAPHIA TBK ("AG") / FEASIBILITY STUDY REPORT OF ADDITIONAL BUSINESS
ACTIVITIES PT ASTRA GRAPHIA TBK ("AG")
KANTOR JASA PENILAI PUBLIK DASA'AT DASA 'AT YUDISTIRA DAN REKAN PUBLIC
YUDISTIRA DAN REKAN ("DYR") telah ditunjuk APPRAISAL FIRM ("DYR"J has been appointed
oleh PT ASTRA GRAPHIA Tbk ("AG") by PT ASTRA GRAPH/A Tbk ("AG") based on the
berdasarkan persetujuan atas Surat Penawaran approval of the Proposal Letter PR.DYR-
PR.DYR-00/IT/BS/ AG/Xl/2024/ITK/041 00//TI BS! AG/XII 20241/TK/0410 dated
tanggal 26 November 2024 dengan maksud dan November 26, 2024, with the aim and purpose
tujuan untuk memberikan pendapat mengenai of providing an opinion on the feasibility of
kelayakan atas Rencana Penambahan Kegiatan the Business Activity Expansion Plan in the
Usaha berupa penambahan bidang usaha form of adding a document solution ecosystem
ekosistem solusi dokumen sesuai dengan KBLI business line in accordance with the following
sebagai berikut: KBLI classifications:
1. Printing Service Business : 1. Printing Service Business :
18111 (lndustri Percetakan Umum) 18111 (General Printing Industry)
18120 (Kegiatan Jasa Penunjang 18120 (Printing Support Services
Pencetakan) Activities)
46422 (Perdagangan Besar Barang 46422 (Wholesale Trade In Printing
Percetakan Dan Penertiban Dalam ond Publishing Goods in Various
Berbagai Bentuk) Forms)
53201 (Aktivitas Kurir) 53201 (Couries Activities)
91012 (Perpustakaan Dan Arsip 91012 (Private Libraries and Archives
Swasta). (Indexing)).
2. Sewa Mesin Kantor : 2. Office Rental Business:
77394 (Aktivitas Penyewaan dan - 77394 (Rent and Rental Activities
Sewa Guna Usaha Tanpa Hak Opsi without Option Rights Of[ice
Mesin Kantor dan Peralatannya) Machines and Equipment)
3. Pengemasan : 3. Packaging :
- 22220 (lndustri Barang dari Plastik 22220 (Manufacture of Plastic Goods
Untuk Pengemasan) for Packaging)
- 17022 (lndustri Kemasan dan Kotak 17022 (Manufacture of Paper and
Dari Kertas dan Karton) Cordboard Packaging and Boxes)
• 16230 (lndustri Wadah Kayu) 16230 (Manufacture of Wood
Containers)
Head Office
Business & Property Appraisal (PB):
The Manhattan Square - Mid Tower
15th Floor Unit D
JI. TB. Simatupang Kav.1 S
Cilandak Timur, Jakarta Selatan. 12560
T: +62-21 2780 8586 (Hunting)
E : info@dyr.co.id
www dyr.co.id Trusted Appraisal Services
Branch Office
Jakarta (P), Semarang (PB), Medan (P), Surabaya (P), Denpasar (P), Bandung (P), Pekanbaru (P), Lampung (P)
Tangerang (P). Surakarta (PS), Banyumas (PS), Sleman (PS), Balikpapan (PS), Manado (PS)
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KJPP
DASA' AT, YUDISTIRA DAN REKAN
Business €. P�oriertv Appraisers
IT{fN(F NO J.0•l.tJ."141
AREA SERVED INDOfllESIA. & WORLD WIDE
4. Business Process Outsourcing : 4. Business Process Outsourcing:
82110 (Aktivitas Penyedia Gabungan · 82110 (Combined Office
Jasa Administrasi Kantor) Administration Services Provider
• 78200 (AktlVitas Penyediaan Tenaga Activities)
Kerja Waktu Tertentu) · 78200 (Fixed-term Labor Supply
78300 (Penyediaan Sumber Daya Activities)
Manusia Dan Manajemen Fungsi 78300 (HR Provision and Management
Sumber Daya Manusia). of HR Functions).
Studi ini merupakan hasil kajian dan analisis This study is the result of a review and
yang dilakukan dengan meninjau kelayakan analysis conducted to assess the feasibility of
atas Rencana Penambahan Kegiatan Usaha Additional Business Activities to be
yang akan dilakukan oleh AG, ditinjau dari undertaken by AG, evaluated from various
berbagai aspek yang meliputi aspek makro, aspects, including macro aspects, market
aspek pasar, aspek teknis, aspek pola bisnis, aspects, technical aspects, business model
aspek model manajemen, dan aspek keuangan aspects, management model aspects, and
("Laporan Studi Kelayakan"). financial aspects ("Feasibility Study Report").
Kami telah menerbitkan laporan dengan We have issued a report with number
nomor 00002/2.0041-00/BS/NB-1 /0384/1/ 00002/ 2.0041-00/ BS/ NB-110384/ 1 /Ill I 2025
lll/2025 tanggal 11 Maret 2025. Kemudian dated March 11, 2025. Then, we issued a
kami menerbitkan laporan dengan nomor report with number 00005/2.0041-00/BS/
00005/2.0041·00/BS/NB-1/0384/1/lll/2025 NB-1/0384/1/III/2025 dated March 26, 2025.
tanggal 26 Maret 2025. Selanjutnya kami Subsequently, we issued a report with number
menerbitkan laporan dengan nomor 00007/2.0041-00/BS/NB-1/0384/1/IV/2025
00007/2.0041-00/BS/NB-1/0384/1/IV/2025 dated April 24, 2025.
tanggal 24 April 2025. There have been additional disclosures and
Terdapat penambahan pengungkapan dan corrections. The additional disclosures are as
perbaikan. Ada pun penambahan follows:
pengungkapan adalah sebagai berikut:
o Adjustment of the report date and
o Penyesuaian terhadap tanggal dan nomor number;
laporan; o Addition of disclosure regarding the
o Penambahan pengungkapan sumber data sources of financial report data used;
laporan keuangan yang digunakan; o Adjustment of SWOT analysis disclosure;
o Penyesuaian pengungkapan analisis SWOT; o Adjustment of risk manogement disclosure;
o Penyesuaian pengungkapan manajemen o Addition of disclosure on market aspects;
risiko; o Addition of disclosure on technical
o Penambahan pengungkapan aspek pasar; aspects;
o Penambahan pengungkapan aspek teknis; o Addition of disclosure on management
o Penambahan pengungkapan aspek model model aspects.
manajemen; o Addition of the appraiser’s STTD date.
o Penambahan tanggal STTD Penilai.
This Feasibility Study is conducted in
Studi Kelayakan ini dilakukan dengan mengacu accordance with Financial Services Authority
kepada Peraturan Otoritas Jasa Keuangan Regulation Number 17/POJK.0412020
Nomor 17 /POJK.04/2020 tentang Transaksi concerning Material Transactions and Changes
Material dan Perubahan Kegiataban Usaha, in Business Activities, Financial Services
Peraturan Otoritas Jasa Keuangan Nomor Authority Regulation Number
35/POJK.04/2020 tentang Penilaian dan 35/POJK.04/2020 concerning the Assessment
Penyajian Laporan Penilaian Bisnis di Pasar and Presentation of Business Valuation
Modal dan Salinan Surat Edaran Otoritas Jasa Reports in the Capital Market, and the
Keuangan Republik IndonesiaCircular Letter of the Financial Services
No.17 /SEOJK.04/2020 tentang Pedoman Authority of the Republic of Indonesia No.
Penilaian dan Penyajian Laporan Penilaian 17/SEOJK.0412020 concerning Guidelines for
Bisnis di Pasar Modal serta Kode Etik Penilai the Assessment and Presentation of Business
Indonesia ("KEPI") serta Standar Penilaian Valuation Reports in the Capital Market, as
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KJPP
DASA' AT, YUDISTIRA DAN REKAN
Business P or�r:- ) Appraisers
LTCH,ICE- 1110 ••· ,111 1
AREA SEFIVEO INOONESIA &. WOFILO WIDE
Indonesia ("SPI") Edisi VII Tahun 2018 dan SPI well as the Indonesian Appraiser Code of
330 Edisi Revisi Tahun 2020. Ethics ("KEPI") and Indonesian Valuation
Standards ("SP/") Edition VII of 2018 and SP/
330 Revised Edition of 2020.
I. Status Penilai / Appraiser Status
Penilai adalah partner dari KJPP DASA 'AT The appraiser is a partner of KJPP DASA '.AT
YUDISTIRA DAN REKAN ("DYR") dengan YUDISTIRA DAN REKAN ("DYR) with the
kualifikasi sebagai berikut: following qualifications:
Nama Penilai / Valuer : Ivan T. Khristian, S.E., M.Ec.Dev., MAPPI (Cert.)
No. Izin Penilai Publik / License : B.1-14.00384
No. Capital Market Supporting Cert : STTD.PB-35/PJ-1/PM.2/2023
Effective date of the STTD : October 19, 2023 to October 19, 2028
No. Non-Bank Financial Industry Cert : 086/NB.122/STTD-P/2017
No. MAPPI : 10-S-02664
Klasifikasi Izin / Permit Classification : Penilaian Bisnis / Business Valuation (B)
KJPP Dasa'at Yudistira dan Rekan ("DYR") KJPP Dasa'at Yudistira dan Rekan ("DYR") is a
adalah Kantor Jasa Penilai Publik yang Public Appraisal Services Office registered
terdaftar di Kementerian Keuangan dan Pasar with the Ministry of flnance and Capital
Modal serta memiliki kompetensi untuk Markets and has the competence to carry out
melakukan studi kelayakan ini. this study.
Dalam mempersiapkan laporan ini kami In preparing this Feasibility Study Report, we
bertindak secara independen tanpa adanya acted independently without any conflict of
benturan kepentingan dan tidak terafiliasi interest and are not affiliated with the
dengan Pemberi Tugas, Objek Kajian ataupun A5signor, Feasibility Study Object or parties
pihak-pihak yang terafiliasi dengan Pemberi affiliated with the Assignor and Feasibility
Tugas dan Objek Kajian. DYR juga tidak Study Object. DYR also has no personal
memiliki kepentingan ataupun keuntungan interests or profits related to this assignment.
pribadi terkait dengan penugasan ini.
Laporan Studi Kelayakan ini tidak dilakukan This Feasibility Study Report was not carried
untuk memberikan keuntungan atau merugikan out to benefit or harm any party. The service
pihak manapun. lmbalan jasa yang kami terima fees we receive are in no way influenced by
sama sekali tidak dipengaruhi oleh nilai yang the value produced.
dihasilkan.
II. Pemberi Tugas / Assignor
Pemberi Tugas dalam penugasan ini adalah: The assignor in this assignment is:
Nama Perusahaan / Company Name PT Astra Graphia Tbk
Jenis Usaha / Business Type Bidang Perdagangan dan Teknologi lnformasi
I Trade and Information Technology sector.
Alamat / Address JI Kramat Raya No. 43
Jakarta 10450, Indonesia
No. Telp/Fax +62-21 390 9190
Email info@astragraphia.co. id
Website https: //www.astragraphia.co. id/id
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KJPP
DASA' AT, YUDISTIRA DAN REKAN
Busrnes'S , P•q:efl.
AREA SERVCD. INDOt.!ESIA & WORLD WIOF
Ill. Pengguna Laporan / User
Pengguna Laporan dalam penugasan ini adalah: The user in this assignment is:
Nama Perusahaan / Company Name PT Astra Graphia Tbk
Jenis Usaha / Business Type Bidang Perdagangan dan Teknologi lnformasi
I Trade and Information Technology sector.
Alamat / Address Jl Kramat Raya No. 43
Jakarta 10450, Indonesia
No. Telp/Fax +62-21 390 9190
Email info@astragraphia.co. id
Website https: //www.astragraphia.co. id/id
IV. Objek Studi Kelayakan / FeasibiUty Study Object
Bahwa Obyek studi Kelayakan sesuai dengan Thot the object of the feasibility study, according
informasi yang diberikan oleh Pemberi Tugas to the information provided by the assignor, is
adalah Jasa Studi Kelayakan Rencana the Feasibility Study Service for the Additional
Penambahan Kegiatan Usaha berupa Business Activities Plan in the form of adding
penambahan bidang usaha sesuai dengan KBLI business fields in accordance with the following
sebagai berikut: KBLI classifications:
1. Printing Service Business : 1. Printing Service Business :
18111 (lndustri Percetakan Umum) 18111 (General Printing Industry)
18120 (Kegiatan Jasa Penunjang 18120 (Printing Support Services
Pencetakan) Activities)
46422 (Perdagangan Besar Barang 46422 (Wholesale Trade In Printing and
Percetakan Dan Penertiban Dalam Publishing Goods in Various Forms)
Berbagai Bentuk) 53201 (Couries Activities)
53201 (Aktivitas Kurir) 91012 (Private Libaries and Archives
91012 (Perpustakaan Dan Arsip (Indexing)).
Swasta).
2. Sewa Mesin Kantor : 2. Office Rental Business:
- 77394 (Aktivitas Penyewaan dan Sewa - 77394 (Rent and Rental Activities
Guna Usaha Tanpa Hak Opsi Mesin without Option Rights Office Machines
Kantor dan Peralatannya) and Equipment)
3. Pengemasan : 3. Pack.aging :
- 22220 (lndustri Barang dari Plastik - 21120 (Macufacture of Plastic Goods for
Untuk Pengemasan) Pack.aging)
- 17022 (lndustri Kemasan dan Kotak - 17012 (Macufacture of Paper and
Dari Kertas dan Karton) Cordboard Pack.aging and Boxes)
- 16230 (lndustri Wadah Kayu) - 16230 (Macufacture of Wood Containers)
4. Business Process Outsourcing : 4. Business Process Outsourcing;
82110 (Aktivitas Penyedia Gabungan - 82110 (Combined Office Administration
Jasa Administrasi Kantor) Services Provider Activities)
78200 (Aktivitas Penyediaan Tenaga - 78200 (Fixed-term Labor Supply
Kerja Waktu T ertentu) Activities)
78300 (Penyediaan Sumber Daya - 78300 (HR Provision and Management of
Manusia Dan Manajemen Fungsi HR Functions).
Sumber Daya Manusia).
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V. Jenis Mata Uang yang Digunakan / Type of Currency Used
Dalam penelitian 1m, indikasi Kelayakan In this study, the Eligibility indication is
dinyatakan dalam Rupiah. expressed in Rupiah.
VI. Maksud dan Tujuan Kajian / Purpose and Objective
Maksud penugasan ini adalah untuk The purpose of this assignment is to provide
memberikan pendapat kelayakan atas an opinion on the feasibility of PT Astra
Penambahan Kegiatan Usaha PT Astra Graphia Graphia Tbk ("AG") expanding its business
Tbk ("AG") dalam penambahan ekosistem activities by adding a Document Solutions
Solusi Dokumen. Penugasan ini digunakan ecosystem. This assignment is intended for
untuk kepentingan pasar modal dan tidak capital market purposes and should not be
digunakan di luar konteks atau tujuan used outside the context or purpose of this
penugasan tersebut. assignment.
Penugasan ini dilakukan dengan mengacu This assignment is carried out in accordance
kepada Peraturan Otoritas Jasa Keuangan with the Financial Services Authority
Nomor 17/POJK.04/2020 tentang Transaksi Regulation Number 17/POJK.0412020
Material dan Perubahan Kegiatan Usaha, concerning Material Transactions and Business
Peraturan Otoritas Jasa Keuangan Nomor Activity Changes, Financial Services Authority
35/POJK.04/2020 tentang Penilaian dan Regulation Number 35/POJK.04/2020
Penyajian Laporan Penilaian Bisnis di Pasar concerning the Valuation and Presentation of
Modal dan Salinan Surat Edaran Otoritas Jasa Business Valuation Reports in the Capital
Keuangan Republik Indonesia Market, and a copy of the Circular Letter of
No.17 /SEOJK.04/2020 tentang Pedoman the Financial Services Authority of the
Penilaian dan Penyajian Laporan Penilaian Republic of Indonesia No. 17/SEOJK.04/2020
Bisnis di Pasar Modal serta Kode Etik Penilai concerning Guidelines for Valuation and
Indonesia ("KEPI") serta Standar Penilaian Presentation of Business Valuation Reports in
Indonesia ("SPI") Edisi VII Tahun 2018 dan SPI the Capital Market, as well as the Indonesian
330 Edisi Revisi Tahun 2020. Valuer Code of Ethics ("KEPI") and the
Indonesian Valuation Standards ("SP/") Edition
VII of 2018 and SP/ 330 Revised Edition of 2020
VII. Pendekatan dan Metodologi Studi Kelayakan / Feasibility Study Approach and
Methodology
Untuk melakukan studi kelayakan ini, kami To conduct this feasibility study, we will refer
akan menggunakan sesuai Peraturan Otoritas to the Financial Services Authority Regulation
Jasa Keuangan Nomor 17/POJK.04/2020 Number 17/POJK.0412020 concerning Material
tentang Transaksi Material dan Perubahan Transactions and Business Activity Changes,
Kegiatan Usaha dan Peraturan Otoritas Jasa Financial Services Authority Regulation
Keuangan Nomor 35/POJK.04/2020 tentang Number 35/POJK.0412020 concerning the
Penilaian dan Penyajian laporan Penilaian Valuation and Presentation of Business
Bisnis di Pasar Modal dan Salinan Surat Edaran Valuation Reports in the Capital Market, and
Otoritas Jasa Keuangan Republik Indonesia a copy of the Circular Letter of the Financial
No.17 /SEOJK.04/2020 tentang Pedoman Services Authority of the Republic of Indonesia
Penilaian dan Penyajian laporan Penilaian No. 17/SEOJK.0412020 concerning Guidelines
Bisnis di Pasar Modal. for Valuation and Presentation of Business
Valuation Reports in the Capital Market.
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KJPP
DASA' AT, YUDISTIRA DAN REKAN
........ Nr't>NESIA & WORl r • .... .-
VIII. Tanggal Batas Pisah (Cut-off date) dan Waktu Pelaporan / Cut-off Date and Reporting
Period
Tanggal Batas Pisah (cut-off date) studi The cut-off date for the feasibility study
kelayakan penilaian adalah per 31 Desember assessment is December 31, 2024 ("Cut-off
2024 ("Cut-off Date") di mana batas tersebut Date"), determined based on the considerations
diambil atas dasar pertimbangan kepentingan of the assessment's interests and objectives. The
dan tujuan penilaian. Masa berlaku Laporan validity period of this Feasibility Study Report is
Studi Kelayakan ini adalah 6 (enam) bulan yang six (6) months, ending on June 30, 2025.
berakhir pada tanggal 30 Juni 2025.
IX. Tingkat Kedalaman lnvestigasi / Level of Investigation Depth
Dalam penilaian ini, kami telah melakukan In this valuation, we have conducted an
investigasi untuk mendapatkan keyakinan yang investigation to obtain sufficient assurance,
memadai diantaranya dengan melakukan including conducting interviews with AG
wawancara terhadap manajemen AG, yaitu: management, as follows:
Pihak Yang Diwawancarai / Interviewed Parties
Pihak yang Diwawancarai Jabatan Entitas
Interviewed Parties Position Entity
Chief of Finance, Investor
Fanny Haryanto Relation &. Inventory PT Astra Graphia Tbk
Management
Chief of Business Strategy &.
Satryo Dewanclono Development and Corporate PT Astra Graphia Tbk
Communications
Edgar Wirotomo Limansantoso Chief of Planning &. Marketing PT Astra Graphia Tbk
Dept. Head of GC Product
Agatha Wisnu Putra PT Astra Graphia Tbk
Marketing
X. Sumber lnformasi Yang Dapat Diandalkan / Reliable Information Sources
Dalam melakukan penilaian ini, DYR juga In conducting this assessment, DYR also used
menggunakan informasi dari beberapa sumber information from several reliable and
informasi relevan yang handal tanpa perlu relevant sources without the need for
melakukan verifikasi:
verification:
• Data-data laporan keuangan historis yang • Audited historical financial reports;
telah diaudit; • Legal documents related to the Feasibility
• Dokumen hukum yang terkait dengan Studi Study;
Kelayakan; • Economic data obtained from S8:P Global;
• Data-data ekonomi yang diperoleh dari S&P • Macroeconomic and microeconomic data
Global;
obtained from relevant institutions such as
• Data-data ekonomi baik yang bersifat
Bank Indonesia;
makro ataupun mikro yang diperoleh dari
instansi terkait seperti Bank Indonesia; • Statistical data from the Central Bureau of
• Data statistik dari Badan Pusat Statistik. Statistics (BPS).
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KJPP
DASA' AT, YUDISTIRA DAN REKAN
.. ,.r-.. ~rlRVED l~r,,t\ft,jfC:.1..t. a wno1 n WIO.,.
Dalam melakukan penilaian 1m, DYR juga In conducting this assessment, DYR also used
menggunakan informasi dari beberapa sumber information from several relevant sources
informasi relevan yang perlu melakukan that require verification:
verifikasi: • Discussions with management, both from
• Diskusi dengan pihak manajemen baik the Assignor and the Feasibility Study
Pemberi Tugas maupun Objek Studi Object;
Kelayakan;
• Financial data related to the Feasibility
• Data finansial terkait dengan Objek Studi
Kelayakan. Study Object.
• A review of the fundamental conditions
• Tinjauan terhadap kondisi fundamental of the feasibility study object, including
obyek studi kelayakan yang menyangkut
its brief history, capital structure, and
sejarah singkatnya, struktur modal dan
susunan pengurus, deskripsi bidang usaha management composition, business field
dan kinerja keuangan, serta description, and financial performance,
memperhatikan kondisi makro yang ada. while considering the prevailing
• Data-data lainnya sebagai informasi macroeconomic conditions.
pendukung, seperti rencana anggaran • Other supporting data, such as the
biaya.
budget plan.
XI. Asumsi dan Asumsi Khusus / Assumptions and Special Assumptions
Asumsi dan asumsi khusus yang akan digunakan The assumptions and special assumptions used
dalam penugasan merupakan asumsi dan in this assignment are reasonable and
asumsi khusus yang wajar dan relevan dengan relevant, considering the purpose for which
memperhatikan tujuan di mana studi the feasibility study is required.
kelayakan diperlukan.
Asumsi khusus adalah asumsi yang berbeda dari Special assumptions are those that differ from
fakta yang sebenarnya pada tanggal studi actual facts as of the feasibility study date or
kelayakan atau hal yang tidak akan dibuat oleh are assumptions that only a small number of
sebagian kecil pelaku pasar dalam suatu market participants would make in a
transaksi pada tanggal studi kelayakan. transaction on the feasibility study date.
Asumsi khusus sering digunakan untuk Special assumptions are often used to describe
menggambarkan efek dari suatu situasi yang the effects of a situation that would influence
akan mempengaruhi nilai. value.
Dalam pelaksanaan penugasan, Penilai akan In carrying out the assignment, the Appraiser
menggunakan asumsi yang wajar untuk will use reasonable assumptions that are
diterima sebagai fakta dalam konteks generally accepted as facts in the context of
penugasan. the assignment.
XII. Persyaratan Atas Persetujuan Untuk Publikasi / Requirements for Approval for
Publication
Laporan studi kelayakan ini bersifat terbuka This feasibility study report is publicly
untuk publik, kecuali terdapat informasi available unless it contains confidential
rahasia yang dapat mempengaruhi operasional information that could affect the company's
perusahaan. Pemberi Tugas dan Pengguna
operations. The Assignor and the Users of this
Laporan studi kelayakan ini sebagaimana yang
disebutkan dalam lingkup penugasan, feasibility study report, as stated within the
menginformasikan bahwa tidak terdapat scope of the assignment, have confirmed that
informasi rahasia yang dapat mempengaruhi there is no confidential information that
operasional perusahaan di dalam laporan ini. could impact the company's operations in this
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KJPP
DASA' AT, YUDISTIRA DAN REKAN
Ar':A SERVED: INDONESIA & WORLD Wt ..... r
Penggunaan Laporan di luar dari ketentuan report. Any use of the report beyond what is
yang disebutkan dalam lingkup Penugasan stated within the scope of the assignment
Laporan ini harus mendapatkan persetujuan must obtain written approval from KJPP
tertulis dari KJPP DASA'AT YUDISTIRA DAN
DASA'AT YUDISTIRA DAN REKAN ("DYR") and
REKAN ("DYR") serta Pemberi Tugas.
the Assignor.
Tanda tangan Penilai Publik dan cap DYR yang The signature of the Public Appraiser and the
resmi merupakan syarat mutlak Laporan Studi official DYR stamp are essential requirements
Kelayakan yang dihasilkan. for the validity of the Feasibility Study
Report.
XIII. Konfirmasi Bahwa Penilaian dilakukan berdasarkan Peraturan OJK dan KEPI ft SPI /
Conf;rmation That the Valuation ;s Conducted Based on OJK Regulations, KEPI li: SP/
Analisis, opini dan kesimpulan yang dibuat The analysis, opinions, and conclusions made by
oleh penilai, serta laporan penilaian telah the appraiser, as well as the valuation report,
dibuat dengan memenuhi ketentuan kepada have been prepared in compliance with the
Peraturan Otoritas Jasa Keuangan Nomor provisions of Financial Services Authority
17 /POJK.04/2020 tentang Transaksi Material Regulation Number 17/POJK.0412020
dan Perubahan Kegiatan Usaha, Peraturan concerning Material Transactions and Business
Otoritas Jasa Keuangan Nomor Activity Changes, Financial Services Authority
35/POJK.04/2020 tentang Penilaian dan Regulation Number 35/POJK.0412020
Penyajian Laporan Penilaian Bisnis di Pasar concerning the Valuation and Presentation of
Modal dan Salinan Surat Edaran Otoritas Jasa Business Valuation Reports in the Capital
Keuangan Republik Indonesia Market, the Circular Letter of the Financial
No. 17/SEOJK. 04/2020 tentang Pedoman Services Authority of the Republic of Indonesia
Penilaian dan Penyajian Laporan Penilaian No. 17/SEOJK.0412020 concerning Guidelines
Bisnis di Pasar Modal serta Kode Etik Penilai for Valuation and Presentation of Business
Indonesia ("KEPI") serta Standar Penilaian Valuation Reports in the Capital Market, the
Indonesia ("SPI") Edisi VII Tahun 2018 dan SPI Indonesian Valuer Code of Ethics (KEPI), and the
330 Edisi Revisi Tahun 2020. Indonesian Valuation Standards (SP/) Edition VII
of 2018 and SP/ 330 Revised Edition of 2020.
viii
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KJPP
DASA' AT, YU DIS TIRA DAN REKAN
Business & Property Appraisers
LI(H,i(F NO I.I,<· .,..)4)
AREA 5ER\IEO 1NDONESIA A WORLD l.\ll!lf
XIV. Kesimpulan / Summary
Berdasarkan kajian, evaluasi dan analisa Based on the study, evaluation, ond financial
keuangan serta proyeksi lainnya dengan analysis, as well os other projections, with the
syarat asumsi-asumsi yang telah ditetapkan condition that the established assumptions are
dapat terpenuhi, maka dapat disimpulkan met, it can be concluded that the planned
bahwa rencana penambahan Kegiatan Usaha oddWonal business activities to be carried out
yang akan dilaksanakan oleh AG layak untuk by AG is feasible to implement.
dilaksanakan.
Demikian hasil Studi Kelayakan yang kami Thus, this is the result of the Feasibility Study
lakukan dengan tetap mengacu pada standar we conducted, in full compliance with the
dan kode etik yang berlaku. applicable standards ond code of ethics.
Sincerely Yours,
KANTOR JASA PENILAI PUBLIK (KJPP) / PUBLIC APPRAISER SERVICES OFFICE (KJPP)
DASA'AT YUDISTIRA & REKAN
Ivan Teguh Khristtan, SE., M.Ec.Dev.1 MAPPI (Cert)
Partner
No. lzin Penilai Publik / Public Appraiser Permit : B.1-14.00384
No. STTD OJK : STTD.PB-35/PJ-1 /PM.02/2023
Effective date of the STTD : October 19, 2023 to October 19, 2028
No. STTDIKNB : 086/NB.122/STTD-P/2017
No. MAPPI : 1 0-S-02664
ix
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KJPP
DASA' AT, YUDISTIRA DAN REKAN
. "
AREA SERVED: lNOONESIA & WORLD W10E
PERNYATAAN PENILAI / APPRAISAL STATEMENT
Dalam batas kemampuan dan keyakinan kami Within the limits of our ability and confidence
sebagai penilai, kami yang bertanda tangan di as appraisers, we the undersigned explain
bawah ini menerangkan bahwa: that:
1. Penugasan Studi Kelayakan ini telah 1. This Feasibility Study assignment has been
dilakukan terhadap Obyek Studi Kelayakan carried out on the Feasibility Study Object
dan dilakukan secara independen; independently;
2. Lingkup pekerjaan dan data yang 2. The scope of work and the data analyzed
dianalisis telah diungkapkan; have been disclosed;
3. Analisa telah dilakukan untuk tujuan 3. The analysis has been conducted for the
sebagaimana diungkapkan dalam Laporan purposes disclosed in the Feasibility Study
Studi Kelayakan Penambahan Kegiatan Report on the Addition of Business
Usaha; Activities;
4. Penugasan telah dilaksanakan sesuai 4. The assignment has been carried out in
dengan peraturan perundangan yang accordance with applicable laws and
berlaku; regulations;
5. Kesimpulan telah sesuai dengan asumsi- 5. The conclusions are in line with the
asumsi dan kondisi pembatas; assumptions and limiting conditions;
6. Pernyataan yang menjadi dasar dari 6. The statements that form the basis of the
analisa, pendapat dan kesimpulan yang analysis, op,mons, and conclusions
diuraikan di dalam laporan ini adalah benar outlined in this report are true;
7. Data ekonomi dan industri dalam Laporan 7. The economic and industry data in the
Studi Kelayakan diperoleh dari berbagai Feasibility Study Report were obtained
sumber yang diyakini Penilai dapat from various sources that the Appraiser
dipertanggungjawabkan; believes to be reliable and accountable;
8. Selanjutnya laporan m1 menjelaskan 8. Furthermore, this report explains all the
semua syarat-syarat pembatasan yang limiting conditions that affect the
mempengaruhi analisa, pendapat dan analysis, opinions, and conclusions stated
kesimpulan yang tertera dalam laporan ini; in this report;
9. Penilai bertanggung jawab sepenuhnya 9. The appraiser is fully responsible for the
atas prosedur, pelaporan dan hasil studi procedures, reporting, and results of the
kelayakan yang dilakukan; feasibility study conducted;
10. Penugasan ini dilakukan dengan mengacu 10. This assignment is carried out in
kepada Peraturan Otoritas Jasa Keuangan accordance with Financial Services
Nomor 17/POJK.04/2020 tentang Authority Regulation Number
Transaksi Material dan Perubahan Kegiatan 17/POJK.0412020 concerning Material
Usaha, Peraturan Otoritas Jasa Keuangan Transactions and Business Activity
Nomor 35/POJK.04/2020 tentang Penilaian Changes, Financial Services Authority
dan Penyajian Laporan Penilaian Bisnis di Regulation Number 35 I POJK. 04 I 2020
Pasar Modal dan Salinan Surat Edaran concerning the Valuation and Presentation
Otoritas Jasa Keuangan Republik Indonesia of Business Valuation Reports in the
No.17 /SEOJK.04/2020 tentang Pedoman Capital Market, and Circular Letter of the
Penilaian dan Penyajian Laporan Penilaian Financial Services Authority of the
Bisnis di Pasar Modal serta Kode Etik Republic of Indonesia
Penilai Indonesia ("KEPI") serta Standar No.17/SEOJK.0412020 concerning
Penilaian Indonesia ("SPI") Edisi VII Tahun Guidelines for Valuation and Presentation
2018 dan SPI 330 Edisi Revisi Tahun 2020. of Business Valuation Reports in the
Capital Market, as well as the Indonesian
Appraiser Code of Ethics ("KEPI") and
Indonesian Valuation Standards ("SPf')
Edition VII of 2018 and SP/ 330 Re0sed
Edition of 2020.
