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INTEGRATED ANNUAL REPORT
2024
PT XL Axiata Tbk
Strengthening Profitability
FOR A SUSTAINABLE FUTURE
Page 2
Theme Continuity
2019 2022
Driving Operational Win the Future
Excellence Through
for Sustainable Championing
Growth and Returns Converged Solution
2020 2023
Transform Faster Fast-Tracking
to Emerge Stronger with Agility &
- Giving Back Resilience
to the Nation
2021
Building
the XL Axiata
of Tomorrow -
Converged
Digital Telco
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Strengthening Profitability for a Sustainable Future
About the Theme
Fueled by innovation
2024
and a commitment
to progress, XL
LAPORAN TAHUNAN TERINTEGRASI
PT XL Axiata Tbk
Axiata surged ahead
in 2024, delivering
bold, transformative
results empowering
customers and
uplifting communities.
As a leader in Indonesia’s
telecommunications sector,
Strengthening Profitability
FOR A SUSTAINABLE FUTURE
we strengthened our
position through strategic
convergence, seamlessly
integrating mobile and fixed broadband into a unified,
intelligent network. With strategic AI investments and
advanced digitalization, we are shaping a hyperconnected
future that meets society’s evolving and sustainable needs.
With a clear vision and deep expertise, we are building the
foundation for a future where connectivity delivers measurable
and equitable benefits to customers. By redefining converged
services, we offer greater choice, boundless opportunities,
and a bolder, brighter tomorrow.
2024 Integrated Annual Report 1
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About This Report
Table of Contents
Theme Continuity 33 Message from the Board of
1 About the Theme Commissioners
2 Table of Contents 41 Message from the Board of
Directors
About this Report 50 Statement of Accountability of
2024 Integrated Annual Report by
the Board of Commissioners and
4 About This Report Board of Directors
5 Strategic Merger to Establish
a Prominent Telecommunications
Entity and Propel Indonesia’s
Digital Economy
6 Financial Values
7 Brand Values
8 Human Capital Development
Values Management
10 Infrastructure Values
11 Sustainability Development
Report 64 Financial Review
Values
69 Liquidity
14 Continue Creating Value
for Stakeholders 70 Solvency
70 Receivables Collectability
71 Capital Structure and Capital
Structure Policy
71 Material Commitments for Capital
Expenditures
72 Actual Capital Expenditures
72 Subsequent Events
72 Realization of Proceeds from Initial
Public Offering
73 2024 Targets and Achievements
and 2025 Projection
73 Dividends and Dividend Policy
74 Marketing Aspects
Management 74 Material Transactions Containing
Conflicts of Interest and/or
Discussion and Transactions with Affiliated Parties
Analysis 75 Transaction Related to
Investments, Expansion,
Divestments, Mergers, Acquisition,
About and Restructing
54 Finance Performance 76 Regulatory Changes that Impacted
XL Axiata 57 Financial Highlights
the Company
77 Changes to the Accounting Standards
58 Operational Highlights
78 Consumer
60 Share Highlights
18 Vision, Purpose & Corporate 82 Home & Convergence
Values 61 Bond & Sukuk Highlights
86 Enterprise Business and Corporate
20 Xl Axiata at a Glance 62 Corporate Actions Affairs
21 Business Activities 62 Suspension/Delisting 92 Technology & Network
23 Our Journey 62 Financial Performance Development
62 Strategy Objectives 96 IT Digital
63 Performance Summary 99 Human Capital Development
63 Outlook
2 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
205 Internal Control 236 Corporate Information
206 Risk Management 237 Prism Philosophy
209 Litigations and Contingencies 237 Associations Memberships
209 Administrative Sanctions 238 Invitation to the Annual GMS
209 Corporate Information Access 239 2024 Highlighted Events
Corporate
210 Code of Ethics 248 Awards and Certificates 2024
211 Employee and/or Management 251 Shareholders Composition
Governance
Stock Option Programs 255 Chronology of Shares Listing
212 Whistleblowing System 255 Other Securities Listing
213 Anti-Bribery and Anti Corruption 256 Organizational Structure
Policy
258 Group Structure
214 Corporate Governance
259 Subsidiaries, Associates and Joint
Implementation
Ventures
259 Capital Market Supporting
Institutions and Professions
260 Operational Map
262 Public Accountant & Public
Accountant Firm
Corporate
108 Corporate Governance Data
Commitment
108 Corporate Governance Legal
References
109 Good Corporate Governance
Principles
111 Corporate Governance
Implementation in 2024
112 GCG Assessment Sustainability
112 Corporate Governance
Implementation Framework
Report
113 Corporate Governance Structure
114 General Meeting of Shareholders
222 XL Axiata Sustainability Pillars
123 Board of Commissioners
144 Board of Commissioners' and 224 Building Prosperity
Board of Directors’ Remuneration 226 Nurturing People 263 XL Centers
146 Board Audit Committee 228 Product and Service Quality 266 Disclaimer
153 Nominating and Remuneration 229 Process Excellence 267 Corporate Website Information
Committee 230 Planet and Society
158 Board Risk and Compliance
Committee
163 Board Investment Committee
166 Board of Directors
183 Information Technology
Committee
185 Risk Management and Business
Continuity Committee
190 Human Capital Committee
192 Gift, Donation and Sponsorship
Committee Financial
194 Ethics and Integrity Committee
196 Corporate Secretary Statements
201 Investor Relations
203 Internal Audit
2024 Integrated Annual Report 3
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About This Report
About This Report
Introduction Indonesian Stock Exchange. XL Axiata has also inquired
the input of stakeholders regarding business direction and
The 2024 Integrated Annual Report (IAR) of PT XL Axiata perspective, including the risks identified using the risk
Tbk (XL Axiata) is developed based on the International management framework. These risks may affect XL Axiata’s
Integrated Reporting Framework from the International skills to create values in the short, medium, and long term.
Integrated Reporting Council (IIRC). IAR is expected to This report also presents the Company’s strategic responses
provide the stakeholders with concise but comprehensive to the identified issues.
and accurate information about XL Axiata’s business and
strategies. The stakeholders will be able to learn the journey Management Approval
of XL Axiata in creating and sharing added values to the
public. The Board of Directors refers to IIRC’s International
Integrated Reporting Framework for the 2024 IAR.
Assurance The Board of Directors is responsible to ensure the integrity
of this report through good corporate governance and
Sustainability report included in the XL Axiata's 2024 IAR internal reporting procedures.
is not assured by independent auditor. The analysis and
discussion on financial performance presented in the XL Scope and Boundaries
Axiata’s 2024 IAR refers to the Financial Statements as
at and for the years ended on 31 December 2024 and 31 XL Axiata’s 2024 IAR discusses the Company’s financial
December 2023 audited by Public Accounting Firm Rintis, and non-financial performance, business challenges,
Jumadi, Rianto & Rekan (formerly Public Accounting opportunities, and risks that the stakeholders will find
Firm Tanudiredja, Wibisana, Rintis & Rekan) a member of relevant and that significantly affect our capability to create
PricewaterhouseCoopers global network firms with the value. We limit our report to the Company’s activities from 1
opinion of fair in all material respects. Financial statements January 2024 to 31 December 2024.
and disclosures are presented according to Indonesian
Financial Accounting Standards. This IAR focuses on a number of areas, such as the
Company’s digital transformation, vision to become
Materiality of Report converged operator in Indonesia, dual-brand strategy
strengthening, and continued network development.
XL Axiata has assessed the materiality of the 2024 IAR
according to the reporting policies applicable in the
4 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Strategic Merger to Establish
a Prominent Telecommunications
Entity and Propel Indonesia’s
Digital Economy
This merger aims to consolidate our resources,
expertise, and market positions to enhance
our competitive advantage, foster innovation,
and unveil new growth opportunities that
collectively contribute to a better future. With a
shared vision and collaborative efforts, we are
strategically positioned to generate value for our
stakeholders, support the nation’s technological
ambitions, and establish new benchmarks within
the telecommunications sector.
COUNTRY SHAREHOLDERS CUSTOMERS EMPLOYEES
› A shared commitment to › Formation of a strong › Enhanced service quality › An opportunity to work
advance Indonesia’s digital te l e co m m u n i c a t i o n s and customer experience for a stronger and more
aspirations. company with enhanced due to improved competitive platform
competitive ability. connectivity and coverage. that offers greater career
advancement.
› Alignment with the digital › Substantial growth driven › Increased internet speeds › Access to exciting and
goals of Indonesia’s new by a larger customer through a faster rollout of diverse roles, along
administration, which base in mobile, fixed, and 5G technology. with new projects
focuses on stimulating enterprise segments. and experiences for
growth in the digital employees.
economy and improving
internet penetration.
› A more sustainable market › Increased economies of › Greater freedom of choice › The chance to benefit
structure and a more scale. with a wider range of from best practices shared
efficient allocation of products and services between both companies,
spectrum resources. available from both brands. enhancing overall
employee satisfaction.
› Potential new offerings
for local micro, small,
and medium enterprises
(MSMEs) and businesses.
2024 Integrated Annual Report 5
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About This Report
Financial
Values
GROSS
REVENUE
6% REVENUE FROM
DATA & DIGITAL
YoY SERVICES
IDR34.40 trillion IDR31.58 trillion
The Company achieved a 6% year-over-year (YoY) revenue Revenue generated from Data and Digital services reached
growth, resulting in gross revenue of IDR34.40 trilion, IDR31.58 trilion, constituting 92% of the gross revenue.
outpacing the industry’s low single-digit growth.
NET
PROFIT
45% EBITDA 13%
YoY YoY
IDR1.85 trillion IDR17.88 trillion
The net profit for the fiscal year amounted to IDR1.85 trillion, Earnings Before Interest, Taxes, Depreciation, and Amortization
reflecting a growth rate of 45% YoY, that also exceeded the (EBITDA) experienced a 13% YoY increase, reaching IDR17.88
industry average. trillion, significantly supported by the implementation of cost
management strategies.
Ratio
FREE CASH
FLOW (FCF) 20% FINANCIAL
POSITION 2.6x
IDR10.50 trillion IDR12.49 trillion
Free Cash Flow (FCF) at a healthy level, increasing by 20% to Financial position remained healthy with gross debt recorded
IDR10.50 trillion. at IDR12.49 trillion and a gross debt to EBITDA (including
finance lease) ratio of 2.6x.
Still maintained zero USD debts as all borrowings
were in Rupiah with 53% of borrowing at fixed
interest rate and 47% at floating interest rates as at
31 December 2024
6 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Brand
Values
Brand XL Brand AXIS Brand XL SATU
XL Postpaid:
Special offers are available for the latest AXIS Teng Go package is an innovative XL SATU Lite with a new device
smartphone pre-orders through the internet package that allows users model that seamlessly combines home
myPRIO Deal. Additionally, there will be to purchase data based on use time. internet and family cellphone quotas
the launch of co-branded credit cards, It offers an unlimited quota for the into one convenient package, easily
e-SIM offers, and the introduction of applicable duration and includes a accessible through the MyXL app.
PRIO Club, which rewards customer pause-play feature to help manage
loyalty with various benefits based on data usage more effectively.
subscription packages.
› XL Satu Lite, launched in 2024,
introduces a new FWA device
XL Prepaid:
that combines wireless broadband
› XL launched Bebas Puas to The AXIS Nation Cup 2024 attracted
access and mobile access into one
complete its short validity package over 217,000 visitors and had 3.3
bill that is easily managed through
portfolio. Bebas Puas also offer million online viewers, reflecting XL
the MyXL app.
flexible setting for customer, Axiata’s commitment, through its AXIS
› Launched a promo "Super Hemat
enable them to build the package brand, to connect with young people
NO DEBAT" campaign, offering the
that match their budget and their by providing convenience, great
best benefits for new customers
connectivity needs. experiences, and innovation that meet
to be on-boarded with 10 months
› Xtra combo flex remain the most their needs.
service with a price of 8, plus a
popular package in retail channel,
year of premium entertainment
provide basic data package needs
access.
as voucher or bundled with SIM
card with double or triple quota
bonus as special offers occasionally
available throughout the year.
› XL users will be able to experience
more benefit through XL poin and
loyalty rewards redeemable in
myXL, with special offers during
anniversary, independence day,
customer day among others and
access toward roaming services
through XL pass.
2024 Integrated Annual Report 7
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About This Report
Human Capital
Development Values
TRAINING TRAINING
PROGRAMS SESSIONS
1,217 programs 335 sessions
TRAINING
PARTICIPANTS
DAYS
1,662 participants 12,055 days
TOTAL NUMBER Provided continuous
OF EMPLOYEES
training to employees,
resulting in 53,587
1,663 employees
training hours, which
averaged to 32.24
training hours per
Exclude subsidiaries.
employee.
Fostered Identified 11 key Our efforts have
an innovative competencies contributed to build
culture within the for employee an agile workforce.
organization. development
programs.
8 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Dian Siswarini, XL Axiata’s President Director & Yessie D. Yosetya, Director and Chief Enterprise
CEO received “Women’s Tabloid Awards”. Business Officer at XL Axiata, has been
appointed Chairwoman of the ICIO Community
for the 2024-2026 term.
The Corporate Secretary XL Axiata won the Best XL Axiata won the prestigious HR
Division was awarded Workplace to Work For in Excellence Award 2024 which was
the 2024 Corporate Asia and Diversity, Equity organized by SWA Media Group and
Secretary Champions & Inclusion awards at the the Management Institute of the
Award with the distinction HR Asia Awards 2024 for Faculty of Economics and Business,
of "Excellent." its exemplary HR practices University of Indonesia (LMFEB UI). XL
and commitment to Axiata managed to excel in three main
fostering a diverse and categories with an "excellent" rating
inclusive work culture. - HR Digitization & People Analytics,
Wellbeing Management category,
Reward Management & Talent
Retention Strategy category.
Two employees from Chief Enterprise & Business XL Axiata achieved another proud milestone in
Officer Feby Sallyanto and Sisternet Program the telecommunications industry by winning the
Owner Adelia Panjaitan, were honored with Indonesia Corcomm Dream Team 2024 award
Satyalancana Wira Karya Honorary Award. in the Journalist Choice category, presented
by SWA Mediagroup and MIX Marcomm. This
recognition reaffirms XL Axiata's position as
a leading telecommunications company that
excels not only in its services and products but
also in Corporate Communications.
2024 Integrated Annual Report 9
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About This Report
Infrastructure
Values
IDR7.38 trillion Allocation of approximately
CAPEX IDR7.38 trillion in capital
expenditures (Capex),
primarily to support 127 cities/regencies
165,864 units network expansion needs.
XL Axiata’s total number of
FMC - XL Satu
Fiber Service
Total BTS base transceiver stations
(BTS) reached 165,864 The total area served by the
110,995 units BTS, including 110,995 units
of 4G BTS.
innovative FMC - XL SATU Fiber
service reached 127 cities/
4G BTS regencies.
The green BTS initiative
covers more than 91% of
XL Axiata’s BTS since its
195,000 km launch in 2014.
Total Fiber Optic cables
4G Network:
Improved data transmission speeds
and network stability, benefiting
both individual and business users 21,000 villages
5,135 sub-districts
by installing with total of 195,000
km of fiber optic cables and
achieving fiberization in 63% of the
Company’s sites.
475 cities
6 regions
XL Axiata’s 4G network has
reached over 21K villages and
5,135 sub-districts spanning in
475 cities and 6 regions.
FBB Network:
6 million home passes
FBB network coverage reaching
six million home passed spanning
more than 127 cities across
various regions in Indonesia.
Enhanced capabilities to
support 4G and 5G networks by
implementing a dual-mode 5G
core network.
10 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Sustainability Development
Values
Promoting social welfare through equitable access to information and
the implementation of sustainable empowerment programs.
Our sustainability strategies are anchored in four foundational pillars:
Building Prosperity, Nurturing People, Process Excellence, and
Planet and Society. These pillars collectively guide our efforts to
foster resilience and create lasting impact.
Sustainability programs – Education
Launched the first XL Axiata Peduli
Disabilitas Siap Kerja (Disability Ready for
Work) program, providing training for more
than 100 people with disabilities in two cities
and inviting 20 of them to participate in an
internship program at XL Axiata.
Reviving Gerakan Donasi Kuota, which “Sisternet Goes to Campus”
provided over 100 million megabytes of at more than five universities
free internet access to more than 200 which more than 4,000 female
schools and educational institutions. students attended.
Sustainability programs – Empowerment
As a prime example of the successful implementation of the 4P strategy, Sisternet
Program’s primary goal is to enhance societal well-being and empower Women.
The beneficiaries of the Sisternet program are spread nationwide.
In collaboration with the Ministry
of Women’s Empowerment and
Child Protection of the Republic
of Indonesia (Kemen PPPA) to
launch the Sisternet program “She
Inspire” at the Kerobokan Women’s
Penitentiary in Bali, aiming to help
“Sisternet Festival 2024,” under Kompetisi Modal Pintar 2024, a female inmates overcome social and
the theme “Women of the Future, business incubation, for women SMEs economic challenges through skills
Collaborative Women,” a series of which provides series of incubation empowerment, psychological support,
talk show of various topics such as; training and capital business worth at and entrepreneurship mentoring.
business, career, beauty, and etc. IDR 115 million.
2024 Integrated Annual Report 11
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About This Report
Sustainability programs – environment
In partnership with PLN to supply electricity for Base Collaborated with Smart Cities to launch a Smart
Transceiver Station (BTS) devices and migrate to Mining and Smart Manufacturing suite for key
green energy. industries, initiating energy-saving Smart Energy
Monitoring, and partnering on the development of
AI-powered IoT solutions.
Potentially Avoid by
70,298 Ton CO e 2
Embedding green concepts in our network equipment which
successfully reduced emissions by approximately 70,298 Ton CO2e
Recycling of
77,010 tons plastic waste
Started implementing waste management at XL Axiata Tower and
extended it to our regional offices, resulting in the recycling of
77,010 tons of plastic waste.
Successfully held a Zero Waste to Landfill initiative at our
Anniversary event, managing 1,230 kg of event waste (Paper,
Plastic, Organic, and Residual) and preventing greenhouse gas
emissions amounting to 3,605 kg CO2.
12 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Awards and Certifications
“Fortune Indonesia Change The “Indonesia Most Visionary Sisternet received the best award
the World”, for the Company’s Companies Awards 2024” for in the Best Women Empowerment
programs that positively impact creating long-term value for all Program category at the 2024
society, the environment, and stakeholders through a holistic and Selular Awards.
workers, and consistently enhance sustainable approach.
its performance and reputation.
XL Axiata was recognized for Obtained environmental Obtained ISO 27701:2019
its exceptional transparency in certification from the Carbon certification for Privacy
corporate emission reduction Disclosure Project (CDP) 2023 Information Management Systems
transparency (Green category) and and renewed on February (PIMS), making the Company
emission calculation transparency 16, 2024, becoming the first the first telecommunications
(Gold category) for 2024. telecommunications operator in operator in Indonesia to obtain
Indonesia to obtain a B score; and this certification, demonstrating
expanding it to include EcoVadis. the Company’s commitment to
safeguarding personal data.
2024 Integrated Annual Report 13
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About This Report
Continue Creating Value
for Stakeholders
CUSTOMERS
S
ER
Over 1.3 million growth in customer base to 58.8 million subscribers.
FBB customers reached more than 1 million. M
O
Over 20,000 XL Satu Biz connections for SMEs. T
Blended mobile ARPU at IDR43 thousand, driven by 9% increase in data traffic
S
U
C
Digital Satisfaction (Transactional Net Promoter Score or tNPS) has significantly
for myXL and AxisNet applications, driving service usage and ultimately
contributing to revenue growth.
Active users of myXL and AXISNet reached 33.1 million and a Monthly Active
User (MAU) growth more than 103% since December 2021, reflecting improved
customer experience and monetization through a better understanding of
customer needs.
S
Launched Bebas Puas in the mobile segment, offering customers the flexibility to
R
IN VE STO R
choose data packages based on their internet needs and affordability.
K E H O L D E
Introduced a new service innovation that features prepaid card registration using
facial recognition biometric technology.
Automated Operation Maturity Model (AOMM) score from 2.3 to 3.0, which
improved operational productivity by 25%, reduced the number of trouble tickets
by 33% and delivered faster problem resolution.
TA
First Media powered by XL Axiata obtained Indonesia Customer Experience
Award (ICXA) 2024.
S
INVESTOR
S
E
Net profit after tax amounted to IDR1.85 trillion, demonstrated a year-on-year E
growth of 45%. Y
Revenue from data and digital services amounted to IDR31.58 trillion, accounting O L
for 92% of gross revenue.
MP
Dividend payment at IDR48.6 per share allocated from 50% of profits, as
E
endorsed at AGMS conducted on 3 May 2024.
XL Axiata successfully ranked 36th on the Fortune Indonesia list, based on its
revenue for the 2023 fiscal year, further solidifying its position as one of the key
players in the country’s telecommunications industry.
EMPLOYEES
Offering educational programs, skill-building initiatives, and leadership development.
Four prestigious awards at the annual Stellar Workplace Award 2024, recognizing XL Axiata’s achievements in creating
digital-based innovative programs and building strong employee engagement to improve business performance.
14 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
ENVIRONMENT
The Green BTS initiative has been ongoing since 2014.
Dedicated to achieving net-zero carbon emissions by the year 2050.
Continuing our inventory of greenhouse gases (GHG) for Scope 1 and Scope 2 and
expanding our efforts to include the inventory for Scope 3 for 6 categories.
EN Acquired Renewable Energy Certificate (REC) amounted to 1,000 units in 2024.
VI
RO Engaged with PLN to obtain a 1,000 Mwh REC - Renewable Energy Certificate.
N
M
E
N
T
REGULATOR
REG
S
TA
Coordinate with Network Team to ensure a stable network and smooth
communication during the 2024 election.
K E H O L D E
U L AT O R
Actively engage with all telecommunications service providers in Indonesia to
evaluate existing regulations aimed at improving the telecommunications industry
and service delivery within the country.
Revamped several internal policies and introduced new processes to ensure
compliance with the Data Protection Law ahead of the expiry of the grace period
for the law on 17 October 2024.
R
S
Driving IPv6 compliance, fulfilling our Non-3T obligations, and supporting the
Government’s agenda on preventing online gambling.
C
O
M
M
U
NI
TY
COMMUNITY
XL Axiata offers internet services to 40 islands in the Riau Islands, with over 1,750
4G BTS deployed, covering 395 villages and supporting local digital initiatives.
Digitalization has extended to remote areas like Morowali. Currently, XL SATU
penetration has reached approximately 30%.
Promoting government efforts to enhance education in remote communities by
establishing Madrasas in Isolated Buton, Southeast Sulawesi.
XL Axiata operates a backbone network in Sulawesi spanning over 10,000 km,
supporting more than 9,800 BTS, including 6,400 4G BTS, and serving over 2.4
million customers.
2024 Integrated Annual Report 15
Page 18
About This Report
About
XL Axiata
16 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
XL Axiata leads
Indonesia's
convergence services
by offering compelling
packages, expanding
coverage, integrating
innovations, and
enhancing network
quality.
2024 Integrated Annual Report 17
Page 20
About XL Axiata
Vision, Purpose & Corporate Values
XL Axiata is transforming to become a convergent digital service
provider that integrates mobile and fixed business solutions more
effectively. The Company is committed to enhancing customer
experience by delivering convenient and flexible services, ultimately
aiming to achieve a high Net Promoter Score (NPS).
VISION
#1 Converged Operator
in Indonesia
Our vision is to become a converged digital service provider, which can combine mobile & fixed
business/services, in a new, better, and customer-focused so that customers can enjoy the
convenience and flexibility of our services and generate the highest NPS value.
PURPOSE
We bring the world closer in a simple way
for a brighter life
This promise cannot be done alone by ourselves;
Only through internal and external collaboration/togetherness, we can make this happen;
We enable and empower people to stay in touch or connect with their environment and create
new possibilities;
We are always close by to fulfil daily needs in people’s life;
Life is getting more and more complex for people, and we are here to simplify it by providing
seamless experiences for all our stakeholders (The world at your fingertips);
Simplifying adds value to people’s life by saving their time, energy and money, which allow them
to get more out of their life;
We are committed to help people to continuously improve their lives in terms of welfare
(economically) and wellbeing (fun, excitement, energy, inspiration and unleashing
people’s potential).
VISION AND PURPOSE REVIEW
The Board of Directors regularly reviews the Company’s Vision and Objectives to ensure
that the Company’s Vision and Purpose are still aligned with the Company’s current condition
and strategy.
18 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
CORE VALUES
ICCC
Acronym for communication (read: I triple C)
Uncompromising Integrity
› I only do the right things, align with the team and seek for advice if unclear.
› I am courageous to make bold decision and speak up when needed.
Obsession for Customers
› I am curious about my customers and genuinely care for them.
› I proactively take ownership to deliver beyond customers’ expectation.
Courage for Change
› I think big and fearlessly step outside my comfort zone to take risks.
› I embrace mistakes to learn, adapt and improve.
Passion for Collaboration
› I welcome ideas that are different from my own and learn from them.
› I am open and curious to explore possibilities to create synergies.
2024 Integrated Annual Report 19
Page 22
About XL Axiata
XL Axiata at a Glance
The business commenced Berhad (“Axiata”) which later in the same 4.9G technologies – Massive MIMO,
operations as a trading and year, PT Excelcomindo Pratama Tbk. particularly tailored for areas outside
also changed its name to PT XL Axiata Java Island. This technology accelerates
general services company on Tbk for synergy purpose. Currently, the data transfer, delivering enhanced
6 October 1989, under the majority of XL Axiata’s shares are owned convenience to customers.
name of PT Grahametropolitan by Axiata through Axiata Investments
Lestari. In 1996, the (Indonesia) Sdn. Bhd. As a trailblazer in convergence
Company ventured into the services within Indonesia, XL Axiata
The Group's mobile subsidiaries and remains committed to propelling the
telecommunications sector associates operate under the brand development of this service, not only
following the acquisition of names ‘CelcomDigi’ in Malaysia, ‘Dialog’ through the presentation of appealing
an operating license, marking in Sri Lanka, ‘Robi’ in Bangladesh, ‘Smart’ packages but also by extending
the official launch of its GSM in Cambodia, and ‘Ncell’ in Nepal. As service coverage, integrating the latest
services and establishing itself a leading market player in Indonesia, innovations, and elevating network
XL Axiata caters to retail customers quality.
as the first private company and provides business solutions to
in Indonesia to offer cellular corporate clients, delivering extensive Furthermore, XL Axiata has been
mobile telephony services. network coverage and services across actively integrating Artificial
Indonesia. Offered services encompass Intelligence (AI) and other cutting-
Subsequently, through a collaboration Data, Voice, SMS, and various value- edge technologies into its operations.
with the Rajawali group and three added digital services. Prioritizing technological advancements
foreign investors (NyNEX, AIF, and serves as a crucial component of XL
Mitsui), the Company underwent a XL Axiata operates its network on Axiata’s overarching strategy to uphold
name change to PT Excelcomindo GSM 900/DCS 1800, IMT-2000/3G, a competitive edge in the technology-
Pratama. In September 2005, the and holds the distinction of being the intensive telecommunications industry.
Company conducted an Initial Public first telecommunications operator in Embracing AI and digital analytics
Offering (IPO) and listed its shares Indonesia to commercially introduce has empowered XL Axiata to make
on the Jakarta Stock Exchange, now 4.5G Ready on the 1,800 MHz well-informed investment decisions,
recognized as the Indonesia Stock spectrum. Additionally, XL Axiata holds particularly in high-value areas.
Exchange (IDX). At that juncture, the licenses for content provision, Internet
Company functioned as a subsidiary Services Provision (ISP), Internet
of Indocel Holding Sdn. Bhd., presently Interconnection Services, Voice Over
known as Axiata Investment (Indonesia) Internet Protocol, and Leased Line
Sdn. Bhd., with all shares held by TM services. The Company also garnered
International Sdn. Bhd. through TM a Certificate of Operational Eligibility
International (L) Limited. (SKLO) for the deployment of a 5G
network in Indonesia in August 2018.
In 2009, TMI rebranded as Axiata
Group Berhad (“Axiata”), and in the XL Axiata remains dedicated to
same year, PT Excelcomindo Pratama ensuring an exemplary data experience
Tbk was renamed PT XL Axiata Tbk to for its customers through the continued
align with synergy objectives. Presently, expansion and enhancement of its
the majority of XL Axiata’s shares are network. The Company consistently
owned by Axiata through In 2009, endeavors to provide faster and
TMI changed its name to Axiata group stable connections by implementing
20 PT XL Axiata Tbk
Page 23
Strengthening Profitability for a Sustainable Future
Business Activities
As specified in Article 3 of the most • Data Communication Development Activities;
recent Articles of Association, the System Services; g. Information Security
Company’s aims and objectives • Internet Telephony Services Consultancy Activities;
shall be running business activities in for Public Purposes (ITKP); h. Computer Consulting and
telecommunication, Large Scale Trade, • Internet Interconnection Other Computer Facility
programming activities, computer Services (NAP); Management Activites;
consulting and related activities, • Content Provider Services i. Internet of Things (IoT)
information services activities, through Cellular Mobile Consulting and Design
telecommunication construction and Networks or Wireless Local Activities;
installation, employment activities, Area Networks with Limited j. Information Technology
professional, scientific and technical Mobility; Activities and Other Computer
activities, rental activities and leasing • Other Multimedia Services; Services.
without option right, real estate, financial • Telecommunication Resale 4. Information Services Activities:
services activities, office administration Services; a. Data Processing Activities;
activities, office supporting activities, • Internet Protocol Television b. Hosting and Related Activities;
advertising, land preparation and other (IPTV) Services; c. Web Portals and/or Digital
business supporting activities. • Other Telephony Value- Platform Without Commercial
Added Services. Purposes;
To attain the aims and objectives 2. Large Scale Trade: d. Web Portals and/or Digital
above, the Company may run the a. Large Scale Trade in Computers Platforms with Commercial
following business activities: and Computer Equipment; Purposes;
1. Telecommunications business b. Large Scale Trade of Software; e. Other Information Services
activities: c. Large Scale Trade in Activities - Not Included in
a. Operation of Telecommunication Equipment; Others.
telecommunications networks, d. Large Scale Trade in Electronic 5. Construction:
including but not limited to: Spare Parts; a. Telecommunication Central
• Cable Telecommunication e. Large Scale Trade in Machinery, Construction;
Activities; Equipment and Other Supplies. b. Telecommunication Installation;
• Wireless 3. Computer Programming and c. Railway Signal and
Telecommunications consultancy services and other Telecommunication Installation;
Activities; activities related thereto: d. Land Preparation.
• Satellite Telecommunication a. Other Computer Programming 6. Employment Activities:
Activities; Activities; a. Provision of Human Resources
• Special Telecommunication b. Artificial Intelligence and Management of Human
Activities for Own Use; Programming Activities; Resources Function;
• Special Telecommunication c. Immersive Media Content b. Specific Time Labor Provision
Activities for Defense and Programming and Production Activites.
Security Purposes; Activities; 7. Professional, Scientific and
• Other Telecommunication d. Digital Identity Provision Technical Activities:
Activities. Activities; a. Management Consultancy
b. Provision of e. Activities for Providing Activities;
telecommunications services Electronic Certificates and b. Advertising.
including but not limited to: Services Using Electronic 8. Rental and Leasing Activities
• Internet Service Provider; Certificates;
f. Blockchain Technology
2024 Integrated Annual Report 21
Page 24
About XL Axiata
without Option Rights for activities without option rights
Technological Aids; for digital technology tools, real
9. Owned or Leased Real Estate; estate, financial services activities,
10. Other Monetary Intermediaries; management consulting activities,
11. Call Center Activities. office administration activities,
office support activities, advertising
To attain the aims and objectives and land provision.
above, the Company may run the
following business activities: Throughout 2024, the Company
a. Plan, engineer, build, provide, carried out all of the above business
develop and operate, lease, maintain activities/except Internet Protocol
and procure telecommunication Television (IPTV) Services, Digital
facilities/facilities including Identity Provision Activities, Activities
procurement of resources to for Providing Electronic Certificates and
support the Company's business Services Using Electronic Certificates,
in providing telecommunication Telecommunications Installation,
services and/or networks; Other Telephony Value-Added
b. Increase as much as possible Services, Special Telecommunication
the business of providing Activities for Defense Security
telecommunication services and Purposes, Telecommunication
networks, so as to achieve the Central Construction, Railway Signal
capacity desired and needed by and Telecommunication Installation
the community in order to improve Specific, Telecommunication Activity
services to the community; for Own Use, Immersive Media
c. Run business and operational Content Programming and, Production
activities (which also includes Activities, Satellite Telecommunication
marketing and sales of Activities, and Land preparation.
telecommunication networks
and/or services provided
by the Company), carrying
out maintenance, research,
development, means and/or
facilities of the telecommunication,
organizing non-formal education
and training in telecommunication
sector both domestic and overseas;
d. Provide other telecommunication
services and networks including
information technology services
and/or networks; and
e. Carry out the other activities
deemed necessary to support and/
or be related to telecommunication
operations, large scale trade
trading activities, programming
activities, computer consulting
activities and related activities,
information services activities,
telecommunication construction
and installation, employment
activities, professional, scientific
and technical, rental and leasing
22 PT XL Axiata Tbk
Page 25
Strengthening Profitability for a Sustainable Future
Our Journey
1996 - 2005 2006 - 2010 2010 - 2016
1996 2006 2012
Received GSM 900 Cellular System Launched 3G network service. 1. Divestment of 9.1% of shares by
license, initiating commercial one of the Company's majority
operations primarily targeting 2007 shareholders, Etisalat, through
Jakarta, Bandung, and Surabaya. a share offering to institutional
1. The Company introduced a tariff investors, resulting in an increased
1997 of Rp1 per second. public share ownership from
2. ETISALAT, the second largest 20.2% to 33.5%.
An integrated microcell network telecommunications enterprise in 2. Deployed over 11,000 new BTS to
was constructed in Jakarta’s Golden the Middle East, acquired a stake further strengthen its operations.
Triangle Area. in XL Axiata.
3. Subsequently, XL Axiata 2013
1998 commenced the consolidation of
its brands under "XL prepaid" and 1. Entered into a Conditional Sales
The proXL brand was introduced "XL postpaid." and Purchase Agreement (CSPA)
as the Company’s inaugural prepaid with Saudi Telecom Company
product. 2008 (STC) and Teleglobal Investment
B.V (a subsidiary of STC) to
2000 1. The demerger of the TM Group acquire PT Axis Telekom Indonesia
resulted in the establishment of (AXIS).
Expansion to Sumatra and Batam two distinct entities: Telekom 2. Successfully tested the Company's
was successfully achieved. Malaysia Berhad and Axiata 4G technology at the APEC
Group (formerly TM International Summit.
2001 Berhad). Axiata Group serves as
the parent company of Indocel 2014
1. Secured DCS 1800 Spectrum Holding Sdn. Bhd. through its
allocation and completed the subsidiary, TM International (L) 1. Completed the acquisition of AXIS
construction of the primary fiber Limited. in March followed by a merger in
optics network. 2. Axiata Group, by way of Indocel April.
2. M-Banking and M-Fun services Holding Sdn. Bhd., procured 2. Initiated a test run of real mobile
were launched. ownership of the Company's 4G-LTE (Long-term Evolution)
shares from Khazanah Nasional with support from Huawei and
2002 Berhad, culminating in a year-end Ericsson.
ownership interest of 83.8%. 3. Underwent a rebranding, reflected
1. Network allocation was obtained in the change of the Company's
in Kalimantan and Sulawesi. 2009 logo to signify a new strategic
2. Rental circuit and Internet Protocol direction.
(IP) services were launched. The Company initiated its inaugural
Limited Public Offering for the 2015
2004 issuance of 1,418,000,000 new
shares through a Rights Issue. Launched LTE services on the 1,800
The logo was rebranded, and new MHz bandwidth, extending coverage
products were introduced under 2010 to 35 cities in Indonesia.
the proXL brand, including Jempol
(prepaid), Bebas (prepaid), and Xplor The Company’s principal shareholder, 2016
(postpaid). Axiata Investments (Indonesia) Sdn.
Bhd., divested a 20% stake in the 1. Expanded to 84,000 BTS,
2005 Company via Private Placement to including 8,200 4G BTS, providing
augment public ownership of the coverage to nearly 100 cities in
Became a subsidiary of TM Group Company’s shares. Indonesia.
and conducted an Initial Public 2. Successfully completed a public
Offering of 1,427,500,000 shares offering of USD500 million,
on the Indonesian Stock Exchange which was fully subscribed by
(formerly Jakarta Stock Exchange) shareholders.
under the stock code EXCL.
2024 Integrated Annual Report 23
Page 26
About XL Axiata
2017 – 2019 2020 – 2021
2017 2020
1. The network has been expanded to 101,000 BTS, 1. Announced a share buyback program of IDR500 billion
with 63% of the expansion pertaining to 3G and 4G in the IDX. The program ran from 7 April 2020 to 6
technologies. July 2020.
2. The coverage of the 4G LTE network has been 2. Collaborated with Google Cloud on transitioning its
extended to 360 cities/regencies, facilitated by over workload to the cloud and implementing a modern
17,000 of 4G BTS and 45,000 of 3G BTS. application management platform from Anthos-Google
3. A Conditional Sales and Purchase Agreement has Cloud to automate, scale, and manage workload in its
been executed to divest the Company’s shares in PT hybrid multi-cloud securely and consistently.
XL Planet (Elevenia) and SK Planet Global Holdings 3. As a pioneering step, the Company has adopted SAP S/4
Pte. Ltd. to PT Jaya Kencana Mulia Lestari and Superb HANA Cloud, becoming the first telecommunications
Premium Pte. Ltd. company in Southeast Asia to do so.
4. Collaboration with the Ministry of Telecommunications 4. Provided support to various ministries and government
and Information has been initiated for the Fishermen departments through donations and initiatives aimed
Go Online program, facilitated by the Nelayan Pintar at assisting Indonesians in adapting to the new normal
(Smart Fishermen) app. during the Covid-19 pandemic.
5. Participation in the construction of the Australia 5. Extended its support to a government program
- Indonesia - Singapore Submarine Cable focused on delivering 4G services to cover 861 villages
Communication System has enabled the connection Non-3T within the period of 2021-2022.
of Australia with Singapore through Indonesia.
2021
2018
1. Attained ISO/IEC 20000-1:2018 and ISO 9001:2015
1. Commenced operation of the Universal Service certifications, internationally recognized standards
Obligation (USO) network in 40 locations across 4 for quality management and information technology
provinces. services management.
2. Introduced the Laut Nusantara application, a 2. Formed a strategic partnership with Helios Data, a
collaborative effort between the Company and various California-based data security technology company,
ministries and organizations, with the goal of enhancing to implement Secure Data Sharing technology.
the productivity and safety of Indonesian fishermen. 3. Initiated operations of BTS, under the Universal Service
3. Inaugurated the IoT Lab XCAMP in partnership with the Obligation (USO) scheme, in collaboration with the
Minister of Telecommunications and Information and Telecommunication and Information Accessibility
the Minister of Industry. Agency (BAKTI), encompassing provinces such as
South Sumatra, specifically in Musi Rawas and North
2019 Musi Rawas regencies.
4. Teamed up with FiberStar, a leading fiber optic
1. The construction of the Australia-Indonesia-Singapore provider, to expand the XL HOME fiber network.
Submarine Cable Communication System has been 5. Collaborated with NTT Ltd. to establish a private
completed in collaboration with Vocus Group and cloud-based IT infrastructure, contributing to the
Alcatel Submarine Networks. preparation of the 5G ecosystem.
2. The Company’s network has expanded to 130,000 6. Introduced XL SATU, the pioneering convergence
BTS, with over 40,000 of them being 4G-enabled. service in Indonesia, integrating XL HOME and XL
3. Princeton Digital Group (PDG), a Singapore-based Prepaid services.
internet investor, developer, and operator, has agreed 7. Expanded the 4G network to 2,431 remote villages in
to acquire 70% of our Company's Data Center portfolio. Lampung province.
4. Commercially launched Narrowband IoT (NB-IoT) in 31 8. Attained the MEF-CE 3.0 International Certification
cities/regencies in Indonesia. through XL Business Solutions (Busol).
5. USO network covered 298 areas in various provinces 9. Extended the 4G network in Aceh to encompass 193
across Indonesia. districts and 5,102 villages.
6. Additional BTS have been installed in remote areas of 10. Received approval from the Indonesian Ministry of
Natuna in Riau Islands, Musi Rawas in South Sumatra, Communication and Informatics (Kominfo) for the
and the West Coast of Lampung. Operation Feasibility Test for 5G network in Indonesia.
24 PT XL Axiata Tbk
Page 27
Strengthening Profitability for a Sustainable Future
2022
2022
11. Implemented the Zero Touch Operation platform, 1. XL Axiata has acquired 2,805 shares, representing
including Network Operation Centre (NOC) a 51% stake in PT Hipernet Indodata, a company
operations, to enhance the detection of network specializing in telecommunications and information
disruptions and their impact on customers. technology managed services. The transaction amount
12. The Company, in partnership with various business was approximately Rp358,438 billion.
and social collaborators, established a drive- 2. XL Axiata, in collaboration with Malaysian company PP
thru vaccination center named Indonesia Bangkit Telecommunication Sdn Bhd, has successfully completed
Vaccination Centre in Depok, West Java, situated the construction of the Sea Cable Communication
at the parking structure of Universitas Indonesia System (SKKL), linking Batam, Indonesia, to Serawak,
Hospital. Malaysia, also known as the Batam Sarawak International
13. President of Indonesia Joko Widodo conducted Cable System (BaSIC).
an inspection of the vaccination proceedings at 3. Axiata Group Berhad and XL Axiata have jointly acquired
the Indonesia Bangkit vaccination center in Depok. 66.03% of PT Link Net Tbk’s shares for approximately
Accompanying him were the Minister of Health, Budi RM2.63 billion. Subsequent to the acquisition, XL Axiata
Gunadi Sadikin, the Governor of West Java, Ridwan held a 20% stake in Link Net shares.
Kamil, the Rector of Universitas Indonesia, Prof. Ari 4. The Echo Submarine Cable Communication System
Kuncoro, S.E., M.A., Ph.D, and the Hospital Director, (SKKL) "Golden Buoy" was docked in Tanjung Pakis,
Dr. Astuti Giantini. Karawang Regency, West Java, and was scheduled to
14. The Company continued its vaccination initiative be integrated into XL Axiata’s network. This deployment
at Central General Hospital (RSUP) H Adam Malik in underscored XL Axiata’s commitment to enhancing
Medan, North Sumatra. network quality and services for Indonesian customers,
15. The Company is dedicated to implementing ESG achieved through the expansion of fiber optic network
(environmental, social, and governance) principles, infrastructure connecting to the global network.
aligning with GSMA targets, and striving to achieve 5. XL Axiata announced its intention to conduct a public
zero carbon emissions by 2050. offering for XL Axiata Shelf Offering Bonds II Phase I of
16. The Company launched Desa Digital Nusantara 2022 and Shelf Offering Sukuk Ijarah III Phase I of 2022,
(DDN) to facilitate digital technology adoption and with each offering amounting to Rp1.5 trillion for Bonds
empower villages.. and Sukuk.
17. Dian Siswarini, President Director & CEO of the 6. XL Axiata convened an Extraordinary General Meeting
Company, and Yessie D. Yosetya, Chief Strategic of Shareholders (EGMS) to solicit approval for the
Transformation & IT Officer, attended the inauguration proposed capital increase through a Limited Public
of the Indonesian G20 presidency in their capacity as Offering III (LPO III) by means of granting Pre-emptive
chair of G20 Empower. Rights.
18. The Company's VoLTE service has expanded to 7. Link Net and XL Axiata have collaborated to
cover 403 cities and regencies in Indonesia. introduce internet convergence services, integrating
products from First Media and XL. This collaboration
encompasses high-speed internet services devoid of
quota restrictions, streaming content, cable TV, and
online storage from First Media, coupled with the XL
Joint Quota Package offering extensive internet data
services.
8. XL Axiata actively participated in the Women20
Movement (W20) and G20 EMPOWER, resulting in the
election of XL Axiata's President Director & CEO, Dian
Siswarini, as Co-Chair of Women20 Indonesia, and the
election of Director & Chief of Digital Transformation &
Enterprise Business Officer, Yessie D. Yosetya, as Chair
of G20 Empower.
2024 Integrated Annual Report 25
Page 28
About XL Axiata
2023
1. Successfully completed the Capital Increase process 8. The Company has improved the fast internet
by granting Pre-emptive Rights III ("PMHMETD III") or infrastructure at IKN. In June 2023, XL Axiata installed 4
right issue, raising funds of Rp5 trillion. units of Mobile BTS 4G in the construction project area
2. Intensively applied ESG principles to network of the Presidential Palace, Vice Presidential Palace, and
infrastructure by using Green BTS en masse. This around the workers' mess. The XL Axiata network at
includes implementing the Intelligent Ventilation IKN will be connected to the main network throughout
Cooling System (IVS), using DC fans, and Air Kalimantan, which is also linked to the international
Conditioning (AC) to significantly reduce energy network currently connected via SKKL Batam - Sarawak
consumption by up to 50%. The modernization – Entikong.
program has covered more than 90% of XL Axiata's 9. Collaborated with Link Net to build 1 million homes
BTS since 2014. passed networks, targeting construction in more than 10
3. XL Axiata and Cisco collaborated to prepare 5G cities/regencies in several provinces, including outside
and Cloud networks for IoT, enhancing network Java. The network of 1 million homes passed is a new
capabilities using end-to-end automation and optical one, separate from Link Net's existing network.
networks to support 5G readiness and strengthen 10. Facilitated public mobility convenience by providing
Internet of Things (IoT) connectivity services. 4G signal access across all LRT lines and stations,
4. Officially launched e-SIM, allowing customers to encompassing those serving Cibubur and Bekasi, with
utilize e-SIM without using a physical SIM card and a comprehensive coverage supported by over 2,300 4G
to avoid purchasing one at the store. The process BTS.
is more straightforward, as customers can instantly 11. Continued to reinforce its position as the pioneering
register and activate e-SIM using a QR code from operator to introduce convergence services through
anywhere. XL SATU products. The adoption of Fiber To The
5. Axiata Group strengthened XL Axiata and Link Room (FTTR) technology under XL SATU is imminent,
Net synergy, aiming to increase the penetration enhancing home internet surfing convenience for
of convergence services in Indonesia and expand customers. Furthermore, the service area coverage was
service coverage to 8 million home passes over the expanding, reaching 63 cities and regencies, with Batam
next five years. Furthermore, XL Axiata is committed as the latest addition.
to expanding its customer base through convergence, 12. The Company and Nokia Indonesia have joined forces to
aiming to become the leading convergence operator champion Environmental, Social, and Governance (ESG)
in Indonesia. XL Axiata will take advantage of the low practices. The Company is dedicated to implementing
market penetration of FBB and the growing market ESG principles to align with Indonesia's objective of
demand. reducing carbon emissions by 43.2% in 2030. Within
6. Continued to develop SD-WAN+ solutions for the Company's operational scope, a 45% reduction in
corporate customers, offering ease of deployment, carbon emissions from the 2020 baseline is targeted for
centralized management, device simplification, 2030.
and cost efficiency. These make SD-WAN+ an 13. Successfully extended its 4G signal coverage along the
attractive and viable option especially for today Jakarta MRT line. Expansion of the 4G LTE network to
and going forward for many businesses in the global encompass all underground lines of the Jakarta MRT,
marketplace. including the entire line and all stations, has been
7. Launched "XL SATU BIZ," a fast internet access completed since mid-August 2023. Ongoing monitoring
for small and medium-sized enterprises (SMEs). XL of the surge in traffic along the Jakarta MRT line will be
SATU BIZ provides benefits such as high-speed Wi- conducted, with a focus on continuous enhancement of
Fi internet connection, a large data quota that can network quality to meet customer requirements.
be distributed to a large number of employees, and 14. Introduced green mining solutions with private networks,
a free Majoo subscription. SME managers can utilize environmentally friendly solutions for the mining
the XL SATU BIZ package to gain additional benefits, industry. The Private Network solution supports "green
including ERP software with comprehensive features, mining" operations by increasing efficiency through
to enhance business efficiency and productivity. automation, reducing costs with IoT technology for fleet
management, and indirectly improving employee safety
by minimizing the need to go to hazardous areas.
26 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
2024
15. The Company and Hypernet launched Open WiFi and 1. As part of the global GSMA Open Gateway initiative,
Managed WiFi as part of the XL SATU BIZ service. four leading Indonesian telecommunications
These innovations are designed to assist industry operators—XL Axiata, Telkomsel, Indosat Ooredoo
movers, particularly SMEs, in developing their Hutchison, and Smartfren—have announced the
businesses. launch of three Application Programming Interface
16. Successfully delivered 4G service to 861 the most (API) services: Number Verify, SIM Swap, and Device
outer, underdeveloped and frontier border of Location. These services are designed to enhance
Indonesia, as required by the Indonesian government. security measures and improve the overall customer
experience.
17. The Company has been awarded the SMK3 Gold
Flag (Occupational Safety and Health Management 2. The Company has successfully attained CDP
System) by the Ministry of Manpower (Kemenaker) certification, following a comprehensive assessment
of the Republic of Indonesia. I Gede Darmayusa, the period of five months. This certification, conferred
Director & Chief Technology Officer of XL Axiata and by the non-profit CDP organization, reflects
Chairman of the XL Axiata Occupational Safety and the Company’s unwavering commitment to
Health (P2K3) Advisory Committee, received the Environmental, Social, and Governance (ESG)
award in Jakarta. principles.
18. Axiata Group Berhad has announced its commitment 3. The Company has entered into a Memorandum
to advancing the structural transformation of its of Understanding (MoU) with Huawei to establish
Indonesian subsidiaries, XL Axiata and Link Net, to a strategic partnership concentrated on Artificial
expedite the strategic transition toward becoming a Intelligence (AI) for digital business operations.
ServeCo and a FibreCo.
4. The Company has allied with Cisco, a leading global
19. The Company, Indosat Ooredoo Hutchison (Indosat
technology provider, to introduce a cloud-delivered
or IOH), Axiata Digital Labs (ADL), and Amazon Web
IoT Connectivity Management Platform via the IoT
Services (AWS) have unveiled the SinergiAPI Portal,
Connectivity+ Product by XL Axiata. This initiative
the inaugural API portal in Indonesia based on the
aims to assist customers in Indonesia in innovating
GSMA’s Open Gateway initiative. This initiative aims
and securely scaling their IoT enterprises.
to empower developers and enterprises by providing
universal access to network operator APIs. GSMA 5. In partnership with Nokia, the Company has
Open Gateway APIs are defined, developed, and successfully completed a five-year project to
published in CAMARA, the open-source project modernize approximately 4,400 existing sites. This
driven by the Linux Foundation. initiative involved replacing the current network
infrastructure and adding new locations.
6. Through XL Axiata Business Solutions (XLABS), the
Company has launched digital solutions designed
to accelerate the digital transformation of the
Indonesian manufacturing sector. These smart
manufacturing solutions, which incorporate Internet
of Things (IoT) technology, provide benefits such
as increased operational efficiency, enhanced value
addition, and improved product quality.
7. Axiata Group and Sinar Mas announced that they
have entered a new phase with the signing of a non-
binding Memorandum of Understanding (“MOU”) to
explore the proposed merger between XL Axiata
and Smartfren (“Proposed Transaction”) in order to
create a new entity (“MergeCo”).
8. The Company has formed a partnership with PT Mobil
Anak Bangsa (MAB) through XL Axiata Business
Solutions (XLABS) to deliver critical ICT services,
including IoT and fixed connectivity, for a prominent
national electric bus manufacturer. This collaboration
signifies XL Axiata's commitment to advancing the
local electric vehicle industry.
2024 Integrated Annual Report 27
Page 30
About XL Axiata
2024
9. The Company has fully supported DEFEND IT360's 15. During the anniversary celebrations, the Company
strategic initiatives by serving as the exclusive partner reaffirmed its dedication to sustainability initiatives,
of ITSEC Asia in promoting cybersecurity solutions including the goal of achieving Zero Waste to Landfill,
specifically tailored for SMEs. This partnership is which ensures that no waste generated during the event
of substantial strategic significance for XL Axiata is disposed of in landfills. The company collaborated
Business Solutions in fortifying the provision of with Waste4Change, a specialist in waste management
cybersecurity services to business-to-business (B2B) services, to facilitate this objective effectively.
customers, including SMEs. 16. Through XL Axiata Business Solutions (XLABS), the
10. The XL Center Online service has undergone Company has launched XL Axiata HydroponiX, an
significant enhancements in terms of appearance, Internet of Things (IoT)-based smart farming solution
functionality, and capacity to address the growing specifically designed to assist hydroponic farmers in
demand for online services, under the initiative improving crop quality.
#JadiLebihBaik. The revised XL Center Online 17. Effective from 27 September 2024, First Media's
provides a more extensive range of features home internet services have officially become part of
comparable to those found at physical outlets, XL Axiata. The integration of one of the largest cable
including eSIM registration, lost card replacement, internet service providers in Indonesia follows the
activation of forfeited cards, premium number merger of Link Net with XL Axiata based on the B2C
selection, smartphone bundling, and streamlined business transfer agreement on 22 May 2024.
ticket tracking. 18. In 11 December 2024, XL Axiata and Smartfren Announce
11. The Company has continued to broaden its Fixed IDR104 trillion (~US$6.5 Billion) Strategic Merger to Create
Mobile Convergence (FMC) network in Sulawesi. a Significant Telecommunications Player to Accelerate
Since early March 2024, the FMC XL SATU Fiber Indonesia’s Digital Economy. This merger will establish
network has been launched in Morowali Regency, PT XLSmart Telecom Sejahtera Tbk (“XLSmart”), a
benefiting the local population. new telecommunications powerhouse combining the
12. XL Axiata Business Solutions (XLABS) has entered strengths of Indonesia’s trusted telecommunications
into a partnership with PT Ide Inovatif Bangsa (Quest operators to drive innovation, improve service quality,
Motors), an Indonesian manufacturer of electric and enhance digital connectivity nationwide.
motorcycles. Through this collaboration, Quest
Motors will implement digital solutions from XL
Axiata Business Solutions into its vehicle platform.
13. XL PRIORITAS has introduced a new internet service
package known as "HYFE." This latest product
is designed to deliver a more flexible and user-
friendly internet experience for customers, featuring
simplified package options and enhanced benefits
tailored to contemporary digital needs.
14. To further enhance service quality and support
infrastructure development in East Kalimantan, the
Company has inaugurated a new office and XL
Center in Balikpapan. This event coincided with the
celebration of XL Axiata's 28th anniversary.
28 PT XL Axiata Tbk
Page 31
Strengthening Profitability for a Sustainable Future
2024 Integrated Annual Report 29
Page 32
Management Report
Management
Report
30 PT XL Axiata Tbk
Page 33
Strengthening Profitability for a Sustainable Future
XL Axiata
demonstrated
strong performance
throughout the year,
and taking significant
strides towards
becoming Indonesia’s
leading convergence
provider.
2024 Integrated Annual Report 31
Page 34
Management Report
The Company
kept its focus
firmly on improving
the offer to our
customers: delivering
a more personalized,
competitively priced
and better value offer
while driving cost
efficiency and enhanced
network performance.
DR. MUHAMAD CHATIB BASRI
President Commissioner
32 PT XL Axiata Tbk
Page 35
Strengthening Profitability for a Sustainable Future
Message from the Board of
Commissioners
XL Axiata’s results in 2024 demonstrate the Company’s increased the cost of imported goods. While unemployment
resilience and commitment to operational excellence amid a showed a slight decrease year-on-year of 0.4 million from
challenging external environment. The Company continued 7.86 million in 2023, job losses in the manufacturing sector
to balance profitable growth with strategic investments in further affected household incomes. During 2024, a total
our people, infrastructure and technological advancement, of 78,000 layoffs were recorded, with the highest numbers
ensuring that it remains on track to achieve its long-term reported in the key population centers of Jakarta, Banten
growth objectives in a sustainable manner. and Central Java. All these factors were reflected in a waning
of the consumer confidence index to 121.1 points in October
Assessment of the Board of Directors’ 2024, although in November and December it rebounded to
Performance 125.9 points and 127.7 points respectively,3 indicating a more
positive sentiment entering 2025.
Global economic growth in 2024 is projected at 3.2%,1
marking a modest uptick from the trend of the past Addressing these complex dynamics, the Company
decade. The growth was driven by a number of factors, mounted a proactive response, comprising a combination
including a stronger economic performance by the US, of strategies designed to drive growth, optimize profit and
where multiple increases in the Fed rate in the first half of drive innovation and the customer experience, including
2024 helped to lower inflation to 2.9% in December 2024 strengthening cost excellence, boosting operational
while unemployment remained under control at around efficiencies and asset sweating, as well as diversifying
4.1%. Meanwhile, global demand for semiconductors and revenue streams and personalizing the customer
electronics surged, driven by significant investments in proposition. As a result, XL Axiata delivered strong double-
artificial intelligence in emerging economies in Asia. digit and profitability growth and a sustainable dividend for
our shareholders.
Despite these positive trends, however, there were
significant global headwinds. Worsening conflict between In 2024 the Company took a major step on its convergence
Russia and Ukraine, alongside rising instability in the Middle journey by successfully concluding the structural
East, triggered volatility in energy prices. Economic security transformation of XL Axiata and Link Net. The Board
risks were also heightened by extreme weather events, of Directors’ astute management of this process, which
such as El Nino. The 2023–2024 El Niño was the fifth most began in December 2023 with the acquisition of First
powerful such event in recorded history, precipitating Media’s residential subscribers into XL Axiata’s ecosystem,
widespread drought, flooding, and other natural disasters allow the HOME segment, now operating as ServeCo,
across the globe. to offer a broader array of converged products and
services while leveraging the Company’s growing network
Amid the protracted uncertainty in the global economy, infrastructure and IT capabilities to deliver seamless
Indonesia’s GDP growth remained relatively robust at 5.03%. connectivity, entertainment, and mobile propositions to
Inflation eased to 1.57%, staying well within Bank Indonesia’s all telecommunication consumers. With the acquisition of
1.5%-3.5% target range. However, the country saw a Link Net’s residential business, XL Axiata has passed the
slowdown in year-on-year growth per quarter in the first milestone of 1 million subscribers to the Company’s fixed
three quarters2 for this year, while in Q2 and Q3, household broadband product, XL Satu, consolidating its position as
consumption, a key driver of the economy, was slower than the second-largest converged services provider in Indonesia.
in the same period in the previous year. A sharp increase in
inflation in the first half of the year in categories such as food, As a result of this strategic action, which has also enabled
health and education put pressure on consumer purchasing the Company to grow its footprint to more than 6 million
power. This trend was reinforced by a decline in the Retail home passes in 127 cities, and increase its convergence
Sales Index (RSI) for the information and communication penetration rate. Meanwhile the Board of Directors’
sector, which fell from 106 in January 2024 to 115.6 in unwavering commitment to continuously expanding and
December 2024, while indicating slower post-Ramadhan enhancing the quality of our network has continued to
spending compared to the previous two years. At the same ensure an exceptional convergence experience and value
time, weakness in the Rupiah, which fell to a 4-month low of for our customers: XL Satu’s transactional Net Promoter
Rp16,277 in December against the strengthening US dollar, Score (tNPS) has improved by more than 50% year-on-year,
1 OECD 3 Bank Indonesia
2 Badan Pusat Statistik
2024 Integrated Annual Report 33
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Management Report
while in December XL Axiata was ranked first for Consistent In December the Company reached an agreement with PT
Network Quality in Indonesia by industry observer Smartfren Telecom Tbk and PT Smart Telecom to merge the
OpenSignal. three businesses, with XL Axiata remaining as the surviving
entity. This is a very positive move, giving the Company a
In the enterprise segment, the Company consolidated scalable platform from which to significantly enhance our
its position as Indonesia’s leading provider of business value proposition in the mobile segment through increased
telecommunications solutions, leveraging its expertise, coverage, expanded product offerings and improved
innovation capabilities and responsiveness to meet the network quality.
evolving needs of clients large and small. At the same
time, the Company’s growing ICT capabilities, particularly The Board of Commissioners’ Oversight of
in cybersecurity, IoT solutions and cloud computing, have Strategic Execution
made XL Axiata the telecommunications partner of choice
for a growing roster of corporate clients. The Board of Commissioners carries out our oversight
and advisory role through regular communication with the
The Company has also underlined its regional expansion Board of Directors. This takes place both formally, through
ambitions by acquiring Singapore-based Axiata Global our regular joint board meetings with the Directors, and
Services. This strategic move positions XL Axiata as an informally, via email and by phone, whenever needed.
international player and enhances our capabilities to serve Our advice to the Board of Directors is informed by our
the growing demands of international enterprise connectivity. supporting committees, including the Audit Committee, and
is aimed at ensuring that the Company’s strategies, and the
We were pleased to see the Directors maintain their execution thereof, remain focused on creating long-term
commitment to profit optimization by doubling down value and ensuring that the interests of the Company and
on cost management and operational excellence. Their our stakeholders are upheld.
initiatives to transform the distribution operation, optimize
network planning and utilization, drive energy efficiency Good Corporate Governance
by leveraging digitization, AI-driven data analytics and
automation have yielded significant savings. XL Axiata is committed to upholding the highest standards
of Corporate Governance consistently and in every aspect
The Board of Directors’ consistency and agility in executing of our business. Good Corporate Governance is a critical
these targeted strategies during the year has driven aspect of our sustainability-driven growth strategy, and
robust growth in profitability, with net income up 45% to we consistently seek to enhance value to our shareholders
Rp1.85 trillion and the net income margin improving by 1.5 and other stakeholders by operating in a responsible and
percentage points to 5.4%, driven primarily by Management’s transparent manner through effective monitoring, evaluation
asset sweating initiative. The focus on cost leadership in and improvement processes.
operations has yielded an industry-leading EBITDA margin
of 52.0%, up from 49.1% in 2023, as well as an increase in To this end, the Company’s efforts in 2024 included
EBITDA of 13%. Revenue growth met expectations at 6% successfully completing a corruption-related risk assessment
year-on-year to Rp34.40 trillion. Free Cash Flow also grew across the entire organization and strengthening Risk
by 20% year-on-year to reach Rp10.50 trillion, reflecting Management measures accordingly. These actions were the
the Company’s ability to generate and preserve cash. At latest in a series of initiatives designed to uproot, prevent
the same time, Management continued its prudent leverage and improve our response to bribery and corruption in
management, maintaining a favorable gearing ratio of every part of our operation, and culminated in the awarding
2.58, down 0.31 pp from 2023. Capital expenditure was of the ISO 37001:2016 Certification for our Anti-Bribery
maintained at around 7.38 trillion, reflecting Management’s Management System (ABMS).
effective use of capital to drive growth.
The Company also revamped a number of policies and
The Company’s robust performance and ongoing processes to align with the Personal Data Protection Law,
commitment to excellence has continued to earn including a mechanism to facilitate XL Axiata customers in
recognition from our industry peers and business observers. exercising their rights with regard to their personal data.
Spearheading a series of awards, in March 2024 XL The work that went into establishing the comprehensive
Axiata was awarded as one of Indonesia’s Most Visionary framework now in place was a critical factor in XL Axiata
Companies by Warta Ekonomi for delivering long-term value becoming the first Indonesian telco to earn the ISO
through holistic and sustainable strategies, while Bloomberg 27701:2019 Privacy Information Management System (PIMS)
Technoz named XL Axiata as one of the 20 Top Companies Certification, a notable achievement that underlines the
to Watch in 2024, highlighting the Company’s promising Company’s commitment to safeguarding the rights and
stock performance and business growth. The full list of the interests of all our stakeholders.
Company’s awards and citations in 2024 can be seen on
this report.