X
Trusted Appraisal Services
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KJPP
DASA' AT, YUDISTIRA DAN RE KAN
Business & p�operty Appraisers.
l f<.t-N< F NO / �-,.,).141
AREA SERVED INOONESIA I,,, "YORl D "YH)E
Jakarta, April 24, 2025
Tanda Tangan /
No. Nama / Name s;gnature
Ivan Teguh Khristian, S.E., M.Ec.Dev., MAPPI (Cert.) - Penanggung Jawab
tzin Penilai : No. B.1 ·14.00384
MAPPI : No. 10-S-02664
RMK : RMK-2017.00578
H. Andi Noviastoko. S.E •• M.Ec.Dev. - Quality Assurance
MAPPI : No. 12-T-03566
RMK : RMK-2017.00837
Lieke Herianto, B.Comm. - Penilai
MAPPI : No. 18-P-08709
RMK : RMK-2021.03771
Michelle Maria Meylan NenderI S.E • Penilai
MAPPI : No. 21-P-10757
RMK : RMK-2024.04941
Monica Mega Pratiwi, S.AB - Penilai
MAPPI No. 22-P-11222
RMK : RMK-2023.04853
xi
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
DAFTAR ISI
Halaman / Pages
1 BAB I / CHAPTER 1…………………………………………………………………………………………………………….. 1
2 PENDAHULUAN / INTRODUCTION ..................................................................... 1
1.1 Latar Belakang / Background ..................................................................... 1
1.2 Status Penilai / Appraiser Status ................................................................ 1
1.3 Pemberi Tugas / Assignor ......................................................................... 2
1.4 Pengguna Laporan / User ......................................................................... 2
1.5 Maksud dan Tujuan / Purpose and Objective .................................................. 3
1.6 Metodologi Laporan / Report Methodology ..................................................... 3
1.7 Kondisi Pembatas / Limiting Conditions ........................................................ 4
3 BAB II / CHAPTER II ...................................................................................... 7
4 GAMBARAN UMUM / OVERVIEW ....................................................................... 7
2.1 Profil PT ASTRA GRAPHIA Tbk (“AG”) / Profile of PT ASTRA GRAPHIA Tbk (“AG”) ....... 7
2.1.1 Pendirian / Establishment .................................................................. 7
2.1.2 Produk dan Layanan / Products and Services ............................................ 7
2.1.3 Modal Perseroan / Company Capital....................................................... 7
2.1.4 Susunan Pengurus / Management Composition .......................................... 8
2.2 Legalitas Usaha / Business Legality .............................................................. 8
2.3 Tenaga Kerja / Workforce ........................................................................ 9
2.4 Tinjauan Kinerja Keuangan / Financial Performance Analysis ............................... 9
11 BAB III / CHAPTER III .................................................................................. 18
12 ASPEK MAKRO INDONESIA / MACRO ASPECTS OF INDONESIA .................................. 18
3.1 Makro Ekonomi Indonesia / Indonesia’s Macroeconomy .....................................18
3.1.1 Pertumbuhan Ekonomi / Economic Growth ..............................................18
13 BAB IV/ CHAPTER IV ................................................................................... 27
ASPEK PASAR / MARKET ASPECTS .................................................................. 27
15 BAB V / CHAPTER V ................................................................................... 38
16 ASPEK TEKNIS / TECHNICAL ASPECTS .............................................................. 38
5.1 Bisnis ASTRA GRAPHIA / Astra Graphia’s Business ............................................38
5.2 Rencana Bisnis Baru AG / AG’s New Business Plan ...........................................40
17 BAB VI / CHAPTER VI .................................................................................. 50
18 ASPEK POLA BISNIS / BUSINESS MODEL ASPECT .................................................. 50
6.1 Pola Bisnis / Business Model .....................................................................50
6.1.1 Kemampuan Untuk Menciptakan Nilai / Ability to Create Value .....................50
6.1.2 Keunggulan Kompetitif / Competitive Advantage ......................................50
6.1.3 Kemampuan Pesaing untuk Meniru Produk / Competitors' Ability to Imitate Products .....
.................................................................................................51
6.2 Analisis SWOT / SWOT Analisys ..................................................................51
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
Halaman / Pages
14 BAB VII / CHAPTER VII ................................................................................ 53
15 ASPEK MODEL MANAJEMEN / MANAGEMENT MODEL ASPECT .................................. 53
7.1 Ketersediaan Tenaga Kerja / Availability of Workforce .....................................53
7.2 Manajemen Risiko / Manajemen Risiko ........................................................54
16 BAB VIII / CHAPTER VIII ............................................................................... 56
17 ASPEK KEUANGAN / FINANCIAL ASPECT ........................................................... 57
8.1 Rencana AG / AG’s Plan ..........................................................................57
8.2 Kebutuhan Investasi / Investment Requirements ............................................57
8.3 Sumber Pembiayaan / Source of Funding ......................................................58
8.5 Working Capital AG / AG’s Working Capital ...................................................59
8.6 Aset Tetap / Fix Assets ...........................................................................60
8.7 Cut Off Date Dalam Analisa / Cut-Off Date in the Analysis.................................61
8.8 Penetapan Tingkat Diskonto / Determination of Discount Rate ............................61
8.9 Analisis Kelayakan Proyek / Feasibility Study Analysis ......................................64
8.10 Analisis Break event dengan Penambahan Usaha / Break-Even Analysis with Additional
Business Activities ...................................................................................65
8.11 Analisis Sensitivitas Setelah Penambahan Usaha / Sensitivity Analysis After Additional
Business Activities ...................................................................................65
8.12 Kesimpulan .........................................................................................66
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
DAFTAR FIGUR
Halaman / Pages
Figur 1. Susunan Pemegang Saham / Shareholder List .............................................. 8
Figur 2. Laba Rugi / Income Statement (In millions of rupiah)................................... 9
Figur 3. Posisi Keuangan / Balance Sheet (In millions of rupiah) ...............................11
Figur 4. Arus Kas / Cash Flow (In millions of rupiah) ..............................................14
Figur 5. Rasio Keuangan /Financial Ratios ...........................................................15
Figur 6. Pertumbuhan Ekonomi Sisi Pengeluaran / Economic Growth by Expenditure Side .....
................................................................................................19
Figur 7. Neraca Pembayaran Indonesia (NPI) / Indonesia’s Balance of Payments ..............20
Figur 9. Peta Inflasi Daerah 2023 / Regional Inflation Map 2023 .................................23
Figur 10. Jenjang Bisnis Astra Graphia / Astra Graphia Business Structure ......................38
Figur 11. Investment Details (in Thousands) ..........................................................57
Figur 12. Projected Net Profit of AG After the Planned Transaction (in Thousands) ...........58
Figur 13. Woking Capital (in Thousands) ...............................................................59
Figur 14. Fixed Asset Projections (in Thousands) .....................................................60
Figur 15. Cost of Equity ..................................................................................64
Figur 16. Break-Even Analysis (in Thousands) .........................................................65
Figur 17. Revenue and Cost Sensitivity Analysis (in Thousand Rupiah)............................65
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
1 BAB I / CHAPTER 1
2 PENDAHULUAN / INTRODUCTION
1.1 Latar Belakang / Background
PT Astra Graphia Tbk (“AG”) didirikan di PT Astra Graphia Tbk (“AG”) was established
Indonesia pada tanggal 31 Oktober 1975, AG in Indonesia on October 31, 1975, and began
memulai operasi komersial pada tahun 1975 commercial operations in the same year. The
yang berdomisili di Jakarta Pusat, kantor company is headquartered at Jalan Kramat Raya
pusatnya berada di Jalan Kramat Raya No. 43, No. 43, Central Jakarta, with 92 service points
Jakarta, dan memiliki 92 titik layanan yang spread across 31 branch offices and other
tersebar di 31 kantor cabang dan Lokasi lainnya locations throughout Indonesia.
di seluruh Indonesia.
AG bergerak di bidang perdagangan dan AG operates in the trade and information
teknologi informasi. Keberadaan AG pada technology sectors. Its presence in the industry
industrinya bermula dari kebutuhan akan solusi began with the need for reliable document
dokumen dan teknologi untuk mendukung solutions and printing technology to support
perkembangan bisnis di berbagai sektor. business growth across various sectors. With a
Dengan fokus pada inovasi dan kualitas focus on innovation and service quality, AG has
layanan, AG berkembang pesat di industrinya grown rapidly in its industry, becoming a trusted
serta menjadi penyedia solusi dokumen dan provider of document and information
solusi teknologi informasi. technology solutions.
Melihat perkembangan industri dokumen, AG Recognizing the evolving landscape of the
menyadari ekspansi serta pengembangannya document and digital communication industry,
mampu menggarap pasar yang dituju, maka AG sees an opportunity to capture a larger
dari itu AG berencana untuk mengembangkan market through expansion and business
lini usahanya dalam beberapa bidang. development. In line with this vision, AG plans
Sehubungan dengan hal tersebut, AG to further develop its business lines in several
membutuhkan pihak independen untuk areas. To support this initiative, AG requires an
melakukan kajian dan analisa kelayakan atas independent party to conduct a feasibility study
rencana penambahan kegiatan usahanya. and analyze the viability of its additional
Untuk penyusunan studi kelayakan ini AG telah business activities plans. For the preparation of
menunjuk KANTOR JASA PENILAI PUBLIK this Feasibility Study, AG has appointed KANTOR
DASA’AT YUDISTIRA DAN REKAN (“DYR”) yang JASA PENILAI PUBLIK DASA’AT YUDISTIRA DAN
diharapkan dapat melakukan kajian secara REKAN (“DYR”), which is expected to conduct an
obyektif dan independen sesuai dengan objective and independent assessment in
kesepakatan yang tertuang dalam persetujuan accordance with the agreement outlined in the
atas Surat Penawaran No. PR.DYR- approval of Proposal Letter No. PR.DYR-
00/IT/BS/AG/XI/2024/ITK/0410 tanggal 26 00/IT/BS/AG/XI/2024/ITK/0410, dated
November 2024 November 26, 2024.
1.2 Status Penilai / Appraiser Status
Penilai adalah partner dari KJPP DASA’AT The appraiser is a partner of KJPP DASA'AT
YUDISTIRA DAN REKAN (”DYR”) dengan YUDISTIRA DAN REKAN (“DYR”) with the
kualifikasi sebagai berikut: following qualifications:
Nama / Name : Ivan T Khristian, SE., M.Ec.Dev., MAPPI (Cert)
No. Izin Penilai Publik / : B.1-14.00384
Public Appraiser Permit
No. STTD OJK : STTD.PB-35/PJ-1/PM.02/2023
Effective date of the STTD : October 19, 2023 to October 19, 2028
No. STTD IKNB : 086/NB.122/STTD-P/2017
Halaman / Page - 1
Page 17
KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
No. MAPPI : 10-S-02664
Klasifikasi Izin / Permit
: Penilaian Bisnis / Business Appraiser
Classification
KJPP Dasa’at Yudistira dan Rekan (“DYR”) KJPP Dasa’at Yudistira dan Rekan (“DYR”) is
adalah Kantor Jasa Penilai Publik yang terdaftar a Public Appraisal Services Office registered
di Kementerian Keuangan dan Pasar Modal serta with the Ministry of Finance and Capital
memiliki kompetensi untuk melakukan studi Markets and has the competence to carry out
kelayakan ini. this study
Dalam mempersiapkan Laporan Studi Kelayakan In preparing this Feasibility Study Report,
ini kami bertindak secara independen tanpa we acted independently without any conflict
adanya benturan kepentingan dan tidak of interest and are not affiliated with the
terafiliasi dengan Pemberi Tugas, Objek Kajian Assignor, Feasibility Study Object or parties
ataupun pihak-pihak yang terafiliasi dengan affiliated with the Assignor and Feasibility
Pemberi Tugas dan Objek Kajian. DYR juga Study Object. DYR also has no personal
tidak memiliki kepentingan ataupun interests or profits related to this
keuntungan pribadi terkait dengan penugasan assignment.
ini.
Laporan Studi Kelayakan ini tidak dilakukan This Feasibility Study Report was not carried
untuk memberikan keuntungan atau merugikan out to benefit or harm any party. The
pihak manapun. Imbalan jasa yang kami terima service fees we receive are in no way
sama sekali tidak dipengaruhi oleh nilai yang influenced by the value produced.
dihasilkan.
1.3 Pemberi Tugas / Assignor
Pemberi Tugas dalam penugasan ini adalah: The Assignor in this assignment is:
Nama Perusahaan / Company Name : PT Astra Graphia Tbk
Jenis Usaha / Business Type : Bidang Perdagangan dan Teknologi Informasi
/ Trade and Information Technology sector.
Alamat / Address : Jl Kramat Raya No. 43
Jakarta 10450, Indonesia
No. Telp/Fax : +62-21 390 9190
Email : info@astragraphia.co.id
Website : https://www.astragraphia.co.id/id
1.4 Pengguna Laporan / User
Pengguna Laporan dalam penugasan ini adalah: The User in this assignment is:
Nama Perusahaan / Company Name : PT Astra Graphia Tbk
Jenis Usaha / Business Type : Bidang Perdagangan dan Teknologi Informasi
/ Trade and Information Technology sector.
Alamat / Address : Jl Kramat Raya No. 43
Jakarta 10450, Indonesia
No. Telp/Fax : +62-21 390 9190
Email : info@astragraphia.co.id
Website : https://www.astragraphia.co.id/id
Halaman / Page - 2
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
1.5 Maksud dan Tujuan / Purpose and Objective
Maksud penugasan ini adalah untuk The purpose of this assignment is to provide an
memberikan pendapat kelayakan atas opinion on the feasibility of expanding PT Astra
penambahan kegiatan usaha PT Astra Graphia Graphia Tbk’s ("AG") business activities,
Tbk (“AG”) dalam kaitan kepentingan specifically for the addition of the Document
penambahan usaha ekosistem Solusi Dokumen. Solutions ecosystem. This assignment is
Penugasan ini digunakan untuk kepentingan intended for capital market purposes and should
pasar modal dan tidak digunakan di luar not be used outside the context or purpose of
konteks atau tujuan penugasan tersebut. this assignment.
Penugasan ini dilakukan dengan mengacu This assignment is carried out in accordance
kepada Peraturan Otoritas Jasa Keuangan with Financial Services Authority Regulation
Nomor 17/POJK.04/2020 tentang Transaksi Number 17/POJK.04/2020 concerning Material
Material dan Perubahan Kegiatan Usaha, Transactions and Business Activity Changes,
Peraturan Otoritas Jasa Keuangan Nomor Financial Services Authority Regulation Number
35/POJK.04/2020 tentang Penilaian dan 35/POJK.04/2020 concerning the Valuation and
Penyajian Laporan Penilaian Bisnis di Pasar Presentation of Business Valuation Reports in
Modal dan Salinan Surat Edaran Otoritas Jasa the Capital Market, and Circular Letter of the
Keuangan Republik Indonesia Financial Services Authority of the Republic of
No.17/SEOJK.04/2020 tentang Pedoman Indonesia No.17/SEOJK.04/2020 concerning
Penilaian dan Penyajian Laporan Penilaian Guidelines for Valuation and Presentation of
Bisnis di Pasar Modal serta Kode Etik Penilai Business Valuation Reports in the Capital
Indonesia (“KEPI”) serta Standar Penilaian Market, as well as the Indonesian Appraiser
Indonesia (“SPI”) Edisi VII Tahun 2018 dan SPI Code of Ethics ("KEPI") and Indonesian Valuation
330 Edisi Revisi Tahun 2020. Standards ("SPI") Edition VII of 2018 and SPI 330
Revised Edition of 2020.
1.6 Metodologi Laporan / Report Methodology
Metode yang digunakan dalam menyusun The method used in compiling this study report
Laporan Studi Kelayakan ini adalah : is as follows:
• Pengumpulan data-data primer dari AG • Collection of primary data from AG related to
yang terkait dengan rencana penambahan the planned business expansion, including
kegiatan usaha yang meliputi data-data identity data, permits, business plans, and
identitas, perizinan, rencana usaha serta other relevant data associated with the
data-data lainnya yang terkait dengan expansion plan.
rencana penambahan kegiatan usaha.
• Analisis makro ekonomi, analisis industri • Macroeconomic analysis and industry analysis
untuk mengevaluasi pengaruh dari faktor to evaluate the impact of these factors on
tersebut terhadap kinerja AG di masa AG's future performance.
mendatang.
• Analisis kelayakan pasar ini membahas • Market feasibility analysis, which examines
mengenai pasar dari industri yang the market for industries whose products are
produknya merupakan kebutuhan Printing essential for Printing & Digital Services. This
& Digital Services yang kemudian akan will then be expanded to include Printing
ditambahkan dengan Printing Service Service Business, Office Equipment Rental,
Business, Sewa Mesin Kantor, Pengemasan, Packaging, and Business Process Outsourcing,
Business Process Outsourcing yang sesuai in line with the planned business expansion.
dengan rencana penambahan kegiatan
usaha.
• Technical analysis of AG in realizing its
• Analisis teknis AG dalam merealisasikan business expansion plan to become a company
rencana penambahan kegiatan usahanya engaged in Printing Service Business, Office
menjadi perusahaan yang juga bergerak
Halaman / Page - 3
Page 19
KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
dalam bidang Printing Service Business, Equipment Rental, Packaging, and Business
Sewa Mesin Kantor, Pengemasan, Business Process Outsourcing, whereas previously it
Process Outsourcing semulanya terbatas was limited to Printing & Digital Services.
pada bidang Printing & Digital Services.
• Analisis pola bisnis menunjukan bahwa • Business model analysis indicating that AG's
rencana penambahan kegiatan usaha AG planned business expansion remains within
masih dalam ranah B2B (business to the B2B (business-to-business) sector.
business)
• Analisis model manajemen yang • Management model analysis demonstrating
menunjukan kesanggupan manajeman AG AG's ability to manage its business expansion
untuk menangani rencana penambahan plan, particularly in terms of Human
kegiatan usaha AG, dalam hal ini Resource (HR) readiness.
merupakan kesiapan Sumber Daya
Manusia.
• Financial analysis based on AG's historical and
• Analisis keuangan yang dilihat dari laporan prospective financial reports to evaluate the
keuangan historis serta prospektif AG
feasibility of the business expansion.
untuk mengevaluasi kelayakan
penambahan kegiatan usaha AG.
• Dalam melakasanakan penugasan ini, • In carrying out this assignment, the analysis
analisis dilakukan terhadap kelayakan of the business expansion feasibility is
penambahan kegiatan usaha. Analisis ini conducted using indicators such as Net
dilakukan dengan menggunakan indikator Present Value (NPV), Profitability Index (PI),
Net Present Valuve (NPV), Profitability Internal Rate of Return (IRR), and Break-Even
Index (PI), Internal Rate of Return (IRR), Analysis.
dan Break Even.
1.7 Kondisi Pembatas / Limiting Conditions
• Laporan Studi Kelayakan merupakan hasil • The Feasibility Study Report is the result of
analisis KJPP DYR atas rencana penambahan KJPP DYR's analysis of AG's planned additional
Kegiatan Usaha AG yang juga dimaksudkan business activities, which is also intended to
untuk digunakan sebagai pemenuhan fulfill the provisions of Financial Services
ketentuan Peraturan Otoritas Jasa Keuangan Authority Regulation Number
Nomor 17/POJK.04/2020 tentang Transaksi 17/POJK.04/2020 concerning Material
Materal dan Perubahan Kegiatan Usaha, Transactions and Changes in Business
Peraturan Otoritas Jasa Keuangan Nomor Activities, Financial Services Authority
35/POJK.04/2020 tentang Penilaian dan Regulation Number 35/POJK.04/2020
Penyajian Laporan Penilaian Bisnis di Pasar concerning the Valuation and Presentation of
Modal dan Salinan Surat Edaran Otoritas Jasa Business Valuation Reports in the Capital
Keuangan Republik Indonesia Market, and Circular Letter of the Financial
No.17/SEOJK.04/2020 tentang Pedoman Services Authority of the Republic of
Penilaian dan Penyajian Laporan Penilaian Indonesia Number 17/SEOJK.04/2020
Bisnis di Pasar Modal concerning Guidelines for the Valuation and
Presentation of Business Valuation Reports in
the Capital Market.
• Besaran investasi yang digunakan dalam • The investment amount used in the
proyeksi merujuk pada rencana dan projections refers to management’s plans
pertimbangan manajemen dengan tetap and considerations while taking market data
memperhatikan data pasar. into account.
• Penyusunan Laporan Studi Kelayakan ini • The preparation of this Feasibility Study
merupakan interpretasi kami atas data dan Report is our interpretation of the data and
informasi yang diperoleh dan tersedia yang information obtained and available, which
kami anggap benar pada saat penyusunan we consider accurate at the time of report
laporan ini dilakukan. Asumsi-asumsi yang preparation. The assumptions used may no
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
digunakan mungkin tidak lagi berlaku longer be valid if certain events or conditions
apabila terjadi situasi atau kondisi tertentu occur that affect the accuracy of these
yang mempengaruhi ketepatan asumsi- assumptions, such as the implementation of
asumsi tersebut, seperti diberlakukannya new government regulations or significant
peraturan-peraturan pemerintah yang baru changes in management, politics, society, or
maupun perubahan-perubahan penting di the economy.
manajemen, bidang politik, sosial dan
ekonomi.
• Kami tidak bertanggung jawab atas kerugian • We are not responsible for losses resulting
sebagai akibat dari kesalahan opini atau from errors in opinion or conclusions due to
kesimpulan yang terjadi karena adanya data relevant and significant data or information
atau informasi AG yang relevan dan from AG that impacts our opinions or
signifikan pengaruhnya terhadap opini atau conclusions, which we have not received or
kesimpulan kami, yang tidak dan/ atau have yet to receive from AG.
belum kami terima dari AG.
• Kami berasumsi bahwa AG mentaati semua
• We assume that AG complies with all
peraturan yang ditetapkan Pemerintah,
government regulations, especially those
khususnya yang terkait dengan operasional
related to company operations, both in the
perusahaan, baik di masa lalu maupun di
past and in the future.
masa mendatang.
• Kami tidak melaksanakan pemeriksanaan • We do not conduct examinations of the legal
terhadap legalitas aset yang dimiliki oleh status of AG’s assets. We assume that
AG. Kami berasumsi bahwa tidak ada thereare no legal issues regarding AG’s
masalah legalitas berkenaan dengan aset- assets, either now or in the future.
aset AG, baik saat ini maupun di masa yang
akan datang.
• Kami berasumsi bahwa AG telah dan akan • We assume that AG has fulfilled and will
memenuhi kewajiban berkenaan dengan continue to fulfill its obligations regarding
perpajakan, retribusi pungutan-pungutan, taxation, levies, and/or other obligations in
dan/atau kewajiban lainnya sesuai dengan accordance with applicable regulations.
peraturan yang berlaku.
• Kami telah melakukan penelahaan atas • We have reviewed the documents used in the
dokumen yang digunakan dalam proses preparation process of the Feasibility Study
penyusunan Laporan Studi Kelayakan. Report.
• Kami mengandalkan sepenuhnya data-data • We fully rely on data provided by
dari manajemen, adapun laporan keuangan management, and the audited financial
audit per cut-off date, kami peroleh dari statements as of the cut-off date were
manajemen. obtained from management.
• Data dan informasi diperoleh dari sumber • Data and information were obtained from
dan data yang dapat dipercaya. reliable sources.
• Kami menggunakan proyeksi keuangan yang • We use adjusted financial projections that
telah disesuaikan yang mencerminkan reflect the reasonableness of management's
kewajaran proyeksi keuangan yang dibuat financial forecasts based on their ability to
oleh manajemen dengan kemampuan achieve them (fiduciary duty).
pencapaian (fiduciary duty).
• Kami bertanggung jawab atas pelaksanaan • We are responsible for carrying out the
penyusunan Laporan Studi Kelayakan dan preparation of the Feasibility Study Report
kewajaran proyeksi keuangan. and for the fairness of the financial
projections.
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
• Kami bukan konsultan yang berkompetensi • We are not environmental consultants and,
masalah lingkungan hidup, dan karenanya therefore, are not responsible for any actual
tidak bertanggung jawab terhadap setiap or potential liabilities related to
kewajiban aktual atau potensial yang terkait environmental issues.
dengan permasalahan lingkungan.
• This Feasibility Study Report is a non-
• Laporan Studi Kelayakan ini bersifat non
disclaimer opinion.
disclaimer opinion.
• Penilai bertanggung jawab pada laporan • The appraiser is responsible for this
Studi Kelayakan ini dan kesimpulan akhir Feasibility Study Report and its final
dari laporan ini. conclusions.
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
3 BAB II / CHAPTER II
4 GAMBARAN UMUM / OVERVIEW
2.1 Profil PT ASTRA GRAPHIA Tbk (“AG”) / Profile of PT ASTRA GRAPHIA Tbk (“AG”)
2.1.1 Pendirian / Establishment
PT Astra Graphia Tbk (“AG”) didirikan di PT Astra Graphia Tbk (“AG”) was established in
Indonesia pada tanggal 31 Oktober 1975 Indonesia on October 31, 1975, based on Deed of
berdasarkan akta pendirian No. 186, dari Establishment No. 186 by Notary Kartini Muljadi,
Notaris Kartini Muljadi, S.H. Akta pendirian ini S.H. The deed of establishment and its
dan akta-akta perubahannya telah disetujui amendments were approved by the Minister of
oleh Menteri Kehakiman Republik Indonesia Justice of the Republic of Indonesia in Decree
dalam Surat Keputusan No. Y.A.5/33/14 No. Y.A.5/33/14 dated February 12, 1976, and
tanggal 12 Februari 1976 dan diumumkan announced in the State Gazette No. 25 on March
dalam Berita Negara No. 25 tanggal 26 Maret 26, 1976, Supplement No. 219. The Company’s
1976 Tambahan No. 219. Anggaran Dasar Articles of Association have been amended
Perusahaan telah mengalami beberapa kali several times, most recently through the Deed
perubahan, yang terakhir berdasarkan akta of Statement of Meeting Resolutions No. 65
Pernyataan Keputusan Rapat No. 65 tanggal 13 dated April 13, 2022, made before Aulia
April 2022, yang dibuat di hadapan Aulia Taufani, S.H., a notary in Jakarta, regarding
Taufani, S.H., notaris di Jakarta, mengenai amendments to the Articles of Association to
perubahan Anggaran Dasar guna menyesuaikan align with Government Regulation No. 5 of 2021
dengan Peraturan Pemerintah Republik concerning Risk-Based Licensing and the
Indonesia Nomor 5 tahun 2021 tentang Indonesian Business Field Classification 2020.
Penyelenggaraan Perizinan Berbasis Risiko dan The notification of changes to the Articles of
Klasifikasi Buku Lapangan Usaha Indonesia Association was received by the Minister of Law
Tahun 2020. Pemberitahuan perubahan and Human Rights in letter No. AHU-
Anggaran Dasar telah diterima oleh Menteri 0032176.AH.01.02 dated May 11, 2022.
Hukum dan Hak Asasi Manusia dalam suratnya
No. AHU-0032176.AH.01.02 tanggal 11 Mei
2022.
Perusahaan memulai operasi komersial pada The company began commercial operations in
tahun 1975. 1975.
2.1.2 Produk dan Layanan / Products and Services
AG bergerak di bidang perdagangan dan AG operates in the trade and information
teknologi informasi. Perusahaan berdomisili di technology sectors. The company is domiciled in
Jakarta Pusat, dengan kantor pusat nya berada Central Jakarta, with its headquarters located
di Jalan Kramat Raya No. 43, Jakarta, dan at Jalan Kramat Raya No. 43, Jakarta, and has
memiliki 92 titik layanan yang tersebar di 31 92 service points spread across 31 branch offices
kantor cabang dan lokasi lainnya di seluruh and other locations throughout Indonesia.
Indonesia.