34 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Net income up 45% to EBITDA margin of 52.0%, up Bloomberg Technoz named
Rp1.85 trillion. from 49.1% in 2023. XL Axiata as one of the 20
Top Companies to Watch in
2024.
Business Prospects for 2025
In 2024 the Company
took a major step The global economic outlook for 2025 is dominated by
the ongoing geopolitical tensions and rising economic
on its convergence nationalism. Protectionist policies from the US and India
could potentially disrupt global trade, heighten inflation
journey by successfully and reignite US-China tensions, as the Russia-Ukraine war
continues into its third year. With this background, and with
concluding the structural several regions facing deflationary pressures from post-
transformation of XL pandemic changes and rising interest rates, the World Bank
and the IMF have projected global GDP growth of 2.7%4 and
Axiata and Link Net. 3.3%5, respectively, for 2025-2026, reflecting stagnation of
the 3% annual average growth rate from 2011 to 2019.
More dynamic prospects are anticipated for emerging
markets, where the middle class is set to double from 354
The Board of Commissioners also oversaw a number of million households in 2024 to 687 million in 2034, with
critical improvements in 2024, including the updating of China, India, Indonesia, Philippines, and Vietnam leading the
the Board Manual and other key Governance documents. growth. The middle class serves as a catalyst for economic
Additionally, in light of the significantly expanded scale of growth, driving consumption and investment. The strong
the Company’s operations and to optimize the anticipated performance of ASEAN countries in particular emphasizes
synergies resulting from the mergers with Link Net and the region’s strategy to capture middle-class consumers.
Smartfren Telecom and Smart Telecom, the Board has However, in Indonesia, average spending is expected to
established an Investment Committee. This will support stay low, meaning the growing middle class will likely remain
our oversight and advisory functions with regard to the quite price sensitive over the coming years, unlike its peers
Company’s investment activities and initiatives. Malaysia and Thailand, which are seeing slower population
growth but higher per capita income.
Recognizing the Company’s commitment to Good
Corporate Governance, the 15th IICD Corporate Governance Indonesia’s economy will grow within the 5% to 5.1% range
Awards 2024 named XL Axiata as one of the Top 50 Big in 2025, according to the World Bank,6 the International
Capitalization Public Listed Companies, an accolade the Monetary Fund (IMF)7 and the Asian Development Bank
Company has received for six consecutive years, and (ADB),8 slightly below the government’s 5.2% target.9
awarded the Company for the Best Rights and Equitable The country’s macroeconomic stability, backed up by the
Treatment of Shareholders. The Company also achieved strength of demand from the domestic sector, is expected
the highest Sapphire rating at Hukumonline’s Indonesia to continue to afford a measure of resilience against ongoing
Regulatory Compliance Awards (IRCA) in June 2024. global volatility and stagnating growth. Nevertheless, many
observers have noted that the Government urgently needs
We were also pleased to see the progress made on to address structural weaknesses in the economy to support
other facets of our ESG agenda, not least the fact that sustained growth over the medium and long term. There are
the Company achieved its target of reporting Scope 3
emissions for the first time in 2024. We commend the Board 4 World Bank
of Directors’ ambition with regard to our sustainability goals, 5 IMF
and we look forward to seeing initiatives such Disability
6 World bank
Ready to Work, Zero Waste to Landfill and the internet
7 IMF
quota donation program further embedded throughout the
organization and among our business partners. 8 Asian Development Bank
9 Kementerian Keuangan RI
2024 Integrated Annual Report 35
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Management Report
indications that President Prabowo Subianto’s incoming Meanwhile, we remain confident that the mobile
administration will address this, with plans to sustain segment will retain its critical role as a cornerstone of the
household spending through job creation, minimum wage telecommunications industry over the short to medium
increases and expanded social assistance programs, while term. The mobile business will therefore continue to serve
boosting foreign investment and accelerating structural as XL Axiata’s primary driver of growth, delivering the
reforms. dominant share of our revenue portfolio.
The new administration has set 2025 as the base year for Capital expenditures will primarily be focused on building
its Indonesia Emas 2045 (Golden Indonesia 2045) vision, network capacity to ensure a robust platform for the
which aims to position Indonesia among the top five global growing traffic and scope of services, particularly in the
economies by 2045, with a GDP per capita of USD23,000– enterprise business, where the Company will be driving
30,300. growth through the expansion of high-margin services such
as cloud solutions, IoT and ICT.
Digitalization plays a central role in this growth vision. The
next five years, until 2029, are envisaged as a strategic One of the prerequisites for a successful and equitable
phase of strengthening digital infrastructure and basic digital transformation is a transparent regulatory framework
digital services, laying the foundation for the achievement that supports healthy market competition We look forward
of 100% internet access and nationwide 5G coverage by to seeing the regulator take decisive action on the issue
2045. Key initiatives will include Smart Cities, digital public of illegal internet providers and enforce the regulations
services, inclusive digital finance, and e-commerce, with equitably for both existing operators and new entrants
Indonesia assuming the mantle of a global technology such as Starlink, in order to restore certainty to the market,
leader with a focus on environmental sustainability. In encourage further investment in Indonesia’s telco sector and
line with President Prabowo Subianto’s commitment to avoid further potentially detrimental impacts to customers
prioritizing digitalization, focusing on key projects such as and the industry itself. In this regard we expect to see the
digital infrastructure, IKN connectivity, and public service Directors continue to collaborate closely with others in the
transformation, we anticipate additional ICT investments in telco community as well as the regulator to ensure that the
2025 to support Indonesia’s digital transformation goals. interests of all stakeholders are fairly represented.
This vision is underscored by the OECD, which has Changes in the Composition of the Board
highlighted the role of digital technologies, supported by of Commissioners
more widespread deployment of fixed broadband and 5G,
in driving productivity improvements.10 Indonesia’s digital In 2024 the shareholders accepted the resignation of
economy is forecast to grow to reach Rp3,216 trillion in Independent Commissioners Mr. Muliadi Rahardja and Ms.
2027, a growth of 128% from 2023.11 At that rate, the digital Yasmin S. Wirjawan. We thank them both for their service
economy will contributing around 14% of the country’s GDP, and wish them every success in their future ventures. We
making it one of the leading drivers of economic growth. welcomed three new members to the Board, namely Mr. Nik
This presents a significant growth opportunity for the FBB Rizal Kamil Nik Ibrahim Kamil as a Commissioner, and Ms.
market. Yasmin Binti Aladad Khan and Mr. Didi Syafruddin Yahya as
Independent Commissioners.
Given this landscape, we fully endorse the Board of Directors’
plans to leverage these opportunities to drive profitable
growth. We are keen to see the Company consolidate its
leadership in the fixed mobile convergence segment by
leveraging its extensive network coverage and offering
innovative, affordable and integrated solutions that deliver
exceptional value to customers. We believe that this will
be a critical factor in accelerating Indonesia’s connectivity
agenda and bridging the digital divide.
10 OECD
11 OMDIA
36 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Closing We are also grateful for the continued trust of our
shareholders and the Axiata Group, as well as the support
We would like to convey our sincere thanks to the Board of our customers and business partners. With the wealth
of Directors and all XL Axiata’s employees for delivering of opportunities presented by the market, and the strong
the impressive progress the Company has made in 2024. financial and operational foundation that XL Axiata has
In particular, the Board of Commissioners extends its established, I am confident that the Company will continue
deep appreciation to Ms. Dian Siswarini for her exceptional to deliver outstanding performance and meaningful
leadership over the past 10 years, delivering remarkable contributions to its shareholders, the industry, and our
performance that has driven significant growth for the nation.
Company. Her efforts have successfully positioned the
organization as a formidable challenger in the market, despite
the prevailing challenges within the industry. Furthermore,
her contributions have yielded valuable outcomes for
our shareholders and for the industry, underscoring her
remarkable impact on the Company’s success.
Jakarta, 3 March 2025
On behalf of the Board of Commissioners
DR. MUHAMAD CHATIB BASRI
President Commissioner
2024 Integrated Annual Report 37
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Management Report
Board of Commissioners
Julianto Sidarto Nik Rizal Kamil Dr. Hans Wijayasuriya
Independent Commissioner Commissioner Commissioner
38 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Dr. Muhamad Chatib Basri Yasmin Binti Aladad Khan Didi Syafruddin Yahya Vivek Sood
President Commissioner Independent Commissioner Independent Commissioner Commissioner
2024 Integrated Annual Report 39
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Management Report
Our strategic
initiatives were firmly
focused on optimizing
both growth and
profitability, while
consistently driving
innovation and
enhancing the overall
customer experience.
We also continued
to forge strong
collaboration with our
industry peers and
regulators to ensure a
balanced response to
technological advances
and the critical
challenges we face.
DIAN SISWARINI
President Director
40 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Message From the Board of
Directors
Throughout 2024, XL Axiata The telecommunications sector, meanwhile, remained
demonstrated strong performance robust and promising. Indonesia is the largest digital market
throughout the year, growing ahead in the ASEAN region by volume, with 79.5% of Indonesia’s
278 million people using the internet, according to the
of the industry and taking significant APJII 2024 survey.1 However, while mobile penetration
strides towards our becoming has reached 74.3%, just 21% of users have access to home
Indonesia’s leading convergence broadband.6
provider. The Company’s commitment
We have witnessed a significant evolution in Indonesia’s
to operational excellence, advancing our telecoms services landscape in recent years, reflecting
network quality and infrastructure and changing consumer habits, the digital transformation and
customer-centric innovation enabled us the growing demand for connectivity, Internet of Things
to successfully navigate a challenging (IoT) and security solutions as both the public and private
sectors become aware of their potential to enhance the
environment and deliver unparallelled value of the services they provide. Demand for connectivity
value to our subscribers while upholding and digital services has also undergone a significant upshift
our strong adherence to Environmental, as the country has embraced remote working and online
Social and Governance (ESG) principles. services in the wake of the COVID-19 pandemic.
The steady increase in investment on the part of the
Our Operating Landscape in 2024 country’s key telco players, particularly in fiber optic
networks and 5G technology, as well as a growing number
In 2024, Indonesia experienced steady growth, facilitated of partnerships with leading global tech companies, has
in part by the government’s prudent fiscal and monetary supported an expansion in the range and number of services
policies, as well as proactive measures to navigate mounting on offer, from high-speed, seamless internet connections
global economic headwinds. to data centers, private networks and sophisticated
cybersecurity and cloud solutions. This has led to rising
Although Indonesia’s GDP growth remained resilient at segmentation, as telcos seek to develop innovative solutions
5.03%, the year was marked by a noticeable slowdown in that are increasingly tailored to the capacity and needs of
household consumption, a key component of the national their customers. Inevitably, competition has intensified, with
economy, which was attributable to weakening purchasing telecom providers engaging in increasingly competitive
power. While overall inflation remained within the target pricing to attract and retain customers and grow their share
range of 1.5% and 3.5%, food inflation spiked to 9.63% of the market.
year-on-year in April 2024, forcing lower and middle-
income households to allocate a larger portion of their In the mobile segment, these conditions contributed to
income to essential goods. Purchasing power was further steady growth in 2024, with Analysys Mason projecting
eroded by the depreciating Indonesian Rupiah, which an increase in data traffic of 19% year-on-year to 65,000
reached a four-month low in December 2024, pushing up petabytes (PB) while the number of mobile connections
the cost of imported goods. One impact of this has been reached 332 million.
widespread layoffs in the sector, putting a further dent
in household incomes. Meanwhile, government spending At the same time, demand for high-speed connectivity and
underwent a significant downshift following the general infrastructure expansion efforts has driven growth in fixed
elections in February. The overall uncertainty was reflected broadband connections of around 13% in the consumer
in the consumer confidence index, which declined to 121.1 in segment and 7% in the B2B segment to 18 million and 3.7
October 2024, its lowest level since December 2022, before million, respectively. These trends underscore Indonesia’s
recovering somewhat towards the end of the year. commitment to expanding fixed broadband access with
the goal of bridging the digital divide and supporting the
nation’s digital economy.
1 Asosiasi Penyelenggara Jasa Internet Indonesia: Survei Internet
APJII 2024.
2024 Integrated Annual Report 41
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Management Report
Fixed Broadband subscriber Blended mobile ARPU Our score of 67.6% put
base grew 336% YoY continued to rise to us ahead of all other ISP
Rp43,000 in 2024, from players.
Rp41,000 in 2023.
national FBB ARPU. At the same time there is considerable
The Company uncertainty regarding the impact of new players in the sector,
exceeded market such as Starlink. The Company has sought to navigate these
challenges by collaborating closely with telecom associations
expectations to deliver and the regulator to create a level playing field and a healthy,
forward-looking industry that is capable of accelerating
a robust financial and facilitating equitable participation in the nation’s digital
performance. Revenue transformation.
grew by 6% YoY to Our challenge on the supply side has been to ensure that
our network and infrastructure can accommodate service
Rp34.40 trillion from convergence (mobile, home and enterprise) while serving
Rp32.34 trillion in 2023 on increasingly differentiated requirements at a manageable cost.
The accelerating demand for connectivity and data requires
the back of a sustained substantial investment in the expansion, modernization and
optimization of our network to enhance performance and
increase in data traffic and efficiency. Similarly, keeping pace with rapid technological
a significantly expanded advances and rolling them out to customers while maintaining
affordability is challenging. At the same time, closing the
subscriber base. As of the remaining gaps in network coverage can be risky due to the
high costs and uncertain potential of new sites.
end of December 2024, we
had reached a landmark XL Axiata has responded proactively to these challenges
through a series of strategic actions designed to drive profitable
58.8 million mobile growth and establish the Company’s leadership in the provision
of converged digital services.
subscribers.
Strategic Execution in 2024
Our primary focus for 2024 was strengthening profitable
Key Challenges growth towards our goal of a sustainable future through
convergence. Strategic initiatives were therefore firmly
The economic pressures faced by lower and middle-income focused on optimizing both growth and profitability, while
households during the year, particularly since the second consistently driving innovation and enhancing the overall
quarter, have posed a key challenge for telco operators. In customer experience. Recognizing that the sustained
the mobile segment, XL Axiata sought to meet the customers growth of our business demands a healthy and forward-
where they are by offering personalized AI-driven solutions looking telecommunications sector, we also continued
designed to address the challenge of declining affordability. to forge strong collaboration with our industry peers and
One such product, Bebas Puas, gives customers the flexibility regulators to ensure a balanced response to technological
to select data packages based on their internet needs and advances and the critical challenges we face.
spending power.
• Optimizing growth
In the fixed broadband (FBB) segment, meanwhile, we have
seen rising competitive pressure among national ISPs and Advancing our convergence strategy
smaller providers, particularly across several cities within XL On 27 September 2024 we completed the delayering of
Satu’s footprint. Affordability issues and weak regulation have the Company’s assets, definitively positioning XL Axiata as
driven the escalation of illegal internet providers, known locally a converged mobile, fixed broadband and content service
as RT/RW net, which are putting significant pressure on the provider (ServeCo) and transforming Link Net into a fixed
42 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
broadband infrastructure company (FiberCo). The structural We have also focused on enhancing service quality and
transformation, which saw the transfer of Link Net’s content delivery through our content delivery network
750,000 subscribers to XL Axiata, makes the Company a (CDN) initiatives, including collaborations with high-demand
formidable player in Indonesia’s fiber to the home (FTTH) platforms such as TikTok. Our investment in localized CDNs
market with subscriber base of more than one million. is lifting network performance, resulting in a smoother user
It will also unlock substantial value for our subscribers, experience, as reflected in a significant improvement in our
allowing us to focus on driving growth through upselling our tNPS (transactional Net Promoter Score).
convergence products in the mobile, home and enterprise
segments while leveraging the six million home passes Price reparation
delivered by the combined footprint of XL Axiata and Link Maintaining healthy price growth for mobile
Net. This extensive coverage, reaching 127 cities, reinforces telecommunications services is essential to drive the
our convergence proposition and puts the Company in a sustained growth of the industry through continued
commanding position to capture new opportunities and investment. However, this has to be balanced with
offer seamless connectivity, entertainment and mobile affordability, and under the constraints on purchasing
services to all telecommunication consumers. power that characterized 2024, this was a challenge.
Leveraging the power of AI, we were able to navigate
As of December 2024, our home consumer product XL this complex environment by implementing strategic
Satu is the leading convergence proposition in Indonesia, regional and dynamic pricing measures to enhance pricing
with a penetration rate in excess of 84%. Over the year, strategies. With our personalization strategy, powered by
XL Satu’s commitment to driving customer experience the deep insights derived from our proprietary apps MyXL
and better convergence value has yielded results: the and AXISNet, allowing us to tailor our value proposition to
transactional Net Promoter Score (tNPS) improved by specific customers and regions, we were able to balance
more than 50% year-on-year, while the XL Satu network the impact of tariff increases with the price sensitivities of
experience was recently ranked first in Consistent Quality in our consumer base.
Indonesia by Open Signal.
• Optimizing profitability
We continued to expand our portfolio of innovative
enterprise solutions during the year. XL Satu Biz delivered Streamlining operations to reduce costs
over 40% growth to reach more than 20,000 SMEs with a Operational efficiency was a critical focus for the year,
suite of converged products that include fiber connectivity and to this end we executed a series of strategic cost
and business applications. Meanwhile, we strengthened optimization initiatives that are aligned with our long-
our positioning in the large-scale business segment with term convergence and sustainability goals. By applying
the launch of our Smart Mining and Smart Manufacturing advanced technologies, including AI and automation,
suites alongside targeted initiatives such as Smart Energy to critical cost drivers such as network optimization,
Monitoring and AI-powered IoT solutions, which have energy management and customer onboarding and
contributed to increased efficiency and cost savings for our service, we successfully reduced operational costs and
enterprise customers. drove cost synergies while improving performance and
sustainability outcomes.
XL Axiata’s ambition to further our growth on the regional
and international stage was substantially advanced by our We also sought greater efficiencies in the Company’s
acquisition of Axiata Global Services in 2024. This strategic mobile retail distribution by internalizing traditional
action strengthens our position in the global market and channels and unifying distribution systems and leveraging
enhances our capabilities to serve the growing demands of technology to improve customer engagement. This has
international enterprise connectivity. resulted in more streamlined processes that are better
aligned with our convergence strategy and contribute
Forming strategic alliances to enhance service to a more seamless customer journey.
offerings and reach new customers
Collaborating with industry-leading technology providers Optimizing XL’s network by sweating the assets
enables us to offer integrated solutions that meet enterprise Deploying AI-driven analytics to optimize resource
needs more effectively. In 2024 XL Axiata forged a deployment and investment planning, we sought to
strategic partnership with Cisco to launch a cloud-based improve profitability and network performance by
IoT management platform, “IoT Connectivity+,” which we selectively upgrading and expanding sites that show
believe has the potential to accelerate the adoption of IoT market potential, optimizing site costs by implementing
in key sectors. In addition to Cisco, our recent partnerships smart metering to increase energy efficiency, and
with Fortinet and IBM as well as our well-established relocating underperforming sites. This yielded significant
collaborations with Nokia, Huawei, AWS and Google improvements in site productivity while contributing to
have significantly broadened the scope of cutting-edge, our carbon reduction goals.
customized solutions to our enterprise customers.
2024 Integrated Annual Report 43
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Management Report
• Driving innovation and enhancing the trillion in 2023 to Rp1.85 trillion in 2024 as well as only 0.4%
customer experience increase in operating expenses. Our focus on cost leadership
in operations has positioned us as an industry leader. As an
In 2024 we embarked on a series of initiatives designed example, we achieved a 15% year-on-year reduction in sales
to leverage the latest technologies to deliver the best and marketing expenses, driven by optimized distribution
possible experience for our customers. We completed strategies. The Company’s impressive profit growth,
a trial for Biometric Pre-paid SIM Card Registration, a which was well ahead of the industry average for the year,
crucial step towards reducing the potential for data fraud contributed to a 1.5 percentage point improvement in the net
while enhancing convenience, security and speed for our profit margin year-on-year to 5.4%, while the EBITDA margin
customers. Demonstrating our commitment to being at the increased to 52.0%.
forefront of 5G deployment in Indonesia, XL Axiata was the
first operator to implement a dual-mode 5G core network The Company’s targeted customer acquisition and retention
in partnership with Ericsson. We expect this network efforts have driven a steady increase in market share,
upgrade, which will strengthen our ability to support both highlighting the Company’s competitive positioning and
4G and 5G simultaneously, to boost connectivity and pave effective execution within a dynamic market landscape.
the way for more advanced digital services in the country. Meanwhile the growing array of digitalized services offered
And as noted elsewhere, we have continued to scale through our MyXL and AXISnet apps has driven the number
up the use of AI-driven technologies to accelerate and of monthly active users (MAU) to 33.1 million—more than
enhance our digital business, drive operational excellence half of our mobile subscribers—and yielded an increase in
and optimize cloud systems. revenue contribution from our proprietary apps to 35% of
gross revenue.
Our corporate strategies were designed to respond
effectively to the evolving landscape and challenges XL Axiata reinforced its leadership in Indonesia’s
outlined above while pursuing our goal of becoming convergence market, achieving a fixed mobile convergence
Indonesia’s foremost converged operator. The Board penetration rate of 84% by year-end 2024, a result that
of Directors formulates the strategies and targets with highlights the Company’s successful integration of fixed and
strategic guidance from the Board of Commissioners. Once mobile services to meet evolving customer demands. Also
approved, they are translated into the Company’s business testifying to the Company’s customer-centric approach
plan and KPIs and cascaded throughout the organization. and competitive service offerings, we passed the milestone
These clear metrics, alongside our risk management and of 1 million FBB subscribers in 2024. With the Company’s
internal control systems and other aspects of our strategic infrastructure coverage now extending to over 6 million
monitoring framework, enable us to detect, analyze and homes passed in 127 cities, we are positioned to capture a
address critical issues as they arise and keep our strategy larger share of the FBB market and provide even greater
on track. We monitor the KPIs on a monthly basis, with accessibility to high-speed broadband services going
the Board of Commissioners providing oversight through forward.
their quarterly review, which is discussed at our joint board
meetings every quarter. The Company is also leading on customer satisfaction: in
December 2024, XL Axiata was ranked as the #1 operator
Our Performance in the Consistent Network Quality category in OpenSignal’s
Report on the FBB Experience in Indonesia. Our score of
The Company exceeded market expectations to deliver a 67.6% put us ahead of all other ISP players, underscoring
robust financial performance. Revenue grew by 6% YoY to our commitment to preserving an exceptional customer
Rp34.40 trillion from Rp32.34 trillion in 2023 on the back experience. Our mobile subscribers are no less satisfied:
of a sustained increase in data traffic and a significantly XL Prioritas achieved the highest Net Promoter Score
expanded subscriber base. As of the end of December (NPS) in Indonesia’s postpaid segment for 2024, reflecting
2024, we had added 1.3 million mobile subscribers to exceptional customer satisfaction.
reach a landmark 58.8 million, while our Fixed Broadband
subscriber base grew 336% YoY to more than one million Performance versus Targets
subscribers and XL Satu Biz added 20,000 new SME
customers. Meanwhile, blended mobile ARPU continued Each year the Company issues guidance on our key financial
to rise to Rp43,000 in 2024, from Rp41,000 in 2023. This metrics and market position for the year ahead. This
strong revenue performance underlines the effectiveness guidance may change over the year as new circumstances
of the Company’s strategies in capturing demand in key arise.
segments in both the consumer and enterprise businesses,
and optimizing pricing structures. In 2024 we targeted our revenue growth of high single
digit. In line with our focus on profitability and operational
Disciplined cost management initiatives and operational excellence, we targeted an EBITDA margin of around 50%.
efficiencies drove a 45% gain in net profit from Rp1.27 We upheld a prudent approach to capital expenditure in
44 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
2024, with investments directed towards innovation and › Building Prosperity: By empowering more than one million
enhancing network and infrastructure quality. Meanwhile, women business owners and potential entrepreneurs as of
we projected our capex target of around Rp 8 trillion. the end of 2024 by building digital literacy, our Sisternet
program goes hand-in-hand with XL Axiata’s development
Good Corporate Governance of digital infrastructure, supporting the country’s economic
Implementation growth and contributing to more resilient and empowered
society. According to our data, the Sisternet program has
XL Axiata’s success rests on the trust built between us and contributed to 78% increase in productivity of the MSMEs
our customers, business partners, shareholders and the operated by our Sisterpreneurs and a 43% increase in gross
communities within which we work. The foundation for this trust profit after business incubation. This is a critical achievement,
is our commitment to doing business responsibly and ethically, given that MSMEs are the backbone of Indonesia’s economy,
every day. To this end, we consistently strive to promote a contributing a significant share of GDP and job opportunities.
culture of integrity, implement effective controls, and conduct
appropriate due diligence to detect and mitigate any risks to › Nurturing People: we demonstrated our commitment
the continuity of our business. In 2024 we took a number of to equality and diversity in the workplace by launching XL
initiatives to strengthen corporate governance throughout the Axiata’s Peduli Disabilitas Siap Kerja (Disability Ready for
Company. Taking into consideration the Company’s structural Work) program. Through this initiative we provided education
transformation and the dynamics of the business environment, and training for more than 100 people with disabilities, several
we updated several critical governance documents, including of whom are now interning in the Company.
the Board Manual, the Financial Limit of Authority, Work
Guidelines for the Risk and Business Sustainability Committee, › Process Excellence: one of our pathways to continuous
the Corporate Risk Management Policy and the Privacy Policy, operational improvement is through upholding strong
among others. corporate governance, which is also essential for fostering
the trust of our stakeholders. This year we reinforced our
Another initiative that was deemed prudent in light of the commitment to safeguarding personal data, earning the
expansion of the business was the establishment of the ISO 27701:2019 Privacy Information Management System
Investment Committee, which is supporting the Board of (PIMS) certification, the first telco in Indonesia to do so. We
Commissioners in providing effective oversight and guidance also strengthened our sustainability certification portfolio,
on the Company’s investment initiatives. The President Director becoming the only telco in Indonesia to hold both CDP
serves as a Special Member of this committee. and EcoVadis ratings alongside our participation in S&P
Global’s Corporate Sustainability Assessment (CSA). These
Throughout the year, the Company continued to ensure frameworks serve as a benchmark for the continuous
compliance with the statutory regulations for public improvement of our internal processes, indicating the extent
companies, including fulfilling our obligations related to to which we are following through on our commitment to
changes in business activities, the transfer of business fully integrate sustainability into our core operations.
transactions from PT Link Net Tbk, and the merger with
PT Smartfren Telecom Tbk. › Planet and society: in line with XL Axiata’s goal of achieving
net-zero emissions by 2050, we have integrated numerous
Environmental, Social and Governance energy efficiency and waste management initiatives not
(ESG) only into our operations but into our partnerships as well.
Through our Smart Cities initiative, for example, we are
XL Axiata’s approach to environmental sustainability, social collaborating with local governments to provide smart street
responsibility and good governance is founded on our lighting, which is making cities safer as well as reducing
4Ps pillars: Building Prosperity, Nurturing People, Process electricity consumption. These efforts contributed to the
Excellence, and Planet and Society. These principles, which Company achieving a B Rating from the Carbon Disclosure
inform every business strategy and decision, are designed Project (CDP) in recognition of XL Axiata’s commitment to
to provide a holistic framework for addressing the social, environmental transparency and sustainability.
environmental and economic impacts of our operations and
for doing business responsibly. We believe that through these initiatives we, alongside our
business and community partners, are building lasting value for
In 2024, we achieved a number of critical milestones under our stakeholders by equipping them with the tools and strategies
each of these pillars, guided by our Double Materiality to generate positive impacts on society and the environment in
Assessment, which enabled us to identify and prioritize 12 key a rapidly digitizing world. It was therefore gratifying to see the
topics, including Climate Impact, Data Security and Privacy, Company receive numerous awards for our ESG initiatives, the
Customer Experience, and Employee Wellbeing, and refocus full list of which can be found in the Corporate Data section of
our strategic initiatives accordingly. Some of the highlights are this report.
outlined below:
2024 Integrated Annual Report 45
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Management Report
Our People We anticipate continued pressure on Indonesia’s economy
as the economic slowdown in China, the United States and
Our people are the force that drives this Company forward, the European Union, all key trading partners of Indonesia, will
and we take every opportunity to empower them to take full further inhibit the country’s export performance. We are also
advantage of the technological advances such as AI that are alert to the risk of external headwinds such as an escalation
enhancing organizational effectiveness and productivity while in the conflicts in the Middle East and Ukraine, a ratcheting up
freeing them to address emerging challenges more creatively of geopolitical tensions elsewhere and uncertainty over the
and efficiently. Over the year our focus has been on upskilling direction of the incoming administration in the US.
and reskilling the workforce to realize the full potential of AI.
On the other hand, Indonesia’s new government under
As we undertook a major structural transformation over the President Prabowo Subianto has committed to accelerating
year, starting with the Link Net integration and the subsequent economic growth and shoring up private consumption through
merger plan with Smartfren Telecom Tbk and Smart Telecom, key structural reforms and initiatives to improve child nutrition,
the potential physical and emotional impacts on both our increase access to affordable housing and empower MSMEs,
existing employees and those recently onboarded were a among others. These economic stimulus programs, which will
key concern. Recognizing the critical importance of creating particularly benefit the middle-to-lower income segments, are
a positive employee experience, we launched a range of well- expected to lift GDP growth to 8% by 2029.
being and mental health programs were launched, including
talk shows, discussion forums “Ngopirasi” coffee mornings to In the telco industry, while 4G connections will likely remain
support our people through the transition and gather feedback dominant over the next few years, we expect to see 5G
on what we need to do better. rolled out more widely following the anticipated 5G spectrum
auction. As the backbone of Indonesia’s future digital economy,
As a result of these efforts we were able to maintain 5G offers tremendous potential for the transformation of
organizational stability and productivity, ultimately enhancing multiple sectors, including manufacturing, logistics, healthcare
our converged operating model and enabling us to deliver and smart cities through the deployment of IoT, AI and virtual
improved efficiency and a better customer experience. reality-based solutions. Meanwhile, the FBB market is expected
to maintain its strong growth trajectory, with a CAGR of 19.8%
Outlook for 2025 from 2020 to 202513, driven primarily by the increasing uptake
of high-speed fiber-optic broadband services.
Global growth is expected to remain flat at 3.3% in 2025,
according to the latest forecasts from the International Against this backdrop, we believe the domestic telecoms
Monetary Fund (IMF). However, significant downside risks could sector still offers substantial scope for growth. Opportunities for
destabilize this trajectory. The threat of rising protectionist price optimization are evident, particularly in select segments
measures could trigger supply chain disruptions and increased and regions, while further monetization of XL Axiata’s apps is
costs for businesses and consumers; the OECD has warned another potential revenue driver.
that such measures could reduce global GDP growth by up to
1% over the medium term. Meanwhile, despite monetary and XL Axiata is well positioned to capitalize on these opportunities
fiscal easing, China’s growth is anticipated to decelerate further by leveraging its extensive network coverage, comprehensive
to 4.7% in 2025 as consumer spending remains sluggish. In and innovative mobile and Fixed Broadband (FBB) offerings to
addition, the prolonged conflicts in Ukraine and the Middle address the retail market, and tailoring enterprise solutions to
East alongside political turmoil in Europe have the potential to meet the needs of the B2B segment.
impede global growth.
Our strategies for 2025 will therefore center on driving profitable
The economic projections for Indonesia for 2025 are growth through proactive initiatives in connectivity and ICT
cautiously optimistic. Bank Indonesia forecasts GDP growth services, geared towards harnessing new technologies such as
ranging between 4.8% and 5.6%, driven by robust domestic AI and responding to evolving customer needs. Alongside this,
consumption and a solid export performance, despite global there will be a renewed focus on efficiency and cost leadership
uncertainties. The Asian Development Bank (ADB) and the through modernization and strategic partnerships.
World Bank are broadly aligned with this outlook, projecting
GDP growth for 2025 at 5% and 5.1%, respectively, matching We will continue to modernize and optimize XL Axiata’s
the country’s average growth rate between 2015 and 2019. network architecture, including through a strategic expansion
of coverage and capacity, to boost performance, unlock
Investment growth is expected to remain strong to support business growth opportunities and future-proof the network
the completion of national strategic projects as well as private for next-generation technologies and services. At the same
investments supported by government incentives. Efforts to time, we will further enhance the productivity of our existing
capitalize on exports and the China+1 strategy are expected to sites through capacity movement and site relocation.
attract foreign direct investment, further stimulating economic
growth.
46 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Driving operational excellence and smarter resource allocation Changes in the Composition of the Board
will remain a top priority. The Company will continue to explore of Directors
cost optimization strategies such as improving efficiency in
mobile retail distribution, assessing tower profitability, and The Annual General Meeting of Shareholders held on 3 May
managing power costs, all of which will be supported by 2024 approved the reappointment of all the members of
leveraging automation and AI will further enhance productivity. the Board of Directors for the period 2024-2029. In support
of the Company's strategic objectives and ability to address
We see significant opportunities to drive revenue growth in future challenges, it was deemed necessary to strengthen
the coming year. Recent price adjustments create room to the structure and composition of the Board of Directors.
monetize ARPU through targeted upselling and premium The AGMS therefore also approved the appointment of Mr.
offerings. Meanwhile in the enterprise segment, we aim to Rico Usthavia Frans as a Director. This change was aimed at
expand digital solutions, including tailored cloud, IoT and ensuring that the Company is fully equipped to navigate the
private LTE network services to complement our connectivity dynamic business environment and achieve our long-term
offerings and position the Company to capture more high- goals.
margin opportunities in this segment. Driving revenue growth
through our convergence strategy by leveraging the 750,000 Closing
subscribers we acquired from Link Net will also be a key
strategic objective. On behalf of the Board, I would like to conclude by expressing
our deepest appreciation to our entire team and our Board
All of these plans call for agility and a forward-looking approach of Commissioners for their dedication to fulfilling our vision of
to stay competitive in a rapidly changing landscape. We will becoming a leading converged operator. As we enter 2025,
continue to align our position more closely with these evolving we remain committed to driving profitable growth through
trends through a relentless focus on continuous network operational excellence, relentless innovation and dedication
expansion and modernization while leading the adoption of to enhancing the customer experience while supporting
new technologies that will allow us to create smart solutions Indonesia’s advancement through a sustainable digital
for all our customers. At the same time, we remain committed transformation.
to fostering a healthy and sustainable industry environment.
Jakarta, 3 March 2025
On behalf of the Board of Directors
DIAN SISWARINI
President Director
2024 Integrated Annual Report 47
Page 50
Management Report Board of Directors Abhijit J. Navalekar Feiruz Ikhwan David Arcelus Oses Director Director Director 48 PT XL Axiata Tbk
Page 51
Strengthening Profitability for a Sustainable Future
Rico Usthavia Frans Dian Siswarini I Gede Darmayusa Yessie D. Yosetya
Director President Director Director Director
2024 Integrated Annual Report 49
Page 52
Management Report
Statement of Accountability of
2024 Integrated Annual Report by
the Board of Commissioners and
Board of Directors
We, the signatories, hereby stated that all information contained in the 2024 Annual Report of PT XL Axiata Tbk
has been comprehensively presented and that we are fully accountable for the accuracy of the content of PT XL
Axiata Tbk Annual Report.
This statement is made truthfully.
Jakarta, 3 March 2025
Board of Commissioners
Dr. Muhamad Chatib Basri
President Commissioner
Vivek Sood Dr. Hans Wijayasuriya Nik Rizal Kamil
Commissioner Commissioner Commissioner
Julianto Sidarto Didi Syafruddin Yahya Yasmin Binti Aladad Khan
Independent Commissioner Independent Commissioner Independent Commissioner
50 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Board of Directors
Dian Siswarini
President Director
Feiruz Ikhwan David Arcelus Oses Abhijit J. Navalekar
Director Director Director
Yessie D. Yosetya I Gede Darmayusa Rico Usthavia Frans
Director Director Director
2024 Integrated Annual Report 51
Page 54
Management Discussion and Analysis
Management
Discussion
and Analysis
52 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
XL Axiata's focus on
business convergence
has strengthened market
synergy, enabling the
company to maintain
strong performance
throughout 2024.
XL Axiata continued
to broaden it's business,
and drive digital
transformation while
reinforcing sustainability
efforts.
2024 Integrated Annual Report 53
Page 56
Management Discussion and Analysis
Finance Performance
Feiruz Ikhwan
Director & Chief Financial Officer
The combination of
strong revenue growth and
cost optimization positively
impacted the Company’s
EBITDA, which improved
13% to Rp17.88 trillion,
improving our EBITDA
margin by close to three
percentage points to 52%.
2024 Strategic Execution
In 2024, XL Axiata successfully navigated macroeconomic
challenges, achieving strong financial and operational
results. The Company adopted a strategic approach by
implementing effective digital transformation initiatives
and reinforcing its commitment to enhancing the customer
experience.
The telecommunications sector demonstrated resilience and
growth in 2024, despite facing significant macroeconomic
challenges in Indonesia. These challenges included five
consecutive months of deflation, a dynamic manufacturing
sector (with Indonesia’s PMI in the contracting zone
for 5 consecutive months), and a volatility in consumer
confidence.
54 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Performance Overview
45% 6%
YoY YoY
Net Profit Gross Revenue
Rp 1.85 trillion
Rp 34.40 trillion
2023 Rp1.27 trillion 2023 Rp32.34 trillion
20%
YoY
Free Cash Flow (FCF) CAPEX
Rp 10.50 trillion
Rp 7.38 trillion
Allocated primarily
2023 Rp8.73 trillion 2023 Rp7.16 trillion to network expansion
In response to these challenges, the Company implemented This year, XL remained committed to fostering a healthy
price optimization in select segments where demand and sustainable industry environment, believing that price
supported a premium, particularly in certain regions. regulation initiatives will benefit the industry in the long term.
Additionally, there was potential to drive revenue growth As part of our strategic initiatives, we launched Bebas Puas
by further monetizing our own apps, and enhancing the in the mobile segment, offering customers the flexibility
telecommunications sector’s share of consumer spending. to choose data packages based on their internet needs
and affordability. In the fixed broadband (FBB) segment,
Despite these industry dynamics, the Company exceeded amid intense competition from national ISPs and smaller
market expectations, delivering a strong financial providers, we continued to drive the success of XL SATU,
performance driven by higher data consumption, subscriber overcoming significant challenges in multiple cities.
growth, and rising Average Revenue Per User (ARPU). Our
full year revenue grew by 6% YoY. As of December 2024,
with XL adding 1.3 million mobile subscribers, while FBB
subscribers increased to 1,024 million or 336% YoY growth.
2024 Integrated Annual Report 55
Page 58
Management Discussion and Analysis
2024 Key Achievements In terms of the Company’s balance sheet, as of December
2024, the Company carried Rp12.49 trillion of interest-
Throughout 2024, the Company demonstrated strong bearing debts, including bank loans, bonds, and sukuk
performance relative to the industry average, particularly in (sharia bonds). These debts bore an average interest rate
terms of revenue growth and profit growth. of 7.6%, with more than 70% of the debt maturity profile in
2026 and beyond. By the end of the year, the Company still
XL Axiata’s gross revenue experienced positive growth to maintained zero USD debts as all borrowings were in Rupiah.
Rp34.40 trillion, outpacing the industry’s low single-digit
growth. The revenue increase was driven by sustained In line with the strong revenue performance, the Company
increases in data traffic, subscriber base expansion, and optimized its capital expenditure level, with investments
ARPU growth. As of December, XL had more than 1 million guided by a disciplined approach. By the end of the year
FBB subscribers. This performance reflects the Company’s we had invested a total of Rp7.38 trillion, which was within
effective strategies in capturing demand in key segments our guidance of below Rp8 trillion. The allocation of capital
and optimizing pricing structures. expenditure was strategically focused on the network,
including capacity maintenance and expansion, FTTH and
Net profit for the same period saw impressive growth, the enterprise business, and IT systems to support the
increasing by 45% Year-on-Year (YoY) to Rp 1.85 trillion, Company’s digital transformation initiatives.
driven by strong cost management initiatives. Efficiency
improvements were implemented across various expense 2025 Strategic Focus
categories, particularly in sales and marketing, as well
as direct and infrastructure costs. XL Axiata’s focus on Indonesia’s GDP growth is expected to rise to 5.1% (2025F),
operational excellence helped contain operating expenses, supported by government initiatives under President
which increased only by 0.4% YoY. Prabowo’s administration. With an improving economic
outlook and increased purchasing power, we expect the
This disciplined management of costs and efficiencies demand for telco services to experience a substantial uplift.
contributed to a 1.4% YoY improvement in the net profit
margin, which reached 5.4% for the twelve months of 2024. XL Axiata aims to capitalize on several key opportunities:
Overall, these efforts yielded profit growth that exceeded › Monetizing ARPU: implementing price adjustments to
the industry average. enhance ARPU
› Enterprise growth: expanding digital solutions, including
XL’s focus on operational excellence led to relatively flat cloud services, IoT, and private LTE
overall operating expenses YoY. A significant portion of › Fixed Broadband (FBB) expansion: leveraging Link
these expenses was dedicated to maintaining and enhancing Net’s 750,000 subscribers to drive growth through its
network structures, with infrastructure costs comprising convergence strategy
14% of revenue (down from 15% the previous year). The
improvement was supported by asset prioritization and The Company will also focus on driving profitable growth by
efficient utilization strategies. continuing our market reparation initiative while maintaining
a strong focus on customer satisfaction. Operational
Meanwhile, in sales and marketing, the Company’s successful efficiency remains a top priority and we will continue to
implementation of optimized distribution strategies explore cost optimization strategies. This includes improving
prominently displayed cost efficiency without compromising efficiency in mobile retail distribution, assessing tower
effectiveness. Sales and marketing costs accounted for 6% profitability, and managing power costs. In addition, we will
of revenue, down from 8% in the previous year. continue to leverage automation and AI in order to enhance
productivity and enable smarter resource allocation.
Other than operational costs and sales and marketing Finally, we will maintain our prudent approach to capital
costs, regulatory costs remained one of the major expenditures by utilizing advanced technologies, including
expense categories, constituting 14% of revenue. These AI, to identify areas with the fastest return on investment
include spectrum fees paid to the government and other (ROI), to enable more precise and impactful deployment of
contributions (such as BHP/USO). the Company’s resources.
The combination of strong revenue growth and cost
optimization positively impacted the Company’s EBITDA,
which improved 13% to Rp17.88 trillion, improving our
EBITDA margin by close to three percentage points to
52.0%. The sustained healthy level of Profit After Tax (PAT)
at 5.4% demonstrated the Company’s rigorous financial
governance.
56 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Financial Highlights
Consolidated Statement of Profit or Loss and Other Comprehensive Income
(In Rp billion)
Description 2024 2023* 2022*
Gross Revenue 34,402 32,341 29,172
Operating Expenses 16,512 16,438 14,907
EBITDA 17,880 15,885 14,235
Profit Before Income Tax 2,427 1,690 1,346
Income for the Year 1,848 1,270 1,114
Other comprehensive income for the year, net of tax 9 (5) 51
Total Comprehensive Income 1,857 1,265 1,165
Income for the Year Attributable to:
Owners of the parent 1,819 1,257 1,102
Non-controlling interest 29 13 12
1,848 1,270 1,114
Total Comprehensive Income Attributable to:
Owners of the parent 1,828 1,252 1,153
Non-controlling interest 29 13 12
1,857 1,265 1,165
Basic and diluted earnings per share (in full amount) 139 96 103
*restatement due to PSAK 338 "Accounting for Restructuring Under Common Control Entities")
Consolidated Statement of Financial Position
(In Rp billion)
Description 2024 2023* 2022*
Total Current Assets 8,436 7,173 10,408
Total Non-Current Assets 77,743 80,521 76,877
Total Assets 86,179 87,694 87,286
Total Current Liabilities 21,017 20,173 26,370
Total Non-Current Liabilities 38,940 41,051 35,161
Total Liabilities 59,957 61,224 61.532
Total Equities 26,222 26,470 25,754
*restatement due to PSAK 338 "Accounting for Restructuring Under Common Control Entities")
2024 Integrated Annual Report 57
Page 60
Management Discussion and Analysis Consolidated Statements of Cash Flows (In Rp billion) Description 2024 2023 2022 Net Cash Flows Provided by Operating Activities 17,834 16,096 14,104 Net Cash Flows Used in Investing Activities (11,366) (10,377) (11,495) Net Cash Flows Used in Financing Activities (6,054) (9,935) (91) Net (Decrease) Increase in Cash on Hand and in Banks 414 (4,216) 2,518 Cash and Cash Equivalents at Beginning of Year 966 5,184 2,664 Effects of Changes in Foreign Exchange Rate on Cash on Bank and in Banks 7 (2) 2 Cash and Cash Equivalents at The End of Year 1,387 966 5,184 Financial Ratios Description 2024 2023 2022 EBITDA Margin (%) 52.0 49.1 48.8 EBIT Margin (%) 16.2 13.5 12.5 Profit for The Year Margin (%) 5.4 3.9 3.8 Return on Invested Capital (%) 6.1 5.0 4.9 Return on Assets (%) 2.1 1.5 1.4 Return on Equity (%) 7.0 4.9 4.9 Current Ratio (%) 40.1 35.6 39.5 Debt to Equity Ratio (x) 0.5 0.4 0.5 Debt to Asset Ratio (x) 0.1 0.1 0.1 Debt to EBITDA Ratio (x) 0.7 0.6 0.9 Debt to EBITDA Ratio - include Finance Lease (x) 2.6 2.9 3.1 Note: › Operating Expense = Excluding depreciation and amortization, gain from sales and leaseback of towers, gain/loss from forex transactions, and others › EBITDA = Revenue less Operating Expenses › EBITDA Margin = EBITDA/Revenue › EBIT = EBITDA Less Depreciation & Amortization › EBIT Margin = EBIT/Revenue › Net Income/(Loss) Margin = Profit/(Loss) for the Year/Revenue › Invested Capital = Interest-bearing debt (include finance lease) + Equity - Cash and Cash Equivalents › Return on Invested Capital = Net Operating Profit After Taxes/Average Invested Capital › Return on Assets = Profit/(Loss) for the Year/Average Total Assets › Return on Equity = Profit/(Loss) for the Year/Average Total Equity › Debt to EBITDA Ratio = Int-erest Bearing Debt/EBITDA › Debt to EBITDA Ratio (include finance lease) = (interest bearing debt + lease liabilities)/EBITDA Operational Highlights Operational Data 2024 2023 2022 Total Traffic (in Petabyte) 10,547 9,638 7,991 Number of BTS 165,864 160,124 146,023 Total Customers (in million) 58.8 57.5 57.5 Total Prepaid Customers (in million) 57.1 55.9 56.0 Total Postpaid Customers (in million) 1.7 1.6 1.5 Total Employees 2,159 1,966 1,878 Efficiency Ratio (%)* 27.2 29.2 30.6 * Efficiency Ratio = Number of Subscribers/Number of Employees 58 PT XL Axiata Tbk
Page 61
Strengthening Profitability for a Sustainable Future
Gross Revenue EBITDA EBITDA Margin
(Rp billion) (Rp billion) (%)
34,402 34,402
17,880 52.0
32,341
29,172
52.0
17,880
49.1
15,885
48.8
14,235
2022 2023 2024 2022 2023 2024 2022 2023 2024
Total Traffic Number of BTS Total Customers
(In petabyte) (BTS) (in million)
10,547 165,864 58.8
165,864
160,124
146,023
10,547
9,638
58.8
57.5
57.5
7,991
2022 2023 2024 2022 2023 2024 2022 2023 2024
2024 Integrated Annual Report 59
Page 62
Management Discussion and Analysis
Share Highlights
Closing price Transaction Volume
3,000 200,000,000
2,400 160,000,000
1,800 120,000,000
1,200 80,000,000
600 40,000,000
0 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Share Performance as of 31 December 2024 & 2023
2024 2023
Prices
(Rp)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Highest 2,640 2,650 2,380 2,350 2,410 2,120 2,560 2,440
Lowest 1,985 2,070 2,080 2,120 1,870 1,730 1,960 1,895
Closing 2,260 2,160 2,290 2,250 1,980 1,955 2,380 2,000
Total Volume 1,514,679 1,261,010 1,398,718 1,628,517 1,080,640 1,321,278 1,399,980 1,005,384
('000)
Total Shares, Share Price and Market Capitalization 2024 & 2023
Description 2024 2023
Total Share 13,128,430,665 13,128,430,665
Stock Closing Price (IDR) as of December 31 2,250 2,000
Market Capitalization (Million Rupiah) 29,538,969 26,256,861
60 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Bond & Sukuk Highlights
Fixed Annual Securities
Total Principal Interest Securities Securities
Type of Securities Ijarah Allowance Rating
(IDR) Rate (%) Due Date Rating
(IDR) Agencies
XL Axiata Sustainable Sukuk Ijarah I 260,000,000,000 23,660,000,000 28-04-2024 FITCH RATING AAA
Phase II Year 2017 Series D* INDONESIA
XL Axiata Sustainable Sukuk Ijarah I 336,000,000,000 31,584,000,000 28-04-2027 FITCH RATING AAA
Phase II Year 2017 Series E INDONESIA
XL Axiata Shelf-Registration Bond I 19,000,000,000 10.1% 16-10-2025 FITCH RATING AAA
Phase I Year 2018 Series D INDONESIA
XL Axiata Shelf-Registration Bond I 72,000,000,000 10.3% 16-10-2028 FITCH RATING AAA
Phase I Year 2018 Series E INDONESIA
XL Axiata Sustainable Sukuk Ijarah II 34,000,000,000 3,434,000,000 16-10-2025 FITCH RATING AAA
Phase I Year 2018 Series D INDONESIA
XL Axiata Sustainable Sukuk Ijarah II 60,000,000,000 6,180,000,000 16-10-2028 FITCH RATING AAA
Phase I Year 2018 Series E INDONESIA
XL Axiata Shelf-Registration Bond I 40,000,000,000 9.25% 08-02-2024 FITCH RATING AAA
Phase II Year 2019 Series C* INDONESIA
XL Axiata Shelf-Registration Bond I 93,000,000,000 10% 08-02-2029 FITCH RATING AAA
Phase II Year 2019 Series D INDONESIA
XL Axiata Sustainable Sukuk Ijarah II 138,000,000,000 12,765,000,000 08-02-2024 FITCH RATING AAA
Phase II Year 2019 Series C* INDONESIA
XL Axiata Sustainable Sukuk Ijarah II 15,000,000,000 1,455,000,000 08-02-2026 FITCH RATING AAA
Phase II Year 2019 Series D INDONESIA
XL Axiata Sustainable Sukuk Ijarah II 26,000,000,000 2,600,000,000 08-02-2029 FITCH RATING AAA
Phase II Year 2019 Series E INDONESIA
XL Axiata Shelf-Registration Bond II 735,225,000,000 6.75% 01-09-2025 FITCH RATING AAA
Phase I Year 2022 Series A INDONESIA
XL Axiata Shelf-Registration Bond II 411,855,000,000 7.40% 01-09-2027 FITCH RATING AAA
Phase I Year 2022 Series B INDONESIA
XL Axiata Shelf-Registration Bond II 177,915,000,000 7.90% 01-09-2029 FITCH RATING AAA
Phase I Year 2022 Series C INDONESIA
XL Axiata Shelf-Registration Bond II 175,005,000,000 8.25% 01-09-2032 FITCH RATING AAA
Phase I Year 2022 Series D INDONESIA
XL Axiata Sustainable Sukuk Ijarah 680,915,000,000 45,961,762,500 01-09-2025 FITCH RATING AAA
III Phase I Year 2022 Series A INDONESIA
XL Axiata Sustainable Sukuk Ijarah 421,300,000,000 31,176,200,000 01-09-2027 FITCH RATING AAA
III Phase I Year 2022 Series B INDONESIA
XL Axiata Sustainable Sukuk Ijarah 135,135,000,000 10,675,665,000 01-09-2029 FITCH RATING AAA
III Phase I Year 2022 Series C INDONESIA
XL Axiata Sustainable Sukuk Ijarah 262,650,000,000 21,668,625,000 01-09-2032 FITCH RATING AAA
III Phase I Year 2022 Series D INDONESIA
Note: *) has been fully paid
2024 Integrated Annual Report 61
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Management Discussion and Analysis
Corporate Actions
During 2024, the Company did not conduct any corporate actions such as stock splits, reverse stock, stock dividends, issuance
of bonus shares, or changes in the nominal share value.
In 2024, the AGMS approved the allocation 50% of the Company’s net profit for the fiscal year ended 31 December 2023 to
be distributed to shareholders as dividends, equivalent to Rp48.6 per share.
Suspension/Delisting
The Company did not report any temporary suspension of share trading during 2024.
Financial Performance
In 2024, XL Axiata successfully delivered a strong financial performance aligning with the aim for better profitability and
sustainable growth. The Company achieved single digit revenue growth, with stronger expansion in EBITDA and net profit,
resulting from attentive investment and efficient cost management. Optimal initiatives were conducted to deliver network
quality and digital excellence while at the same time strengthening cash flow and balance sheet positions.
Strategy Objectives
During 2024, the telco business in Indonesia dealt with To address these conditions, the Company’s initiatives
unfavorable circumstances, mainly in the form of decreasing in 2024 included improving productivity, strong cost
consumer purchasing power in the second semester. The management, and prudent capital spending. These strategies
Company seized the opportunity to carry out calculated were executed through, among others, digitalization
monetization strategies, which drove the achievement of and improvement of distribution channels to drive lower
strong revenue growth. expenses and smart investments to ensure better asset
productivity.
As one of the leading operators, XL Axiata has been influenced
by Indonesia’s macroeconomic conditions. The government’s XL Axiata’s success in maintaining positive operational
budget deficit was projected to widen to 2.7% of GDP in 2024, results in 2024 was mainly attributable to its consistency
attributed to increased spending on cost-of-living measures in pushing digitalization through service convergence. We
and declining commodity prices. Also in 2024, Indonesia also managed to grow a strong converged subscriber base,
experienced notable deflationary trends, with the CPI recording which we believe will generate a higher customer lifetime
deflation for five consecutive months from May to September. value going forward. Moreover, digitalization across the
In September, the monthly deflation rate was 0.12%, leading to network is the basis for accuracy of investment and overall
an annual inflation rate of 1.84%, the lowest since November network efficiency, that can maintain and expand the
2021. Declining prices in the information, communication and customer base and manage the sustainable growth of the
finance sectors has contributed to an overall deflation of Company.
0.28%. Despite these challenges, Bank Indonesia maintained
inflation within its target range plus or minus 1% from 2.5% and
believed that purchasing power was preserved.
62 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Performance Summary
With the telecommunications business still sensible during 2024, resulted in an EBITDA margin of 52.0%. Profit
during 2024, the Company had the possibility for pricing after tax surged by 45% to Rp1.85 trillion. Meanwhile, free
adjustments throughout the year. The Company believed cash flow grew 20% year-on-year to Rp10.50 trillion.
price correction was required in order for XL Axiata and
other operators to continue improving the quality of Optimizing assets and streamlining operations resulted in
service provided to customers while maintaining business only 0.4% growth of operational costs year-on-year, marking
sustainability, which would benefit the industry as a whole. an improvement on the cost-to-revenue ratio. The reduction
in sales and marketing expenses of 15% demonstrated the
The Company’s balance sheet improved through debt Company’s focus on maintaining operational excellence.
repayments and increased focus on internal cash generation.
The Company maintained average interest rate of 7.6% Capital expenditure (capex) increased by 3% year-on-year
borrowings as well as zero USD-denominated debt to as the Company focused on asset prioritization and efficient
eliminate the risk of currency fluctuations. More than 70% utilization strategies without compromising the customers’
of the Company’s maturities are widely spread out over the network experience. This helped the achievement of 9%
next few years to provide steady cash balances. traffic growth year-on-year to 10,547 Petabytes. Capex
allocation was strategically focused on the network,
Backed by sustainable revenue streams and increased including capacity maintenance and expansion, FTTH and
efficiency, XL Axiata was able to achieve strong results in line the enterprise business, and IT systems to support the
with the Company’s targets, demonstrating its dedication to Company’s digital transformation initiatives. This capex
delivering consistent positive outcomes. allocation was reflected in the number of XL Axiata’s BTS
units, the network fiberization percentage and many IT
Gross revenue increased by 6% year-on-year to Rp34.40 initiatives.
trillion, with EBITDA growth by 13% year-on-year to Rp17.88
trillion. This, driven by the Company’s sustainable strategies
Outlook
As President Prabowo Subianto's government begins its Since demand for telco services will also continue to grow,
term in 2025, the focus will be on realizing policy objectives XL Axiata is ready to capture any opportunity in the market.
to drive Indonesia toward sustained economic growth and Going forward, to maintain business sustainability and
improved social welfare. The administration’s aim to boost generate long-term earnings, the Company will continue
economic growth to 8% by 2029 will bring opportunities to to focus on operational excellence, intensified through
XL Axiata to grow healthy and sustainably. structural cost transformation across the organisation, and
continue the digitalization process to improve productivity.
Indonesia’s telecom industry itself is expected to experience
robust growth in 2025, driven by increased mobile
subscriptions, infrastructure development, and a focus
on digital economy initiatives. Meanwhile the Company
aims to build network development, accelerate the digital
transformation, improve operational efficiency, and enhance
customer experiences.
2024 Integrated Annual Report 63
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Management Discussion and Analysis
Financial Review
Public Accounting Firm Rintis, Jumadi, Rianto & Rekan (a caused by non-current assets which declined by 3.4% YoY
member of PricewaterhouseCoopers global network) has to Rp77.74 trillion. Meanwhile, current assets increased by
audited the financial statements of PT XL Axiata Tbk and 17.6% YoY to Rp8.44 trillion.
Subsidiaries conducted by Public Accountant Lok Budianto,
S.E., Ak., CPA with Public Accounting Practice License In terms of liabilities the Company reported a 2.1% YoY
No. AP.0239 signed on 5 February 2025. decrease in the total liabilities to Rp59.96 trillion. This lower
figure is in line with a decline in the non current liabilities to
The public accounting firm issued opinion that the Rp38.94 trillion, a decrease of 5.1% YoY after lease liabilities.
accompanying consolidated financial statements present Meanwhile, current liabilities increased by 4.2% YoY to
fairly, in all material respects, the consolidated financial Rp21.02 trillion.
position as at 31 December 2024, and its consolidated
financial performance and its consolidated cash flows for the The Company's business operation, which has resulted in
year then ended, in accordance with Indonesian Financial higher profitability, contributed to an increase in retained
Accounting Standards. earnings for the 2024 fiscal year. Meanwhile, the acquisition
residential business of Link Net recorded as additional
Consolidated Statements of Financial paid-in-capital and slightly affected the Company’s total
Position shareholders’ equity to Rp26.22 trillion, a decline of 0.9%
YoY as compared to the previous year.
The Company’s total assets slightly decreased by 1.7%
YoY to Rp86.18 trillion as of 31 December 2024 compared
to Rp87.69 trillion in the previous year. The decrease was
(In Rp Million)
Growth
Description 2024 2023*
Nominal %
Total current assets 8,435,813 7,173,511 1,262,302 17.6
Total non current assets 77,742,752 80,521,043 (2,778,291) (3.4)
Total assets 86,178,565 87,694,554 (1,515,989) (1.7)
Total current liabilities 21,016,639 20,173,384 843,255 4.2
Total non-current liabilities 38,939,554 41,051,153 (2,111,599) (5.1)
Total liabilities 59,956,193 61,224,537 (1,268,344) (2.1)
Total equity 26,222,372 26,470,017 (247,645) (0.9)
Total liabilities and equity 86,178,565 87,694,554 (1,515,989) (1.7)
*restatement due to PSAK 338 "Accounting for Restructuring Under Common Control Entities")
Current Assets receivables increased to Rp313 billion, since other receivables
Total current assets reached Rp8.44 trillion in 2024, from related parties grew to Rp299 billion. The Company’s
increased by 17.6% yoy from Rp7.17 trillion in 2023. This was inventories decrease to Rp194 billion in 2024.
due to the change in cash and cash equivalents.
On the other hand, during 2024 the Company showed a
Furthermore, trade receivables increased to Rp1.86 trillion strong cash position, increasing 43.5% YoY to Rp1.39 trillion,
in 2024, representing a 34.4% YoY growth from Rp1.39 compared to previous year at Rp966 billion. Prepayments
trillion in the previous year. The growth was due to increase increase to Rp4.45 trillion compared to Rp4.13 trillion in the
of domestic currency receivables. Meanwhile, the other previous year.
64 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
(In Rp Million)
Growth
Description 2024 2023
Nominal %
Cash and cash equivalents 1,386,637 966,027 420,610 43.5
Trade receivables 1,862,607 1,385,785 476,822 34.4
Other receivables 312,834 48,820 264,014 540.8
Inventories 193,554 377,884 (184,330) (48.8)
Prepaid taxes 21,449 82,694 (61,245) (74.1)
Prepayments 4,453,857 4,125,471 328,386 7.9
Other assets 204,875 186,830 18,045 9.7
Total current assets 8,435,813 7,173,511 1,262,302 17.6
Non-Current Assets
In 2024, the Company's non-current assets decreased by 3.5% to Rp77.74 trillion, compared to Rp80.52 trillion in the previous
year. This decline was primarily driven by a 4.5% reduction in fixed assets, which fell by Rp2.86 trillion to Rp61.03 trillion. A
higher depreciation of the Company's network equipment in 2024 compared to 2023, along with the growth of right-of-use
land assets, also contributed to the reduction in fixed assets. Regarding land assets located across Indonesia with Right of
Use (Hak Guna Bangunan or HGB) expiring between January 2025 and September 2047, the Company believes these land
rights are renewable.
(In Rp Million)
Growth
Description 2024 2023*
Nominal %
Other receivables - 208,537 (208,537) (100.0)
Fixed assets 61,034,472 63,896,924 (2,862,452) (4.5)
Intangible assets 6,984,560 6,453,886 530,674 8.2
Investment in associate 2,539,733 2,533,736 5,997 0.2
Goodwill 6,915,592 6,915,592 - 0.0
Deferred tax assets 11,627 6,873 4,754 69.2
Other assets 256,768 505,495 (248,727) (49.2)
Total non-current assets 77,742,752 80,521,043 (2,778,291) (3.5)
*restatement due to PSAK 338 "Accounting for Restructuring Under Common Control Entities")
Current Liabilities
The Company’s current liabilities reached Rp21.02 trillion. This was an increase of 4.2% YoY from the previous year’s Rp20.17
trillion. This figure was influenced by the current portion of long-term borrowings which increase to Rp9.09 trillion in 2024
from Rp6.88 trillion in the previous year. Loans, sukuk ijarah and bonds repayments maturing in 2025 reached Rp3.72 trillion.
2024 Integrated Annual Report 65
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Management Discussion and Analysis
(In Rp Million)
Growth
Description 2024 2023
Nominal %
Current liabilities
Trade payables 8,251,224 9,382,500 (1,131,276) (12.1)
Taxes payable 330,770 187,187 145,583 76.7
Accrued expenses 606,833 632,905 (26,072) (4.1)
Deferred revenue 2,428,858 2,736,245 (307,387) (11.2)
Short-term employee 291,459 305,275 (13,816) (4.5)
Provisions 17,324 52,582 (35,258) (67.1)
Current portion of long-term borrowings 9,090,171 6,876,690 2,213,481 32.2
Total current liabilities 21,016,639 20,173,384 843,255 4.2
Meanwhile, the Company’s trade payables fell 12.1% YoY Non-Current Liabilities
from Rp9.38 trillion in 2023 to Rp8.25 trillion in 2024. The The Company’s non-current liabilities declined by 5.1% YoY
decrease was derived from purchases of fixed assets and from Rp41.05 trillion in 2023 to Rp38.94 trillion in 2024. This
operational expenditure from third parties from Rp8.83 decline caused by a lower number of the long-term portion
trillion in 2023 to Rp7.15 trillion in 2024. Cumulatively, of of sukuk ijarah and bonds which decreased 36.2% and
the total trade payables in 2024, the proportion of trade 44.8% due to its maturities
payables in Rupiah is very dominant, reaching 93%, while in
foreign currency was only 7%.
(In Rp Million)
Growth
Description 2024 2023*
Nominal %
Lease liabilities 28,225,767 29,790,610 (1,564,843) (5.3)
Long-term loans 6,592,866 5,609,008 983,858 17.5
Sukuk ijarah 1,252,690 1,964,422 (711,732) (36.2)
Bonds payable 926,520 1,677,304 (750,784) (44.8)
Deferred revenue 75,357 211,840 (136,483) (64.4)
Deferred tax liabilities 608,192 609,719 (1,527) (0.3)
Long-term employee 269,131 249,687 19,444 7.8
Contingent consideration - 23,113 (23,113) (100.0)
Provisions 989,031 915,449 73,582 8.0
Total non-current liabilities 38,939,554 41,051,152 (2,111,598) (5.1)
*restatement due to PSAK 338 "Accounting for Restructuring Under Common Control Entities")
Meanwhile, the Company’s long-term loans increased by Equity
17.5% YoY to Rp6.59 trillion in 2024. The increase from The Company’s equity slightly declined by 0.9% YoY to
Rp5.61 trillion in the previous year appeared due to new Rp26.22 trillion. The decrease from the previous year’s
debts from banks for loan during 2024. Rp26.47 trillion was supported by a decline in paid in capital
even though there was a rise of 14.5% in retained earnings
from Rp8.27 trillion in 2023 to Rp9.47 trillion in 2024.
66 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
(In Rp Million)
Growth
Description 2024 2023
Nominal %
Share capital - authorised capital 1,312,843 1,312,843 - 0.0
Additional paid-in capital 15,415,071 16,914,496 (1,499,425) (8.9)
Treasury shares (134,445) (134,445) - 0.0
Merging entity’s equity - (34,758) 34.758 100.0
Retained earnings 9,466,923 8,267,467 1,199,456 14.5
Non-controlling interest 161,980 144,415 17,565 12.2
Total equity 26,222,372 26,470,018 (247,646) (0.9)
These higher retained earnings are supported by a Consolidated Statements of Profit or Loss
better profitability performance in 2024. The Company’s and Other Comprehensive Income
profitability performance increased through the profit
for the year standing at Rp1.85 trillion in 2024 with a For the twelve months of 2024, the Company managed
growth of 45% YoY. More detailed information on the to record an increase in profit for the year of 45% YoY to
profitability performance of the Company is explained in Rp1.85 trillion. The higher performance compared to the
the following Consolidated Statements of Profit or Loss and previous year’s figure of Rp1.27 billion was mainly supported
Comprehensive Income. by the Company’s gross revenue, which reached Rp34.40
trillion in 2024, growing 6% coupled with expense savings
throughout the year.
(In Rp Million)
Growth
Description 2024 2023
Nominal %
Net Revenue 34,391,597 32,322,651 2,068,946 6.4
Expenses
Depreciation expenses (12,074,335) (11,349,235) (725,100) 6.4
Infrastructure expenses (8,942,323) (8,995,646) 53,323 (0.6)
Interconnection and other direct expenses (3,284,180) (3,172,220) (111,960) 3.5
Sales and marketing expenses (2,094,192) (2,454,775) 360,583 (14.7)
Salaries and employee benefits expenses (1,736,074) (1,402,242) (333,832) 23.8
General and administrative expenses (454,990) (413,040) (41,950) 10.2
Amortisation expenses (216,928) (157,216) (59,712) 38.0
Foreign exchange (loss)/gain – net (16,326) 12,977 (29,303) (225.8)
Gain from sale and leaseback 415,641 424,062 (8,421) (2.0)
Others (230,290) (93,571) (136,719) 146.1
(28,633,997) (27,600,906) (1,033,091) 3.7
5,757,600 4,721,745 1,035,855 21.9
Finance cost (3,112,802) (2,939,979) (172,823) 5.9
Finance income 80,256 100,096 (19,840) (19.8)
Share of (loss) from associate entity (297,829) (191,493) (106,336) 55.5
Profit before income tax 2,427,225 1,690,369 736,856 43.6
Income tax expense (579,594) (420,069) (159,525) 38.0
Profit for the year 1,847,631 1,270,300 577,331 45.5
Other comprehensive income/(loss) for the year 9,151 (4,875) 14,026 287.7
after tax
Total comprehensive income 1,856,782 1,265,425 591,357 46.7
Total comprehensive income attributable to 1,828,170 1,252,090 576,080 46.0
owners of the parent
Total comprehensive income attributable to non- 28,612 13,335 15,277 114.6
controlling interest
Basic and diluted earnings per share 139 96 43 44.8
2024 Integrated Annual Report 67
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Management Discussion and Analysis
Revenues Profit before Income Tax
The Company’s gross revenue grew by 6% to Rp34.40 The Company’s significant revenue growth, which is higher
trillion in 2024. Compared to the previous year’s Rp32.34 than the increase in expenses, and decrease of the finance
trillion, this revenue growth was mainly driven by Data and cost had a positive impact on the Company’s profit before
Digital Services revenue which reached Rp31.58 trillion, income tax, which stood at Rp2.43 trillion in 2024 with a
growing 7% YoY from the previous year. This condition is in growth of 44% YoY.
line with the growth of the information and communication
sector which grew 9.3% YoY (Ministry of Finance Data Profit for the Year and Total Comprehensive
2025), outperforming Indonesia’s GDP growth of 5.03% Income
YoY in 2024 (BPS Data 2024). After deducting the income tax expense of Rp0.58 trillion in
2024, the Company was able to record a profit for the year
Meanwhile, the Company’s other revenues from managed reaching Rp1.85 trillion with a growth of 45% YoY.
and information technology services also grew 55% from
Rp501 billion in 2023 to Rp775 billion in 2024. Furthermore, taking into account other comprehensive
income for the period net of tax at Rp9 billion, the
Expenses Company’s total comprehensive income for the year stood
The Company's expenses increased slightly by 0.4% to at Rp1.86 trillion in 2024, rose 46% YoY compared to the
Rp16.51 trillion in 2024, compared to Rp16.44 trillion in 2023. previous year of Rp1.3 trillion.
Throughout 2024, the Company focused on maintaining
cost efficiency by optimizing asset utilization, redistributing Meanwhile, basic and diluted net profit per share was Rp139
capacity, and leveraging AI-driven enhancements. These in 2024 increased as compared to Rp96 in 2023.
efforts led to a 1% year-on-year (YoY) reduction in the
infrastructure cost-to-revenue ratio. Consolidated Statements of Cash Flows
Additionally, XL Axiata’s strategy to enhance growth Cash Flows from Operating Activities
through its Own App and optimize distribution channels The Company recorded an increase in net cash flow
successfully reduced sales and marketing costs by 15% YoY. generated from operating activities by 11% YoY to Rp17.83
trillion in 2024. Compared to the previous year’s Rp16.1
EBITDA trillion, this increase was mainly supported by higher
Supported by the Company’s increased revenues and cost receipts from customers and other operators of 6% YoY to
savings in 2024, Earnings Before Interest, Tax, Depreciation Rp33.31 trillion. On the other hand, the Company recorded
and Amortization (EBITDA) rose by 12.6% YoY to Rp17.88 lower growth in payments to suppliers and other expenses
trillion in 2024 compared to Rp15.9 trillion in the previous from Rp13.38 trillion to Rp13.81 trillion in 2024.
year.
(In Rp Million)
Growth
Description 2024 2023
Nominal %
Net cash flows generated from operating activities 17,833,645 16,095,538 1,738,107 10.8
Net cash flows used in investing activities (11,365,554) (10,376,600) (988,954) 9.5
Net cash flows used in financing activities (6,054,212) (9,935,085) 3,880,873 (39.1)
Net (decrease)/increase in cash and cash equivalents 413,879 (4,216,147) 4,630,026 109.8
Cash and cash equivalents at the beginning of the year 966,027 5,184,113 (4,218,086) 81.4
Effect of exchange rate changes on cash and cash 6,731 (1,939) 8,670 (447.1)
equivalent
Cash and cash equivalents at the end of the year 1,386,637 966,027 420,610 43.5
Cash Flows from Investing Activities Rp1.88 trillion. The Company recorded a realized capital
Compared to 2023, the Company recorded higher net expenditure for the acquisition of fixed assets amounting to
cash flows used in investing activities in 2024 amounting to Rp9.50 trillion. This is a reflection of the Company’s strategy
Rp11.37 trillion. The increase of 9.5% YoY compared to the to sustain a calculated business expansion in 2024.
previous year’s Rp10.38 trillion was influenced by acquisitions
of business combination net of cash acquired in 2024 of
68 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Cash Flows from Financing Activities Cash and Cash Equivalents at the End of the
The Company recorded a decrease in the net cash flows used Year
in financing activities which reached Rp6.05 trillion in 2024. Cumulatively, the Company reported a net increase in cash
This was due to the lower amount of repayment of long-term and cash equivalents of Rp0.42 trillion in 2024. However,
loans in 2024 compared to Rp5.18 trillion in the previous year. backed by cash and cash equivalents of Rp0.97 trillion at
Repayments of long-term loans in 2024 were recorded at the beginning of the year, the Company managed to record
Rp0.54 trillion. Increases were recorded in payments for lease cash and cash equivalents of Rp1.39 trillion at the end of
liabilities principal, which grew to Rp4.75 trillion in 2024 from 2024.
Rp4.33 trillion in the previous year.
Financial Ratio
The Company measures its financial performance over the past two years using various financial ratios as follows:
Description 2024 2023
Return on Invested Capital (%) 6.1 5.0
Return on Assets (%) 2.1 1.5
Return on Equity (%) 7.0 4.9
Current Ratio (%) 40.1 35.6
Debt to Equity Ratio (X) 0.5 0.4
Debt to Asset Ratio (X) 0.1 0.1
Debt to EBITDA Ratio (X) 0.7 0.6
Debt to EBITDA Ratio – include Finance Lease (x) 2.6 2.9
Liquidity
XL Axiata, as a large telecoms operator in Indonesia, requires Since telecommunications is a capital intensive industry,
liquidity to manage investments in network infrastructure, to ratios for telecom companies can sometimes be slightly
manage operational costs and to handle customers efficiently. lower due to ongoing infrastructure investments. In another
For that reason, the Company attentively maintained the way, the Company believes that healthy ratios will keep the
financial liquidity and the liquidity ratio for each quarter to Company on track and better gains for investors.
make sure that both short- and long-term assets and liabilities
were well managed. The Company’s liquidity is measured using the current ratio,
quick ratio and cash ratio to measure its ability to meet
The management and the stakeholders assured that short-term obligations as shown below:
capital expenditures met the investment necessity and the
punctuality of the liabilities repayments.
Description 2024 2023
Current Ratio 40.1% 35.6%
Quick Ratio 39.2% 33.7%
Cash Ratio 6.6% 4.8%
2024 Integrated Annual Report 69
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Management Discussion and Analysis
Solvency
For XL Axiata, solvency is crucial due to the capital intensive The Company’s strong debt capacity was affirmed by the
nature of the business, which involves significant investment ratings and outlook by PT Fitch Ratings Indonesia. With their
in infrastructure, networks, technology convergence and latest rating in June 2024, Fitch Ratings affirmed XL Axiata’s
licenses. The Company continued to balance the leveraging Long-Term Foreign- and Local-Currency Issuer Default
of debt for growth and maintaining a stable financial Ratings (IDR) at ‘BBB’ with the Outlook still at Negative. At
position while aiming for strong solvency through prudent the same time, Fitch Ratings Indonesia affirmed the National
debt management and capital structure. Long-Term Rating at ‘AAA(idn)’ with a Negative Outlook.
In 2024, the Company proved its capacity in maintaining In addition, the Company has new non-collateral loans from
solvency, as perceived by its gearing ratio. Gross debt to leading domestic banks, indicating the Company’s capability
EBITDA (including finance lease) in 2024 was 2.6x compared and flexibility to obtain long-term loans with the medium
to 2.9x in 2023. while the debt-to-equity ratio in 2024 was range of interest rate for bank loans.
48%, an increase compared to 38% in 2023. The number
itself described the Company’s capabilities in maintaining
its debt capacity, since the gearing ratio and the debt-to-
equity ratio numbers way below 1.0.
Receivables Collectability
For XL Axiata, collectability is a critical issue since the For 2024, 45% of trade receivables were not past the due
Company has many established partnerships with third date and 55% were past due, compared to 49% and 51% in
parties and related parties. Collecting outstanding debts 2023; this resulted in the higher provision for impairment.
from the customers within a reasonable timeframe results in Nevertheless, management believes that the provision for
cash flow and financial health. receivables impairment is adequate to cover losses.
In order to cover the losses from uncollectible accounts, the The following table shows the details of ageing and
Company provides a provision for receivables impairment impairment on the Company’s trade receivables as at 31
that has been included in general and administrative December 2024 and 2023, and its efforts to manage trade
expenses. receivables:
(In Rp Million)
Growth
Description 2024 2023
Nominal %
Not past due 559,858 558,258 1,600 0.3
Past due:
Overdue < 30 day 140,584 198,649 (58,065) 29.2
Overdue 31 - 60 days 77,415 56,686 20,729 36.6
Overdue > 60 days 457,550 329,147 128,403 39.0
Subtotal 675,549 584,482 91,067 15.6
Provision for receivables impairment (353,174) (272,636) (80,538) 29.5
Total receivables – net 882,233 870,104 12,129 1.4
70 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Capital Structure and Capital
Structure Policy
Capital Structure Management Policy assess performance and allocate resources. The board also
consideres the business from the return of invested capital
The objectives of the Company when managing capital are to perspective.
safeguard the ability of the Company to continue as a going
concern in order to provide returns for shareholders and As a high leveraged structure company, XL Axiata always
benefits for other stakeholders, and to maintain an optimal manages the debt ratio in a favorable number to minimize
capital structure to minimize the effective cost of capital. In financial risks and potential solvency issues.
order to maintain the capital structure, the Company may
from time to time adjust the number of dividends, issue new Capital Structure
shares or increase/decrease debt levels.
The Company’s capital structure consists of interest-bearing
The Company’s Board of Commissioners or Board of debt and equity. Interest-based debt consists of lease
Directors reviews the Company’s reporting in order to obligations, loans, Sukuk Ijarah and bonds payable as set
out in the table below:
(In Rp Million)
Growth
Description 2024 2023*
Nominal %
Lease liabilities 33,594,638 35,813,446 (2,218,808) (6.2)
Long-term loans 8,846,978 6,024,900 2,822,078 46.8
Sukuk ijarah 1,966,686 2,362,387 (395,701) (16.7)
Bonds payable 1,679,712 1,717,301 (37,589) (2.2)
Total Capital from Interest-Based Debt 46,088,104 45,918,034 170,070 0.4
Total Equity 26,222,372 26,470,018 (247,646) (0.9)
Total Capital 72,310,386 72,388,052 (77,666) (0.1)
*restatement due to PSAK 338 "Accounting for Restructuring Under Common Control Entities")
Material Commitments for Capital
Expenditures
The Company makes capital expenditures budget each › Capital expenditures are denominated in Rupiah and U.S.
year to expand its business. An explanation of material dollars.
relationships related to capital expenditure is as follows: › Measures to protect the risk of related foreign currency
› The Company cooperates with various parties including positions are that the majority of the Company’s
PT Huawei Tech Investment, PT Alita Praya Mitra and PT transactions are in Rupiah according to the monetary
Ericsson Indonesia, Amdocs Software Solutions and PT position of liabilities in a given period in USD, only about
Application Solutions. 7% of the Company’s total debt.
› The Company entered into these engagements to
provide communication equipment, installation of More detailed information on purchase, maintenance and
network, software licenses and remote services. installation agreements with a number of parties can be
› The Company uses internal funding sources from found in Note No. 32 “Significant Agreements” of the
operating results for capital expenditure commitments. audited financial statements included in this annual report.
2024 Integrated Annual Report 71
Page 74
Management Discussion and Analysis Actual Capital Expenditures XL Axiata has capitalized capital expenditure of Rp7.38 trillion in 2024 and utilized its capital expenditures for improvement and strengthening of the data service business networks and convergence as a form of the Company’s commitment to improving customers’ experience. Detailed information on the capital expenditures lines are provided in the table below: (In Rp Million) Description 2024 2023 Direct ownership of assets Buildings 85 4 Network equipment 4,531,347 3,154,045 Leasehold improvements 516 2,019 Machinery and equipment 130,876 123,753 Furniture and fixtures 692 1,265 Support systems 15 15,646 Motor vehicles 358 1,410 Sub-Total 4,663,889 3,298,142 Fixed assets under constructions 2,006,500 3,497,223 Addition of software 711,563 362,530 Total 7,381,952 7,157,895 Subsequent Events The Company’s audited financial report for the period ending 31 December 2024 reports that there are no material information or facts that have occurred after the date of the auditor’s report. Realization of Proceeds from Initial Public Offering In accordance with Initial Public Offering of Bonds and Sukuk Ijarah, and in compliance with the Financial Services Authority Regulation No. 30/POJK.04/2015 on Realization Report on the Use of Public Offering Proceeds, the Company submitted a Report on the Realization of the Use of Public Offering Proceeds in timely manner. During 2024, there was no realization of proceeds from public offering. 72 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
2024 Targets and Achievements
and 2025 Projection
XL Axiata’s performance during the year, in relation to the 2024 Company Work Plan and Budget (RKAP) has recorded notable
results in line with its targets. However, as the Company is currently in the merger process, will not providing guidance for
2025. The achievement of the 2024 targets is presented below:
Financial Indicators 2024 Targets 2024 Actual
Revenue Growth High single digit 6%
EBITDA Margin Around 50% 52%
Capital Expenditure Around Rp8 trillion Rp7.38 trillion
Dividends and Dividend Policy
Dividend Policy adequacy, financial condition and other matters taking into
account the considerations of the Board of Directors, and
XL Axiata’s Dividend Policy was approved by the Board according to the applicable laws and regulations.
of Commissioners through the Board of Commissioners
Meeting No. 1/11 dated January 28, 2011 and communicated Dividend Payment
to Shareholders at the General Meeting of Shareholders held
on April 14, 2011. One of the resolutions of the General Meeting of Shareholders
held on 3 May 2024 was to approve the distribution of a cash
The Company considers the dividend policy as an important dividend of Rp48.6 (full amount Rupiah) per share or a total
way to communicate with the shareholders, especially to of Rp635.296 billion relating to the results of 2023 financial
share XL Axiata’s performance during the financial year with year. Distribution of the 2023 dividend was accomplished
the investors. by the end of May 2024.
The declaration and distribution of the dividends by the The Company’s goodwill to distribute dividends marked its
Board of Directors depends on the Company’s financial financial stability and profitability over the years.
health and following the latest regulations.
The General Meeting of Shareholders on 5 May 2023
XL Axiata will distribute dividends to shareholders of at least approved the distribution of a cash dividend of Rp42 (full
30% of the previous year’s normalized net profit, with the amount Rupiah) per share or totalling Rp549.023 billion
aim of gradually increasing the payout ratio in the future. The relating to the 2022 financial year.
dividend payment also depends on the Company’s capital
Total Dividends Distributed Total Cash Dividend Dividend Payout Dividend Payment
Fiscal Year
(billion Rp) per Share (Rp) Ratio (%) Date
2024 Rp635.296 Rp48.6 50% 3 May 2024
2023 Rp549.023 Rp42 50% 5 May 2023
2024 Integrated Annual Report 73
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Management Discussion and Analysis
Marketing Aspects
In 2024, XL Axiata implemented a series of strategic electric bus manufacturer. This collaboration signifies XL
marketing initiatives to enhance its market presence and Axiata's commitment to advancing the local electric vehicle
customer engagement. The Company continues to innovate industry and underscores XLABS' commitment to support
to provide the latest services according to customer needs the development and advancement of the domestic EV
in the current digital era. These include XL poin, Umroh Plus, industry, including supplying necessary EV equipment and
online sales services “XL Store” and many more to promote helping EV businesses operations.
new product series and strengthen brand positioning.
At the end of second quarter in 2024, the Company has
In early 2024, the Company presented the newest online introduced a new data quota package designed to provide
sales service, namely "XL Store". This service provides XL Prepaid customers with convenience and better
convenience and practicality for people throughout connectivity through telecommunications and internet
Indonesia who want to buy an XL starter card anywhere, services. The "Bebas Puas" package allows customers the
anytime with a regular flat delivery rate. Through the XL flexibility to choose a plan based on their budget, with
Store online sales service, customers can buy physical benefits such as accumulated quota, extended package
starter cards and also e-SIMs complete with large kuota validity when purchasing additional packages, 24-hour
internet packages at competitive prices. quota availability, and various bonus options.
For XL prepaid customers, XL Axiata presents the "XL Poin"
program. This program allows every XL Prepaid customer The Company also launched a new internet service that
who makes transactions, either through myXL application offers unlimited data usage with a fixed monthly fee, called
or other sales channels, to automatically earn points. The HYFE. This service is a part of XL Prioritas, with unlimited
accumulated points can be redeemed for a number of internet access and roaming free.
attractive options. Through this XL Poin rewards program,
XL Axiata hopes to improve customer satisfaction and
experience in subscribing to XL Axiata prepaid services. At the end of 2024, XL Axiata returned to offering XL SATU
Lite, a practical, hassle-free internet option for Indonesian
The Company also introduces the "Umroh Plus" package for families. This device offers wireless home internet and
customers who perform Umrah in the Holy Land, featuring family mobile data quotas that can be used both inside and
competitive rates with a large data quota, extensive validity outside, making it a great option for Indonesian households.
period, and supported by all major Saudi Arabia operators, With FWA technology and notable features such as Non
namely STC, Mobily, and Zain. Expiring Quota and bundled home and family mobile data
packages, XL SATU Lite is designed to address consumers'
Through XL Axiata Business Solutions (XLABS), the connectivity demands in locations where fibre optic
Company has partnered with PT Mobil Anak Bangsa networks are not yet available.
(MAB) to provide essential ICT services, such as Internet of
Things (IoT) and fixed connectivity, for a leading national
74 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Material Transactions Containing
Conflicts of Interest and/or
Transactions with Affiliated Parties
The Company do not enter any Material Transaction Containing Conflict of Interest.
Transactions with Affiliates/Related Parties
The Group enters into transactions with related parties as defined in PSAK 224 “Related Party Disclosures”. The transactions
with related parties are made under the same terms and conditions as those made with third parties.
The natures of transactions and relationships with related parties are as follows:
Nature of the Relationships
Related Parties Nature of Transactions
with Related Parties
Axiata Group Berhad Ultimate parent entity Reimbursement of expenses and professional services
Axiata Investment (Indonesia) Immediate parent entity Reimbursement of expenses and professional services
Sdn. Bhd.
Celcom Axiata Berhad Entity under common control VoIP revenue, international roaming revenue,
interconnection charges and reimbursement of expenses
Board of Commissioners and Key management of the Compensation and remuneration
Directors Group
PT Bank CIMB Niaga Tbk Entity under common control Cash in banks, time deposits and interest income
PT Axiata Digital Analytics Entity under common control Reimbursement of expenses, Mobile advertising business
Indonesia revenue and expenses
Apigate Sdn. Bhd. Entity under common control Payment gateway services
Axiata Business Service Sdn. Bhd. Entity under common control Reimbursement of expenses and professional services
PT ADA Asia Indonesia Entity under common control Reimbursement of expenses and lease of space
PT Axiata Digital Labs Indonesia Entity under common control Reimbursement of expenses and network system
development
PT Princenton Digital Group Data Associate Reimbursement of expanses and rack server rental
Centers expense
PT Edotco Infrastruktur Indonesia Entity under common control Sale and lease tower and land lease
PT Link Net Tbk Entity under common control Wired network and Internet access services
All transactions and balances with related parties are disclosed in note 29 to the audited consolidated financial statements for
the year ended 31 December 2024.
Transaction Related to Investments,
Expansion, Divestments, Mergers,
Acquisition, and Restructing
In 2024, the Company entered into the following transaction:
1. On 10 July 2024, The Company with Axiata Enterprise Sdn Bhd, (AE) has signed a Sale and Purchase Agreement dated
10 July 2024, concerning the share purchase transaction of Axiata Global Services Ptd Ltd (AGS) in which the Company
is purchasing 100,000 shares or 100% shares ownership of AGS from AE (Transaction) with a Transaction value of USD1.
2. On 27 September 2024, the Company has completed the purchase and acquisition of B2C (residential business) transaction
from PT Link Net Tbk.
3. On 10 December 2024, the Company has signed Conditional Merger Agreement with Axiata Investment (Indonesia) Sdn.
Bhd., Axiata Group Berhad, PT Smartfren Telecom Tbk, PT Smart Telecom, PT Wahana Inti Nusantara, PT Global Nusa Data,
PT Bali Media Telekomunikasi, PT Gerbangmas Tunggal Sejahtera, and PT Sinar Mas Tunggal, related to the Merger plan
between the Company, PT Smartfren Telecom Tbk and PT Smart Telecom.
The above transactions has comply with the related regulations, including obtaining the fairness opinion from the Kantor Jasa
Penilai Publik and disclosure to the public.
2024 Integrated Annual Report 75
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Management Discussion and Analysis
Regulatory Changes that Impacted
the Company
The table below provides an overview of the changes to the law that took effect in 2024 and their impact on the Company:
Regulation Issue Date Impact on the Company
Law No. 27 Year 2022 on Personal Data Protection. 17 October Requires the Company’s compliance with personal
2022 data management, including the data owner’s
consent, data security, and transparency of use. The
company must also appoint a data protection officer
if processing data on a large scale.
Minister of Finance Regulation (PMK) No. 168 Year 2023 1 January The regulation simplifies withholding tax (PPh 21)
on Implementation Guidelines for Withholding Tax on 2024. calculations for employment, services, and activities
Income Related to Employment, Services, or Activities of individuals, requiring companies to adjust payroll
of Individuals. and tax administration. It introduces monthly and daily
effective tax rates for different employee categories
and allows zakat deductions. Businesses must update
their internal procedures and payroll systems to
ensure compliance and avoid penalties.
Law No. 1 Year 2024 regarding Second Amendment to 2 January The Company shall adjust some process, namely:
the Law No. 11 Year 2008 regarding Information and 2024 › Providing protection of minors in accessing electronic
Electronic Transaction system
› Using electronic certification to protect high risk
transactions
› Electronic contracts are required to use Indonesian
law in specified criteria
OJK Regulation No. 4 Year 2024 28 February The Company is required to adjust the implementation
Report on Share Ownership or Any Changes in Share 2024 of fulfilling the reporting obligations for share ownership
Ownership of a Public Company and Report on Activities or any changes in share ownership of a Public Company
of Pledging Shares of a Public Company and to report activities related to pledging shares of a
Public Company.
DirGen of Post and Information No. 5/2024 on Technical 18 Applicable as Guidance: ULO guidance for Call Center
Guidelines for Procedures for the Implementation of September Operator that provides telephony, SMS and/or
Operation Feasibility Tests for Operators of Value-Added 2024 Multimedia services directly or indirectly via local fixed
Telephone Service Providers in the form of SMS and/or network and cellular mobile network
Multimedia Messages
MOCIT Regulation No. 6/2024 on Procedures for Selection 30 Applicable as Guidance: (i) the selection is conducted
of the Use of Radio Frequency Spectrum September fully electronic (ii) To have a general procedure for
2024 conducting Spectrum Tender
Minister of Finance Regulation (PMK) No. 74 Year 2024 10 October This regulation provides legal certainty but requires
on Allowance for Uncollectible Receivables That Can Be 2024. companies to meet strict documentation and
Deducted from Gross Income compliance standards. Businesses must align their
accounting policies and debt collection procedures to
ensure eligibility and maximize tax benefits.
Director General of Postal and Informatics Regulation 15 October The Company obliges to build and provide networks
No. 6 of 2024 regarding Telecommunication Network 2024 in accordance with guidelines, which cover two main
Implementation Quality Standards categories, namely:
1. Fixed Networks
2. Mobile Networks
President Regulation No 140/2024 on State Ministries 21 October Applicable as Guidance: New nomenclature, new
Organization 2024 ministries and re-organization of government ministries
President Regulation No 139/2024 on Arrangement of 21 October The Company shall follow provisions captured in the
Duties and Functions of State Ministries of the Red and 2024 Decree which relate to employment matter, inter alia: the
White Cabinet for the 2024-2029 Period PKWT contract duration is limited to 5 years, including
extensions.
Constitutional Court Decision 168/PUU-XXI/2023 31 October Applicable as Guidance: New nomenclature, new
Regarding Judicial Review of Law Number 6 of 2023 on 2024 ministries and re-organization of government ministires
the Stipulation of Regulation of the Government in Lieu of
Law Number 2 of 2022 on Job Creation
President Regulation No. 174/2024 on Ministry of 5 November Applicable as Guidance: New nomenclature and re-
Communication and Digital 2024 organization of Komdigi
76 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Regulation Issue Date Impact on the Company
OJK Regulation No. 45 Year 2024 27 The Company is required to adjust the timeframe for
Development and Strengthening of Issuers and Public December submitting reports on material information or facts to
Companies 2024 regulators and the public in accordance with applicable
regulations.
Minister of Finance Regulation (PMK) No. 81 Year 2024 1 January Requiring adjustments in taxpayer registration, VAT
on Tax Provisions for the Implementation of the Core 2025 registration, tax payments, and electronic reporting
Tax Administration System. through the DJP platform
Minister of Finance Regulation (PMK) No. 168 Year 2023 1 January The regulation simplifies withholding tax (PPh 21)
on Implementation Guidelines for Withholding Tax on 2024. calculations for employment, services, and activities
Income Related to Employment, Services, or Activities of individuals, requiring companies to adjust payroll
of Individuals. and tax administration. It introduces monthly and
daily effective tax rates for different employee
categories and allows zakat deductions. Businesses
must update their internal procedures and payroll
systems to ensure compliance and avoid penalties.
Minister of Finance Regulation (PMK) No. 74 Year 2024 10 October This regulation provides legal certainty but requires
on Allowance for Uncollectible Receivables That Can Be 2024. companies to meet strict documentation and
Deducted from Gross Income. compliance standards. Businesses must align their
accounting policies and debt collection procedures
to ensure eligibility and maximize tax benefits.
Minister of Finance Regulation (PMK) No. 81 Year 2024 1 January Requiring adjustments in taxpayer registration, VAT
on Tax Provisions for the Implementation of the Core 2025 registration, tax payments, and electronic reporting
Tax Administration System. through the DJP platform
Law No. 27 Year 2022 on Personal Data Protection. 17 October Requires the Company's compliance with personal
2022 data management, including the data owner's
consent, data security, and transparency of use. The
company must also appoint a data protection officer
if processing data on a large scale.
Changes to the Accounting
Standards
The following revised accounting standards, which are relevant
to the Group, were effective from 1 January 2024 and do
not result in any material impact to the Group’s consolidated
financial statements:
2024:
› Amendment to PSAK 201 “Presentation of Financial
Statements” – Non-current Liabilities with Covenants
› Amendment to PSAK 116 “Leases” – Lease Liability in a
Sale and Leaseback
› Amendment to PSAK 207 “Statement of Cash Flows”
› Amendment to PSAK 107 “Financial Instrument: Disclosure”
– Supplier Finance Agreements
2025
› Amendment to PSAK 117 “Insurance Contracts”
› Amendment to PSAK 221 “Lack of Exchangeability”
2024 Integrated Annual Report 77
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Management Discussion and Analysis
Consumer
David Arcelus Oses
Director & Chief Commercial Officer – Consumer
XL Axiata’s XL
Prioritas achieved the
highest Net Promoter
Score (NPS) in Indonesia’s
postpaid segment for
2024, reflecting enhanced
customer satisfaction and
loyalty
78 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Performance Overview
Prepaid Customers Postpaid Customers Total Customers
57.1 million
1.7 million
58.8 million
2023 55.9 million | 2022 56.0 million 2023 1.6 million | 2022 1.5 million 2023 57.5 million | 2022 57.5 million
Prepaid ARPU Postpaid ARPU Combined ARPU
41,000 91,000 43,000
2023 40,000 | 2022 37,000 2023 90,000 | 2022 96,000 2023 41,000 | 2022 39,000
4G Data Users
94.45%
2023 94.60% | 2022 93.00%
2024 Integrated Annual Report 79
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Management Discussion and Analysis
2024 Strategic Execution To optimize costs in the mobile business, XL Axiata
intensified efforts to drive digital transformation by boosting
In 2024, XL Axiata’s mobile services continued to serve sales through our proprietary channels, including the MyXL
as the primary driver of growth and maintain a dominant and AXISNet applications. We also enhanced distribution
share of our revenue portfolio, with data & digital services efficiency by optimizing our distribution channels, resulting
contributing 92% of revenue. Despite significant challenges in a substantial reduction in sales and marketing expenses
for the economy and the mobile industry as a whole and the and contributing to improved operational efficiency.
increasing prevalence of Wi-Fi, we achieved a commendable
revenue growth. 2024 Key Achievements
Unfavorable macroeconomic conditions and pressure from During 2024, XL Axiata recorded remarkable results, setting
intense market competition led us to implement a number the Company apart from its competitors.
of program improvements. Lower consumer spending,
particularly in the second half of the year, a drop in both the Revenue from data and digital services rose 7% year-on-
Consumer Confidence Index and the Purchasing Managers’ year, affirming the mobile segment’s contribution to the
Index (PMI), as well as other micro-industry indicators Company’s overall revenue. This was supported by higher
including the Real Sales Index for ICT posed significant blended ARPU as at the end of December 2024, which grew
challenges in 2024. To address them, we took a smart and 5% to Rp43,000 compared to Rp41,000 in the previous
adaptive approach, maintaining agility and efficiency while year.
focusing our competitive efforts on delivering differentiated
products and services in critical areas. The Company continued to expand the number of own
channel users, marking an increase of 13% to 33.1 million
Our personalization Initiatives in response to the subdued monthly active users (MAU) on our proprietary apps, MyXL
to economic conditions had a significant impact on the and AXISNet. The use of these apps generated revenue from
Company’s Average Revenue Per User (ARPU) and EBITDA Own Channels of contributing 35% of total mobile revenue.
growth, which outperformed the competition.
Moreover, XL Axiata’s XL Prioritas achieved the highest Net
XL Axiata has demonstrated robust growth in recent years, Promoter Score (NPS) in Indonesia’s postpaid segment for
driven by a strong commitment to delivering customer 2024, reflecting enhanced customer satisfaction and loyalty.
segment-focused products and services. This strategic This improvement is attributable to the Company's strategic
focus uniquely positions us to outperform the competition. focus on personalizing offers and services, as well as the
Our flagship offering, Paket Akrab, caters to families by implementation of digital transformation initiatives.
enabling multiple mobile users to connect under a single
package, while our AXIS brand targets the youth and The adoption of Artificial Intelligence (AI) has played an
student segments with tailored solutions. Both strategies essential role in supporting the effectiveness and efficiency
have proven highly effective in addressing the specific of our operations, providing instant, personalized customer
needs of these key market segments. support, and boosting satisfaction and loyalty. Specifically,
its use in customer service operations has contributed to a
Over the years, XL Axiata has evolved into a National mobile 4 to 5-point rise in NPS, alongside a 60% improvement in
operator, serving customers across all major regions of first-call resolution and a 50% reduction in average handling
Indonesia with reliability and innovation. time for customer complaints.
To support the Company’s business growth, we actively Leveraging AI also improved sales and operational efficiency,
pursued initiatives to foster market recovery, including including route map planning for our sales agents and hyper-
measures to improve industry ARPU. These efforts have personalized experiences for application users, and enabling
been focused on supporting pricing reparation to ensure the Company to optimize our sales and marketing strategy.
a sustainable and healthy competitive landscape. In the As a result, sales and marketing expenses were reduced by
meantime, we utilized advanced AI and analytics to gain 15% (year-on-year).
deeper insights into customer behavior, enabling the
creation of highly personalized offers. These technologies
are also employed to optimize tower deployment and
enhance overall operational efficiency.
80 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
2025 Strategic Focus XL Axiata will consistently leverage AI to deliver hyper-
personalized solutions, create more tailored service offerings
The recent acquisition of ~750 thousands FBB (Fixed to customers and enhance the overall customer experience
Broadband) subscribers from Link Net and XL Axiata- in improving satisfaction and loyalty.
Smartfren merger are expected to redefine the Company’s
performance in 2025, particularly in maintaining its focus on With Indonesia's digital economy continuing to boom amid
achieving profitable growth. In furthering the achievements projections that it will exceed USD150 billion by 2025, and
of 2024, we believe that the mobile business will continue smartphone usage exceeding 75% of the population with
to play a pivotal role in driving market recovery efforts growth driven by 5G adoption, the Company expects that
and fostering customer-centric innovation. We anticipate the mobile business will remain a key component of the
that with the additional spectrum and active users from telecom industry in the coming years.
the merger, the Company will be able to extend the
optimization of sales channels to boost performance and
increase blended ARPU throughout the year.
2024 Integrated Annual Report 81
Page 84
Management Discussion and Analysis
Home & Convergence
Abhijit J. Navalekar
DIrector & Chief Commercial Officer – Home & Convergence
The Company achieved
several significant
milestones in 2024,
reflecting its structural
transformation into a key
player in the FBB market
and underscoring the
Company’s commitment
to innovation and market
leadership.
82 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Performance Overview
336% 9%
XL Home Convergence
Customers Penetration
1,024,000 84%
2023 235,000 | 2022 112,000 2023 75% | 2022 37%
2024 Strategic Keys
XL Axiata, as a pioneer in the fixed mobile convergence Regardless of its strong performance, XL Axiata
(FMC) market, recorded positive results in 2024. Continuous experienced various market challenges, including illegal
development of XL SATU Fiber, XL Axiata’s FMC consumer activities that have changed the competitive landscape of
product, highlights the Company’s commitment to fixed broadband (FBB). In the first half of the year, illegal
delivering integrated digital solutions to Indonesian ISPs gained significantly with much lower prices than market
households. To deliver the best services, the Company price. Meanwhile in the second half, competition intensified
has built a unique product that enables customers to further as National ISPs responded to Local ISP offering.
have bundled mobile data plans that integrate with home Year of 2024 marked a pivotal year for Indonesia’s FBB
internet services and data sharing across family members market, the presence of new technologies (such as Starlink)
via XL mobile connections. and illegal internet services (RT/RW net) became a concern
for the Company. On the proliferation of illegal internet
In supporting the FMC operation, the Company invested providers, the Company’s stance is that the regulator will
in infrastructure expansion to increase coverage and need to step in as it drives unhealthy market competition
enhance customer experience, and liaised on strategic that could be harmful to the industry. XL Axiata is actively
partnerships to implement network automation for more liaising with the regulator to take action on this, and we note
efficient management and maintenance. Following the that illegal services have already been shut down in several
acquisition of First Media’s subscribers in September 2024, regions. Meanwhile, with regard to new technology, the
XL Axiata completed a delayering initiative to position XL Company believes that Starlink complements the ecosystem
as a ServeCo, and Link Net as a FiberCo that will enable by addressing gaps—such as remote locations--that existing
the Company to penetrate further into the market. The FBB players cannot efficiently serve.
Company believes that this action will help to accelerate
homes passed deployment to cover more households, In general, despite these challenges, the opportunities for
hence driving more homes connected and/or subscriber broadband remain very positive, particularly given the
growth while at the same time educating consumers on the current level of broadband penetration in Indonesia, which
value of FMC through XL Axiata’s FMC product knowledge at 21% is low compared to neighboring countries.
initiatives. As of the end of 2024 XL Axiata has introduced a
growing range of FMC services, including Value, Smart and
Family packages.
2024 Integrated Annual Report 83
Page 86
Management Discussion and Analysis
2024 Achievements more than 1 million subscribers. growth of 336% compared
to 2023, reflecting the increasing adoption of FMC services
XL Axiata’s FMC business is a critical component of the among consumers. Moreover, the Company’s infrastructure
Company’s strategy to strengthen its position in Indonesia’s now extends to over 6 million homepass, with city coverage
digital connectivity market. Through XL Satu Fiber, which expanding to more than 127 cities. This robust network
combines high-speed fiber internet for homes with XL mobile expansion has positioned the Company to capture a larger
data plans, offering a unified connectivity experience, the share of the FBB market and provide greater accessibility
Company achieved several significant milestones in 2024, to high-speed broadband services. On the back of these
reflecting its structural transformation into a key player in the improvements, FMC services, especially XL SATU Fiber, have
FBB market and underscoring the Company’s commitment become a growing revenue stream for XL Axiata in 2024.
to innovation and market leadership.
By December 2024, the Company’s FMC penetration
rate had reached an impressive 84% among its legacy XL
customers, showcasing the successful integration of fixed
and mobile services to meet evolving customer demands.
Meanwhile, the number of subscribers surpassed 1 million
across XL Home, XL Satu, and First Media, a testament to
the Company’s customer-centric approach and competitive
service offerings. By the end of 2024, XL SATU Fiber had
84 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
2025 Strategic Outlook These efforts will not only drive higher penetration in the
FBB segment but also enhance customer satisfaction
As Indonesia continues to develop its digital economy, the through innovative, bundled services.
FMC market is expected to play a crucial role in providing
integrated communication services. Despite Indonesia’s To ensure the sustainable growth of XL SATU Fiber and
high internet penetration, fixed broadband household to strengthen its position as a key player in Indonesia’s
penetration remains critically low at just 21%, one of digital connectivity landscape, XL Axiata has set a number
the lowest in ASEAN. This presents a significant growth of strategic focuses for 2025. These include expanding
opportunity in the fixed broadband market. coverage through continuous synergy with Link Net as a
FiberCo and XL Axiata as a ServeCo, accelerating healthy
With over 6 million homepasses across more than 127 cities growth in XL Home and First Media subscribers during and
in Indonesia, XL Axiata is well-positioned to accelerate its after the completion of the migration in 2025, driving further
infrastructure and service leadership in the coming year. digitization across the customer journey and increasing
engagement and stickiness via digital apps, adopting AI to
The Company’s continued investment in enhancing network automate processes and enhance the customer journey,
quality and coverage affirms that it remains committed to and adding digital services through IoT implementation to
supporting Indonesia’s connectivity goals by providing FMC strengthen our FMC propositions and customer satisfaction.
products to millions of homes at affordable prices, bridging
the digital divide and solidifying its leadership in digital With these strategies, the Company will be able to
infrastructure and services. drive FMC penetration even further in 2025 and boost
its financial capacity by upselling more tailored FMC
propositions to cater to specific consumer needs, such as
streaming, gaming, or remote work.
2024 Integrated Annual Report 85
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Management Discussion and Analysis
Enterprise Business and Corporate
Affairs
Yessie D. Yosetya
Director & Chief Enterprise Business
and Corporate Affairs Officer
XL Axiata Business
Solutions has solidified its
presence in Indonesia's
enterprise telecom market.
The expansion of ICT solutions
boosts efficiency, while MSME
segment penetration supports
businesses of all sizes. These
initiatives enhance service
offerings and drive cost savings
for enterprise customers.
2024 Enterprise Strategic Execution
During 2024, the enterprise telecom services market in
Indonesia has been evolving significantly, particularly driven
by advancements in connectivity and digital solutions.
Overall, revenue from telecom services in Indonesia is
predicted to grow at a compound annual growth rate
(CAGR) of 1.5% from 2023 to 2028.
XL Axiata as one of the leading telecom operators has
demonstrated strong performance, particularly our Business
Solutions, which saw significant growth during the year. XL
Axiata Business Solutions has secured a strong position
in the Indonesian enterprise telecom market, offering a
comprehensive range of services tailored to business needs.
Over the years, the Company has expanded its service
portfolio, strengthened its network infrastructure, and
focused on customer satisfaction. Maintaining its resilience,
the Enterprise business has made a significant contribution
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Strengthening Profitability for a Sustainable Future
Performance Overview
Revenue growth in the enterprise business A dedicated "Social Squad” will be established
has significantly increased, driven by to drive our Corporate Social Responsibility
the acquisition of more than 43% new (CSR) programs, such as Sisternet and Gerakan
enterprise contracts. Donasi Kuota, while reinforcing Diversity,
Equity, and Inclusion (DEI) efforts.
In 2024, XL Axiata's energy efficiency Since the launch of the Sisternet app in 2020,
initiatives led to savings of approximately 93 we have empowered over 1 million women
million kWh of electricity and 112 liters of fuel, through education and small business
resulting in an estimated reduction of 69,603 support and assisted more than 4,000 SMEs
tons of CO2e emissions for Scope 1 and 2 with our mentoring programs
to the Company’s revenue, with overall enterprise growth advancing sustainability with Smart Street Lighting
reaching 27% YoY (2023 vs 2024). projects, set to span multiple regions. These efforts not
only enrich our service offerings but also deliver significant
Much of this growth was contributed by the Connectivity efficiency improvements and cost savings for our enterprise
and ICT portfolio, while XL Satu Biz, our unique product customers.
targeting the SME segment, successfully acquired close to
20,000 customers during the year. In the MSME segment, we are committed to accelerating
penetration through XL SatuBiz, our flagship product
These achievements demonstrate our strong market launched in 2023, which has already reached over 20,000
position and commitment to providing innovative solutions clients. This achievement reflects our strategy of carefully
to businesses of all sizes in Indonesia. identifying areas with high-value MSME Points of Interest
(POI), conducting rigorous customer validation, and offering
To bolster the growth of our ICT business, we have expanded tailored products and services. On this basis we believe
our enterprise solutions portfolio through strategic that XL Axiata Business Solutions will be able to effectively
initiatives. These include partnerships with Smart Cities, the penetrate the MSME segment, provide valuable support to
launch of Smart Mining and Smart Manufacturing solutions businesses of all sizes, and deliver more notable results in
tailored to key industries, and the introduction of energy- the coming years.
efficient Smart Energy Monitoring solutions. Additionally,
we are collaborating on AI-powered IoT solutions and
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Management Discussion and Analysis
Amplifying our connectivity efforts, the Company’s technology firms or industry-specific solutions providers is
Business Solutions optimized its 4G and fiber optic network essential for offering comprehensive solutions that meet
and connectivity through Hypernet. This partnership enterprise needs more effectively, thus driving additional
combines telecommunications infrastructure and service revenue. For example, XL Axiata Business Solutions
expertise with Hypernet’s knowledge of integrating diverse has forged strategic partnerships with industry-leading
technologies and solutions. Together, we can create technology providers, including Cisco, Fortinet, and IBM, to
more comprehensive solution offerings. For example, we complement our existing partnerships with Nokia, Huawei,
bundle connectivity with security and cloud services and AWS, and Google. These collaborations enable us to offer a
other digital ICT solutions that meet enterprise needs. By comprehensive suite of integrated ICT solutions tailored to
collaborating we can also improve operational efficiency the specific needs of our enterprise customers.
through streamlined processes, shared technologies, and
combined resources for project delivery. Furthermore, we are actively pursuing advanced MSSP
certification with Fortinet and Cisco, reinforcing our
During the year, the Company has also actively mediated commitment to becoming a leading integrated ICT managed
requirements from businesses with the regulators to create service provider in Indonesia. This certification will enhance
a healthy and sustainable telecommunications industry our capabilities in providing advanced cybersecurity
in Indonesia via both formal and informal discussions, services and strengthen our position as a trusted partner
particularly with regard to spectrum frequency tenders, for businesses seeking comprehensive IT solutions.
onward technology and regulatory charges. In line with
our commitment to good governance, we also ensure We are also playing an active role in the global connectivity
compliance, including but not limited to driving IPv6 alliance on building subsea cable and inland connectivity
compliance, fulfilling our Non-3T obligations, and supporting infrastructure. We see numerous opportunities to make XL
the Government's agenda on preventing online gambling. Axiata a regional player. Through our new vehicle, XL Axiata
The Company’s Regulatory and Government Relations (RGR) Singapore, we are targeting several initiatives in connectivity,
team also acts as a cost optimization driver. Moreover, RGR ICT, and messaging/Voice handling not only Jakarta-
serves as a significant partner for the Company’s business Singapore traffic but serving the wider region as well.
units.
In our rapidly digitalizing world, personal data protection
2024 Key Achievements is a critical issue. XL Axiata is committed to ensuring the
protection of consumers’ personal data through prudent
Despite the economic challenges in 2024, XL Axiata business practices, and in 2024 the Company revamped
Business Solutions achieved notable results due to its several internal policies and introduced new processes to
strategic actions. ensure compliance with the Data Protection Law ahead of
the expiry of the grace period for the law on 17 October 2024.
Revenue growth in the enterprise business has significantly
increased, driven by the acquisition of more than 43% new In 2024, the Corporate Legal and Legal Litigation teams
enterprise contracts, upselling to existing customers, and performed exceptionally well. The Legal Litigation team swiftly
entering new markets such as: the establishment of XL and successfully handled various cases involving XL Axiata
Axiata Singapore Office. Strong performance across our without any significant disruption to XL Axiata’s business. On
product portfolio, including fiber internet, mobile devices, the non-litigation side, the Corporate Legal team successfully
and business applications, fueled this growth, demonstrating managed several corporate actions and transactions that
our market leadership and dedication to providing innovative contributed significantly to XL Axiata's growth.
solutions for Indonesian businesses of all sizes.
One such transaction was the acquisition of residential
We have also sought to penetrate new sectors by offering business from Link Net, which was completed on
bundled services at competitive rates to encourage 27 September 2024. This was part of the strategic
customers to adopt more comprehensive solutions. transformation of PT Link Net Tbk into a FiberCo, allowing
As global demand for connectivity and digital services XL Axiata to focus on being ServeCo. This transaction has
continues to rise, we aim to expand not just through strengthened XL Axiata’s position in the fixed broadband
geographic expansion but also by targeting specific vertical (FBB) market and aligns with the Company’s goal to
industries such as the financial services, mining, energy, promote fixed mobile convergence (FMC).
manufacturing and logistics sectors, government, and SOEs,
all of which require tailored telecommunications solutions. Another significant transaction signed by the Company was
This strategy has successfully increased ICT revenue from the conditional merger agreement in relation to the merger
these vertical industries up by 21% from last year's position. between XL Axiata, Smartfren and Smart Telecom on 10
December 2024. In this deal, XL Axiata will be the surviving
We believe that the establishment of strategic partnerships entity and remain listed on the IDX. The merger is expected
that enhance service capabilities such as collaborations with to be completed in the first semester of 2025.
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Strengthening Profitability for a Sustainable Future
2025 Strategic Focus network management using AI and data analytics. We are
also working on energy management. With rising energy
As we move towards 2025, we have framed some key costs, implementing sustainable energy practices, such
strategic directions to leverage XL Axiata’s Business as optimizing energy consumption in BTS and assessing
Solutions connectivity and ICT growth while simultaneously renewable energy sources in remote areas can significantly
optimizing efficiency. reduce overhead expenses.
The Company's 2025 plans for accelerating growth Aligning with the growth of DNA (Device, Network and
in connectivity and ICT are structured to focus on Application), XL Axiata Business Solutions will expand
infrastructure enhancement, market penetration, and infrastructure and network modernization through last-mile
service innovation. Investing in expanding our fiber networks expansion and the adoption of new technologies such as low
will be a priority, since the technology enables faster speeds Earth orbit (LEO) satellite and optical laser, while continuing
and greater capacity, making it a critical component of to drive private 5G, 5G FWA, and SRV6, and produce more
our growth strategy in connectivity services. Broadband smart, industry-specific solutions by collaborating and co-
expansion will also be one of the keys, especially tapping creating with independent software vendors (ISV). Moreover,
into new SME markets to drive growth through increased XL Axiata’s smooth migration onto next-level IoT platforms
subscriber bases. Enhancing ICT services by developing will facilitate the effort to onboard more IoT solutions to
and expanding security, IoT, and cloud computing solutions specific industry verticals. We believe these strategies will
will also be critical, as businesses increasingly rely on digital strengthen our market position and align it more closely with
transformation. To facilitate this, we aim to build an ICT evolving customer demands and industry trends.
platform that enables fast delivery, reusable, and more cost-
efficient for any industry ICT use cases. Sustainability
To optimize efficiency, we urged operational efficiency 2024 Achievements
by embracing automation and advanced analytics to On sustainability, XL Axiata recorded some critical
streamline business process, reduce manual processes, achievements during the year, driven by strategic initiatives
and improve overall efficiency. We will also rationalize aligned with our overarching Sustainability Strategy. Our
Double Materiality Assessment enabled us to identify and
ICT product offerings to focus on high-margin services
prioritize 12 key Environmental, Social, and Governance
to align operational costs with profitability targets. At
(ESG) topics, such as Climate Impact, Data Security and
the same time we have started to sweat the Company’s
Privacy, Customer Experience, and Employee Well-being.
infrastructure assets to facilitate more agile and flexible
2024 Integrated Annual Report 89
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Management Discussion and Analysis
For the environmental issues, the Company successfully tons of plastic waste and thereby preventing it from ending
managed the GHG inventory by optimizing Scope 1, 2, and 3 up in landfills and the ocean. We also successfully held a
emissions through the following initiatives: Zero Waste to Landfill initiative at our Anniversary event,
› Scope 1 and Scope 2 emissions: In 2024, XL Axiata's managing 1,230 kg of event waste (Paper, Plastic, Organic,
energy efficiency initiatives led to savings of approximately and Residual) and preventing greenhouse gas emissions
93 million kWh of electricity and 112 liters of fuel, resulting amounting to 3,605 kg CO2e from the event.
in an estimated reduction of 70,298 Ton CO2e emissions
for Scope 1 and 2. This marks a significant increase from In terms of social issues, we have undertaken several
2023, when emissions avoidance was around 40,000 tons remarkable initiatives that have helped communities to
of CO2e. grow and sustain. Since the launch of the Sisternet app in
› Additionally, in 2024, XL Axiata purchased its first 2020, we have empowered over 1 million women through
Renewable Energy Certificate (REC) totaling 1,000 units, education and small business support and assisted more
equivalent to 1,000 MWh. The company also expanded than 4,000 SMEs with our mentoring programs. According
its renewable energy efforts by operating four Supernode to our data, these efforts have contributed to a 13% growth
Solar Panels in Sukasari, Cianjur, Mangkang, and Solo, in business profits, a 75% increase in digital adoption among
complementing the existing smaller-capacity solar panels businesses, and a 30% rise in product quantity.
distributed across Indonesia.
› Scope 3: XL Axiata acknowledges partners who have Along with the Sisternet app, we have launched our first
implemented various sustainability initiatives within the XL Axiata Peduli Disabilitas Siap Kerja (Disability Ready
ESG (Environment, Social, Governance) framework for Work) program, wherein XL Axiata trained more than
through the XL Axiata ESG Warrior Awards. This award 100 people with disabilities in two cities and invited 20 of
not only fosters collaboration within our value chain but them to participate in an internship program at XL Axiata.
also encourages partners to enhance their sustainability Furthermore, XL Axiata has established an inclusive work
efforts, including those related to Scope 3 emissions, by environment to welcome interns with disabilities. This
promoting responsible environmental and social practices. initiative aligns with our mission to support Sustainable
Thus, in 2024 we presented 17 ESG Warrior Awards to Development Goals by promoting Diversity, Equality, and
14 of our partners as a token of our appreciation for their Inclusivity (DEI).
efforts.
Also in 2024, the Company initiated a new program,
We were able to do some initiatives on waste management, Gerakan Donasi Kuota (GDK), which provided over 100
including zero waste to landfill events. This year, we started million megabytes of free internet access to more than 200
implementing waste management at XLAT and extended schools and educational institutions, helping them to thrive
it to our regional offices, resulting in the recycling of 10.16 in the digital era.
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Strengthening Profitability for a Sustainable Future
Regarding our governance initiatives, XL Axiata successfully The Sisternet program is a prime example of the successful
assessed 100% of our operations for corruption-related implementation of the 4P strategy. This program has helped
risks, and obtained ISO 27701:2019 certification for Privacy increase Sisterpreneurs’ business productivity by up to 78%
Information Management Systems (PIMS). This achievement and has led to a 43% increase in gross profit following business
makes the Company the first telecommunications operator incubation. Its primary goal is to enhance societal well-being
in Indonesia to obtain this certification, demonstrating the and empower individuals. The beneficiaries of the Sisternet
Company’s commitment to safeguarding personal data. program are spread across 19 cities in Indonesia.
Alongside the above sustainability achievements, we also In addition to Sisternet, the Company aims to reach a total of
strengthened our certification portfolio by building on our 2023 1.7 million beneficiaries through all its CSR programs, including
Carbon Disclosure Project (CDP) environmental certification, Gerakan Donasi Kuota, Pesantren Digital, among others.
becoming the first telecommunications operator in Indonesia
to obtain a B score for two consecutive years; and expanding 2025 Sustainability Initiatives
it to include EcoVadis, aiming for good results. This broadened XL Axiata's sustainability initiatives for 2025 are centered
focus now covers Labor and Human Rights, Sustainable on advancing the Environmental, Social, and Governance
Supply Chain, and Business Ethics. These certifications (ESG) framework to promote a sustainable future. The key
not only enhance our transparency by benchmarking the components of this agenda include:
Company against global standards but also highlight areas › Environmental issues. To achieve the Company’s net-
for improvement, manage ESG risks, and reinforce our zero emissions by 2050, XL Axiata’s Decarbonization
compliance with our sustainability goals. We also participated agenda will drive greater efficiency in reducing Scope
in S&P Global's Corporate Sustainability Assessment (CSA) this 1 and Scope 2 greenhouse gas emissions, while the
year, further demonstrating our commitment to integrating medium-term target for 2025 is to add sustainability
sustainability into core operations. certifications, validate the greenhouse gas data
inventory, and lower emission intensity by 80 kg CO2e/
Engagement with frameworks like the S&P CSA, CDP, and TB. The Company will also deepen supplier engagement
EcoVadis not only improve our internal processes but also to lower our environmental impact, building on the
bolster our reputation, foster stakeholder trust, and enhance momentum of the successful 2024 ESG Warrior Awards.
access to investment opportunities, particularly from ESG- The next step is to refine our waste management strategy
focused investors. both for domestic and electronic waste, including scaling
up the Waste Management Race, which was launched
XL Axiata’s sustainability framework is guided by the 4Ps in the Head Office in 2024, to promote sustainable
pillars - Building Prosperity, Nurturing People, Process behavior among employees. This will be expanded to
Excellence, and Planet and Society, with the aim of creating include electronic waste (e-waste), focusing on recycling
a balanced, responsible, and sustainable business by efforts across staff and IT operations.
addressing economic, environmental, and social factors. › Social issues. A dedicated "Social Squad” will be
› Building Prosperity. XL Axiata’s strategy promotes established to drive our Corporate Social Responsibility
economic growth by developing digital infrastructure (CSR) programs, such as Sisternet and Gerakan Donasi
and enhancing digital literacy. This supports national Kuota, while reinforcing Diversity, Equity, and Inclusion
development while ensuring the Company contributes (DEI) efforts. The goal is to amplify the impact of our CSR
to societal welfare. initiatives through strategic partnerships that extend
› Nurturing People. The Company prioritizes human our reach and benefit more communities. In line with
capital development, both for its employees and our commitment to customers, enhancing the customer
within the communities we serve. This includes offering experience remains a strategic priority, as highlighted
educational programs, skill-building initiatives, and in the Double Materiality Assessment. A seamless,
leadership development. engaging customer journey fosters loyalty and builds
› Process Excellence. XL Axiata focuses on continuous trust, contributing to long-term brand relationships.
operational improvement by adopting innovative As part of this effort, we plan to promote more digital
technologies, optimizing business processes, and literacy and ensure a safe digital environment for users.
upholding strong corporate governance. These efforts This initiative aligns with responsible business practices
ensure long-term sustainability while delivering value to and empowers customers to make informed decisions.
stakeholders.
› Planet and Society. Committed to reducing our
environmental footprint, XL Axiata aims to achieve
net-zero emissions by 2050. This includes energy
efficiency initiatives, the use of renewable energy, and
effective waste management, keeping environmental
responsibility central to our long-term goals.
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Management Discussion and Analysis
Technology & Network
Development
I Gede Darmayusa
Director & Chief Technology Officer
XL Axiata’s network
development focuses on building
converged infrastructure
to accommodate service
convergence. With significant
strides in new technology
adoption, focusing on key areas
such as 5G, IoT, and AI, and
sweating the network assets, the
Company’s strategies for 2024
have yielded remarkable results.
2024 Strategic Execution
Continuing its role as the backbone of XL Axiata’s products
and services, Technology & Network Development has
accomplished service quality, network stability, and more
importantly customer satisfaction.
In 2024, our strategies shifted to meet the rising demand for
over-the-top (OTT) services, customized digital solutions,
and energy efficiency and sustainability. These initiatives
were successfully developed during the period and provided
financial value to the Company.
Along with customer growth reaching 58.8 million subscribers
by the end of 2024, we utilized and optimized our assets
by strategically relocating and upgrading underutilized base
transceiver station (BTS) sites to improve profitability and
network performance. The Company selectively invested in
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Strengthening Profitability for a Sustainable Future
Performance Overview
By boosting connectivity across Samosir XL Axiata collaborated with Cisco to launch
Island and the surrounding regencies with a cloud-based IoT management platform,
over 460 4G BTS, we ensured seamless "IoT Connectivity+.
coverage for both tourists and participants
while promoting tourism in the region.
In 2024 we improved our Automated More than 195 thousand kilometers fiber
Operation Maturity Model (AOMM) score optic installed.
from 2.3 to 3.0, based largely on the
more than 109 automation use cases we
developed during the year.
the network, using a comprehensive AI-driven framework We also adopted a number of operational efficiency
to improve planning accuracy and maximize the return measures, such as digitalization, smart networks, and
on investment (RoI). These actions included the selective automation, throughout 2024. Digitalization across the
upgrading and expansion of potential and growing clusters, network domain from planning and implementation to
cost optimization, relocation of non-profitable sites and operation provided a basis for more accurate investment
capacity, and overall improvement of site healthiness. and overall network efficiency through advanced analytics.
In our operations, we applied automation to improve mean
Likewise, our deployment of AI also helped to create time to repair (MTTR), resolve customers’ complaints, and
energy-efficient networks, through AI-based power-saving boost productivity.
initiatives aimed at cost and energy optimization. These
efforts included electricity optimization, architecture The Company’s implementation of smart networks such
simplification, reducing the number of air conditioning units as Software-Defined Networking (SDN)/SRv6 and Self-
through outdoorization, and lowering fuel consumption by Organized Networks (SON) helped to maintain seamless
utilizing renewable energy sources, principally solar. services and improve the customer experience. This year,
we implemented SDN configuration in 54% of our network
These initiatives were carefully executed to improve energy with a target to complete it by the end of 2025.
efficiency without compromising the quality of services.
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Management Discussion and Analysis
These strategies executed during 2024 were intended to projects that the number of IoT connections in Indonesia
fulfil the gap between customers and business demand that will triple by 2028, driven by the growing demand for smart
become more challenging over time. cities and connected solutions.
Meeting customers' demand for quality connections and These initiatives are aligned with XL Axiata’s strategy to
increasing data usage requires substantial investment. modernize its network infrastructure, leverage automation,
Meanwhile, the Company needs to enhance network and improve cost efficiency, ultimately enhancing both the
capabilities to deliver diverse services at a manageable cost customer experience and operational performance.
within the same network infrastructure.
Along with the adoption of new network technologies, XL
Today, XL’s network development focuses on building Axiata successfully optimized capacity, particularly during
converged infrastructure to accommodate service the Lebaran season when data traffic surged by 16%
convergence (mobile, home and enterprise). This requires nationwide. Despite the heavy demand, we maintained
our network to have the capability to differentiate and serve a stable network performance throughout the period,
diverse types of services and their specific requirements demonstrating the effectiveness of our preparations and
while maintaining efficiency. To meet these demands, we continuous network monitoring efforts.
have been expanding, modernizing and optimizing our
network, including through the development of automation Regarding network upgrades, XL Axiata has made
use cases. substantial advancements in our fiberization strategy to
enhance both operational performance and network quality.