2.1.3 Modal Perseroan / Company Capital
Berdasarkan Laporan Keuangan Audit per 31 Based on the Audited Financial Statements as of
Desember 2024, susunan pemegang saham AG December 31, 2024, the shareholder
adalah sebagai berikut: composition of AG is as follows:
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
Figur 1. Susunan Pemegang Saham / Shareholder List
Jumlah Saham / Persentase % /
Pemegang Saham / Shareholder
number of shares Percentage
PT Astra International Tbk 1.036.752.580 76,87%
Masyarakat (dengan kepemilikan kurang 312.027.920 23,13%
dari 5%)
Jumlah / Total 1.348.780.500 100,00%
Pemegang saham mayoritas AG adalah PT Astra The majority shareholder of AG is PT Astra
International Tbk dengan kepemilikan sebesar International Tbk, with an ownership of 76.87%,
76,87%, sedangkan pemegang saham minoritas while the minority shareholders consist of the
terdiri dari Masyarakat dengan total public, with a total ownership of 23.13%
kepemilikan sebesar 23,13%.
2.1.4 Susunan Pengurus / Management Composition
Berdasarkan Laporan Keuangan Audit per 31 The following is the composition of the
Desember 2024, Susunan Dewan Komisaris dan Company's Directors and Board of
Direksi AG sebagai berikut : Commissioners as follows:
Dewan Komisaris / Board of Commissioners
Presiden Komisaris / President Commissioner : Santosa
Komisaris / Commissioner : Gunawan Geniusahardja
Komisaris Independen / Independent Commissioner : Arya Narayana Soemali
Komisaris Independen / Independent Commissioner : Sidharta Utama
Direksi / Directors
Presiden Direktur / President Director : Hendrix Pramana
Direktur / Director : King Iriawan Sutanto
Direktur / Director : Trivena Nalsalita
Direktur / Director : Widi Triwibowo
Komite Audit / Audit Committee
Ketua / Chairman : Sidharta Utama
Anggota / Members : Handy E. Halim
Anggota / Members : Mario C. Surung Gultom
2.2 Legalitas Usaha / Business Legality
Legalitas dan perizinan yang telah dimiliki AG Legalities and permits owned by AG are as
adalah sebagai berikut : follows:
1. Akta pendirian No. 186, dari Notaris Kartini 1. Deed of Establishment No. 186, issued by
Muljadi, S.H. Akta pendirian ini dan akta- Notary Kartini Muljadi, S.H. This deed and
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
akta perubahannya telah disetujui oleh its amendments were approved by the
Menteri Kehakiman Republik Indonesia Minister of Justice of the Republic of
dalam Surat Keputusan No. Y.A.5/33/14 Indonesia through Decree No. Y.A.5/33/14
tanggal 12 Februari 1976 dan diumumkan dated February 12, 1976, and published in
dalam Berita Negara No. 25 tanggal 26 the State Gazette No. 25 on March 26, 1976,
Maret 1976 Tambahan No. 219. Supplement No. 219.
2. Akta Pernyataan Keputusan Rapat No. 65 2. Deed of Statement of Meeting Resolutions
tanggal 13 April 2022, yang dibuat di No. 65, dated April 13, 2022, made before
hadapan Aulia Taufani, S.H., notaris di Aulia Taufani, S.H., a notary in Jakarta,
Jakarta, mengenai perubahan Anggaran regarding amendments to the Articles of
Dasar guna menyesuaikan dengan Association to comply with Government
Peraturan Pemerintah Republik Indonesia Regulation No. 5 of 2021 concerning Risk-
Nomor 5 tahun 2021 tentang Based Business Licensing and the 2020
Penyelenggaraan Perizinan Berbasis Risiko Indonesian Standard Industrial
dan Klasifikasi Buku Lapangan Usaha Classification (KBLI).
Indonesia Tahun 2020.
3. Nomor Induk Berusaha nomor 3. Business Identification Number (NIB)
8120114051606. 8120114051606.
4. Nomor Pokok Wajib Pajak 01.307.26 1.6- 4. Taxpayer Identification Number (NPWP)
054.000 01.307.26 1.6-054.000.
2.3 Tenaga Kerja / Workforce
Jumlah tenaga kerja AG per 31 Desember 2024 As of December 31, 2024, AG had a total of
sebanyak 1.367 karyawan. 1,367 employees.
2.4 Tinjauan Kinerja Keuangan / Financial Performance Analysis
Analisis kinerja keuangan historis AG The analysis of AG's historical financial
didasarkan atas Laporan Keuangan periode performance is based on the audited Financial
2020 hingga 2024 yang telah diaudit oleh Statements for the period 2020 to 2024, audited
Kantor Akuntan Publik Rintis, Jumadi, Rianto & by Public Accounting Firm Rintis, Jumadi,
Rekan. Rianto & Partners.
5 Tinjauan Laba (Rugi) / Income Statement Analysis
Figur 2. Laba Rugi / Income Statement (In millions of rupiah)
2020 2021 2022 2023 2024
Deskripsi Jan - Des Jan - Des Jan - Des Jan - Des Jan - Des Description
Audited Audited Audited Audited Audited
Pendapatan bersih 3.348.871 3.299.105 2.909.972 2.968.952 2.814.262 Net Revenue
Beban pokok pendapatan (2.809.630) (2.762.238) (2.316.632) (2.327.206) (2.165.063) Cost of Revenue
Laba bruto 539.241 536.867 593.340 641.746 649.199 Gross Profit
Beban penjualan (161.126) (158.212) (142.927) (152.799) (141.531) Selling Expenses
General and
Beban umum dan Administrative
asministrasi (301.329) (270.148) (330.027) (308.568) (303.550) Expenses
Penghasilan keuangan 6.673 10.316 18.671 29.845 55.353 Finance Income
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
2020 2021 2022 2023 2024
Deskripsi Jan - Des Jan - Des Jan - Des Jan - Des Jan - Des Description
Audited Audited Audited Audited Audited
Biaya keuangan (16.269) (6.316) (6.260) (7.841) (5.207) Finance Costs
(Loss)/Gain on
(Kerugian)/keuntungan Foreign Exchange —
selisih kurs - bersih (1.041) (691) (2.633) 4.337 (308) Net
Penghasilan lain-lain bersih (2.429) 70 (891) 1.266 2.283 Other Income — Net
Laba sebelum pajak Profit Before Income
penghasilan 63.720 111.886 129.273 207.986 256.239 Tax
Beban pajak penghasilan (15.937) (24.575) (32.202) (66.913) (51.582) Income Tax Expense
Laba tahun berjalan 47.783 87.311 97.071 141.073 204.657 Profit for the Year
Source : AG’s financial statements, processed by DYR
Pendapatan Bersih AG mengalami fluktuasi AG’s Net Revenue fluctuated during the 2020–
selama periode 2020–2024. Pada 2021, 2024 period. In 2021, revenue declined by
pendapatan turun sebesar 1,49%, lalu turun 1.49%, followed by a steeper decrease of 11.80%
lebih dalam pada 2022 dengan penurunan in 2022. However, there was a slight recovery in
sebesar 11,80%. Namun, ada sedikit pemulihan 2023 with a 2.03% increase, although it dropped
pada 2023 dengan kenaikan sebesar 2,03%, again by 5.21% in 2024. Meanwhile, the Cost of
meskipun kembali turun sebesar 5,21% pada Revenue showed a significant decrease. In 2021,
2024. Sedangkan Beban Pokok Pendapatan costs fell by 1.69%, then declined more sharply
menunjukkan penurunan yang cukup by 16.13% in 2022. Although there was a slight
signifikan. Pada 2021, beban turun 1,69%, lalu increase of 0.46% in 2023, costs dropped again
turun lebih drastis pada 2022 sebesar 16,13%. by 6.97% in 2024.
Meski sempat naik sedikit pada 2023 sebesar
0,46%, beban kembali turun di 2024 sebesar
6,97%.
Laba Bruto AG relatif stabil dan cenderung AG’s Gross Profit remained relatively stable and
tumbuh positif. Pada 2021, laba bruto sedikit tended to grow positively. In 2021, gross profit
turun sebesar 0,44%, tetapi membaik pada slightly declined by 0.44%, but improved in 2022
2022 dengan pertumbuhan sebesar 10,52% dan with a growth of 10.52%, continuing to rise by
terus naik pada 2023 sebesar 8,16%. Di 2024, 8.16% in 2023. In 2024, growth slowed but
pertumbuhan melambat tetapi masih positif di remained positive at 1.16%.
1,16%.
Laba Tahun Berjalan menunjukkan Profit for the Year showed very strong growth.
pertumbuhan sangat kuat. Pada 2021, laba In 2021, profit surged by 82.72%, continued to
melonjak sebesar 82,72%, terus bertumbuh grow by 11.18% in 2022, and accelerated further
pada 2022 sebesar 11,18% dan 2023 sebesar by 45.33% in 2023. The positive trend continued
45,33%. Tren positif berlanjut ke 2024 dengan into 2024 with a significant increase of 45.07%.
kenaikan signifikan sebesar 45,07%.
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
6 Tinjauan Posisi Keuangan / Balance Sheet Analysis
Figur 3. Posisi Keuangan / Balance Sheet (In millions of rupiah)
2020 2021 2022 2023 2024
Deskripsi Jan - Des Jan - Des Jan - Des Jan - Des Jan - Des Deskripsi
Audited Audited Audited Audited Audited
ASET ASSETS
Aset Lancar Current Assets
Kas 479.882 1.050.982 1.252.775 1.270.583 1.611.060 Cash
Kas yang dibatasi Restricted cash
penggunaannya - - 1.415 190 190
Piutang usaha Trade receivables
Pihak ketiga 360.708 478.616 345.965 313.895 256.515 Third parties
Pihak berelasi 106.466 167.862 211.636 180.266 242.027 Related parties
Aset kontrak Contract assets
Pihak ketiga 40.550 58.076 66.704 65.630 34.799 Third parties
Pihak berelasi 44.714 46.308 69.230 118.722 36.429 Related parties
Bagian lancar dari Current portion of
piutang sewa lease receivables
Pihak ketiga 331 - - - - Third parties
Pihak berelasi 657 - - - - Related parties
Piutang lain-lain Other receivables
Pihak ketiga 14.871 8.889 4.939 5.474 9.739 Third parties
Bagian jangka pendek Short-term portion of
dari piutang sewa finance lease
pembiayaan - - - - 9.503 receivables
Aset derivatif 232 - 3.673 185 230 Derivative assets
Persediaan 416.883 248.909 237.798 223.593 241.786 Inventories
Pajak dibayar dimuka Prepaid taxes
Pajak penghasilan Corporate income tax
badan 24.164 45.836 - - -
Pajak lain-lain 241.764 110.956 14.719 1.449 22.955 Other taxes
Uang muka pemasok 5.216 1.245 14.365 5.011 9.338 Advances to suppliers
Beban dibayar dimuka 6.489 9.298 3.111 2.133 6.358 Prepaid expenses
Jumlah Aset Lancar 1.742.927 2.226.977 2.226.330 2.187.131 2.480.929 Total Current Assets
Aset Tidak Lancar Non-Current Assets
Piutang lain-lain 15.749 12.512 5.092 10.895 9.958 Other receivables
Piutang usaha Trade receivables
Pihak ketiga - - - - 13.154 Third parties
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
2020 2021 2022 2023 2024
Deskripsi Jan - Des Jan - Des Jan - Des Jan - Des Jan - Des Deskripsi
Audited Audited Audited Audited Audited
Bagian jangka panjang Long-term portion of
dari piutang sewa finance lease
pembiayaan - - - - 11.954 receivables
Pajak dibayar dimuka Prepaid taxes
Pajak penghasilan Corporate income tax
badan 38.323 9.048 34.332 10.279 11.207
Aset tetap 426.294 352.919 339.561 415.061 366.682 Fixed assets
Goodwill 18.303 18.303 18.303 18.303 18.303 Goodwill
Aset takberwujud 26.302 9.700 15.592 10.983 6.372 Intangible assets
Aset pajak tangguhan 18.394 23.257 38.120 29.864 29.525 Deferred tax assets
Aset lain-lain 2.539 2.562 321 297 353 Other assets
Jumlah Aset Tidak Total Non-Current
Lancar 545.904 428.301 451.321 495.682 467.508 Assets
TOTAL ASET 2.288.831 2.655.278 2.677.651 2.682.813 2.948.437 TOTAL ASSETS
LIABILITIES AND
LIABILITAS DAN EKUITAS EQUITY
Liabilitas Jangka Pendek Current Liabilities
Utang usaha Trade payables
Pihak ketiga 365.290 549.075 475.269 370.805 321.460 Third parties
Pihak berelasi 240 1.615 40 160 1.657 Related parties
Utang lain-lain Other payables
Pihak ketiga 14.746 23.982 21.970 26.466 44.620 Third parties
Pihak berelasi 1.525 679 102 815 1.257 Related parties
Liabilitas kontrak Contract liabilities
Pihak ketiga 41.973 74.891 84.446 78.593 141.797 Third parties
Pihak berelasi 87.519 148.979 152.127 147.823 267.878 Related parties
Liabilitas derivatif 196 167 76 - 1.143 Derivative liabilities
Utang pajak Taxes payable
Pajak penghasilan Corporate income tax
badan - 6.201 9.430 2.612 6.800
Pajak lain-lain 19.543 27.426 34.431 41.826 51.112 Other taxes
Akrual dan provisi 55.798 83.204 113.763 136.209 106.326 Accruals and provisions
Uang muka pelanggan Customer advances
Pihak ketiga 4.327 1.714 10.961 10.173 6.622 Third parties
Pihak berelasi - - - - - Related parties
Bagian jangka pendek Current portion of
dari liabilitas sewa 12.568 13.902 9.333 7.406 8.860 lease liabilities
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
2020 2021 2022 2023 2024
Deskripsi Jan - Des Jan - Des Jan - Des Jan - Des Jan - Des Deskripsi
Audited Audited Audited Audited Audited
Bagian jangka pendek Current portion of
dari kewajiban imbalan post-employment
pasca kerja 10.437 10.062 6.050 6.437 7.246 benefit obligations
Jumlah Liabilitas Jangka Total Current
Pendek 614.162 941.897 917.998 829.325 966.778 Liabilities
Liabilitas Jangka Non-Current Liabilities
Panjang
Kewajiban imbalan pasca Post-employment
kerja 76.469 55.448 39.108 38.346 37.431 benefit obligations
Liabilitas sewa 35.422 30.280 27.323 23.240 18.568 Lease liabilities
Jumlah Liabilitas Jangka Total Non-Current
Panjang 111.891 85.728 66.431 61.586 55.999 Liabilities
TOTAL LIABILITAS 726.053 1.027.625 984.429 890.911 1.022.777 Total Liabilities
EKUITAS Equity
Modal saham 134.878 134.878 134.878 134.878 134.878 Share capital
Additional paid-in
Tambahan modal disetor 57.313 57.313 57.313 57.313 57.313 capital
Cadangan lain-lain 5.258 5.258 5.258 5.258 5.258 Other reserves
Saldo laba: Retained earnings:
Dicadangkan 26.976 26.976 26.976 26.976 26.976 Appropriated
Belum dicadangkan 1.338.349 1.403.224 1.468.793 1.567.473 1.701.231 Unappropriated
1.562.774 1.627.649 1.693.218 1.791.898 1.925.656
Kepentingan non- Non-controlling
pengendali 4 4 4 4 4 interests
TOTAL EKUITAS 1.562.778 1.627.653 1.693.222 1.791.902 1.925.660 Total Equity
TOTAL LIABILITAS DAN Total Liabilities and
EKUITAS 2.288.831 2.655.278 2.677.651 2.682.813 2.948.437 Equity
Source : AG’s financial statements, processed by DYR
Total aset perusahaan tumbuh sebesar 16,01% Total assets of the company grew by 16.01% in
pada tahun 2021, namun meningkat sebesar 2021, but growth slowed to 0.84% in 2022 and
0,84% pada tahun 2022 dan sebesar 0,19% pada 0.19% in 2023. However, in 2024, asset growth
tahun 2023. Pada tahun 2024, pertumbuhan rebounded to 9.90%. This indicates that despite
aset kembali menguat menjadi 9,90%. Ini a slowdown in the middle of the period, AG’s
menunjukkan bahwa meskipun ada assets managed to grow significantly by the end
perlambatan di tengah periode, aset AG of the period.
berhasil tumbuh signifikan di akhir periode.
Total liabilitas meningkat sebesar 41,54% pada Total liabilities increased by 41.54% in 2021,
tahun 2021, tetapi kemudian menurun sebesar then decreased by 4.20% in 2022 and by 9.50% in
4,20% di tahun 2022 dan sebesar 9,50% pada 2023, before rising again by 14.80% in 2024. This
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
tahun 2023, sebelum akhirnya meningkat lagi reflects a notable reduction in obligations,
sebesar 14,80% pada tahun 2024. Ini although liabilities increased again towards the
menunjukkan adanya pengurangan kewajiban end of the period.
yang cukup baik, namun terjadi kenaikan
kembali di akhir periode.
Total ekuitas menunjukkan pertumbuhan yang Total equity showed steady growth throughout
stabil sepanjang periode, dengan kenaikan the period, rising by 4.15% in 2021, 4.03% in
sebesar 4,15% pada tahun 2021, 4,03% pada 2022, 5.83% in 2023, and 7.46% in 2024. The
tahun 2022, 5,83% pada tahun 2023, dan 7,46% consistent growth in equity demonstrates an
pada tahun 2024. Pertumbuhan ekuitas yang ongoing increase in the company’s net value
konsisten menunjukkan peningkatan nilai over time.
bersih perusahaan dari waktu ke waktu.
7 Tinjauan Arus Kas / Cash Flow Analysis
Figur 4. Arus Kas / Cash Flow (In millions of rupiah)
2020 2021 2022 2023 2024
Deskripsi Jan - Des Jan - Des Jan - Des Jan - Des Jan - Des Deskripsi
Audited Audited Audited Audited Audited
Cash flows from
Arus kas dari aktivitas operasi 101.580 616.103 284.587 97.102 445.751 operating activities
Cash flows from investing
Arus kas dari aktivitas investasi (12.090) (9.282) (30.548) (11.739) (17.348) activities
Arus kas dari aktivitas Cash flows from
pendanaan (101.200) (35.737) (52.248) (67.554) (87.921) financing activities
Kenaikan bersih kas dan setara Net increase in cash and
kas (11.710) 571.084 201.791 17.809 340.482 cash equivalents
Cash and cash
Kas dan setara kas pada awal equivalents at the
tahun 491.544 479.882 1.050.982 1.252.775 1.270.583 beginning of the year
Effect of exchange rate
Dampak perubahan kurs changes on cash and cash
terhadap kas dan setara kas 48 16 2 (1) (5) equivalents
Cash and cash
Kas dan setara kas pada akhir equivalents at the end of
tahun 479.882 1.050.982 1.252.775 1.270.583 1.611.060 the year
Source : AG’s financial statements, processed by DYR
Dari laporan keuangan yang diperoleh, Based on the financial statements obtained,
aktivitas arus kas AG pada periode AG's cash flow activities for the period from
31 Desember 2020 sampai dengan 31 Desember December 31, 2020, to December 31, 2024, are
2024 adalah sebagai berikut : as follows:
Arus kas bersih dari aktivitas operasi AG pada The net cash flow from AG's operating activities
periode 31 Desember 2024 menunjukan arus as of December 31, 2024, shows a positive cash
kas yang positif. Arus kas ini mengambarkan flow. This reflects AG's ability to generate cash
kemampuan AG dalam menghasilkan kas dari from its business operations.
kegiatan usahanya.
Arus kas bersih untuk aktivitas investasi AG The net cash flow for AG's investing activities
selama periode 31 Desember 2020 sampai during the period from December 31, 2020, to
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dengan 31 Desember 2024 menunjukkan arus December 31, 2024, shows cash outflows. The
kas keluar. Adapun investasi yang dikeluarkan investment made by AG was in 2024, amounting
oleh AG pada tahun 2024 mencapai Rp17.348 to IDR 17,348 million.
juta.
Arus kas bersih dari aktivitas pendanaan The net cash flow from financing activities
selama periode 31 Desember 2020 sampai during the period from December 31, 2020, to
dengan 31 Desember 2024 menunjukan angka December 31, 2024, shows a negative figure,
negatif dimana pada periode tersebut indicating a tendency for cash outflows. AG
cenderung adanya pengeluaran dana, AG recorded cash outflows amounting to IDR 87,921
mencatatkan kas keluar sebesar Rp.87.921 million.
juta.
8 Rasio Keuangan / Financial Ratios
Figur 5. Rasio Keuangan /Financial Ratios
2020 2021 2022 2023 2024
RASIO LIKUIDITAS (x) LIQUIDITY RATIO (x)
Rasio Lancar 2,84 2,36 2,43 2,64 2,57 Current Ratio
Rasio Kas 0,78 1,12 1,36 1,53 1,67 Cash Ratio
Rasio Cepat 2,16 2,10 2,17 2,37 2,32 Quick Ratio
RASIO AKTIVITAS (x) ACTIVITY RATIOS (x)
Rasio Perputaran Persediaan 6,74 11,10 9,74 10,41 8,95 Inventory Turnover Ratio
Accounts Receivable Turnover
Rasio Perputaran Piutang Usaha 7,17 5,10 5,22 6,01 5,64
Ratio
Rasio Perputaran Utang Usaha 7,69 5,02 4,87 6,27 6,70 Accounts Payable Turnover Ratio
RASIO SOLVABILITAS SOLVENCY RATIOS
Rasio Liabilitas terhadap Aset 31,72% 38,70% 36,76% 33,21% 34,69% Liabilities to Assets Ratio
Rasio Liabilitas terhadap Ekuitas 46,46% 63,14% 58,14% 49,72% 53,11% Liabilities to Equity Ratio
RASIO PROFITABILITAS PROFITABILITY RATIOS
Rasio Margin Laba Kotor 16,10% 16,27% 20,39% 21,62% 23,07% Gross Profit Margin Ratio
Rasio Margin Laba Rugi Tahun Current Year Profit Margin Ratio
1,43% 2,65% 3,34% 4,75% 7,27%
Berjalan
Rasio Return on Assets 2,09% 3,29% 3,63% 5,26% 6,94% Rasio Return on Assets
Rasio Return on Equity 3,06% 5,36% 5,73% 7,87% 10,63% Rasio Return on Equity
Source : AG’s financial statements, processed by DYR
1. Rasio Likuiditas merupakan rasio yang 1. Liquidity ratios indicate a company’s ability
menunjukkan kemampuan perusahaan to meet its short-term obligations or pay off
dalam memenuhi kewajiban atau membayar its short-term debts. These ratios measure
utang jangka pendeknya. Rasio inilah yang how liquid a company is. Below are AG’s
dapat digunakan untuk mengukur seberapa liquidity ratios:
likuidnya suatu perusahaan. Berikut jenis
rasio likuiditas AG:
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a. Rasio Lancar a. Current Ratio
Rasio lancar pada 31 Desember 2024 The current ratio as of December 31, 2024,
sebesar 2,57 yang artinya aset lancar was 2.57, meaning the company’s current
pada tahun tersebut cukup untuk assets were sufficient to cover its current
mendanai utang lancar perusahaan. liabilities during that year.
b. Rasio Kas
Rasio kas pada 31 Desember 2024 sebesar b. Cash Ratio
1,67 yang artinya kas pada tahun The cash ratio as of December 31, 2024,
tersebut cukup untuk mendanai utang was 1.67, meaning the company’s cash was
lancar perusahaan. enough to cover its current liabilities
during that year.
2. Rasio Aktivitas
Rasio aktivitas adalah rasio yang mengukur 2. ActivityRatios
seberapa efektif suatu perusahaan dalam Activity ratios measure how effectively a
mengelola aset, dalam rangka untuk meraih company manages its assets to generate
manfaat ekonomis. Berikut jenis-jenis rasio economic benefits. Below are AG’s activity
ratios:
aktivitas AG:
a. Rasio Perputaran Persediaan
Rasio perputaran persediaan AG pada 31 a. Inventory Turnover Ratio
Desember 2024 menunjukkan angka 8,95 AG’s inventory turnover ratio as of
kali. December 31, 2024, was 8.95 times.
b. Rasio Perputaran Piutang Usaha
b. Accounts Receivable Turnover Ratio
Rasio perputaran piutang usaha AG pada
AG’s accounts receivable turnover ratio
31 Desember 2024 menunjukkan angka
as of December 31, 2024, was 5.64 times.
5,64 kali.
c. Rasio Perputaran Utang Usaha c. Accounts Payable Turnover Ratio
Rasio perputaran utang usaha AG pada 31 AG’s accounts payable turnover ratio as
Desember 2024 menunjukkan angka 6,70 of December 31, 2024, was 6.70 times.
kali.
3. Rasio Solvabilitas 3. Solvency Ratios
Rasio solvabilitas merupakan rasio yang Solvency ratios measure the extent to which
digunakan untuk mengukur sejauh mana a company’s assets are financed by debt,
aktiva perusahaan dibiayai dengan utang. indicating the burden of debt relative to
Artinya, berapa besar beban utang assets. Below are AG’s solvency ratios:
yang ditanggung perusahaan dibandingkan
dengan aktivanya. Berikut jenis-jenis rasio
solvabilitas AG:
a. Rasio Liabilitas terhadap Aset a. Liabilities to Assets Ratio
Rasio liabilitas terhadap aset AG pada 31 The liability to asset ratio of AG as of
Desember 2024 menunjukkan angka December 31, 2024, stands at 34.69%.
34,69%. Artinya, total aset AG dibiayai This means that AG's total assets were
oleh kewajiban atau utang pada periode financed by liabilities or debt during the
tersebut. period.
b. Rasio Liabilitas terhadap Ekuitas b. Liabilities to Equity Ratio
Rasio liabilitas terhadap ekuitas AG pada The liability to equity ratio of AG as of
31 Desember 2024 menunjukkan angka December 31, 2024, stands at 53.11%.
53,11%. Artinya, AG tidak bergantung This indicates that AG is not heavily
reliant on debt to finance its operations.
pada utang untuk mendanai
operasionalnya.
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4. Rasio Profitabilitas 4. Profitability Ratios
Rasio profitabilitas merupakan merupakan Profitability ratios assess a company’s ability
rasio untuk menilai kemampuan to generate profit within a specific period.
perusahaan dalam mencari keuntungan Below are AG’s profitability ratios:
atau laba dalam suatu periode tertentu.
Berikut jenis-jenis rasio profitabilitas AG:
a. Rasio Margin Laba Bruto dan Margin Laba a. Gross Profit Margin and Net Profit Margin
Tahun Berjalan AG’s gross profit margin and net profit
Rasio margin laba bruto dan margin laba (loss) margin as of December 31, 2024,
(rugi) tahun berjalan AG pada were 23.07% and 7.27%, respectively.
31 Desember 2024 masing-masing
menunjukkan angka 23,07% dan 7,27%.
b. Rasio Return on Assets b. Return on Assets (ROA)
Rasio return on assets AG pada 31 AG’s return on assets (ROA) as of
Desember 2024 menunjukkan angka December 31, 2024, was 6.94%.
6,94%.
c. Rasio Return on Equity c. Return on Equity (ROE)
Rasio return on equity AG pada 31 AG’s return on equity (ROE) as of
December 31, 2024, was 10.63%.
Desember 2024 menunjukkan angka
10,63%.
9 Informasi Investigasi Lapangan/ Field Investigation Information
10
Kami telah melakukan investigasi lapangan We have conducted a field investigation to
dalam rangka memperoleh informasi yang gather relevant information for the assignment
relevan dalam penugasan Penamabahan of AG’s Business Activity Expansion.
Kegiatan Usaha AG.
Below is the information related to the
Berikut informasi terkait pelaksanaan implementation of the field investigation:
investigasi lapangan :
Surat tugas / Assignment Letter : ST-00/IT/BS/AG/XI/2024/ITK/0410
Lokasi / Location : Jakarta
Tanggal / Date : Maret 3, 2025
Pelaksana / Executor : Ivan Teguh Khristian
Michelle M M Nender
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11 BAB III / CHAPTER III
12 ASPEK MAKRO INDONESIA / MACRO ASPECTS OF INDONESIA
3.1 Makro Ekonomi Indonesia / Indonesia’s Macroeconomy
3.1.1 Pertumbuhan Ekonomi / Economic Growth
Pertumbuhan ekonomi Indonesia tumbuh baik Indonesia’s economic growth remains positive
dengan kecenderungan lebih rendah dari but tends to be lower than previous projections.
prakiraan sebelumnya. Pertumbuhan ekonomi Economic growth in Q4 2024 is slightly below
triwulan IV 2024 sedikit di bawah prakiraan expectations, influenced by weaker domestic
dipengaruhi oleh lebih rendahnya permintaan demand, both in consumption and investment.
domestik, baik konsumsi maupun investasi. Overall, Indonesia’s economic growth in 2024 is
Secara keseluruhan, pertumbuhan ekonomi projected to be slightly below the midpoint of
2024 diprakirakan sedikit di bawah titik tengah the 4.7–5.5% range. In 2025, economic growth is
kisaran 4,7–5,5%. Pada 2025, pertumbuhan also expected to trend lower than earlier
ekonomi diperkirakan juga cenderung lebih projections. Exports are anticipated to weaken
rendah dari prakiraan sebelumnya. Ekspor due to slowing demand from major trading
diprakirakan lebih rendah sehubungan dengan partner countries, except for the United States.
melambatnya permintaan negara-negara Household consumption remains sluggish,
mitra dagang utama, kecuali AS. Konsumsi especially among the lower-middle income
rumah tangga juga masih lemah, khususnya groups, due to weak income expectations and
golongan menengah ke bawah sehubungan limited job availability. At the same time,
dengan belum kuatnya ekspektasi penghasilan private investment is not yet strong, as
dan ketersediaan lapangan kerja. Pada saat production capacity remains sufficient to meet
yang sama, dorongan investasi swasta juga both domestic and export demand.
belum kuat karena masih lebih besarnya
kapasitas produksi dalam memenuhi
permintaan, baik domestik maupun ekspor.