For example, XL is adopting content delivery networks This initiative supports the Company’s converged service
(CDN) and pursuing partnerships with content providers to strategy, combining mobile and fixed broadband to attract
enhance network performance while also improving cost customers seeking comprehensive digital solutions. By
efficiency. 2024, XL Axiata installed a total of 195,000 km of fiber optic
cables and successfully fiberized 63% of our sites. we are
Meanwhile, to minimize the risks associated with extending ensuring improved data transmission speeds and network
coverage, we have been deploying mobile BTS (MBTS), stability, benefiting both individual and business users.
revisiting co-location schemes with partners and re-locating
site. These strategies have enabled us to avoid sunk costs In addition to the fiberization strategy, the Company has
and grasp the market while maintaining cost efficiency. also managed site optimization to significantly improve the
Increasing WiFi penetration is also challenging for the mobile productivity of the sites. The relocation of non-profitable
industry due to the different cost structure. This demands and/or underutilized sites to more potential locations has
operators, including XL, to respond with enhanced WiFi driven increases in revenue of 153%, subscribers of 202%,
synergy and connection quality. and data traffic of 132%. This initiative, which started in
2023, has successfully relocated around 371 sites.
2024 Performance
Our power transformation initiatives also contributed
The Company’s strategies for 2024 have yielded remarkable to network enhancement in 2024, driving operational
results. XL Axiata has made significant strides in new efficiency and environmental sustainability through the
technology adoption, focusing on key areas such as 5G, IoT, implementation of AI and automation, across several areas.
and AI.
XL Axiata’s robust network enhancements also supported
In partnership with Ericsson, the Company successfully several prestigious national and international events in
enhanced its capabilities to support 4G and 5G networks by 2024. Notably, the Company ensured optimal 4G network
implementing a dual-mode 5G core network. This upgrade performance during the F1 Powerboat Championship
aims to boost connectivity and pave the way for more at Lake Toba in March. By boosting connectivity across
advanced digital services in Indonesia. Samosir Island and the surrounding regencies with over
460 4G BTS, we ensured seamless coverage for both
Simultaneously, XL Axiata collaborated with Cisco to tourists and participants while promoting tourism in the
launch a cloud-based IoT management platform, "IoT region. Additionally, during the AFF U-19 Cup in Surabaya,
Connectivity+." This platform is designed to simplify large- we strengthened the network across the two main venues:
scale IoT deployment by offering enterprise-grade security, Gelora Bung Tomo Stadium and Gelora 10 November Stadium.
real-time analytics, and AI-powered anomaly detection. To accommodate the increased traffic from football fans and
With this solution, XL Axiata aims to accelerate the adoption delegations, we installed mobile BTS units and doubled our
of IoT in sectors such as automotive, banking, utilities, and network capacity to deliver a seamless digital experience
fleet management; and we already completed the migration for customers while supporting Indonesia's credentials as a
to the cloud-based platform in August 2024. The Company tournament host. These initiatives underscore XL Axiata’s
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Strengthening Profitability for a Sustainable Future
commitment to enhancing network quality and supporting 2025 Strategic Focus
events that foster both local community engagement and
international visibility. Looking ahead to 2025, we aim to build on our robust
network development and digital transformation journey to
The Company also reinforced support for our CDN strategy, drive growth, improve operational efficiency, and enhance
including collaborations with high-demand platforms such customer experiences.
as TikTok, Google and FaceBook. Building localized CDNs
improves latency and streaming quality for these content- The strategic focus of XL Axiata Technology and Network
heavy applications, resulting in reduced buffering times and Development for the coming year will center on:
a smoother viewing experience for users. › Further sweating Company assets, focusing on improving
profitability though coverage and capacity expansion as
These advancements are underpinned by XL’s investments well as optimizing the productivity of existing sites;
in network fiberization, as we connect more base stations › Accelerating network automation, including by
with fiber to support increased data usage and future 5G completing the SDN configuration and continuously
implementation. developing use cases to leverage productivity and
enhance the customer experience;
Staying in touch with our customers' needs, we have › Implementing new technology to support new and
continuously advanced our automation program. In 2024 existing revenue streams, including tailored multi-service
we improved our Automated Operation Maturity Model solutions for enterprise needs, providing high-speed
(AOMM) score from 2.3 to 3.0, based largely on the more broadband solutions through fixed wireless access, and
than 109 automation use cases we developed during the modernized core and transport to support 5G readiness
year. This has improved operational productivity by 25%, and differentiation of converged services; and
reduced the number of trouble tickets by 33% and delivered › Driving operational excellence through cost-saving
faster problem resolution. Our AOMM score not only reflects initiatives and continued digitalization to improve
the improvements we making in service quality but also productivity.
positions us ahead of our competitors, allowing us to
enhance our Service Level Agreement (SLA) metrics. By executing these strategies, the Company aims to
strengthen our leadership in Indonesia’s telecommunications
industry, achieve sustainable growth, and position XL Axiata
as the preferred choice for customers and businesses in
2025 and beyond.
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Management Discussion and Analysis
IT Digital
Rico Usthavia Frans
Director & Chief IT Digital Officer
In line with the hygiene-
focused IT theme, IT Digital had
successfully elevated its role
from business enabler to strong
business partner to support the
Company’s sustainable growth.
With the Run-Change-Transform
(RCT) framework, we are ready
to perform the Seamless Digital
Experience for the year ahead.
In 2024, IT Digital had successfully elevated its role from
business enabler to strong business partner to support the
Company’s sustainable growth. In line with our hygiene-
focused IT theme, we had been consistently using the Run-
Change-Transform (RCT) framework, as follows:
• RUN: Fix operational issues to keep the lights on by
focusing on improving system reliability & security;
• CHANGE: Build new capabilities to grow sustainably
by focusing on cloud & cost transformation, improving
time to market, and supporting major business priority
initiatives;
• TRANSFORM: Develop effective organization and
talents by introducing IT Business Partners and IT Risk
Control units.
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Strengthening Profitability for a Sustainable Future
Performance Overview
We implemented the Launched the HYFE › Monthly average users
Governance Protection- brand for XL Prioritas (MAU) myXLand AXISnet
Operations (GPO). Overall, in 4Q 2024 grew almost 2x in two
we had improved our overall years.
security posture index 85.0% › Internal process modernized
in 2023 to 95.2% by end of to boost productivity
2024. › Launch of eSIM MyXL and
AXISNet adopted
2024 Key Achievements In the security area, we implemented the Governance-
Protection-Operations (GPO) framework to identify security
For RUN pillar, we delivered much improved application gaps, prioritize fixing initiatives, and measure security
stability despite the significant user and transaction growth posture. Overall, we had improved our overall security
that led to highest ever TNPS for myXL and AXISnet. posture index 85% in 2023 to 95% by end of 2024.
To improve system stability, we implemented a near-real- As part of the CHANGE pillar, to reduce costs while
time monitoring system to spot most incidents within improving system scalability, we had been aggressively
5 minutes. On top of that, we had been using 3L5W migrating to clouds. In 2024, we managed to migrate 62%
(3-Legged 5 Why’s) to find the root cause of the incidents of our apps into the cloud. On top of that, we also migrated
on three levels (specific, detection, and systemic levels) data analytics systems to the cloud that will provide
and to mitigate repeat incidents. Meanwhile, dumb-basic significant cost-avoidance in the future. We also set up a Fin
fixes such as right-labelling of error messages, API stability Ops unit that implemented various initiatives to optimize
improvement, and user journey and interface finetuning cloud unit cost and to avoid bill shock, especially related to
helped reduce errors and increased customer satisfaction. data analytics activities.
Together, these initiatives resulted in 55% fewer incidents
in 2024 and 73% faster recovery time. Fewer incidents
and faster resolution had reduced our revenue losses due
incident to below 0.6% of revenue which is well below the
industry standard of 1.2%
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Management Discussion and Analysis
One of the key initiatives in CHANGE pillar is the development 2025 Strategic Focuses
of Enterprise Product Catalog (EPC) to rationalize, simplify,
and automate our product catalog that has improved time In 2025, our theme is Seamless Digital Experience.
to market and accuracy of product creation and onboarding.
Besides that, this initiative had also minimized fraudulent For the RUN pillar, as far as system reliability concern, our
transactions. So far we managed to reduce the number of target is to reduce incidents by 25% in 2025, Hence, the
product variants from 17 thousands to 12 thousands with an initiatives performed in 2024 are no longer sufficient to
ultimate target of mapping into 13 product family templates. improve our system reliability further. We must focus on
The EPC has also simplified the interaction between front operations automation, system redundancy improvement,
end apps, middleware, and surrounding systems that and cyber security enhancement. We will automate end-to-
improved system performance and reduced latency. We end processes from monitoring to preventive maintenance
also embedded product onboarding and testing automation and incident remedies. Increasing real-time redundancy
as part of the project. Overall, we expect to reduce the will enable us to react faster to incidents. Lastly, with more
product onboarding turnaround time from 7 days to 3 days. subscribers and partners connected to our system, investing
in a robust cybersecurity framework to assess and close our
During 2024, we enhanced our mobile business portfolio security gaps will be essential.
with the launch of XL Bebas Puas, which enables subscribers
to personalize their prepaid packages, and offered the Axis In the CHANGE pillar we will implement further cost
Teng-Go and Flash War programs that introduce hourly restructuring and app modernization to ensure they are
unlimited internet packages. The Flash War program has fit and scalable to support faster business growth. This will
successfully engaged 9.3 million customers with 380 million start with the revamp of myXL, which will serve as a model
coins redeemed. for our other apps. We also target automation and AI-driven
development, testing, operation, and security areas.
Meanwhile in the premium segment, we launched the HYFE
brand for XL Prioritas in 4Q 2024, featuring an unlimited data Finally, in the TRANSFORM pillar we will develop a service-
package with convenient upfront payment and auto-pay based IT model to support development and maintenance
options aligned with our postpaid customers’ preference. comprehensively. On the risk management side, we also
Additionally, we enhanced our campaign management strongly recommend to set up Risk Control Units beyond IT.
system to track customer behavior from entry points to This will help to mitigate risk comprehensively.
campaign engagement, including WhatsApp and email
interactions, allowing us to enhance engagement with more
targeted customer touchpoints.
In the TRANSFORM pillar we established IT Business Partner
with strong leadership to manage and control demand
better by having regular meetings and prioritization sessions
with business stakeholders. This had leveled up IT from just
business enabler to strategic partner. We also established
an IT Risk Control Unit to improve our risk management.
Some of the key deliverables of the unit are identification
of 13 Risks Categories and 25 key Risk Events, assessment
of IT & Network resiliency posture, enhancement of change
management controls, and enhancement of app security to
reduce fraud risk.
98 PT XL Axiata Tbk
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Human Capital Development
Continuing its path to become
the Leading Converged Operator
in Indonesia, XL Axiata had been
supported by 1,663 employees by
the end of December 2024. The
Company places a strong emphasis
on human capital (HC), recognizing
that its employees are pivotal to the
company's success in industry.
Overview In 2024, the Company entered a business integration project
with Smartfren. On the HC side, the addition of personnel
HC development is not just an HR function, it is a strategic for the integration proclaimed XL Axiata’s liability for the
business imperative. Even more in the telecom industry, HC workforce.
plays a critical role where rapid technological advancements,
high competition, and evolving customer demands require a Also in 2024, the Company earned recognitions for the HC
skilled and adaptable workforce. activities. This conveys to the management and employees
as stakeholders and proves the Company engagement to
XL Axiata employed HC as a strategic asset, as a business HC development. The awards are from:
partner that contributed to sustainable growth of the
Company. Management believes a strong synergy between HR Asia Awards 2024: XL Axiata was honored in two
company strategies and HC lead to great achievement. categories:
Through the HC key initiatives and strategies, the Company › Best Workplace to Work for in Asia: This award
ensures that its workforce remains skilled, motivated, and acknowledges the company's exemplary human
future-ready. resources practices and high levels of employee
engagement. This was also awarded for the second time
HC Activities in 2024 to XL Axiata.
› Diversity, Equity & Inclusion: This recognition highlights
XL Axiata’s commitment to sustain the standards of lawful XL Axiata's commitment to fostering a diverse and
and ethical conduct, by demonstrating honesty, fairness inclusive workplace culture.
and accountability in all our business practices, and fulfilling
promises made to earn the trust of our stakeholders. In this Stellar Workplace Award 2024; XL Axiata achieved in
pursuit of excellence, the Company promotes a culture of 4 categories Best of the Best Innovative Digital Driven
innovation and collaboration that seeks not only to heighten Engagement Program, Top 5 Digital HR Experience
the Company's advancement, but also to manifest the Champion, Stellar Workplace Recognition in Employee
satisfaction of every employee, consumers, and society. Commitment, and Stellar Workplace Recognition in
Employee Satisfaction.
2024 Integrated Annual Report 99
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Management Discussion and Analysis
HC on Recruitment and Talent Management 2024’ to increase women’s participation in advancing the
System economy through supports for growth of women-led micro,
small and medium enterprises.
Employee Recruitment
Recruitment plays a critical role in the Company's success by Given our business characteristics, adaptive employees can
ensuring that the right talent is brought in to drive business play a vital role in the Company’s sustainability. With talent
growth and innovation. Employee Value Proposition (EVP) management, XL Axiata has transitioned from grouping
as XL Axiata’s ways of recruitment and talent management talents by function or directorate to consolidating talent
has determined to attract, develop, and retain top talent pools based on specific areas of expertise. Integrated
in the telecommunications industry. Accordingly, XL through digital talent management, HC division formulated
Axiata has introduced a comprehensive Human Resources a People Quality Framework. This strategic framework
(HR) management, a strategic approach to managing its includes leadership, skills, functional capability, and
employees, which involves establishing and executing motivation (named amplifier). While the process of this
policies, programs, and procedures. framework includes selection, talent pool, development and
retention, deployment, and graduation.
XL Axiata has developed and implemented a clear and
transparent recruitment process to ensure a seamless HC on Training and Development
experience for candidates. We produce a video guidance in
media social, “Hiring Process in XL Axiata” which provides XL Axiata’s HC division always ensures that the
a step-by-step overview of what applicants can expect, it organization's structure and capabilities are always relevant
helps the candidates to see insights into the recruitment to the ever-growing business demands. Every year, HC
process. proactively participates in the Company’s preparation
on business plan. Through the People Development
XL Axiata recruitment process includes: Framework, HC systematically conducts a learning needs
› Sourcing & Shortlisting Process, which involves setting analysis to design targeted HR development programs. The
up the requirements and job description by the users. analysis includes leaders feedback, company strategy &
› Selection Process, which involves a series of activities of transformation charter, current key capabilities, and industry
selecting applicants. benchmarking; resulting in strategy development of learning
› ON BOARDING, which involves nurturing corporate and development coverage which covers 3 main areas,
culture, vision, and mission, etc, among the employee. functional key capabilities, general skills and soft skills, and
leadership competencies. We adopt a 70-20-10 method for
In the recruitment process, the Company will evaluate the task-based experiences, mentoring and formal class.
applicants based on some factors, including:
› Competences. Talents will be assessed based on Throughout 2024, XL Axiata has held several trainings and
their ability, expertise, and knowledge relevant to the development programs with focus on 10 key capabilities
intended position. that are aligned with XL Strategy. The key capabilities are:
› Cultural alignment. Talents to demonstrate their 1. Convergence mindset and understanding
personal values and how well they align with XL Axiata’s 2. Partnership, Collaboration, Creativity
values. 3. Agility
› Commitment. The Company will evaluate the 4. Change Leadership (Transformation leader)
candidate’s professional motivation and aspirations in 5. Customer Experience (CX
building career towards the intended position. 6. Advance Analytic, AI/ML
› Agility. The Company demand a talent who is responsive 7. Digital Savvy
and adaptive to navigate the challenges posed by 8. Cloud Technology
rapid change (volatility), unforeseen issues and events 9. 5G
(uncertainty), organizational complexity (complexity), 10. Enterprise Business
and unclear situations or conditions (ambiguity),
commonly known as VUCA. The number of employees participating in 2024 training
programs was 1,662 employees, compared to 1,502
XL Axiata also adheres to a transparent and fair manner employees in 2023. And to support the effective trainings,
in its recruitment process and is committed to not apply the Company has allocated a budget whose amount is
discrimination against the job applicants/candidates. As determined based on needs and the Company’s financial
the manifestation of its support for non-discrimination, XL capabilities. In 2024, total training and development
Axiata has been taking an active participation in the women program costs incurred amounted to to Rp7,449,117,233,
empowerment initiatives, one of which is through Sisternet compared to Rp8,314,806,611 incurred in 2023.
program. In 2024, the Company held two initiatives titled
‘Festival Sisternet 2024’ and ‘Kompetisi Modal Pintar
100 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Learning process in management level also applied through HC of Occupational Health and Safety and
the Executive Development Program, which allows the Environment
leaders to join training and learning processes in a foremost XL Axiata strives to balance the triple bottom line of people,
institution. This program focuses on digital transformation and planet, and profit to achieve long-term success and viability.
business strategy enhancement. HC division also provides This commitment is ensured by protecting the safety, health,
a program named Co-Pilot for Chief Position, a sustainable and welfare of the workforces which is our most valuable
program for the candidates of board of directors to have resource.
coaching and mentoring experiences with the current Chiefs.
XL Axiata applies occupational health and safety principles
To elaborate digital transformation in the Company, HC also to establish a safe and healthy work environment to promote
programmed a Specialized Digital Training. A Training for a sustainable workplace, for that the Company accordingly
digital skills, including cloud computing, cybersecurity, and implements Health, Safety, and Environment Management
data analytics, to keep employees competitive. System (HSEMS).
HC on Employee Welfare HSEMS policy commenced in 2022 reflects the Company’s
dedication to providing customer satisfaction and ensuring
XL Axiata is committed to enhancing employee welfare the establishment of an efficient, healthy, secure, and eco-
through a variety of programs and initiatives designed friendly workplace for both employees and customers. To
to support their well-being, professional growth, and ensure the effectiveness, the Company has appointed the
engagement. Facility Compliance and HSE Assurance unit under the Facility
Operation and HSE Department to carry out and supervise the
Key aspects of the employee welfare including remuneration, policy implementation, with the following duties:
benefits program, and facilities.
› As Enterprises Business Partner
XL Axiata recognizes its employees’ contribution to the Conducting Hazard Identification and Risk Control (IBPR)
Company by providing attractive remuneration packages Identifying Environmental Aspects and Impacts (IADL)
for employees. To formulates the remuneration system, the Conducting Compliance Tests for Laws and Regulations
Company consider the applicable regulations and include concerning HSE
the achievement of decent living needs for employees by › Setting Goals, Objectives and Programs for Occupational
considering the price of necessities, inflation rate, standard Health, Safety and Environment (HSE)
of living, and other variables in accordance with the Perform Documentation (HSE Policy, HSE Procedure,
Company’s financial capacity, industry’s average rate and HSE Work Instructions, HSE Parameter Standards, and
business locations where it operates. HSE Forms)
› Applying Contractor Safety Management System
To boost employee productivity, XL Axiata formulates (CSMS)
rewards which are given in the forms of: › Organizing HSE Monthly Meetings
› My Flexpro, a development plan of a one-fits-all › Conducting HSE Competency Training
employee non-cash program which covers health › Measuring HSE Performance
benefit programs and educational purposes, but also › Organizing HSE Inspections
includes travel, health, additional leave purchases, and › Conducting HSE Audits; Internal Audit at least once a
pension programs. year, second party Audit (Vendors and Partners) at least
› Provision of tuition fees once a year and External Audit (3rd Party) at least once
Opportunities for participating in Individual Development every 3 (three) years
programs › Conducting HSE Management Review Meetings at least
› Travel for Employees to appreciate their performance once a year
and target achievement › Improvement and Corrective Action.
› Token Appreciation, a non-cash reward granted to
employees who have demonstrated active engagement In addition to HSE policy, XL Axiata introduces internal
and huge contribution to the company’s strategic regulations regarding sexual harassment, which also
initiatives programs. regulates specifies certain behaviors that can result in
termination of employment, including committing immoral
Some other facilities granted to the employees are Annual acts or engaging in unlawful activities, such as gambling
Leave and Special Leave which aim at providing the within the Company, attacking, molesting, threatening, or
employees an opportunity to have more quality time with intimidating co-workers or entrepreneurs in the Company’s
their families, for example maternity leave and paternity work environment.
leave. During 2024, the Company granted Maternity and
Paternity Leave for 1,663 staffs, consisting of 2 Female
employees and 5 Male employees.
2024 Integrated Annual Report 101
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Management Discussion and Analysis
To strengthen the HSE implementation within the Company, Basketball, XL Axiata Futsal & Football, MTXL (Majlis
Occupational Health, and Safety Advisory Committee Taklim XL) and XL Axiata Music. Through these
(P2K3) of XL Axiata shares responsibility for overseeing the efforts, we expect to see an increase in employee
HSE aspects and serves as a forum for the management and health, creativity, and productivity;
employees to communicate and develop same perspective c. held a HSE training to increasing awareness of the
as well as contribute effectively in HSE implementation importance of HSE implementation to promote a
within the Company. P2K3 is tasked with the following sustainable workplace, with 11 number HSE Internal
duties: Training and 7 number HSE External Training -
Competency.
1. Building an HSE conscious culture
2. Provide XL Axiata safety performance reports every HC in Digital Transformation
quarter to the Manpower Office
3. Socializing HSE to employees Chairman of P2K3 As one of the premier operator telecommunication companies
(Director & Chief Technology Officer) Region - Jabo in Indonesia, XL Axiata also implements and integrates AI
(Member) Head Office (Member) Region-West (Member) platforms to its area of HC development. Continuing the
Region - Central (Member) application of Human Resource Information System (HRIS) for
4. Implementing various HSE aspect trainings its employees, HC division has developed a learning experience
5. Ensuring HSE programs and monitoring the effectiveness platform named XLearn, which enables all workforces to
of their implementation have digital learning experience and coaching and mentoring
6. Develop risk control measures against HSE hazards in opportunities. This platform provides flexibility yet efficiency
the work environment in the learning process. Digital learning includes advanced
7. Organizing management reviews held once a year. training in AI, machine learning, data science, and analytics for
technical and operational staff.
In 2024, the Facility Operations and HSE Department
and the Facility Compliance and HSE Assurance unit has To help the employees engage more in the work station,
designed and implemented several work programs as part in 2024, XL Axiata further advanced its digital initiatives
of its duties and responsibilities: by leveraging artificial intelligence (AI) across various
› HSEMS audit, pursuant to the audit results in 2023, operational aspects. This strategic move was designed to
which is still valid thru 2026, the Company scored improve service delivery and operational efficiency, ensuring
93.37% (Satisfactory) in accordance with Government the company remains competitive in the fast-paced digital
Regulation No. 50 of 2012 concerning the Implementation era. The AI and data analytics occupied in HC leveraging
of Occupational Safety and Health Management System. AI-powered analytics for better decision-making in talent
Also to support its HSE implementation, XL Axiata has acquisition, workforce planning, and employee performance
applied ISO 45001: 2018 for Occupational Safety and tracking.
Health Management System and ISO 14001: 2015 for
Environmental Management System. Moreover, XL Axiata partners with educational institutions
› Remedial and precautionary measures, XL Axiata has to provide employees access to specialized courses and
taken the corrective actions for unsafe conditions, certifications in AI, data science, and digital transformation.
unsafe actions, and work accident investigations, which XL Axiata also established an AI (CoE) where employees
resulted in a 81% correction rate compared to 95% can collaborate, learn, and experiment with AI technologies.
correction rate in 2023. Senior staff and AI experts also serve as mentors, guiding
› Contractor safety management system, to asses teams on how to leverage AI for problem-solving and
the contractors who worked within the XL Axiata innovation.
environment.
› Management review meeting, yearly meeting result are: HC for the Society
a. zero accidents and no occupational disease taking
place in our business environment. In the past 3 XL Axiata through HC division promotes a culture of
(three) years we have identified the rate of work innovation and collaboration that seeks not only to heighten
accidents taking place throughout XL Axiata’s the Company's advancement, but also to manifest the
operations, which was at low level. In 2024, work satisfaction of every employee, consumers, and society.
accident rate as per 200,000/1,000,000 manhours,
emphasizing its commitment to realizing the To deepen management engagement with the employees,
operational excellence with a zero fatality. we hold various activities involving management and XL
b. improving the quality of health at work with various Axiata employees from year to year, such as XL Club, Mudik
programs such as fitness centers, day care and Karyawan, Safari Ramadhan, Leadership lounge, E-Townhall,
lactation rooms for breastfeeding mothers, and a and CEO Talk. These activities marked a collaboration in
number of XL Axiata sports communities such as the Company, and appreciation act of the Company to the
XL Axiata Da Bikes, XL Axiata Runner, XL Axiata workforces.
102 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Employees of XL Axiata are also actively involved in various Strategies Going Forward
programs of the Company for society. The activities are ways
for XL Axiata employees to express gratitude, compassion Facing challenges in the coming years, XL Axiata's belief
and awareness in our community. Group of employees did and continue the commitment to leveraging human
the donation for the victims of natural disasters, blood capital as a pivotal asset in achieving organizational
donation, and actively engaged in sustainability initiatives. excellence and sustaining growth in Indonesia's dynamic
telecommunications landscape.
HC in Strategic Merger
As an anticipation of its merger with Smartfren Telecom
XL Axiata had a merger announcement with Smartfren Tbk and Smart Telecom, the Company plans some key
Telecom Tbk and Smart Telecom in December 2024. This takeaways such as leadership appointments for the Board,
merger collaborates all aspects in both Companies, including workforce integration, and continue to boost employee
HC division. With the merger established, employees have productivity through competencies development, while
equal opportunity to work for a stronger and competitive promoting a culture that embraces agility and rapid
platform that offers greater career advancement. The adaptation to industry changes.
employee also has new access to exciting and diverse roles,
along with new projects and experiences, not to mention
greater chance to benefit from best practices shared
between both companies, enhancing overall employee
satisfaction.
Training Data
No. Description January – December 2024
1 Number of Employees (Jan-Dec) 1,663
2 Total training session and workshop 1,217 program(s)
335 sessions
3 Unique employee as a participant 1,662
4 Participant 2,159
5 Total training days 12,055 days
6 Total training hours 53,587 hours
7 Average training hours per employee 32.24 hours
2024 Integrated Annual Report 103
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Management Discussion and Analysis
Employee Demographics
Employee Demographics by Directorate
Description 2024 2023
CEO's Office 98 97
Finance 173 175
Commercial - Home & Convergence 164 50
Commercial - Consumer 540 515
Technology 207 204
IT Digital and Analytics 308 285
Enterprise Business & Corporate Affairs 173 169
Grand Total 1,663 1,495
Employee Demographics by Employment Status & Gender
2024 2023
Description
Male Female Total Male Female Total
Permanent 932 446 1,378 843 399 1,242
Contract 236 49 285 204 49 253
Grand Total 1,168 495 1,663 1,047 448 1,495
Employee Demographics by Job Level
Description 2024 2023
President Director & CEO 1 1
Director 6 5
Chief 8 7
Group Head 49 49
Head 177 173
Staff/Individual Contributor 1,401 1,260
Grand Total 1,663 1,495
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Employee Demographics by Age
Description 2024 2023
<25 years old 21 9
25-30 years old 137 149
30-35 years old 362 343
35-40 years old 363 330
40-45 years old 378 343
45-50 years old 281 227
> 50 years old 121 94
Grand Total 1,663 1,495
Employee Demographics by Education Level
Description 2024 2023
Diploma 94 108
Bachelor Degree 1,366 1,252
Master/Doctorate 203 135
Grand Total 1,663 1,495
Employee Demographics by Tenure
Description 2024 2023
< 1 years 146 151
1 - 5 years 416 320
5 - 10 years 471 462
10 - 15 years 315 268
15 - 20 years 178 182
> 20 years 137 112
Grand Total 1,663 1,495
Employee Demographics by Gender
Description 2024 2023
Male 1,378 1,047
Female 285 448
Grand Total 1,663 1,495
2024 Integrated Annual Report 105
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Corporate Governance Corporate Governance 106 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
XL Axiata firmly
believes that
adherence to
exemplary Corporate
Governance practices
will be instrumental
in achieving its
strategic objective of
becoming the leading
convergence operator
in Indonesia.
2024 Integrated Annual Report 107
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Corporate Governance
Corporate Governance
Commitment
Good Corporate Governance (GCG) is a critical and continuous Furthermore, XL Axiata acknowledges the significance of
commitment that XL Axiata integrates into its daily operational legal compliance and endeavors to adhere to all relevant
framework. This commitment encompasses a diverse range laws and regulations governing its industry. By fulfilling these
of activities, all aimed at upholding exemplary customer obligations, the company affirms its commitment to ethical
service standards. The organization places great emphasis business conduct and responsible corporate citizenship.
on managing its business and operational practices with the XL Axiata firmly believes that adherence to exemplary
utmost professionalism, which entails the implementation of Corporate Governance practices will be instrumental in
rigorous processes and comprehensive training programs achieving its strategic objective of becoming the leading
that equip employees with the necessary competencies to convergence operator in Indonesia.
excel in their roles.
In addition to regulatory compliance, XL Axiata is dedicated
To reinforce its dedication to GCG, XL Axiata consistently to implementing initiatives that emphasize social and
invests in the advancement of its organizational environmental responsibility. The organization actively
infrastructure. This investment involves the enhancement of seeks opportunities to engage in sustainable practices,
technological systems, the refinement of internal processes, including reducing its ecological footprint and contributing
and the assurance that all operations comply with applicable to community development. Through these initiatives,
regulations and established best practices. The Company is XL Axiata not only aims to meet regulatory requirements
proactive in identifying potential areas for improvement and but also aspires to generate a positive impact on society
is committed to fostering a culture rooted in accountability and the environment, thereby reinforcing its position as a
and transparency throughout its operations. responsible leader within the telecommunications sector.
Corporate Governance Legal
References
As a publicly traded entity on the Indonesia Stock Exchange, Furthermore, XL Axiata has instituted a Whistleblowing
XL Axiata is committed to upholding the Corporate System accessible to all employees and has enacted an Anti-
Governance guidelines as stipulated in the Law of the Bribery and Anti-Corruption Policy that applies uniformly to
Republic of Indonesia No. 40 of 2007 concerning Limited all company personnel, in addition to third-party individuals
Liability Companies, along with its implementing regulations, and stakeholders who engage in business with XL Axiata.
as well as Law No. 8 of 1995 regarding the Capital Market.
The Company is dedicated to complying with all pertinent In executing its Good Corporate Governance (GCG)
regulations, particularly those promulgated by the Financial framework, XL Axiata references existing laws and
Services Authority (OJK) and the Indonesia Stock Exchange. regulations, including capital market authority regulations
and established best practices. These best practices
XL Axiata adheres to a variety of internal regulations, encompass various guidelines and standards aimed at
including updated Articles of Association that align with fostering transparency, accountability, and ethical conduct
current legal requirements. The organization has established within the organization:
comprehensive internal policies, which encompass an
Employee Code of Ethics and Conduct Policies, a Good
Corporate Governance (GCG) Manual, Work Guidelines,
and a Code of Ethics for the Board of Directors and Board
of Commissioners (Board Manual). These policies address
various operational aspects of the company.
108 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Corporate Governance Legal References
1. Law No. 8 of 1995 concerning Capital Market. 9. POJK No. 29/POJK.04/2016 concerning Annual
2. Law No. 40 of 2007 concerning Limited Liability Report of Issuers or Public Companies.
Companies. 10. POJK No. 15/POJK.04/2020 concerning the Plan
3. Law No. 4 of 2023 concerning the Development and and Implementation of the General Meeting of
Strengthening of the Financial Sector. Shareholders of Public Companies.
11. POJK No. 16/POJK.04/2020 concerning the
Financial Services Authority Regulations (POJK) and Implementation of Electronic General Meeting of
Financial Services Authority Circulars (SEOJK), among Shareholders of Public Companies.
others: 12. POJK No. 17/POJK.04/2020 concerning Material
1. POJK No. 33/POJK.04/2014 concerning the Board Transactions and Changes in Business Activities.
of Directors and Board of Commissioners of Issuers 13. POJK No. 42/POJK.04/2020 concerning Affiliate
or Public Companies. Transactions and Conflict of Interest Transactions.
2. POJK No. 34/POJK.04/2014 concerning the 14. SEOJK No. 32/SEOJK.04/2015 concerning
Nomination and Remuneration Committee of Issuers Guidelines for Public Company Governance.
or Public Companies. 15. SEOJK No. 16/SEOJK.04/2021 concerning the
3. POJK No. 35/POJK.04/2014 concerning Corporate Format and Content of the Annual Report of
Secretary of Issuers or Public Companies. Issuers or Public Companies.
4. POJK No. 8/POJK.04/2015 concerning Website of 16. Roadmap of Indonesian Corporate Governance
Issuers or Public Companies. Guidelines issued by OJK.
5. POJK No. 21/POJK.04/2015 concerning the 17. ASEAN Corporate Governance Scorecard (ACGS)
Implementation of Public Company Governance issued by the ASEAN Capital Market Forum
Guidelines. (ACMF).
6. POJK No. 31/POJK.04/2015 concerning Disclosure 18. Indonesian General Guidelines for Corporate
of Material Information or Facts by Issuers or Public Governance issued by the National Governance
Companies. Policy Committee (KNKG).
7. POJK No. 55/POJK.04/2015 concerning the
Establishment and Work Guidelines of the Audit
Committee.
8. POJK No. 56/POJK.04/2015 concerning the
Establishment and Guidelines for the Preparation of
Internal Audit Unit Charter.
Good Corporate Governance
Principles
In the application of Good Corporate Governance (GCG) Governance General Guidelines (PUGKI) 2021, which have
principles, XL Axiata has implemented digitalization to been revised by the National Committee on Governance
enhance the efficiency of operational processes, ensure Policy (KNKG). The principles encompass Ethical Conduct,
consistency, and uphold the quality of the organization. Accountability, Transparency, and Sustainability.
Furthermore, XL Axiata adheres to the foundational principles
of GCG in accordance with the Indonesian Corporate The following is an elucidation of each GCG principle
adopted by the Company:
2024 Integrated Annual Report 109
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Corporate Governance
Ethical Conduct
The corporation places a premium on honesty in its operations, treats all stakeholders with respect, fulfills
commitments, and consistently cultivates and maintains moral values and trust. It takes into consideration the
interests of shareholders and other stakeholders based on principles of fairness and equity. The corporation is
managed independently, ensuring that no individual corporate entity can dominate or intervene in the affairs of
another.
Implementation at XL Axiata
All decision-making processes within the Company are required to avoid conflicts of interest. In circumstances
where any corporate action may present a conflict of interest, such action shall only proceed in compliance with
applicable regulations. All shareholders are entitled to impartial and equitable treatment as mandated by existing
laws and regulations. Moreover, each shareholder and stakeholder possesses the right to provide feedback and
receive an equivalent level of information regarding the company.
Accountability
The corporation is fully accountable for its performance, presenting information in a transparent and equitable
manner. It is essential that the corporation is managed correctly, with measurable outcomes aligned with corporate
interests while also considering the interests of shareholders and stakeholders. Accountability is vital for achieving
sustainable performance.
Implementation at XL Axiata
The Company takes responsibility for all information provided to shareholders and stakeholders, ensuring that the
activities conducted by any corporate organ align with their respective duties and responsibilities.
Transparency
To maintain objectivity in its business operations, the corporation disseminates material and relevant information
in a manner that is accessible and comprehensible to stakeholders. The corporation takes the initiative to disclose
not only those matters required by laws and regulations but also other significant issues that are vital for decision-
making by shareholders, creditors, and other stakeholders.
Implementation at XL Axiata
The Company provides all relevant information that may influence the decision-making processes of shareholders
through various channels, such as the Annual Report, Financial Statements accessible on the IDX website, the
Company’s official website, and/or newspapers.
Sustainability
The corporation adheres to legal regulations and is committed to fulfilling its social and environmental responsibilities,
thereby contributing to sustainable development through collaboration with relevant stakeholders to enhance their
well-being in alignment with business interests and the sustainable development agenda.
Implementation at XL Axiata
XL Axiata is devoted to upholding the principles of Environmental, Social, and Corporate Governance in all
operational aspects. With a strong emphasis on sustainability and responsible business practices, XL Axiata
endeavors to create a positive impact on both the environment and society while maintaining high standards of
corporate governance, which reflects the company's commitment to long-term value creation and ethical business
conduct.
Digitization
The Company asserts that digitalization will stimulate business growth, enhance the efficiency of existing processes,
and ensure consistency and quality. Additionally, it will empower the organization and its Board Members to adapt
to ongoing disruptions in business models by initiating modifications to its internal governance techniques, Board
leadership, structure, and processes.
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Strengthening Profitability for a Sustainable Future
Corporate Governance
Implementation in 2024
To strengthen the implementation of GCG in 2024, XL Axiata (ABAC) & Gift Donation Sponsorship (GDS) self-
carried out the following actions: declaration filling and refreshing training related to ABAC
1. Improvement and updating of the Company's GCG implementation for employees.
policies, including the Board Manual, Financial Limit 9. Organizing the Annual General Meeting of Shareholders
of Authority (LOA), Risk and Business Continuity (AGM).
Committee Charter, Information Security Policy, Human 10. Organizing Board of Directors, Board of Commissioners,
Capital Policy, and Anti-Bribery and Anti-Corruption Joint Board of Directors and Board of Commissioners
Policy. meetings, Nomination and Remuneration Committee
2. Updating information on the Company's website, meetings, Transformation Advisory Committee meetings,
including updating information on the Company's and Strategy meetings attended by the Board of
policies, core values, changes to the Board of Directors, Commissioners, Board of Directors, and leaders one level
disclosure announcements, Financial Statements, Privacy below the Board of Directors.
Policy, materials related to the AGM, and information on 11. Organizing annual Public Expose and meetings with
corporate actions. investors for the issuance of Bonds and Sukuk.
3. Updating the Company's internal policies and procedures, 12. Prepare and publish the 2024 Annual Report.
including those related to software & product development 13. Carry out the dividend distribution process for the
process, asset accounting, VAS Partner service process financial year 2024.
& service modification, vendor document exclusion 14. Implement a blackout period program to prevent insider
procedure, and Anti-Bribery and Anti-Corruption clauses, trading.
legal document process, procedures related to Home 15. Updating the Company's Record Management system.
Business operations, financial reporting process, data 16. Updating the Decree of the Board of Directors on
privacy risk audit procedure, data sharing and data the Division of Duties and Authorities of the Board of
development cycle management, network planning and Directors in connection with changes in the composition
design process, customer complaint handling procedure. of the Board of Directors and adjustments to the changes
4. Prepare and update the Power of Attorney for delegation in the Company's organization.
of authority of the Board of Directors to internal and 17. Prepare and compile share ownership reports and
external parties in accordance with the provisions dual position reports for members of the Board of
stipulated in the Articles of Association, Limit of Authority Commissioners, Board of Directors, and Committees
(LOA), and applicable laws and regulations. under the Board of Commissioners.
5. Organize training and/or competency improvement 18. Ensure that there is no conflict of interest in corporate
for the Board of Directors, Board of Commissioners, actions by making a statement letter of no conflict
and members of Committees under the Board of of interest for the Board of Directors and Board of
Commissioners, including topics on the Indonesian Commissioners on affiliated transactions carried out by
Economy and the latest developments in the global the Company in 2024.
Telecommunications industry. 19. Implementation of the Company's compliance with
6. Conducting Board Induction for new members of capital market regulations for the implementation of the
the Board of Directors related to GCG aspects in the Company's corporate actions in 2024.
Company.
7. Integrate the Single Registration System in all lines of
the Company with the Document Record Management
system.
8. Conducting socialization of Anti-Bribery Anti-Corruption
2024 Integrated Annual Report 111
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Corporate Governance
GCG Assessment
ASEAN Corporate Governance Scorecard Assessment Criteria
(ACGS) The ACGS 2021 evaluation was based on publicly accessible
information, including the Annual Report, the Company's
In October 2023, the OECD published new parameters website, and disclosures made by the Company published
for the ACGS. The assessment based on these updated in English, with a deadline for submission by 31 August 2021.
parameters will be conducted in 2024.
The assessment covered five key aspects:
The latest assessment results for XL Axiata, based on the 1. Rights of Shareholders
ACGS for the fiscal year 2021, were received in early 2023. 2. Equitable Treatment of Shareholders
3. Role of Stakeholders
Assessor 4. Disclosure and Transparency
The assessment of Good Corporate Governance (GCG) 5. Responsibility of the Boards
implementation based on ACGS parameters for the fiscal
year 2021 was initiated by the Financial Services Authority in Assessment Results
collaboration with PT Bursa Efek Indonesia. They appointed In the assessment of the ASEAN Corporate Governance
PT RSM Indonesia Consultant as the assessor. Scorecard (ACGS) for the fiscal year 2021, the Company
received its results in early 2023. The overall score obtained
by the Company was 95.15.
Item(s) Not
Scorecard Level 1 Total item Items Adopted Adoption Rate
Applicable
Part A 21 1 19 95.00%
Part B 15 2 12 92.31%
Part C 13 0 12 92.31%
Part D 32 0 27 87.10%
Part E 65 0 46 70.77%
Total Score (Level 1 & 2) 95.15
Corporate Governance
Implementation Framework
XL Axiata has established a comprehensive framework for 2. Governance Process
the implementation of Corporate Governance, which can be This includes the processes and mechanisms facilitating
categorized into three distinct components: effective corporate governance implementation,
1. Governance Structure specifically comprising awareness, internalization,
This component encompasses the company's monitoring, and evaluation.
organizational framework and infrastructure for 3. Governance Outcome
corporate governance. This pertains to the results derived from the
implementation of governance practices, with the
ultimate objective of achieving the status of a "good
corporate citizen."
112 PT XL Axiata Tbk
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Corporate Governance Structure
The Corporate Governance structure of XL Axiata is 3. Board of Directors
developed in alignment with the functions, authorities, and This organ is responsible for the management of XL
responsibilities assigned to each organ, as stipulated by Axiata and acts as the representative of the Company.
Law No. 40 of 2007, applicable Financial Services Authority
Regulations, and the Articles of Association. This structure These three organs constitute the fundamental elements
includes the following key components: of the Company’s business system. In executing their
1. General Meeting of Shareholders respective functions, duties, and responsibilities, the Board
This assembly serves as a forum for shareholders to of Commissioners and the Board of Directors may also
engage in discussions and make informed decisions establish supporting organs. The Governance Structure
pertaining to XL Axiata. at XL Axiata is generally classified into Main Organs and
2. Board of Commissioners Supporting Organs as follows:
This organ oversees the Company's management
activities conducted by the Board of Directors.
General Meeting of
Shareholders
Board of Board of
Directors Commissioners
Risk and Nomination & Board
President Audit
Compliance Remuneration Investment
Director Committee
Committee Committee Committee
Company Corporate
Directors Secretary
Board of
Directors Internal Audit
Committee
Risk and
Compliance
2024 Integrated Annual Report 113
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Corporate Governance
General Meeting of Shareholders
of Commissioners’ Supervisory Activity Report during
the fiscal year, as detailed in the Company’s Integrated
Annual Report.
2. Ratify the financial statements, comprising of the
balance sheet and income statement of the financial
year, audited by a public accountant.
3. Provide approval for the proposed use of the Company’s
profits.
4. Appoint, or delegate the Board of Commissioners to
appoint, a Public Accountant for the current year.
5. Appoint and/or dismiss members of the Board of
Directors and Board of Commissioners, if necessary.
6. Determine the remuneration for members of the Board
of Directors and the Board of Commissioners.
7. Approve other GMS agendas as duly proposed in
accordance with the provisions of the Articles of
Association.
Furthermore, Shareholders have the following rights in the
The General Meeting of Shareholders (GMS) constitutes a Extraordinary GMS to:
corporate entity endowed with authorities not conferred 1. Approve the merger, consolidation, acquisition, and
upon the Board of Directors or the Board of Commissioners, separation, filing for bankruptcy over the Company, the
as delineated by the Articles of Association and pertinent extension of the period of the Company, dissolution and
legal regulations. liquidation;
2. Appoint and terminate members of the Board of
The GMS acts as a forum in which shareholders may Directors and/or Board of Commissioners;
exercise their rights, fulfill their responsibilities, express 3. Ratify the amendment of Articles of Association;
their viewpoints, cast their votes, and seek information 4. Approve additional Authorized Capital and/or Issued
concerning strategic decision-making and the overall and Paid-Up Capital;
management of XL Axiata. 5. Approve material transaction based on authority
threshold as regulated under prevailing regulations and/
XL Axiata recognizes two forms of GMS: the Annual General or amendments of business activities;
Meeting of Shareholders (AGMS) and the Extraordinary 6. Approve distribution of new shares in portfolio;
General Meeting of Shareholders (EGMS). The EGMS may 7. Approve plan and results allocation from funding activity;
be convened at any time in response to the Company's 8. Approve the proposed corporate action in accordance
requirements, in accordance with regulatory standards with prevailing regulations;
and the provisions set forth in the Company's Articles of 9. For transactions that may involve conflicts of interest,
Association. approval must be granted by the Independent
Shareholders or their authorized representatives in the
Shareholder Rights and Authority in the GMS.
GMS
Equal Treatment of Shareholders
Shareholders possess the right to attend the GMS either in
person or via authorized proxies. Proxies may be obtained The Company is committed to ensuring equal treatment of
from the company’s official website (www.xlaxiata.co.id) all shareholders by providing them with equitable access to
following the release of the GMS invitation. information and voting mechanisms that are commensurate
with the number of shares they hold, in accordance with
In accordance with the Articles of Association and applicable their respective ownership stakes.
legal frameworks, the GMS is authorized to:
1. Approve the Annual Report, which includes the
Company’s course of business, as well as the Board
114 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Implementation of GMS
Stages involved in the implementation of the XL Axiata General Meeting of Shareholders (GMS) are as follows:
5 working days* 21 days**
1 2 3 4 5 6
Notification to GMS GMS GMS Announcement Summary
OJK regarding Announcement Invitation of GMS of GMS
GMS Agenda Summary sent to OJK
14 days** 2 working days***
30 days
* By excluding GMS announcement date
** By excluding announcement data and invitation date
*** By excluding invitation date and GMS date
Efforts to Promote Shareholder Code of Conduct for GMS
Participation
The GMS Code of Conduct is published and thoroughly
The Company facilitates shareholder engagement by communicated to shareholders prior to the GMS. This
offering access to comprehensive information and materials document includes critical information regarding the role
related to the GMS on the Company’s official website. of the meeting chairman, the agenda, as well as the voting
Documentation pertinent to the agenda of the GMS will be mechanisms and procedures that will be employed during
accessible on the website commencing from the date the the meeting.
GMS invitation is issued.
GMS Quorum
In an effort to enhance accessibility for all shareholders,
the Company is adopting an electronic GMS (e-RUPS), The quorum requirements for the Company's GMS adhere
which will allow for virtual participation irrespective of the to the stipulations outlined in the Articles of Association and
shareholders' geographical locations. This method presents the applicable regulatory framework, which delineate the
a significant advancement over traditional in-person GMS quorum necessary for various corporate actions.
meetings, which may impose limitations on attendance.
First GMS Second GMS
No. Conditions Attendance Approval Attendance Approval
>1/2 2/3 3/4 >1/2 >2/3 >3/4 >1/2 1/3 2/3 3/5 >1/2 >2/3 >3/4
1 Amendments to the Articles √ √ √ √
of Association
2 Additional Authorized √ √ √ √
Capital
3 Additional Paid-up and √ √ √ √
Issued Capital
4 Ratification of Annual √ √ √ √
Report and Financial
Statements
5 Use of Net Profit √ √ √ √
6 Dismissal of Members of √ √ √ √
the Board of Directors
2024 Integrated Annual Report 115
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Corporate Governance
First GMS Second GMS
No. Conditions Attendance Approval Attendance Approval
>1/2 2/3 3/4 >1/2 >2/3 >3/4 >1/2 1/3 2/3 3/5 >1/2 >2/3 >3/4
7 Takeover of Company √ √ √ √
Management by the Board
Of Commissioners
8 Transfer or pledge 50% or √ √ √ √
more of the Company’s
assets from net worth
9 Mergers, Consolidations, √ √ √ √
Acquisitions, and
Separations
10 Insolvency, Dissolution √ √ √ √
11 Extension request √ √ √ √
establishment of the
duration of the Company
12 Conflict of Interest √ √ √ √
*for Independent GMS
Questions and Answers During the General Upon the completion of voting on the meeting agenda, all
Meeting of Shareholders (GMS) votes submitted by the participants regardless of whether
submitted through e-Proxy or e-Voting in eASY.KSEI will
In every execution of the GMS, which includes both the be tabulated by the Share Registrar. The results of the
Annual GMS and the Extraordinary GMS, the Company voting calculations will be verified by the Notary, ensuring
facilitates an opportunity for attending shareholders to independence from the Securities Administration Bureau
inquire about matters related to the agenda of the meeting. and the Notary themselves. Subsequently, the Notary will
These inquiries will be addressed or responded to by announce the results of the vote count to the participants
representatives of the Company. Shareholders wishing to of the meeting.
pose questions during an electronically conducted GMS
may do so via the eASY.KSEI application. Furthermore, this Implementation of General Meeting of
question and answer session is documented in the Minutes Shareholders in 2024
of the GMS, which are prepared by a Notary appointed by
the Company. In 2024, XL Axiata held Extraordinary General Meeting
of Shareholders (EGMS) on 11 January 2024 and Annual
The regulations governing this question and answer process General Meeting of Shareholders on 3 May 2024, both were
are detailed in the Articles of Association, the Good held at Jayawijaya Meeting Room, 36th Floor, Gedung XL
Corporate Governance (GCG) Manual, and the GMS Rules Axiata Tower, Jl. H.R. Rasuna Said X5 Kav.11-12, Kuningan
of Procedure. Timur, Setiabudi, Jakarta.
Electronic Voting
Shareholders who appoint a proxy utilizing the e-proxy
mechanism through the eASY.KSEI application will
be deemed to have exercised their rights using the
aforementioned application. For participants attending
the meeting electronically through eASY.KSEI, the voting
process will be conducted via the eASY.KSEI application
under the E-Meeting Hall, specifically within the Live
Broadcasting submenu, henceforth referred to as “eASY.
KSEI e-voting.”
116 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
The detailed information about the implementation of EGMS and AGMS can be found in the following table:
Remark EGMS
Meeting Agenda 1. Approval of the Amendment to Article 3 of the Company’s Articles of Association related
to Change of the Company’s Business Activities, including the Feasibility Study discussion
on the additional of the Company’s business activity to comply with the requirements and
provisions of Financial Services Authority Regulation No.17/POJK.04/2020 concerning
Material Transaction and Change of Business Activity (“POJK No.17/2020”)
2. Approval of Changes in the Composition of the Company’s Board of Commissioners.
Fulfillment of Legal 1. Notification of Meeting Agenda to OJK on 29 November 2023;
Procedures for Meeting 2. Announcement of Meeting on 5 December 2023;
3. Invitation for the Meeting on 20 December 2023, including the materials that will be
presented at the Meeting – 22 days prior to EGMS.
Meeting Chairman Mr. Muhamad Chatib Basri, President Commissioner of the Company, who was appointed
based on the resolution of the Board of Commissioners Meeting on 30 October 2024.
Attendance Quorum The Meeting was attended by Shareholders and/or Proxy Holder representing 10,399,489,776
shares in the Company, constituting 79.55% of the total 13,128,430,665 shares issued by the
Company.
Attendance of the Board Board of Directors
of Directors and the Dian Siswarini President Director
Board of Commissioners Feiruz Ikhwan Director
Yessie D. Yosetya Director
Abhijit J. Navalekar Director
David Arcelus Oses Director
I Gede Darmayusa Director
Board of Commissioners
Dr. Muhamad Chatib Basri President Commissioner
Dr. Hans Wijayasuriya Commissioner
Yasmin S. Wirjawan Independent Commissioner
Julianto Sidarto Independent Commissioner
Muliadi Rahardja Independent Commissioner
Independent parties › Mr. Aulia Taufani, S.H. as a Public Notary;
› PT Datindo Entrycom as the Share Registrar;
› Kantor Jasa Penilai Publik Yanuar, Rosye & Rekan as Independent Appraisal Firm; and
› Maramis Purba Santi Singara Law Firm as Legal Consultant.
Opportunity to Raise During the Meeting, the Company has provided the opportunity for shareholders or proxy's
Question holder to be able to ask question(s) opinion(s) related to the discussion of each agenda of
the Meeting Until the end of the session of the Meeting there were 3 (three) questions and/
or responses from shareholders or shareholder proxies, 2 (two) questions on the First Agenda
and 1 (one) question on the Second Agenda.
Decision Making Decision making is conducted by e-Voting on the eASY.KSEI platform.
Mechanism
This Summary of Minutes is a fulfillment of the Financial Services Authority Regulation
No. 15/POJK.04/2020 regarding the Plan and Implementation of the General Meeting
of Shareholders of Public Companies and Financial Services Authority Regulation No.
16/ POJK.04/2020 regarding the Implementation of the Electronic General Meeting of
Shareholders of Public Companies.
2024 Integrated Annual Report 117
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Corporate Governance
Remark AGMS
Meeting Agenda 1. Approval on the Company’s Annual Report including the Board of Commissioners’
Supervisory Report as well as Ratification of the Company’s Financial Statement for
the Fiscal Year Ended on 31 December 2023, and granting of full release and discharge
(volledig acquit et de charge) to all members of the Board of Directors and the Board of
Commissioners from the Management and supervisory actions carried out for the fiscal
year of 2023.
2. Approval on the Allocation of the Company’s Net Profit for Fiscal Year Ended on 31
December 2023.
3. Appointment of Accounting Firm and/or Public Accountant to Perform Audit on the
Company’s Financial Statement for Fiscal Year ended on 31 December 2024 and Other
Financial Statement Audit as Required by the Company.
4. Determination of Remuneration for the Members of the Board of Directors and/or the Board
of Commissioners for Year 2024.
5. Reappointment and Change to the Composition of Board of Directors and Board
Commissioners composition.
6. Accountability Report on The Realization of The Use of Proceeds of Capital Increase with
Rights Issue III of PT XL Axiata Tbk Year 2022.
Fulfillment of Legal 1. Notification of Meeting Agenda to OJK on 13 March 2024;
Procedures for Meeting 2. Announcement of Meeting on 20 March 2024;
3. Invitation for the Meeting on 4 April 2024, including the materials that will be presented at
the Meeting – 29 days prior to AGMS.
Meeting Chairman Mr. Muhamad Chatib Basri, President Commissioner of the Company, who was appointed
based on the resolution of the Board of Commissioners Meeting on 9 February 2024.
Attendance Quorum The Meeting was attended by Shareholders and/or Proxy Holder representing 10,527,294,634
shares in the Company, constituting 80.53% of the total 13,128,430,665 shares issued by the
Company.
Attendance of the Board Board of Directors
of Directors and the Dian Siswarini President Director
Board of Commissioners Feiruz Ikhwan Director
Yessie D. Yosetya Director
Abhijit J. Navalekar Director
David Arcelus Oses Director
I Gede Darmayusa Director
Board of Commissioners
Dr. Muhamad Chatib Basri President Commissioner
Vivek Sood Commissioner
Dr. Hans Wijayasuriya Commissioner
Yasmin S. Wirjawan Independent Commissioner
Julianto Sidarto Independent Commissioner
Muliadi Rahardja Independent Commissioner
Independent parties › Mr. Aulia Taufani, S.H. as a Public Notary;
› PT Datindo Entrycom as the Share Registrar;
› Public Accounting Firm Tanudiredja, Wibisana, Rintis & Rekan (since 16 May 2024,
Public Accounting Firm Tanudiredja, Wibisana, Rintis & Rekan, a member of the
PricewaterhouseCoopers network of firms, has changed its name to KAP Rintis, Jumadi,
Rianto & Rekan) a member of PricewaterhouseCoopers global network as Public Accounting
Firm; and
› Makes & Partners as Legal Consultant.
Opportunity to Raise During the Meeting, the Company has provided the opportunity for shareholders or proxy's
Question holder to be able to ask question(s) opinion(s) related to the discussion of each agenda of
the Meeting Until the end of the session of the Meeting there were 2 (two) questions and/or
responses from shareholders or shareholder proxies, 1 (one) question on the First Agenda and
1 (one) question on the Second Agenda.
Decision Making Decision making is conducted by e-Voting on the eASY.KSEI platform.
Mechanism
This Summary of Minutes is a fulfillment of the Financial Services Authority Regulation No. 15/
POJK.04/2020 regarding the Plan and Implementation of the General Meeting of Shareholders
of Public Companies and Financial Services Authority Regulation No. 16/ POJK.04/2020
regarding the Implementation of the Electronic General Meeting of Shareholders of Public
Companies.
118 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Voting Results
EGMS
Agenda Against Abstain Approve
First 0 (0,0000000%) 107,891,955 (1.0374735%) 10,291,597,821 (98.9625265%)
Second 0 (0,0000000%) 107,893,755 (1.0374909%) 10,291,596,021 (98.9625091%)
AGMS
Agenda Against Abstain Approve
First 0 (0,0000000%) 267,941,440 (2.5452070%) 10,259,353,194 (97.4547930%)
Second 0 (0,0000000%) 261,216,820 (2.4813291%) 10,266,077,814 (97.5186709%)
Third 1,516,610 (0.0144065%) 261,216,820 (2.4813291%) 10,264,561,204 (97.5042645%)
Fourth 12,793,063 (0.1215228%) 261,219,320 (2.4813528%) 10,253,282,251 (97.3971244%)
Fifth 30,746,700 (0.2920665%) 261,216,820 (2.4813291%) 10,235,331,114 (97.2266045%)
Sixth This Agenda does not require any vote from the shareholders. Thus, there was no Q&A and Voting
session in this Agenda.
Resolutions of the Extraordinary General Second Agenda
Meeting of Shareholders, 11 January 2024 1. Accepted the resignation of Doctor David Robert
Dean as member of the Board of Commissioners of
EGMS Convention Resolutions: All EGMS resolutions have the Company from 90 (ninety) days since the date of
been fully implemented by the Company. his resignation letter namely 24 December 2023, and
granting the release and discharge of all responsibilities
First Agenda (Acquit et de Charge) to him for all supervising actions
1. Approved Change of the Company's Business Activities from his appointment as a member of the Board of
in the form of adding new business activities based on Commissioners of the Company until the end of his term
the Feasibility Study conducted in accordance with the of office, to the extent those actions are reflected in the
provisions of the Financial Services Authority Regulation Annual Report and recorded in the Company's Financial
No. 17/POJK.04/2020 on the Material Transactions and Statements and do not constitute a criminal offense
Change of Business Activities as well as to approve the or breach of the provisions of the applicable laws and
amendment to Article 3 of the Articles of Association regulations.
of the Company in the context of Change of Business 2. With the acceptance of the resignation as agreed
Activities in the form of adding new business activities above, the composition of the members of the Board
and restate the entire Articles of Association of the of Commissioners of the Company as of 24 December
Company in connection with the such changes in 2023 is as follows:
Business Activities.
2. Appointed and authorized with the right of substitution President Commissioner Dr. Muhamad Chatib Basri
to the Board of Directors of the Company to take
Commissioner Vivek Sood
all actions related to the resolutions of this meeting,
Dr. Hans Wijayasuriya
including but not limited to appearing before the
authorities, holding talks, giving and/or requesting Independent Muliadi Rahardja
Commissioner
information, submitting applications for approval and/ Yasmin S. Wirjawan
or notification of changes to the Company's Articles of Julianto Sidarto
Association to the Minister of Law and Human Rights of
the Republic of Indonesia and other relevant authorities, 3. Appointed and authorized with the right of substitution
making or and signing deeds and letters and other to the Board of Directors of the Company to take
documents that are necessary or deemed necessary, all actions related to the resolutions of this meeting,
appearing before a Notary to make and sign a deed of including but not limited to appearing before the
statement of the Company's Meeting resolutions and authorities, holding talks, giving and/or requesting
carrying out other matters that must be and/or can be information, submitting applications for approval and/or
implemented in connection with the Meeting resolutions. notification of the change of Board of Commissioners
of the Company's composition to the Minister of Law
and Human Rights of the Republic of Indonesia and
2024 Integrated Annual Report 119
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Corporate Governance
other relevant authorities, making or and signing deeds hundred million Rupiah); and
and letters and other documents that are necessary, 3. The remaining of IDR635,455,000,000 (six hundred and
appearing before a Notary to make and sign a deed of thirty-five billion four hundred fifty-five million Rupiah)
statement of the Company's Meeting resolutions and (rounded) will be recorded as Retained Earnings to
carrying out other matters that must be and/or can be support the business development of the Company.
implemented in connection with the Meeting resolutions.
Third Agenda
Resolutions of the Annual General Meeting 1. Appointed Public Accounting Firm Tanudiredja,
of Shareholders, 3 May 2024 Wibisana, Rintis & Rekan (since 16 May 2024, Public
Accounting Firm Tanudiredja, Wibisana, Rintis & Rekan,
AGMS Convention Resolutions: All AGMS resolutions have a member of the PricewaterhouseCoopers network
been fully implemented by the Company. of firms, has changed its name to Public Accounting
Firm Rintis, Jumadi, Rianto & Rekan) as the Company
First Agenda external auditor with Mr. Lok Budianto, S.E., Ak., CPA as
1. Approved and accept the Annual Report of the Board of the Public Accountant to perform audit on the Financial
Directors of the Company on the activities and course Statement of the Company for Financial Year ended on
of events of the Company, including but not limited to 31 December 2024 and other Financial Statement as
the results that have been achieved during the financial required by the Company; and
year ended 31 December 2023, the Supervisory Report 2. Granted authority to the Board of Commissioners and/
of the Board of Commissioner of the Company for or Board of Directors of the Company to take necessary
financial year 2023 as well as to approve and ratify action and arrangements, including but not limited
the Financial Statements of the Company for the to determine the amount of professional fee, signing
financial year ended on 31 December 2023 as audited documents, or appoint other Public Accounting Firm
by Public Accounting Firm Tanudiredja, Wibisana, Rintis listed in the Financial Services Authority if for one or
& Rekan (since 16 May 2024, Public Accounting Firm another reason the above-mentioned public accounting
Tanudiredja, Wibisana, Rintis & Rekan, a member of the firm is not able to carry out their duties.
PricewaterhouseCoopers network of firms, has changed
its name to Public Accounting Firm Rintis, Jumadi, Rianto Fourth Agenda
& Rekan); and 1. Granted authorization to the Board of Commissioners
2. Approved the granting of full release and discharge of the Company to determine the remuneration, bonus,
(volledig acquit et de charge) for the members and other benefit for members of the Board of Directors
of the Board of Directors of the Company upon of the Company based on structure and amount of
the management and members of the Board of remuneration as stipulate under the remuneration policy
Commissioners of the Company upon the supervision of the Company for year ended on 31 December 2024;
that has been conducted in the financial year ended on and
31 December 2023, as long as those actions reflected 2. Granted authorization to the Nominating and
in the Annual Report and recorded in the Financial Remuneration Committee of the Company to determine
Statement of the Company and not a criminal offense the remuneration, bonus and other benefits for the
or a breach of the prevailing laws and regulations. members of the Board of Commissioners based on
structure and amount of remuneration as stipulated
Second Agenda under the remuneration policy of the Company for
1. Approved allocation of net profit of the Company for financial year ended on 31 December 2024.
the fiscal year ended 31 December 2023 as per following
details: Fifth Agenda
a. 50% of normalized net profit after tax and minority 1. Approved the end of term of the member of Board of
interest (normalized PATAMI) with the amount Directors and Board of Commissioners as of the closing
of IDR635,555,000,000 (six hundred and thirty- of this Meeting, and further granted full repayment and
five billion five hundred fifty-five million Rupiah) release of responsibility (volledig acquit et de charge)
(rounded) will be distributed to shareholders as to all members of the Board of Directors and Board
dividend, equivalent to IDR48.6 (forty-eight point of Commissioners for management and supervision
six Rupiah) per share. actions starting from 1 January 2024 until the end of
b. Grant authorization and power to the Board of term of office, from the end of Annual General Meeting
Directors of the Company with substitution rights to of Shareholders, as long as these actions are recorded
decide on schedule including terms and conditions in the books and records of the Company and do not
of dividend payout to all shareholders duly eligible constitute a criminal act or violation of the provisions of
based on the prevailing regulations. the applicable laws and regulations.
2. Reserve Fund Allocation of IDR100,000,000 (one 2. Reappointed all members of the Board of Directors of the
Company for the period 2024-2029 starting from the
120 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
closing of this Meeting until the end of the term of office Commissioner : Dr. Hans Wijayasuriya
of the members of the Board of Directors at the close of Commissioner : Nik Rizal Kamil
the 2029 Annual General Meeting of Shareholders. Independent : Julianto Sidarto
3. Reappointed M. Chatib Basri as President Commissioner, Commissioner
and Vivek Sood also Dr. Hans Wijayasuriya as the Independent : Yasmin Binti Aladad Khan
member of the Board of Commissioners, and Julianto Commissioner
Sidarto as Independent Commissioner for the 2024- Independent : Didi Syafruddin Yahya
2029 period starting from the closing of this Meeting Commissioner
until the end of the term of office of the members of the 8. Authorized with substitution right to the members of
Board of Commissioners at the close of the 2029 Annual the Board of Directors of the Company to state this
General Meeting of Shareholders. Meeting resolution in relation with the change and
4. Appointed Yasmin Binti Aladad Khan and Didi Syafruddin appointment on composition of the Directors and the
Yahya as Independent Commissioners for the period Board of Commissioners of the Company in the deed
2024-2029 starting from the closure of this Meeting of Resolution Statement of the Meeting made before a
until the end of the term of office of the new members Notary and submit the notification on the change of the
of the Board of Commissioners at the closing of the data of the Company to the Minister of Law and Human
2029 Annual General Meeting of Shareholders. Rights of the Republic of Indonesia to obtain letter of
5. Appointed Nik Rizal Kamil as a member of the Board receipt of notification on the change of the data of the
of Commissioners for the period 2024-2029 starting Company from the Minister of Law and Human Rights of
from the closure of this Meeting until the end of the the Republic Indonesia.
term of office of the new members of the Board of
Commissioners at the closing of the 2029 Annual Sixth Agenda
General Meeting of Shareholders. This agenda does not require any vote from the Shareholders.
6. Appointed Rico Usthavia Frans as a member of the Thus, there was no Q&A and Voting session in the Sixth
Board of Directors for the period 2024-2029 starting Agenda.
from the closure of this Meeting until the end of the term
of office of the new members of the Board of Directors Summary of the Annual General Meeting of
at the closing of the 2029 Annual General Meeting of Shareholders Resolutions, 5 May 2023
Shareholders.
7. With regards to the reappointment of members of the Implementation of AGMS Resolutions: All of the AGMS
Board of Directors and Board of Commissioners, as resolutions have been fully implemented by the Company.
well as the appointment of new members of the Board
of Directors and Board of Commissioners above, the First Agenda
composition of the Board of Directors and Board of 1. Approved and accepted the Annual Report of the
Commissioners for the period 2024-2029 starts from Company's Board of Directors on the activities and
the closure of this Meeting until the end of the term of course of events of the Company, including but not
office of the new members of the Board of Directors limited to the results that have been achieved during the
and Board of Commissioners of the Company on the financial year ended 31 December 2022, the Supervisory
closing of the Annual General Meeting of Shareholders Report of the Company's Board of Commissioner for
in 2029, is as follows: financial year 2022 as well as to approve and ratify
the Company's Financial Statements for the financial
Board of Directors year ended on 31 December 2022 as audited by
President Director : Dian Siswarini Public Accounting Firm Tanudiredja, Wibisana, Rintis
& Rekan (since 16 May 2024, Public Accounting Firm
Director : Yessie D. Yosetya
Tanudiredja, Wibisana, Rintis & Rekan, a member of the
Director : Feiruz Ikhwan
PricewaterhouseCoopers network of firms, has changed
Director : David Arcelus Oses its name to Public Accounting Firm Rintis, Jumadi, Rianto
Director : Abhijit J. Navalekar & Rekan); and
Director : I Gede Darmayusa 2. Approved to grant full release and discharge (volledig
acquit et de charge) for the members of the Company's
Director : Rico Usthavia Frans
Board of Directors upon the management and members
Board of Commissioners of the Company's Board of Commissioners upon the
President : Dr. M. Chatib Basri supervision that has been conducted in the fiscal year
Commissioner ended on 31 December 2022, as long as those actions
Commissioner : Vivek Sood reflected in the Annual Report and recorded in the
Company's Financial Statement and not a criminal
offense or a breach of the prevailing laws and regulations.
2024 Integrated Annual Report 121
Page 124
Corporate Governance
Second Agenda of the Company's Board of Commissioners based on
1. Approved allocation of the Company's net profit for the structure and amount of remuneration as stipulated
fiscal year ended 31 December 2022 as per following under the Company's remuneration policy for financial
details: year ended by 31 December 2023.
a. 50% of normalized net profit after tax and minority
interest (normalized PATAMI) with the amount of Sixth Agenda
IDR551,726,000,000 (five hundred fifty-one billion 1. Accepted the resignation and granted full release and
seven hundred twenty-six million Rupiah) (rounded) discharge (acquit et de charge) to Budi Pramantika
will be distributed to shareholders as dividend, as the Director of the Company or his respective
equivalent to IDR42 (forty-two Rupiah) per share. supervisory duties from his appointment as the member
b. Granted authorization and power to Company's of the Board of Directors of the Company until the end
Board of Directors with substitution rights to decide of his terms of office or effective as of the closing of
on schedule including terms and conditions of this Meeting, to the extent those actions reflected in the
dividend pay-out to all shareholders duly eligible Annual Report and recorded in the Company's Financial
based on the prevailing regulations. Statement and not a criminal offense or breach of the
2. Allocation on Reserve Fund amounting IDR100,000,000 prevailing laws and regulations;
(one hundred million Rupiah); and 2. Appointed Feiruz Ikhwan as the Director of the Company
3. The remaining of IDR557,613,000,000 (five hundred replacing Budi Pramantika effective as of the closing of
fifty-seven billion six hundred thirteen million Rupiah) this Meeting until the end of term of Directors upon the
(rounded) will be recorded as Retained Earnings to closing of the Annual General Meeting of Shareholders
support the Company's business development. which will be held in 2024;
3. With the approval of the resignation and without
Third Agenda prejudice to the right of the Company's General Meeting
1. Appointed Public Accounting Firm Tanudiredja, of Shareholders to dismiss each of the members of
Wibisana, Rintis & Rekan (since 16 May 2024, Public Directors and/or the Board of Commissioners, the
Accounting Firm Tanudiredja, Wibisana, Rintis & composition of the Board of Directors of the Company
Rekan, a member of the PricewaterhouseCoopers as of the closing of this Meeting is as follows:
network of firms, has changed its name to Public President Director : Dian Siswarini
Accounting Firm Rintis, Jumadi, Rianto & Rekan) Director : Feiruz Ikhwan
a member of PricewaterhouseCoopers global network Director : Abhijit J. Navalekar
as the Company external auditor with Mr. Lok Budianto, Director : Yessie D. Yosetya
S.E., Ak., CPA as the Public Accountant to perform audit Director : David Arcelus Oses
on the Company's Financial Statements for Financial Director : I Gede Darmayusa
Year ended on 31 December 2023 and other Financial 4. Authorized with right of substitution to the members
Statements as required by the Company; and of the Board of Directors of the Company to state the
2. Granted authority to the Board of Commissioners and/ this meeting resolution in relation with the change on
or Board of Directors of the Company to take necessary composition of the Directors of the Company in the deed
action and arrangements, including but not limited of Resolution Statement of the Meeting made before
to determine the amount of professional fee, signing a Notary and submit the notification on the change
documents, or appoint other Public Accounting Firm of Company's data to the Minister of Law and Human
listed in the Financial Services Authority if for one or Rights of the Republic of Indonesia to obtain letter of
another reason the above-mentioned public accounting receipt of notification on the change of Company’s
firm is not able to carry out their duties. data from the Minister of Law and Human Rights of the
Republic of Indonesia.
Fourth Agenda
This agenda does not require any vote from the Shareholders.
Fifth Agenda
1. Granted authorization to the Company's Board of
Commissioners to determine the remuneration, bonus,
and other benefit for members of the Company's
Board of Directors based on structure and amount
of remuneration as stipulated under the Company's
remuneration policy for year ended on 31 December
2023; and
2. Granted authorization to the Company's Nominating
and Remuneration Committee to determine the
remuneration, bonus and other benefits for the members
122 PT XL Axiata Tbk
Page 125
Strengthening Profitability for a Sustainable Future
Board of Commissioners
According to the Company's Articles of Association, the Board of Commissioners, the Annual General Meeting of
Board of Commissioners is a corporate body that is directly Shareholders (AGMS) reappointed them for the period
accountable to the General Meeting of Shareholders 2024-2029. This new term will commence at the close of
(GMS). Its primary responsibility is to supervise and the AGMS held on 3 May 2024 and will conclude at the end
provide guidance to the Board of Directors. The Board of of the term for all members of the Board of Commissioners
Commissioners is tasked with ensuring that the Company's at the closing of the AGMS in 2029. Additionally, the AGMS
operations align with its business objectives and goals, as appointed Nik Rizal Kamil as a Commissioner, Mr. Didi
well as monitoring and evaluating the Company's practices Syafruddin Yahya as Independent Commissioner and Mrs.
related to Good Corporate Governance (GCG). Yasmin Binti Aladad Khan as an Independent Commissioner
for the same 2024-2029 period, effective from the AGMS
Legal References closing until the end of the term for the new members of
the Board of Directors at the closing of the AGMS in 2029.
1. Law No. 40 Year 2007 on Limited Liability Company.
2. OJK Regulation No. 33/POJK.04/2014 on the Board of Thus, the latest composition of the Company's Board of
Directors and the Board of Commissioners of Issuers or Commissioners is as follows:
Public Company.
3. Articles of Association of the Company. Name Position
4. Board Manual & Code of Ethics of the Company.
Dr. Muhamad Chatib Basri President Commissioner
Composition of the Board of Vivek Sood Commissioner
Commissioners Dr. Hans Wijayasuriya Commissioner
Nik Rizal Kamil Commissioner
The Board of Commissioners shall comprise a minimum
Julianto Sidarto Independent Commissioner
of two members, including Independent Commissioners,
Yasmin Binti Aladad Khan Independent Commissioner
with their number being adjusted in accordance with the
requirements set forth by the prevailing laws and regulations Didi Syafruddin Yahya Independent Commissioner
within the capital market sector. In instances where multiple
members are appointed to the Board of Commissioners, one
individual may be designated as the President Commissioner.
In light of the resignation of Mr. DR. David Richard Dean as
the Company’s Commissioner, the composition of the Board
of Commissioners, based on the resolution of the EGMS
dated 11 January 2024, was as follows:
Name Position
Dr. Muhamad Chatib Basri President Commissioner
Vivek Sood Commissioner
Dr. Hans Wijayasuriya Commissioner
Mulia Rahardja Independent Commissioner
Yasmin S. Wirjawan Independent Commissioner
Julianto Sidarto Independent Commissioner
Due to the expiration of the terms for all members of the
2024 Integrated Annual Report 123
Page 126
Corporate Governance
Profile of the Board of Commissioners
Dr. Muhamad Chatib Basri
President Commissioner
Age 59 years old as of December 2024
Nationality Indonesian
Domicile Jakarta, Indonesia
Legal Basis of Resolution of Annual General Meeting of
Appointment Shareholders dated 3 May 2024
Term of Office 3 May 2024 until the closing of Annual
General Meeting of Shareholders 2029.
Appointment History in the Company › Commissioner, XL Axiata (April 2015 – September 2016).
› Minister of Finance of Republic Indonesia, Ministry of
› President Commissioner, Third Term, appointed at the Finance of Republic Indonesia (May 2013 – October
Annual General Meeting of Shareholders dated 3 May 2014).
2024, term of office 3 May 2024 until the closing of › Chairman of Investment Coordination Board, Investment
Annual General Meeting of Shareholders 2029. Coordination Board of Republic of Indonesia (June 2012
› President Commissioner, Second Term, appointed at the – October 2013).
Annual General Meeting of Shareholders dated 29 April › Commissioner, XL Axiata (2011 – 2012).
2019, term of office 2019 – 2024.
› President Commissioner, First Term, appointed at the Concurrent Positions
Extraordinary General Meeting of Shareholders dated 29
September 2016, term of office 2016 – 2019. › President Commissioner/independent at PT Bank Mandiri
› Commissioner, First Term, appointed at the Annual (Persero) Tbk.
General Meeting of Shareholders dated 1 April 2015, term › Co-Chair of the Governing Board of the Pandemic Fund
of office 2015 – 2016. (World Bank).
› Commissioner, First Term, appointed at the Annual › Committee Member at the Advisory Council on Gender
General Meeting of Shareholders dated 14 April 2011, and Development, World Bank.
term of office 2011 – 2012.
Affiliate Relations
Educational Background and Certifications
None.
› PhD. in Economics from Australian National University,
2001. Association Membership
› Master of Economic Development from Australian
National University, 1996. None.
› Bachelor’s Degree in Economics from Universitas
Indonesia, 1992. Training or Competency Development in 2024
Professional Experience
Training/Workshop Venue Date of
Implementation
› President Commissioner/Independent Commissioner, PT
Bank Mandiri (Persero) Tbk (2020 – present). Risk Management Jakarta January 2024
› Member at Dewan Ekonomi Nasional (2024 - present). Certification – Bank
› Senior Partner and Founder, Creco Research (2010 – Mandiri
present). J.P. Morgan Asia Pacific Hongkong March 2024
› President Commissioner, XL Axiata (2016 – present). Macro Conference
› Member of Advisory Council on Gender and Development,
Forbes Global CEO Thailand November
World Bank (2016 – present).
Conference 2024
› Senior Lecturer, Economic Faculty-University of Indonesia
(1992 – present).
› Independent Non-Executive Director, Axiata Group
Berhad (2015 – 2020).
› Senior Fellow Harvard Kennedy School, Harvard Kennedy
School (2015 – 2016).
124 PT XL Axiata Tbk
Page 127
Strengthening Profitability for a Sustainable Future
Vivek Sood
Commissioner
Age 60 years old as of December 2024
Nationality Indian
Domicile Kuala Lumpur, Malaysia
Legal Basis of Resolution of Annual General Meeting of
Appointment Shareholders dated 3 May 2024.
Term of Office 3 May 2024 until the closing of Annual
General Meeting of Shareholders 2029.
Appointment History in the Company › Director, Axiata Enterprise Sdn Bhd (2017-2018)
› EVP and Group Chief Marketing Officer, Telenor Group
› Commissioner, Third Term, appointed at the Annual (2015-2017)
General Meeting of Shareholders dated 3 May 2024, term › CEO of Telenor India, Telenor Group (2014-2015)
of office 3 May 2024 until the closing of Annual General › CEO of Grammenphone, Bangladesh, Telenor Group
Meeting of Shareholders 2029. (2013-2014)
› Commissioner, Second Term, appointed at the Annual › Joint Acting Group Chief Executive Officer, Axiata Group
› General Meeting of Shareholders dated 29 April 2019, Berhad (2022-2023)
term of office 2019 – 2024. › CFO and COO of Tata AIA Life Insurance, Tata AIA Life
› Commissioner, First Term, appointed at the Annual Insurance Limited, Mumbai, India (2006-2010)
General Meeting of Shareholders dated 31 March 2017,
term of office 2017 – 2019. Concurrent Positions
Educational Background and Certifications 1. Commissioner of PT Link Net Tbk
2. Committee Member of:
› Chartered Accountant license from The Institute of › Board Sustainability Committee and Axiata Board
Chartered Accountant of India, 1989. Investment Committee of Axiata Group Berhad.
› Bachelor of Commerce from University of New Delhi, › Chairman of Board Investment Committe of PT XL
1985. Axiata Tbk.
› Board Nomination and Remuneration of Robi Axiata
Professional Experience Limited.
› Chairman of Board Governance and Risk Management
› Director, Axiata Digital Services Sdn Bhd (2017-present) Committee of CelcomDigi Berhad
› Director, Axiata Digital Labs (Private) Limited (2018- › Board Remuneration Committee of Axiata Digital &
2023) Analytics Sdn Bhd.
› Director, Axiata Digital Ecode Sdn Bhd (2019-2024) › Board Remuneration Committee of Boost Holdings Sdn
› Director, Dialog Axiata PLC (2019-2024) Bhd.
› Group CFO, Axiata Group Berhad (2017-2023) › Chairman of Board Remuneration Committee of Axiata
› Director, Axiata SPV1 (Labuan) Limited (2017-2023) Digital Labs (Private) Limited.
› Director, Axiata SPV2 Berhad (2017-2023)
› Director, Axiata Investments (Singapore) Limited (2017- Affiliate Relations
2023)
› Director, Axiata Investments (Labuan) Limited (2017- › Group Chief Executive Officer and Managing Director,
2023) Axiata Group Berhad.
› Director, Axiata Investments (Indonesia) Sdn Bhd (2017- › Director of:
2023) 1. CelcomDigi Berhad
› Director, Axiata Investments (Cambodia) Sdn Bhd (2017- 2. Robi Axiata Limited
2023) 3. Axiata Digital Services Sdn Bhd
› Director, Axiata SPV4 Sdn Bhd (2017-2023) 4. Boost Holdings Sdn Bhd
› Director, Axiata Digital Labs Sdn Bhd (2017-2023) 5. Axiata Digital & Analytics Sdn Bhd
› Director, Robi Axiata Limited (2017-2023) 6. Axiata Lanka (Private) Limited
› Director, Axiata (Cambodia) Holding Limited (2017-2023) › Commissioner of PT Link Net Tbk
› Director, Reynolds Holdings Limited (2017-2023)
› Director, Axiata Investments (UK) Limited (2017-2023) Association Membership
› Trustee, Axiata Foundation (2023-2024)
› Director, Axiata SPV5 (Labuan) Limited (2020-2023) None.
2024 Integrated Annual Report 125
Page 128
Corporate Governance
Training or Competency Development in 2024
Training/Workshop Venue Date of
Implementation
Training/Workshop Venue Date of CelcomDigi Board CelcomDigi 15 June 2024
Implementation Workshop – 5G Due Tower,
BoFA 2024 ASEAN Singapore 11 January Diligence #2 Petaling
Conference 2024 Jaya,
Selangor,
Malaysia
CDB: Board Conflict of Virtual 29 January
Interest (COI) Training by 2024 Special Training for Virtual 2 July 2024
Zul Rafique & Partners AGB Board Members &
SLT of AGB Malaysian
IIC (International Institute Axiata 6 February Cybersecurity Act 2024
of Communications) Asia Tower, Kuala 2024 by Wong & Partners
Forum Lumpur, NIST 2.0 – Updated
Malaysia Cybersecurity maturity
Global System for Barcelona 25 – 28 framework by Romharsh
Mobile Communications February Razdan, KPMG
Association (GSMA) and 2024 CelcomDigi Board CelcomDigi 24 June 2024
Mobile World Congress Strategy Workshop #1- Tower,
(MWC) on 25 – 28 Feb Performance Review Petaling
Anti-Money Laundering Virtual 19 April 2024 Jaya,
(AML) and Anti-Bribery Selangor,
and Anti-Corruption Malaysia
(ABAC) BRCC Training Virtual 2 July 2024
Microsoft CEO The Vertical 2 May 2024
Connection Connexion, Innovate or Perish – Axiata 12 July 2024
Bangsar Harnessing Generative Tower, Kuala
South, Kuala AI for Strategic Business Lumpur,
Lumpur, Advantage by Professor Malaysia
Malaysia Ujwal Kayande
CelcomDigi Board CelcomDigi 8 – 9 May CelcomDigi Board CelcomDigi 17 July 2024
Strategy Retreat 2024 Tower, 2024 Workshop 2024 – 5G Tower,
› The AI revolution and Petaling Tender Process #3 Petaling
its real-world impact – Jaya, Jaya,
Jan Metzger Selangor, Selangor,
› Global cloud trends Malaysia Malaysia
& opportunities for
CelcomDigi – Amazon Sharing session by PwC Axiata 22 August
Web Services – Preparing you for the Tower, Kuala 2024
Upcoming Regulatory Lumpur,
CelcomDigi Board CelcomDigi 7 June 2024 Requirements Malaysia
Workshop – 5G Due Tower,
Diligence #1 Petaling Group Risk & Compliance Virtual 28 August
Jaya, Annual Conference 2024 2024
Selangor, ICDM Advocacy Dialogue ICDM Penta, 19 September
Malaysia on Corporate Venture Eco City 2024
CLSA Asean Forum 2024 Four 12 June 2024 Capital (CVC)
Seasons APOS CEO Forum at Bali, 24 September
Hotel, Ayana Resort Bali Indonesia 2024
Jakarta,
Indonesia
126 PT XL Axiata Tbk
Page 129
Strengthening Profitability for a Sustainable Future
Training/Workshop Venue Date of Training/Workshop Venue Date of
Implementation Implementation
CDB Board Strategy CelcomDigi 27 September Axiata Board Retreat Axiata 4&5
workshop #2 – Discussion Tower, 2024 › External Speaker Tower, Kuala November
on preceding year’s BP & Petaling 1: TEF Portfolio Lumpur, 2024
Strategy Jaya, Rationalization by Mark Malaysia
Selangor, Evans, Chief Strategy
Malaysia Officer of Telefonica
Khazanah Megatrend Mandarin 7 October Group
Forum Oriental 2024 › External Speaker
Hotel, Kuala 2: Vantege Towers
Lumpur, Monetization by
Malaysia Thomas Reisten, ex-
CFO of Vantage Towers
Boost Holdings Board Hilton 17 October
Retreat Hotel, Kuala 2024 CelcomDigi – Operational CelcomDigi 15 November
› Insights into Fintech Lumpur, Excellence by Mckinsey Tower, 2024
Landscape by Kevin Malaysia Petaling
Kwek, Kearney Partner Jaya,
› Making Ecosystem Selangor,
Banking Work Malaysia
in Singapore by Axiata Brand Workshop Axiata 5 December
Dwaipayan Sadhu, CEO by Dentsu Tower, Kuala 2024
TrustBank Lumpur,
› Fintech Landscape in Malaysia
Indonesia, Pockets of
Opportunity in SEA
and Driving Synergies
between Telcos and
Digital Banks by
Guillaume de Gantes,
Snr Partner, McKinsey
Jakarta
› Driving Synergies
for the Underserved
by HudHaifa Ahmad,
Co-founder & ED of
MyAngkasa Digital
HOD Huddle The Stripes 6 November
Winning Culture & Living Kuala 2024
with Change by Ashley Lumpur,
Grice, BrightHouse Malaysia
Consulting
2024 Integrated Annual Report 127
Page 130
Strengthening Profitability for a Sustainable Future
Corporate Governance
Dr. Hans Wijayasuriya
Commissioner
Age 56 years old as of December 2024
Nationality British
Domicile Colombo, Sri Lanka
Legal Basis of Resolution of Annual General Meeting of
Appointment Shareholders dated 3 May 2024.
Term of Office 3 May 2024 until the closing of Annual
General Meeting of Shareholders 2029.
Appointment History in the Company › Trustee, Sigiri Trust (2018 – present).
› Director, Smart Axiata Co., Ltd. (2017 – present).
› Commissioner, Second Term, appointed at the Annual › Limited Partners Advisory Committee, SADIF LP, (2017
General Meeting of Shareholders dated 3 May 2024, term – present).
of office 3 May 2024 until the closing of Annual General › Director, Robi Axiata Limited (2016 – present).
Meeting of Shareholders 2029. › Director, Ncell Axiata Limited (2016 – present).
› Commissioner, First Term, appointed at the Annual › Director, Axiata Business Services Sdn Bhd (2016 –
General Meeting of Shareholders dated 18 May 2022, present).
term of office 18 May 2020 until the closing of Annual › Director, Apigate (Private) Limited (2016 – present).
General Meeting of Shareholders 2024. › Corporate EVP & Regional CEO, South Asia, Axiata Group
Berhad (2016 – 2020).
Educational Background and Certifications › Director, John Keells Holdings PLC (2016 – present).
› Director, Apigate Inc. (2015 – present).
› Director, Sigiriya Residencies (Private) Limited (2015 –
› Chartered Engineer and Fellow from Institute of
present).
Engineering Technology UK, 2004.
› Director, Axiata Digital & Analytics Sdn Bhd (2014 –
› Master of Business Administration (MBA) from University
present).
of Warwick UK, 2003
› Chief Executive Officer, Axiata Digital Services Sdn Bhd
› PhD in Digital Mobile Communications from University of
(2012 – 2014).
Bristol UK, 1994.
› Director, Tangalle Leisure (Private) Limited (2012 –
› Bachelor’s Degree in Electrical and Electronic Engineering
present).
from University of Cambridge UK, 1989.
› Trustee, Dialog Foundation (2012 – present).
› Director, Sigiriya Leisure (Private) Limited (2011 – present).
Professional Experience › Director, Axiata Investments 1 (India) Limited (2010 –
present).
› Group Executive Director and Chief Executive Officer › Director, Axiata Investments 2 (India) Limited (2010 –
for Telecommunications Business, Axiata Group Berhad present).
(2023 – present). › Trustee Present, Colours of Courage Trust (Guarantee)
› President Commissioner, PT Link Net Tbk (June 2022 – Limited (2009 – present).
present). › Director, Dialog Axiata PLC (2001 – present).
› Member of Nomination and Remuneration Committee, › Director, Axiata Lanka (Private) Limited (1998 – present).
XL Axiata (2022 – present). › Group Chief Executive Officer, Dialog Axiata PLC (1997
› Joint Acting Group Chief Executive Officer, Axiata Group – 2016).
Berhad (2022 – 2023).
› Director, Celcom Digi Berhad (formerly known as Digi.
Concurrent Positions
com Berhad) (2022 – present).
› Chairman of Transformation Advisory Committee, XL
› President Commissioner, PT Link Net Tbk.
Axiata (2021 – February 2024).
› Committee Member of:
› Member, National Innovation Commission of Sri Lanka
› Axiata Board Investment Committee of Axiata Group
(2021 – present).
Berhad.
› Commissioner, XL Axiata (2020 – present).
› Nominating and Remuneration Committee and Board
› CEO of Telecommunications Business & Group Executive
Investment Committee of PT XL Axiata Tbk.
Vice President, Axiata Group Berhad (2020 – present).
› Board Investment Committe of PT XL Axiata Tbk.
› Director, Celcom Axiata Berhad (2020 – 2022).
› Nomination and Remuneration Committee and Board
› Director, Sri Lankan Airlines Limited (2020 – present).
Investment Committee of PT Link Net Tbk
› Honorary Head, Sri Lanka Unique Digital Identity
› Board Investment Committee of PT Link Net Tbk.
Programme, (2020 – present).
(Chairman)
› Director, Survitec Co., Ltd. (2019 – 2022).
› Board Investment Committee of Dialog Axiata PLC
› Director, Axiata Digital Labs (Private) Limited, (2018 –
(Chairman)
present).
128 PT XL Axiata Tbk
Page 131
Strengthening Profitability for a Sustainable Future
› Nominations and Governance Committee of Dialog Training or Competency Development in 2024
Axiata PLC
› Remuneration Committee of Dialog Axiata PLC Training/Workshop Venue Date of
› Board Nomination and Remuneration Committee f Implementation
Robi Axiata Limited CelcomDigi Directors CelcomDigi 29 January
› >Board Investment Committee of Robi Axiata Limited Conflict of Interest Tower, Petaling 2024
(Chairman) Training by ZulRafique Jaya, Selangor,
› Board Remuneration Committee of Smart Axiata Co., & Partners Malaysia
Ltd. BRCC Chairperson - 31 January
› Board Investment Committee of Smart Axiata Co., Conference, 31 January 2024
Ltd. (Chairman) 2024
› Board Remuneration Committee of Axiata Digital Labs IIC Asia Forum 2024. - 6 February
(Private) Limited. February 2024 Panel: 2024
› Board Nomination and Remuneration Committee of Session 1 Creating the
EDOTCO Group Sdn Bhd. optimum investment
› Nomination Committee, Project Risk Assessment environment to enable
Committee, and Human Resources and Compansation digital transformation
Committee of John Keels Holding PLC. Mobile World Congress Bancelona, 26-28
› Human Resource & Remuneration Committee, Audit MWC24 Barcelona Spain February 2024
Committee and Board Group Risk Committee of Sri by GSMA, Fira Gran
Lankan Airlines Limited. Via, Barcelona, Spain.
Speaker: API Gateway
To Heaven
Affiliate Relations
Mandatory Virtual 4-5 March
Accreditation 2024
› Group Chief Executive Officer and CEO of Programme Part II:
Telecommunications Business & Group Executive Vice Leading for Impact (LIP)
President, Axiata Group Berhad. TM Forum, Copenhagen Copenhagen 16-20 May
› Director of: 2024
1. CelcomDigi Berhad
MWC Shanghai 2024 Shanghai 25-27 May
2. Smart Axiata Co., Ltd. 2024
3. 3Robi Axiata Limit
CelcomDigi Board CelcomDigi 7 June 2024
4. Dialog Axiata PLC
Workshop 2024 - 5G Tower, Petaling
5. Axiata Enterprise Sdn Bhd Due Deligence #1 Jaya, Selangor,
6. Axiata Investments 1 (India) Limited Malaysia
7. Axiata Digital Labs (Private) Limited
CelcomDigi Board CelcomDigi 15 June 2024
8. Axiata Lanka (Private) Limited Workshop 2024 - 5G Tower, Petaling
9. Apigate Inc. Due Deligence #2 Jaya, Selangor,
10. Apigate (Private) Limited Malaysia
› Commissioner of PT Link Net Tbk
Association Membership
Director, GSM Association (2023 - present)
2024 Integrated Annual Report 129
Page 132
Strengthening Profitability for a Sustainable
Corporate Governance
Future
Training/Workshop Venue Date of Training/Workshop Venue Date of
Implementation Implementation
CelcomDigi Board CelcomDigi 8-9 May 2024 ERM Workshop with Axiata Tower, 7 August 2024
Strategy Retreat 2024 Tower, Petaling SLT Kuala Lumpur,
› The AI revolution and Jaya, Selangor, Malaysia
its real-world impact Malaysia CelcomDigi Board - 27 September
– Jan Metzger Strategy Workshop 2024
› Global cloud trends 2024 #2- BP2025-
& opportunities 2027
for CelcomDigi
– Amazon Web Axiata Board Retreat Axiata Tower, -
Services › External Speaker Kuala Lumpur,
1: TEF Portfolio Malaysia
CelcomDigi Board CelcomDigi 24 June 2024 Rationalization by
Strategy Workshop Tower, Petaling Mark Evans, Chief
2024 #1- Performance Jaya, Selangor, Strategy Officer of
Review Malaysia Telefonica Group
Special Training for AGB Axiata Tower, 2 July 2024 › External Speaker
Board Members & SLT Kuala Lumpur, 2: Vantege Towers
of AGB Malaysia Monetization by
› Malaysian Thomas Reisten,
Cybersecurity Act ex-CFO of Vantage
2024 by Wong & Towers
Partners CelcomDigi - - 15 November
› NIST 2.0 – Updated Operational Excellence 2024
Cybersecurity by McKinsey
maturity framework
by Romharsh Razdan,
KPMG
CelcomDigi Board CelcomDigi 17 July 2024
Workshop 2024 - 5G Tower, Petaling
Tender Process #3 Jaya, Selangor,
Malaysia
Ideas Workshop Axiata Axiata Tower, 6 August 2024
Kuala Lumpur,
Malaysia
130 PT XL Axiata Tbk
Page 133
Strengthening Profitability for a Sustainable Future
Nik Rizal Kamil
Commissioner
Age 52 years old as of December 2024
Nationality Malaysian
Domicile Kuala Lumpur, Malaysia
Legal Basis of Resolution of Annual General Meeting of
Appointment Shareholders dated 3 May 2024.
Term of Office 3 May 2024 until the closing of Annual
General Meeting of Shareholders 2029.
Appointment History in the Company Concurrent Positions
Commissioner, First Term, appointed at the Annual General › Special Member of Board Investment of XL Axiata.
Meeting of Shareholders 3 May 2024, term of office 3 › Special Member of Board Investment of PT Link Net Tbk.
May 2024 until the closing of Annual General Meeting of › Member of Board Audit Committee, Chairman of Board
Shareholders 2029. Risk & Compliance Committee and Member of Board
Investment Committee of Robi Axiata PLC
Educational Background and Certifications › Member of Board Investment Committee of Smart
Axiata Co., Ltd.
› Bachelor of Sciences in Economics and Accounting, › Member of Board Audit Committee and Board
University of Bristol, 1992. Investment Committee of EDOTCO Group Sdn Bhd
› Masters in Finance, London Business School, 2008. (EDOTCO) and Chairman of Board Risk & Compliance
› Member, Malaysian Institute of Accountants (MIA) Committee of EDOTCO
› Fellow Chartered Accountant (FCA), Institute of
Chartered Accountants in England and Wales (ICAEW). Affiliate Relations
Professional Experience Group Chief Financial Officer, Axiata Group Berhad
› Commissioner, XL Axiata (2024 – present). Director of:
› Group Chief Financial Officer, Axiata Group Berhad, 1. Robi Axiata Limited
(January 2024 – present). 2. EDOTCO Group Sdn Bhd
› Director, Robi Axiata PLC (January 2024 - present).
› Director, EDOTCO Group Sdn Bhd (January 2024 - Association Membership
present).
› Group Chief Financial Officer, RHB Banking Group, None.
(February 2021 – January 2024).
› Executive Director-Investments, Khazanah Nasional Training or Competency Development in 2024
(April 2011 – February 2021).
› Non-Independent Non-Executive Director, Telekom Training/Workshop Venue Date of
Malaysia (November 2021 – December 2018). Implementation
› Finance Manager, Special Projects Institution: Shell
Malaysia Limited (January 2011 – March 2011). BRCC Chairperson Axiata Tower, 31 January
› Downstream Senior Financial Analyst, Shell International Conference Kuala Lumpur, 2024
Malaysia
Petroleum Company Ltd, (February 2007 – January
2011). Global System for Barcelona, 25 – 28
› Regional EP Senior Business Analyst, Shell EP International Mobile Communications Spain February
Ltd (Singapore) (January 2004 – January 2007). Association (GSMA) and 2024
› Head of Planning & Economics, Shell Deepwater Borneo, Mobile World Congress
(January 2004 – January 2007). (MWC)
› Supervisor PSC and JV Accounting, Sarawak Shell Berhad
(October 2001 – December 2003).
› Assistant Manager, Corporate Finance, RHB Sakura
Merchant Bankers Berhad (October 2001 – December
2003).
2024 Integrated Annual Report 131
Page 134
Corporate Governance
Training/Workshop Venue Date of Training/Workshop Venue Date of
Implementation Implementation
Special Training for Axiata Tower, 2 July 2024 Khazanah Megatrend Mandarin 7 October
Board Members & SLT Kuala Lumpur, Forum 2024 Oriental 2024
of Axiata Group Berhad Malaysia Hotel, Kuala
› Malaysian Lumpur,
Cybersecurity Act Malaysia
2024 by Wong &
Partners HOD Huddle Winning The Stripes 6 November
› NIST 2.0 – Updated Culture & Living with Kuala Lumpur, 2024
Cybersecurity Change by Ashley Grice, Malaysia
maturity framework BrightHouse Consulting
and AI Strategy by Axiata Board Retreat Axiata Tower, 4&5
Romharsh Razdan, › External Speaker Kuala Lumpur, November
KPMG 1: TEF Portfolio Malaysia 2024
Ideas Workshop Axiata Axiata Tower, 6 August Rationalization by
on AI Kuala Lumpur, 2024 Mark Evans, Chief
Malaysia Strategy Officer of
Telefonica Group
Khazanah Investment Le Meridien, 6 August › External Speaker
Strategy Seminar 2024 Kuala Lumpur, 2024 2: Vantege Towers
Malaysia Monetization by
Thomas Reisten,
Enterprise Risk Axiata Tower, 7 August ex-CFO of Vantage
Management Workshop Kuala Lumpur, 2024 Towers.
Malaysia
Axiata Group Risk & Axiata Tower, 28 August
Compliance Annual Kuala Lumpur, 2024
Conference 2024 Malaysia
132 PT XL Axiata Tbk
Page 135
Strengthening Profitability for a Sustainable Future
Yasmin Binti Aladad Khan
Independent Commissioner
Age 66 years old as of December 2024
Nationality Malaysian
Domicile Singapore
Legal Basis of Resolution of Annual General Meeting of
Appointment Shareholders dated 3 May 2024.
Term of Office 3 May 2024 until the closing of Annual
General Meeting of Shareholders 2029.
Appointment History in the Company Concurrent Positions
Commissioner, First Term, appointed at the Annual General › Chairwoman of Board Risk and Compliance Committee,
Meeting of Shareholders 3 May 2024, term of office 3 XL Axiata (2024-present).
May 2024 until the closing of Annual General Meeting of › Member of Board Audit Committee, XL Axiata
Shareholders 2029. (2024-present).
Educational Background and Certifications Affiliate Relations
› Master of Science in Business Administration, from Aston None.
University (1983).
› Higher National in Business Studies, Richmond-upon- Association Membership
Thames College, United Kingdom (1980).
› Diploma in Management studies, Polytechnic of Wales None.
(1981).
Training or Competency Development in 2024
Professional Experience
Training/Workshop Venue Date of
› Independent Commissioner, XL Axiata (Mei 2024 – Implementation
present).
Listed entity directors Singapore 5-20 March 2024
› Non-Executive Director, Singapore Post (January 2024
training at Singapore
– present). Institute of Director
› Country Manager – Malaysia, Country Manager –
Top Executive WSH Singapore 14 March 2024
Singapore, Senior Vice President – Southeast Asia, Senior
(workplace safety &
Vice President – Southeast Asia & South Asia, Managing health) E-learning
Director of Emerging Markets, and lastly as Executive
Group Risk & Kuala 28 August 2024
Vice President of Commercial – Asia Pacific, DHL Express Compliance Annual Lumpur
(June 2001-December 2023). Conference, Axiata
› Chief Operating Officer, General Electric International,
Thailand (February 2000-May 2001).
› Project Manager, Alpha Capital Asset Management –
Thailand, Alpha Capital Partners Group Public Company
Limited (August 1999-April 2000).
› Director of Business Development – Malaysia, and the
latest position as Director of Business Development –
Hong Kong, General Electric (July 1994 – July 1999).
› Vice President – Corporate and Investment Banking, The
Chase Manhattan Bank (September 1983 – June 1994).
2024 Integrated Annual Report 133
Page 136
Corporate Governance
Julianto Sidarto
Independent Commissioner
Age 63 years old as of December 2024
Nationality Indonesian
Domicile Jakarta, Indonesia
Legal Basis of Resolution of Annual General Meeting of
Appointment Shareholders dated 3 May 2024.
Term of Office 3 May 2024 until the closing of Annual
General Meeting of Shareholders 2029.
Appointment History in the Company › Independent Commissioner, PT Mediatrac Sistem
Komunikasi (2015 – present).
› Independent Commissioner, Third Term, Annual General › Member of Board Audit Committee, Xl Axiata (2018-
Meeting of Shareholders on 3 May 2024, term of office 3 2019)
May 2024 until the closing of Annual General Meeting of › Managing Director of Operations in ASEAN, Accenture
Shareholders 2029. (2013 – 2015).
› Independent Commissioner, Second Term, appointed at › Country Managing Director of Indonesia, Accenture
the Annual General Meeting of Shareholders on 29 April (2002 – 2013).
2019, term of office 2019 – 2024.
› Independent Commissioner, First Term, appointed at Concurrent Positions
the Annual General Meeting of Shareholders on 9 March
2018, term of office 2018 – 2019. › Chairman of Nomination and Remuneration Committee,
XL Axiata.
Educational Background and Certifications › Member of Board Risk and Compliance Committee, XL
Axiata.
› Master of Business Administration (M.B.A) from UCLA › Member of Audit Committee, PT Ace Hardware Indonesia
Anderson School of Management, 1988. Tbk.
› Master’s degree in computer science and Bachelor's › Chairman of Nomination and Remuneration Committee,
degree in Electrical Engineering from Johns Hopkins Chairman of Risk and Monitoring Committee, Chairman
University di Baltimore Maryland, 1984 of Audit Committee, PT Honest Financial Technologies.
Professional Experience Affiliate Relations
› Chairman of Nominating and Remuneration Committee, None.
XL Axiata (2024-present)
› Chairman of Nomination and Remuneration Committee, Association Membership
PT Honest Financial Technologies (2022-present)
› Chairman of Risk and Monitoring Committee, PT Honest None.
Financial Technologies (2022-present)
› Chairman of Board Audit Committee, PT Honest Financial Training or Competency Development in 2024
Technologies (2022 – present).
› Independent Commissioner, PT Honest Financial
Training/Workshop Venue Date of
Technologies (2022 – present). Implementation
› Member of Board Risk and Compliance Committee, XL
National Seminar on The Raffles 30 January 2024
Axiata (2020 – present).
Financing Challenges Hotel,
› Chairman of Board Audit Committee, XL Axiata (2019 – Jakarta
2024).
› Independent Commissioner, XL Axiata (2018 – present).
› Independent Commissioner, PT Mosaik Manajemen
Global (2017 – present).
› Member of Board Audit Committee, PT Ace Hardware
Indonesia Tbk (2016-present).
134 PT XL Axiata Tbk
Page 137
Strengthening Profitability for a Sustainable Future
Didi Syafruddin Yahya
Independent Commissioner
Age 57 years old as of December 2024
Nationality Indonesian
Domicile Kuala Lumpur, Malaysia
Legal Basis of Resolution of Annual General Meeting of
Appointment Shareholders dated 3 May 2024.
Term of Office 3 May 2024 until the closing of Annual
General Meeting of Shareholders 2029.
Appointment History in the Company Concurrent Positions
Independent Commissioner, First Term, appointed at the › President Commissioner, PT Bank CIMB Niaga Tbk
Annual General Meeting of Shareholders on 3 May 2024 until › Independent Non-Executive Director, CIMB Group
the closing of Annual General Meeting of Shareholders 2029. Holdings Berhad, Malaysia
› Chairman of Board Audit Committee, XL Axiata
Educational Background and Certifications › Member of Board Investment Committee, XL Axiata
› Chairperson Group Nomination and Remuneration
› Bachelor of Arts in Economics from University of Committee, CIMB Group Holdings Berhad
Cambridge, 1989. › Chairperson Board Risk and Compliance Committee,
› Master of Arts in Economics from University of CIMB Group Holdings Berhad
Cambridge, 1992. › Member of Group Sustainability and Governance
› Fellow Chartered Accountant by Institute of Chartered Committee, CIMB Group Holdings Berhad
Accountants in England and Wales, 2012. › Member of Nomination and Remuneration Committee, PT
CIMB Niaga Tbk
Professional Experience › Member of Risk Oversight Committee, PT CIMB Niaga
Tbk
› Chairman of Board Audit Committee, XL Axiata (May
2024-present) Affiliate Relations
› Chairman of Board Investment Committee, XL Axiata
(May 2024-present) None.
› Independent Non-Executive Director, CIMB Group
Holdings Berhad, Malaysia (May 2019-present) Association Membership
› Presiden Commissioner, PT Bank CIMB Niaga Tbk (April
2019-present) None.
› Independent Non-Executive Director, CIMB Investment
Bank Berhad (January 2017-Juni 2022) Training or Competency Development in 2024
› Managing Director, Head of Investment Banking
(Malaysia), JP Morgan Malaysia (June 2005-September
Training/Workshop Venue Date of
2016) Implementation
› Vice President Investment Banking, JP Morgan Indonesia
Navigating the Kuala 23 July 2024
(October 1993-June 2005)
Future with Emerging Lumpur
› Manager, Morgan, Grenfell & Co., London and Jakarta Technology
(December 1992-September 1993).
Tier 6 Risk Jakarta 21-23 August 2024
› Senior Audit, Arthur Andersen & Co, London (August
Management
1989 – December 1992). Alignment Seminar
Anti Bribery and Virtual 3 September 2024
Corruption
Boardroom Climate Kuala 11 September 2024
Essentials Lumpur
Deepening of SNI Virtual 14 October 2024
ISO 37001: 2016 (ISO
SMAP)
2024 Integrated Annual Report 135
Page 138
Corporate Governance
Board Manual and Code of Ethics › Public Accountant
Propose a Public Accountant and/or Public Accountant
The Company has developed a Board Manual and Code of Firm for the current financial year in accordance with
Ethics that is designed to assist Board members in fostering a prevailing regulations.
professional and collaborative working relationship, thereby › Corporate Action
enhancing the effectiveness of their respective duties and Examine and provide authorization for the Corporate
responsibilities. Action within the limits of authority as stated in the
Articles of Association and existing Regulations, which
The Board Manual encompasses the following key includes all business dealings that make up at least 5% of
components: the Company’s gross income (revenue before discounts)
1. Criteria and Composition. or 10% of its Net Tangible Assets.
2. Duties and Responsibilities. › Governance Monitoring
3. Work Ethics – outlining provisions related to conflicts Monitoring and reviewing the implementation of
of interest, confidentiality of Company documents, and Corporate Governance in the Company.
adherence to prevailing regulations. › Disclosure of Related Parties
4. Procedures for Meetings– detailing the protocols for Disclosing to the Company on a regular basis any related
convening meetings, including quorum requirements parties associated with the members.
and voting rights. › Disclosure of Shareholding
5. Remuneration. Reporting the share ownership of members and their
6. Distribution of Authority. families within the Company and/or in other companies.
This manual serves as an essential resource in upholding the Duties and Responsibilities of the President
integrity and high standards of the Board’s operations. Commissioner
Duties and Responsibilities of the Board of The President Commissioner of the Company is responsible
Commissioners for coordinating the collective supervisory duties of the
Board of Commissioners, as well as acting as the chairman
The duties and responsibilities of the Board of Commissioners for the Board of Commissioners Meeting, the Joint Meeting
are defined in the Articles of Association, in accordance of the Board of Commissioners and Directors, and the
with Regulation No. 40 of 2007 concerning Limited Liability General Meeting of Shareholders, in accordance with the
Companies, as well as Financial Services Authority Regulation Articles of Association and prevailing regulations.
No. 33/POJK.04/2014. Furthermore, the roles of the Board of
Commissioners are articulated in the Company's Corporate Board of Commissioners’ Requirements and
Governance Policy and Board Manual. Appointment Policy
The Board of Commissioners of XL Axiata is responsible in The Senior Executive Nomination Policy outlines the
carrying the following: procedures for appointing members to the Company's Board
› Approving Business Plan of Commissioners. Candidates proposed by Shareholders
Approve the Company’s proposed Business Plan for the and/or Minority Shareholders are submitted to the Company's
upcoming financial year and with its strategy, at least Nomination and Remuneration Committee by the Corporate
60 days prior to the start of the new financial year. Secretary.
Additionally, the Board of Commissioners shall regularly
examine and provide guidance on the Company’s The Nomination and Remuneration Committee will review the
current business plans. nomination proposals during their meetings to ensure that the
› Provide Oversight of the Company candidates meet the necessary requirements, qualifications,
Overseeing both the development and the performance and background. The selected candidates will then be
of the Board of Directors, which entails reporting to the presented to the General Meeting of Shareholders (GMS) for
GMS about all the duties and supervisory measures that approval.
were carried out in the preceding financial year.
› Board of Commissioners Meetings The qualifications and requirements for Board members are
Organizing and participating in the Board of based on POJK No. 33/ POJK.04/2014, as well as additional
Commissioners Meeting and Joint Meeting of the Board criteria set by the Company. This includes ensuring a diverse
of Commissioners and Directors, in accordance with range of skills and an appropriate overall composition of the
the applicable regulations. The Board of Directors shall Board.
examine and authorize the minutes of the meetings that
are drafted by the Corporate Secretary. Resignation Policy for the Board of
› Annual Report Commissioners
Reviewing and endorsing the Annual Report that is drafted
by the Board of Directors. The Board of Commissioners The resignation policy for the Board of Commissioners is
shall verify that the Annual Report comprises precise and governed by the Company’s Articles of Association and
accurate information. the Board Manual. Board members wishing to resign must
submit a formal written notification to the Company.
136 PT XL Axiata Tbk
Page 139
Strengthening Profitability for a Sustainable Future
This resignation letter should be addressed to the Independency of the Independent
Nominating and Remuneration Committee, with copies Commissioners
sent to the Board of Directors and the Corporate Secretary. All members of the Independent Commissioner have signed
Following submission, the Company will convene a GMS to a Statement certifying fulfilment of criteria as well as his/her
make a decision regarding the resignation. independence of position in accordance with the criteria as
set under prevailing regulations.
Aside from the abovementioned voluntary resignation, the
terms of office of the Board member shall be automatically The Statement Letters are documented by the Corporate
ended upon the following conditions: Secretary.
1. If he/she is involved in a civil, criminal, monetary crime
and/or other dispute in a judiciary institution and/or Independent Commissioners Meetings
arbitration institution whether in Indonesia or a foreign All Independent Commissioners of the Company meet
country, or an administrative dispute with an authorized separately at least once during the year without any
government institution including any dispute in relation other members of the Board of Commissioners and Board
to manpower/industrial matters. of Directors present. On 27 June 2024, they held 1 (one)
2. If he/she passed away. meeting to discuss related party transactions.
3. Not re-appointed upon the conclusion of terms of office.
4. Dismissed by the GMS. Board of Commissioners Meetings
5. Declared bankrupt or declared under guardianship
based on court decision. Board of Commissioners Meeting Policy
6. No longer qualified according to the prevailing In general, the policy for the Board of Commissioners
legislations and regulations. meetings is as follows:
1. Board of Commissioners Meeting and Joint Meeting of
Term of Office the Board of Commissioners and Directors scheduled
for every financial year must be arranged before the
The term of office for the Company's Board of Commissioners start of the financial year. The schedule for the Board of
is five (5) years, and he/she may be reappointed for an Commissioners meetings in 2024 was submitted by the
additional term of the same duration. If a Commissioner is Corporate Secretary at the beginning of 2024 to each
appointed to fill a vacant position (either due to termination or member of the Board.
other reasons), they will serve for the remainder of the term of 2. The Board of Commissioners Meeting must be
the vacant position or existing Commissioner. convened at least once every two months, chaired by
the President Commissioner or other member of the
Independent Commissioners Board as appointed in the Meeting in the absence of the
President Commissioner.
As of 31 December 2024, the Company has three (3) 3. Joint meetings with the Board of Directors must be
Independent Commissioners out of a total of seven (7) conducted at least once every four (4) months.
members on the Board. The Independent Commissioners 4. Invitation and Meeting material must be distributed to
are Yasmin Binti Aladad Khan, Julianto Sidarto, and Didi the members of the Board at least five (5) days prior to
Syafruddin Yahya. The composition of the Company's the meeting.
Independent Commissioners as of 31 December 2024 made 5. The Meeting can be convened and decisions will only
up 43% of the Board of Commissioners, exceeding 30% as be binding if it is attended by a minimum of half of
required by POJK No. 33/ POJK.04/2014. the Board members. Decisions of the Board are to be
made in consensus. However, in the event where such
Criteria of Independent Commissioners consensus cannot be reached, then a simple majority is
Each member of the Company’s Independent Commissioner sufficient. If the Board fails to make a majority decision,
has met the following criteria: then the meeting chair shall cast the deciding vote.
1. He/she does not work or has the responsibility or
authority to plan, lead, control or supervise the Company Board of Commissioners Meetings in 2024
in the last 6 (six) months. In 2024, the Board of Commissioners has convened
2. He/she does not have any shares, directly or indirectly, 24 meetings, and 4 Joint Meetings of the Board of
in the Company. Commissioners with the Board of Directors. Herewith the
3. He/she is not an affiliated party to Company’s Board details of frequency and agenda of these meetings.
of Commissioners, Board of Directors or majority
Shareholders.
4. He/she does not have any direct or indirect business
relationship related with the core business of the
Company. If he/she is also a member of the Company’s
Board Audit Committee (BAC), he/she can only be
reappointed one (1) time as member of BAC after the
end of BAC term of office.
2024 Integrated Annual Report 137
Page 140
Corporate Governance
Board of Commissioners Meeting
No. Type Status
No Dated Agenda
Meeting (R/S) (Approval/Noting)
1 9 February 2024 1/24 R Report from NRC Approval
Report from BAC Approval
Report from BRCC Noting
BIC Composition Member Discussion Approval
2 13 March 2024 1.S/24 S T&C Director Discussion Approval
Nomination and Director's T&C Approval
BOC Remuneration and BOD Allowances Noting & Approval
Board Assessment Result FY 2023 Noting
3 27 March 2024 2.S/24 S IT Discussion Approval
4 29 April 2024 2/24 R Report from BAC Approval
Report from BRCC Noting
Report from BIC Noting
5 3 May 2024 3.S/24 S BOC's Committees Composition Approval
6 16 May 2024 4.S/24 S Merger Discussion Noting
7 25 June 2024 3/24 R NRC Matters Approval
Merger Discussion Approval
8 27 June 2024 5.S/24 S Related Party Transaction Discussion Approval
9 26 July 2024 4/24 R Report from BAC Noting
Report from BRCC Noting
Report from BIC Noting
10 5 August 2024 6.S/24 S Q2 2024 Financial Statement Approval
11 23 August 2024 7.S/24 S Merger Discussion Noting
12 2 September 2024 8.S/24 S Merger Discussion Noting
13 9 September 2024 9.S/24 S Merger Discussion Noting
14 24 September 2024 10.S/24 S Merger Discussion Noting
15 25 October 2025 5/24 R Report from BAC Noting
Report from BRCC Noting
Report from BIC Noting
16 6 November 2025 11.S/24 S Merger Discussion Noting
17 7 November 2025 6/24 R Financial Statement Q3 2024 Approval
18 13 November 2025 12.S/24 S Merger Discussion Noting
19 18 November 2025 13.S/24 S Budget Discussion Approval
Merger Discussion Noting
20 3 December 2024 14.S/24 S Merger Discussion Noting
21 4 December 2024 15.S/24 S Merger Discussion Noting
22 6 December 2024 16.S/24 S NRC Recommendation Approval
Merger Discussion Approval
23 9 December 2024 17.S/24 S Merger Discussion Approval
24 9 December 2024 18.S/24 S Merger Discussion Approval
Total Attendance
Attendance Rate
Regular Meeting 6 Yes
Special Meetings 18 No
Total Meeting 24 With Proxy
* Effective until 3 May 2024
** Effective since 3 May 2024
Joint Meeting of the Board of Commissioners and Board of Directors in 2024
138 PT XL Axiata Tbk
Page 141
Strengthening Profitability for a Sustainable Future
Yasmin Binti Aladad
Muliadi Rahardja*
Nik Rizal Kamil**
Julianto Sidarto
Didi Syafruddin
M. Chatib Basri
Wijayasuriya
Vivek Sood
Wirjawan**
Yasmin S.
Yahya***
Dr. Hans
Khan***
(Proxy to
JS) ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ Not yet
a BOC
Not yet
a BOC
Not yet
a BOC
member member member
✔ ✔ ✔ ✔ (Proxy to
JS) ✔
✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ (Proxy to
VS) ✔ ✔
Not
Required
Not
Required
Not
Required ✔ Not
Required ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ No longer
a BOC
No longer
a BOC
✔ ✔ ✔ ✔
member member
(Proxy to
JS) ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
23 23 23 4 4 24 19 20 20
100% 100% 100% 100% 100% 100% 100% 100% 100%
21 23 23 4 3 24 18 20 20
0 0 0 0 0 0 0 0 0
2 0 0 0 1 0 1 0 0
2024 Integrated Annual Report 139
Page 142
Corporate Governance
Yessie D. Yosetya
Dian Siswarini
Feiruz Ikhwan
No. Status
No. Date Meeting Agenda (Approval/
Noting)
1. 9 February 2024 1.J/24 Discussion on Transformation Noting
2023 Business and Operating Update Noting ✔ ✔ ✔
Funding Plan Discussion Approval
Annual General Meeting of Shareholders 2024 Approval
Discussion
2 29 April 2024 2.J/24 Q1 2024 Business and Operating Update Noting
Related-Party Transaction Discussion Approval
Acquisition Plan Discussion Approval ✔ ✔ ✔
Legal Matters Discussion Noting
IT Discussion Noting
3 26 July 2024 3.J/24 Legal Matters Discussion Noting
Internal Audit Report on IT Noting
H1 2024 Business and Operating Updates
Commercial Discussion
Noting
Noting
✔ ✔ ✔
Related-Party Transaction Discussion Approval
Merger Plan Discussion Noting
4 25 October 2025 4.J/24 Business Plan 2025 & Q1 2025 Spending Discussion Noting
Business Migration Discussion Noting
H1 2024 Business and Operating Updates Noting ✔ ✔ ✔
Legal Matters Discussion Noting
Merger Plan Discussion Noting
Total Attendance 4 4 4
Attendance Rate 100% 100% 100%
Regular Meetings 4 Yes 4 4 4
Special Meetings 0 No 0 0 0
Total Meetings 4 With Proxy 0 0 0
* Effective until 11 January 2024
** Effective until 3 May 2024
*** Effective since 3 May 2024
Attendance of the Board of Commissioners at GMS
This information can be found in the General Meeting of Shareholders section.
Board of Commissioners Circular Resolutions in 2024
No. Date Description
1 10 September 2024 Related Party Transaction
2 2 December 2024 Related Party Transaction
3 31 December 2024 Change of BOC and NRC Member
140 PT XL Axiata Tbk
Page 143
Strengthening Profitability for a Sustainable Future
Yasmin Binti Aladad Khan
Didi Syafruddin Yahya
Dr. Hans Wijayasuriya
Yasmin S. Wirjawan
Rico Usthavia Frans
Abhijit J. Navalekar
David Arcelus Oses
I Gede Darmayusa
Muliadi Rahardja**
Julianto Sidarto
M. Chatib Basri
Nik Rizal Kamil
Vivek Sood
✔ ✔ ✔ (Proxy
to JS) ✔ ✔ ✔ ✔ ✔
Not yet Not yet Not yet Not yet
a BOD a BOC a BOC a BOC
Member Member Member Member
✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
No No
longer longer
a BOC a BOC
member member
✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
4 4 4 2 4 4 4 2 2 2 2 2 4
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
4 4 4 2 3 4 4 2 2 4 2 2 2
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 1 0 0 0 0 0 0 0 0
2024 Integrated Annual Report 141
Page 144
Corporate Governance
Trainings of the Board of Commissioners Assessor
The self-assessment was conducted by the Nominating and
In 2024, the Board of Commissioners engaged in various Remuneration Committee.
training programs designed to enhance their capabilities in
fulfilling their duties. Comprehensive information regarding Assessment Method
the Board members is available in the Profile section of this The assessment utilized a quantitative approach, gathering
Corporate Governance Chapter. data through questionnaires distributed to each member of
the Board of Commissioners, its Committees, and the Board
Induction Program of the Board of Commissioners of Directors as part of the cross-board assessments.
The Company provides an Induction Program for each
newly appointed member of the Board of Commissioners. The criteria for evaluating the performance of the Board of
This program is coordinated by the Corporate Secretary and Commissioners included:
consists of presentations covering essential aspects of the • Integrity
Company, including: • Leadership skills (Team player/Communicator)
1. The Company’s strategy, which includes business plans, • Analytical skills (Ability to Analyze and Interpret
branding, and technology and networks Information)
2. Presentation of Governance includes: • Specialist skills and knowledge
a. Duties, responsibilities and authorities as members • Thinker - open-minded and strategic
of the Board of Commissioners.
b. Policies related to governance. Assessment Results
The Board of Commissioners, as an organ of the Company,
In 2024, Induction Program was given to Mrs. Yasmin Binti has performed its duties and responsibilities in compliance
Aladad Khan (Independent Commissioner), Nik Rizal Kamil with prevailing regulations and relevant standards.
(Commissioner) and Didi Syafruddin Yahya (Independent
Commissioner) on 1 April 2024 by the Corporate Secretary. The Board of Commissioners’ Supervisory
Report in 2024
Performance Assessment of the Board of
Commissioners The Board of Commissioners oversight activities in 2024
covered the following areas:
Assessment through the General Meeting of 1. Implementation of the Company’s annual business
Shareholders plan for the 2024 financial year, and approval of the
The annual performance assessment of the Board of Company’s annual business plan for the 2025 fiscal
Commissioners is presented during the Annual General year, including discussions on the Company’s vision and
Meeting of Shareholders. At this meeting, the Board of mission;
Commissioners is granted full release and discharge of 2. Implementation of affiliate transaction with PT Link Net
responsibilities (acquit et de charge) for its supervisory Tbk regarding the B2C Business Transfer & Network
functions performed during the year. Leasing.
3. Acquisition of Axiata Global Services Pte., Ltd.
Self-Assessments 4. Change of member of the Board Audit Committee,
In 2024, the Company conducted a self-assessment of the Board Risk and Compliance Committee, and the
the Board of Commissioners and its Committees. This Nominating and Remuneration Committee.
assessment covered several areas, including the Board's 5. The Company’s financial, business and operational
effectiveness, peer evaluations among Board members, performance and quarterly financial statements;
and cross-board assessments involving each member of the 6. Preparation of the Company’s short-term and long-term
Board of Directors. The self-assessment evaluated members' strategic plans;
understanding of their roles, duties, and responsibilities, as 7. Amendment of the Company’s Articles of Association in
well as their adherence to Good Corporate Governance connection with Change of Business Activities;
("GCG"). The results of this assessment will provide 8. The use of the Company’s profit for the 2023 fiscal year
recommendations for improving the Company’s GCG and includes the distribution of dividends to shareholders;
will also inform decisions regarding the reappointment of 9. The implementation of Company’s Extraordinary
Board members. General Meeting of Shareholder for the year 2024 and
Annual General Meeting of Shareholders for the 2023
fiscal year;
142 PT XL Axiata Tbk
Page 145
Strengthening Profitability for a Sustainable Future
10. Economic developments and the latest conditions of the
telecommunications industry;
11. Establishment of Board Investment Committee and
approval of its Terms of Reference.
12. Approval of the amendment of Board Manual 2024.
13. Implementation of good corporate governance;
14. The implementation of risk management including the
results of the evaluation of risk management practices
at XL Axiata;
15. Implementation of duties and responsibilities of the
Audit Committee, Risk and Compliance Committee,
Nominating and Remuneration Committee and Board
Investment Committee;
16. The results of the implementation of the performance
effectiveness assessment of the Board of Directors,
the Board of Commissioners, the Board Effectiveness
Assessment for the 2023 financial year, including
an assessment of the individual performance of the
President Director and other members of the Board of
Directors;
17. Determination of remuneration and nomination period
for members of the Board of Directors;
18. Determination of Corporate Scorecard & KPI of the
President Director for the 2025 financial year, as well
as the results of the implementation and achievement
of the Company’s and the Board of Directors’ targets
based on the 2024 Corporate Scorecard and the 2024
Board of Directors’ KPIs;
19. Merger Plan between the Company with PT Smartfren
Telecom Tbk and PT Smart Telecom.
20. Signing of the Conditional Merger Agreement regarding
the merger plan between the Company with PT
Smartfren Telecom Tbk and PT Smart Telecom.