Bank Indonesia memperkirakan pertumbuhan Bank Indonesia forecasts that Indonesia’s
ekonomi Indonesia 2025 mencapai kisaran 4,7– economic growth in 2025 will be within the
5,5%, sedikit lebih rendah dari kisaran range of 4.7–5.5%, slightly lower than the
prakiraan sebelumnya 4,8–5,6%. Dalam kaitan previous projection range of 4.8–5.6%. In
ini, Bank Indonesia terus mengoptimalkan response, Bank Indonesia continues to optimize
bauran kebijakannya untuk tetap menjaga its policy mix to maintain stability and support
stabilitas dan turut mendorong pertumbuhan sustainable economic growth. These efforts
ekonomi yang berkelanjutan. Upaya tersebut include the optimization of macroprudential
dilakukan melalui optimalisasi stimulus policy stimulus and the acceleration of digital
kebijakan makroprudensial dan akselerasi payment transactions, carried out in synergy
digitalisasi transaksi pembayaran yang with the government’s fiscal stimulus policy.
ditempuh Bank Indonesia dengan kebijakan Furthermore, Bank Indonesia fully supports the
stimulus fiskal Pemerintah. Lebih dari itu, implementation of government programs within
Bank Indonesia mendukung penuh the Asta Cita framework, including food
implementasi program-program Pemerintah security, economic financing, and the
dalam Asta Cita, termasuk untuk ketahanan acceleration of digital economy and finance.
pangan, pembiayaan ekonomi, serta akselerasi
ekonomi dan keuangan digital.
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Figur 6. Pertumbuhan Ekonomi Sisi Pengeluaran / Economic Growth by Expenditure Side
Source: Bank Indonesia, Quarterly Monetary Policy Report Q4 2024
Neraca Pembayaran Indonesia (NPI) / Indonesia’s Balance of Payments
Neraca Pembayaran Indonesia (NPI) tetap Indonesia’s Balance of Payments (BOP) remains
sehat sehingga mendukung ketahanan healthy, supporting external resilience. The
eksternal. Surplus neraca perdagangan trade surplus continued in December 2024,
berlanjut pada Desember 2024 yang tercatat amounting to USD 2.2 billion, driven by strong
2,2 miliar dolar AS dipengaruhi oleh kinerja export performance of Indonesia’s key
ekspor komoditas utama Indonesia yang kuat, commodities, such as mineral fuels, animal and
seperti bahan bakar mineral, lemak dan vegetable oils, as well as iron and steel. This
minyak hewan nabati, serta besi dan baja. development helped maintain a healthy current
Perkembangan ini mendukung transaksi account balance in 2024, which is projected to
berjalan 2024 tetap sehat dan diprakirakan remain within a low deficit range of 0.1% to 0.9%
dalam kisaran defisit rendah 0,1% sampai of GDP.
dengan 0,9% dari PDB.
Sementara itu, tingginya ketidakpastian pasar Meanwhile, heightened global financial market
keuangan global menurunkan aliran masuk uncertainty reduced foreign capital inflows into
modal asing ke instrumen keuangan domestik domestic financial instruments. Inflows into
dengan Surat Berharga Negara (SBN) dan Government Securities (SBN) and Bank Indonesia
Sekuritas Rupiah Bank Indonesia (SRBI) masing- Rupiah Securities (SRBI) were recorded at only
masing hanya mencatat inflows 19 juta dolar USD 19 million and USD 288 million,
AS dan 288 juta dolar AS pada awal tahun 2025 respectively, as of early 2025 (up to January 13,
(hingga 13 Januari 2025). 2025).
Posisi cadangan devisa Indonesia pada akhir Indonesia’s foreign exchange reserves remained
Desember 2024 tercatat tinggi sebesar 155,7 high at USD 155.7 billion at the end of December
miliar dolar AS, setara dengan pembiayaan 6,7 2024, equivalent to financing 6.7 months of
bulan impor atau 6,5 bulan impor dan imports or 6.5 months of imports and
pembayaran utang luar negeri Pemerintah, government external debt payments, well above
serta berada di atas standar kecukupan the international adequacy standard of around 3
internasional sekitar 3 bulan impor. months of imports.
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Ke depan, Neraca Pembayaran Indonesia (NPI) Looking ahead, the Indonesia's Balance of
pada 2025 diprakirakan tetap sehat seiring Payments (BOP) in 2025 is expected to remain
dengan surplus transaksi modal dan finansial healthy, supported by a continued surplus in the
yang berlanjut dan defisit transaksi berjalan capital and financial account and a manageable
yang terjaga dalam kisaran defisit 0,5% sampai current account deficit within a range of 0.5% to
dengan 1,3% dari PDB. Surplus neraca transaksi 1.3% of GDP. The surplus in the capital and
modal dan finansial didukung oleh aliran masuk financial account is supported by sustained
modal asing sejalan dengan persepsi positif foreign capital inflows, in line with positive
investor terhadap prospek perekonomian investor sentiment regarding better domestic
domestik yang lebih baik dan imbal hasil economic prospects and attractive investment
investasi yang menarik. returns.
Figur 7. Neraca Pembayaran Indonesia (NPI) / Indonesia’s Balance of Payments
Source: Bank Indonesia, Quarterly Monetary Policy Report Q4 2024
Pertumbuhan PDB / GDP Growth
Pada triwulan 3-2024, perekonomian Indonesia In Q3-2024, Indonesia's economy showed
menunjukkan pertumbuhan positif di seluruh positive growth across all business sectors,
lapangan usaha, menandakan pemulihan yang signaling solid and sustained recovery. The five
solid dan berkelanjutan. Lima sektor utama largest contributors to GDP were Manufacturing
yang menyumbang kontribusi terbesar (19.02%), Agriculture (13.71%), Trade (13.09%),
terhadap PDB adalah Industri Pengolahan Construction (10.06%), and Mining (9.06%). The
(19,02%), Pertanian (13,71%), Perdagangan highest growth was seen in the Construction
(13,09%), Konstruksi (10,06%), dan sector, which rose by 7.48%, reflecting the
Pertambangan (9,06%). Pertumbuhan tertinggi acceleration of infrastructure projects. The
terlihat pada sektor Konstruksi yang naik Trade and Manufacturing sectors also
7,48%, mencerminkan percepatan proyek maintained steady growth, at 4.82% and 4.27%,
infrastruktur. Sektor Perdagangan dan Industri respectively, indicating increased business
Pengolahan juga tumbuh stabil, masing-masing activity.
sebesar 4,82% dan 4,27%, menunjukkan
aktivitas bisnis yang terus meningkat.
Beberapa sektor mencatat pertumbuhan Several sectors experienced significant growth
signifikan berkat perubahan pola konsumsi dan due to changes in consumer behavior and
mobilitas masyarakat. Transportasi & increased mobility. Transportation &
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Pergudangan tumbuh 6,86%, didorong Warehousing grew by 6.86%, driven by rising
peningkatan jumlah penumpang dan aktivitas passenger numbers and logistics activities.
logistik. Sementara itu, Akomodasi & Makan Meanwhile, Accommodation & Food Services
Minum naik 6,72%, sejalan dengan lonjakan increased by 6.72%, aligned with a surge in
kunjungan wisatawan dan penyelenggaraan tourist visits and major events like the Moto GP
event berskala besar seperti Moto GP Mandalika and PON XXI. Additionally, digital
Mandalika dan PON XXI. Di sisi lain, sektor and financial services performed strongly, with
digital dan layanan keuangan juga Information & Communication growing 6.16%
menunjukkan performa kuat, dengan Infokom and Financial Services rising 6.66%, reflecting
tumbuh 6,16% dan Jasa Keuangan naik 6,66%, the widespread adoption of technology and
mencerminkan semakin meluasnya adopsi financial activity.
teknologi dan aktivitas keuangan.
Namun, tantangan tetap ada, terutama di However, challenges remain, particularly in
sektor utilitas seperti Pengadaan Listrik & Gas utility sectors such as Electricity & Gas Supply,
yang hanya tumbuh 0,52% dan Pengadaan Air which only grew by 0.52%, and Water Supply,
yang hampir stagnan di 0,03%. Ini menunjukkan which was nearly stagnant at 0.03%. This
perlunya dorongan lebih besar untuk indicates the need for greater efforts to
modernisasi dan peningkatan efisiensi di modernize and improve efficiency in these
sektor-sektor ini. Secara keseluruhan, dengan sectors. Overall, with broad-based growth and
pertumbuhan yang merata dan momentum positive momentum across many sectors,
positif di banyak sektor, prospek ekonomi Indonesia's economic outlook appears promising
Indonesia terlihat cerah, terutama jika — especially if the government and businesses
pemerintah dan pelaku usaha terus berinovasi continue to innovate and strengthen
dan memperkuat daya saing untuk menghadapi competitiveness to navigate the evolving global
dinamika global yang terus berubah. landscape
Figur 8. GDP Growth by Business Sector
Source: Badan Pusat Statistik
Nilai Tukar Rupiah / Rupiah Exchange Rate
Nilai tukar Rupiah tetap terkendali di tengah The Rupiah exchange rate remains controlled
ketidakpastian global yang tinggi, didukung amid high global uncertainty, supported by Bank
oleh kebijakan stabilisasi Bank Indonesia. Nilai Indonesia's stabilization policies. As of January
tukar Rupiah terhadap dolar AS pada Januari 14, 2025, the Rupiah weakened by only 1.00%
2025 (hingga 14 Januari 2025) hanya melemah (ptp) against the US dollar compared to the end
sebesar 1,00% (ptp) dari level nilai tukar akhir of 2024. The Rupiah's performance against the
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2024. Perkembangan nilai tukar Rupiah US dollar was also relatively better than other
terhadap dolar AS juga relatif lebih baik regional currencies, such as the Indian rupee,
dibandingkan dengan mata uang regional Philippine peso, and Thai baht, which
lainnya, seperti rupee India, peso Filipina, dan depreciated by 1.20%, 1.33%, and 1.92%,
baht Thailand yang masing-masing melemah respectively. Conversely, the Rupiah
sebesar 1,20%; 1,33%; dan 1,92%. Sebaliknya, strengthened against the currencies of advanced
nilai tukar Rupiah tercatat menguat terhadap economies (excluding the US dollar) and
mata uang kelompok negara maju di luar dolar remained stable against the currencies of
AS, dan stabil terhadap mata uang kelompok developing countries. This development aligns
negara berkembang. Perkembangan tersebut with Bank Indonesia's stabilization measures,
sejalan dengan kebijakan stabilisasi Bank supported by continued foreign capital inflows,
Indonesia serta didukung oleh aliran masuk attractive domestic financial instrument yields,
modal asing yang masih berlanjut, imbal hasil and positive economic prospects for
instrumen keuangan domestik yang menarik, Indonesia.Looking ahead, the Rupiah is expected
serta prospek ekonomi Indonesia yang tetap to remain stable, supported by Bank Indonesia's
baik. Ke depan, nilai tukar Rupiah diprakirakan commitment to maintaining exchange rate
stabil didukung komitmen Bank Indonesia stability, attractive returns, low inflation, and
menjaga stabilitas nilai tukar Rupiah, imbal solid economic growth prospects. All monetary
hasil yang menarik, inflasi yang rendah, dan instruments will continue to be optimized,
prospek pertumbuhan ekonomi Indonesia yang including strengthening pro-market monetary
tetap baik. Seluruh instrumen moneter akan operations strategies through the optimization
terus dioptimalkan, termasuk penguatan of SRBI, SVBI, and SUVBI instruments to enhance
strategi operasi moneter pro-market melalui policy effectiveness, attract foreign portfolio
optimalisasi instrumen SRBI, SVBI, dan SUVBI, investment inflows, and support Rupiah
untuk memperkuat efektivitas kebijakan exchange rate stability.
dalam menarik aliran masuk investasi
portofolio asing dan mendukung stabilitas nilai
tukar Rupiah.
Pergerakan Inflasi / Inflation Trends
Inflasi Indeks Harga Konsumen (IHK) 2024 Consumer Price Index (CPI) inflation in 2024
terjaga dalam kisaran sasarannya 2,5±1%, remained within its target range of 2.5±1%, in
sejalan inflasi IHK Desember 2024 yang line with December 2024 CPI inflation recorded
tercatat 1,57% (yoy). Perkembangan ini at 1.57% (yoy). This development was influenced
dipengaruhi oleh inflasi inti yang terkendali by controlled core inflation at 2.26% (yoy),
pada level 2,26% (yoy) sejalan dengan supported by Bank Indonesia’s consistent policy
konsistensi suku bunga kebijakan Bank rate (BI-Rate) to anchor inflation expectations
Indonesia (BI-Rate) untuk mengarahkan within the target. Meanwhile, the volatile food
ekspektasi inflasi sesuai dengan sasarannya. (VF) group recorded inflation of 0.12% (yoy),
Sementara itu, kelompok volatile food (VF) supported by increased food supply due to the
mencatat inflasi 0,12% (yoy) didukung oleh ongoing harvest season and strong inflation
peningkatan pasokan pangan seiring control synergies through TPIP/TPID via the
berlanjutnya musim panen, serta eratnya National Movement for Food Inflation Control
sinergi pengendalian inflasi TPIP/TPID melalui (GNPIP). Regionally, CPI inflation across various
GNPIP. Secara spasial, inflasi IHK di berbagai areas also remained within the national
daerah juga terkendali dalam kisaran sasaran inflation target range.Looking ahead, Bank
inflasi nasional. Ke depan, Bank Indonesia Indonesia is confident that CPI inflation will
meyakini inflasi IHK tetap terkendali dalam remain under control within the target range.
sasarannya. Inflasi inti diprakirakan terjaga Core inflation is projected to stay anchored,
seiring ekspektasi inflasi yang terjangkar supported by well-managed inflation
dalam sasaran, kapasitas perekonomian yang expectations, ample economic capacity to
masih besar dan dapat merespons permintaan respond to domestic demand, controlled
domestik, imported inflation yang terkendali imported inflation through Rupiah exchange
sejalan dengan kebijakan stabilisasi nilai tukar rate stabilization policies, and the positive
impact of growing digitalization.
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PT Astra Graphia Tbk (“AG”)
Rupiah Bank Indonesia, serta dampak positif Volatile food inflation (VF) is expected to
berkembangnya digitalisasi. remain stable, backed by the coordinated
Inflasi Volatile Food (VF) diprakirakan inflation control efforts of Bank Indonesia and
terkendali didukung oleh sinergi pengendalian both central and regional governments. Bank
inflasi Bank Indonesia dan Pemerintah Pusat Indonesia remains committed to strengthening
dan Daerah. Bank Indonesia terus berkomitmen the effectiveness of monetary policy to keep
memperkuat efektivitas kebijakan moneter inflation in check within the 2.5±1% target range
guna menjaga inflasi tahun 2025 dan 2026 for 2025 and 2026, while continuing to support
terkendali dalam sasaran 2,5±1%, dengan tetap efforts to promote economic growth.
mendukung upaya turut mendorong
pertumbuhan ekonomi.
Figur 9. Peta Inflasi Daerah 2023 / Regional Inflation Map 2023
Source: Bank Indonesia, Quarterly Monetary Policy Report Q4 2024
Perkembangan Suku Bunga / Interest Rate Developments
Transmisi kebijakan moneter melalui jalur The transmission of monetary policy through
suku bunga berjalan baik dalam upaya turut interest rates has been effective in supporting
mendukung pertumbuhan ekonomi. Suku economic growth. The interbank money market
bunga pasar uang (IndONIA) bergerak di sekitar rate (IndONIA) hovered around the BI-Rate,
BI-Rate, yaitu 6,03% pada 14 Januari 2025. reaching 6.03% on January 14, 2025. The SRBI
Suku bunga SRBI untuk tenor 6, 9, dan 12 bulan interest rates for 6, 9, and 12-month tenors on
tanggal 10 Januari 2025 tercatat menarik January 10, 2025, were attractive, recorded at
untuk mendukung aliran masuk modal asing 7.06%, 7.10%, and 7.23%, respectively, helping
masing-masing pada level 7,06%; 7,10%; dan to attract foreign capital inflows. Meanwhile,
7,23%. Imbal hasil SBN tenor 2 tahun dan 10 the yields on 2-year and 10-year government
tahun per 14 Januari 2025, masing-masing bonds (SBN) increased to 6.98% and 7.25%,
meningkat menjadi 6,98% dan 7,25% sehingga respectively, as of January 14, 2025,
juga tetap menjaga daya tarik imbal hasil maintaining the attractiveness of domestic
instrumen keuangan domestik di tengah financial instruments amid continued global
berlanjutnya ketidakpastian global. Sementara uncertainty. Bank lending rates remained
itu, suku bunga perbankan tetap terjaga stable, supported by ample banking liquidity
ditopang likuiditas perbankan yang memadai and improved pricing efficiency through
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serta efisiensi perbankan dalam pembentukan increased transparency of prime lending rates
harga yang makin baik dengan transparansi (SBDK). The 1-month deposit rate and lending
SBDK. Suku bunga deposito 1 bulan dan suku rate in December 2024 stood at 4.87% and 9.20%,
bunga kredit pada Desember 2024 tercatat respectively, relatively stable compared to the
masing-masing sebesar 4,87% dan 9,20%, previous month’s levels.
relatif stabil dibandingkan dengan level bulan
sebelumnya.
Peran kredit/pembiayaan pada 2024 tetap The role of credit/financing remained strong in
kuat dalam mendukung pertumbuhan ekonomi. supporting economic growth throughout 2024.
Pertumbuhan kredit pada 2024 mencapai Credit growth reached 10.39% (yoy), within Bank
10,39% (yoy), berada dalam kisaran prakiraan Indonesia’s forecast range of 10–12%. On the
Bank Indonesia 10–12%. Dari sisi penawaran, supply side, credit growth was driven by
pertumbuhan kredit dipengaruhi oleh sustained bank lending appetite, ongoing
terjaganya minat penyaluran kredit reallocation of liquid assets to loans,
perbankan, berlanjutnya realokasi alat likuid availability of funding through deposit growth,
ke kredit oleh perbankan, tersedianya and the positive impact of Bank Indonesia's
dukungan pendanaan dari pertumbuhan DPK, Macroprudential Liquidity Incentives (KLM). On
serta positifnya dampak KLM Bank Indonesia. the demand side, credit growth was supported
Dari sisi permintaan, pertumbuhan kredit by stable corporate business performance
didukung oleh kinerja usaha korporasi yang despite constrained household consumption. By
terjaga, di tengah konsumsi rumah tangga yang usage category, working capital loans grew by
terbatas. Berdasarkan kelompok penggunaan, 8.35% (yoy), investment loans by 13.62% (yoy),
pertumbuhan kredit modal kerja, kredit and consumer loans by 10.61% (yoy). Sharia
investasi, dan kredit konsumsi, masing-masing financing grew by 9.87% (yoy), while MSME loans
sebesar 8,35% (yoy), 13,62% (yoy), dan 10,61% grew by 3.37% (yoy). Moving forward, credit
(yoy). Pembiayaan syariah tumbuh sebesar growth is projected to increase within the 11–
9,87% (yoy), sementara kredit UMKM tumbuh 13% range in 2025, in line with positive economic
3,37% (yoy). Ke depan, pertumbuhan kredit growth prospects and Bank Indonesia’s
diprakirakan meningkat dalam kisaran sasaran Macroprudential Policy Support (KLM). Various
11–13% pada 2025 sejalan prospek government incentive policies are also expected
pertumbuhan ekonomi yang tetap baik dan to boost credit demand further.
dukungan Kebijakan Layanan Makroprudensial
(KLM) Bank Indonesia. Berbagai kebijakan
insentif dari Pemerintah diprakirakan juga
dapat mendorong permintaan kredit lebih
lanjut.
Bank Indonesia terus memperkuat efektivitas Bank Indonesia continues to enhance the
implementasi KLM. Pada 2025, KLM diarahkan effectiveness of KLM implementation. In 2025,
untuk mendorong kredit/pembiayaan KLM is directed at encouraging bank
perbankan guna mendukung pertumbuhan dan credit/financing to support growth and job
penciptaan lapangan kerja. Mulai 1 Januari creation. Starting January 1, 2025, KLM
2025, insentif KLM telah disalurkan pada incentives have been channeled to sectors
sektor-sektor yang mendukung pertumbuhan supporting growth and employment, including
dan penciptaan lapangan kerja, yaitu antara agriculture, trade and manufacturing,
lain sektor pertanian, perdagangan dan transportation, logistics, tourism and creative
manufaktur, transportasi, pergudangan dan economy, construction, real estate, public
pariwisata dan ekonomi kreatif, konstruksi, housing, MSMEs, ultra-micro businesses, and
real estate, dan perumahan rakyat, serta green finance. As of the second week of January
UMKM, Ultra Mikro, dan hijau. Hingga minggu 2025, Bank Indonesia had disbursed KLM
kedua Januari 2025, Bank Indonesia telah incentives amounting to IDR 295 trillion, an
menyalurkan insentif KLM sebesar Rp295 increase of IDR 36 trillion from IDR 259 trillion
triliun, atau meningkat sebesar Rp36 triliun at the end of October 2024. The incentives were
dari Rp259 triliun pada akhir Oktober 2024. distributed to state-owned banks (BUMN)
Insentif dimaksud telah disalurkan kepada amounting to IDR 129.1 trillion, private national
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kelompok bank BUMN sebesar Rp129,1 triliun, banks (BUSN) IDR 130.6 trillion, regional
bank BUSN sebesar Rp130,6 triliun, BPD development banks (BPD) IDR 29.9 trillion, and
sebesar Rp29,9 triliun, dan KCBA sebesar Rp5 foreign bank branches (KCBA) IDR 5 trillion.
triliun. Ke depan, Bank Indonesia akan terus Looking ahead, Bank Indonesia will continue to
mendorong penyaluran kredit/pembiayaan promote bank credit/financing distribution and
perbankan dan memperkuat sinergi dengan strengthen coordination with the Government,
Pemerintah, otoritas keuangan, financial authorities, ministries/agencies,
Kementerian/Lembaga, perbankan, dan banks, and businesses to support sustainable
pelaku usaha. economic growth.
Ketahanan sistem keuangan terjaga baik. The resilience of the financial system remains
Likuiditas perbankan tetap memadai, tecermin solid. Banking liquidity remains adequate, as
dari rasio Alat Likuid terhadap Dana Pihak reflected in the high Liquid Assets to Third-Party
Ketiga (AL/DPK) pada Desember 2024 yang Funds (AL/DPK) ratio of 25.59% in December
tinggi sebesar 25,59%. Rasio kecukupan modal 2024. The banking sector's Capital Adequacy
(Capital Adequacy Ratio/CAR) perbankan pada Ratio (CAR) was robust at 26.89% in November
November 2024 tercatat tinggi sebesar 26,89%, 2024, demonstrating the sector’s strength in
tergolong kuat dalam menyerap risiko dan absorbing risks and supporting credit growth.
mendukung pertumbuhan kredit. Risiko kredit Credit risk remains manageable, with the
tetap terkendali, tecermin dari rasio kredit banking Non-Performing Loan (NPL) ratio
bermasalah (Non-Performing Loan/NPL) recorded at a low level of 2.19% (gross) and
perbankan pada November 2024 yang terjaga 0.75% (net) in November 2024. Bank Indonesia’s
rendah, sebesar 2,19% (bruto) dan 0,75% stress test results indicate that the banking
(neto). Hasil stress-test Bank Indonesia sector remains resilient in facing various risks,
menunjukkan ketahanan perbankan yang tetap supported by stable corporate profitability and
kuat dalam menghadapi berbagai risiko, serta debt repayment capacity. Bank Indonesia will
ditopang oleh kemampuan membayar dan continue to strengthen policy coordination with
profitabilitas korporasi yang terjaga. Bank the Financial System Stability Committee (KSSK)
Indonesia akan terus memperkuat sinergi to mitigate potential risks to financial system
kebijakan bersama Komite Stabilitas Sistem stability.
Keuangan (KSSK) dalam memitigasi berbagai
risiko yang berpotensi mengganggu stabilitas
sistem keuangan.
Kinerja transaksi ekonomi dan keuangan digital Digital economic and financial transactions
pada tahun 2024 tetap tumbuh didukung oleh continued to grow in 2024, supported by a safe,
sistem pembayaran yang aman, lancar, dan smooth, and reliable payment system. Digital
andal. Pembayaran digital mencapai 34,5 payments reached 34.5 billion transactions,
miliar transaksi atau tumbuh 36,1% (yoy) yang growing by 36.1% (yoy), driven by all
didukung oleh seluruh komponennya. Volume components. Mobile app transactions increased
transaksi pada aplikasi mobile tumbuh sebesar by 39.1% (yoy), while internet transactions grew
39,1% (yoy), demikian pula volume transaksi by 4.4% (yoy) in 2024. Additionally, transactions
pada internet yang tumbuh sebesar 4,4% (yoy) through Quick Response Code Indonesian
pada tahun 2024. Di samping itu, volume Standard (QRIS) surged by 175.2% (yoy),
transaksi pembayaran digital melalui Quick supported by a growing number of users and
Response Code Indonesian Standard (QRIS) merchants. Digital payments are projected to
tetap tumbuh pesat sebesar 175,2% (yoy) grow by 52.3% (yoy) in 2025.
didukung peningkatan jumlah pengguna dan
merchant. Pembayaran digital diproyeksikan
meningkat 52,3% (yoy) pada tahun 2025.
Dari sisi infrastruktur, volume transaksi ritel On the infrastructure side, retail transactions
yang diproses melalui BI-FAST mencapai 3,4 processed through BI-FAST reached 3.4 billion
miliar transaksi atau tumbuh 62,4% (yoy) transactions, growing by 62.4% (yoy), with a
dengan nilai mencapai Rp8,9 triliun pada tahun total value of IDR 8.9 trillion in 2024.
2024. Volume transaksi nilai besar yang Meanwhile, large-value transactions processed
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KJPP DASA’AT, YUDISTIRA DAN REKAN
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PT Astra Graphia Tbk (“AG”)
diproses melalui Bank Indonesia Real Time through Bank Indonesia Real Time Gross
Gross Settlement (BI-RTGS) mencapai 10,3 Settlement (BI-RTGS) reached 10.3 million
juta transaksi atau tumbuh 3,1% (yoy) dengan transactions, up by 3.1% (yoy), with a
nilai Rp126,3 ribu triliun, meningkat 17,6% transaction value of IDR 126.3 quadrillion,
(yoy) pada tahun 2024. Pada tahun 2025, growing by 17.6% (yoy) in 2024. For 2025, BI-
volume transaksi BI-FAST diprakirakan tumbuh FAST transaction volume is projected to grow by
34,1% (yoy) dan nilai transaksi BI-RTGS 34.1% (yoy), while BI-RTGS transaction value is
diprakirakan tumbuh 11,4% (yoy). Sementara expected to grow by 11.4% (yoy). In terms of
itu, dari sisi pengelolaan uang Rupiah, Uang currency management, Currency in Circulation
Kartal Yang Diedarkan (UYD) tumbuh 9,3% (UYD) grew by 9.3% (yoy) to IDR 1,204.5 trillion
(yoy) menjadi Rp1.204,5 triliun pada akhir by the end of December 2024 and is forecast to
Desember 2024 dan diprakirakan tumbuh 5,7% grow by 5.7% (yoy) in 2025.
(yoy) pada tahun 2025.
Stabilitas sistem pembayaran tetap terjaga, Payment system stability remains well-
ditopang oleh struktur industri yang sehat dan maintained, supported by a healthy industry
infrastruktur yang stabil. Dari sisi structure and stable infrastructure. On the
infrastruktur, stabilitas sistem pembayaran infrastructure side, the smooth and reliable
tecermin pada penyelenggaraan Sistem operation of the Bank Indonesia Payment System
Pembayaran Bank Indonesia (SPBI) yang lancar (SPBI) ensured stability, along with an adequate
dan andal serta kecukupan pasokan uang supply of currency in both quantity and quality
dalam jumlah dan kualitas yang memadai pada in December 2024. On the industry side,
Desember 2024. Dari sisi struktur industri, interconnection among payment system
interkoneksi antarpelaku dalam sistem providers continues to strengthen, alongside the
pembayaran terus menguat diikuti oleh expanding ecosystem of Digital Economy and
ekosistem Ekonomi Keuangan Digital (EKD) Finance (EKD). Transactions using the National
yang meluas. Transaksi pembayaran berbasis Open API Payment Standard (SNAP) also
Standar Nasional Open API Pembayaran (SNAP) increased in line with broader adoption. Bank
juga meningkat sejalan dengan perluasan Indonesia remains committed to ensuring the
tingkat adopsi. Bank Indonesia terus menjaga availability of Rupiah currency in sufficient
ketersediaan uang Rupiah dalam jumlah yang quantities and circulation-worthy quality across
cukup dengan kualitas yang layak edar di all regions of Indonesia, including frontier,
seluruh wilayah Negara Kesatuan Republik outermost, and remote (3T) areas.
Indonesia (NKRI), termasuk daerah Terdepan,
Terluar, Terpencil (3T).
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13 BAB IV/ CHAPTER IV
ASPEK PASAR / MARKET ASPECTS
4.1 Tinjauan Industri / Industry Overview
14 Industri Printing (Printing Service Business)
Industri percetakan skala besar, menawarkan The high-volume printing industry, holds a
pasar yang stabil dan menjanjikan. Banyak stable and promising market. Many companies
perusahaan memerlukan layanan percetakan require regular, large-scale printing services to
berskala besar secara berkala untuk
handle monthly communications with their
mendukung komunikasi bulanan dengan
pelanggan mereka. Hal ini menciptakan customers. This creates an opportunity for
peluang untuk kontrak jangka panjang, yang long-term contracts, ensuring consistent
memberikan aliran pendapatan yang revenue streams. The business model relies on
konsisten. Model bisnis ini mengandalkan bulk production, which benefits from
produksi dalam jumlah besar, yang economies of scale, reducing costs per unit as
memberikan keuntungan dari skala ekonomi, production volume increases. This positions the
di mana biaya per unit akan menurun seiring
company as a solution provider for businesses
dengan meningkatnya volume produksi.