2024 Integrated Annual Report 143
Page 146
Corporate Governance
Board of Commissioners’ and
Board of Directors’ Remuneration
Remuneration Procedure for the Board of Remuneration for both the Board of Commissioners and the
Directors and Board of Commissioners Board of Directors is decided by considering the Company’s
performance, individual performance targets, comparisons
The remuneration for the Board of Directors and the Board with similar industries, and non-monetary benefits. The
of Commissioners of the Company is determined during the amount of remuneration is regularly evaluated to ensure it
General Meeting of Shareholders as follows: remains competitive within the market conditions.
1. The Nominating and Remuneration Committee is granted
the authority to determine the salary, bonuses, and other The Board of Commissioners is responsible for overseeing
benefits for members of the Board of Commissioners. the implementation of the Remuneration Policy and will
This determination will be made in accordance with the periodically evaluate its effectiveness.
structure, policy, and amount of remuneration outlined
in the Company’s remuneration policy for the relevant
financial year.
2. The Board of Commissioners is authorized to determine
the salary, bonuses, and other benefits for members of
the Board of Directors, following the same guidelines
as mentioned above regarding the Company’s
remuneration policy for the relevant financial year.
General Meeting of
Shareholders
Authority to the
Nominating & Authority
Remuneration to BOC
Committee
Stipulation of Nominating Stipulation of
BOC Salary & Remuneration BOD Salary
Committee
Recommendation
Remuneration Structure Total Remuneration for 2024
The remuneration structure for the Board of Commissioners The total remuneration allocated for the Board of
and the Board of Directors is delineated in the Remuneration Commissioners and the Board of Directors in the year
for Senior Executive Policy, which encompasses the 2024 was Rp109,660.29 million, with detailed breakdowns
following components: provided as follows :
1. Basic Salary
2. Benefits
3. Bonus (applicable solely to members of the Board of
Directors)
144 PT XL Axiata Tbk
Page 147
Strengthening Profitability for a Sustainable Future
Board of Directors as of 31 December 2024
Allowances Total Remuneration/Year
Name Salary Other Bonus Above
Housing Transport Telecommunication Holidays Below Above
Regular 1 Billion
Allowance Allowance Allowance Allowance 1 Billion 2 Billion
Allowance <2 Billion
Dian Siswarini* ✔ - ✔ ✔ - ✔ ✔ - - ✔
Feiruz Ikhwan ✔ ✔ ✔ ✔ - - - - - ✔
Yessie D.
Yosetya
✔ - ✔ ✔ - ✔ ✔ - - ✔
Abhijit J.
Navalekar**
✔ ✔ ✔ ✔ - ✔ ✔ - - ✔
David Arcelus
Oses
✔ ✔ ✔ ✔ - ✔ ✔ - - ✔
I Gede
Darmayusa***
✔ - ✔ ✔ - ✔ ✔ - - ✔
Rico Usthavia
****
✔ ✔ ✔ ✔ - ✔ ✔ - - ✔
Total 2024 35,739.69 2,149.14 3,276.00 166.00 3,084.08 5,220.76 48,505.15 - - -
(in million rupiah)
* Has submitted her resignation as President Director on 3 December 2024 and will be effective upon approval by the nearest General
Meeting of Shareholders.
** Has submitted his resignation as Director on 24 December 2024 and will be effective after obtaining approval from the nearest General
Meeting of Shareholders.
*** Has submitted his resignation as Director on 7 January 2025 and will be effective after the corporate action of merger of the Company is
declared effective.
**** Effective since 3 May 2024. He has submitted his resignation as Director on 7 January 2025 and will be effective upon approval by the
nearest General Meeting of Shareholders.
Note: telecommunication allowance paid as billed
Board of Commissioners as of 31 December 2024
Allowances Total Remuneration/Year
Name Salary Other Bonus Above
Transport Telecommunication Holidays Below Above
Regular 1 Billion
Allowance Allowance Allowance 1 Billion 2 Billion
Allowance <2 Billion
M. Chatib Basri ✔ ✔ ✔ ✔ ✔ - - - ✔
Vivek Sood ✔ - - ✔ ✔ - - ✔ -
David Robert
Dean*
✔ ✔ ✔ ✔ ✔ - ✔ - -
Nik Rizal
Kamil***
✔ - - ✔ ✔ - ✔ - -
Dr Hans
Wijayasuriya
✔ - - ✔ ✔ - - ✔ -
Yasmin
S.Wirjawan**
✔ ✔ ✔ ✔ ✔ - - ✔ -
Yasmin Binti
Aladad Khan***
✔ ✔ ✔ ✔ ✔ - ✔ - -
Muliadi
Rahardja**
✔ ✔ ✔ ✔ ✔ - ✔ - -
Julianto Sidarto ✔ ✔ ✔ ✔ ✔ - - ✔ -
Didi Syafruddin
Yahya***
✔ ✔ ✔ ✔ ✔ - - ✔ -
Total 2024 8,662.00 50.00 39.76 2,119.70 648.00 - - - -
(in million rupiah)
* Effective until 11 January 2024
** Effective until 3 May 2024
*** Effective since 3 May 2024
Note: Transportation and telecommunications allowance is paid according to the bill, and the Transportation allowance is only for Commissioners
domiciled in Indonesia.
2024 Integrated Annual Report 145
Page 148
Corporate Governance
Board Audit Committee
The Board Audit Committee (BAC) of the Company is 2. OJK Regulation No. 55/POJK.04/2015 dated 23
established by the Board of Commissioners and operates December 2015 on the Establishment and Guidelines of
under its authority. The primary role of the BAC is to the Audit Committee (“POJK No. 55/POJK.04/2015”).
assist the Board of Commissioners in the oversight of the
financial reporting process, the internal control system, Composition of the Board Audit Committee
risk management, the audit process, and the Company's
adherence to applicable laws and regulations. The Board Audit Committee members shall be appointed
and dismissed by the Board of Commissioners and shall
The establishment of the BAC is formalized in the Board of compose of no fewer than 3 (three) members, comprising
Commissioners’ Decision No. 1/05, dated 28 February 2005, Independent Commissioner of the Company and other
under the responsibility of the Board of Commissioners. independent members from outside of the Company.
The BAC satisfies the following criteria: The current composition of Committee consists of 2 (two)
1. Article 28 Paragraph 4 of OJK Regulation No. 33/ Independent Commissioners who serve as the Chairman and
POJK.04/2014 dated 8 December 2014 concerning member, and the other two members are the independent
Board of Directors and Board of Commissioners of parties from outside of the Company.
Issuers or Public Companies.
Profiles of the Board Audit Committee
Didi Syafruddin Yahya
Chairman of Board Audit Committee
Age 57 years old as of December 2024
Nationality Indonesian
Legal Basis of Decree of the Board of Commissioners No. 3.S/24 dated 3 May
Appointment 2024 effective at the closing of the Annual General Meeting of
Shareholders on 3 May 2024.
Term of Office 2024 until the closing of GMS in 2029 (First Term).
His complete profile, including educational background, professional experience,
concurrent positions, and training and competency development in 2024, can be
found in the Board of Commissioners Profiles in the porate Governance chapter of
this Annual Report.
146 PT XL Axiata Tbk
Page 149
Strengthening Profitability for a Sustainable Future
Yasmin Binti Aladad Khan
Member of Board Audit Committee
Age 66 years old as of December 2024
Nationality Malaysian
Legal Basis of Decree of the Board of Commissioners No. 3.S/24 dated 3 May
Appointment 2024 effective at the closing of the Annual General Meeting of
Shareholders on 3 May 2024.
Term of Office 2024 until the closing of GMS in 2029 (First Term).
Her complete profile, including educational background, professional experience,
concurrent positions, and training and competency development in 2024, can be
found in the Board of Commissioners Profiles in the Corporate Governance chapter
of this Annual Report.
Nita Skolastika Ruslim
Member of Board Audit Committee
Age 56 years old as of December 2024
Nationality Indonesian
Legal Basis of Circular Resolution of the Board of Commissioners dated 2 March
Appointment 2021 effective on 1 April 2021.
Term of Office 2024 until the closing of the GMS in 2029 (Second Period).
Educational Background and Certifications › Head of Telecommunication, Info-com and Entertainment
(TICE) and Consumer, Industrial Product (CIPS) Group,
Bachelor of Economics, Universitas Trisakti, 1991. PWC Indonesia (2008 – 2014)
› Head of Audit Methodology Implementation Group and
Professional Experience Human Capital Development Leader, PWC Indonesia
(2008 – 2014)
› Board of Trustees, Yayasan Plan International Indonesia › Member of Disciplinary Committee, Indonesian Institute
(2023 - present). of Certified Public Accountants (IAPI) (2008 - 2010).
› Audit Committee Member, XL Axiata (2021 – present). › Member of Indonesian Auditing Standard Boards,
› Audit Committee Member of PT Bank Jago Tbk (2021 – Indonesia Institute of Certified Public Accountants (IAPI)
Present). (2005 – 2008)
› Audit Committee Member of Indonesia Investment › Corporate Responsibility Leader, PWC indonesia (2005
Authority (2021 – present). – 2012).
› Audit Committee Member of PT Unilever Indonesia Tbk
(2021 – present). Concurrent Positions
› Audit Committee Member of PT Medela Potentia
(October 2020 – December 2021). › Audit Committee Member, PT Medela Potentia and
› Member of the Professional Ethics Committee at the Indonesia Investment Authority (INA).
› Board of Trustees, Yayasan Plan International Indonesia.
Indonesian Institute of Certified Public Accountants (2017
› Audit Committee Member, PT Bank Jago Tbk and PT
– 2019). Unilever Indonesia Tbk.
› Member of Governance Board of Partners, PWC
Indonesia (2012 – 2019).
2024 Integrated Annual Report 147
Page 150
Corporate Governance
Affiliate Relations
Training/Workshop Venue Date of
Implementation
None.
Financial modelling Webinar 27 July 2024
dan pengambilan (Institut
Association Membership keputusan stratejik Akuntan Publik
bidang keuangan Indonesia (IAPI))
› Indonesian Institute of Certified Public Accountants
Key Audit Matters Webinar 30 May 2024
(IAPI)/Institut Akuntan Publik Indonesia. (KAM) (Institut
› Indonesian Institute of Accountants (IAI)/Ikatan Akuntan Akuntan Publik
Indonesia. Indonesia (IAPI))
› Certified Practicing Accountant, Australia. Where to next Webinar (CPA 31 May 2024
for the ISSB and Australia)
Training or Competency Development in 2024 sustainability
reporting
How to mitigate Webinar (OJK) 4 July 2024
Training/Workshop Venue Date of
transition and
Implementation
physical risks in the
Standar dan Webinar 17 December financial sector
implementasi (Institut 2024 Navigating climate Webinar (KPMG) 11 July 2024
sustainability Akuntan Publik transition risks in a
reporting (IFRS S1 Indonesia (IAPI)) circular economy
dan S2)
Annual technical Webinar (PwC) 25 July 2024
Beyond the core Webinar 9 December update
tax system: antara (Institut 2024
kemudahan Akuntan Publik Geopolitical risks Webinar (KPMG) 17 October
pelayanan dan Indonesia (IAPI)) and the strategic 2024
pengawasan imperatives for
kepatuhan pajak Boards and C-Suite
Kode Etik Webinar 5 September Strategic finance Webinar (CPA 26 April 2024
2021, NOCLAR, (Institut 2024 function to drive Australia)
independensi dalam Akuntan Publik business performance
perikatan audit, Indonesia (IAPI))
Axiata Group Risk & Webinar 28 August
dan revisi terhadap
Compliance Annual (Axiata) 2024
ketentuan-ketentuan
Conference 2024
kode etik
Aspek hukum pidana Webinar 8 July 2024
pelaporan keuangan (Institut
berdasarkan KUHP & Akuntan Publik
mengenal rekayasa Indonesia (IAPI))
pelaporan keuangan
Benny Redjo Setyono
Member of Board Audit Committee
Age 64 years old as of December 2024
Nationality Indonesian
Legal Basis of Resolution of the Board of Commissioners’ Meeting No. 1.S/19
Appointment dated 29 April 2019 effective on 1 July 2019.
Term of Office 2024 until the closing of the GMS in 2029 (Second Period).
Educational Background and Certifications
› Certificate of Risk Management Level 4 from Indonesia › Master of Business Administration from University of
Life Insurance Association, 2017 Southern California, 1991.
› Master of Accounting from University of Southern › Bachelor of Economics, Universitas Indonesia, 1985.
California, 1992.
148 PT XL Axiata Tbk
Page 151
Strengthening Profitability for a Sustainable Future
Professional Experience Association Membership
› President Director, PT Industri dan Perdagangan Bintraco None.
Dharma Tbk (2022 - present).
› Chairman of Audit Committee and Member of Risk Training or Competency Development in 2024
Committee, PT Asuransi Jiwa Astra (d/h PT Asuransi Jiwa
Astra Life) (2021 – present).
Training/Workshop Venue Date of
› Audit Committee Member, XL Axiata (2019 - present). Implementation
› Independent Commissioner and Member of GCG
Tantangan Raffles Hotel, 30 January
Committee, PT Mitra Pinasthika Mustika Tbk (2019 -
Pembiayaan Tahun Jakarta 2024
present). 2024
› Chairman of Audit Committee, PT Mitra Pinasthika
Outlook Ekonomi dan Online 22 February
Mustika Tbk (2023 - present).
Keuangan 2024 2024
› Audit Committee Member, PT Mitra Pinasthika Mustika
Tbk (2019 – 2023 ). Peluang dan Online 14 March 2024
Tantangan Aset
› Commissioner and Member of Nomination and Digital di Indonesia
Remuneration Committee, PT JACCS Mitra Pinasthika
How to Prevent Online 2 May 2024
Mustika Finance Indonesia (2022 - present).
Accounting Fraud in
› Independent Commissioner, PT Asuransi Jiwa Astra (d/h Financial Sector
PT Asuransi Jiwa Astra Life) (2014 - present).
Insuring Tomorrow: Intercontinental 15-17 May 2024
› Chairman of Risk Committee and Member of Audit
Navigating the Hotel, Bandung
Committee, PT Asuransi Jiwa Astra (d/h PT Asuransi Jiwa Digital Frontier in Life
Astra Life) 2014 – 2021). Insurance
› Lecturer of Bachelor & Master program, Master of DBS Asian Insights Mulia Hotel, 21 May 2024
Management, Master of Accounting, Universitas Indonesia Conference 2024: Jakarta
(1985 – present). Crafting a Sustainable
› Vice President Director, PT Industri dan Perdagangan Future Towards
Golden Indonesia
Bintraco Dharma Tbk (2014 – 2022).
2045 and ESG
› Advisor, PT Argo Manunggal International (2012 – 2017). Excellence
› President Director, PT Jakarta Cakratunggal Steel Mills
Driving Corporate Online 25 July 2024
(2014 – 2017).
Performance Through
› Audit Committee Member, PT Unilever Indonesia Tbk AI
(2004 – 2016).
ACIIA Regional Nusa Dua 28-29 August
› Director, PT Toyota-Astra Motor (2003 – 2011). Conference: Convention 2024
› Director, PT Toyota Motor Manufacturing Indonesia Purposeful Impact Center 2, Bali
(2000 – 2003).
Internal Audit: Digital Manhattan 16 October
Audit Hotel, Jakarta 20224
Concurrent Positions
CEO Networking Raffles Hotel, 26 November
2024: Navigating Jakarta 2024
› President Director, PT Industri dan Perdagangan Bintraco Global Market Forces
Dharma Tbk. and Technology
› Independent Commissioner, PT Mitra Pinasthika Mustika Innovation for
Tbk. Sustainable Business
› Member of Audit and GCG Committee, PT Mitra Pinasthika Economic Outlook The St. Regis, 3 December
Mustika Tbk. 2025 Beyond Jakarta 2024
Commodities:
› Chairman of Audit Committee and Member of Risk
Unlocking Indonesia’s
Committee of PT Asuransi Jiwa Astra (d/h PT Asuransi Untapped Economic
Jiwa Astra Life). Potential
Affiliate Relations
None.
2024 Integrated Annual Report 149
Page 152
Corporate Governance
Term of Office Roles and Responsibilities of the Board
Audit Committee
According to POJK 55/2015, the term of office for members
of the Audit Committee cannot exceed the term of the Board Based on the Board Charter, the primary duties and
of Commissioners, as outlined in the Articles of Association. responsibilities of the Board Audit Committee (BAC) include:
Members may be re-elected for only one subsequent period. 1. Overseeing the implementation of internal controls and
governance.
Statement of Independence 2. Reviewing financial reporting processes.
3. Assessing external auditor performance and
In accordance with the Charter and pursuant to OJK recommending the appointment, and removal of the
Regulation No. 55/POJK.04/2015, the Board Audit external auditor.
Committee shall perform its duties and responsibilities 4. Supervising the Internal Audit function.
independently and professionally, without any external 5. Reviewing and providing recommendations on material
interference, and in compliance with applicable laws and affiliated/related party transactions.
regulations. All members of the Board Audit Committee
meet the independence requirements specified in the The Board Audit Committee Meeting Policy
Personal Statement, which is signed upon appointment and
documented by the Corporate Secretary. Meetings of the Board Audit Committee are conducted in
accordance with the Terms of Reference, as required by
Board Audit Committee Charter POJK No. 55/POJK.04/2015. The Board is mandated to hold
a meeting at least once every three months.
The Board Audit Committee operates under a Charter in the
form of Terms of Reference. This document was submitted Board Audit Committee Meeting Frequency and
to the Financial Services Authority on 18 November 2013, Attendance
through Letter No. 163/CSEC/XI/2013. The latest update to In 2024, the Audit Committee held 23 (twenty-three)
the Board Audit Committee Terms of Reference was issued meetings, with all members in attendance. The details of
on 4 November 2020, and is available on the Company’s these meetings are as follows:
website (www.xlaxiata.co.id).
Attendance
Date Agenda
JS* MR* DSY** YAK** NR BR
26
January
›
›
Confirmation of previous Meeting
Matter Arising from Previous BAC Meeting
✔ ✔ Not yet
BAC
Not yet
BAC
✔ ✔
2024 › Internal Audit Update Chairman member
› Risk & Compliance Update
› Regulatory Update
› Related Party Transaction (RPT) Update
02
February
› External Auditor Review for the period
ended 31 December 2023
✔ ✔ Not yet
BAC
Not yet
BAC
✔ ✔
2024 › Financial & Operational Result for the period Chairman member
ended 31 December 2023
16 April
2024
›
›
Confirmation of previous Meeting
Matter Arising from Previous BAC Meeting
✔ ✔ Not yet
BAC
Not yet
BAC
✔ ✔
› Internal Audit Update Chairman member
› Risk & Compliance Update
› Regulatory Update
› Related Party Transaction (RPT) Update
23 April
2024
Corporate Action ✔ ✔ Not yet
BAC
Not yet
BAC
✔ ✔
Chairman member
25 April
2024
› External Auditor Review for the period
ended 31 March 2024
✔ ✔ Not yet
BAC
Not yet
BAC
✔ ✔
› Financial & Operational Result for the period Chairman member
ended 31 March 2024
19 June
2024
Corporate Action No longer
BAC
No longer
BAC
✔ ✔ ✔ ✔
Chairman member
27 June
2024
Corporate Action No longer
BAC
No longer
BAC
✔ ✔ ✔ Proxy
to NR
Chairman member
150 PT XL Axiata Tbk
Page 153
Strengthening Profitability for a Sustainable Future
Attendance
Date Agenda
JS* MR* DSY** YAK** NR BR
12 July
2024
›
›
Confirmation of previous Meeting
Matter Arising from Previous BAC Meeting
No longer
BAC
No longer
BAC
✔ ✔ ✔ ✔
› Internal Audit Update Chairman member
› Risk & Compliance Update
› Regulatory Update
› Related Party Transaction (RPT) Update
30 July
2024
› External Auditor Review for the period
ended 30 June 2024
No longer
BAC
No longer
BAC
✔ ✔ ✔ ✔
› Financial & Operational Result for the period Chairman member
ended 30 June 2024
29 August
2024
Corporate Action No longer
BAC
No longer
BAC
✔ ✔ ✔ ✔
Chairman member
9 October
2024
Discussion Related with Merger No longer
BAC
No longer
BAC
✔ ✔ ✔ ✔
Chairman member
15
October
›
›
Confirmation of previous Meeting
Matter Arising from Previous BAC Meeting
No longer
BAC
No longer
BAC
✔ ✔ ✔ ✔
2024 › Internal Audit Update Chairman member
› Risk & Compliance Update
› Regulatory Update
› Related Party Transaction (RPT) Update
24
October
Corporate Action No longer
BAC
No longer
BAC
✔ ✔ ✔ Proxy
to NR
2024 Chairman member
31
October
› External Auditor Review for the period
ended 30 Sept 2024
No longer
BAC
No longer
BAC
✔ ✔ ✔ ✔
2024 › Financial & Operational Result for the period Chairman member
ended 30 Sept 2024
31
October
Corporate Action No longer
BAC
No longer
BAC
✔ ✔ ✔ ✔
2024 Chairman member
4
November
Corporate Action No longer
BAC
No longer
BAC
✔ ✔ ✔ ✔
2024 Chairman member
11
November
Corporate Action No longer
BAC
No longer
BAC
✔ ✔ ✔ ✔
2024 Chairman member
13
November
Corporate Action No longer
BAC
No longer
BAC
✔ ✔ ✔ ✔
2024 Chairman member
4
December
Corporate Action No longer
BAC
No longer
BAC
✔ ✔ ✔ Proxy
to NR
2024 Chairman member
6
December
Corporate Action No longer
BAC
No longer
BAC
✔ ✔ ✔ ✔
2024 Chairman member
8
December
Discussion Related with Merger No longer
BAC
No longer
BAC
✔ ✔ ✔ ✔
2024 Chairman member
9
December
Discussion Related with Merger No longer
BAC
No longer
BAC
✔ ✔ ✔ ✔
2024 Chairman member
9
December
Discussion Related with Merger No longer
BAC
No longer
BAC
✔ ✔ ✔ ✔
2024 Chairman member
Total Attendance in 2024 5 5 18 18 23 23
Attendance Rate in 2024 100% 100% 100% 100% 100% 100%
* effective until 3 May 2024
**effective since 3 May 2024
Julianto Sidarto (JS) |Muliadi Rahardja (MR) | Didi Syafruddin Yahya (DSY) | Yasmin Binti Aladad Khan (YBAK) | Nita Skolastika Ruslim (NR) |
Benny Redjo Setyono (BR)
2024 Integrated Annual Report 151
Page 154
Corporate Governance
Audit Committee Activity Report in 2024 Review of the Independence of the External
Auditor
In 2024, the Board Audit Committee (BAC) conducted The BAC reviewed the independence of the Public
various activities and reported on several key matters Accounting Firm Rintis, Jumadi, Rianto & Rekan (a member
quarterly, according to its duties and responsibilities outlined of PricewaterhouseCoopers global network). The firm
in the Terms of Reference: confirmed to the BAC that they operated independently
and had no conflicts of interest in auditing XL Axiata’s
Review of Compliance with Applicable Laws financial statements.
and Regulations
The BAC assessed XL Axiata’s Management regarding Review of the Implementation of Audit Service
compliance with applicable laws and regulations. This Delivery by the External Auditor
review involved a compliance self-assessment conducted by The BAC evaluated the audit service delivery regarding the
Management. The BAC found no issues of noncompliance Company’s annual financial statement by Public Accounting
with the regulations set forth by OJK, the Indonesia Stock Firm Rintis, Jumadi, Rianto and Partner (member of
Exchange, and other relevant laws/regulations pertaining PricewaterhouseCoopers).
to XL Axiata’s business activities. Additionally, the BAC
acknowledged Management’s ongoing efforts to uphold Review of Non-Assurance Services by the
good corporate governance throughout 2024. External Auditor
The BAC noted that as per Q4 2024, XL Axiata has non-
Review of Financial Results assurance services which performed by external auditor as
Based on the independent auditor’s review of XL Axiata’s follow:
financial results and representations made by the Board of › Reasonableness assurance of proforma Consolidated
Directors, the BAC concluded that the annual consolidated Financial Statement for purchase and acquisition of
financial statements were prepared in accordance with residential business from Link Net.
Indonesian Generally Accepted Accounting Principles › Review proforma financial information for the period
(GAAP). The BAC recommended to the Board of Directors, ended 30 June 2024 and 30 September 2024 - Project
through the Board of Commissioners, that the audited Rinjani.
financial statements for the year ending December 31, 2024, › AUP share conversion ratio - Project Rinjani for the
be included in XL Axiata’s Annual Report to Shareholders period ended 30 June 2024 and 30 September 2024.
and submitted to OJK.
Review of Internal Control and Risk Assessment
The BAC, informed by the work and reports of the Internal
Audit Division, the external auditor, and XL Axiata’s
management, believes that XL Axiata’s internal control
system is adequate and appropriate for the current business
environment. The BAC emphasized the need for continuous
improvement in risk management and the internal control
framework, given the evolving business landscape and
emerging challenges.
152 PT XL Axiata Tbk
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Nominating and Remuneration
Committee
In compliance with OJK Regulation No. 34/POJK.04/2014, Committee Chair counted as member who shall be an
which governs the formation and responsibilities of the Independent Commissioner, and other members comprising
Nominating and Remuneration Committee for Issuers and of: (i) member of Board of Commissioners (ii) competent
Public Companies, our Company has successfully established party external to the Company (non-affiliated to the Board
a dedicated Nominating and Remuneration Committee. This of Commissioners/Board of Directors/Company and is not a
Committee plays a crucial role in overseeing the nomination member to any committees of the Company); or (iii) a senior
and remuneration processes within the organization. HR personnel under the BOD.
Composition of Nominating and The current composition of Committee consists of an
Remuneration Committee Independent Commissioner who serves as the Chairman, and
two members who concurrently serves as Commissioner and
The Nominating and Remuneration Committee consists of Chief Human Capital Officer of the Company, respectively.
(as appointed by the BOC in their meeting) at least three
(3) members, with one (1) Nominating and Remuneration
Profile of Nominating and Remuneration Committee
Julianto Sidarto
Chairman of Nominating and Remuneration Committee
Age 63 years old as of December 2024
Nationality Indonesian
Legal Basis of Board of Commissioners Meeting Decision No. 3.S/24 dated 3
Appointment May 2024.
Term of Office Effective at the closing of the AGMS on 3 May 2024 until the
closing of GMS in 2029 (first term).
His complete profile, including educational background, professional experience,
concurrent positions, and training and competency development in 2024, can be
found in the Board of Commissioners Profiles in the Corporate Governance chapter
of this Annual Report.
2024 Integrated Annual Report 153
Page 156
Corporate Governance
Dr Hans Wijayasuriya*
Member of Nominating and Remuneration Committee Committee
Age 56 years old as of December 2024
Nationality British
Legal Basis of The Board of Commissioners Meeting Resolution No. 3.S/24 dated
Appointment 3 May 2024.
Term of Office Effective at the closing of the Annual General Meeting of
Shareholders on 3 May 2024 until the closing of GMS in 2029 (first
term).
His complete profile, including educational background, professional experience,
concurrent positions, and training and competency development in 2024, can be
found in the Board of Commissioners Profiles in the Corporate Governance chapter
of this Annual Report.
* No longer serves as a member of the Nomination and Remuneration Committee effective 1 January
2025 and was replaced by Vivek Sood.
Mochamad Hira Kurnia
Member of Nominating and Remuneration Committee
Age 52 years old as of December 2024
Nationality Indonesian
Legal Basis of The Board of Commissioners Meeting Resolution No. 3.S/24 dated
Appointment 3 May 2024.
Term of Office Effective at the closing of the AGMS on 3 May 2024 until the
closing of GMS in 2029 (second term).
Educational Background and Certifications Concurrent Positions
› Master’s degree in Business Administration and None.
Management, University of Prasetiya Mulya, 2017.
› Bachelor’s Degree in Engineering Telecommunication, Affiliate Relations
University of Brawijaya, 1995.
None.
Professional Experience
Association Membership
› Member of Nominating and Remuneration Committee,
XL Axiata (2021 – present). Member of HRDI (HR Director Indonesia) (2024-present).
› Chief Human Capital Officer, XL Axiata (2021 – present).
› Human Capital, XL Axiata (2007 – 2021). Training or Competency Development in 2024
› Some Human Capital Roles including Group Head People
Services, Human Capital, XL Axiata (2007-2021).
Training/Workshop Venue Date of
› Network Transmission Roles as Expert up to Manager, XL Implementation
Axiata (2001 - 2007).
HEC Executive Paris, 21 February 2024
› Lead Engineer, PT Lucent Tech Australia (1999 – 2001).
Program - Leading a France
› Engineer, PT Excelcomindo Pratama (1996 – 1999). Technology Driven
Organization
154 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Training/Workshop Venue Date of Training/Workshop Venue Date of
Implementation Implementation
Keselamatan SF 31 March 2024 ICCC Winning Culture Xlearn 31 October 2024
Kesehatan Kerja dan
Lingkungan (K3L) Indonesia Personal XL Axiata 4 November 2024
2024 Data Protection Training
Law: "Concept Center
Ericsson Imagine Live Four 29 May 2024 and Challenges in
2024 Exclusively for Seasons Implementation
XL Axiata Hotel Personal Data
Protection"
XCHANGE XL Axiata 29 August 2024
- Company Training IHCBS 2024-Morning Jiexpo 14 November2024
Benchmarking from Center Session Day 2 Kemayoran
Kalla Group
2024 Mandatory Xlearn 31 December 2024
2024 Mandatory Xlearn 30 September Training: Data Privacy,
Training: Data Privacy, 2024 Cybersecurity, Risk
Cybersecurity, Risk Management, Ethics
Management, Ethics & Compliance
& Compliance
Statement of Independence Nominating and Remuneration Committee
Member Criteria
In accordance with its Charter and referencing OJK
Regulation No. 34/POJK.04/2014, the Nominating and In accordance with POJK No. 34/2014 and the Nominating
Remuneration Committee operates independently, free and Remuneration Committee Charter, the Chairman must
from the influence of any external parties, and in compliance be an Independent Commissioner. The Nominating and
with applicable laws and regulations. The independence of Remuneration Committee is composed of at least three
the Nominating and Remuneration Committee is further members appointed during a Board of Commissioners
ensured by appointing a Committee Chairman who is an meeting, including one Chairman who also serves as a
Independent Commissioner and Committee Members who member. The other members may include: (i) members
are drawn from independent backgrounds. All independent of the Board of Commissioners; (ii) external parties with
members of the Nominating and Remuneration Committee relevant expertise who are not affiliated with the Board
have satisfied the independence criteria, as detailed in a of Commissioners, Board of Directors, or the Company,
Personal Statement signed at the time of their appointment and who are not members of other Company Committees;
and recorded by the Corporate Secretary. and (iii) individuals in senior Human Resources positions
reporting to the Board of Directors.
Nominating and Remuneration Committee
Charter Duties and Responsibilities of the
Nominating and Remuneration Committee
The Nominating and Remuneration Committee has
established a Charter that serves as the foundation for The primary responsibilities of the Committee align with
its operations. This Charter has been aligned with OJK OJK Regulation No. 34/POJK.04/2014, which includes
Regulation No. 34/POJK.04/2014 and was approved by the evaluating candidates for the Board of Directors or Board of
Board of Commissioners on 13 March 2015. Commissioners during Committee meetings or via circular
resolutions, ensuring their qualifications and backgrounds
Term of Office meet established requirements. These recommendations
are then submitted for approval at the General Meeting of
The term of office for members of the Nominating and Shareholders (GMS).
Remuneration Committee is governed by the Committee
Charter. The Nominating and Remuneration Committee Furthermore, the Committee reviews and recommends
members can be appointed for a fixed term and are eligible compensation structures for the members of the Board of
for reappointment. However, the total duration of their Commissioners and Board of Directors. This process takes
term cannot exceed that of the Board of Commissioners into account the role, responsibilities, and relevant general
members, as stipulated in the Company’s Articles of policies concerning each member.
Association.
Exercising the authority granted by the General Meeting of
Shareholders, the Nominating and Remuneration Committee
determines the remuneration scheme and amounts for the
Board of Commissioners.
2024 Integrated Annual Report 155
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Corporate Governance
Nominating and Remuneration Committee Meeting Policy
The Nominating and Remuneration Committee Meeting Policy is outlined in the Charter and adheres to POJK No. 34/
POJK.04/2014. Committee meetings are required to be held at least once every four months.
The following details pertain to the agenda, frequency, and attendance of Nominating and Remuneration Committee meetings
in 2024:
Dr. Hans Wijayasuriya
Julianto Sidarto***
Muliadi Rahardja*
Hira Kurnia
BT Lim**
No. Type
No Dated Agenda Category Status
Meeting (R/S)
1 7 February 1/24 R 2023 Corporate Remuneration Recommendation
2024 Scorecard
Result
2023 Directors Remuneration Recommendation
Scorecard
Result
2024 Corporate Remuneration Recommendation
& CEO ✔ ✔ ✔ ✔
Scorecards
BOC Member Remuneration Recommendation
Nomination
Long-Term Remuneration Recommendation Not an
Incentive NRC
Discussion Member
Yet
2 6 March 1.S/24 S T&C Director Remuneration Recommendation
2024 Discussion
Nomination and Remuneration Recommendation
T&C Director
BOC Remuneration Recommendation
Remuneration ✔ ✔ ✔ ✔
& BOD
Allowances
Board Nomination Noting
Assessment
Result FY 2023
3 21 June 2/24 R T&C Director Remuneration Recommendation
2024 Discussion
Merger Nomination Noting
Discussion and ✔ ✔ ✔
Remuneration
CEO Remuneration Recommendation
Remuneration
Discussion No No
Longer Longer
4 26 3/24 R Organization Nomination Discussion an NRC an NRC
September
2024
Communication and
Plan Discussion Remuneration
Member Member ✔ ✔ ✔
T&C Director D Nomination Discussion
5 7 3.S/24 S Merger Remuneration Recommendation
November Discussion ✔ ✔ ✔
2024
6 5 4.S/24 S Merger Remuneration Recommendation
December Discussion ✔ ✔ ✔
2024
156 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Dr. Hans Wijayasuriya
Julianto Sidarto***
Muliadi Rahardja*
Hira Kurnia
BT Lim**
No. Type
No Dated Agenda Category Status
Meeting (R/S)
7 17 5.S/24 S T&C Director Remuneration Recommendation
December Discussion
2024 Merger Nomination Noting
Discussion ✔ ✔ ✔
Board Nomination Noting
Assessment
Result FY 2024
Total Attendance in 2024 2 2 7 7 5
Attendance Rate in 2024 100% 100% 100% 100% 100%
Reguler Meeting 3 Yes 2 7 7 5
Special Meeting 4 No 0 0 0 0 0
Total Meeting 7 With Proxy 0 0 0 0 0
*No longer served as Chairman of the Nominating and Remuneration Committee effective as of 3 May 2024
**No longer served as member of the Nominating and Remuneration Committee effective as of 3 May 2024
***Served as Chairman of the Nominating and Remuneration Committee effective as of 3 May 2024
Implementation of the Nominating and Remuneration Committee’s Duties in 2024
In performing its duties, the Nominating and Remuneration Committee has aligned with the Financial Services Authority
Regulation No. 34/ POJK.04/2014 dated 8 December 2014 regarding the the Nominating and Remuneration Committee of
Issuers or Public Companies.
The following are salient points of Nominating and Remuneration Committee duties throughout 2024:
1. Reviewed the Company’s and Director’s scorecard result for the year 2023;
2. Reviewed the Corporate Scorecard and CEO Scorecard for the financial year 2024;
3. Discussed the Long Term Incentive Plan;
4. Conducted the board performance evaluation process for the year 2023 which supported by Corporate Secretarial;
5. Reviewed and monitored the leader’s successor and engagement;
6. Reviewed and determined the BOC Remunerations;
7. Reviewed and provided recommendations on the BOD Remunerations;
8. Reviewed and provided recommendations for the Director’s performance;
9. Reviewed and provided recommendation for the Director’s Terms and Conditions;
10. Reviewed and provided recommendations on the Merger Plan including the organization, communication plan to employee,
employee rights, and nomination of the Board of Commissioners and Board of Directors of the MergeCo.
2024 Integrated Annual Report 157
Page 160
Corporate Governance
Board Risk and Compliance
Committee
The Company’s Board Risk and Compliance Committee Composition of Board Risk and Compliance
(“BRCC”) was formally established by Decree No. 1.S/20, Committee
issued by the Board of Commissioners on 3 April 2020.
The Committee has a Working Charter (BRCC Terms The Board of Commissioners shall appoint the Chairperson
of Reference) used as the basis of its work, with the and members of the Board Risk and Compliance Committee,
latest adjustments approved by the Decree of Board of consisting of at least three members, all or most of whom
Commissioner No. 5/23, dated 30 October 2023. shall be Independent Commissioners.
The BRCC is essential for overseeing and managing risks,
ensuring compliance with regulations, and maintaining the The Board of Risk and Compliance Committee currently
overall integrity of the Company’s operations. It reports consists of two Independent Commissioners, who serve as
directly to the Board of Commissioners and ensures that all Chairperson and Member, respectively, and one Group Chief
activities align with the Company’s strategic objectives and and Risk Compliance Officer, who also serves as Member.
risk management framework.
Profile of Board Risk and Compliance Committee
Yasmin Binti Aladad Khan
Chairperson of Board Risk and Compliance Committee
Age 66 years old as of December 2024
Nationality Malaysian
Legal Basis of Resolution of Annual General Meeting of Shareholders dated 3
Appointment May 2024.
Term of Office 3 May 2024 until the closing of Annual General Meeting of
Shareholders 2029.
Her complete profile, including educational background, professional experience,
concurrent positions, and training and competency development in 2024, can be
found in the Board of Commissioners Profiles in the Corporate Governance chapter
of this Annual Report.
158 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Julianto Sidarto
Member of Board Risk and Compliance Committee
Age 63 years old as of December 2024
Nationality Indonesian
Legal Basis of Resolution of Annual General Meeting of Shareholders dated 3
Appointment May 2024.
Term of Office 3 May 2024 until the closing of Annual General Meeting of
Shareholders 2029 (Second Term).
His complete profile, including educational background, professional experience,
concurrent positions, and training and competency development in 2024, can
be found in the Board of Commissioners Profiles in the Corporate Governance
chapter of this Annual Report.
Abid Adam
Member of Board Risk and Compliance Committee
Age 43 years old as of December 2024
Nationality South African
Legal Basis of Circular Resolution of the Board of Commissioners dated 15 July
Appointment 2022
Term of Office 3 May 2024 until the closing of the GMS in 2029 (Second Period).
Educational Background and Certifications › Board Risk and Compliance Committee, Axiata Group
Berhad
› Leadership in the Digital Age from INSEAD Singapore › Board Risk and Compliance Committee, Dialog Axiata PLC
Campus, 2019. › Board Risk and Compliance, Robi Axiata Limited
› Bachelor’s in computer science from University of South › Chairman of Board, Audit, Risk and Compliance, Axiata
Africa, South Africa, 2011. Digital & Analytics Sdn Bhd
› Chairman of Board Risk and Compliance, Boost Holding
Professional Experience Sdn Bhd
› Member of Risk and Compliance Committee, XL Axiata
(2022 – present). › Board of Risk and Compliance Committee Member, Smart
› Group Chief & Risk Compliance Officer, Axiata Group Axiata Co. Ltd
(2020 - present). › Board of Risk and Compliance Committee Member,
› Group Chief Information Security Officer & Group Head of EDOTCO Group Sdn Bhd
Privacy (2017 – 2020).
› Chief Information Security Officer (2014 - 2017).
› Technology Risk & Business Information Security Officer, Affiliate Relations
Standard Bank Group (2012 - 2013).
› Global Head: Information Risk management, Standard He holds position as Group Chief Risk & Compliance Officer
Bank (2010 – 2012). of Axiata Group Berhad.
› Business Continuity & Information Risk Manager, Standard
Bank (2006 – 2010).
Association Membership
Concurrent Positions
None.
› Board of Risk and Compliance Committee Member, XL
Axiata
2024 Integrated Annual Report 159
Page 162
Corporate Governance
Training or Competency Development in 2024
Training/Workshop Venue Date of
Implementation
Training/Workshop Venue Date of Special Training for Microsoft 2 July 2024
Implementation
Board Members and Teams
Compliance Le Meridien, 8-12 January SLTs of Axiata Group
Workshop 2024 Kuala Lumpur 2024 Berhad
Axiata | IFC Study on Microsoft 15 January 2024 ERM Workshop with Axiata Tower 7 August 2024
the Cybersecurity Teams SLTs
Risks and Mitigations Google Cloud CISO Sydney, 19-20 August
in the TMT sector Community & Forum Australia 2024
2nd ASEAN Finance M Resort & 6 March 2024 Enhance Your Well- Majestic Hotel 5 September
Innovation Summit Hotel Lumpur Being: Mental Health Kuala Lumpur 2024
2024 (as panellist) Workshop
MIA Accounting & Malaysia 15 May 2024 APAC CISO Seoul, Korea 1-2 October
Financial Technology International Roundtable - GMSA 2024
Showcase (MIA AFT) Trade and M360
2024 Exhibition
Centre Khazanah Mandarin 7-8 October
(MITEC), Kuala Megatrends Forum Oriental Hotel 2024
Lumpur 2024 Kuala Lumpur
MicrosoftASEAN Microsoft 17 May 2024 AlixPartners Malaysia W Hotel, Kuala 12 November
Q4 All-Hands Teams Leadership Forum Lumpur 2024
- Cybersecurity Panel IBM AI Summit Microsoft 3 December
Discussion (Axiata) (Virtual) Teams 2024
MIA International Kuala Lumpur 11 June 2024 IAPP KnowledgeNet Menara LGB, 12 December
Accountants Convention Session 2024 TTDI, Kuala 2024
Conference 2024 (as Centre (Invitation as Panelist) Lumpur
panel speaker)
PayNet AI Forum Payments 25 June 2024
Network
Malaysia Sdn
Bhd (PayNet),
Kuala Lumpur
Statement of Independence 4. Environmental, Social, and Governance (ESG) risks.
5. Regulatory compliance risks.
Under the Charter the Board Risk and Compliance
Committee operates independently in fulfilling its duties The BRCC carries out various activities to fulfil its primary
and responsibilities, without interference from any party duties and responsibilities:
and in compliance with relevant laws and regulations. All › Providing guidance and oversight to the Risk & Business
Board Risk & Compliance Committee members have met Continuity Committee (RBCC).
the independence requirements as outlined in the Personal › To evaluate the effectiveness of the governing policies,
Statement, which they signed upon appointment and is framework, and structure for managing risks and
documented by the Corporate Secretary. compliance.
› To review management’s periodic reports on risk and
compliance activities, exposure, and mitigation actions.
Duties and Responsibilities of the Board › To advise the BOC on Risk and Compliance strategies
Risk and Compliance Committee and coordinate the activities of various standing board
committees for risk oversight.
As stated in the Terms of Reference, the primary functions of
the BRCC are to assist the XL Axiata Board of Commissioners Board Risk and Compliance Committee
in fulfilling their responsibilities regarding risk management Meeting Policy
and compliance. The Committee is tasked with ensuring that
robust processes are in place for identifying, assessing, and The Board Risk and Compliance Committee shall meet at
monitoring the following: least four times yearly. The Committee Chairperson will
1. Key business risks protecting shareholders’ investments determine whether an additional meeting is needed.
and the Company’s assets.
2. Cyber security risks and risks related to data privacy.
3. Risks arising from non-compliant practices and
behaviors, particularly concerning Anti-Bribery Anti-
Corruption (ABAC).
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Board Risk and Compliance Committee Meeting Frequency and Attendance
The following are details of the BRCC meeting agenda, frequencies, and attendance in 2024:
BRCC Chairperson
BRCC Chairperson
Kusumowidagdo
Christopher Eko
Julianto Sidarto
BRCC Secretary
BRCC Secretary
Aladad Khan**
BRCC Member
BRCC Member
Yasmin Binti
Yofie (R&C)
Abid Adam
No Date Agenda
Wirjawan*
Yasmin S.
(R&C)
1a 24 January › Ratification of the previous minutes of
2024 meeting
› Matters Arising/Action Point
› ESG Implementation Update ✔ NA ✔ ✔ ✔
› Regulatory Update
› Cyber Security and Data Privacy Update
› Risk & Compliance Report
1b 26 January › Matters Arising/Action Point
2024 › SORMIC 2023 Closure ✔ NA ✔ ✔ ✔
1c 2 February
2024
› Financial & Operational Result
✔ NA ✔ ✔ ✔
2a 17 April › Ratification of the previous minutes of
2024 meeting
› Matters Arising/Action Point
› ESG Implementation Update ✔ NA ✔ ✔ ✔
› Regulatory Update
› Cyber Security and Data Privacy Update
› Risk & Compliance Report
2b 24 April
2024
› Financial & Operational Result
✔ NA ✔ ✔ ✔
not yet
3a 9 July 2024 › Ratification of the previous minutes of
started
meeting
as BRCC
› Matters Arising/Action Point
secretary
› ESG Implementation Update
› Cyber Security and Data Privacy Update
NA ✔ ✔ ✔ ✔
› IT Top Risks, update on BSS
implementation
› Risk & Compliance Report
3b 12 July 2024 › Regulatory Update NA ✔ ✔ ✔ ✔
3c 30 July
2024
› Financial & Operational Result
NA ✔ ✔ ✔ ✔
4a 10 October › Ratification of the previous minutes of
2024 meeting
› Matters Arising/Action Point
› ESG Implementation Update
› Cyber Security and Data Privacy Update NA ✔ ✔ ✔ ✔
› IT Top Risks, update on BSS
implementation
› Risk & Compliance Report
› AI Governance
4b 15 October
2024
Regulatory Update
NA ✔ ✔ ✔ ✔
4c 31 October
2024
Financial & Operational Result
NA ✔ ✔ ✔ ✔
2024 Integrated Annual Report 161
Page 164
Corporate Governance
BRCC Chairperson
BRCC Chairperson
Kusumowidagdo
Christopher Eko
Julianto Sidarto
BRCC Secretary
BRCC Secretary
Aladad Khan**
BRCC Member
BRCC Member
Yasmin Binti
Yofie (R&C)
Abid Adam
No Date Agenda
Wirjawan*
Yasmin S.
(R&C)
Special-1 31 October
2024
Merger Plan Discussion
NA ✔ ✔ ✔
not an
Special-2 4 November
2024
Merger Plan Discussion
NA ✔ ✔ independent Ended ✔
commissioner as as
Special-3 11 November Merger Plan Discussion
2024
NA ✔ ✔ secretary
of BRCC ✔
Special-4 4 December
2024
Merger Plan Discussion
NA ✔ ✔ ✔ ✔
Special-5 4 December
2024
Merger Plan Discussion
NA ✔ ✔ ✔
Special-6 6 December
2024
Merger Plan Discussion
NA ✔ ✔ Ended
✔
not an
Special-7 8 December
2024
Merger Plan Discussion
NA ✔ ✔ independent
as as
secretary
✔
commissioner
Special-8 9 December
2024
Merger Plan Discussion
NA ✔ ✔ of BRCC
✔
Special-9 9 December
2024
Merger Plan Discussion
NA ✔ ✔ ✔
Total Attendance in 2024 5/5 15/15 20/20 12/12 11/11 9/9
Attendance Rate in 100% 100% 100% 100% 100% 100%
* Effective until 3 May 2024
**Effective since 3 May 2024
Board Risk and Compliance Committee Activity Report in 2024
In 2024, the Committee conducted various activities and reported on the following duties and responsibilities outlined in the
Terms of Reference:
› Conducts quarterly review of the Company’s top risks and emerging risks. Based on this review, the BRCC offers
recommendations to the Company’s management, emphasising the potential future macroeconomic, operational, and
financial implications.
› Potential risks in the company’s cybersecurity and data privacy areas, particularly in readiness for implementing personal
data protection laws.
› Oversee the Company’s Risk & Compliance Program, including Anti-Bribery Anti-Corruption (ABAC) compliance monitoring
and evaluation.
› Oversee the ESG program and its implementation, including the sustainability report.
› Review the latest regulations, particularly regarding potential compliance risks in the Telecommunications industry.
162 PT XL Axiata Tbk
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Board Investment Committee
The Board Investment Committee is established pursuant to Composition of Board Investment
Article 18(3) of the Company’s Articles of Association (AOA) Committee
and Resolution of Special BOC Meeting No. 5.S/2023 dated 21
December 2023 and BOC Meeting No. 1/24 dated 9 February The Board Investment Committee (BIC) membership
2024 with all its authority, powers and duties are subject to shall comprise with maximum 5 members, consisting of
the aforesaid Article. combination between the Board of Commissioners (BOC)
member (Independent Commissioner and Non-Independent
Commissioner) and non-BOC members. BIC may also have
Special Members and Permanent Invitee.
The current composition of the BIC consists of 3 (three)
Commissioners who serve as the Chairman and members.
Profile of Board Investment Committee
Vivek Sood
Chairman of Board Investment Committee
Age 60 years old as of December 2024
Nationality Indian
Legal Basis of Decree of the Board of Commissioners No. 1/24 dated 9 February
Appointment 2024
Term of Office 2024 – 2029
His complete profile, including educational background, professional experience,
concurrent positions, and training and competency development in 2024, can be
found in the Board of Commissioners Profiles in the Corporate Governance chapter
of this Annual Report.
Dr. Hans Wijayasuriya*
Member of Board Investment Committee
Age 56 years old as of December 2024
Nationality British
Legal Basis of Decree of the Board of Commissioners No. 1/24 dated 9 February
Appointment 2024.
Term of Office 2024 – 2029
His complete profile, including educational background, professional experience,
concurrent positions, and training and competency development in 2024, can be
found in the Board of Commissioners Profiles in the Corporate Governance chapter
of this Annual Report.
* No longer serves as a member of the Invesment Committee effective 1 January 2025
and was replaced by Nik Rizal Kamil.
2024 Integrated Annual Report 163
Page 166
Corporate Governance
Didi Syafruddin Yahya
Member of Board Investment Committee
Age 57 years old as of December 2024
Nationality Indonesian
Legal Basis of Decree of the Board of Commissioners No. 1/24 dated 9 February
Appointment 2024
Term of Office 2024 – 2029
His complete profile, including educational background, professional experience,
concurrent positions, and training and competency development in 2024, can be
found in the Board of Commissioners Profiles in the Corporate Governance chapter
of this Annual Report.
Statement of Independence › To monitor and discuss investments and material
investment-like activities (such as contracts which
In accordance with the Charter, the Board Investment commit the Company to material future cash outflows
Committee operates independently in fulfilling its duties like minimum revenue commitments, minimum
and responsibilities, without interference from any party guarantees and/or recurring payments with a Lock-
and in compliance with relevant laws and regulations. All In-Period), stage gate funding of such investments
members of the Board Investment Committee have met and investment-like activities, as well as Financial and
the independence requirements as outlined in the Personal Transformation outcomes delivered by the same.
Statement, which they signed upon appointment and is › To evaluate and review the annual Business Plan
documented by the Corporate Secretary. proposed by the BOD and provide the recommendation
to the BOC prior to BOC approval.
Board Investment Committee Charter › To monitor, discuss, and advise the BP against realization
including CAPEX and OPEX spending, and long-term
The Board Investment Committee follows a Working Charter liability, quarterly.
or Terms of Reference, which serves as the foundation for › To review, discuss, and advise for any acquire and/or
its activities. This charter has been updated and approved purchase, dispose and/or sell, fixed assets as per the
by Decree of the Board of Commissioners No. 1/24 dated 9 Board Manual guidance.
February 2024. › To evaluate, review and provide recommendations to
the BOC, for any investment/divestment proposals from
Duties and Responsibilities of the Board BOD that require BOC approval in accordance with the
Investment Committee Articles of Association, Board Manual, and the Limits
of Approval Policy of the Company, given it is not the
As stated in the Terms of Reference, the primary functions responsibility of other BOC’s Committees.
of the Board Investment Committee is to assist the Board of
Commissioners in carrying out its supervisory and advisory Board Investment Committee Meeting
functions related to the Company’s investment activities and Policy
initiatives, including the acquisition and divestment within
the Board of Commissioners reserved matter as stated in The Board Investment Committee shall meet quarterly or as
the AOA, Board Manual, and/or any applicable Limits of and when required. Not with standing the same, any serious
Authority of the Company. The duties and responsibilities problems or issues shall be brought to the immediate
include: attention of the Board Investment Committee Members in
writing (including electronic mail).
164 PT XL Axiata Tbk
Page 167
Strengthening Profitability for a Sustainable Future
Board Investment Committee Meeting Frequency and Attendance
The following are details of the Board Investment Committee meeting agenda, frequencies, and attendance in 2024:
Didi
DR. Hans
Vivek Sood Syafruddin Ranty Astari
Date Agenda Wijayasuriya
Chairman Yahya Secretary
Member
Member
14 March
2024
› Q2 Spending
› Acquisition Plan Discussion
✔ ✔ ✔ ✔
› Any Other Matters
21 June 2024 › Ratification of Previous MoM
› Additional Capex and Opex Related Party
✔ ✔ ✔ ✔
Transaction
› Related Party Transaction
› 2H 2024 Capex
23
September
› Ratification of the Previous MoM & Action
Log
✔ ✔ ✔ ✔
2024 › Q4 2024 Spending
› Any Other Matters
18 November
2024
› Ratification of the Previous MoM & Action
Log
✔ ✔ ✔ ✔
› Q1 2025 Spending & Early Drawdown Capex
› Any Other Matters
Total Attendance in 2024 4/4 4/4 4/4 4/4
Attendance Rate in 2024 100% 100% 100% 100%
Board Investment Committee Activity Report 2024
In 2024, the Board Investment Committee conducted various activities and reported on these in accordance with their duties
and responsibilities outlined in the Terms of Reference:
1. Evaluate, review and provide recommendation to the BOC for the investment proposal from BOD that require BOC approval
for the establishment of new entity in Singapore.
2. Monitor, discuss, and advise the BP against the realization, including CAPEX and OPEX spending for Q2 2024, Q3 2024,
Q4 2024, and Q1 2025.
3. Evaluate, review and provide recommendation to the BOC on the Q1 2025 CAPEX and OPEX Spending and early draw
down.
4. Evaluate and review the annual Business Plan.
2024 Integrated Annual Report 165
Page 168
Corporate Governance
Board of Directors
The Board of Directors serves as the primary organ of Composition of the Board of Directors
the Company, entrusted with the collective authority and
responsibility to manage the Company in alignment with its The Company must have at minimum two members of the
established goals and objectives. This esteemed group plays Board of Directors and one of them should be the President
a crucial role in realizing the Company's vision and mission, Director. The composition of the Board of Directors must
as outlined in the articles of association. Their responsibilities be approved by the GMS by referring to prevailing rules
are shaped by the mandates provided by both shareholders and regulations. For any reason, the Board of Directors has
and stakeholders, reflecting a commitment to transparency less than 2 members, a GMS must be convened to appoint
and accountability. Director(s) no later than 60 days after the vacancy.
Specifically, the Board of Directors is charged with the Due to the end of the terms for all members of the Board
oversight of the Company's operations, ensuring that of Directors, the AGMS reappointed them for the period
every aspect of its functioning is executed efficiently and 2024-2029, starting from the closure of the AGMS on 3
effectively. This involves not only making strategic decisions May 2024 until the completion of their term at the closing of
but also implementing essential policies and actions the AGMS in 2029. Additionally, Mr. Rico Usthavia Frans was
that drive the Company forward. Moreover, the Board is appointed as a Director for the 2024-2029 term, effective
vigilant in ensuring that all operations adhere to applicable from the AGMS closure until the end of the term for the new
laws and regulations, upholding the highest standards of members of the Board of Directors at the closing of the
corporate governance to foster trust and integrity within the AGMS in 2029.
organization and among its stakeholders.
Thus, the latest composition of the Company's Board of
Legal References Directors is as follows:
1. Law No. 40 of 2007 on Limited Liability Company. Name Position
2. OJK Regulation No. 33/POJK.04/2014 on the Board of
Directors and the Board of Commissioners of Issuers or Dian Siswarini President Director
Public Company. Yessie D. Yosetya Director
3. Articles of Association of the Company.
4. Board Manual & Code of Ethics of the Company Feiruz Ikhwan Director
David Arcelus Oses Director
Abhijit J. Navalekar Director
I Gede Darmayusa Director
Rico Usthavia Frans Director
166 PT XL Axiata Tbk
Page 169
Strengthening Profitability for a Sustainable Future
Profile of the Board of Directors
Dian Siswarini*
President Director & Chief Executive Officer (CEO)
Age 56 years old as of December 2024
Nationality Indonesian
Domicile Jakarta, Indonesia
Legal Basis of Resolution of Annual General Meeting of
Appointment Shareholders dated 3 May 2024.
Term of Office 3 May 2024 until the closing of Annual
General Meeting of Shareholders 2029.
Appointment History in the Company Concurrent Positions
› President Director, Third Term, appointed at the Annual › President Commissioner, PT Hipernet Indodata.
General Meeting of Shareholders on 3 May 2024, term of › Commissioner, PT Link Net Tbk.
office 3 May 2024 until the closing of the Annual General › Member of Risk Management and Business Continuity
Meeting of Shareholders 2029. Committee, XL Axiata.
› President Director, Second Term, appointed at the › Chairwoman of Ethics & Integrity Committee, XL Axiata.
Annual General Meeting of Shareholders 29 April 2019, › Member of Human Capital Committee, XL Axiata.
term of office 2019-2024. › Member of Information Technology Committee, XL
› President Director, First Term, appointed at the Annual Axiata.
General Meeting of Shareholders 1 April 2015, term of
office 2015 – 2019. Affiliate Relations
› Vice President Director, First Term, appointed at the
Extraordinary General Meeting of Shareholders 7 January
None.
2015, term of office 7 January 2015 – 1 April 2015.
› Director, Fourth Term, appointed at the Annual General
Meeting of Shareholders 22 April 2014, term of office 2014. Association Membership
› Director, Third Term, appointed at the Annual General
Meeting of Shareholders 14 April 2011, term of office 2011 None.
– 2014.
› Director, Second Term, appointed at the Annual General Training and Competency Development in 2024
Meeting of Shareholders 4 April 2008, term of office
2008 – 2011.
› Director, First Term, appointed at the Annual General Training/Workshop Venue Date of
Implementation
Meeting of Shareholders 26 April 2007, term of office
2007 – 2008. HEC Executive Paris, France 21 February 2024
Program - Leading a
Technology Driven
Educational Background and Certifications
Organization
› Advanced Management Program degree from Harvard Mobile World Barcelona, 26 February 2024
Business School (2013). Congress 2024 Spain
› Bachelor’s Degree in Electrical Engineering from Institut Keselamatan SF 31 March 2024
Teknologi Bandung (1991). Kesehatan Kerja dan
Lingkungan (K3L)
Professional Experience 2024
Ericsson Imagine Live Four 29 May 2024
› President Commissioner, PT Hipernet Indodata (June 2024 Exclusively for Seasons
2022 – present). XL Axiata Hotel
› Commissioner, PT Link Net Tbk, (June 2022 – present). XL Axiata-Huawei Shenzen - 30 July 2024
› President Director, XL Axiata (2015 – present). Strategy Alignment Guilin, China
› Vice President Director, XL Axiata (2014 - 2015). Summit 2024
› Group Chief of Marketing and Operation Officer, Axiata 2024 Mandatory Xlearn 30 September
Group Berhad (2014). Training: Data Privacy, 2024
› Joined XL Axiata by holding various key positions in Cybersecurity, Risk
Network and Engineering Department and further Management, Ethics
appointed as Network Services Director (2007-2011) and & Compliance
Director/Chief Digital Services Officer (2011-2014).
ICCC Winning Culture Xlearn 31 October 2024
2024 Mandatory Xlearn 31 December
Training: Data Privacy, 2024
* Has submitted her resignation as President Director on 3 December
Cybersecurity, Risk
2024 and will be effective upon approval by the nearest General Management, Ethics
Meeting of Shareholders. & Compliance
2024 Integrated Annual Report 167
Page 170
Corporate Governance
Yessie D. Yosetya
Director & Chief Enterprise Business & Corporate Affairs
Officer
Age 51 as of December 2024
Nationality Indonesian
Domicile Jakarta, Indonesia
Legal Basis of Resolution of Annual General Meeting of
Appointment Shareholders dated 3 May 2024
Term of Office 3 May 2024 until the closing of Annual
General Meeting of Shareholders 2029.
Appointment History in the Company Affiliate Relations
None.
› Director, Third Term, appointed at the Annual General
Meeting of Shareholders on 3 May 2024, term of office 3 Association Membership
May 2024 until the closing of the Annual General Meeting › Co-Chair, G20 Empower, 2020 – present.
of Shareholders 2029. › Vice Chairwoman, iCIO Community (2022 – present).
› Director, Second Term, appointed at Annual General
Meeting of Shareholders dated 29 April 2019, term of Training and Competency Development in 2024
office 2019 – 2024.
› Independent Director, First Term, appointed at Training/Workshop Venue Date of
Extraordinary General Meeting of Shareholder dated 10 Implementation
March 2016, term of office 2016 – 2019. Harvard Business Zoom Online 3 January 2024
School
Educational Background and Certifications
Harvard Business Zoom Online 3 February 2024
School
Bachelor’s Degree in Electrical Engineering from Universitas
Harvard Business Zoom Online 2 March 2024
Satya Wacana, 1997.
School
Professional Experience Keselamatan SF 31 March 2024
Kesehatan Kerja dan
Lingkungan (K3L)
› Commissioner, PT Hipernet Indodata (June 2022 – 2024
present).
Harvard Business Zoom Online 21 April 2024
› Director, XL Axiata (2016 – present). School
› Commissioner, PT One Indonesia Synergy (2016 –
Workshop XL-TPN- XL Axiata 11 Juni 2024
present).
Telstra - Introduction Training
› Independent Director, XL Axiata (2016 – 2019). XL, TPN, Telstra Center
› Chief Digital Services Officer, XL Axiata (2015 – 2016).
XL Axiata-Huawei Shenzen - 30 July 2024
› Vice President Digital Services, XL Axiata (2013 – 2015).
Strategy Alignment Guilin, China
› Senior General Manager Mobile Finance, XL Axiata (2011 Summit 2024
– 2013).
2024 Mandatory Xlearn 30 September
› Senior General Manager IT Development, XL Axiata Training: Data Privacy, 2024
(2009 – 2011). Cybersecurity, Risk
› General Manager Business Support System, XL Axiata Management, Ethics
(2006 – 2009). & Compliance
ICCC Winning Culture Xlearn 31 October 2024
Concurrent Positions
› Member of Risk Management and Business Continuity
Committee, XL Axiata.
› Member of Cyber Security & Privacy Steering Committee,
XL Axiata.
› Member of Human Capital Committee, XL Axiata.
› Member of Human Capital Committee, PT Pertamina Bina
Medika IHC.
› Commissioner, PT Hipernet Indodata
› Commissioner, PT One Indonesia Synergy
168 PT XL Axiata Tbk
Page 171
Strengthening Profitability for a Sustainable Future
Abhijit J. Navalekar*
Director & Chief Commercial Officer - Home &
Convergence (CCO - Home & Convergence)
Age 53 years old as of December 2024
Nationality British
Domicile Jakarta, Indonesia
Legal Basis of Resolution of Annual General Meeting of
Appointment Shareholders dated 3 May 2024.
Term of Office 3 May 2024 until the closing of Annual
General Meeting of Shareholders 2029.
Appointment History in the Company Affiliate Relations
None.
› Director, Third Term, appointed at the Annual General
Meeting of Shareholders on 3 May 2024, term of office 3 Association Membership
May 2024 until the closing of the Annual General Meeting None.
of Shareholders 2029.