Dengan demikian, perusahaan dapat looking to simplify their printing processes.
memposisikan diri sebagai penyedia solusi
bagi bisnis yang ingin menyederhanakan
proses percetakan mereka.
Saat ini, perusahaan memiliki infrastruktur Currently, the company has established
dan pengalaman operasional yang sudah infrastructure and operational experience that
terbentuk yang dapat mendukung kegiatan can support new business activities. By
usaha baru. Dengan memanfaatkan fondasi leveraging this foundation, the company can
ini, perusahaan dapat mengoptimalkan alur
optimize workflows, maximize machine
kerja, memaksimalkan penggunaan mesin,
dan membangun reputasi sebagai penyedia utilization, and build a reputation as a reliable
layanan yang andal. Kepemilikan dan service provider. The ownership and operation
pengoperasian mesin cetak berskala besar of large-scale printing machines enable the
memungkinkan perusahaan untuk menangani company to handle high-capacity orders while
pesanan berkapasitas tinggi dengan tetap maintaining quality and speed, which are
menjaga kualitas dan kecepatan, yang crucial factors for attracting more corporate
menjadi faktor penting untuk menarik lebih
clients.
banyak klien korporat.
Potensi pertumbuhan industri ini cukup besar, The potential for growth is significant,
terutama dengan berkembangnya tren especially with the rise of data-driven
percetakan yang dipersonalisasi berbasis personalized printing. Some companies require
data. Beberapa perusahaan membutuhkan printing solutions for personalized documents
solusi pencetakan dokumen yang dapat such as insurance policies or targeted
dipersonalisasi seperti penerbitan polis
marketing inserts.. This could open doors for
maupun sisipan pemasaran yang ditargetkan.
Hal ini dapat membuka peluang untuk upselling premium services, such as variable
menawarkan layanan premium, seperti data printing, where each document is uniquely
variable data printing, di mana setiap personalized. Moreover, as industries continue
dokumen dapat dicetak secara unik sesuai to digitize, there will still be a sustained
kebutuhan pelanggan. Selain itu, meskipun demand for physical documentation in sectors
banyak proses yang beralih ke digital, sektor- like finance, healthcare, and government.
sektor seperti keuangan, kesehatan, dan
pemerintahan diperkirakan tetap memerlukan
dokumen fisik untuk keperluan tertentu.
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KJPP DASA’AT, YUDISTIRA DAN REKAN
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PT Astra Graphia Tbk (“AG”)
Dalam konteks ini, perusahaan dapat 1.1 In this context, the company can expand its
memperluas lini usahanya dengan business line by offering various types of
menyediakan berbagai jenis produk cetak, printed products, such as books, brochures,
seperti buku, brosur, majalah, dan dokumen
magazines, and business documents, produced
bisnis yang diproduksi dalam jumlah besar,
lalu didistribusikan ke klien yang in large quantities and distributed to clients on
membutuhkan dalam skala nasional. Selain a national scale. Additionally, with printing
itu, dengan tren pencetakan yang semakin becoming increasingly integrated with
terintegrasi dengan kebutuhan pemasaran, marketing needs, this business has the
bisnis ini memiliki potensi untuk berkolaborasi potential to collaborate with the publishing
dengan industri penerbitan guna menawarkan industry to offer high-quality printing solutions
solusi cetak berkualitas tinggi dengan harga
at more competitive prices.
yang lebih kompetitif.
1.2
Pengintegrasian layanan percetakan dengan 1.3 Integrating printing services with logistics
solusi logistik juga dapat memberikan nilai solutions can also provide added value for
tambah bagi klien yang membutuhkan clients who require bulk document deliveries,
pengiriman dokumen dalam jumlah besar, such as banks sending account statements,
seperti perbankan yang mengirimkan rekening insurance companies distributing policies, or
koran, perusahaan asuransi yang
businesses conducting direct mail marketing
mendistribusikan polis, atau perusahaan yang
menjalankan kampanye pemasaran berbasis campaigns. By establishing strategic
surat fisik. Dengan memiliki kemitraan partnerships or even developing its own
strategis atau bahkan membangun unit logistics unit, a printing company can enhance
logistik sendiri, perusahaan percetakan dapat efficiency and reduce reliance on third parties
meningkatkan efisiensi dan mengurangi in the distribution process, ultimately speeding
ketergantungan pada pihak ketiga dalam
up service delivery to customers.
proses distribusi, yang pada akhirnya
mempercepat waktu penyampaian layanan
kepada pelanggan.
Sektor arsip juga membutuhkan layanan The archiving sector also requires printing
percetakan untuk berbagai kebutuhan, services for various needs, such as producing
seperti produksi buku, dokumen referensi, books, reference documents, and converting
serta penyimpanan dan digitalisasi dokumen
physical documents into digital formats. With
fisik ke dalam bentuk digital. Dengan
meningkatnya kebutuhan organisasi akan organizations increasingly prioritizing well-
dokumentasi yang tersusun rapi, perusahaan structured documentation, large-scale printing
percetakan skala besar dapat menawarkan companies can offer additional services such as
layanan tambahan seperti pencetakan arsip, archive printing, physical and digital document
penyimpanan dokumen dalam format fisik dan storage, and sustainable printing solutions that
digital, serta solusi pencetakan berkelanjutan support the operational efficiency of libraries
yang mendukung efisiensi operasional
and private archive institutions. By optimizing
perpustakaan dan lembaga arsip swasta.
Dengan mengoptimalkan ketiga bidang these three industry sectors, a printing
industri ini, perusahaan percetakan dapat company can expand its market share and
memperluas pangsa pasar dan memperkuat strengthen its competitiveness within a broader
daya saingnya dalam ekosistem bisnis yang business ecosystem.
lebih luas.
Investasi dalam teknologi percetakan yang
canggih dan penerapan praktik berkelanjutan Investing in advanced printing technologies and
dapat semakin meningkatkan daya saing sustainable practices could further enhance
perusahaan. Solusi percetakan ramah competitiveness. Eco-friendly printing
lingkungan, waktu penyelesaian yang lebih solutions, faster turnaround times, and
cepat, dan layanan digital terintegrasi integrated digital services (e.g., hybrid print
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(contoh kampanye hybrid antara cetak dan and email campaigns) can differentiate the
email) dapat menjadi nilai tambah yang company from competitors. Partnerships with
membedakan perusahaan dari pesaing. logistics providers to offer end-to-end
Kemitraan strategis dengan penyedia logistik
solutions, from printing to direct mail
untuk menawarkan solusi end-to-end, mulai
dari percetakan hingga distribusi surat distribution, could also add significant value for
langsung, juga dapat memberikan nilai clients.
signifikan bagi klien.
Secara keseluruhan, industri percetakan skala In summary, the high-volume printing industry
besar menawarkan peluang yang presents a lucrative opportunity for sustained
menguntungkan untuk pertumbuhan
growth. By building on existing capabilities,
berkelanjutan. Dengan memperkuat
kapabilitas yang ada, mengadopsi teknologi adopting new technologies, and strategically
baru, dan secara strategis memperluas expanding service offerings, the company can
penawaran layanan, perusahaan dapat strengthen its market position. As long as the
memperkokoh posisinya di pasar. Selama business stays agile and responsive to market
bisnis mampu bersikap fleksibel dan responsif needs, it can capitalize on steady corporate
terhadap kebutuhan pasar, perusahaan demand while exploring innovation-driven
memiliki potensi untuk mengamankan
revenue streams.
permintaan korporat yang stabil sambil
mengeksplorasi sumber pendapatan baru yang
didorong oleh inovasi.
Industri percetakan di Indonesia diwarnai 1.4
oleh The printing industry in Indonesia is marked by
persaingan yang ketat antara perusahaan intense competition between local and
lokal maupun internasional. Meskipun international companies. Nevertheless, the
demikian, peluang pasar yang besar, didukung large market potential, supported by high
oleh permintaan tinggi dari UMKM, demand from SMEs, corporations, and the
perusahaan, dan masyarakat umum,
general public, makes the printing business
menjadikan usaha percetakan tetap
menjanjikan. remain promising.
1.5
Optimisme pelaku usaha percetakan tetap 1.6 The optimism of printing business players
stabil untuk enam bulan ke depan, remains stable for the next six months, as
sebagaimana dicatat oleh Kementerian noted by the Ministry of Industry (Kemenperin).
Perindustrian (Kemenperin). Hal ini This reflects a strong confidence in the
menunjukkan keyakinan yang kuat terhadap
industry's sustainability, despite challenges
keberlanjutan industri ini, meskipun
tantangan seperti persaingan ketat dan such as fierce competition and the need for
kebutuhan adaptasi teknologi terus ada. technological adaptation.
1.7
Dengan meningkatnya penjualan 1.8e- With the rise of e-commerce sales, there is a
commerce, terdapat peluang besar bagi significant opportunity for the printing and
industri percetakan dan pengemasan untuk packaging industry to grow. Additionally,
berkembang. Selain itu, diversifikasi layanan
service diversification, such as web-to-print
seperti web-to-print dan kolaborasi dengan
platform e-commerce dapat membuka pasar and collaboration with e-commerce platforms,
baru dan meningkatkan daya saing. can open new markets and enhance
competitiveness.
Industri Sewa Mesin Kantor (Office Rental Business)
Analisis industri dan potensi pertumbuhan Industry analysis and growth potential of
layanan penyewaan mesin kantor, khususnya multifunction printer rental services,
dalam segmen business-to-business (B2B), especially in the business-to-business (B2B)
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PT Astra Graphia Tbk (“AG”)
menjawab kebutuhan yang semakin segment, addresses the growing need for
meningkat akan solusi yang fleksibel dan flexible and on-demand solutions. Companies
sesuai permintaan. Perusahaan di berbagai across various sectors, such as marketing,
sektor, seperti pemasaran, ritel, dan retail, and education, require high-quality
pendidikan, memerlukan materi cetak printed materials without the long-term costs
berkualitas tinggi tanpa harus menanggung of owning and maintaining printing equipment.
biaya jangka panjang untuk kepemilikan dan This service model offers businesses the ability
pemeliharaan peralatan cetak. Model layanan to access advanced technologies, such as high-
ini memungkinkan perusahaan mengakses speed color printers and other office devices,
perangkat teknologi canggih, seperti printer through a subscription plans or pay-per-use
warna berkecepatan tinggi dan perangkat system. As businesses strive to optimize costs
kantor lainnya, melalui sistem berlangganan and streamline operations, office equipment
atau pembayaran sesuai penggunaan. Seiring rental services model are becoming
dengan upaya bisnis untuk mengoptimalkan increasingly appealing.
biaya dan menyederhanakan operasional,
model penyewaan mesin kantor menjadi
semakin menarik.
Di Indonesia, adopsi layanan penyewaan In Indonesia, the adoption of office equipment
mesin kantor terus meningkat, didorong oleh rental services is on the rise, driven by the
pertumbuhan Usaha Mikro, Kecil, dan growth of Micro, Small, and Medium Enterprises
Menengah (UMKM) serta transformasi digital
(MSMEs) and the digital transformation of
yang meluas di dunia usaha. Banyak UMKM
yang belum memiliki modal untuk berinvestasi businesses. Many small and medium enterprises
dalam perangkat cetak berteknologi tinggi lack the capital to invest in high-end printing
dan mesin kantor lainnya untuk kebutuhan equipment and office machines for marketing,
pemasaran, dokumentasi, dan administrasi. documentation, and administrative purposes.
Pertumbuhan ruang kerja bersama (co- The expansion of co-working spaces, business
working space), pusat bisnis, dan inkubator centers, and tech incubators in major cities like
teknologi di kota-kota besar seperti Jakarta,
Jakarta, Surabaya, and Bandung further
Surabaya, dan Bandung turut memperkuat
permintaan akan solusi sewa mesin kantor supports the demand for accessible and high-
yang mudah diakses dan berkinerja tinggi. performance office equipment rental solutions.
Penyedia layanan lokal semakin banyak Local service providers are increasingly offering
menawarkan paket yang dapat disesuaikan customizable packages to cater to the dynamic
untuk memenuhi kebutuhan needs of Indonesian businesses.
bisnis yang dinamis.
Globally, the office equipment rental service
Secara global, industri layanan penyewaan
industry continues to grow with the integration
mesin kantor terus berkembang dengan
integrasi solusi percetakan berbasis cloud dan of cloud-based printing solutions and IoT-
perangkat yang dilengkapi teknologi IoT. enabled devices. Companies in developed
Perusahaan di pasar maju, seperti Amerika markets, such as the United States and Europe,
Serikat dan Eropa, memanfaatkan printer are leveraging smart printers with remote
pintar dengan kemampuan pemantauan jarak monitoring capabilities, allowing users to
jauh, memungkinkan pengguna mengelola
manage print jobs securely and track usage
pekerjaan cetak secara aman dan melacak
analisis penggunaan. Tren ini meningkatkan analytics. This trend enhances operational
efisiensi operasional dan mengurangi limbah, efficiency and reduces waste, aligning with
sejalan dengan tujuan keberlanjutan global. global sustainability goals. Additionally,
Selain itu, industri seperti acara, perhotelan, industries such as events, hospitality, and
dan logistik yang memerlukan layanan logistics rely on temporary or location-based
pencetakan sementara atau berbasis lokasi printing services, presenting further
membuka peluang lebih lanjut bagi solusi
opportunities for flexible rental solutions.
rental yang fleksibel.
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
Meskipun memiliki potensi besar, industri ini Despite its potential, the industry faces
menghadapi tantangan, seperti keusangan challenges such as technological obsolescence,
teknologi, kekhawatiran terkait keamanan data security concerns, and the need for
data, dan kebutuhan pemeliharaan ongoing maintenance. Service providers must
berkelanjutan. Penyedia layanan harus secara regularly update their equipments with the
rutin memperbarui perangkat mereka dengan latest technology to remain competitive, while
teknologi terbaru agar tetap kompetitif, also investing in robust cybersecurity measures
sembari berinvestasi dalam langkah-langkah to protect clients' sensitive documents.
keamanan siber yang kuat untuk melindungi Moreover, logistical factors including delivery,
dokumen sensitif klien. Selain itu, faktor installation, and on-site support can impact
logistik, seperti pengiriman, instalasi, dan service quality, especially in regions with less
dukungan teknis di lokasi, dapat memengaruhi developed infrastructure.
kualitas layanan, terutama di wilayah dengan
infrastruktur yang belum
sepenuhnya berkembang.
Ke depan, pasar layanan penyewaan mesin Looking ahead, the office equipment rental
kantor diperkirakan akan terus berkembang market is expected to expand as more
seiring dengan semakin banyaknya bisnis yang businesses prioritize flexibility and cost-
mengutamakan fleksibilitas dan efisiensi efficiency. Providers who innovate through AI-
biaya. Penyedia layanan yang berinovasi powered print management, mobile
melalui manajemen pencetakan dan mesin integration, and sustainable practices will
kantor berbasis kecerdasan buatan (AI), likely capture a larger market share. In both
integrasi seluler, dan praktik berkelanjutan Indonesia and globally, partnerships with
berpotensi untuk meraih pangsa pasar yang digital workflow platforms and the promotion
lebih besar. Di Indonesia maupun secara of eco-friendly printing options could further
global, kemitraan dengan platform alur kerja drive growth. As hybrid work models persist,
digital dan promosi opsi pencetakan ramah businesses will continue to seek adaptable
lingkungan dapat semakin mendorong printing and office equipment solutions,
pertumbuhan industri ini. Dengan model kerja cementing the industry’s relevance in the
hybrid yang diperkirakan tetap bertahan, evolving corporate landscape.
kebutuhan akan solusi pencetakan dan mesin
kantor yang adaptif akan terus mengukuhkan
relevansi industri ini dalam lanskap bisnis
yang terus berkembang.
Industri layanan penyewaan mesin kantor di The office equipment rental industry in
Indonesia menunjukkan pertumbuhan yang Indonesia is experiencing significant growth,
signifikan, terutama dalam segmen business- particularly in the business-to-business (B2B)
to-business (B2B). Peningkatan ini sejalan segment. This growth aligns with the adoption
dengan adopsi teknologi digital dan of digital technology and the increasing demand
kebutuhan bisnis akan solusi yang fleksibel for flexible and efficient business solutions.
dan efisien. Meskipun data spesifik mengenai Although specific data on the B2B office
pangsa pasar layanan penyewaan mesin equipment rental market share in Indonesia is
kantor B2B di Indonesia terbatas, peningkatan limited, the rise of B2B e-commerce platforms
jumlah platform e-commerce B2B, seperti and the presence of large companies in the
perusahaan-perusahaan besar yang bergerak same industry reflect the overall expansion of
dalam indsutri yang sama juga mencerminkan the B2B sector.
pertumbuhan sektor B2B secara keseluruhan.
Kesinambungan industri ini didukung oleh The sustainability of this industry is driven by
kebutuhan perusahaan untuk mengurangi the need for businesses to reduce capital and
biaya modal dan operasional. Dengan operational costs. By renting office equipment,
menyewa peralatan kantor, perusahaan dapat companies can avoid large upfront investments
menghindari investasi awal yang besar dan and maintenance expenses, improving
biaya pemeliharaan, sehingga meningkatkan operational efficiency. Additionally, the
efisiensi operasional. Selain itu, fleksibilitas flexibility to adjust equipment based on
dalam menyesuaikan peralatan sesuai business needs makes this model increasingly
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PT Astra Graphia Tbk (“AG”)
kebutuhan bisnis membuat model ini semakin attractive. This trend aligns with digital
diminati. Tren ini sejalan dengan transformasi transformation, which encourages companies to
digital yang mendorong perusahaan untuk be more adaptive to technological
lebih adaptif terhadap perubahan teknologi. advancements.
Potensi pasar layanan penyewaan mesin The market potential for office equipment
kantor di Indonesia semakin besar dengan rental services in Indonesia continues to grow,
pertumbuhan Usaha Mikro, Kecil, dan supported by the expansion of Micro, Small, and
Menengah (UMKM). UMKM seringkali Medium Enterprises (MSMEs). MSMEs often lack
menghadapi keterbatasan modal untuk capital to purchase high-quality office
membeli peralatan kantor berkualitas tinggi, equipment, making rental services an appealing
sehingga layanan penyewaan menjadi solusi solution. Furthermore, the rise of co-working
yang menarik. Selain itu, pertumbuhan ruang spaces and business incubators in major cities
kerja bersama (co-working space) dan has increased demand for these services. The
inkubator bisnis di kota-kota besar growing adoption of B2B e-commerce platforms
meningkatkan permintaan akan layanan ini. also creates new opportunities for service
Peningkatan adopsi platform e-commerce B2B providers to reach a broader market.
juga membuka peluang bagi penyedia layanan
untuk menjangkau pasar yang lebih luas.
Indikator pertumbuhan sektor B2B dan adopsi Growth indicators in the B2B sector and digital
teknologi digital menunjukkan potensi nilai technology adoption highlight significant
pasar yang signifikan. Peningkatan jumlah market potential. The expansion of B2B e-
platform e-commerce B2B dan transformasi commerce platforms and the widespread digital
digital yang meluas di berbagai sektor industri transformation across various industries
menunjukkan bahwa layanan penyewaan suggest that office equipment rental services
mesin kantor memiliki peluang besar untuk have great opportunities to grow and
berkembang dan memberikan kontribusi contribute positively to the national economy.
positif terhadap perekonomian nasional.
Industri Pengemasan (Packaging)
Industri bisnis pengemasan di Indonesia terus The packaging industry in Indonesia continues to
berkembang pesat, didorong oleh grow rapidly, driven by the expansion of the
pertumbuhan sektor makanan dan minuman, food and beverage, pharmaceutical, e-
farmasi, e-commerce, dan produk konsumen. commerce, and consumer goods sectors. The
Permintaan akan kemasan yang fungsional, demand for functional, aesthetic, and eco-
estetis, dan ramah lingkungan semakin friendly packaging is rising as consumer
meningkat seiring dengan perubahan gaya lifestyles shift toward convenience and
hidup masyarakat yang mengutamakan sustainability. Paper and cardboard-based
kenyamanan dan keberlanjutan. Segmen packaging dominate the market due to their
kemasan berbasis kertas dan karton recyclability, while plastic packaging remains
mendominasi pasar karena mudah didaur popular for its durability and flexibility in
ulang, sementara kemasan plastik tetap protecting products.
diminati karena daya tahan dan
fleksibilitasnya dalam melindungi produk.
Di sektor percetakan, inovasi teknologi In the printing sector, technological innovations
memungkinkan produsen menciptakan enable producers to create more attractive
kemasan yang lebih menarik dengan kualitas packaging with high-quality printing and special
cetak tinggi dan fitur khusus, seperti label features, such as anti-counterfeiting labels and
anti-pemalsuan dan kode QR untuk pelacakan QR codes for product tracking. The global trend
produk. Tren global menuju kemasan toward sustainable packaging is also pushing
berkelanjutan turut mendorong pemain lokal local players to invest in biodegradable raw
berinvestasi dalam bahan baku biodegradable materials and more environmentally friendly
dan teknologi produksi yang lebih ramah production technologies. However, the industry
lingkungan. Namun, industri ini juga faces challenges like fluctuating raw material
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menghadapi tantangan seperti fluktuasi harga prices and strict regulations on plastic waste,
bahan baku dan regulasi ketat terkait limbah which require companies to adapt to evolving
plastik yang mengharuskan perusahaan government policies.
beradaptasi dengan kebijakan pemerintah.
Secara keseluruhan, prospek industri Overall, the outlook for the packaging industry
packaging di Indonesia tetap positif, didukung in Indonesia remains positive, supported by
oleh pertumbuhan konsumsi domestik dan rising domestic consumption and local
ekspansi bisnis lokal ke pasar internasional. businesses expanding into international
Perusahaan yang mampu mengadopsi markets. Companies that can adopt advanced
teknologi canggih, berinovasi dalam desain, technologies, innovate in design, and prioritize
dan mengutamakan keberlanjutan berpeluang sustainability will have a stronger competitive
memperkuat daya saing mereka. Kolaborasi edge. Collaboration between industry players,
antara pelaku industri, asosiasi, dan associations, and the government will be key to
pemerintah menjadi kunci untuk accelerating the transition toward a more
mempercepat transisi menuju ekosistem modern, efficient, and eco-conscious packaging
packaging yang lebih modern, efisien, dan ecosystem.
berwawasan lingkungan.
Prospek industri pengemasan di dalam negeri The domestic market prospects for the
sangat menjanjikan, terutama didukung oleh packaging industry are highly promising,
pertumbuhan populasi dan daya beli supported by population growth and increasing
masyarakat yang terus meningkat. Sektor consumer purchasing power. The food and
makanan dan minuman, yang menjadi beverage sector, a primary driver of packaging
kontributor utama kebutuhan kemasan, terus demand, continues to expand alongside trends in
berkembang seiring dengan tren konsumsi convenience and modern lifestyles.
praktis dan gaya hidup modern. Selain itu, Additionally, the rapid growth of e-commerce
pesatnya perkembangan e-commerce fuels demand for durable and lightweight
mendorong permintaan untuk kemasan shipping packaging, including cardboard,
pengiriman yang kuat dan ringan, termasuk corrugated cardboard and flexible plastic
kemasan berbahan karton, karton materials. With government policies
bergelombang dan plastik fleksibel. Dengan encouraging the use of eco-friendly materials,
adanya kebijakan pemerintah yang companies that can innovate in sustainable
mendorong penggunaan bahan ramah packaging solutions will gain a competitive
lingkungan, perusahaan yang mampu advantage and significant opportunities to grow
berinovasi dalam material berkelanjutan akan within the domestic market.
memiliki keunggulan kompetitif dan peluang
besar untuk memperluas pasar domestik.
Industri pengemasan di Indonesia The packaging industry in Indonesia has a varied
menunjukkan pangsa pasar yang bervariasi market share depending on the type of
berdasarkan jenis bahan kemasan. Secara packaging material. Globally, flexible plastic
global, kemasan plastik fleksibel mendominasi packaging dominates with 44% of the market
dengan 44% pangsa pasar, diikuti oleh kertas share, followed by paperboard at 28%, and rigid
karton (paperboard) sebesar 28%, dan plastik plastic at 14%. In Indonesia, a similar trend is
observed, with flexible plastic packaging leading
kaku (rigid plastic) sebesar 14%. Di Indonesia,
the market, primarily driven by the food and
tren serupa terlihat dengan dominasi kemasan
beverage industry.
plastik fleksibel, terutama didorong oleh
industri makanan dan minuman.
Dalam hal kesinambungan, industri In terms of sustainability, Indonesia's packaging
pengemasan Indonesia terus berkembang industry continues to grow positively. This
positif. Pertumbuhan ini didukung oleh growth is supported by increasing domestic
peningkatan konsumsi domestik dan consumption and the development of related
perkembangan sektor-sektor terkait seperti sectors such as food, beverages, and
pharmaceuticals.
makanan, minuman, dan farmasi.
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KJPP DASA’AT, YUDISTIRA DAN REKAN
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PT Astra Graphia Tbk (“AG”)
Potensi pasar industri pengemasan di The market potential of Indonesia’s packaging
Indonesia sangat menjanjikan. Pertumbuhan industry remains highly promising. The growing
kelas menengah dan perubahan gaya hidup middle class and changing consumer lifestyles
masyarakat mendorong permintaan akan are driving demand for high-quality packaging
produk kemasan berkualitas. Selain itu, products. Additionally, the rapid expansion of e-
perkembangan e-commerce yang pesat commerce has increased the need for efficient
and secure shipping packaging. These factors
meningkatkan kebutuhan akan kemasan
create major opportunities for packaging
pengiriman yang efisien dan aman. Faktor-
manufacturers to innovate and meet the
faktor ini membuka peluang besar bagi evolving demands of the market.
produsen kemasan untuk berinovasi dan
memenuhi kebutuhan pasar yang terus
berkembang.
Industri Outsourcing (Business Process Outsourcing)
Industri bisnis outsourcing di Indonesia terus The outsourcing business in Indonesia continues
berkembang seiring dengan meningkatnya to grow, driven by companies' increasing need
kebutuhan perusahaan akan efisiensi dan for efficiency and focus on their core
fokus pada kompetensi inti mereka. Banyak competencies. Many businesses, especially in
perusahaan, terutama yang bergerak di sektor finance, manufacturing, education, and public
keuangan, manufaktur, pendidikan, dan services, choose to outsource the management
layanan publik, memilih untuk mengalihkan of office machines and IT equipments to third
pengelolaan mesin kantor dan perangkat IT parties to reduce operational costs. Through
lainnya ke pihak ketiga agar dapat mengurangi these services, outsourcing providers offer
biaya operasional. Melalui layanan ini, comprehensive solutions, including device
penyedia outsourcing menawarkan solusi supply, maintenance, management, and
menyeluruh yang mencakup penyediaan optimization of office machines and IT devices
perangkat, pemeliharaan, pengelolaan dan to boost business productivity.
optimalisasi mesin kantor dan perangkat IT
lainnya untuk meningkatkan
produktivitas bisnis.
Persaingan dalam industri ini semakin ketat, Competition in this industry is becoming more
dengan pemain lokal maupun internasional intense, with local and international players
yang berlomba-lomba menghadirkan teknologi racing to deliver advanced technology and more
canggih dan layanan yang lebih fleksibel. flexible services. Companies in this sector are
Perusahaan-perusahaan dalam industri yang not only providing high-quality devices but also
sama, tidak hanya menyediakan perangkat offer consulting services to help clients
berkualitas tinggi tetapi juga layanan strategically manage their office operations.
konsultasi untuk membantu pelanggan Digitalization and sustainability trends further
mengatur kebutuhan operasional kantor drive innovation, with outsourcing providers
secara lebih strategis. Digitalisasi dan tren beginning to offer hybrid solutions that
keberlanjutan juga mendorong inovasi, di integrate both physical and digital business
mana penyedia outsourcing mulai process management.
menawarkan solusi hybrid yang
menggabungkan pengelolaan proses bisnis
secara fisik dan digital.
Dimasa yang akan datang, prospek industri ini In the future, the industry's outlook is bright,
terlihat cerah, terutama dengan semakin especially as more organizations adopt hybrid
banyaknya organisasi yang mengadopsi model work models that enable business process to be
kerja hybrid dimana proses bisnis dapat carried out from multiple locations.
dilakukan dari berbagai lokasi. Selain itu, Additionally, growing awareness of data security
meningkatnya kesadaran akan pentingnya is increasing demand for outsourcing services
keamanan data membuat layanan outsourcing equipped with access protection and monitoring
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KJPP DASA’AT, YUDISTIRA DAN REKAN
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PT Astra Graphia Tbk (“AG”)
yang dilengkapi dengan fitur perlindungan dan features. By continually adapting to market
pemantauan akses menjadi semakin diminati. needs and technological developments, the
Dengan terus beradaptasi terhadap kebutuhan outsourcing business has great potential to
pasar dan perkembangan teknologi, bisnis become a strategic partner in supporting
outsourcing memiliki potensi besar untuk corporate digital transformation across
menjadi mitra strategis dalam mendukung industries in Indonesia.
transformasi digital perusahaan di Indonesia.
Di dalam negeri, prospek industri outsourcing Domestically, the outlook for the printing
cukup menjanjikan seiring dengan pesatnya outsourcing industry is promising, with rapid
pertumbuhan sektor bisnis dan lembaga growth in the business sector and government
pemerintahan yang semakin menyadari institutions recognizing the importance of
pentingnya efisiensi operasional. Perusahaan operational efficiency. Medium to large-scale
skala menengah hingga besar, terutama di companies, especially in major cities like
kota-kota besar seperti Jakarta, Surabaya, Jakarta, Surabaya, and Medan, are starting to
dan Medan, mulai mengadopsi layanan adopt managed services to lower device
managed services untuk mengurangi biaya maintenance costs and simplify business
perawatan perangkat dan mempermudah process. The education and healthcare sectors
proses bisnis. Sektor pendidikan dan also present significant market potential high
kesehatan juga menjadi pasar potensial, operational demands and the push toward more
mengingat kebutuhan operasional yang tinggi integrated and sustainable business processes.
dan dorongan untuk beralih ke sistem proses As digitalization and sustainability needs grow,
bisnis yang lebih terintegrasi dan outsourcing providers that offer end-to-end
berkelanjutan. Dengan meningkatnya solutions will become increasingly attractive to
kebutuhan digitalisasi dan keberlanjutan, local businesses.
penyedia outsourcing yang dapat menawarkan
solusi end-to-end akan semakin dilirik oleh
pelaku bisnis lokal.