› Director, Second Term, appointed at the Annual General Training and Competency Development in 2024
Meeting of Shareholders on 29 April 2019, term of office
29 April 2019 until the closing of the Annual General Training/Workshop Venue Date of
Meeting of Shareholders 2024. Implementation
› Director, First Term, appointed at the Extraordinary HEC Executive Paris, France 21 February 2024
General Meeting of Shareholders on 15 August 2017, term Program - Leading a
of office 2017 – 2019. Technology Driven
Organization
Educational Background and Certifications Keselamatan SF 31 March 2024
Kesehatan Kerja dan
MBA in Strategy, Economics, and Finance from Warwick Lingkungan (K3L)
2024
Business School, University of Warwick, UK 2000.
2024 Mandatory Xlearn 30 September
Professional Experience Training: Data Privacy, 2024
Cybersecurity, Risk
Management, Ethics
› Director, XL Axiata (2017 – present). & Compliance
› Partner/Vice President Strategy& (formerly Booz &
ICCC Winning Culture Xlearn 31 October 2024
Company) (2014 – 2017).
› Principal, Booz & Company (2011 – 2014).
› Senior Associate, Booz & Company (2008 – 2011).
› Associate, Booz & Company (2007 – 2008).
› Manager, Deloitte (2005 – 2007).
Concurrent Positions
› Member of Risk Management and Business Continuity
Committee, XL Axiata.
› Member of Human Capital Committee, XL Axiata.
› Member of Information Technology Committee, XL
Axiata.
* Has submitted his resignation as Director on 24 December 2024
and will be effective after obtaining approval from the nearest
General Meeting of Shareholders.
2024 Integrated Annual Report 169
Page 172
Corporate Governance
David Arcelus Oses
Director & Chief Commercial Officer - Consumer
(CCO - Consumer)
Age 47 years old as of December 2024
Nationality Spanish
Domicile Jakarta, Indonesia
Legal Basis of Resolution of Annual General Meeting of
Appointment Shareholders dated 3 May 2024
Term of Office 3 May 2024 until the closing of Annual
General Meeting of Shareholders 2029.
Appointment History in the Company Concurrent Positions
› Director, Second Term, appointed at the Annual General › Member of Risk Management and Business Continuity
Meeting of Shareholders on 3 May 2024, term of office 3 Committee, XL Axiata.
May 2024 until the closing of the Annual General Meeting › Chairman of Artificial Intelligence Data Governance, XL
of Shareholders 2029. Axiata.
› Director, First Term, appointed at Extraordinary General › Member of Human Capital Committee, XL Axiata.
Meeting of Shareholders dated 18 May 2020, term of › Member of Information Technology Committee, XL
office 2020-2024. Axiata.
Educational Background and Certifications Affiliate Relations
None.
› MBA from IESE Business School, Barcelona, Spain, 2006.
› MBA (International Exchange Program) from Wharton Association Membership
School of Business, Philadelphia, United States, 2005. None.
› Exchange Program - Industrial Engineering from
Universite Bordeaux I, Bordeaux, France, 2000. Training and Competency Development in 2024
› Master’s degree in Industrial Engineering from Tecnun,
Universidad de Navarra, Spain, 1995 – 2000. Training/Workshop Venue Date of
Implementation
Professional Experience HEC Executive Paris, France 21 February 2024
Program - Leading a
› Director, XL Axiata (2020 – present). Technology Driven
› Chief Marketing Officer (CMO), XL Axiata (2016 – 2020). Organization
› Associate Partner, McKinsey & Company (2006 – 2015). Keselamatan SF 31 March 2024
› Project Manager, Gamesa Eolica, C2i Engineering (2000 Kesehatan Kerja dan
– 2004). Lingkungan (K3L)
2024
2024 Mandatory Xlearn 30 September
Training: Data Privacy, 2024
Cybersecurity, Risk
Management, Ethics
& Compliance
ICCC Winning Culture Xlearn 31 October 2024
Indonesia Personal XL Axiata 4 November 2024
Data Protection Training
Law : "Concept Center
and Challenges in
Implementation
Personal Data
Protection"
170 PT XL Axiata Tbk
Page 173
Strengthening Profitability for a Sustainable Future
I Gede Darmayusa*
Director & Chief Technology Officer (CTO)
Age 51 years old as of December 2024
Nationality Indonesian
Domicile Jakarta, Indonesia
Legal Basis of Resolution of Annual General Meeting of
Appointment Shareholders dated 3 May 2024.
Term of Office 3 May 2024 until the closing of Annual
General Meeting of Shareholders 2029.
Appointment History in the Company Affiliate Relations
None.
› Director, Second Term, appointed at the Annual General
Meeting of Shareholders on 3 May 2024, term of office 3 Association Membership
May 2024 until the closing of the Annual General Meeting None.
of Shareholders 2029.
› Director, First Term, appointed at the Extraordinary Training and Competency Development in 2024
General Meeting of Shareholders dated 27 October
2020, term of office 27 October 2020 until the closing of Training/Workshop Venue Date of
the Annual General Meeting of Shareholders 2024. Implementation
HEC Executive Paris, France 21 February 2024
Educational Background and Certifications Program - Leading a
Technology Driven
› Master's Degree from Universitas Prasetiya Mulya (2017). Organization
› Bachelor of Telecommunication Engineering from Institut Mobile World Barcelona, 26 February 2024
Teknologi Bandung (1996). Congress 2024 Spain
Keselamatan SF 31 March 2024
Professional Experience Kesehatan Kerja dan
Lingkungan (K3L)
› Director, XL Axiata (2020 – Present). 2024
› Commissioner, PT Princeton Digital Group Data Centres, Ericsson Imagine Live Four 29 May 2024
(2019 – July 222). 2024 Exclusively for Seasons
› (Caretaker) Chief Technology Officer, XL Axiata (2019). XL Axiata Hotel
› Group Head Technology Strategy & Architecture, XL Workshop XL-TPN- XL Axiata 11 Juni 2024
Axiata (2019 – 2020). Telstra - Introduction Training
XL, TPN, Telstra Center
› Group Head Program Management, XL Axiata (2017 –
2019). XL Axiata-Huawei Shenzen - 30 July 2024
› Group Head Operation Service Management, XL Axiata Strategy Alignment Guilin, China
Summit 2024
(2014 – 2017).
› Chief Project & Implementation, Tower Bersama (2011 – 2024 Mandatory Xlearn 30 September
2014). Training: Data Privacy, 2024
Cybersecurity, Risk
› Lead Account Manager Services, Nokia Siemens Network Management, Ethics
(2004 – 2011). & Compliance
ICCC Winning Culture Xlearn 31 October 2024
Concurrent Positions
Indonesia Personal XL Axiata 4 November 2024
Data Protection Training
› Member of Risk Management and Business Continuity
Law : "Concept Center
Committee, XL Axiata. and Challenges in
› Member of Cyber Security & Privacy Steering Committee, Implementation
XL Axiata. Personal Data
› Member of Human Capital Committee, XL Axiata. Protection"
› Member of Information Technology Committee, XL
Axiata.
* Has submitted his resignation as Director on 7 January 2025 and will
be effective after the corporate action of merger of the Company is
declared effective.
2024 Integrated Annual Report 171
Page 174
Corporate Governance
Feiruz Ikhwan
Director & Chief Financial Officer (CFO)
Age 49 years old as of December 2024
Nationality Malaysian
Domicile Jakarta, Indonesia
Legal Basis of Resolution of Annual General Meeting of
Appointment Shareholders dated 3 May 2024
Term of Office 3 May 2024 until the closing of Annual
General Meeting of Shareholders 2029.
Appointment History in the Company Concurrent Positions
› Director, Second Term, appointed at the Annual General › Member of Risk and Business Continuity Committee, XL
Meeting of Shareholders on 3 May 2024, term of office 3 Axiata.
May 2024 until the closing of the Annual General Meeting › Chairman of Gift, Donation and Sponsorship Committee,
of Shareholders 2029. XL Axiata.
› Director, First Term, appointed at the Extraordinary › Member of Ethics and Integrity Committee, XL Axiata.
General Meeting of Shareholders dated 27 October › Member of Human Capital Committee, XL Axiata.
2020, term of office 27 October 2020 until the closing of › Member of Information Technology Committee, XL
the Annual General Meeting of Shareholders 2024. Axiata.
Educational Background and Certifications Affiliate Relations
None.
› Bachelor of Science, Economics (Accounting & Finance)
from the London School of Economics and Political Association Membership
Science (LSE), 1997. CMA (Chartered Management Accountant) and Chartered
› Chartered Management Accountant and Chartered Global Management Accountant (CGMA), Chartered Institute
Global Management Accountant from Chartered Institute of Management Accountants (CIMA), United Kingdom.
of Management Accountants (CIMA), United Kingdom,
2006. Training and Competency Development in 2024
Professional Experience Training/Workshop Venue Date of
Implementation
› Director, XL Axiata (May 2023 – present). HEC Executive Paris, France 21 February 2024
› Advisor to CEO, XL Axiata (February – May 2023). Program - Leading a
› Acting Chief Executive Officer, Smart Axiata Co. Ltd., Technology Driven
(2021 – February 2023). Organization
› Chief Financial Officer, Smart Axiata Co, Ltd (2018 – Keselamatan SF 31 March 2024
2021). Kesehatan Kerja dan
› Group Head Finance, XL Axiata (2017 – 2018). Lingkungan (K3L)
2024
› Vice President Strategic Finance, XL Axiata (2015 – 2017).
› Vice President Pricing & Capacity Management, XL 2024 Mandatory Xlearn 30 September
Axiata (2014 – 2015). Training: Data Privacy, 2024
Cybersecurity, Risk
› Head of Investor Relations, Business Control, Corporate Management, Ethics
Finance, XL Axiata (2011 – 2014). & Compliance
› Head of Investor Relations, Axiata Group Berhad (2008
ICCC Winning Culture Xlearn 31 October 2024
– 2011).
Indonesia Personal XL Axiata 4 November 2024
Data Protection Training
Law : "Concept Center
and Challenges in
Implementation
Personal Data
Protection"
172 PT XL Axiata Tbk
Page 175
Strengthening Profitability for a Sustainable Future
Rico Usthavia Frans*
Director & Chief IT Digital Officer
Age 54 years old as of December 2024
Nationality Indonesian
Domicile Jakarta
Legal Basis of Resolution of Annual General Meeting of
Appointment Shareholders dated 3 May 2024.
Term of Office 3 May 2024 until the closing of Annual
General Meeting of Shareholders 2029.
Appointment History in the Company › Member of Human Capital Committee in XL Axiata.
› Member of Technology Information in XL Axiata.
› Director, First Term, appointed at the Annual General
Meeting of Shareholders on 3 May 2024, term of office 3 Affiliate Relations
May 2024 until the closing of the Annual General Meeting None.
of Shareholders 2029.
Association Membership
Educational Background and Certifications › Chairman, iCIO Community (2019-2021).
› Chairman, iCIO Community (2017-2019).
› Secretary General, ASPI (Asosiasi Sistem Pembayaran
› Bachelor of Electrical Engineering from Institut Teknologi
IIndonesia) (2019-2021).
Bandung (ITB), 1992. › Vice Chairman, ASPI (Asosiasi Sistem Pembayaran
› Executive education from several prestigious universities, Indonesia) (2016-2019).
including Digital Disruption from Cambridge Judge › Vice Chairman, ASPI (Asosiasi Sistem Pembayaran
Business School, Boston, USA (2021), Driving DIgital Indonesia) (2013-2016).
Innovation from MIT Sloan School of Management,
Boston, USA (2019), Leading in Digital Edge from IMD, Training and Competency Development in 2024
Lausanne, Switzerland (2017), Design Thinking from
Stanford University, USA (2015), and Venture Capital Training/Workshop Venue Date of
Executive Program from University of California, Berkeley, Implementation
USA (2011). HEC Executive Paris, France 21 February 2024
Program - Leading a
Professional Experience Technology Driven
Organization
› Director, Xl Axiata (May 2024 – present). Mobile World Barcelona, 26 February 2024
Congress 2024 Spain
› Chief IT Digital Officer, XL Axiata (January 2024 – May
2024). Keselamatan SF 31 March 2024
Kesehatan Kerja dan
› Chief IT Digital & Analytics, XL Axiata (September 2023 Lingkungan (K3L)
- December 2023) 2024
› Commissioner, Centre Parking Indonesia (2022 – XL Axiata-Huawei Shenzen - 30 July 2024
present). Strategy Alignment Guilin, China
› President and Independent Commissioner, PT Dayamitra Summit 2024
Telekomunikasi Tbk (2022 – 2023). 2024 Mandatory Xlearn 30 September
› Commissioner, PT Fintek Karya Nusantara (April 2021 – Training: Data Privacy, 2024
Cybersecurity, Risk
2023).
Management, Ethics
› Commissioner, PT Simplefi Teknologi Indonesia (April & Compliance
2021 – present). ICCC Winning Culture Xlearn 31 October 2024
Indonesia Personal XL Axiata 4 November 2024
Concurrent Positions Data Protection Training
Law : "Concept Center
› Commissioner of PT Simplefi Teknologi Indonesia. and Challenges in
› Comissioner of Centre Parking Indonesia. Implementation
Personal Data
› Member of Risk and Business Continuity Committee in XL Protection"
Axiata.
2024 Mandatory Xlearn 31 December
› Member of Cyber Security & Privacy Steering Committee Training: Data Privacy, 2024
in XL Axiata. Cybersecurity, Risk
Management, Ethics
* Effective since 3 May 2024. He has submitted his resignation as & Compliance
Director on 7 January 2025 and will be effective upon approval by
the nearest General Meeting of Shareholders.
2024 Integrated Annual Report 173
Page 176
Corporate Governance
Board Charter and Code of Ethics 4. Corporate Documents
Maintain all important lists, registries and corporate
The Company has established a Board Manual and Code documents, including resolutions, minutes of GMS, Board
of Ethics for the Board of Directors. This manual serves of Directors, Board of Commissioners meetings within
as a comprehensive framework designed to assist Board the Company’s domicile and provide Shareholders’
members in maintaining professional and constructive work access to them as required by laws.
relationships while fostering efficiency in the execution of
their duties. 5. Corporate Accounts
Maintain all corporate accounts and financial documents
The Board Manual encompasses the following essential in accordance with accounting standards and provide
elements: Shareholders’ access to them as required by law and
1. Criteria and composition of the Board. Articles of Association.
2. Duties and responsibilities assigned to Board members.
3. A Code of Ethics addressing conflicts of interest, 6. Integrated Annual Report
confidentiality of company documents, and adherence Within 5 months of fiscal year end, prepare annual report
to prevailing regulations. which at least includes: (a) financial statements that
4. Procedures governing the convening of meetings, contains the data for the latest financial year and the
including quorum requirements and voting rights. financial year immediately prior to it (including a profit
5. Remuneration policies for Board members. and loss statement, cash flows, any equity changes, and
6. Distribution of authority among Board members. any other relevant data); (b) the Company’s activity
report; (c) a corporate social responsibility statement;
Duties and Responsibilities of the Board of (d) any incidents that occurred which may impact on
Directors the Company’s activities; (e) a report from the Board
of Commissioners on their supervisory activities over
1. Articles of Association Approvals, Registration and the previous financial year; (f) the names of all Board
Gazetting of Directors, Board of Commissioners members; and
Submit the Company’s Articles of Association and any (g) any salary or honorarium payments made to the
amendments to them to the Ministry of Law & Human members of the Board of Commissioners and Board of
Rights for approval or registration and to the State Directors.
Printer for gazetting.
7. Board of Directors’ Meetings
2. Share Registry Convene meetings as per prevailing regulations.
Create and maintain (or appoint a Share Registrar to do
so) a registry of shares recording: (a) name and address 8. Business Plan
of all Shareholders; (b) the sum, number, and date of Provide the Board of Commissioners for approval of the
acquisition of the shares or collective share certificates; Company’s business plan and budget no later than 60
(c) name and address of pledge of company’s shares; (d) days prior to the close of fiscal year, failing of which the
any other important information. previous years’ business plan shall apply.
3. Special Share Registry 9. Corporate Strategy
Create and maintain a special registry containing the Determine the corporate strategy, and review, monitor
share ownership and business relations of the Board and oversee the implementation of the said corporate
of Directors, the Board of Commissioners and their strategy.
respective families in the Company’s and the date(s)
those shares were acquired. 10. Company Vision and Purpose
Determine the Company vision and purpose regularly,
and review to ensure the Company vision and purpose
are inline and relevant with the Company’s business.
174 PT XL Axiata Tbk
Page 177
Strengthening Profitability for a Sustainable Future
Aside from the abovementioned duties and responsibilities of the Board of Directors, the specific duties of each member of
the Board are detailed below:
Dian Siswarini Responsible for coordinating all Company’s operational activities, including overseeing
President Director & CEO overall management, also compliance with laws and regulations, as well as supervising
the CEO’s Office directorate which consists of Corporate Secretary, Internal Audit,
Transformation Project, Human Capital groups and Strategy & Analytics.
Feiruz Ikhwan Responsible to supervise the Finance directorate which consists of Finance, Financial
Director & Chief Financial Officer Accounting, Finance Business Control, Procurement, and Contract Management, also
managing and controlling the Company’s business plan and its execution, including
the preparation of financial statements, taxes, and financial management, as well as to
control the activity of XL Axiata investor relations.
Yessie D. Yosetya Responsible to supervise Enterprise Business & Corporate Affairs Directorate which
Director & Chief Enterprise consists of Enterprise Product & Marketing, National & Strategic Enterprise, Solution &
Business & Corporate Affairs Technical Account Management, Wholesale & Reseller, Legal, Regulation & Government
Officer Relations and Corporate Communication & ESG.
David Arcelus Oses Responsible to supervise the Commercial Consumer directorate which consists of
Director & Chief Commercial Marketing consisting of Mass Segment, Youth Segment, Premium Segment, and
Officer - Consumer GTM consisting of Commercial GTM, West Region, Jabo Region, Central Region, and
East Region, also Indirect Channel Management, Direct Channel Management, Digital
Channel Touch Point, Commerce Planning, Customer Contact Center and Customer
Value Management, and also making sure that all functions of the organization are
aligned to meet its strategic commercial objectives.
Abhijit J. Navalekar Responsible to supervise Commercial Home and Convergence directorate which
Director & Chief Commercial consists of Corporate Strategy, Strategic Partnership, Digital Partnership, and Home
Officer – Home & Convergence Business including Home Product & Marketing and Home Business Operation. This shall
include determining the business strategy and monitoring the agreed implementation,
and also responsible for the business incubation and strategic partnership in alignment
with the overall company strategy.
I Gede Darmayusa Responsible to supervise the Technology directorate which consists of Risk &
Director & Chief Technology Compliance, Technology Strategy & Alignment, Network Planning & Design, Program
Officer Management, and Service Operation Management, and also acquiring new technology
and define strategy adoption, allocating and managing capex for company initiatives,
building capacity and resiliency of the core network and managing all programs through
Program Management Office.
Rico Usthavia Frans Responsible to supervise the IT and Digital directorate, which consist of IT Strategy
Director & Chief IT Digital Officer Planning & Architecture, IT Business Partner & Project Management, IT Core Platform,
Digital Touchpoint, IT Digital Operations, Technology Security & Risk Controls, and IT
Transformation & Digitalization.
Requirements and Appointment Policy for The requirements and qualifications for Board members
the Board of Directors refer to POJK No. 33/POJK.04/2014 and additional criteria
set by the Company, which includes a diversity of skills and
The appointment of the Company’s Board of Directors the overall composition of the Board.
is governed by the Senior Executive Nomination Policy.
Candidates for the Board, as proposed by Shareholders and/ Policy in the Resignation of the Board of
or Minority Shareholders, are submitted to the Company’s Directors
Nominating and Remuneration Committee through the
Corporate Secretary. The Company’s Articles of Association and the Board Manual
outline the policy for the resignation of Board members,
The Nominating and Remuneration Committee will review which requires them to submit a formal written resignation
the nomination proposals during their meetings to ensure letter to the Company. This letter should be addressed
that the candidates meet the necessary requirements, to the Nominating and Remuneration Committee (NRC),
qualifications, and background before submitting the with copies sent to the Board of Directors and Corporate
recommendations to the General Meeting of Shareholders Secretary. Upon receiving the resignation letter, the
(GMS) for approval. Company will convene a General Meeting of Shareholders
within a maximum period of 90 days to decide on the
resignation.
2024 Integrated Annual Report 175
Page 178
Corporate Governance
In addition to voluntary resignations, a Board member's Board of Directors’ Meetings
term automatically ends under the following conditions:
1. If he/she is involved in a civil, criminal, monetary crime Board of Directors Meeting Policy
and/or other dispute in a judiciary institution and/or The general policy for Board meetings consists of the
arbitration institution whether in Indonesia or a foreign following guidelines:
country, or an administrative dispute with an authorized 1. The Corporate Secretary determines the scheduling of
government institution including any dispute in relation meetings.
to manpower/industrial matters. 2. Board meetings are chaired by the President Director. If
2. If he/she passed away. the President Director is unavailable, a Director chosen
3. If he/she is not reappointed upon the end of his/her by the other present members may chair the meeting.
term of office. 3. If a Director cannot attend a meeting, they may
4. Dismissed by the GMS. authorize another Director as a proxy. A Director can
5. Declared bankrupt or declared under guardianship by only represent one other Director as a proxy.
the court. 4. A Board meeting decision is valid only if more than half
6. No longer qualified by the prevailing legislation and of the Board members or their proxies are present.
regulation. 5. Minutes of the meeting must be prepared as
documentation of decisions made at the meeting.
The Board of Commissioners has the authority to suspend 6. The minutes must be made in writing and signed by all
a member of the Board of Directors, which prevents the present Board members and must be communicated to
suspended member from fulfilling their duties until the all Board members.
suspension period ends or the GMS revokes the suspension. 7. The Board of Directors may make decisions without
Any suspension must be based on Resolutions by the holding a meeting; however, these decisions must be
Board of Commissioners, and the suspended member approved and documented in one or more written
must be notified in writing. Following this, the Board of communications, such as facsimile, email, or other
Commissioners must convene a GMS to either confirm or methods.
revoke the suspension.
Board of Directors’ Meetings in 2024
Board of Directors’ Term of Office In 2024, the Board of Directors held 59 meetings, with the
following agendas, frequencies, and attendance:
The term of office for the Company’s Board of Directors
is five years, and members may be reappointed for the
same period. If a Director is appointed to replace a vacant
position (due to termination or otherwise), they will serve
the remaining term of that vacant position.
David Arcelus Oses
Yessie D. Yosetya
Dian Siswarini*
Darmayusa***
Feiruz Ikhwan
Rico Usthavia
Navalekar**
Frans****
Abhijit J.
I Gede
Status
No. Type
No. Date Agenda (Approval/
Meeting (R/S)*
Noting)
1 3 January
2024
1/24 R BOD Discussion Noting
✔ ✔ ✔ ✔ (Proxy
to YDY)
✔
2 5 January
2024
01.S/24 S IT Discussion Approval
✔ ✔ ✔ ✔ ✔ ✔
3 10 January 2/24 R Board Manual Discussion Approval
2024 Sales Distribution Discussion Approval ✔ ✔ ✔ ✔ ✔ ✔
FY 2023 Performance Update Noting
4 16 January 3/24
2024
R Internal Program Discussion Noting ✔ ✔ ✔ ✔ ✔ ✔ Not
yet a
Strategic Discussion Noting BOD*
5 19 January 02.S/24
2024
S IT Discussion Approval
✔ ✔ ✔ ✔ ✔ ✔
6 23 January 4/24 R Related Party Transaction Discussion Noting
2024 Budget Discussion Approval (Proxy
Commercial Discussion Noting ✔ to
DAO)
✔ ✔ ✔ ✔
Joint BOC BOD Meeting Preparation Noting
Discussion
176 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
David Arcelus Oses
Yessie D. Yosetya
Dian Siswarini*
Darmayusa***
Feiruz Ikhwan
Rico Usthavia
Navalekar**
Frans****
Abhijit J.
I Gede
Status
No. Type
No. Date Agenda (Approval/
Meeting (R/S)*
Noting)
7 30 5/24 R Associated Company's Extraordinary Approval
January General Meeting of Shareholders
2024 Discussion on Allocation Net Profit & Approval
Funding Plan
Related Party Transaction Discussion Approval
Legal Matters Discussion Noting ✔ ✔ ✔ ✔ ✔ ✔
Budget Discussion Approval
Subsidiary Company Discussion Approval
Commercial Discussion Noting
Procurement Discussion Approval
8 6 February 6/24 R IT Discussion Approval
2024 Strategic Discussion Approval
Subsidiary Company Annual General Approval
Meeting of Shareholder Discussion
Board Assessment 2023 Result Noting ✔ ✔ ✔ ✔ ✔ ✔
Discussion
Spectrum Update Noting
Data Privacy Update Read
Only
9 13 7/24 IT Discussion Noting
February Board Investment Committee (Proxy
2024 Discussion ✔ to
DAO)
✔ ✔ ✔ ✔
Strategic Discussion
Monthly 2024 Performance Update
10 21 03.S/24 S IT Discussion Approval
February ✔ ✔ ✔ ✔ ✔ ✔
2024
11 5 March 8/24 R Procurement Discussion Approval
(Proxy
2024 Network Discussion
Joint BOC BOD Meeting Preparation
Noting
Noting
✔ to
DAO)
✔ ✔ ✔ ✔
Discussion
12 8 March
2024
04.S/24 S Budget Discussion
Subsidiary Company Discussion
Approval
Noting
✔ ✔ ✔ ✔ ✔ ✔
13 12 March 9/24 R Legal Matters Discussion Noting
2024 Procurement Discussion
FY 2023 Performance Update
Approval
Noting
✔ ✔ ✔ ✔ ✔ ✔
Network Discussion Noting
14 20 March 10/24 R IT Discussion Approval
2024 Commercial Discussion Approval ✔ ✔ ✔ ✔ ✔ ✔
Procurement Discussion Approval
15 24 March
2024
05.S/24 S Related Party Transaction Discussion
IT Discussion
Approval
Approval
✔ ✔ ✔ ✔ ✔ ✔
16 27 March 11/24 R Subsidiary Company Discussion Approval
2024 Network Discussion
Commercial Discussion
Noting
Noting
✔ ✔ ✔ (Proxy
to AN)
(Proxy
to YDY)
✔
Sales Distribution Discussion Noting
17 2 April
2024
12/24 R Procurement Discussion Approval
✔ ✔ ✔ ✔ ✔ ✔
18 17 April 13/24 R Legal Matters Discussion Noting
2024 Joint BOC BOD Meeting Preparation Noting
Discussion ✔ ✔ ✔ ✔ ✔ ✔
Commercial Discussion Noting
Monthly 2024 Performance Update Noting
2024 Integrated Annual Report 177
Page 180
Corporate Governance
David Arcelus Oses
Yessie D. Yosetya
Dian Siswarini*
Darmayusa***
Feiruz Ikhwan
Rico Usthavia
Navalekar**
Frans****
Abhijit J.
I Gede
Status
No. Type
No. Date Agenda (Approval/
Meeting (R/S)*
Noting)
19 23 April 14/24 R Related Party Transaction Discussion Approval
2024 Internal Review Preparation Discussion Noting (Proxy
IT Discussion Noting ✔ to
DAO)
✔ ✔ ✔ ✔
Data Privacy Discussion Read
Only
20 30 April 15/24 R IT Discussion Approval (Proxy
2024 Regulatory Discussion Approval ✔ to
DAO)
✔ ✔ ✔ ✔
Internal Review Preparation Discussion Noting
21 7 May 16/24 R IT Discussion Approval (Proxy
2024 Governance Discussion Approval ✔ to
DAO)
✔ ✔ ✔ ✔ ✔
Procurement Discussion Approval
22 14 May 17/24 R Game Token Update Noting
2024 Related Party Transaction Discussion
Monthly 2024 Performance Update
Noting
Noting
✔ ✔ ✔ ✔ ✔ ✔ ✔
Sales Distribution Discussion Noting
23 21 May
2024
18/24 R Procurement Discussion
Corporate Communication Discussion
Approval
Noting
✔ ✔ ✔ ✔ ✔ ✔ ✔
24 28 May
2024
19/24 R Associated Company Annual General
Meeting of Shareholders
Approval
✔ ✔ ✔ ✔ ✔ ✔ ✔
25 4 June 20/24 R Business Plan Discussion Approval
2024 Enterprise Discussion
Merger Discussion
Approval
Noting
✔ ✔ ✔ ✔ ✔ ✔ ✔
Regulatory Discussion Noting
26 14 June
2024
06.S/24 S Budget Discussion Approval
✔ ✔ ✔ ✔ ✔ ✔ ✔
27 27 June
2024
07.S/24 S Related Party Transaction Discussion Approval
✔ ✔ ✔ ✔ ✔ ✔ ✔
28 18 June 21/24 R Business Migration Readiness Discussion Approval
2024 Vendor Discussion
Monthly 2024 Performance Update
Noting
Noting
✔ ✔ ✔ ✔ (Proxy
to RUF)
✔ ✔
Joint BOC BOD Meeting Noting
29 25 June 22/24 R Associated Company Extraordinary Approval
2024 General Meeting of Shareholders
Merger Discussion Noting
Procurement Discussion
Network Discussion
Approval
Approval
✔ ✔ ✔ ✔ (Proxy
to RUF)
✔ ✔
IT Discussion Noting
Data Privacy Update Read-
Only
30 13 July 23/24 R Subsidiary Company Annual General Approval
2024 Meeting of Shareholders Discussion
Strategic Discussion Noting ✔ ✔ ✔ ✔ (Proxy
to RUF)
✔ ✔
Related Party Discussion Approval
Subsidiary Company Discussion Approval
31 9 July
2024
24/24 R Merger Discussion
Monthly 2024 Performance Update
Approval
Noting
✔ ✔ ✔ ✔ ✔ ✔ ✔
32 16 July 25/24 R Merger Discussion Approval (Proxy
2024 Network Discussion Noting ✔ (Proxy
to FI)
✔ to
IGD)
✔ ✔ ✔
33 23 July
2024
26/24 R Internal Financial Policy Discussion Approval
✔ ✔ ✔ ✔ ✔ ✔ ✔
34 30 July
2024
27/24 R Procurement Discussion Approval
✔ ✔ ✔ ✔ ✔ ✔ ✔
35 7 August 28/24 R Business Plan 2025 Discussion Noting
2024 Procurement Discussion
Sales Distribution Discussion
Approval
Noting
✔ ✔ (Proxy
to DS)
✔ ✔ ✔ ✔
IT Discussion Noting
178 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
David Arcelus Oses
Yessie D. Yosetya
Dian Siswarini*
Darmayusa***
Feiruz Ikhwan
Rico Usthavia
Navalekar**
Frans****
Abhijit J.
I Gede
Status
No. Type
No. Date Agenda (Approval/
Meeting (R/S)*
Noting)
36 13 August 29/24 R Human Capital Discussion Noting
2024 Spektrum Discussion Noting
Budget Discussion
Associated Company Discussion
Approval
Noting
✔ ✔ ✔ ✔ ✔ ✔ ✔
Digital Touchpoints Noting
Monthly 2024 Performance Update Noting
37 20 August 30/24 R Procurement Discussion Approval
2024 Vendor Discussion Noting ✔ ✔ ✔ ✔ ✔ ✔ ✔
Related Party Transaction Discussion Approval
38 27 August 31/24 R Related Party Transaction Discussion Noting
2024 Business Migration Discussion Approval
Data Protection Compliance Noting ✔ ✔ ✔ ✔ ✔ ✔ ✔
Procurement Discussion Approval
Budget Discussion Approval
39 3 32/24 R Procurement Discussion Approval
September
2024
Strategic Discussion
Subsidiary Company Business Plan
Approval
Approval
✔ ✔ ✔ ✔ ✔ ✔ ✔
Discussion
40 10 33/24 R Cost Eficiency Discussion Noting
September
2024
IT Discussion
Traffic Performance Update
Noting
Noting
✔ ✔ ✔ ✔ ✔ ✔ ✔
Monthly 2024 Performance Update Noting
41 17 34/24 R Budget Discussion Approval
September
2024
AI Discussion
Internal Audit Charter Discussion
Noting
Noting
✔ ✔ (Proxy
to DS)
✔ ✔ ✔ ✔
Budget Discussion Approval
42 24 35/24 R Related Party Transaction Discussion Approval
September Procurement Discussion Noting
2024
Joint BOC BOD Meeting Preparation Noting ✔ ✔ (Proxy
to DS)
✔ ✔ ✔ ✔
Discussion
Financial Discussion Approval
43 10 October 36/24
2024
R Corporate Event Discussion Noting
✔ ✔ ✔ ✔ ✔ ✔ ✔
44 15 October 37/24 R Procurement Discussion Approval
2024 Monthly 2024 Performance Update
Data Privacy Update
Noting
Read
✔ ✔ ✔ ✔ ✔ ✔ ✔
Only
45 16 October 08.S/24 S
2024
Related Party Transaction Discussion Approval
✔ ✔ ✔ ✔ ✔ ✔ ✔
46 24 38/24 R Merger Discussion Noting
October
2024
Vendor Discussion
XL Singapore Business Plan
Approval
Approval
✔ ✔ ✔ ✔ ✔ ✔ ✔
New Spectrum Regulation Noting
47 29 39/24 R Merger Discussion Noting
October (Proxy
2024
Procurement Discussion
IT Discussion
Approval
Approval
✔ to
RUF)
✔ ✔ ✔ ✔ ✔
Traffic Performance Update Noting
48 1 09.S/24 S Merger Discussion Noting
November ✔ ✔ (Proxy
to DS)
✔ ✔ ✔ ✔
2024
49 5 40/24 R Merger Discussion Noting
November
2024
Related Party Transaction Discussion Approval ✔ ✔ ✔ ✔ ✔ ✔ ✔
Commercial Discussion Approval
50 8 10.S/24 S Budget Discussion Approval
November ✔ ✔ ✔ ✔ ✔ ✔ ✔
2024
2024 Integrated Annual Report 179
Page 182
Corporate Governance
David Arcelus Oses
Yessie D. Yosetya
Dian Siswarini*
Darmayusa***
Feiruz Ikhwan
Rico Usthavia
Navalekar**
Frans****
Abhijit J.
I Gede
Status
No. Type
No. Date Agenda (Approval/
Meeting (R/S)*
Noting)
51 11 11.S/24 S Commercial Discussion Approval
(Proxy
November
2024
Merger Discussion Noting ✔ ✔ ✔ to
YDY)
✔ ✔ ✔
52 12 41/24 R Related Party Transaction Discussion Noting
November Enterprise Discusssion Noting
2024
Budget Discussion
Network Discussion
Approval
Noting
✔ ✔ ✔ ✔ ✔ ✔ ✔
Monthly 2024 Performance Update Noting
53 29 42/24 R Merger Discussion Noting
November Related Party Transaction Discussion Noting
2024
Customer Service Discussion
Regulatory Discussion
Noting
Noting
✔ ✔ ✔ ✔ ✔ ✔ ✔
Corporate Event Discussion Approval
Merger Discussion Approval
54 4 43/24 R Merger Discussion Noting
December
2024
Procurement Discussion Noting ✔ ✔ ✔ ✔ ✔ ✔ ✔
Related Party Transaction Discussion Approval
55 6 12.S/24 S Merger Discussion Approval
December ✔ ✔ ✔ ✔ ✔ ✔ ✔
2024
56 8 13.S/24 S Merger Discussion Approval
December ✔ ✔ ✔ ✔ ✔ ✔ ✔
2024
57 9 14.S/24 S Merger Discussion Approval
December ✔ ✔ ✔ ✔ ✔ ✔ ✔
2024
58 10 44/24 R Corporate Event Discussion Noting
December Monthly 2024 Performance Update Noting ✔ ✔ ✔ ✔ ✔ ✔ ✔
2024
59 17 45/24 R Enterprise Discussion Noting
December
2024
IT Discussion Noting ✔ ✔ ✔ ✔ ✔ ✔ ✔
Corporate Event Discussion Noting
Total Attendance in 2024 59 59 59 59 59 59 39
Attendance Rate in 2024 100% 100% 100% 100% 100% 100% 100%
Regular Meetings 45 Yes 59 51 55 56 54 59 39
Special Meetings 14 No 0 0 0 0 0 0 0
Total Meetings 59 Yes with Proxy 0 8 4 3 5 0 0
* Has submitted her resignation as President Director on 3 December 2024 and will be effective upon approval by the nearest General Meeting
of Shareholders.
** Has submitted his resignation as Director on 24 December 2024 and will be effective after obtaining approval from the nearest General
Meeting of Shareholders.
*** Has submitted his resignation as Director on 7 January 2025 and will be effective after the corporate action of merger of the Company is
declared effective.
**** Effective since 3 May 2024. He has submitted his resignation as Director on 7 January 2025 and will be effective upon approval by the
nearest General Meeting of Shareholders..
180 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Joint Meetings of the Board of Commissioners The performance of the Board is reported collectively at the
and the Board of Directors in 2024 General Meeting of Shareholders (GMS), which provides full
This information can be found in the Board of Commissioners release and discharge (acquit et de charge) to the Board of
section. Directors regarding management during the year.
Attendance of the Board of Directors at GMS Self-Assessment
This information can be found in the General Meeting of In 2024, the Company conducted an independent
Shareholders section. assessment of the Board of Directors. This evaluation included
Board Effectiveness, peer assessments among Board
Training and Competency Development of the members, and Cross-Board Assessments involving each
Board of Directors Board member. The assessment focused on understanding
roles, duties, responsibilities, and evaluating the Company’s
Each member of the Board of Directors continually develops Good Corporate Governance (GCG). The results will serve
their competencies to support the fulfillment of their duties as recommendations for improving the Company’s GCG and
and responsibilities. Competency development may involve will be considered in the reappointment of individual Board
participating in seminars, training sessions, or speaking at members.
events related to the company’s business.
Assessor
In 2024, members of the Board of Directors engaged in The Nominating and Remuneration Committee performed a
various training programs to enhance their effectiveness self-assessment of the Board of Directors.
in their roles. Detailed information can be found in the
Profile section of the Board Members within this Corporate Assessment Method
Governance chapter. The assessment utilized a quantitative approach,
employing data collection techniques such as distributing
Induction Program of the Board of Directors questionnaires with statements that all members of the
Board were required to respond to, as well as assessments
The Company has established an Induction Program for newly conducted among Board members.
appointed members of both the Board of Commissioners
and the Board of Directors. This program, organized by the Assessment Criteria
Corporate Secretary, includes presentations on fundamental The criteria for evaluating the performance of the Board of
matters of the Company such as: Directors included Board Structure, Dynamics & Functioning,
1. The Company’s strategy, which encompasses business the Board's Role in Governance, and the Financial Reporting
plans, branding, technology, and networks. Process, Internal Controls, and Risk Management.
2. Governance presentations that cover:
a. Duties, responsibilities, and authorities of Board Assessment Results
members. The Board of Directors has fulfilled its duties and
b. Policies related to governance. responsibilities in accordance with applicable regulations
and relevant standards.
In 2024, the Board Induction Program was conducted for
the new member of the Board of Directors, Rico Usthavia Performance Assessment for Committees
Frans, on 1 April 2024, by the Corporate Secretary. Under the Board of Directors
Board of Directors Performance The Board of Directors is supported in its duties by several
Assessment committees: the Information Technology Committee, the Risk
Management and Business Continuity Committee, the Ethics
Conducted by the Nominating and and Integrity Committee, the Human Capital Committee,
Remuneration Committee and the Gift, Donation & Sponsorship Committee.
The performance assessment of each Board member and
the President Director is executed by the Nominating and Assessment Procedure & Criteria
Remuneration Committee. This assessment is based on the In 2024, the Board evaluated the performance of these
achievement of Key Performance Indicators (KPIs) aligned committees and concluded that they have effectively and
with the Company’s goals and specific targets, if applicable. efficiently fulfilled their responsibilities. This assessment was
based on the committees' periodic reports, along with their
inputs and recommendations regarding their designated areas
of responsibility, as detailed in this Integrated Annual Report.
2024 Integrated Annual Report 181
Page 184
Corporate Governance
Succession Policy of the Board of Directors Share Ownership Policy for the Board of
Commissioners and Board of Directors
The Company’s Director Succession Policy mandates that
selected individuals engage in a series of self-improvement According to the Policy on Share Ownership by the Board
activities related to their job performance and personal of Commissioners and Board of Directors, enacted by the
development. This includes training and participation in a Board of Directors on 16 August 2016, each member of these
collaborative team environment to tackle specific challenges. boards must periodically disclose their share ownership in
the Company and any other companies, including ownership
The Nominating and Remuneration Committee plays a by their family members. This information is maintained in a
crucial role in selecting candidates for Director positions. The Special Register of Shareholders managed by the Corporate
Director has the option to designate an existing employee, Secretary Division.
including those in the Company’s Talent Pool, as a successor.
The competencies of potential Director successors will be In line with this policy, every transaction involving the sale
regularly evaluated through an internal panel system and an or purchase of the Company’s shares by members of the
independent third-party assessment. Board of Commissioners and Directors must be reported to
the Corporate Secretary, who will then notify the Financial
The selection process for a Director candidate will follow Services Authority (OJK) as required under Regulation No. 4
the procedures and guidelines stipulated in the Nomination of 2024 concerning Report on Share Ownership or Change
Policy, while also considering current laws and regulations to Share Ownership in a Public Company and Report on
governing the appointment of Directors. Public Company Share Encumbrance Activity.
Loan Policy for Members of the Board of Share Ownership by Members of the Board
Commissioners and Board of Directors of Commissioners and Directors
The Company’s Remuneration Policy for Senior Executives As of 31 December 2024, the share ownership of members
prohibits personal loans to members of the Board of of the Board of Commissioners and Directors is detailed
Directors and the Board of Commissioners. in the Corporate Data Chapter of this Integrated Annual
Report.
182 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Information Technology
Committee
The Information Technology Committee (IT Committee) To achieve these goals, the IT Committee has the following
was established by the Board of Directors in September duties and responsibilities:
2012 to support the Company’s business plan and strategic 1. Discuss and evaluate the information technology
roadmap, specifically in the realm of information technology. strategic roadmap to support XL Axiata’s value
creation goals. This includes examining the selection of
Membership and Profile of IT Committee technology and trade-offs that align with the Company’s
overall strategy and the IT Master Plan, focusing on:
The term of office for IT Committee members aligns with the › IT Architecture (Applications, Data, Infrastructure)
term of the Board of Directors, unless otherwise specified › IT strategic plans
by the Board's decision. 2. Discuss innovation projects from an information
technology perspective, assessing their value potential
The IT Committee membership as of 31 December 2024 and associated risks before submitting them for approval
consists of: by the relevant Director.
› Rico Usthavia Frans, Chairman 3. Review emerging technological innovations and report
› Yessie D. Yosetya, Member on their potential impact on the network and/or IT
› Dian Siswarini, Member Roadmap, as well as on XL Axiata's overall strategy.
› David Arcelus Oses, Member 4. Collect solutions to issues from business units and
› Feiruz Ikhwan, Member stakeholders, ensuring alignment with XL Axiata’s overall
› Abhijit J. Navalekar, Member strategy.
› I Gede Darmayusa, Member
IT Committee Charter
The profiles (including training and competency
development) of the IT Committee members are provided in The IT Committee operates under a Terms of Reference
the Board of Directors Profile section of this Annual Report. that defines its duties and authorities, as well as the policies
governing Committee meetings.
Duties and Responsibilities of IT Committee
Independence of IT Committee
The IT Committee is responsible for ensuring that the
information technology strategic plan aligns with XL Axiata's The IT Committee performs its duties and responsibilities
business objectives and plans, while adhering to applicable professionally and independently, free from external
regulations. influence and in compliance with applicable laws and
regulations.
The members of the IT Committee must ensure that every
decision and recommendation meet the following criteria:
› It should be capable of enabling future information
technology and digitalization to be competitive and
advantageous for XL Axiata.
› It must align with XL Axiata’s strategic roadmap,
particularly regarding investments in information
technology.
2024 Integrated Annual Report 183
Page 186
Corporate Governance
Implementation of IT Committee Meetings
In 2024, the IT Committee held 7 meetings as follows:
David Rico
Dian Yessie D. I Gede Abhijit J. Feiruz
No Date Agenda Arcelus Usthavia
Siswarini Yosetya Darmayusa Navalekar Ikhwan
Oses Frans
1 15 1. 2024 Project Charter
February Ratification
2024 2. Availability & ✔ ✔ ✔ ✔ ✔ ✔ ✔
Reliability: Touchpoint
Update & CIAM
2 14 March 1. 360CA Approach &
2024 Next Steps
2. IT Security Priority ✔ ✔ ✔ ✔ ✔ ✔ ✔
3. Touchpoint Availability
& Reliability
3 10 May 1. IT Risk Control
2024 2. Availability & Reliability
3. BSS 2 Major Projects
4. Project Charter - - ✔ - ✔ ✔ -
Rectification
5. Analytic Project
Charters Ratification
4 08 July 1. IT Major Projects
2024 2. EPC & Demo
3. IT Operation Q2 ✔ ✔ ✔ - ✔ - ✔
Achievement
4. Cloud Cost Update
5 06 1. Traditional Channel
September Touchpoint Roadmap
2024 2. IT User Access
Management
3. Business Fulfilment ✔ ✔ ✔ ✔ ✔ - -
Postmortem H1 2024
4. Project Charter
Revision
6 30 1. Project Charter
October Revision
2024 2. IT User Access
Management ✔ ✔ ✔ - ✔ - ✔
3. Cloud Cost Progress &
5 Years Projection
4. IT Contract Update
7 12 1. IT Proposal for 2025
December
2024
Unbudgeted Initiatives
2. Product RSA & EPC ✔ ✔ ✔ ✔ ✔ - ✔
3. 2024 Reflection
Total Attendance in 2024 6/7 6/7 7/7 4/7 7/7 3/7 5/7
Attendance Rate in 2024 86% 86% 100% 57% 100% 43% 71%
IT Committee Activity Report in 2024
Throughout 2024, the IT Committee has carried out all the duties and responsibilities of the Committee. In particular, the
Committee has implemented a Transformation program in 2024, including but not limited to:
› Enhanced digital sales channels via digitization initiatives and enhanced customer experiences.
› Improved productivity across all business units and support functions by utilizing artificial intelligence and digital automation.
› Emerged as a reliable Digital provider by ensuring robust privacy and cybersecurity governance in accordance with global
standards.
› Conducted routine monitoring of program implementation.
184 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Risk Management and Business
Continuity Committee
The Risk Management and Business Continuity Committee › Director and Chief Finance Officer, Feiruz Ikhwan.
(“RBCC”) was established by the Board of Directors on 7 Member
May 2013, following the Decree of BOD Meeting No. 47/20, › Director and Chief Commercial Officer – Home &
dated 24 November 2017. The Committee uses a Working Convergence, Abhijit J. Navalekar, Member
Charter (RBCC Terms of Reference) as the basis of its › Chief Human Capital Officer, Mochammad Hira Kurnia,
work, with the latest adjustments approved by the Board Member
of Directors Decree No. 31/23, dated 29 August 2023. The › Chief Corporate Affairs Officer, Marwan Oemar Baasir,
committee reports directly to the Board of Directors. Member
› Group Head Risk and Compliance, Yofie, Secretary
Membership and Profile RBCC
The profiles (including training and competency
The membership of the Committee consisted of: development) of I Gede Darmayusa, Dian Siswarini, Yessie D.
› Director and Chief Technology Officer I Gede Darmayusa, Yosetya, David Arcelus Oses, Abhijit J. Navalekar, and Feiruz
Chairperson Ikhwan are included in the Corporate Governance chapter
› President Director and Chief Executive Officer, Dian of this Annual Report under the section titled "Profiles of
Siswarini, Member the Board of Directors." Mochammad Hira Kurnia’s profile
› Director and Chief Enterprise Business and Corporate can be found in the same chapter under the sub-section
Affairs, Yessie D. Yosetya, Member "Nominating and Remuneration Committee."
› Director and Chief Commercial Officer - Consumer,
David Arcelus Oses, Member Below are the profiles of the non-management committee
members:
Marwan Oemar Baasir*
Risk Management and Business Continuity Committee Member
Age 54 years old as of December 2024
Nationality Indonesian
Legal Basis of Assignment Letter No. 0048/HCSS-RM/A/ September 2023.
Appointment
Term of Office 24 November 2020 – Present.
› Group Head of Regulatory & Government Relation (2014
Educational Background and Certifications – 2020).
› Head of Regulatory & Government Relation PT Bakrie
› Bachelor of Law, Universitas Pancasila, 2021. Telecom Tbk (2012- 2014).
› Master of Law from Universitas Gadjah Mada, 2017. › Executive Vice President External Relation & Business
› Bachelors’ Degree in Electronic Engineering from Institut Development (2011 – 2012).
Sains dan Teknologi (ISTN), 1992. › Vice President Business Development (2008 – 2011).
Professional Experience Concurrent Positions
XL Axiata: None.
› Chief of Corporate Affairs (2020 – present).
Affiliate Relations
* No longer serves as a Member of the Risk Management and
Business Continuity Committee effective 1 March 2025.
None.
2024 Integrated Annual Report 185
Page 188
Corporate Governance
Association Membership Venue Date of
Training/Workshop
Implementation
None.
2024 Mandatory Xlearn 30 September
Training or Competency Development in 2024 Training: Data Privacy, 2024
Cybersecurity, Risk
Management, Ethics &
Training/Workshop
Venue Date of Compliance
Implementation
ICCC Winning Culture Xlearn 31 October 2024
Mobile World Congress Barcelona, 26 February Indonesia Personal XL Axiata 4 November
2024 Spain 2024 Data Protection Training 2024
Occupational Health SF 31 March 2024 Law : "Concept Center
Safety and Environment and Challenges in
(OHSE) 2024 Implementation Personal
Ericsson Imagine Live Four 29 May 2024 Data Protection"
2024 Exclusively for XL Seasons Workshop Cyber XL Axiata 14 November
Axiata Hotel Security “Fortifying Training 2024
Workshop XL-TPN- XL Axiata 11 June 2024 Your Company Against Center
Telstra - Introduction XL, Training Cyber Threats: A Legal
TPN, Telstra Center Perspectives”
Workshop XL-TPN- XL Axiata 11 June 2024 ICCC Winning Culture Xlearn 31 December
Telstra - Regulatory Training 2024
Center
Yofie
Risk Management and Business Continuity Committee Member
Age 43 years old as of December 2024
Nationality Indonesian
Legal Basis of 0007/HCSSS-RM/A/November/2024
Appointment
Term of Office 1 November 2024 – Present
Educational Background and Certifications Concurrent Positions
› Master of Business Administration from University of Member and Secretary of Gift, Donation, and Sponsorship
Technology Sydney, 2011. Committee.
› Bachelor’s degree in Economics from University of
Indonesia, 2004. Affiliate Relations
Professional Experience None.
XL Axiata: Association Membership
› Group Head Risk and Compliance (2024 – present)
› Group Head Corporate Strategy (2023 – 2024) None.
› Group Head Risk and Compliance (2020 – 2022)
› Head Strategic Project (2018 – 2020)
› Strategic Project Leader (2016 – 2018)
PT Renoir Consulting Indonesia:
› Management Consultant (2011 – 2016)
186 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Training or Competency Development in 2024
Training/Workshop Venue Date of Materiality Assessment XL Axiata 20 September
Implementation Workshop: Aligning Tower 2024
XL Strategy Workshop W Bali 16-17 May 2024 Corporate Strategy with
Seminyak Sustainability Focus
Elevating Risk Culture XL Axiata 19 June 2024 ERMA Masterclass - Online 4 December 2024
Workshop: from Tower Resilient Leadership:
Awareness to Action ESG, AI and GRC
in Modern Risk
Internal Audit ISO XL Axiata 4 July 2024
Governance!
37001 Anti Bribery Tower
Management System Risk Beyond: Online 5-6 December
Training International Conference 2024
Duties and Responsibilities of RBCC Independence of RBCC
Since August 2023, RBCC's scope of work has expanded to The RBCC conducts its professional duties and responsibilities
overseeing the effectiveness of Risk Management, ensuring independently, without any external interference. It adheres
the implementation of Business Continuity Management, and to relevant laws and regulations.
monitoring compliance with the Company's Anti-Bribery and
Anti-Corruption policy. This includes, but is not limited to, Implementation of RBCC Meetings
Environmental, Social, and Governance (ESG) aspects and
Regulatory Compliance. The policy governing Committee meetings is outlined in the
RBCC Terms of Reference. The Committee meets at least
The following outline the primary duties and responsibilities four times a year.
of the RBCC:
› To review and assess the adequacy of the governing In 2024, the RBCC convened five (5) meetings. More detailed
policies, framework, and structure for managing risk and information about the RBCC meetings can be found below.
compliance and how effectively these operate.
› Review the risk assessment performed by the risk owner
and the effectiveness of the mitigation plan.
› To foster a healthy risk and compliance culture.
› To set strategic BCM objectives and review the adequacy
of the BCM Framework and methodology.
› Assess the ABAC monitoring review results conducted
regularly based on the risk-based compliance plan.
› Monitor implementation of Sustainability practice and
› Monitoring regulation requirements imposed by relevant
regulators
2024 Integrated Annual Report 187
Page 190
Corporate Governance
Rico Usthavia Frans
Abhijit J. Navalekar
David Arcelus Oses
I Gede Darmayusa
Marwan O. Baasir*
Yessie D. Yosetya
Kusumowidagdo
Christopher Eko
(R&C) Secretary
(R&C) Secretary
Dian Siswarini
No Date Agenda
Feiruz Ikhwan
M. Hira Kurnia
Yofie
1 17 Jan
2024
› Ratification of
previous Minutes
✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
of Meeting not yet
› Matters Arising started
from previous as RBCC
meeting secretary
› Risk Management
& Compliance
Update
2 4 April
2024
› Ratification of
previous Minutes
✔ ✔ ✔ ✔ not yet
✔ ✔ ✔ ✔ ✔
started
of Meeting
as RBCC
› Matters Arising
member
from the previous
meeting
› ESG
Implementation
Update
› Regulatory
Update
› IT Top Risks
update
› Risk & Compliance
Update
3 4 Juli
2024
› Ratification of
previous Minutes
✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
of Meeting
› Matters Arising
from previous
meeting
› ESG
Implementation
Update
› Regulatory
Update
› IT Top Risks,
update
› Risk & Compliance
Update
4 3
Oktober
› Ratification of
previous Minutes
✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
2024 of Meeting
› Matters Arising
from previous
meeting
› ESG
Implementation
Update
› Regulatory
Update
› Key IT Risks &
Resiliency Update
› Risk & Compliance
Update
5 26 Nov
2024
SORMIC 2024 IT
Operational Risk
✔ ✔ ✔ ✔ ✔ Absent Absent ✔ ✔ Ended
as RBCC
✔
Update secretary
Total Attendance in 2024 5/5 5/5 5/5 5/5 3/3 4/5 4/5 5/5 5/5 4/4 1/1
Percentage of attendance in 2024 100% 100% 100% 100% 100% 80% 80% 100% 100% 100% 100%
* No longer serves as a Member of the Risk Management and Business Continuity Committee effective 28 February 2025.
188 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
RBCC Activity Report 2024
The RBCC carries out various activities to fulfil its primary duties and responsibilities:
› Review quarterly Top Risks and Emerging Risks, including mitigation plan performed by the Business Unit.
› Conducted a review of the Business Continuity Management (BCM) policy.
› Assessed the effectiveness of the ABAC Implementation Program, including the Evaluation of the Corruption Risk profile.
› Implementation of the ISO 37001:2016 Anti-Bribery Management System Certification.
› Reviewed challenges related to ESG implementation and.
› Evaluated and ensured adherence to relevant regulations.
2024 Integrated Annual Report 189
Page 192
Corporate Governance
Human Capital Committee
The Human Capital Committee (HC Committee) was supply. The proposal shall be thoroughly analyzed in
established by the Company’s Board of Directors on 12 July terms of costs, risks, and benefits that have an impact
2019. on the entire organization.
3. Employee Reward and Benefits
Membership and Profile of the HC The Committee proposes initiatives on employee
Committee rewards and benefits programs to enhance employee
motivation as well as the Company’s retention capability.
The tenure of the HC Committee members aligns with that 4. Performance Management
of the Board of Directors, unless otherwise determined by The Committee discusses the performance management
the Board's decision. The basis for appointment is outlined activities to further operationalize the top-down
in Decree of BOD No. 20/19 dated 18 June 2019. decision from the Board of Directors meeting regarding
the organization performance and how it cascades into
The members of the HC Committee are as follows: each department.
1. Mochamad Hira Kurnia, Chairman 5. Talents Management
2. Dian Siswarini, Member The Committee proposes a Talents Management
3. Rico Usthavia Frans, Member Program which includes the identification, development
4. Feiruz Ikhwan, Member and retention to mitigate labour competition in the
5. Yessie D. Yosetya, Member market.
6. David Arcelus Oses, Member 6. Learning and Development
7. Abhijit J. Navalekar, Member The Committee discusses the learning intervention plan
8. I Gede Darmayusa, Member for employees to equip the employees with critical
capability for achieving business plans.
Profiles (including training and competency development) 7. Corporate Culture
of Abhijit J. Navalekar, Dian Siswarini, Yessie D. Yosetya, The Committee proposes initiatives to support the
David Arcelus Oses, Rico Usthavia Frans, Feiruz Ikhwan, implementation of the companywide Corporate Culture
and I Gede Darmayusa are presented in the Corporate program.
Governance Chapter of this Annual Report under the 8. HC Policies
section for the Board of Directors. The profile of Mochamad The Committee proposes the new HC policies or change
Hira Kurnia is included in the section for the Nominating and and/or revise the existing ones to adjust and align with
Remuneration Committee. the changes of business and organization practices. HR
policy must need approval from the Board of Directors.
Duties and Responsibilities of HC 9. Other HC Matters
Committee The Committee discusses any other HC matters not listed
above as long as it is related to employee productivity
HC Committee is responsible for the following items: and requiring the views of the members of the Board,
1. Organization Development including but not limited to: industrial relations, Employer
The Committee evaluates the business changes and its Value Proposition (EVP), employee engagement, and
impact to the organization structure, propose partial talent acquisition, and HC performance.
changes and/or conduct an organization development
process to cope with the business changes. The proposal HC Committee Charter
shall be thoroughly analyzed in terms of costs, risks, and
benefits that have an impact on the entire organization. The HC Committee operates under its Working Charter
2. Manpower Planning (MPP) or Terms of Reference. This Terms of Reference has been
The Committee evaluates the current MPP in the updated and approved by the Board of Directors on 28 June
Company and its productivity and proposes any 2019.
initiatives to increase labour productivity and efficiency
to achieve business results through efficiency and/or Independence of HC Committee
retrenchment of resources. This includes Permanent/
Contract employees and Outsource/Manage Resources. The HC Committee conducts its professional duties and
The Committee shall evaluate and propose any strategy responsibilities independently, without any external
or initiatives to outsource one or more jobs/functions interference. It adheres to relevant laws and regulations.
within the departments both for labour or service
190 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Implementation of HC Committee Meetings
The policy governing Committee meetings is outlined in the HC Committee Terms of Reference. The Committee meets at least
once every 2 months.
In 2024, the HC Committee convened 7 meetings. More detailed information about the HC Committee meetings can be found
below:
Rico Abhijit J. I Gede
Dian Feiruz Yessie D. David A. M. Hira
No. Date Agenda Usthavia Navalekar Darmayusa
Siswarini* Ikhwan Yosetya Oses Kurnia
Frans** *** ****
1 12 February Performance Review
2023
✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
2 14 March HC Business Plan &
Strategic Initiatives; AI
✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
for Digital Workforce;
Peppermint 2.0;
IT Support for HC
Digitalization
3 10 July Jaguar Project
Update; Manpower
✔ ✔ ✔ ✔ ✔ - ✔ ✔
Planning; X-Star
Program Update;
Rotation Framework;
Key Capabilities
Development
4 19 August Performance Review
H1 2024
✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
5 9
September
Professional Career
Path; Rotation Plan;
✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
Post-Get Along
Survey; X-Star
Program Update
6 31 October Touchpoint
Organization Proposal;
✔ ✔ ✔ ✔ - ✔ ✔ ✔
Horizon Project
Update; MergeCo
Pulse Check; Human
Capital Days; Thunder
Project Update
7 5 December Peppermint 2.0;
Organization Update
✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
Total Attendance in 2024 7 7 7 7 6 6 7 7
Attendance Rate in 2024 100% 100% 100% 100% 86% 86% 100% 100%
* Has submitted his resignation as President Director on 3 December 2024 and will be effective upon approval by the nearest General Meeting
of Shareholders.
** Effective since 3 May 2024.
*** Has submitted his resignation as Director on 24 December 2024 and will be effective after obtaining approval from the nearest General
Meeting of Shareholders.
**** Has submitted his resignation as Director on 7 January 2025 and will be effective after the corporate action of merger of the Company is
declared effective.
HC Committee Activity Report in 2024
The establishment of the HC Committee is intended to achieve effectiveness in decision-making in the HR field as well as to
assist the Board of Directors in the effective decision-making process.
The HC Committee primarily focuses on the impact of corporate initiatives, the design and implementation of a converged
organization in line with the Company's vision, talent development, the implementation of the Performance Management
System in 2024, employee productivity, and other HC operational metrics.
2024 Integrated Annual Report 191
Page 194
Corporate Governance
Gift, Donation, and Sponsorship
Committee
The Company’s Gift, Donation, and Sponsorship Committee Duties and Responsibilities of GDSC
(GDSC) was established by the Board of Directors through
Decree No. 33/20, dated 18 August 2020. The Committee GDSC’s role is to ensure that GDS Transactions are
has a Working Charter (GDSC Terms of Reference) used as appropriately identified, assessed, and monitored for
the basis of its work, with the latest adjustments approved relevant risks and activities and that transactions are
by Decree of BOD No. 31/23, dated 29 August 2023. The approved in accordance with the LOA.
committee reports directly to the Board of Directors.
The following outline the primary duties and responsibilities
Membership and Profile of GDSC of the GDSC:
1. Review, deliberate, challenge, and approve GDS
Under Decree of the Board of Directors No. 31/23 dated transactions in accordance with GDS policy and
29 August 2023, the Company’s GDSC consisted of a procedure.
Chairperson and two Committee members as follows: 2. Provide quarterly reports on the types, status, and alerts
1. Director and Chief Finance Officer, Feiruz Ikhwan, of GDS transactions, along with any relevant information
Chairperson or risk exposure, if any, to the Board of Directors and
2. Chief Human Capital Officer, Mochamad Hira Kurnia, BRCC for notation.
Member
3. Group Head Risk and Compliance, Yofie, Member In 2024, the GDS Committee conducted four meetings. The
details of these meetings are as follows:
Feiruz Ikhwan’s profile (including training and competency
development) is presented in the Corporate Governance
Chapter of this Annual Report under the section for the
Board of Directors. Mochamad Hira Kurnia’s profile is
included in the Nominating and Remuneration Committee
section, and Yofie’s profile is presented in RBCC section.
192 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Christopher Eko Yofie
Feiruz M. Hira
Kusumowidagdo (R&C)
Ikhwan Kurnia
No. Date Agenda (R&C) GDSC
GDSC GDSC
GDSC Member & Member &
Chairperson Member
Secretary Secretary
GDSC 5 › Matter Arising from the previous meeting.
#1- February › Corporate Communication & Enterprise GDS ✔ ✔ ✔ Not yet
2024 2024 Activity plan. started
GDSC 25 June › Matter Arising from the previous meeting. as GDSC
Member &
#2-
2024
2024 › Compliance Monitoring and Evaluation results
of Gift, Donation, and Sponsorship (GDS) and ✔ ✔ ✔ Secretary
ECH Transactions
GDSC 18 › Matter Arising from the previous meeting.
#3- November › Reviewing Corporate Social Responsibility
2024 2024 (CSR) in the context of Natural Disasters.