Potensi pasar outsourcing di Indonesia terus The market potential for outsourcing in
meningkat seiring dengan adopsi teknologi Indonesia continues to grow along with the
baru dan transformasi digital. Pada tahun adoption of new technologies and digital
2022, Indonesia dianggap sebagai pasar transformation. In 2022, Indonesia was
penting bagi industri BPO, dengan banyak considered an important market for the BPO
pelaku industri yang mengadopsi teknologi industry, with many industry players adopting
new technologies and moving away from
baru dan meninggalkan cara-cara tradisional
traditional methods to revolutionize their
untuk merevolusi proses bisnis mereka. Selain
business processes. Additionally, the AI
itu, revolusi AI menghadirkan peluang besar revolution presents significant opportunities
bagi industri outsourcing di Indonesia, dengan for the outsourcing industry in Indonesia, as
adopsi yang tepat dapat membantu proper adoption can help companies become
perusahaan menjadi lebih efisien, inovatif, more efficient, innovative, and competitive in
dan kompetitif di pasar global. the global market.
4.2 Persaingan Usaha / Business Competition
Sebagai sebuah perusahaan yang bergerak di As a company operating in the document
industri solusi dokumen dan teknologi solutions and information technology industry,
informasi, menghadapi persaingan dari AG faces competition from various companies
berbagai perusahaan yang menawarkan offering similar services. To strengthen its
layanan serupa maka AG berencana untuk market position, AG plans to expand its business
memperlebar cakupan bisnisnya dengan scope by adding activities in several areas
rencana penambahan kegiatan usahanya dalam related to its core business.
beberapa bidang yang terkait dengan bisnis
utamanya.
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
Berikut merupakan perusahaan-perusahaan The following are AG’s main competitors:
pesaing dari AG:
Printing Service Business
1. PT Reycom Document Solusi
2. PT Datanet Indomedia
3. PT Transkom
Sewa Mesin Kantor
1. PT Samafitro
2. PT Asaba
3. PT Galva Technologies Tbk
Pengemasan
1. PT Grafitecindo Ciptaprima
2. PT Tunas Alfin
3. PT Uniflex Kemasindah
Business Process Outsourcing
1. PT Intikom Berlian Mustika
2. PT Visionet Data Internasional
3. PT Mitra Integrasi Informatika
Strategi Pemasaran / Marketing Strategy
Strategi pemasaran yang dilakukan oleh The marketing strategy implemented by
manajemen menjadi kunci keberhasilan. AG management is key to success. AG will leverage
akan memanfaatkan kekuatan mereknya yang its well-established brand reputation in
sudah dikenal luas dalam solusi dokumen dan document solutions and technology to build
teknologi untuk membangun kepercayaan customer trust in this new segment. An
pelanggan di segmen baru ini. Strategi digital intensive digital marketing strategy through
marketing yang intensif melalui media sosial social media and targeted campaigns can be
dan kampanye tersegmentasi dapat digunakan used to reach target markets, including MSMEs,
untuk menjangkau target pasar, seperti UMKM, corporations, and government institutions
korporasi, hingga instansi pemerintah yang seeking efficient office equipment management
membutuhkan solusi efisien untuk pengelolaan solutions without large upfront investments.
perangkat kantor tanpa harus berinvestasi Additionally, hosting webinars, workshops, or
besar di awal. Selain itu, mengadakan live product demos can introduce services
webinar, workshop, atau demo produk secara practically and foster closer relationships with
langsung dapat memperkenalkan layanan potential customers.
secara praktis dan membangun hubungan yang
lebih dekat dengan calon pelanggan.
Selain pemasaran digital, strategi kemitraan Beyond digital marketing, AG can pursue
juga dapat dilakukan untuk memperluas partnership strategies to expand business
jangkauan bisnis. AG bisa menjalin kolaborasi reach. Collaborations with global technology
dengan vendor teknologi global untuk vendors can bring in the latest devices, while
menghadirkan perangkat terbaru, sambil flexible rental packages tailored to local
menawarkan fleksibilitas paket sewa sesuai business needs can add value. Loyalty programs,
kebutuhan bisnis lokal. Program loyalitas, bundled discounts for managed print services
diskon bundling untuk layanan managed print and office equipment, and flexible payment
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PT Astra Graphia Tbk (“AG”)
services dan office equipment, hingga model models can become key selling points. This
pembayaran yang fleksibel dapat menjadi daya approach not only enhances competitiveness
tarik tersendiri. Pendekatan ini tidak hanya but also strengthens AG’s position as a business
meningkatkan daya saing, tetapi juga partner delivering added value to support
memperkuat posisi AG sebagai mitra bisnis customers' operational efficiency and
yang memberikan nilai tambah dalam productivity.
mendukung efisiensi dan produktivitas
operasional pelanggan.
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
15 BAB V / CHAPTER V
16 ASPEK TEKNIS / TECHNICAL ASPECTS
5.1 Bisnis ASTRA GRAPHIA / Astra Graphia’s Business
PT Astra Graphia Tbk (AG) adalah perusahaan PT Astra Graphia Tbk (AG) is a public company
publik yang didirikan pada tahun 1975 dan established in 1975 and listed on the Indonesia
mencatatkan sahamnya di Bursa Efek Indonesia Stock Exchange since 1989. As Astra’s business
sejak tahun 1989. Sebagai pilar bisnis Astra di pillar in information technology, AG focuses on
bidang teknologi informasi, AG fokus pada the Printing and Digital Services business scope.
ruang lingkup bisnis Printing and Digital
Services.
AG memiliki portofolio bisnis Solusi AG’s business portfolio includes Document
Dokumen dengan mitra eksklusif FUJIFILM Solutions through an exclusive partnership with
Business Innovation, menghadirkan solusi end- FUJIFILM Business Innovation, offering end-to-
to-end mulai dari kebutuhan cetak personal, end solutions ranging from personal and office
perkantoran, Graphic Art hingga managed printing to Graphic Arts and managed print
print services services.
AG juga memiliki entitas anak yaitu PT Astra AG also owns subsidiaries, including PT Astra
Graphia Information Technology (AGIT) yang Graphia Information Technology (AGIT), which
melayani kebutuhan Solusi Teknologi provides IT Solutions, especially Digital
Informasi, khususnya Digital Services melalui Services, through collaborations with world-
kolaborasi dengan mitra strategis kelas dunia class strategic partners and proprietary
maupun solusi sendiri yang mencakup solutions encompassing hardware, software,
hardware, software, services, dan entitas anak and services. Another subsidiary, PT
PT Astragraphia Xprins Indonesia (AXI) yang Astragraphia Xprins Indonesia (AXI), focuses on
melayani Solusi Perkantoran melalui layanan e- Office Solutions through services like the e-
commerce AXIQoe.com sebagai One Click commerce platform AXIQoe.com as a One-Click
Office Solution, layanan online printing B2B Office Solution, PrintQoe.com — Indonesia’s
pertama di Indonesia PrintQoe.com, serta 3D first B2B online printing service, and 3D
printing. printing.
Figur 10. Jenjang Bisnis Astra Graphia / Astra Graphia Business Structure
Source: Astra Graphia Website
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KJPP DASA’AT, YUDISTIRA DAN REKAN
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PT Astra Graphia Tbk (“AG”)
Berikut merupakan portfolio bisnis AG yang Here is AG's available business portfolio:
tersedia:
1. Solusi dokumen menyediakan produk dan 1. Document Solutions provide products and
layanan yang merupakan transformasi dari services that transform from hardware-based
penyedia layanan berbasis perangkat services to solution-based services, covering
keras (hardware-based services) menjadi all aspects of the document lifecycle — from
layanan berbasis solusi (solution-based input (creating, scanning, merging, editing,
services) yang mencakup seluruh aspek capturing), digital document management
siklus dokumen mulai dari input (creating, (sharing, indexing, storing, archiving,
scanning, merging, editing, capturing), distributing), to document output (printing,
digital document management (sharing, faxing, scanning, copying, emailing, web
indexing, storing, archiving, distributing), viewing).
hingga document output (printing, faxing,
scanning, copying, emailing, web viewing).
Portofolio Solusi Dokumen: Document Solutions Portfolio:
• Enterprise Document Solution: • Enterprise Document Solution: Offers smart
Menawarkan solusi pintar pengelolaan document management solutions for office
dokumen untuk segmen perkantoran mulai segments, ranging from small and medium-
dari skala perkantoran kecil, menengah, sized offices to large enterprises. The main
hingga besar. Produk utama adalah products include Multi-Function Devices
Perangkat Multifungsi (Multi-function (MFD) and Laser Printers, with categories like
Device/MFD) dan Printer Laser dengan Single Function Printers (SFP) and Multi-
kategori Single Function Printer (SFP) dan Function Printers (MFP), including
Multi-Function Printer (MFP) termasuk consumables. AG provides digital document
bahan habis management solutions, from built-in features
pakai (consumables). Menghadirkan solusi in Multi-Function Devices to additional
pengelolaan dokumen secara digital solutions that integrate these devices with
(elektronik) mulai dari solusi yang sudah corporate networks, such as Print
tersedia pada Perangkat Multifungsi hingga Management, Workflow Management, Data
solusi tambahan yang memungkinkan untuk Capture, Enterprise Content Management,
mengintegrasikan Perangkat Multifungsi cloud-based solutions, and Document
dengan jaringan Perusahaan seperti Management Systems (DMS).
solusi Print Management, Workflow
Management, Data Capture, Enterprise
Content Management, solusi
berbasis cloud hingga sistem pengelolaan
dokumen (Document Management System).
• Enterprise Document Solution & Services: • Enterprise Document Solution & Services:
Menjawab kebutuhan pengelolaan dokumen Addressing customers' document management
pelanggan melalui peningkatan kualitas needs by enhancing document management
manajemen dokumen pada aktivitas bisnis quality in business activities. It offers
yang dijalankan. Menawarkan solusi comprehensive solutions by integrating
menyeluruh dengan mengintegrasikan Astragraphia's products and expertise,
produk dan keahlian yang dimiliki oleh including Managed Print Services (improving
Astragraphia, yang mencakup customer productivity, especially in
layanan Managed Print document and workflow management),
Services (meningkatkan produktivitas Document Outsourcing & Communication
pelanggan terutama dalam pengelolaan Services, and Business Process Services.
dokumen dan proses alur kerja), Document
Outsourcing & Communication
Services, dan Business Process Services.
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PT Astra Graphia Tbk (“AG”)
• Graphic Communication Services: • Graphic Communication Services:
Mendukung pertumbuhan bisnis pelanggan Supporting customer business growth through
yang berbasis pengembangan aplikasi creative application development,
kreatif, dengan menghadirkan end-to-end providingend-to-end solution ranging from
solution mulai dari solusi Pre-Press Pre-Press (production management
(production management software), Press software), Press (laser and inkjet technology
(mesin production teknologi laser dan inkjet production machines with best-in class
dengan teknologi terbaik di kelasnya) dan technology), and Post-Press (finishing
Post-Press (finishing solution). solutions).
2. Solusi Teknologi dan Informasi oleh PT 2. Technology and Information Solutions are
Astra Graphia Information Technology provided by PT Astra Graphia Information
(AGIT) yang menyediakan solusi digital Technology (AGIT), which delivers end-to-end
secara end-to-end. AGIT telah mengubah digital solutions. AGIT has transformed its
bisnisnya tidak hanya berfokus pada business, shifting its focus beyond just
penyediaan infrastruktur Teknologi providing IT infrastructure and application-
Informasi (TI) dan layanan terkait aplikasi, related services to become a one-stop digital
tetapi menjadi penyedia layanan digital satu services provider, offering both on-premise
atap (One Stop Digital Services) baik dalam and cloud infrastructure models. AGIT's
model infrastruktur on-premise maupun digital services include hardware and
cloud. Layanan digital AGIT meliputi software sales, IT infrastructure
penjualan perangkat keras dan lunak, jasa development, and digital platform services
pembangunan infrastruktur TI dan platform such as analytics, security, cloud, IoT, and
digital (analytics, security, cloud, IoT, automation. They also provide application
automation), jasa layanan pengembangan development services, managed services, and
aplikasi, jasa managed services, termasuk data center and cloud services through
layanan data center dan cloud dengan collaborations with world-class strategic
berkolaborasi bersama mitra strategis kelas partners. In addition, AGIT has developed its
dunia. AGIT juga mengembangkan solusi own solutions, including IoT Services, Data
sendiri (own solutions) berupa aplikasi IoT Integration & Analytics, and Mobile &
Services, Data Integration & Analytics, Business Applications.
Mobile & Business Application.
3. Solusi Perkantoran oleh entitas anak PT 3. Office Solutions are provided by PT
Astragraphia Xprins Indonesia (AXI) hadir Astragraphia Xprins Indonesia (AXI), a
sebagai Preferred Partner in Commerce and subsidiary that serves as a Preferred Partner
Services di Indonesia melalui AXIQoe.com, in Commerce and Services in Indonesia. AXI
layanan pengadaan kebutuhan perkantoran offers comprehensive office supply
secara daring, luring, dan solusi procurement services through AXIQoe.com,
procurement services, PrintQoe.com, solusi catering to both online and offline needs,
percetakan terintegrasi dengan berbagai along with tailored procurement solutions.
produk cetakan, serta solusi 3D Printing, AXI PrintQoe.com provides integrated printing
berperan sebagai exclusive distributor solutions with a wide range of printed
produk 3D Printer yang melayani pelanggan products, while AXI also serves as the
dari mulai pemasaran hingga layanan purna exclusive distributor of 3D printers,
jual. supporting customers from marketing to
after-sales services.
5.2 Rencana Bisnis Baru AG / AG’s New Business Plan
Untuk melakukan expansi bisnisnya, AG To expand its business, AG has a plan to add new
memiliki Rencana Penambahan Kegiatan business activities by incorporating additional
Usaha berupa penambahan bidang usaha business fields in accordance with the
sesuai dengan KBLI sebagai berikut: Indonesian Standard Industrial Classification
(KBLI).
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Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
1. Printing Service Business : 1. Printing Service Business :
- 18111 (Industri Percetakan Umum) - 18111 (General Printing Industry)
- 18120 (Kegiatan Jasa Penunjang - 18120 (Printing Support Services
Pencetakan) Activities)
- 46422 (Perdagangan Besar Barang - 46422 (Wholesale Trade In Printing
Percetakan Dan Penertiban Dalam and Publishing Goods in Various Forms)
Berbagai Bentuk) - 53201 (Couries Activities)
- 53201 (Aktivitas Kurir) - 91012 (Private Libaries and Archives
- 91012 (Perpustakaan Dan Arsip (Indexing)).
Swasta).
2. Sewa Mesin Kantor : 2. Office Rental Business :
- 77394 (Aktivitas Penyewaan dan - 77394 (Rent and Rental Activities
Sewa Guna Usaha Tanpa Hak Opsi without Option Rights Office Machines
Mesin Kantor dan Peralatannya) and Equipment)
3. Pengemasan : 3. Packaging :
- 22220 (Industri Barang dari Plastik - 22220 (Macufacture of Plastic Goods
Untuk Pengemasan) for Packaging)
- 17022 (Industri Kemasan dan Kotak - 17022 (Macufacture of Paper and
Dari Kertas dan Karton) Cordboard Packaging and Boxes)
- 16230 (Industri Wadah Kayu) - 16230 (Macufacture of Wood
4. Business Process Outsourcing : Containers)
- 82110 (Aktivitas Penyedia Gabungan 4. Business Process Outsourcing :
Jasa Administrasi Kantor) - 82110 (Combined Office
- 78200 (Aktivitas Penyediaan Tenaga Administration Services Provider
Kerja Waktu Tertentu) Activities)
- 78300 (Penyediaan Sumber Daya - 78200 (Fixed-term Labor Supply
Manusia Dan Manajemen Fungsi Activities)
Sumber Daya Manusia). - 78300 (HR Provision and Management
of HR Functions).
Dalam rangka menciptakan nilai dari rencana In order to create value from this business plan,
bisnisnya ini, AG berencana mengadakan AG intends to implement several business
beberapa inovasi bisnis yang mendukung innovations that support the planned expansion
rencana penambahan kegiatan usahanya of its activities. Through this initiative, AG’s
sehingga melalui rencana penambahan management aims to achieve an increase in the
kegiatan usaha ini manajemen AG company’s revenue.
mengharapkan peningkatan dari pendapatan
AG.
5.3 Aspek Teknis Terkait dengan Produk dan Layanan / Technical Aspects Related to
Products and Services
Printing Service Business
Penambahan lini usaha "Printing Service The addition of the "Printing Service Business"
Business" dalam AG berperan penting sebagai line within AG plays a crucial role as a
strategi diversifikasi yang memperkuat diversification strategy that strengthens the
portofolio layanan perusahaan di sektor solusi company’s service portfolio in the document
dokumen dan teknologi. Dengan menyediakan solutions and technology sector. By providing
layanan cetak profesional, mulai dari professional printing services, ranging from
kebutuhan cetak skala kecil hingga produksi small-scale printing needs to mass production,
massal, AG dapat memberikan solusi end-to- AG can offer end-to-end solutions for customers
end bagi pelanggan yang ingin mengelola seeking to manage documents more efficiently
dokumen secara lebih efisien tanpa harus without investing in their own printing
berinvestasi dalam perangkat cetak sendiri. Ini equipment. This not only boosts recurring
tidak hanya meningkatkan pendapatan revenue through a subscription-based service
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berulang melalui model layanan berbasis model but also expands market reach to new
langganan, tetapi juga memperluas jangkauan segments, such as startups, SMEs, and
pasar ke segmen-segmen baru, seperti startup, educational institutions that require high-
UMKM, hingga lembaga pendidikan yang quality printing services at affordable costs.
memerlukan layanan cetak berkualitas tinggi This business line also enhances long-term
dengan biaya terjangkau. Lini usaha ini juga customer relationships, as AG can continue to
memperkuat hubungan jangka panjang dengan act as a strategic partner supporting their
pelanggan, karena AG dapat terus berperan operational needs as their businesses grow.
sebagai mitra strategis yang mendukung
kebutuhan operasional mereka seiring
pertumbuhan bisnis.
Berikut merupakan fokus dari lini usaha Below are the key focus areas of the Printing
Printing Service Business yang sudah Service Business already established by
disediakan oleh manajemen: management:
Source: Management
Sewa Mesin Kantor / Office Rental Business
Penambahan lini usaha "Sewa Mesin Kantor" The addition of the "Office Rental Business"
dalam AG dapat menjadi langkah strategis business line within AG can be a strategic step
untuk memperluas portofolio layanan dan to expand its service portfolio and strengthen
memperkuat posisinya sebagai solusi di its position as a comprehensive solution
industri ini. Melalui layanan ini, AG dapat provider in the industry. Through this service,
memberikan kemudahan bagi perusahaan dari AG can offer companies of all sizes easy access
berbagai skala untuk mengakses perangkat to high-quality office equipment without
kantor berkualitas tinggi tanpa perlu investasi requiring a large initial investment, helping
besar di awal, sehingga membantu mereka them manage operational costs more
mengelola biaya operasional secara lebih efficiently. Furthermore, by combining rental
efisien. Selain itu, dengan menggabungkan services with the existing managed services
layanan rental dengan solusi managed services solutions, AG can offer more comprehensive
yang sudah ada, AG dapat menawarkan paket packages that include equipment provision,
yang lebih komprehensif mencakup maintenance, and workflow optimization. This
penyediaan perangkat, pemeliharaan, dan not only creates a sustainable revenue stream
optimasi proses kerja. Ini tidak hanya through a subscription-based business model
menciptakan sumber pendapatan but also strengthens long-term relationships
berkelanjutan melalui model bisnis berbasis with customers by providing relevant, flexible
langganan, tetapi juga mempererat hubungan services that align with their evolving business
jangka panjang dengan pelanggan melalui needs.
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layanan yang relevan, fleksibel, dan selaras
dengan kebutuhan bisnis yang terus
berkembang.
Berikut merupakan fokus dari lini usaha sewa Below are the key focus areas of the Office
mesin kantor yang sudah disediakan oleh Rental Business line already established by
manajemen: management:
Source: Management
Bisnis Pengemasan / Packaging Business
Penambahan lini usaha "Packaging Business" The addition of the "Packaging Business" line
dalam AG berperan sebagai langkah strategis within AG serves as a strategic step to expand
untuk memperluas portofolio layanan dan its service portfolio and seize opportunities in
menangkap peluang di industri kemasan yang the rapidly growing packaging industry,
terus berkembang, terutama seiring dengan especially with the surge in e-commerce and the
pesatnya pertumbuhan e-commerce dan increasing demand for high-quality packaging.
kebutuhan akan kemasan berkualitas tinggi. Leveraging its strong technological capabilities,
Dengan mengandalkan kapabilitas teknologi AG can offer innovative packaging print
yang sudah kuat, AG dapat menghadirkan solutions, product personalization, and end-to-
solusi cetak kemasan yang inovatif, end services covering design, production, and
personalisasi produk, dan layanan end-to-end distribution. This not only diversifies the
yang mencakup desain, produksi, hingga company’s revenue streams but also
distribusi. Ini tidak hanya mendiversifikasi strengthens its position as a comprehensive
sumber pendapatan perusahaan tetapi juga business solutions provider, supporting
memperkuat posisinya sebagai penyedia solusi customers' digital transformation and logistics
bisnis terpadu yang mampu mendukung needs across various industrial sectors.
transformasi digital dan kebutuhan logistik
pelanggan di berbagai sektor industri.
Berikut merupakan fokus dari lini usaha Below are the key focus areas of the Packaging
Packaging Business yang sudah disediakan oleh Business line already established by
manajemen: management:
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Source: Management
Business Process Outsourcing
Penambahan lini usaha "Business Process The addition of the "Business Process
Outsourcing" (BPO) dalam AG dapat berperan Outsourcing" (BPO) line within AG can act as a
sebagai pendorong diversifikasi pendapatan driver for revenue diversification and
dan memperkuat posisi perusahaan sebagai strengthen the company's position as a strategic
mitra strategis bagi bisnis yang ingin partner for businesses seeking to enhance
meningkatkan efisiensi operasional. Dengan operational efficiency. By offering services such
menawarkan layanan seperti pengelolaan as office equipment and IT device management,
mesin kantor dan perangkat IT lainnya, as well as customer support, AG can help client
customer support, AG dapat membantu companies focus on their core activities without
perusahaan klien fokus pada aktivitas inti being burdened by administrative processes.
mereka tanpa terbebani proses administratif. The presence of BPO services also expands AG’s
Kehadiran layanan BPO ini juga memperluas existing end-to-end solution ecosystem, fosters
ekosistem solusi end-to-end yang sudah long-term customer relationships, and broadens
dimiliki AG, mempererat hubungan jangka market reach to a wider range of sectors,
panjang dengan pelanggan, dan memperluas including SMEs and corporations undergoing
pangsa pasar ke sektor yang lebih luas, digital transformation. This will further solidify
termasuk UMKM dan korporasi yang sedang AG's reputation as a comprehensive and
bertransformasi digital. Ini akan semakin sustainable business solutions provider.
memperkokoh citra AG sebagai penyedia solusi
bisnis yang komprehensif dan berkelanjutan.
Berikut merupakan fokus dari lini usaha Below are the key focus areas of the Business
Business Process Outsourcing yang sudah Process Outsourcing line already established by
disediakan oleh manajemen: management:
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Source: Management
5.4 Aspek Teknis Terkait dengan Kapasitas / Technical Aspects Related to Capacity
Printing Service Business
AG memiliki potensi untuk meningkatkan AG has the potential to increase production
kapasitas produksi dalam layanan cetak capacity in printing services by adopting more
dengan mengadopsi teknologi cetak digital dan advanced digital and offset printing
offset yang lebih canggih. Dengan sistem cetak technologies. With a variable data printing
variabel data, perusahaan dapat menangani system, the company can handle both large and
pencetakan dalam jumlah besar maupun kecil small-scale printing with a high level of
dengan tingkat kustomisasi yang tinggi. Selain customization. Additionally, logistics and
itu, kapasitas logistik dan distribusi juga dapat distribution capacities can be expanded to
diperluas untuk memastikan pengiriman ensure faster and more efficient delivery of
cetakan yang lebih cepat dan efisien ke printed materials to customers across various
pelanggan di berbagai lokasi. locations.
Sewa Mesin Kantor / Office Rental Business
Dalam bidang penyewaan mesin kantor, AG In the office equipment rental business, AG can
dapat meningkatkan kapasitas dengan increase capacity by providing more office
menyediakan lebih banyak perangkat kantor devices needed by customers, allowing them to
lainnya yang dibutuhkan pelanggan sehingga avoid large upfront investments. This solution
pelanggan tidak perlu melakukan investasi can cater to customers who require more
yang besar di awal. Solusi ini dapat dynamic and efficient office equipment
menjangkau kebutuhan pelanggan yang solutions to support their work.
membutuhkan solusi perangkat kantor
pendukung kerja yang lebih dinamis dan
efisien.
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Bisnis Pengemasan / Packaging Business
Dalam bisnis pengemasan, AG dapat In the packaging business, AG can increase
meningkatkan kapasitas produksi dengan production capacity by adding production lines
menambah lini produksi untuk berbagai jenis for various types of packaging, including
kemasan, termasuk kemasan kertas/karbon, paper/carton, flexible, and eco-friendly
fleksibel, dan ramah lingkungan. Dengan packaging. With more modern printing and
teknologi cetak dan finishing yang lebih finishing technology, the company can meet
modern, perusahaan dapat memenuhi demand from various industries such as food &
permintaan dari berbagai industri seperti beverages, pharmaceuticals, and e-commerce.
makanan & minuman, farmasi, dan e-
commerce.
Business Process Outsourcing
AG dapat memperbesar kapasitas layanan BPO AG can expand its BPO service capacity by
dengan memperluas cakupan solusi bisnis yang broadening the range of business solutions
ditawarkan, seperti layanan pemeliharaan offered, such as IT product maintenance,
produk-produk IT, customer service, data customer service, data processing, and
processing, dan document management. document management. By adopting AI-based
Dengan mengadopsi teknologi berbasis AI dan and automation technologies, the company can
otomatisasi, perusahaan dapat meningkatkan enhance service efficiency and scalability,
efisiensi dan skalabilitas layanan, allowing them to serve more clients from
memungkinkan mereka untuk menangani lebih various industries, including banking, insurance,
banyak klien dari berbagai sektor industri, and telecommunications.
termasuk perbankan, asuransi, dan
telekomunikasi.
Dengan peningkatan kapasitas di masing- With these capacity enhancements in each
masing bidang usaha ini, AG dapat business sector, AG can strengthen its industry
memperkuat posisinya di industri dan position and deliver more innovative and highly
memberikan solusi yang lebih inovatif serta competitive solutions to its customers.
berdaya saing tinggi bagi pelanggan.
5.5 Aspek Teknis Terkait dengan Ketesediaan dan Kualitas Sumber Daya / Technical Aspects
Related to Availability and Quality of Resources
Printing Service Business
Dalam Printing Service Business, AG In the Printing Service Business, AG allocates 8
mengalokasikan 8 orang dalam biaya produksi personnel under the cost of goods sold (COGS),
(COGS), terdiri dari 1 kepala produksi, 6 consisting of 1 production head, 6 operators,
operator, dan 1 desainer, serta 3 orang dalam and 1 designer, as well as 3 personnel under
biaya operasional (Opex) yang mencakup 1 operational expenses (Opex), including 1
manajer, 2 sales, dan admin sebagai bagian manager, 2 sales representatives, and an admin
dari layanan bersama (shared services). as part of shared services. The production
Kapasitas produksi berkisar antara 1 juta capacity ranges from 1 million to 2 million print
hingga 2 juta volume cetak per bulan per volumes per month. To support operations,
bulan. Untuk mendukung operasional, investments are made in printing machines,
investasi dilakukan berupa mesin cetak, mesin finishing machines, cutting machines, and
finishing, mesin potong (cutting), dan mesin inserting machines.
inserting.
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Sewa Mesin Kantor / Office Rental Business
Dalam bisnis penyewaan mesin In the office rental business, AG allocates 1
kantor, AG mengalokasikan 1 orang dalam person under the cost of goods sold (COGS),
biaya produksi (COGS), yaitu 1 project namely a project management office and an
management office dan engineer sebagai engineer as part of shared services, using a unit-
bagian dari layanan Bersama (shared based system. Additionally, 2 people are
services), dengan sistem berbasis jumlah allocated under operational expenses (Opex),
unit. Selain itu, terdapat 2 orang dalam including 2 sales representatives, as well as a
biaya operasional (Opex) yang mencakup 2 manager and an admin as part of shared
sales, serta manajer dan admin sebagai services. The available capacity utilizes
bagian dari layanan bersama. Kapasitas multifunction machines and other IT
yang tersedia menggunakan mesin equipment, which are part of the investment.
multifungsi dan IT lainnya yang merupakan
bagian dari investasi.
Bisnis Pengemasan / Packaging Business
In the packaging business, AG allocates 4
Dalam bisnis pengemasan, AG mengalokasikan personnel under the cost of goods sold (COGS),
4 orang dalam biaya produksi (COGS), yang consisting of 1 production head, 2 operators,
terdiri dari 1 kepala produksi, 2 operator, dan and 1 designer, as well as 2 personnel under
1 desainer, serta 2 orang dalam biaya operational expenses (Opex), including 2 sales
operasional (Opex) yang mencakup 2 sales, representatives, along with a manager and an
serta manajer dan admin sebagai bagian dari admin as part of shared services. The
production capacity ranges from 40,000 to
layanan Bersama (shared services). Kapasitas
50,000 printed packaging volumes per month.
produksi yang dihasilkan berkisar antara
To support operations, the required
40.000 hingga 50.000 volume cetak kemasan investments include printing machines,
per bulan. Untuk mendukung operasional ini, finishing machines, cutting machines, and label
investasi yang diperlukan berupa mesin cetak, printing machines.
mesin finishing, mesin potong (cutting), dan
mesin cetak label.
Business Process Outsourcing
Dalam Business Process Outsourcing (BPO), In the Business Process Outsourcing (BPO)
Perseroan mengalokasikan 1 orang dalam business, the company allocates 1 person under
biaya produksi (COGS) yang terdiri dari 1 the cost of goods sold (COGS), consisting of a
project management office dan tenaga project management office and trained
terlatih yang disesuaikan dengan personnel tailored to customer needs.
kebutuhan pelanggan. Selain itu, terdapat Additionally, 1 person is allocated under
1 orang dalam biaya operasional (Opex) operational expenses (Opex), including 1 sales
yang mencakup 1 sales, serta manajer dan representative, along with a manager and an
admin sebagai bagian dalam layanan admin as part of shared services. To support this
bersama (shared services). Untuk service, the company invests in office
equipment as operational support.
mendukung layanan ini, perusahaan
berinvestasi dalam peralatan kantor sebagai
penunjang operasional.
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PT Astra Graphia Tbk (“AG”)
5.6 Aspek Teknis Terkait dengan Proses Produksi / Technical Aspects Related to Production
Process
Printing Service Business
Proses produksi Printing Service Business The production process of the Printing Service
dimulai dengan pengaturan data ambal i yang Business begins with setting up variable data to
akan dicetak, memastikan setiap elemen be printed, ensuring that every element meets
sudah sesuai dengan kebutuhan pelanggan. customer requirements. Next, the printing
Setelah itu, proses pencetakan dilakukan process is carried out using high-quality printing
menggunakan teknologi cetak berkualitas technology. The printed materials then go
tinggi. Hasil cetakan kemudian melewati tahap through the finishing stage, which includes
finishing, seperti laminasi, penjilidan, atau lamination, binding, or cutting. After that, the
pemotongan. Selanjutnya, dilakukan proses inserting process takes place, where documents
inserting, yaitu dokumen dilipat dan are folded and placed into envelopes before
dimasukkan ke dalam amplop sebelum being delivered to customers via courier
akhirnya dikirim ke pelanggan melalui layanan services, ensuring timely delivery and optimal
kurir, memastikan produk sampai tepat waktu condition.
dan dalam kondisi optimal.
Sewa Mesin Kantor / Office Rental Business
Proses Sewa Mesin Kantor dimulai dengan The office equipment rental process begins with
melakukan asesmen untuk mengetahui an assessment to determine the customer’s
kebutuhan pelanggan. Tim penjualan needs. The sales team then presents a rental
kemudian menyajikan solusi penyewaan yang solution through a presentation explaining the
sesuai melalui presentasi yang menjelaskan available options. The company implements the
opsi yang tersedia. Perseroan akan melakukan selected option according to the customer’s
implementasi sesuai dengan opsi yang dipilih choice.
oleh pelanggan.
Bisnis Pengemasan / Packaging Business
Proses produksi bisnis pengemasan diawali The packaging business production process
dengan tahap desain, di mana elemen visual starts with the design stage, where the visual
dan fungsional kemasan dirancang sesuai and functional elements of the packaging are
dengan kebutuhan produk pelanggan. Setelah created to meet the customer’s product
desain final disetujui, proses pencetakan requirements. Once the final design is
dilakukan dengan memilih bahan dan ambal approved, the printing process begins, selecting
cetak yang sesuai. Kemasan yang telah dicetak the appropriate materials and printing
kemudian melewati tahap finishing, seperti techniques. The printed packaging then goes
pemotongan, pelipatan, atau laminasi. through the finishing stage, which includes
cutting, folding, or lamination.
Business Process Outsourcing
Dalam layanan BPO (Business Process In Business Process Outsourcing (BPO) services,
Outsourcing), proses penjualan diawali dengan the sales process begins with the pre-
tahap pra-kualifikasi dan pendekatan terhadap qualification stage and an approach to potential
calon pelanggan untuk memahami kebutuhan customers to understand their needs. Next, the
mereka. Setelah itu, tim penjualan melakukan sales team conducts an awareness presentation
presentasi kesadaran guna menjelaskan to explain the benefits of the services offered.
manfaat layanan yang ditawarkan. A further assessment is then carried out to
Selanjutnya, dilakukan asesmen lebih lanjut tailor the solution to the customer’s specific
untuk menyesuaikan solusi dengan kebutuhan needs. Once the best solution is formulated, the
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PT Astra Graphia Tbk (“AG”)
spesifik pelanggan. Setelah solusi terbaik sales team presents it to the customer to secure
disusun, tim penjualan menyampaikannya a commitment. After an agreement is reached,
kepada pelanggan hingga mendapatkan implementation is carried out to ensure that
komitmen. Setelah kesepakatan dicapai, the BPO services operate according to the
implementasi dilakukan dengan memastikan customer’s expectations.
layanan BPO berjalan sesuai harapan
pelanggan.
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
17 BAB VI / CHAPTER VI
18 ASPEK POLA BISNIS / BUSINESS MODEL ASPECT
6.1 Pola Bisnis / Business Model
6.1.1 Kemampuan Untuk Menciptakan Nilai / Ability to Create Value
Dengan adanya kemampuan untuk mengelola With its prior business management
bisnis sebelumnya, pola bisnisnya akan capabilities, AG’s business model will transform
bertransformasi menjadi model layanan into an integrated, solution-based service
terpadu berbasis solusi. AG akan melakukan model. AG plans to innovate by offering services
inovasi layanan one stop service dan like a one-stop service where customers pay
semacamnya, di mana pelanggan membayar based on usage, reducing the need for upfront
sesuai penggunaan, mengurangi kebutuhan investments. This service integration allows AG
investasi awal. Integrasi layanan ini to provide comprehensive packages, such as on-
memungkinkan AG menawarkan paket lengkap demand printing services combined with
seperti layanan cetak on-demand yang equipment rental, document packaging, and
dikombinasikan dengan sewa perangkat, digital business process management. By
pengemasan dokumen, hingga pengelolaan implementing cross-selling and bundling
proses bisnis secara digital. Dengan strategies, AG can increase customer lifetime
menerapkan strategi cross-selling dan value while expanding its business ecosystem.
bundling, AG dapat meningkatkan customer This approach also opens opportunities to apply
lifetime value, ambal memperluas ekosistem advanced technologies like cloud printing,
bisnisnya. Pendekatan ini juga membuka automated workflows, and data analytics to
peluang penerapan teknologi canggih seperti optimize customer operations, strengthening
cloud printing, automated workflows, dan data AG’s competitive edge in an increasingly digital
analytics untuk mengoptimalkan operasional and dynamic market. Management believes that
pelanggan, sekaligus memperkuat daya saing this additional business activities plan will bring
perusahaan di pasar yang semakin digital dan significant benefits to AG.
dinamis. Dengan begitu manajemen meyakini
rencana penambahan kegiatan usaha ini akan
membawa keuntungan bagi AG.
6.1.2 Keunggulan Kompetitif / Competitive Advantage
Keunggulan kompetitif AG terletak pada AG’s competitive advantage lies in its strong
reputasi kuat sebagai bagian dari Grup Astra, reputation as part of the Astra Group, which
yang memberikan kepercayaan tinggi di pasar commands high trust in the Indonesian market.
Indonesia. Dengan pengalaman puluhan tahun With decades of experience in document
di ambal i solusi dokumen dan teknologi solutions and information technology, the
informasi, perusahaan memiliki keahlian company possesses deep expertise, an extensive
mendalam, jaringan distribusi yang luas, dan distribution network, and strategic partnerships
kemitraan strategis dengan perusahaan global with global company like FUJIFILM Business
seperti FUJIFILM Business Innovation. Ini Innovation. This enables AG to deliver high-
memungkinkan AG menawarkan layanan quality services, from managed print services to
berkualitas tinggi, mulai dari managed print integrated digital solutions.
services hingga solusi digital yang terintegrasi.
Selain itu, kemampuan untuk menghadirkan Furthermore, its ability to provide end-to-end
solusi end-to-end dari penyediaan perangkat, solutions including equipment supply,
pemeliharaan, hingga layanan outsourcing dan maintenance, outsourcing services, and
konsultasi memberikan nilai tambah yang sulit consulting adds unique value that is hard for
ditandingi pesaing. Dengan mengutamakan competitors to match. By prioritizing
inovasi, layanan pelanggan yang ambal ive, innovation, responsive customer service, and
dan strategi pemasaran yang adaptif, AG adaptive marketing strategies, AG can maintain
mampu mempertahankan posisinya sebagai
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pemimpin pasar ambal terus berkembang its market leadership while continuously
mengikuti kebutuhan bisnis yang terus evolving to meet changing business needs.
berubah.
6.1.3 Kemampuan Pesaing untuk Meniru Produk / Competitors’ Ability to Imitate Products
Kemampuan pesaing untuk meniru produk dan Competitors may indeed have the potential to
layanan AG dengan rencana penambahan lini replicate AG’s products and services, especially
usaha tersebut cukup memungkinkan, for standard offerings like Printing Services or
terutama untuk layanan yang bersifat standar Office Rental Business. However, AG’s
seperti Printing Service atau Office Rental advantage lies in its well-established business
Business. Namun, keunggulan AG terletak pada ecosystem, support from global technology
ekosistem bisnis yang sudah mapan, dukungan partners (such as FUJIFILM Business Innovation),
dari mitra teknologi global (seperti FUJIFILM and its strong reputation for service excellence.
Business Innovation), serta reputasi kuat dalam By integrating various business lines for
layanan. Dengan mengombinasikan berbagai instance, combining Printing Services with BPO
lini usaha misalnya mengintegrasikan Printing or Packaging Businesses, AG can create end-to-
Service dengan BPO atau Packaging Business, end solutions that are difficult for competitors
AG bisa menciptakan solusi end-to-end yang to replicate quickly. Additionally, continuous
sulit ditiru secara cepat oleh pesaing. Selain investment in technology innovation, service
itu, investasi berkelanjutan dalam inovasi personalization, and strengthened customer
teknologi, personalisasi layanan, dan relationships can serve as differentiation
penguatan hubungan pelanggan bisa menjadi strategies, slowing competitors’ ability to
strategi diferensiasi yang memperlambat match the added value AG provides. By focusing
kemampuan pesaing untuk menyamai nilai on building these unique capabilities, AG is
tambah yang ditawarkan AG. Jika AG fokus expected to remain a market leader despite
membangun kapabilitas unik ini, AG potential imitation threats.
diharapkan bisa tetap menjadi pemimpin pasar
meskipun ada ancaman imitasi.
6.2 Analisis SWOT / SWOT Analisys
Analisis SWOT (strength, weakness, opportunity A SWOT analysis (strength, weakness,
and threat) terdiri atas faktor internal yang bisa opportunity and threat) consists of internal
dikontrol dan faktor eksternal atau lingkungan factors that can be controlled and external or
yang mungkin sulit dikontrol. Kedua sisi environmental factors that may be harder to
dianalisis supaya dapat disusun suatu strategi influence. Analyzing both sides helps
sehingga tercapai keberhasilan dan mempunyai formulate strategies to achieve success and
daya saing. Dari faktor internal bisa maintain competitiveness. Internal factors
diidentifikasi kekuatan dan kelemahan (strength identify strengths and weaknesses, while
and weakness) sedangkan dari faktor eksternal external factors reveal opportunities and
berupa peluang dan ancaman (opportunity and threats.
threat).
Berikut adalah analisa SWOT AG setelah Here is AG’s SWOT analysis following the
penambahan Kegiatan Usaha : additional business activities:
• Strengths • Strengths
1. Reputasi kuat dan brand trust sebagai 1. Strong reputation and brand trust as a
pemimpin dalam solusi dokumen dan leader in document solutions and
teknologi. technology.
2. Ekosistem bisnis terintegrasi dengan 2. An integrated business ecosystem with the
kemampuan menggabungkan layanan dalam ability to combine services into an end-to-
paket end-to-end. end package.
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3. Kemitraan dengan FUJIFILM Business 3. Partnership with FUJIFILM Business
Innovation, mendukung akses ke teknologi Innovation, providing access to advanced
canggih dan perangkat berkualitas. technology and high-quality devices.
4. Dukungan teknis dan pemeliharaan sebagai 4. Technical support and maintenance as
nilai tambah bagi pelanggan. added value for customers.
• Weakness • Weaknesses
1. Ketergantungan pada mitra teknologi yang 1. Dependence on technology partners, which
dapat membatasi inovasi mandiri. may limit independent innovation.
2. Biaya operasional tinggi karena pengelolaan 2. High operational costs due to managing
berbagai lini bisnis yang kompleks. various complex business lines.
3. Butuh waktu untuk membangun kapabilitas di 3. Requires time to build capabilities in the
bisnis BPO dan pengemasan, meskipun sudah BPO and packaging business, despite already
kuat di solusi dokumen. being strong in document solutions.
• Oportunities • Opportunities
1. Pertumbuhan digitalisasi dan efisiensi bisnis 1. Growth in digitalization and business
mendorong Perusahaan beralih ke layanan efficiency encourages companies to shift
outsourcing dan sewa perangkat. towards outsourcing services and device
2. Pertumbuhan e-commerce meningkatkan rentals.
permintaan kemasan berkualitas tinggi. 2. The rise of e-commerce drives demand for
3. Hybrid working membuka peluang untuk high-quality packaging.
layanan cloud printing, remote office 3. Hybrid working opens opportunities for
solutions, dan dokumentasi digital. cloud printing services, remote office
solutions, and digital documentation.
• Threats
1. Persaingan ketat dari kompetitor lokal dan • Threats
internasional yang menawarkan layanan 1. Intense competition from local and
serupa dengan harga lebih kompetitif. international competitors offering similar
2. Perubahan teknologi yang cepat menuntut services at more competitive prices.
AG untuk terus berinovasi. 2. Rapid technological changes require
3. Ketidakstabilan ekonomi mengurangi continuous innovation.
pengeluaran perusahaan untuk layanan non- 3. Economic instability reduces corporate
esensial. spending on non-essential services.
4. Tantangan regulasi ketat di sektor BPO dan 4. Strict regulations in the BPO and packaging
pengemasan terkait keamanan data dan sectors related to data security and
keberlanjutan lingkungan. environmental sustainability.
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
14 BAB VII / CHAPTER VII
15 ASPEK MODEL MANAJEMEN / MANAGEMENT MODEL ASPECT
7.1 Ketersediaan Tenaga Kerja / Availability of Workforce
Sehubungan dengan Rencana Penambahan In relation to the Planned Additional Business
Kegiatan Usaha berupa penambahan bidang Activities, which includes adding business lines
usaha Printing Service Business, Sewa Mesin in Printing Service Business, Office Rental
Kantor/Office Rental Business, Bisnis Business Business, Packaging Business, and
Pengemasan/Packaging Business, dan Business Business Process Outsourcing (BPO), AG has
Process Outsourcing (BPO), AG memiliki sumber competent and adequate human resources and
daya manusia dan manajemen yang kompeten management.
dan memadai.
Sumber Daya Manusia yang dimiliki untuk The human resources available to meet AG’s
memenuhi kebutuhan operasional AG setelah operational needs after the planned additional
melakukan rencana penambahan kegiatan business activities currently consist of two
usaha saat ini dua orang, yang mana memiliki people, both of whom have adequate capacity
kapasitas ataupun pengalaman yang memadai. and experience. Below are several resumes of
Berikut adalah beberapa CV dari tenaga kerja personnel who can support AG’s Additional
yang dapat mendukung Rencana Penambahan Business Activities Plan:
Kegiatan Usaha AG:
1. Nama / Name : Edgar Wirotomo Limansantoso
Pendidikan Terakhir
/ Highest Education : Bachelor of Economics – Parahyangan Catholic
University
Pengalaman Kerja
/ Work Experience : - Chief of Astragraphia Planning and Marketing
- Chief of Marketing and Sales Operation Support
- Chief of IT Business Solution
- Chief Executive for Astra Group Business Operation
- Deputy Chief Executive for Astra Group Business
Operation
- Head of Business Consultant for automotive,
manufacturing, distribution services department – PT
Astra Graphia Information Technology
- Head of Business Consultant for Astra Group – PT Astra
Graphia Information Technology dan PT Astra Graphia
Tbk
- Head of Business Consultant for Astra Group – PT Astra
Graphia Information Technology
- Product Manager – PT Syspex Kemasindo
- Sales Executive – PT Delphia Prima Jaya
2. Nama / Name : Satryo Dewandono
Pendidikan Terakhir
/ Highest Education : Master of Business Administration, Management
Information System, General – University of Baltimore
Merrick School of Business.
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PT Astra Graphia Tbk (“AG”)
Pengalaman Kerja
/ Work Experience : - Chief of Business Strategy and Development and
Corporate Communications – PT Astra Graphia Tbk
- Chief of Business Planning and Marketing – PT Astra
Graphia Tbk
- Marketing Manager – PT Astra Graphia Tbk
7.2 Manajemen Risiko / Manajemen Risiko
Seperti halnya kegiatan usaha yang dilakukan Like any other company's business activities,
oleh perusahaan lainnya, kegiatan usaha yang AG’s business activities through the addition of
dilakukan oleh AG melalui penambahan new business lines are not exempt from business
kegiatan usahanya di bidang ini tidak terlepas risk factors caused by various elements, which
dari faktor risiko usaha yang disebabkan oleh can ultimately affect the company's growth and
berbagai faktor dan pada akhirnya dapat financial health. These risks include:
mempengaruhi tingkat pertumbuhan dan
kesehatan, sebagai berikut:
Risiko Modal Capital Risk
Penambahan lini usaha memerlukan Expanding business lines requires additional
modaltambahan, dengan potensi keuntungan capital, with potential profits in return.
yang sesuai. Pengelolaan modal yang tidak Ineffective capital management could lead to
efektif bisa mengarah pada hasil yang tidak unsatisfactory results.
sesuai harapan.
Risiko Persaingan Competition Risk
Persaingan yang ketat baik dengan pemain Intense competition from both local and global
amba maupun global dapat menurunkan players may reduce AG’s profit margins.
margin keuntungan AG. Pesaing yang lebih Competitors who adopt new technologies faster
cepat mengadopsi teknologi baru atau or offer lower prices pose a risk of shrinking the
menawarkan harga lebih rendah berisiko company's market share.
mengurangi pangsa pasar Perseroan.
Risiko Biaya Perawatan Maintenance Cost Risk
Bisnis seperti Office Rental dan Printing Businesses such as Office Rental and Printing
Service memerlukan perawatan perangkat Services require costly equipment maintenance.
yang mahal. Ketergantungan pada suku cadang Dependence on imported spare parts and
impor dan teknisi khusus dapat meningkatkan specialized technicians can increase costs and
biaya dan waktu perbaikan, yang berdampak repair times, impacting customer satisfaction.
pada kepuasan pelanggan.
Risiko Tenaga Kerja Labor Risk
Ekspansi lini usaha membutuhkan tenaga kerja Expanding business lines requires skilled labor,
terampil, dan ketatnya pasar tenaga kerja bisa and a tight labor market may force the company
memaksa Perseroan untuk menawarkan gaji to offer higher wages. Additionally, changes in
lebih tinggi. Selain itu, perubahan regulasi labor regulations could increase the company’s
ketenagakerjaan dapat meningkatkan struktur cost structure.
biaya perusahaan.
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Strategi Mitigasi: Mitigation Strategies:
• Diferensiasi Layanan: Membedakan layanan • Service Differentiation: Distinguishing AG’s
AG untuk mengurangi persaingan harga dan services to reduce price-based competition
meningkatkan nilai tambah bagi pelanggan. and enhance customer value.
• Pemeliharaan Prediktif: Menggunakan • Predictive Maintenance: Implementing
pemeliharaan prediktif untuk mengurangi predictive maintenance to reduce
biaya perawatan dan downtime perangkat. maintenance costs and equipment downtime.
• Program Pelatihan: Mengembangkan tenaga • Training Programs: Developing a skilled
kerja terampil melalui program pelatihan workforce through training programs to
untuk mengatasi kekurangan tenaga kerja address labor shortages.
terampil.
Secara keseluruhan, meskipun terdapat Overall, while there are various risks to
berbagai risiko yang perlu dihadapi, strategi consider, effective mitigation strategies can
mitigasi yang tepat dapat meminimalkan minimize their impact, allowing the company to
dampak risiko tersebut, memungkinkan expand successfully while maintaining
Perseroan untuk memperluas usahanya dengan competitiveness and operational efficiency.
efektif sambil mempertahankan daya saing dan
efisiensi operasional.
7.3 Manajemen Kekayaan Intelektual / Intelectual Property
Penambahan kegiatan usaha dengan The addition of business activities under the
penambahan KBLI Printing Service Business, KBLI classifications for Printing Service
Sewa Mesin Kantor, Pengemasan, Business Business, Office Equipment Rental, Packaging,
Process Outsourcing tidak diperlukan and Business Process Outsourcing does not
manajemen kekayaan intelektual. Manajemen require intellectual property management. The
hanya melakukan pelaksanaan teknis dalam management is only responsible for the
kegiatan usaha sesuai dengan penambahan technical execution of business operations in
KBLI diatas. accordance with the newly added KBLI
classifications.
7.4 Kapasitas dan Kemampuan Manajemen / Management Capacity and Capability
Manajemen yang dibutuhkan untuk The management required for the addition of
penambahan KBLI Printing Service Business, KBLI in Printing Service Business, Office
Sewa Mesin Kantor, Pengemasan, Business Equipment Rental, Packaging, and Business
Process Outsourcing berasal dari internal yang Process Outsourcing comes from internal
merupakan karyawan tetap dan memiliki personnel who are permanent employees with
kapasitas ataupun pengalaman yang memadai. adequate capacity and experience.
7.5 Kesesuaian Struktur Organisasi dan Manajemen / Organizational Structure and
Management Suitability
Berikut merupakan struktur organisasi AG: Below is AG's organizational structure:
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PT Astra Graphia Tbk (“AG”)
16
17 *Shared Services
18 Source: Management
19
Struktur organisasi AG sudah cukup memadai AG's organizational structure is already
untuk model manajemen untuk rencana sufficient for the management model in the
penambahan KBLI Printing Service Business, planned addition of KBLI for Printing Service
Sewa Mesin Kantor, Pengemasan, Business Business, Office Equipment Rental, Packaging,
Process Outsourcing. and Business Process Outsourcing.
20
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PT Astra Graphia Tbk (“AG”)
21 BAB VIII / CHAPTER VIII
22 ASPEK KEUANGAN / FINANCIAL ASPECT
8.1 Rencana AG / AG’s Plan
AG adalah perusahaan yang bergerak di bidang AG is a company engaged in trade and
perdagangan dan teknologi informasi, AG fokus information technology, focusing on the
pada ruang lingkup bisnis Printing and Digital business scope of Printing and Digital Services.
Services. AG memiliki portofolio bisnis Solusi AG has a Document Solutions business portfolio
Dokumen dengan mitra eksklusif FUJIFILM with an exclusive partnership with FUJIFILM
Business Innovation, menghadirkan solusi end- Business Innovation, offering end-to-end
to-end mulai dari kebutuhan cetak personal, solutions ranging from personal and office
perkantoran, Graphic Art hingga managed printing needs to Graphic Arts and managed
print services dimana saat ini AG berencana print services. Currently, AG plans to expand its
untuk melakukan ekspansi bisnisnya dengan business through the addition of new business
Rencana Penambahan kegiatan usaha dibidang activities in the areas of Printing Service
Printing Service Business, Sewa Mesin Business, Office Rental Business, Packaging
Kantor/Office Rental Business, Bisnis Business, and Business Process Outsourcing
Pengemasan/Packaging Business, dan Business (BPO). To support this additional business
Process Outsourcing (BPO). Untuk melakukan activities, AG requires additional investment to
penambahan Kegiatan Usahanya ini, AG ensure operations run as planned.
memerlukan adanya tambahan investasi, agar
usahanya dapat berjalan sesuai dengan yang
direncanakan.
8.2 Kebutuhan Investasi / Investment Requirements
Untuk menambah Kegiatan Usaha, AG berencana To expand its business activities, AG plans to
untuk menambah kegiatan usahanya dalam grow in the areas of Printing Service Business,
bidang Printing Service Business, Sewa Mesin Office Rental Business, Packaging Business,
Kantor/Office Rental Business, Bisnis and Business Process Outsourcing (BPO). This
Pengemasan/Packaging Business, dan Business expansion requires AG to acquire additional
Process Outsourcing (BPO), hal ini membuat AG supporting equipment necessary for its
membutuhkan penambahan perlatan penunjang operational needs. Below is the list of planned
yang akan diperlukan sebagai kepeluan additions AG will undertake:
operasional usahanya. Berikut merupakan list
penambahan yang akan dilakukan oleh AG:
Figur 11. Investment Details (in Thousands)
Description Amount
Printing Service Business 6.000.000
Office Rental Business 3.600.000
Packaging Business 1.600.000
Business Process Outsourcing 800.000
TOTAL 12.000.000
Source: Management
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
8.3 Sumber Pembiayaan / Source of Funding
Sumber dana dari kebutuhan investasi ini The funding for this investment requirement
berasal dari kas AG, sehingga memungkinkan AG comes from AG’s cash reserves, allowing AG to
untuk menambah investasi ini. proceed with the planned investment.
Dalam rangka penambahan Kegiatan Usaha In relation to the expansion of business
investasi yang diperlukan berasal dari kas AG, activities, the required investment will come
dimana kas AG per tahun 2024 tercatat sebesar from AG’s cash reserves. As of 2024, AG's cash
Rp1.611.060.000.000 (satu triliun enam ratus balance is recorded at IDR 1,611,060,000,000
sebelas miliar enam puluh juta Rupiah) (one trillion six hundred eleven billion sixty
sedangkan investasi untuk penambahan million Rupiah), while the investment needed
kegiatan usaha yang diperlukan sebesar for the additional business activities amounts
Rp12.000.000.000 (dua belas miliar Rupiah) to IDR 12,000,000,000 (twelve billion Rupiah).
sehingga investasi dapat dipenuhi dari kas yang Therefore, the investment can be fully funded
ada. from the existing cash reserves.
8.4 Posisi Keuangan AG Setelah Transaksi / AG’s Financial Position After the Transaction
Sebelum adanya penambahan kegiatan usaha, AG’s revenue before the additional business
pendapatan AG berasal dari jasa layanan dan activities came from service and rental
sewa, penjualan produk, pendapatan proyek, income, product sales, project revenue, as
serta pendapatan dari pihak ketiga dan pihak well as income from third parties and related
terkait. Dengan rencana penambahan kegiatan parties. With the planned additional business
usaha, pendapatan AG akan bertumbuh activities, AG’s revenue will grow to include
mencakup pendapatan dari Printing Services income from the Printing Service Business,
Business, Sewa Mesin Kantor/Office Rental Office Rental Business, Packaging Business,
Business, Bisnis Pengemasan/Packaging and Business Process Outsourcing (BPO),
Business, dan Business Process covering rental, packaging, and printing
Outsourcing (BPO). services.
Figur 12. Projected Net Profit of AG After the Planned Transaction (in Thousands)
2025 2026 2027 2028 2029
Description
Jan - Des Jan - Des Jan - Des Jan - Des Jan - Des
Revenue Printing Service
Business 29.544.487 31.021.711 32.572.797 34.201.436 35.911.508
Revenue Office Rental Business 5.400.000 5.670.000 5.953.500 6.251.175 6.563.734
Revenue Packaging 4.000.000 4.200.000 4.410.000 4.630.500 4.862.025
Revenue Business Process
Outsourcing 3.000.000 3.150.000 3.307.500 3.472.875 3.646.519
Jumlah 41.944.487 44.041.711 46.243.797 48.555.986 50.983.786
Cost of Revenue (32.457.314) (34.055.366) (35.743.161) (37.526.539) (39.411.779)
Distribution Cost (1.816.848) (1.907.690) (2.003.075) (2.103.229) (2.208.390)
Depreciation Cost (1.760.000) (1.894.750) (2.020.500) (2.133.250) (1.338.250)
Gross Profit 5.910.325 6.183.904 6.477.061 6.792.969 8.025.367
Total Opex (2.306.947) (2.433.294) (2.567.059) (2.708.722) (2.858.799)
Income From Operating (IFO) 3.603.378 3.750.610 3.910.002 4.084.247 5.166.568
Tax (792.743) (825.134) (860.200) (898.534) (1.136.645)
Net Income 2.810.635 2.925.476 3.049.801 3.185.713 4.029.923
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
8.5 Working Capital AG / AG’s Working Capital
Berikut rincian pergerakan working capital AG Below is the breakdown of AG’s working
dengan adanya asumsi rencana penambahan capital movement, assuming the additional
kegiatan usaha: business activities proceeds:
Figur 13. Woking Capital (in Thousands)
2025 2026 2027 2028 2029
Description
Jan - Des Jan - Des Jan - Des Jan - Des Jan - Des
Inventory 4.424.044 4.632.264 4.852.108 5.084.324 5.329.716
Account Receivable 4.430.081 4.667.694 4.919.380 5.186.062 5.468.729
Account Payable 3.074.294 3.223.710 3.381.406 3.547.906 3.723.775
Change in Inventory (4.424.044) (208.220) (219.844) (232.216) (245.392)
Change in AR (4.430.081) (237.614) (251.686) (266.681) (282.667)
Change in AP 3.074.294 149.416 157.696 166.500 175.869
CNWC (5.779.831) (296.418) (313.835) (332.397) (352.191)
Halaman / Page - 59
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
8.6 Aset Tetap / Fix Assets
Dalam menjalankan operasional AG setelah In carrying out AG's operations after the
adanya Rencana Penambahan Kegiatan Usaha, Planned Additional Business Activities, AG will
AG melakukan penambahan pada aset tetapnya increase its fixed assets for each new business
untuk masing-masing lini usaha yang akan line. The following is a projection of AG's fixed
ditambahkan. Berikut rincian proyeksi aset tetap assets after the Planned Additional Business
AG setelah Rencana Penambahan Kegiatan Usaha Activities is implemented.
dilaksanakan
Figur 14. Fixed Asset Projections (in Thousands)
2025 2026 2027 2028 2029
Deskripsi
Jan - Des Jan - Des Jan - Des Jan - Des Jan - Des
Addition
Business Process Outsourcing 800.000
Office Rental Business 3.600.000
Packaging 1.600.000
Printing Service Business 6.000.000
Capex Maintenance 940.000 880.000 800.000 750.000
Total 12.000.000 940.000 880.000 800.000 750.000
Acquisition
Business Process Outsourcing 800.000 800.000 800.000 800.000 800.000
Office Rental Business 3.600.000 3.600.000 3.600.000 3.600.000 3.600.000
Packaging 1.600.000 1.600.000 1.600.000 1.600.000 1.600.000
Printing Service Business 6.000.000 6.000.000 6.000.000 6.000.000 6.000.000
Capex Maintenance - 940.000 1.820.000 2.620.000 3.370.000
Total 12.000.000 12.940.000 13.820.000 14.620.000 15.370.000
Depreciation
Business Process Outsourcing 160.000 160.000 160.000 160.000 160.000
Office Rental Business 900.000 900.000 900.000 900.000 -
Packaging 175.000 175.000 175.000 175.000 175.000
Printing Service Business 525.000 525.000 525.000 525.000 525.000
Capex Maintenance - 134.750 260.500 373.250 478.250
Total 1.760.000 1.894.750 2.020.500 2.133.250 1.338.250
Akumulasi Depresiasi
Business Process Outsourcing 160.000 320.000 480.000 640.000 800.000
Office Rental Business 900.000 1.800.000 2.700.000 3.600.000 3.600.000
Packaging 175.000 350.000 525.000 700.000 875.000
Printing Service Business 525.000 1.050.000 1.575.000 2.100.000 2.625.000
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
Capex Maintenance - 134.750 395.250 768.500 1.246.750
Total 1.760.000 3.654.750 5.675.250 7.808.500 9.146.750
Book Value
Business Process Outsourcing 640.000 480.000 320.000 160.000 -
Office Rental Business 2.700.000 1.800.000 900.000 - -
Packaging 1.425.000 1.250.000 1.075.000 900.000 725.000
Printing Service Business 5.475.000 4.950.000 4.425.000 3.900.000 3.375.000
Capex Maintenance - 805.250 1.424.750 1.851.500 2.123.250
Total 10.240.000 9.285.250 8.144.750 6.811.500 6.223.250
Penerapan Capex Maintenance diatas The implementation of the Capex
menunjukkan belanja modal yang dialokasikan Maintenance above reflects the capital
untuk pemeliharaan aset agar tetap berfungsi expenditures allocated for asset maintenance
secara optimal. Nilainya sebesar Rp 940.000.000 to ensure they continue to function
pada 2025, kemudian menurun secara bertahap optimally. The value is IDR 940,000,000 in
sehingga menjadi Rp 750.000.000 pada 2029. 2025, gradually decreasing to IDR
Perhitungan Capex Maintenance diatas 750,000,000 in 2029. The Capex Maintenance
didasarkan dari persentase rasio net capex / calculation is based on the net capex/sales
sales untuk masing-masing industri dari ratio percentage for each industry, according
Damodaran. to Damodaran.
Penurunan ini mengindikasikan peningkatan This decline indicates improved maintenance
efisiensi pemeliharaan, berkurangnya kebutuhan efficiency, reduced need for major repairs
perbaikan besar akibat pembaruan aset, dan due to asset renewals, and a cost-saving
strategi penghematan untuk mengalokasikan strategy to allocate funds to other
dana ke investasi lain. Pengeluaran ini dilakukan investments. These expenditures are made to
untuk menjaga nilai dan produktivitas aset, preserve asset value and productivity while
sekaligus meminimalkan dampak depresiasi minimizing the long-term impact of
dalam jangka panjang depreciation.
8.7 Cut Off Date Dalam Analisa / Cut-Off Date in the Analysis
Dalam melakukan Analisa Studi Kelayakan In conducting the Feasibility Study for the
Penambahan Kegiatan Usaha ini, kami Additional Business Activities, we use a cut-off
menggunakan cut off date 31 Desember 2024 date of December 31, 2024. This date is set based
dimana batas tersebut diambil atas dasar on considerations of the interests and objectives
pertimbangan kepentingan dan tujuan of carrying out the feasibility study for the
dilaksanakan studi kelayakan penambahan additional business activities.
Kegiatan Usaha.
8.8 Penetapan Tingkat Diskonto / Determination of Discount Rate
Penentuan Biaya Modal untuk Ekuitas / Determining the Cost of Equity Capital
Tingkat diskonto untuk ekuitas diperoleh The discount rate for equity is obtained by
dengan mengaplikasikan model Capital Asset applying the Capital Asset Pricing Model
Pricing Model (CAPM). Model ini menyatakan (CAPM). This model states that the cost of
bahwa biaya ekuitas adalah bunga bebas risiko equity is risk-free interest plus a premium to
ditambah premium untuk menutup risiko cover the systematic risk of stock securities
sistimatis dari sekuritas saham dengan formula with the following formula:
sebagai berikut:
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
Ke = Rf + ß (Rm-Rf)
Di mana / where’s:
Rf = tingkat kembalian untuk investasi bebas risiko / rate of return for risk-free
investments
ß = risiko sistimatis / sytematic risk
Rm = tingkat kembalian yang diharapkan oleh pasar ekuitas / the rate of return
expected by equity markets
Rp = selisih antara Rm dengan Rf / the difference between Rm and Rf
Rf (Risk free rate) adalah tingkat suku bunga Rf (Risk free rate) is the interest rate for
untuk instrumen-instrumen yang dianggap instruments that are considered to have no
tidak memiliki kemungkinan gagal bayar. possibility of default. In the case of Indonesia,
Untuk kasus Indonesia, instrumen bebas risiko the risk-free instrument that can be chosen is
yang dapat dipilih adalah tingkat bunga the interest rate on long-term government
obligasi Pemerintah untuk jangka panjang. bonds.
Terkait dengan tanggal penilaian yang jatuh Regarding the valuation date set for December
pada tanggal 31 Desember 2024, maka 31, 2024, the chosen risk-free instrument is
instrumen bebas risiko yang dipilih didasarkan based on government bonds with a fixed
pada obligasi Pemerintah dengan bunga tetap interest rate issued by the government,
yang dikeluarkan oleh Pemerintah, yaitu Surat specifically Government Bonds (SUN) with a 30-
Utang Negara (SUN) dengan tenor year tenor, a weighted yield of 7.18%, which
30 tahun, yield tertimbang sebesar 7,18%, dan will be used as the risk-free rate (Rf).
angka tersebut akan digunakan sebagai tingkat
kembalian bebas risiko (Rf).
Rp (Equity Risk Premium - ERP) adalah selisih Rp (Equity Risk Premium - ERP) is the
antara tingkat bunga investasi bebas risiko difference between the risk-free investment
dengan tingkat kembalian investasi dalam interest rate and the return on investment in
bentuk penyertaan. Penentuan equity market the form of investment. Determining the equity
risk premium memasukkan premi untuk risiko market risk premium includes premiums for
spesifik negara (country-specific risk country-specific risk premiums such as stock
premiums) seperti volatilitas harga saham price volatility to produce a base equity market
untuk menghasilkan base equity market risk risk premium. By including these risks, a
premium. Dengan mengikutkan risiko-risiko discount rate is produced that accommodates
ini, dihasilkan tingkat diskonto yang short-term sentiment changes in securities in
mengakomodasi perubahan-perubahan emerging markets.
sentimen jangka pendek di sekuritas pada
pasar negara berkembang (emerging market).
Premi risiko pasar (Rm-Rf) ditentukan dengan The market risk premium (Rm-Rf) is determined
menggunakan rujukan dari hasil damodaran based on Damodaran’s data as of January 5,
per tanggal 5 Januari 2025 dengan risk 2025, with the risk premium for emerging
premium untuk pasar negara berkembang markets, such as Indonesia, estimated at 6.87%,
seperti Indonesia adalah sekitar 6,87%. Dengan and a Country Default Spread of 1.89%.
Country Default Spread sebesar 1,89%.
ß (Beta) Beta merupakan pengukur tingkat β (Beta) represents a measure of the sensitivity
kepekaan pengembalian saham terhadap of a stock's return relative to the overall market
pengembalian pasar saham secara keseluruhan return (e.g., indices like the S&P 500 or IDX
(seperti index yang dikeluarkan oleh S&P 500 Composite). For AG, we use the industry Beta
atau IHSG). Untuk AG kami menggunakan Beta from companies in the same sector listed on the
Indonesia Stock Exchange (IDX).
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
dari industri pada sektor yang sama yang
terdapat di Bursa Efek Indonesia.
Dalam perhitungan digunakan beta dari In the calculations, the beta of these companies
perusahaan-perusahaan tersebut sebagai beta is used as beta to calculate the cost of equity,
untuk menghitung cost of equity, di mana beta where the beta is calculated from the average
tersebut dihitung dari rata-rata unlevered unlevered beta. This method is used to
beta. Cara ini dilakukan untuk menetralisir neutralize the influence of leverage that exists
pengaruh leverage yang ada di masing-masing in each company on beta. The same company
perusahaan terhadap beta. Perusahaan yang with different leverage will have a different
sama dengan leverage yang berbeda akan cost of equity, therefore the influence of
memiliki cost of equity yang berbeda pula, leverage in each company needs to be
oleh karena itu pengaruh leverage yang ada di neutralized by calculating unlevered beta.
tiap perusahaan perlu dinetralisir dengan cara
menghitung unlevered beta.
Unlevered beta dihitung dengan formula Unlevered beta is calculated using the following
sebagai berikut: formula:
βL
βu =
1 + (1 − t)x DER
Di mana / where’s:
T = Tarif Pajak Penghasilan Badan / Corporate Income Tax Rates
DER = Debt to equity ratio
βL = Beta levered yaitu ukuran risiko sistematis dari suatu saham yang
diukur secara objektif dari responsivitas pengembalian perusahaan
terhadap pergerakan pengembalian portofolio pasar apabila
dibandingkan dengan portofolio pasar dengan pengaruh hutang. /
Levered beta is a measure of the systematic risk of a stock which
is measured objectively from the responsiveness of the company's
returns to movements in market portfolio returns when compared
with a market portfolio with the influence of debt.
βu = Beta unlevered yaitu ukuran risiko sistematis dari suatu saham
yang diukur secara obyektif dari responsifitas pengembalian
perusahaan terhadap pergerakan pengembalian portofolio pasar
apabila dibandingkan dengan portofolio pasar tanpa pengaruh
hutang. / Unlevered beta is a measure of the systematic risk of a
stock which is measured objectively from the responsiveness of
the company's returns to movements in market portfolio returns
when compared with a market portfolio without the influence of
debt.
Unlevered beta rata-rata perusahaan The average unlevered beta of comparable
pembanding yang diperoleh dari perhitungan companies, obtained from this calculation, is
ini kemudian di-relevered dengan tingkat then re-levered using the market’s prevailing
leverage yang berlaku dipasar untuk leverage ratio to derive the appropriate beta
memperoleh beta yang sesuai untuk for discounting, using the following formula:
mendiskonto tersebut dengan formula sebagai
berikut :
βL = βu x (1 + (1-T) x DER)
βL = 0,92 x (1 + (1-22,00%) x 0,87%)
βL = 0,93
Berikut adalah figur biaya modal ekuitas: The following is a figure for the cost of equity
capital:
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
Figur 15. Cost of Equity
Keterangan / Description Persentase / Percentage
Risk free rate (RF) 7,18%
Risk Premium Market (Rpm) 6,87%
ß (Beta) 0,93
CDS 1,89%
Cost Of Equity 11,66%
Sumber / Source : S&P Global 2025
8.9 Analisis Kelayakan Proyek / Feasibility Study Analysis
Analsia kelayakan proyek, dilakukan dengan The project feasibility analysis is conducted by
membandingakan antara pengorbanan comparing the economic sacrifices made by AG
ekonomis yang dilakukan AG dalam kaitannya in relation to the Planned Additional Business
Rencana Penambahan Kegiatan Usaha dalam Activities in the areas of Printing Service
bidang Printing Service Business, Sewa Mesin Business, Office Rental Business, Packaging
Kantor/Office Rental Business, Bisnis Business, and Business Process Outsourcing
Pengemasan/Packaging Business, dan (BPO) with an investment value of IDR
Business Process Outsourcing (BPO) dengan 12,000,000,000 (twelve billion Rupiah).
nilai Investasi sebesar Rp12.000.000.000 (dua
belas miliar rupiah).
Kelayakan dari Penambahan Kegiatan Usaha The feasibility of this Additional Business
ini dihitung dari manfaat ekonomis yang Activities is assessed based on the anticipated
diantisipasi dimasa mendatang dari future economic benefits from the expansion,
Penambahan Kegiatan Usaha yang dilihat dari evaluated through AG’s Free Cash Flow to Firm
Free Cash Flow To Firm (FCFF) AG setelah (FCFF) after the new business activities are
penambahan kegiatan usaha. Yang added. This figure is then compared to the
selanjutnya di bandingkan dengan Initial initial investment.
investment.
Berdasarkan analisis kelayakan Rencana Based on the feasibility analysis of the Planned
Penambahan Kegiatan Usaha dengan Additional Business Activities, considering the
mempertimbangkan asumsi-asumsi yang telah assumptions made, the calculation results are
dilakukan diperoleh hasil perhitungan sebagai as follows:
berikut :
• Net Present Value (NPV) : Rp.6.643.208.000
• Internal Rate of Return (IRR) : 29,64% (lebih tinggi dari discount rate 11,66% /
higher than discount rate 11,66%)
• Profitability Index (PI) : 1,47
• Payback Period (PP) : 4 tahun 4 bulan / 4 years 4 months
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
8.10 Analisis Break event dengan Penambahan Usaha / Break-Even Analysis with Additional
Business Activities
Untuk mengetahui sebuah titik dimana biaya To determine the point where costs or expenses
atau pengeluaran dan pendapatan adalah and revenues are balanced, resulting in neither
seimbang sehingga tidak ada kerugian atau a loss nor a profit, a break-even analysis is
keuntungan, maka dilakukan analisis break conducted. Below is the break-even analysis
event. Berikut break event dengan adanya with the additional business activities:
penambahan usaha:
Figur 16. Break-Even Analysis (in Thousands)
2025 2026 2027 2028 2029
Des Des Des Des Des
Sales 41.944.487 44.041.711 46.243.797 48.555.986 50.983.786
Cost of Goods Sold 36.034.162 37.857.807 39.766.736 41.763.018 42.958.419
Operating Expenses 2.306.947 2.433.294 2.567.059 2.708.722 2.858.799
Break-Even Point (BEP) 16.371.976 17.329.899 18.327.843 19.361.881 18.161.461
BEP Average
17.910.612
8.11 Analisis Sensitivitas Setelah Penambahan Usaha / Sensitivity Analysis After Additional
Business Activities
Untuk menguji kepekaan suatu proyek To test a project's sensitivity to various
terhadap berbagai faktor ekonomi, maka economic factors, the following presents a
berikut ini disajikan analisa sensitivitas sensitivity analysis for AG's planned expansion:
terhadap rencana yang akan dilakukan oleh
AG:
Figur 17. Revenue and Cost Sensitivity Analysis (in Thousand Rupiah)
Revenue Changes 0% -5,0% -2,5% 2,5% 5,0%
Net Present Value (NPV) 6.643.208 140.757 3.391.983 9.894.433 13.145.659
Internal Rate Of Return (IRR) 29,64% 12,01% 20,48% 39,67% 50,77%
Profitability Index (PI) 1,47 1,08 1,27 1,66 1,85
Cost Changes 0% -5,0% -2,5% 2,5% 5,0%
Net Present Value (NPV) 6.643.208 12.313.386 9.478.297 3.808.119 973.030
Internal Rate Of Return (IRR) 29,64% 47,81% 38,33% 21,61% 14,12%
Profitability Index (PI) 1,47 1,80 1,63 1,30 1,13
Dari analisis sensitivitas inkremental sebelum From the incremental sensitivity analysis before
dan setelah penambahan usaha yang and after the additional business activities, it is
dilakukan, terlihat bahwa rencana AG relatif evident that AG's plan is relatively sensitive to
sensitif terhadap perubahan biaya dan changes in costs and revenue.
pendapatan.
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KJPP DASA’AT, YUDISTIRA DAN REKAN
Studi Kelayakan / Feasibility Study – Penambahan Kegiatan Usaha / Additional Business Activities
PT Astra Graphia Tbk (“AG”)
8.12 Kesimpulan
Berdasarkan kajian, evaluasi dan analisa Based on the study, evaluation, and financial
keuangan serta proyeksi-proyeksi lainnya analysis, along with other projections, provided
dengan syarat asumsi-asumsi yang telah that the established assumptions are met, it can
ditetapkan dapat terpenuhi, maka dapat be concluded that AG's planned additional
disimpulkan bahwa rencana penambahan business activities is feasible to proceed.
Kegiatan Usaha yang akan dilaksanakan oleh
AG layak untuk dilaksanakan.
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Page 83
(Rp 000)
2025 2026 2027 2028 2029
Deskripsi
Jan - Des Jan - Des Jan - Des Jan - Des Jan - Des
Revenue BPO 3.000.000 3.150.000 3.307.500 3.472.875 3.646.519
Revenue Rental 5.400.000 5.670.000 5.953.500 6.251.175 6.563.734
Revenue Packaging 4.000.000 4.200.000 4.410.000 4.630.500 4.862.025
Revenue Printing 29.544.487 31.021.711 32.572.797 34.201.436 35.911.508
Jumlah 41.944.487 44.041.711 46.243.797 48.555.986 50.983.786
Cost of Revenue (32.457.314) (34.055.366) (35.743.161) (37.526.539) (39.411.779)
Distribution Cost (1.816.848) (1.907.690) (2.003.075) (2.103.229) (2.208.390)
Depreciation Cost (1.760.000) (1.894.750) (2.020.500) (2.133.250) (1.338.250)
Gross Profit 5.910.325 6.183.904 6.477.061 6.792.969 8.025.367
Total Opex (2.306.947) (2.433.294) (2.567.059) (2.708.722) (2.858.799)
Income From Operating (IFO) 3.603.378 3.750.610 3.910.002 4.084.247 5.166.568
Tax (792.743) (825.134) (860.200) (898.534) (1.136.645)
Net Income 2.810.635 2.925.476 3.049.801 3.185.713 4.029.923
Page 84
Wongking Capital (Rp 000)
2024 2025 2026 2027 2028 2029
Deskripsi
Jan - Des Jan - Des Jan - Des Jan - Des Jan - Des Jan - Des
Inventory 4.424.044 4.632.264 4.852.108 5.084.324 5.329.716
Account Receivable 4.430.081 4.667.694 4.919.380 5.186.062 5.468.729
Account Payable 3.074.294 3.223.710 3.381.406 3.547.906 3.723.775
Selisih Inventory (4.424.044) (208.220) (219.844) (232.216) (245.392)
Selisih AR (4.430.081) (237.614) (251.686) (266.681) (282.667)
Selisih AP 3.074.294 149.416 157.696 166.500 175.869
CNWC - (5.779.831) (296.418) (313.835) (332.397) (352.191)
Page 85
PT ASTRA GRAPHIA Tbk DAN ENTITAS ANAK
Fixed Assets
Cut off date 31 Des 2024
(Ribuan Rupiah)
2024 2025 2026 2027 2028 2029
Deskripsi
Jan - Des Jan - Des Jan - Des Jan - Des Jan - Des Jan - Des
Penambahan
BPO 800.000
Rental 3.600.000
Packaging 1.600.000
Printing 6.000.000
Capex Maintenance 940.000 880.000 800.000 750.000
Jumlah - - 12.000.000 940.000 880.000 800.000 750.000
Perolehan
BPO 800.000 800.000 800.000 800.000 800.000
Rental 3.600.000 3.600.000 3.600.000 3.600.000 3.600.000
Packaging 1.600.000 1.600.000 1.600.000 1.600.000 1.600.000
Printing 6.000.000 6.000.000 6.000.000 6.000.000 6.000.000
Capex Maintenance - 940.000 1.820.000 2.620.000 3.370.000
Jumlah - - 12.000.000 12.940.000 13.820.000 14.620.000 15.370.000
Depresiasi
BPO 160.000 160.000 160.000 160.000 160.000
Rental 900.000 900.000 900.000 900.000 -
Packaging 175.000 175.000 175.000 175.000 175.000
Printing 525.000 525.000 525.000 525.000 525.000
Capex Maintenance - 134.750 260.500 373.250 478.250
Jumlah - - 1.760.000 1.894.750 2.020.500 2.133.250 1.338.250
Akumulasi Depresiasi
BPO 160.000 320.000 480.000 640.000 800.000
Rental 900.000 1.800.000 2.700.000 3.600.000 3.600.000
Packaging 175.000 350.000 525.000 700.000 875.000
Printing 525.000 1.050.000 1.575.000 2.100.000 2.625.000
Capex Maintenance - 134.750 395.250 768.500 1.246.750
Jumlah - - 1.760.000 3.654.750 5.675.250 7.808.500 9.146.750
Nilai Buku
BPO 640.000 480.000 320.000 160.000 -
Rental 2.700.000 1.800.000 900.000 - -
Packaging 1.425.000 1.250.000 1.075.000 900.000 725.000
Printing 5.475.000 4.950.000 4.425.000 3.900.000 3.375.000
Capex Maintenance - 805.250 1.424.750 1.851.500 2.123.250
Jumlah - - 10.240.000 9.285.250 8.144.750 6.811.500 6.223.250
Page 86
Free Cash Flow to Equity Tahun
2025 2026 2027 2028 2029
Des Des Des Des Des
EAT 2.810.635 2.925.476 3.049.801 3.185.713 4.029.923
∆ Debt - - - - -
Depresiasi 1.760.000 1.894.750 2.020.500 2.133.250 1.338.250
Capex (12.000.000) (940.000) (880.000) (800.000) (750.000)
CNWC (5.779.831) (296.418) (313.835) (332.397) (352.191)
Free Cash Flow To Equity (13.209.196) 3.583.808 3.876.467 4.186.565 4.265.982
Salvage value 13.297.921
FCFE 16.001.548 (13.209.196) 3.583.808 3.876.467 4.186.565 17.563.903
Discount Factor 11,66% 0,89561 0,80211 0,71837 0,64338 0,57621
NPV 6.643.208 (11.830.222) 2.874.603 2.784.746 2.693.543 10.120.538
IRR 29,64%
PROFITABILITY INDEX, PI 1,47
Present Value Cash In Flow 4.093.484 3.866.343 3.642.364 3.422.102 13.030.599
Present Value Cash Out Flow (15.923.705) (991.741) (857.618) (728.559) (635.096)
Penerimaan 4.570.635 4.820.226 5.070.301 5.318.963 5.368.173
Pengeluaran (17.779.831) (1.236.418) (1.193.835) (1.132.397) (1.102.191)
-13.209.196 -9.625.387 -5.748.920 -1.562.355 2.703.627
PAYBACK PERIOD, PP 4 tahun, -0,74 -3,89 -1,61 -0,34 0,49
4 bulan
Tahun
Analisis BEP 2025 2026 2027 2028 2029
Des Des Des Des Des
Penjualan 41.944.487 44.041.711 46.243.797 48.555.986 50.983.786
Beban pokok 36.034.162 37.857.807 39.766.736 41.763.018 42.958.419
Beban operasional 2.306.947 2.433.294 2.567.059 2.708.722 2.858.799
BEP 16.371.976 17.329.899 18.327.843 19.361.881 18.161.461
BEP Average 17.910.612
Page 87
Analisa Sensitifitas Perubahan Pendapatan 0% -5,0% -2,5% 2,5% 5,0% NET PRESENT VALUE (NPV) 6.643.208 140.757 3.391.983 9.894.433 13.145.659 INTERNAL RATE OF RETURN, IRR 29,64% 12,01% 20,48% 39,67% 50,77% PROFITABILITY INDEX, PI 1,47 1,08 1,27 1,66 1,85 Perubahan Biaya 0% -5,0% -2,5% 2,5% 5,0% NET PRESENT VALUE (NPV) 6.643.208 12.313.386 9.478.297 3.808.119 973.030 INTERNAL RATE OF RETURN, IRR 29,64% 47,81% 38,33% 21,61% 14,12% PROFITABILITY INDEX, PI 1,47 1,80 1,63 1,30 1,13
Page 88
WACC
Weighted Average Cost of Capital
JENIS MODAL Biaya Modal Komposisi Tertimbang
COST OF DEBT (Kd = I X (1-T)) 7,18% 0,87% 0,06%
COST OF EQUITY (Ke = Rf + (Rpm) * Beta 11,66% 99,13% 11,56%
Weighted Average Cost of capital (WACC) 11,62%
PERHITUNGAN COST OF EQUITY PERHITUNGAN COST OF DEBT
Risk Free Rate (Rf) 7,18% a Bunga Bank 9,21%
Risk Premium Market (Rpm) 6,87% b Pajak 22,00%
β (Beta) 0,93
CDS 1,89%
COST OF EQUITY 11,66% COST OF DEBT 7,18%
Unleverage Beta ==========> 0,92 BU = BL
1 + (( 1 - t ) x (Wd/We))
Leverage Beta Perusahaan Dinilai ==========> 0,93 BL = BU x (1+(1-T) x (Wd/We))
Keterangan :
Rf : Tingkat Balikan Bebas Risiko
Rpm : Tingkat Balikan Yang Diharapkan Oleh Pasar Ekuitas
β : Ukuran Risiko Sistematis
Rs : Premi Untuk Risiko Spesifik Perusahaan
Names mentioned 69 people and organisations named in the text · linked when the evidence is strong
unresolved
org
KJPP DASA' AT
p.1 ×81
unresolved
org
PT ASTRA GRAPH
p.1 ×2
unresolved
org
Financial Services Authority
p.3 ×13
unresolved
org
KJPP DASA
p.4 ×2
unresolved
person
Ivan T. Khristian
p.4 ×2
unresolved
org
KJPP Dasa'at Yudistira dan Rekan
p.4 ×4
unresolved
org
KJPP Dasa'at Yudistira
p.4 ×4
unresolved
org
Kementerian Keuangan dan Pasar
p.4
unresolved
org
PT Astra Penambahan Kegiatan
p.6
unresolved
org
Graphia Tbk
p.6 ×2
unresolved
org
Otoritas Jasa Keuangan Republik Indonesia
p.6 ×2
unresolved
org
Bank Indonesia
p.7 ×42
unresolved
org
Pusat Statistik.
p.7
unresolved
org
KJPP DASA'AT YUDISTIRA DAN DASA'AT YUDISTIRA DAN REKAN
p.9
unresolved
org
DASA'AT YUDISTIRA & REKAN
p.10
unresolved
org
REKAN Ivan Teguh Khristtan
p.10
unresolved
person
H. Andi Noviastoko. S.
p.12
unresolved
org
Business Appraiser Classification KJPP Dasa’at Yudistira dan Rekan
p.17
unresolved
org
Kementerian Keuangan dan Pasar Modal
p.17
unresolved
org
Ministry of Finance and Capital
p.17
unresolved
org
PT Astra
p.18 ×3
unresolved
org
KJPP DYR
p.19
unresolved
org
KJPP DYR's
p.19
unresolved
person
Notary Kartini Muljadi
· Notaris
p.22 ×2
unresolved
org
Menteri Kehakiman Republik Indonesia
p.22 ×2
unresolved
person
Taufani
p.22 ×2
unresolved
org
Minister of Law Tahun
p.22
unresolved
person
Muljadi
p.23
unresolved
org
Minister of Justice
p.24
unresolved
person
Aulia Taufani
p.24 ×2
unresolved
org
Kantor Akuntan Publik Rintis
p.24
unresolved
org
Rianto & Partners
p.24
unresolved
org
Bank Indonesia Sekuritas Rupiah Bank Indonesia
p.34
unresolved
org
Pusat Statistik Nilai Tukar
p.36
unresolved
org
Bank Indonesia's
p.37 ×6
unresolved
org
Ministry of Industry
p.44
unresolved
org
PT Reycom Document Solusi
p.51
unresolved
org
PT Datanet Indomedia
p.51
unresolved
org
PT Transkom Sewa Mesin Kantor
p.51
unresolved
org
PT Samafitro
p.51
unresolved
org
PT Asaba
p.51
unresolved
org
PT Grafitecindo Ciptaprima
p.51
unresolved
org
PT Uniflex Kemasindah Business Process Outsourcing
p.51
unresolved
org
PT Intikom Berlian Mustika
p.51
unresolved
org
PT Visionet Data Internasional
p.51
unresolved
org
PT Mitra Integrasi Informatika Strategi Pemasaran
p.51
unresolved
org
PT Astra Graphia Information Technology
p.53 ×4
unresolved
org
PT Astragraphia Xprins Indonesia
p.53 ×2
unresolved
org
PT Astra Graphia Information
p.55
unresolved
org
PT Syspex Kemasindo
p.68
unresolved
org
PT Delphia Prima Jaya
p.68
unresolved
org
Indonesia Stock Exchange
p.77
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
Rule parser
Needs review
confidence 0.273
14804 ms
12 Sep 2026 22:52
Raw output
{'appraiser_exempt': None,
'appraiser_name': 'Valuer / : Ivan T. Khristian, S.E., M.Ec.Dev., MAPPI '
'(Cert.)',
'assets': [],
'currency': None,
'fact_type': '',
'issuer_name': '',
'kind': 'MATERIAL_FACT',
'kjpp_name': '',
'letter_number': '',
'object_text': '',
'object_truncated': False,
'parties': [],
'pct_of_equity': None,
'reference_period': '',
'requires_rups': None,
'rups_date': None,
'ticker': '',
'transaction_date': None,
'valuation_date': None,
'value': '34'}