› Proposal to add Whitelist Items. ✔ ✔ ✔
› Compliance Monitoring and Evaluation results Ended as GDSC
of Gift, Donation, and Sponsorship (GDS) and Member &
ECH Transactions. Secretary
GDSC 19 › Matter Arising from the previous meeting.
#4-
2024
December
2024
› Reviewing post-CSR events analysis.
› Reviewing of Q4 2024 Gift, Donation, and ✔ ✔ ✔
Sponsorship approved request summary.
Total Attendance in 2024 4/4 4/4 2/2 2/2
Attendance Rate in 2024 100% 100% 100% 100%
GDSC Activity Report 2024
The GDS Committee carries out its main activity of reviewing Gifts, Donations, and Sponsorship (GDS) requests within the
Company. The committee adheres to the VITAL principles during its decision-making process regarding the provision and
receipt of GDS.
2024 Integrated Annual Report 193
Page 196
Corporate Governance
Ethics and Integrity Committee
The Ethics and Integrity Committee was established by the 9. Share reported matters through Group Head of Internal
Board of Directors on 30 June 2020 to assist the Board in its Audit with the BAC, as well as consider other matters
oversight duties by preventing, detecting, and responding to referred by the BAC to determine if they warrant
cases of fraud or misconduct. investigations.
Membership and Profile of Ethics and Ethics & Integrity Function
Integrity Committee 1. Report to BRCC through the Group Head Risk &
Compliance on a quarterly basis.
The permanent membership of Ethics and Integrity 2. Establish, oversee and make recommendations through
Committee consists of: the Group Head Risk & Compliance to the BRCC on the
1. Dian Siswarini, Chairwoman ABAC compliance & integrity framework, including any
2. Feiruz Ikhwan, Member subsequent revision(s).
3. Mochamad Hira Kurnia, Member 3. Approve and oversee the implementation of the ABAC
program, including key policies and procedures and any
Profiles (including training and competency development) subsequent revision(s).
of Dian Siswarini and Feiruz Ikhwan is presented in the 4. Monitor the ABAC compliance & integrity works that are
Corporate Governance Chapter of this Annual Report under in progress.
the section for the Board of Directors. Meanwhile, the profile 5. Address compliance & integrity issues as they arise.
of Mochamad Hira Kurnia is included in the section for the 6. Monitor and provide regular update through the Group
Nominating and Remuneration Committee. Head Risk & Compliance to the BRCC and all ABAC
compliance & integrity related matters which includes:
Duties and Responsibilities of Ethics and a. The number of cases reported,
Integrity Committee b. Numbers of investigation conducted,
c. Numbers of cases where actions are not required,
Investigation Function d. Next steps, and
1. Deliberate on allegations of reported misconduct and e. Status of the implementations of recommendations
determine next course of action. and next steps suggested by the investigation team,
2. Agree on the investigation terms of reference, including compliance & integrity department and internal
the manner, in which investigation should be undertaken audit department.
and the appropriate parties conducting the investigation. 7. Assess/review material transactions (based on threshold
3. Review the investigation report and determine whether established in the Limits of Authority, policies and
the findings support consequence management to be procedures) where bribery and corruption risk are
meted out or further warrants an inquiry. significant.
4. Establish a focal point for monitoring inquiry arising from
defalcation and ensure compliance with the appropriate Corporate Communication Function
guidelines.
5. Deliberate on the findings and recommendations of the Communicate related ethics & integrity communication to
inquiry and determine the appropriate consequence all employees.
management for the reported misconduct.
6. Decide whether further action should be pursued against Ethics and Integrity Committee Charter
the employee for matters involving monetary loss for
example lodging a report with the authorities, restitution The Committee has a charter, or Terms of Reference, that
and or filing a criminal/civil case. was signed and approved by the President Director and
7. Communicate Ethic & Integrity Committee’s decision CEO of the Company on 30 June 2020.
through Ethic & Integrity Coordinator on consequence
management to the employee and the relevant BOD, Implementation of Ethics and Integrity
Chief and Group Head. Committee Meetings in 2024
8. Consider whether additional controls are to prevent
further recurrences, if so, to inform the relevant division/ The Committee’s Meeting Policy is outlined in the Terms of
department for follow up action to be taken. Reference, which stipulates that meetings should occur at
least four times a year or as needed.
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Strengthening Profitability for a Sustainable Future
A quorum of three members is required for the Committee meeting to proceed, and meetings may be held either in person
or virtually. If a meeting does not reach a quorum, the permanent members of the committee are permitted to nominate
alternates to attend in their place.
In 2024, the Ethics and Integrity Committee held 3 meetings with the following details:
Dian Feiruz Mochamad
No. Date Agenda
Siswarini Ikhwan Hira Kurnia
1 8 March 2024 Updating Case ✔ ✔ ✔
2 4 July 2024 Updating Case ✔ ✔ ✔
3 8 November 2024 Updating Case ✔ ✔ ✔
Total Attendance in 2024 3 3 3
Attendance Rate in 2024 100% 100% 100%
Ethics and Integrity Committee Activity Report in 2024
The Ethics and Integrity Committee has reviewed the results of the investigation and taken disciplinary action in accordance
with the Company’s regulations and applicable code of ethics. In 2024, employees who violated the code of ethics received
disciplinary measures as stipulated by the Company's policies.
2024 Integrated Annual Report 195
Page 198
Corporate Governance
Corporate Secretary
The role of the Corporate Secretary is critical in establishing and nurturing productive relationships among the Company,
regulatory authorities in the capital market, market participants, investors, and the general public. This position is essential
for facilitating clear and effective communication channels between the Company and its diverse stakeholders, including the
community, investors, and other influential parties.
Legal, References & Profile of the Corporate Secretary
In its capacity as a public company, and in compliance with Indonesia's stringent regulatory framework, particularly Indonesia
Stock Exchange Regulation No. 1-A and Financial Services Authority Regulation No. 35/POJK.04/2014, the Company has
created the Corporate Secretary function which is responsible directly to the President Director. Ranty Astari Rachman has
been appointed to this important role, as outlined in the official documentation from the Board of Directors Meeting Minutes
No. 13/20, dated 13 March 2020. Furthermore, the appointment has been duly communicated to both the OJK (Financial
Services Authority) and IDX (Indonesia Stock Exchange), reflecting our commitment to transparency and governance.
Corporate Secretary Organization
President Director
& CEO
Corporate
Secretary
Corporate Corporate Corporate Corporate
Secretary Secretary Secretary Secretary
Officer Officer Officer Officer
196 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Ranty Astari Rachman
Corporate Secretary
Age 41 years old as of December 2024
Nationality Indonesian
Legal Basis of Minutes of XL Axiata Board of Directors Meeting No. 13/20 dated
Appointment 13 March 2020.
Educational Background › VP Corporate Secretary of PT Garuda Indonesia (Persero)
Tbk (2008 – 2015).
Bachelor’s Degree in Law from Universitas Padjajaran › Member of GCG Committee at PT Garuda Indonesia
Bandung, graduated in 2005. Maintenance Facility (2013 – 2015).
› Associate of Lexindo Consulting (2006 – 2008).
Professional Experience
Awards
› Secretary General, Indonesian Corporate Secretary
Association (2024 – present). › Top Corporate Secretary Champion 2024 Award, April
› Vice Chairman for Assessment, Indonesian Corporate 2024, SWA Magazine.
Secretary Association (2021 – 2024). › 50 Big Capitalization Public Listed Company dan Best
› Head of Public Affairs & Government Relations at PT Rights and Equitable Treatment of Shareholder, November
Trinusa Travelindo (Traveloka) (March 2019 – March 2020). 2024, the 15th IICD Corporate Governance Awards.
› VP Corporate Secretary & CSR at PT Citilink Indonesia
(2016 – 2019).
Duties and Responsibilities
Management Meetings of the Board of Directors, Board of Commissioners and Company Committees
Duties and
Implementation of Duties and Responsibilities in 2024
Responsibilities
Management a. By the end of 2024, the Corporate Secretary has determined the meeting schedule and Agenda of the
Meetings of Regular Meeting of the Board of Commissioners and the Joint Meeting of the Board of Commissioners
the Board and the Board of Directors for the fiscal year 2025 based on the provisions of the Articles of Association.
of Directors, b. Organizing weekly meetings of the Board of Directors and meetings of the Board of Directors and/or
Board of Board of Commissioners outside the routine meeting schedule.
Commissioners c. Assist in organizing regular meetings of each Committee under the Board of Commissioners.
and Company d. Perform administrative processes including data updates on the Dilligent Board application used by
Committees each member of the Board of Commissioners, Board of Directors, and Committee in terms of:
› Accessing invitations and meeting locations;
› Accessing and studying meeting materials;
› Evaluating the draft minutes of the meeting;
› Providing digital review;
› Making circular decisions by affixing a digital signature;
› Vote digitally; and
› Accessing the Messenger facility in the application.
e. Creating and documenting minutes of each such meeting.
f. Distribute fragments of important decisions made during/in the meeting to the relevant lines of business
for follow-up.
By the end of 2024, as many as:
a. 28 Board of Commissioners meetings including:
› 6 Regular Board of Commissioners Meetings
› 18 Special Meetings of the Board of Commissioners
› 4 Joint Meetings of the Board of Commissioners and Board of Directors
b. 59 meetings of the Board of Directors, 14 of which were Special Meetings of the Board of Directors;
› 45 Regular Board of Directors Meetings
› 14 times Special Meeting of the Board of Directors
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Responsibilities
c. 7 Nomination and Remuneration Committee meetings, 4 of which were Special Nomination and
Remuneration Committee Meetings and 3 Regular Nomination and Remuneration Committee Meetings;
d. 4 Investment Committee meetings;
e. 3 Board of Commissioners decisions made via Circular; and
f. There were no decisions of the Board of Directors made via Circular.
Electronic The Corporate Secretary is responsible for the implementation of the Company's GMS in 2024 which
General was held 2 (two) times, namely the Extraordinary GMS on 11 January 2024 and the Annual GMS on
Meeting of 3 May2024. The Extraordinary GMS and Annual GMS were held electronically (e-RUPS) in accordance with
Shareholders the provisions of POJK No. 15/POJK.04/2020 concerning the Plan and Implementation of General Meeting
(e-GMS) of Shareholders of Public Companies and POJK No. 16/POJK.04/2020 concerning the Implementation of
Electronic General Meeting of Shareholders of Public Companies.
The Corporate Secretary is the first public company secretary in Indonesia to carry out the GMS
electronically (e-RUPS), and is also a benchmark for other public companies, even this e-RUPS innovation
has received recognition and awards from capital market institutions (IDX Channel) in the IDX Channel
Anugerah Inovasi Indonesia event for the Sustainability - Good Corporate Governance category in 2020. In
accordance with OJK regulations, the Company currently uses the e-RUPS and e-Voting platform provided
by the Indonesian Central Securities Depository (KSEI) to conduct the GMS electronically.
The responsibilities of the Corporate Secretary in the implementation of e-RUPS include, among others:
a. Fulfillment of the obligation to report the Notice of e-RUPS plan to the Financial Services Authority,
including reporting on the Announcement, Invitation, Summary of Minutes, and Minutes of Meeting to
the Financial Services Authority, Indonesia Stock Exchange, as well as announcements to Shareholders
and/or the Public in accordance with the provisions as stipulated in POJK No. 15/POJK.04/2020
concerning Planning and Holding General Meetings of Shareholders of Public Companies in conjunction
with POJK No. 16/POJK.04/2020 concerning Implementation of Electronic General Meetings of
Shareholders of Public Companies;
b. Preparing the e-RUPS online registration system for Shareholders;
c. Preparing and ensuring the availability of Meeting materials for the benefit of Shareholders, through a
QR Code at the time of electronic registration including providing it on the XL Axiata website;
d. Preparing the availability of an electronic voting system (e-Voting), including the delivery of e-Voting
access to Shareholders who have registered online to attend the e-RUPS;
e. Prepare conference media for electronic meetings;
f. Providing access to the Meeting to be attended electronically by Shareholders and/or Shareholders'
Proxies, members of the Board of Directors, members of the Board of Commissioners, and members of
the Committee under the Board of Commissioners;
g. Coordinate with Notary and Securities Administration Bureau as independent parties appointed to
assist the implementation of the Meeting based on applicable regulations;
h. Coordinate with KSEI in the process of implementing e-RUPS through KSEI's eASY.KSEI system;
i. Updating all Meeting materials from the Announcement to the Meeting Minutes on XL Axiata's website,
so that they can be accessed by the public and stakeholders;
j. Provide a record of the implementation of the e-RUPS to the Notary and the Public.
Conflict The Corporate Secretary assists and monitors as much as possible the independence of decision-making
of Interest by XL Axiata Organs and Committees. As stipulated in the Limited Liability Company Law and XL Axiata's
Management Articles of Association, parties who have a conflict of interest must provide a statement and cannot
and Insider participate in discussions and/or decision making. The Corporate Secretary maintains a proper process in
Trading every matter submitted to the Board of Directors, Board of Commissioners, and/or XL Axiata Committee
Prevention meetings.
This process is also well documented in the meeting minutes in the event of a conflict of interest condition
of one of the parties. In terms of avoiding transactions that have potential conflicts of interest, the
Corporate Secretary has also implemented OJK Regulation No. 42/POJK.04/2020 concerning Affiliated
Transactions and Conflict of Interest Transactions. Every year, the Corporate Secretary has also conducted
socialization to internal units that often conduct transactions. As a form of assistance to these units, the
Company also has a Standard Operating Procedure (SOP) Affiliated Transaction Capital Market Report. For
each affiliated transaction that requires a Fairness Opinion from the Public Appraisal Service Office and
disclosure of Information Disclosure to the public, the Board of Directors and the Board of Commissioners
sign a Declaration of No Conflict of Interest on the transaction which is then documented by the Corporate
Secretary.
In addition, to prevent conflicts of interest, the Corporate Secretary periodically documents the Statement
of Share Ownership and Statement of Dual Position made by each member of the Company's Board
of Directors and Board of Commissioners on 30 June 2024 and 31 December 2024. Throughout 2024,
the Corporate Secretary also prevented Insider Trading through internal announcements related to the
implementation of the Blackout period which prohibits the Company's employees from buying and selling
the Company's shares in a certain period before the public announcement of corporate actions carried
out by the Company that may affect the decisions of shareholders, which corporate actions are related to
changes in business activities carried out by XL Axiata.
Compliance The Corporate Secretary ensures that there are no violations of the Capital Market Regulations applicable
with Capital in Indonesia. During 2024, there were no fines or administrative sanctions for violations or forms of non-
Market compliance with Capital Market related regulations.
Regulations
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Duties and
Implementation of Duties and Responsibilities in 2024
Responsibilities
Corporate In 2024, the Corporate Secretary has played an active role in assisting the implementation of XL Axiata's
Action Corporate Actions including to ensure compliance with applicable Capital Market regulations, among
others:
› Amendments to the Articles of Association in connection with corporate actions to change business
activities;
› Establishment of an Investment Committee that assists the Board of Commissioners in carrying out its
supervisory and advisory functions related to the Company's investment activities and initiatives;
› Organizing the Extraordinary General Meeting of Shareholders and Annual General Meeting of
Shareholders electronically;
› Dividend Distribution for fiscal year 2023;
› Affiliated Transactions and Material Transactions of B2C Business Transfer & Network Rental with PT Link
Net Tbk;
› Axiata Global Services Pte., Ltd. takeover transaction;
› Preparation of the Company's business merger plan with PT Smartfren Telecom Tbk and PT Smart
Telecom; and
› Affiliated Transactions, signing of the Conditional Merger Agreement in connection with the Company's
business merger plan with PT Smartfren Telecom Tbk and PT Smart Telecom.
Company The implementation of the Single Registration System (SRS) through the ELO e-office platform that
Document modernizes and automates the process of company registration and documentation by the Corporate
Management Secretary initiated in 2023 continued in 2024. During 2024, a total of -+7800 company documents were
registered in SRS.
The Corporate Secretary also has a Record Management System (RMS) team that plays a role not only in
handling, but also as a centralized
not only in handling, but also as a storage center for all crucial company documents.
Through the RMS team, the Corporate Secretary participated in the process of renewing the ISO 27001
Certification on Information Security Management System to Version 2022 and played an active role in the
process of obtaining ISO 27701 Certification on Privacy Information Management System. These efforts
included the renovation of the RMS team's workspace to comply with these ISO standards including adding
document storage facilities, updating archival equipment and improving workspace access security.
During the year, the Corporate Secretary has updated several procedures for managing the Company's
document archives. Each procedure is tailored to the Company's requirements and complies with the
Republic of Indonesia's regulations regarding document archiving. This is the Corporate Secretary's
commitment to ensure that the company's document management not only meets the company's internal
standards, but also complies with national regulations, thus ensuring compliance with applicable rules in
the Republic of Indonesia.
Implementation The Corporate Secretary has carried out reporting and information disclosure obligations through the
of Reporting XL Axiata website and the Indonesia Stock Exchange website (through the IDXNet e-Reporting system).
Obligations Throughout 2024, the Corporate Secretary carried out reporting and information disclosure obligations to
Related to the regulators and the public, among others, as follows:
Capital Market › Regular Monthly Report related to Monthly Report on Securities Holder Registration;
› Regular Monthly Report related to Debt in Foreign Exchange;
› Annual Regular Report on the Submission of the Company's Annual Financial Statements;
› Quarterly Regular Report related to the Submission of the Company's Interim Financial Statements;
› Annual Regular Report related to the Submission of the Company's Integrated Annual Report;
› Annual Regular Report related to the Submission of Sustainability Report;
› Annual Regular Report related to Public Expose;
› Annual Regular Report related to Evaluation of Public Accountant and Public Accounting Firm for
Financial Year 2023;
› Annual Regular Report related to the Appointment/Change of Public Accountant and/or Public
Accounting Firm for the financial year 2024;
› Annual Regular Report related to Annual Rating Results Report; and
› Incidental Reports related to other Information Disclosure, among others as follows:
› Report on Changes in Audit Committee Members;
› Fund Readiness Ahead of Maturity of Shelf Registration Bonds and/or Shelf Registration Sukuk;
› Coupon and/or Ijarah Fee Payment Report;
› Repayment of Principal and Interest of Shelf-Registered Bonds and Shelf-Registered Sukuk Ijarah;
› Ownership or Any Change in Share Ownership of Public Listed Companies (Share Ownership of
Certain Shareholders);
› Plan to Submit Limited Audited and Reviewed Interim Financial Statements;
› Affiliated Transactions; and
› Resignation of Members of the Board of Directors of the Company.
The Corporate Secretary regularly communicates with capital market regulators, including the Financial
Services Authority and the Indonesia Stock Exchange, regarding corporate actions, governance, and
matters related to capital market regulations.
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Implementation of Duties and Responsibilities in 2024
Responsibilities
Reporting The Corporate Secretary is also responsible for reporting to the Investment Coordinating Board. XL Axiata
Related as a foreign investment company (“PMA”) is subject to and fulfills its obligations to regulations related to
to Foreign PMA companies. Among them is to conduct periodic reporting electronically related to the investment
Investment activity report (LKPM) as stipulated in Article 15 of Law Number 25 of 2007 concerning Investment, which
is submitted for the first quarter, second quarter, third quarter, and fourth quarter of 2024. This submission
is also carried out in a timely manner with technical submission in accordance with applicable regulations,
namely BKPM Regulation Number 5 of 2021.
Implementation The Corporate Secretary also ensures that XL Axiata continues to apply the principles of Good Corporate
of Good Governance. The Corporate Secretary has conducted a self-assessment for the implementation of the
Corporate parameters of the newly launched ASEAN Corporate Governance Scorecard in 2023. The results of this
Governance self-assessment have been published by the Corporate Secretary on the Company's website.
In 2024, the Corporate Secretary has updated the Company's Board Manual, as well as the Financial Limit
of Authority (LOA). In addition, the Corporate Secretary also reviewed and provided input on the Term of
Reference of the Risk and Business Continuity Committee, Record Management System Policy, Corporate
Risk Management Policy, Privacy Policy, Business Continuity Management Procedures and other internal
Company policies.
To support the implementation of Good Corporate Governance, the Corporate Secretary also makes
Power of Attorney, both regular and incidental, to delegate the authority of the Board of Directors to
internal and external parties of the Company in accordance with the provisions stipulated in the Articles
of Association, Limit of Authority (LOA), internal policies of the Company and other provisions of laws and
regulations applicable to the Company.
Training and/ The Corporate Secretary ensures the implementation of competency development programs for Directors
or Competency and Commissioners in 2024 as follows:
Improvement
of the Board
of Directors
and Board of
Commissioners
Others › Actively joined and participated in the Corporate Secretary association since 2021 and currently serves
as General Secretary since 2024.
› Conducting Board Effectiveness Assessment for 2024 for the Board of Directors and Board of
Commissioners based on the mandate given by the Nomination and Remuneration Committee in-house.
› Ensure the implementation and provide input on Subsidiary Good Corporate Governance Management,
including the implementation of Board of Commissioners and Committee meetings.
› Ensure legal compliance on the establishment of the Investment Committee which was effectively
established by the Board of Commissioners on 9 February 2024.
Corporate Secretary Training in 2024
No. Training Location Date Organizer
1 Ngopi Sore: Bincang-Bincang Jakarta, Indonesia 13 February 2024 ICSA
Hak Memesan Efek Terlebih
Dahulu
2 HEC Executive Program - Paris, France 21 February 2024 HEC Executive Program
Leading a Technology Driven
Organization
3 Mandiri Investment Forum 2024 Jakarta, Indonesia 5 March 2024 PT Bank Mandiri (Persero) Tbk and
PT Mandiri Sekuritas
4 Keselamatan Kesehatan Kerja Success Factor 31 March 2024 XL Axiata Learning Center
dan Lingkungan (K3L) 2024 (Online)
5 Sosialisasi Peraturan Bursa Zoom Webinar 16 May 2024 PT Bursa Efek Indonesia
Nomor I-N tentang Pembatalan (Online)
Pencatatan (Delisting) dan
Pencatatan Kembali (Relisting)
6 Workshop CG Officer Basic Jakarta, Indonesia 5 June 2024 ICSA
(Narasumber)
7 Artificial Intelligence Workshop Jakarta, Indonesia 6 June 2024 XL Axiata Learning Center
for Leaders: Session 1 – AI Hype
or Reality
8 Artificial Intelligence Workshop Jakarta, Indonesia 29 June 2024 XL Axiata Learning Center
for Leaders: Session 2
9 XL Axiata – Huawei Strategy Shenzen – Guilin, 30 July 2024 Huawei
Alignment Summit 2024 China
200 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
No. Training Location Date Organizer
10 Q3 Risk Compliance Forum Jakarta, Indonesia 18 September 2024 XL Axiata Learning Center
11 2024 Mandatory Training: Xlearn (Online) 30 September 2024 XL Axiata Learning Center
Data Privacy, Cybersecurity,
Risk Management, Ethics &
Compliance
12 ICCC Winning Culture Xlearn (Online) 31 October 2024 XL Axiat Learning Center
13 Workshop On Personal Data Jakarta, Indonesia 3 December 2024 XL Axiata Learning Center
Protection: "Implementing Data
Privacy Concept In Business
Activities"
14 What Does It Take To Be The Jakarta, Indonesia 13 December 2024 XL Axiata Learning Center
CEO & Perjalanan Menuju
Kesuksesan: Membangun Diri
Dalam Setiap Situasi
Investor Relations
Christopher Eko Kusumowidagdo
Head of Investor Relations
Age 44 years old as of December 2024
Nationality Indonesian
Domicile Jakarta, Indonesia
Legal Basis of Appointment Serves as Investor Relations since 1 November 2024
Term of Office 1 November 2024 – present
Educational Background Professional Experience
› Master of Business Administration, Nanyang Technological › Group Head Risk and Compliance, PT XL Axiata Tbk,
University, Singapore, 2011 September 2023 – October 2024
› Bachelor of Engineering (Electrical & Electronic), Nanyang › Head of Financial Planning & Analysis, PT XL Axiata Tbk,
Technological University, Singapore, 2004. May 2020 – August 2023
› Senior Manager – Business Development & Joint Venture,
PT AKR Corporindo Tbk, June 2019 – April 2020
› Finance Manager – Indonesia & Philippines, GE Power
Services, May 2016 – May 2019
2024 Integrated Annual Report 201
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Corporate Governance
XL Axiata's Investor Relations team is dedicated to fostering the distribution of Annual Reports, the release of Financial
sustainable shareholder value through the rigorous Statements, issuance of press releases, updates to the
application of Good Corporate Governance principles, with corporate website, and the utilization of designated social
a strong emphasis on transparency. Throughout 2024, the media platforms. Throughout these interactions, Investor
team engaged proactively with the investment community Relations is committed to ensuring the transparency of
via strategic communication initiatives that focused on information and equitable treatment in alignment with
significant themes. The intent of these efforts was to provide applicable regulations.
accurate and timely information to facilitate informed
investment decisions. This engagement included updates As the principal conduit between the Company and the
from the Board of Directors concerning the Company's capital market community, XL Axiata Investor Relations
strategic direction, business performance, financial results, prioritizes open and reciprocal communication. The team
and future guidance. invites inquiries and feedback through various established
communication channels.
Direct interactions with the investment community
encompass Annual General Meetings of Shareholders, Investor Relations Contact
public expose, investor conferences, press briefings, face-
to-face meetings, group discussions, and conference calls. Phone : (62 21) 576 188 ext. 58213
In addition, indirect communication is achieved through Fax : (62 21) 579 59025
Email : ir@xl.co.id
Investor Relations Activities in 2024
Date Activities Venue
13 February 2024 4Q 2023 Earnings Conference Call Virtual
7 March 24 Mandiri Investment Forum 2024 Jakarta
29 April 24 1Q 2024 Earnings Conference Call Virtual
3 May 24 Annual General Meeting of Shareholders 2024 Jakarta
3 May 24 Public Expose 2024 Virtual
11-13 June 2024 CLSA Forum Jakarta
7 August 24 2Q 2024 Earnings Conference Call Virtual
7 November 24 3Q 2024 Earnings Conference Call Virtual
11 December 24 Analyst & Investor Briefing on Strategic Merger Announcement: XL Axiata and Smartfren Virtual
202 PT XL Axiata Tbk
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Internal Audit
The Company has established an Internal Audit Department in Director, with the approval of the Board of Commissioners.
compliance with OJK Regulation No. 56/POJK.04/2015, which Suppose the current Group Head of Internal Audit is negligent
provides guidelines for the Internal Audit Charter. and unable to fulfill the responsibilities outlined in the Internal
Audit Charter. In that case, the President Director may
Group Head of Internal Audit propose a replacement, subject to approval from the Board
of Commissioners.
According to the Internal Audit Charter, the Group Head of
Internal Audit is appointed and dismissed by the President
Mohammad Abdul Kader Bhuyan*
Group Head of Internal Audit
Age 42 years old as of December 2024
Nationality Bangladeshi
Domicile Jakarta, Indonesia
Legal Basis of Mr. Mohammad Abdul Kader Bhuyan was appointed as Group
Appointment Head of Internal Audit (GHIA) by the President Director, XL
Axiata, effective as of 1 July 2023, with the approval of the
Board of Commissioners.
He was sourced from the “Talent Pool” of Axiata Group
Berhad. His engagement in XL Axiata is termed as “Long
Term Assignment (LTA)”- as of now for 2 years’ time from
the effective date of assignment, and as a part of the Talent
Retention Program of Axiata Group.
Educational Background › Senior System Engineer, Ranks Telecom Ltd, Bangladesh,
2005 – 2006.
› Bachelor’s degree in Electrical & Electronic Engineering, › Unit Manager, Grameen Telecom, Grameen Bank,
Islamic University of Technology (IUT) – An Engineering Bangladesh, 2003 – 2004.
University of OIC (Organization of Islamic Cooperation) in Training or Competency Development in 2024
Bangladesh, 2002.
› Certified Project Management Professional (PMP), PMI – Training/Workshop Venue Date of
USA, 2012. Implementation
Axiata Internal Audit Kuala August 2024
Professional Experience Forum Lumpur,
Malaysia
› Group Head of Internal Audit, XL Axiata, Indonesia, 2023 Axiata Internal Audit Kuala September 2024
Forum Lumpur,
– present. Malaysia
› Head of Internal Audit Division, Robi Axiata Limited,
Axiata Finance Kuala December 2024
Bangladesh, 2015 – 2023. Summit Lumpur,
› General Manager, Enterprise Program Management Office Malaysia
(EPMO), Robi Axiata Limited, Bangladesh, 2011 – 2015.
› Manager, Technology Division, Robi Axiata Limited,
Bangladesh, 2006 – 2011.
*No longer serves as the Group Head of Internal Audit effective February 22, 2024, and has been
replaced by Sokha Sofia Putri.
2024 Integrated Annual Report 203
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Corporate Governance
Internal Audit in the Company’s Structure › Conduct examination and assessment on the efficiency
and effectivity in the field of finance, accounting,
As per the Internal Audit Charter, the Internal Audit operational, human resources, marketing, information
Division reports to the President Director and to the Audit technology and other activities.
Committee. As of 31 December 2024, Internal Audit Division › Provide recommendations for improvements and
of XL Axiata has a total of 14 who held the following position: objective information about the activities examined at all
levels of management.
Total
› Provide and submit audit reports to the President
Position
Personnel Director, Board of Commissioners through the Audit
Group Head Internal Audit 1 Committee, and other related parties.
› Monitor and evaluate the adequacy of follow-up
Internal Auditor 9
actions implemented by the auditee, and report its
Investigator 3 completion status to President Director and the Board of
Data Analyst 1 Commissioners through the Audit Committee.
› Maintain the professionalism of Internal Auditors through
continuous education programs such as certification
Certifications programs to complement the knowledge and skills of
internal auditors that are relevant with the Company’s
As of 31 December 2024, the Internal Audit Division is complexity and business.
supported by auditors that have attained the following › Work closely with the Audit Committee and serves as
certifications: secretariat to the Audit Committee.
Total
› Develop a program to evaluate the quality of internal
Certifications
Personnel audit activities.
Certified Information System Auditor (CISA) 2 › Conduct special review, evaluation, and/or investigation
if needed.
Certified Fraud Examiner (CFE) 2
Certified Information Security Manager 1 Internal Audit Charter
(CISM)
Certified Governance of Enterprise IT 1
The Company has developed an Internal Audit Charter to
(CGEIT)
serve as a framework for its Internal Audit functions. The
ISACA Cybersecurity Fundamentals 1
most recent revision of this Charter is in accordance with
Computer Hacking Forensic Investigator 1 OJK Regulation No. 56/POJK.04/2015. This revision was
(CHFI)
authorized by the President Director and received the
Certified Project Management Professional 1 approval of the Board of Commissioners on 26 April 2021.
Microsoft Certified IT Professional (MCITP) 1
Activities and Meetings of Internal Audit in
2024
Duties and Responsibilities of Internal Audit
During the year 2024, the Internal Audit Division successfully
The duties and responsibilities of the Internal Audit are completed 18 audit programs encompassing various domains,
established in accordance with OJK regulations, as well including information technology systems, marketing, sales
as the standards and code of ethics promulgated by and distribution systems, asset management, supply chain
the Institute of Internal Auditors. The execution of these management, and compliance with regulatory requirements.
functions and responsibilities shall adhere to the principles
of independence. The Internal Audit Division serves a critical function in fostering
accountability, transparency, and continuous improvement
The following outlines the primary duties and responsibilities within the organization. Through comprehensive audit
of the Internal Audit Division: activities, continuous data analytics, and the integration of
› Develop an annual audit plan with a risk-based approach Artificial Intelligence, in addition to consulting services, we
in the fields of finance, accounting, operations, human have significantly contributed to the enhancement of risk
resources, marketing, information technology, and other management practices, the fortification of internal controls,
activities. and the promotion of operational excellence. We remain
› Implement an annual audit plan as approved, including steadfast in our commitment to maintaining the highest
any special assignments at the request of the President standards of professional integrity and delivering substantial
Director and the Board of Commissioners. value to our stakeholders.
204 PT XL Axiata Tbk
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Furthermore, the Internal Audit Division diligently ensures In 2024, the Internal Audit Division held 8 regular meetings
adherence to the International Professional Practices with the BAC and other incidental meetings with other
Framework (IPPF) as a benchmark for best practices. This stakeholders.
is accomplished through regular internal quality assurance
reviews and external quality assessments conducted by the
Institute of Internal Auditors (IIA) Malaysia.
Internal Control
The Internal Control System in our company plays a 4. Information and Communication
crucial role in achieving our performance objectives and The Company has established effective channels for
maximizing value for all stakeholders. It is designed to communication and information exchange to facilitate
promote the effectiveness and efficiency of our operations the roles of all parties involved.
while ensuring that our financial reporting is both accurate 5. Monitoring Activities
and reliable. This system encompasses a comprehensive The Board of Directors, Senior Management, and Internal
framework of operational and financial controls that are Audit perform ongoing monitoring of the effectiveness
essential for safeguarding our assets and managing risks. of the overall internal control implementation. The
Additionally, it ensures that we adhere to all relevant laws oversight of the Company's key risks is prioritized
and regulations, reinforcing our commitment to compliance and incorporated into operational activities, including
and ethical conduct throughout the organization. periodic evaluations.
Conformity to International Standards Overview on the Effectiveness of the
Company’s Internal Control
The Company has adopted the concept of three lines of
defense in alignment with the framework developed by The Company carries out a self-assessment on an annual
the Committee of the Sponsoring Organizations of the basis to evaluate the effectiveness of its internal controls.
Treadway Commission (COSO) - Internal Control Framework. The findings of this assessment will inform the preparation of
the Annual Statement of Internal Control, which is endorsed
The implementation of Internal Control within the Company, by the President Director.
as guided by COSO, is structured as follows:
1. Control Environment This assessment is based on various factors, including:
The Board of Commissioners and the Board of Control Environment:
Directors have established a comprehensive set of 1. Integrity and Ethical Values
standards, procedures, and structures that serve as the › Strategic Value of the Board of Directors
foundation for executing internal control throughout the › Management’s Philosophy and Leadership Style
organization. › Organizational Structure
2. Risk Assessment › Commitment to Competencies
The Company actively engages in the continuous › Authority and Responsibility
assessment of risks that may affect its business › Human Resources
operations. The outcomes of these assessments are 2. Risk Assessment and Risk Management:
documented in the key risk register and are subject to › Risk Management Organization Structure
regular review. › Business Risk Management
3. Control Activities › Importance of Business Objective
The Company implements and executes control activities › Identification and Analysis of Business Risk
designed to mitigate risks and achieve its business › Change Management
objectives. The roles and responsibilities of each officer 3. Control Activity:
and employee are clearly defined in relevant policies and › Policies and Procedures
procedures. › Applicable of technology information system
› Segregation of Duties and Responsibilities
› Monitoring Objectives
2024 Integrated Annual Report 205
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Corporate Governance
4. Information and Communication: Statement of the Board of Directors and/or
› Quality and Timely Information Board of Commissioners on the Adequacy
› Information Control of the Internal Control System
› Reliability of Information Technology and Network
Systems The Board of Directors and the Board of Commissioners
› Management and Communication assess that the Company’s internal control system has been
› Communication with the Board of Directors adequately implemented. Based on the evaluation results of
› Communication with External Parties the effectiveness of the internal control system throughout
› Continuous Monitoring 2024, no material weaknesses were found in the internal
5. Monitoring: control system in each business unit as all findings in the
› Independent Evaluation Company’s operations have been appropriately addressed,
› Reporting Deficiencies and recommendations for improvements have been well
› Performance Measurements implemented.
› Other Matter
Risk Management
XL Axiata’s risk management approach is guided by its 1. First Line: Business unit risk owners foster a risk-based
comprehensive Enterprise Risk Management Policy and culture in day-to-day operations. Their responsibilities
Framework, which is based on ISO 31000:2018. The include integrating inherent risks into their quality
Board of Directors has approved this policy highlighting its management systems and managing emerging risks
importance within the organisation. that may hinder the achievement of business objectives.
The primary objective of the XL Axiata Enterprise Risk 2. Second Line: Risk Management’s responsibility is
Management Policy is to incorporate risk management establishing and implementing the ERM Policy and
into the company’s governance, strategy, planning, framework, facilitating the risk management process,
management, reporting processes, and policies. By integrating and escalating significant risks to BOD.
risk management with XL Axiata’s business operations,
management aims to foster a strong organisational risk culture. 3. Third Line: The Internal Audit function is responsible
for providing independent assurance regarding the
XL Axiata adopts risk management as an integrated function, effectiveness of the internal controls in place.
not treated as a stand-alone activity, and separates it from the
Company’s main activities or processes. Risk management is The Board of Directors ensures effective risk management
a fundamental aspect of management responsibilities crucial practices and ongoing maintenance.
to the company’s operations. This approach safeguards the
company’s interests and assets by systematically identifying, The Board of Directors has established the Risk and Business
assessing, and mitigating potential risks. Furthermore, it ensures Continuity Committee (RBCC) to support these efforts.
that strategic initiatives align with the company’s overarching These Committee’s specific roles and responsibilities are
goals and enhance its ability to navigate uncertainties and outlined in this chapter’s “Other Supporting Committees
capitalise on opportunities. By prioritising risk management Under the Board” section.
principles, XL Axiata improves its capacity to manage risks
effectively, positioning itself for long-term success. The Board of Commissioners has constituted the Board of
Risk and Compliance Committee to oversee the design,
Risk Management System implementation, and monitoring of risk management
processes. This committee’s detailed roles and responsibilities
The Company’s Enterprise Risk Management Oversight are described in this chapter’s “Other Committees Under the
Structure is based on the Three Lines model, which Board of Commissioners” section.
effectively organizes risk management, control, and
oversight responsibilities. This structure aims to minimize the
potential for gaps in coverage while avoiding redundancy in
risk management efforts.
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Strengthening Profitability for a Sustainable Future
Risk Management Process d. Risk Treatment
e. Communication and Consultation
The Risk and Compliance Division manages the company’s f. Monitoring and Review
risk management process. This division is responsible for g. Recording and Reporting
developing comprehensive risk management frameworks
and methodologies and facilitating the implementation of The Risk and Compliance Division conducts the RCSA
risk management systems. process by holding structured meetings and discussions with
management to collect input and feedback on identified
The Company utilises the Risk and Control Self-Assessment risks. Additionally, the division monitors the progress of risk
(RCSA) technique as a fundamental part of its risk management initiatives and provides reports on the results
management strategy. In this process, risk owners—typically of implemented mitigation plans.
business leaders—are tasked with identifying risks that
could affect their business objectives and developing plans The Company has implemented a Business Continuity
to mitigate or control them. Management (BCM) program coordinated by the Risk
and Compliance Division. This program aims to ensure
Risk assessments are performed in all functions and the organisation’s long-term operational continuity by
consolidated at the divisional level. The Company follows prioritising employee safety, maintaining customer service
an ISO 31000:2018 methodology for these risk assessment, continuity, and minimising potential losses. The BCM
which includes the following elements: framework includes crucial elements such as Business
a. Risk Identification Impact Analysis (BIA), Disaster Recovery Plans (DRP), and
b. Risk Analysis Business Continuity Plans (BCP).
c. Risk Evaluation
Risk Category
Risk Category Scope
Strategic & Risks that could significantly impact the XL Axiata’s strategic activities, decision making and its
Investment Risk achievement of business objective.
Financial Risk › Financial risk are risks associated with the financial management of XL Axiata; and
› Risk that comprises the stability of the company’s financial position given its exposure to a
variety of risks and other financial risks including liquidity risk, currency risk, interest rate risk
and credit risk.
Operation Risk › Risks associated with XL Axiata’s core business operations i.e. Telecommunication, Digital
Businesses and Infrastructure;
› Risk resulting from inadequate or failed internal processes, people, and systems, or from external
events that may disrupt the day-to-day business operations, including Business Continuity Risk.
Legal & Regulatory › Risk related to compliance with applicable laws and regulations; and
Risk › Risk that may expose XL Axiata to legal penalties, failure to act in accordance with policies or
best practices and integrity requirement.
Market Risk Risk associated with the market and country that XL Axiata is operating which may also include
risk related to industry and competition.
Geopolitical Risk The risk relates to any political changes or instability in a country that may impact company
operations.
Governance Risk Risk that is associated with upholding and adopting good governance practices to ensure
operational excellence, including non-compliance with policies, procedures, processes, and internal
control.
Technology Risk Risk to information technology or data or applications that negatively impact business operations.
This could cover a range of scenarios, including software failures or a power outage.
Cyber Risk The risk associated with any exposure or loss to technology infrastructure resulting from a cyber-
attack or data breach will have a massive negative business impact.
People Risk XL Axiata's human resources or people management risks may include vacancies in specialised/
skilled positions, readiness and lack of competency, and the safety and health of employees.
ESG Risk Risk that is associated with the potential negative impact that environmental, social and governance
(ESG) factors can have on an organisation’s performance, reputation, or financial stability.
2024 Integrated Annual Report 207
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Corporate Governance
Risk Rating Matrix Statement from the Board of Directors on the
Adequacy of the Company’s Risk Management
The Company has developed a Risk Rating Matrix based on 1. The Board of Directors confirms that the Company’s risk
its Risk Assessment Guideline to evaluate the significance management are adequate and have been operating
and scale of risks and the effectiveness of existing controls. effectively, in all material aspects, for the financial year
ended 31 December 2024 and up to the date of this
This Risk Rating Matrix provides a systematic framework Declaration and that the systems are adequate and
for assessing identified risks, enabling management at all effective in achieving the Company’s business objectives
levels to allocate risk management actions and resources while complying with relevant laws.
effectively across various business functions.
2. The Board of Directors confirms that there is a
Furthermore, the Company has established its risk appetite continuous process in identifying, analyzing, evaluating,
and tolerance level through the Risk Rating Matrix. These monitoring and managing the significant risks faced by
levels are subject to ongoing monitoring by management and the Company, and that during the year under review
are formally reviewed as an integral part of the Company’s the weaknesses noted in risk management had been
strategic planning processes. Considering internal and appropriately remediated and managed.
external constraints, this review considers whether the
established risk appetite remains appropriate for achieving 3. The Board also affirms their responsibilities and
the Company’s objectives. The Company will ensure that commitments to continuously maintain and review the
all risks identified are within an organisation’s risk appetite, adequacy, effectiveness and integrity of the Company’s
and appropriate action will need to be taken for risks that risk management systems in anticipation of changes
exceed the risk appetite. in the business environment that may impede the
achievement of the Company’s business objectives and
Overview on the Effectiveness of the to safeguard shareholders’ investment, the Companies’
Company’s Risk Management assets and reputation.
Adequate Risk
The Risk and Compliance assessed the implementation and
operation of the risk management system. This assessment
involved all internal stakeholders, including business units and
support functions within the organisation. The evaluation
results were presented to the Risk Business and Continuity
Committee (RBCC) and the Board Risk and Compliance
Committee (BRCC) for input.
Based on the assessment result, management believes the
company’s risk management system effectively meets its
business objectives while ensuring compliance with relevant
laws. Additionally, management will continue to identify,
analyse, evaluate, monitor, and manage the significant risks
the organisation faces.
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Litigations and Contingencies
Following the audit of Corporate Legal team of XL Axiata on current litigation encountered by the Company, no material
qualification and substantive cases that required reporting in this Integrated Annual Report.
Administrative Sanctions
As of 31 December 2024, the Company did not render or accept any administrative sanctions for the Company, or any of the
Company’s organs from any authorities.
Corporate Information Access
As a publicly traded company, XL Axiata provides Investor Relations
comprehensive access to corporate information and data
for the public, government entities, shareholders, and other The Investor Relations team is appointed to ensure stakeholders
stakeholders. This access is facilitated through various and the investment community have adequate access to
channels: information regarding the Company's performance.
Disclosure of Information to Shareholders Website
To enhance the practice of Good Corporate Governance, XL Axiata’s official website, www.xlaxiata.co.id, serves as a
XL Axiata offers shareholders the opportunity to engage centralized platform for corporate information and data. It
with the Company. Shareholders can obtain information, includes a wide range of resources, such as company profiles,
submit inquiries, and request data through the Investor financial data, details about products and services, corporate
Relations department or the Corporate Secretary. However, governance practices, corporate social responsibility initiatives,
confidentiality constraints apply to certain inquiries and information disclosures, and recent news. The website is
data. accessible in both Indonesian and English and is updated
regularly to reflect the most current information.
Corporate Secretary
Press Releases
The Company designates a Corporate Secretary primarily
responsible for overseeing corporate secretarial functions, XL Axiata proactively disseminates current news pertaining
managing public relations, and ensuring the availability of to Company activities through Press Releases. In the
general public information. year 2024, a total of 165 Press Releases were issued and
communicated to media and publics.
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Corporate Governance
Code of Ethics
The Code of Ethics constitutes a fundamental aspect of In December 2024, the Company successfully distributed
the Company's regulations, reaffirming its commitment the Integrity Fulfillment Statement, with all employees
to uphold good corporate governance practices and the providing their signatures.
integrity of all employees. It delineates the standards for
ethical conduct and the procedures that guide employees Application of the Code of Ethics
in executing business activities with professionalism and
ethical standards. The Code of Ethics applies universally to all executives and
employees of the Company. It mandates that all employees
Code of Ethics Principles uphold and fulfill essential responsibilities, including:
1. Developing a clean and conducive internal working
The Company’s Code of Ethics covers the following environment for all employees.
principles: 2. Developing trustworthy experience for all customers.
1. Equal Treatment 3. Developing clean business partnership with third parties
The non-discriminatory treatment to employees in by following all Company’s procedures and policy.
a sound work environment with integrity without
exception. Sanctions for Violations
2. Healthy Partnership
Build a sound business partnership with third parties All employees are obligated to comply with the Code of
to comply with the Company’s policies and prevailing Ethics. Any infringement of the Code, relevant business ethics,
regulations. or applicable legislation shall be regarded as unacceptable
3. Anti-Corruption Culture conduct, subjecting the violator to disciplinary measures.
Avoid conflict of interest, refuse gratification as well as Possible consequences may include disciplinary action,
applying the principles of anti-corruption, collusion and official warnings, demotion, or termination of employment.
nepotism. The Board of Directors bears the responsibility for ensuring
4. Commitment To Customer the implementation of these standards throughout the
Keeping the commitment to the customers by building Company’s operations.
an attitude of “Trustworthy” and providing appropriate
solutions. Code of Ethics Violations and Sanctions in
2024
Dissemination of the Code of Ethics
Throughout the year 2024, there were no violations of the
The Company’s Code of Ethics is readily accessible to all Code of Ethics within the Company. This outcome reflects
employees via XLWorld, the Company's internal system. the effective adherence of all employees to the established
This Code is presented to employees upon their initial Code.
onboarding and is also available on the official website
(https://www.xlaxiata.co.id). Furthermore, the Company
routinely disseminates the Integrity Fulfillment Statement,
which underscores critical ethical principles, including
anti-corruption, anti-collusion, and anti-nepotism policies.
Each employee is required to sign this Statement, which
is maintained in documentation by the Human Capital
Department.
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Employee and/or Management
Stock Option Programs
Since 2016, the Company has been implementing the The 2016-2020 LTI Program has 5 (five) Grant Cycle, with
2016-2020 Long Term Incentive Program (2016-2020 LTI every Grant Cycle, the eligible LTI Participants will receive
Program), which serves as a continuation of the preceding written notice on the rights to receive incentive along with
2010-2015 Long Term Incentive Program (2010-2015 LTI the estimated numbers of incentive.
Program).
The incentive will be further vested (vesting period) in the
The 2016-2020 LTI Program received approval from the third year after each Grant Cycle. In the first implementation
Board of Commissioners on December 10, 2015, and was in 2016, the LTI Program 2016-2020 Grant 1, the employees
subsequently ratified by the General Meeting of Shareholders were provided with 2 (two) grants whereby Grant 1A was
(GMS) on March 10, 2016. The most recent amendment vested after year two just as the initial Grant Cycle and
and restatement of the 2016-2020 LTI Program, approved Grant 1B would be vested in accordance to the normal
during the Extraordinary General Meeting of Shareholders vesting cycle in year three. The given number of incentives
on September 30, 2019, addressed various modifications to will be determined based on the Company’s performance
the Long-Term Incentive Program for the 2016-2020 period value and the eligible LTI Participants themselves. The
in the following manner: amount incentive will be earned may be different from the
1. 2016-2020 LTI Program Grant Cycle 1A, 1B, 2 and 3: estimated amount, as informed on each Grant Cycle.
a. The Company’s shares without option right through
the issuance of shares without Pre-emptive Rights The 2016-2020 LTI Program for employees has been
which were granted to employees and management completed in 2021, namely for the LTI Grant Cycle 3. The
of the Company from the General Manager level next LTI 2016-2020 Program will only be applicable to
(and its equivalence) to the Board of Directors level. members of the Board of Directors. The entire 2016-2020
b. Cash, which will be granted to employees of the LTI Program was completed in 2021.
Company from the Staff level to Manager level (and
its equivalence). The Company's last LTI program was implemented in 2021.
2. 2016-2020 LTI Program Grant 4 and 5: Only Directors Since then, no new LTI program has been introduced.
will be awarded in the form of cash consideration and
the Company’s performance will be measured based on
Return on Invested Capital (ROIC).
The 2016-2020 LTI Program aims to:
1. Improve the long-term performance of the Company;
2. Maintain excellent management and employees and
award XL Axiata management and employees for their
performance;
3. Improve the loyalty of the management and employees
so that they have sense of belonging for the Company;
4. Motivate the management and employees to improve
their performance; and
5. Provide additional value for the Company to attract
prospective management and employees with the skills
that the Company needs.
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Corporate Governance
Whistleblowing System
Reporting Violation Protection for Whistleblowers
If employees (including direct contracts and outsourced The Company is committed to protecting the confidentiality
staff) or external parties suspect any behavior or actions that of whistleblowers and ensuring their safety from any
may violate the law or the Company’s Code of Ethics, they potential threats that may arise from their reports. This
are encouraged to report it through the SPEAK UP channel. protection includes:
Reports can be submitted by accessing the web-based 1. Safeguarding the identity of the reporter;
reporting system at https://axiatagroup.integrityline.com. 2. Maintaining the confidentiality of the report's content;
and
All reports submitted through the official SPEAK UP channel 3. Protecting against any threats, intimidation, or other
will be received by the Administrator of the SPEAK UP forms of threatening behavior by the party being
channel, which includes the Group Head of Internal Audit reported.
and the Investigation Unit under the Internal Audit Division.
If a report requires further investigation, the appointed Whistleblowing Case and Follow Up in
investigator may be from the Company, Axiata Group 2024
Berhad, or an external party.
In 2024, there were 12 (twelve) complaints received through
If the investigation confirms that the reported party has whistleblowing channels (Speak Up Channel) or directly
committed an unlawful act or violated the Code of Ethics, reported to the Investigation Unit. These complaints were
appropriate actions will be taken in accordance with handled appropriately, while maintaining confidentiality and
Company Regulations and applicable laws and regulations. protection of the whistleblower.
Whistleblowing System Socialization
During 2024, the following Whistleblowing socialization has been conducted:
Date Activities
15 March 2024 Email blast to all employee-related speak-up channel
20 March 2024 Speak Up Campaign to XL official social media @lifeinxlaxiata
26 March 2024 CEO Message to all employees to use Speak Up Channel
27 March 2024 Creating Speak Up Channel button and the banner on the XL New Life application
26 April 2024 Speak Up WhatsApp Blast to All Employee
30 April – 23 May 2024 Anti-Fraud Speak Up Channel Survey
22 May 2024 Speak Up awareness to third parties
29 August 2024 Speak Up Awareness to All Employees
29 August 2024 Opening Speak Up Consultation Room at Experience Lab XL Axiata Tower, 21st Floor
2 September 2024 Speak Up Awareness to third parties/vendor, blast by Vendor Management
14 October 2024 Speak Up Standing Banner placed at Lobby XLAT
3 & 5 December 2024 Integrity Workshop at XLAT and Bandung XL Center in collaboration with ROBI Axiata
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Anti-Bribery and Anti Corruption
Policy
To uphold the core value of uncompromising integrity, All stakeholders, including but not limited to our Board of
the Company has implemented an Anti-Bribery and Anti- Commissioners, Board of Directors, employees, business
Corruption Policy. This policy demonstrates our commitment associates, agencies, distributors, vendors, and consultants,
to conducting business with the highest standards of play an essential role in XL Axiata’s commitment to
integrity. conducting its business fairly, impartially and in full
compliance with all applicable laws and regulations in
The purposes of this policy are as follows: Indonesia.
1. To ensure compliance with Company policies as well as
all applicable laws and regulations. All new employees whose day-to-day activities may be
2. To provide information and guidelines for all stakeholders affected by this Policy will receive the relevant training
to identify situations or conditions that may be within a set timeframe after employment with XL Axiata
considered improper, unethical, or related to bribery and as stipulated in the ABAC procedures. All Personnel must
corruption. complete any mandatory ABAC training programs organized
3. To raise awareness and educate all stakeholders about by XL Axiata within the stipulated timeline. The RC Division
the Company’s core values and expected conduct. shall monitor such training programs for their completion
XL Axiata strictly prohibits the receipt and the giving of During 2024, XL held training and awareness programs
bribes or participation in any acts or situations that may such as the Risk & Compliance Annual Conference,
lead to or be perceived as bribes. Awareness training of Anti Bribery Management System
ISO 37001:2016, Internal Auditor Anti-Bribery Management
The stakeholders must also adhere to XL Axiata’s ABAC System ISO 37001:2016, Integrity in Action: Preventing
governance instruments (Framework, Policies and Bribery & Corruption through Robust Compliance, Workshop
Procedures, Code of Conduct), governed by XL Axiata’s Engagement for High-Risk Function.
Risk & Compliance division.
XL Axiata communicates openly, transparently, and honestly
without fear of repercussion or retaliation by adopting
the Axiata Group-wide whistle-blowing channel called
the “Speak Up Channel.” Retaliation and discrimination
against anyone who reports in good faith incidents of non-
compliance or violation(s) of XL Axiata’s policies will not be
tolerated.
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Corporate Governance
Corporate Governance
Implementation
The implementation of corporate governance involves accountability, and ethical conduct in the governance of
adherence to OJK Regulation No. 21/POJK.04/2015, public companies. Together, these documents serve as
which outlines the essential guidelines for managing public a framework for enhancing the integrity and reliability of
companies effectively. This regulation is complemented by public companies, promoting good governance practices
OJK Circular Letter No. 32/SEOJK.04/2015, which provides that benefit shareholders and stakeholders alike.
additional recommendations to ensure transparency,
Relationship Between Public Company and Shareholders in Ensuring the Rights of Shareholders
Principle Recommendations Explanation of OJK Recommendations Comply
Principle 1 The Public Every issued share with voting right has one vote (one Based on the Article 11 (18)
Enhancing Company has a share one vote). The Shareholders may use their voting of the Articles of Association,
the Value of way or technical rights during the decision-making process, in particular each share has one vote for the
General Meeting procedure for both to decision with voting mechanism. However, both open holder in the General Meeting
of Shareholders open and closed and closed voting mechanism has not been specifically of Shareholders.
(GMS). voting that prioritize regulated.
independency Currently, the Company has
and interest of The Public Company is recommended to have voting been utilizing the e-GMS and
Shareholders. procedure in decision making of GMS agenda. The voting e-Voting platforms provided
procedure must maintain shareholders’ independency by the Indonesia Central
or freedom. As an example, an open voting mechanism Securities Depository (KSEI)
is implemented by raising hand in accordance with to conduct electronic General
option as offered by the GMS chairman. Meetings of Shareholders.
As for close voting mechanism is conducted in any
decision that required confidentiality or by request from
Shareholders through voting card or electronic voting.
All members of the The presence of all members of the Board of Directors All members of the Board of
Board of Directors and the Board of Commissioners of the public company Directors and the Board of
and the Board of aim so that each member of the Board of Directors Commissioners of XL Axiata
Commissioners of and the Board of Commissioners can pay attention to were present in the Company’s
Public Company explain, and directly answer the issues or questions AGMS dated 3 May 2024.
attend the Annual raised by shareholders related the GMS agenda.
GMS.
The Summary of Based on the Financial Services Authority Regulation All information on the
Minutes of GMS No. 15/POJK.04/2020 on the Plan and Implementation Summary of GMS Minutes and
is available in the of the General Meeting of Shareholders of Public GMS Minutes of the Company
Public Company’s Company, The Public Company must make summary is published and available on
website at least for of GMS Minutes in Indonesian and foreign language the Company's official website
one (1) year. (minimum in English), and announced to the public (www.xlaxiata. co.id).
within two (2) working days after the GMS, one of which
is through the Public Company Website. The availability In addition, the Summary of
of summary of GMS Minutes in the Public Company GMS Minutes is also submitted
Website provides an opportunity for shareholders who to Shareholders through the
are not present, to easily obtain important information eASY.KSEI platform no later
in GMS implementation. than 2 (two) working days after
the GMS.
Therefore, the provision on the minimum period of
availability of GMS Minutes summary on the Website are
intended to provide sufficient time for shareholders to
obtain such information.
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Relationship Between Public Company and Shareholders in Ensuring the Rights of Shareholders
Principle Recommendations Explanation of OJK Recommendations Comply
Principle 2 Public Company has Communication between Public Company and The Company has a Company
Enhancing communication shareholders or investors is intended so that the Integrated
the Quality of policy with the shareholders or investors obtain clarity of information Communication Policy
Communication Shareholder that has been published to the public, such as periodic ratified on 10 October 2018
between Public and Investor. reports, information disclosure, business condition or that stipulates regulations
Company with prospect and performance, as well as implementation of communication with
Shareholder or of public company governance. In addition, the shareholders, stakeholders
Investor. shareholders or investors can also submit input and including employees on
opinion to the management of Public Company. The the Company’s Material
communication policy with shareholders or investors information.
shows the commitment of the Public Company in
carrying out communication with shareholders or Integrated Communication
investors. This policy can include strategies, programs, Policy is available on the
and timing of communication implementation, as well Company’s website (www.
as guideline that support shareholders or investors to xlaxiata.co.id).
participate in the communication.
The Public Disclosure of communication policy is a form of The Company’s Integrated
Company discloses transparency on the commitment of the Public Communication Policy is
the Communication Company in providing equality to all shareholders or available on the Company’s
Policy of Public investors for the implementation of communication. official website (www.xlaxiata.
Company with The disclosure of information also aims to increase the co.id).
shareholders or participation and role of shareholders or investors in the
investors in website. implementation of the Public Company communication
program.
Principle 3 Determination of The members of the Board of Commissioners may The total members of the
Strengthen the the total members affect the effectiveness of the Board of Commissioners Board of Commissioners of the
membership of the Board of duties. Determination of total members of the Board of Company have been adjusted
composition of Commissioners took Commissioners of a Public Company must refer to the to the Company’s needs.
the Board of into account on the provisions of the prevailing law in which at least consists Each candidate for the Board
Commissioners. condition of the of two (2) people based on the provisions of the Financial of Commissioners must first
Public Company. Services Authority Regulation No. 33/ POJK.04/2014 be thoroughly and properly
on The Board of Directors and Commissioners of Issuer examined by the Nominating
or Public Company In addition, it is also necessary to and Remuneration Committee
consider the condition of the Public Company which of the Company.
includes among other, the characteristic, capacity
and size, as well as achievement of target and
fulfilment of different business needs among the Public
Companies. However, too many members of the Board
of Commissioners have the potential to disturb the
effectiveness on the implementation function of the
Board of Commissioners.
Determination on The composition of the Board of Commissioners is Each member of Board of
the composition a combination of characteristics from both organ Commissioners has diverse
of members of and individual perspective according to the need of expertise to maximize the
the Board of respective Public Company. These characteristics can be supervisory duties of the
Commissioners reflected in the determination of expertise, knowledge Board of Commissioners
considered and experience required in the implementation of in accordance with the
on diversity supervisory and advisory duty by the Board of Company’s business scope.
of expertise, Commissioners of the Public Company. The composition
knowledge, that has considered the need of the Public Company is Information pertaining with
and required a positive thing, especially related to decision making the background as well as skill
experience. related with supervisory function as carried out by of each member of XL Axiata
considering various broader aspects. Board of Commissioners is
available in the Company’s
website (www.xlaxiata. co.id).
2024 Integrated Annual Report 215
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Corporate Governance
Relationship Between Public Company and Shareholders in Ensuring the Rights of Shareholders
Principle Recommendations Explanation of OJK Recommendations Comply
Principle 4 The Board of The Board of Commissioners’ Self- Assessment policy In 2024, the Company
Enhancing Commissioners has is a guideline as a form of collegial accountability conducted assessment on the
the Quality of Self-Assessment for evaluating the performance of the Board of BOC and BOD which includes
Implementation Policy to evaluate Commissioners. Self- assessment is carried out by Board Effectiveness, peer-to-
on Duties and the each member to assess the collegial performance of peer assessment with fellow
Responsibilities performance the Board of Commissioners, and not to assess the members of the BOC and
of The Board of of the Board of individual performance of each member of the Board of Cross Board Assessments with
Commissioner. Commissioners. Commissioners. With this Self-Assessment, it is expected each member of the BOD.
that each member of the Board of Commissioners can The assessment is conducted
contribute in improving the performance of the Board internally by the Company.
of Commissioners on an ongoing basis.
The assessment includes
This policy can include the assessment activity as understanding the roles, duties,
carried out along with the purpose and objective, and responsibilities as well
periodic period of implementation, and benchmark as evaluating the Company’s
or assessment criteria being used in accordance with GCG. The assessment result will
the recommendations from the Remuneration and be used as recommendation
Nomination function of Public Company as required by for the Company’s GCG
OJK Regulation on the Remuneration and Nomination improvement as well as one
Committee of Issuer or Public Company. of basic considerations of the
BOC to be reappointed.
The Self-Assessment The disclosure of Self-Assessment Policy on Disclosure on Self-Assessment
Policy to evaluate performance of the Board of Commissioners is is available in this Integrated
the performance conducted not only to comply with transparency aspect Annual Report in Chapter of
of the Board of as form of accountability of its duties but also to provide Corporate Governance.
Commissioners assurance to the Shareholders or investors on efforts
is disclosed in the that need to be done in improving the performance of
Annual Report of the Board of Commissioners. Upon the availability of
Public Company. disclosure, the Shareholders or investors acknowledge
the check and balance mechanism towards the Board
of Commissioners.
The Board of The resignation policy of member of the Board of Policy on the resignation
Commissioners Commissioners being involved in financial crime is of Board of Commissioners
has policy on a policy that can increase the stakeholders’ trust in members if involved in financial
resignation of the Public Company, so that corporate integrity will crimes is included in the Board
member of be maintained. This policy is needed to help the legal Manual.
the Board of process and so that the legal process does not interfere
Commissioner when the course of business activities. In addition, in terms The Board Manual is available
involved in financial of morality, this policy builds an ethical culture within on the Company’s website
crime. the Public Company. This policy can be included in the (www. xlaxiata.co.id).
Code or the Code of Ethics that applies to the Board of
Commissioners.
Furthermore, being involved in financial crimes shall
means the convicted status from the authorities of
respective member of the Board of Commissioners. The
financial crimes are manipulation and various forms of
embezzlement in financial service activities as well as
Money Laundering Criminal Action as referred to Law
Number 8 of 2010 on Prevention and Eradication of
Money Laundering Crimes.
The Board of Based on the provision of the Financial Services The Company has in place
Commissioners Authority Regulation No. 34/ POJK.04/2014 on the the Succession Policy which
or Committee Nomination and Remuneration Committee of Issuer is used and as reference to
that perform the or Public Company, the committee that carries out the nomination process of the
remuneration and the nomination function has the duty to formulate Board of Directors.
Nomination function policies and criteria needed in the nomination process
formulate the of prospective members of the Board of Directors. The Succession Policy is
succession policy One policy that can support the nomination process disclosed and available on the
in the nomination as intended is the succession policy of members of the Company’s website (www.
process of member Board of Directors. The policy on succession aims to xlaxiata.co.id).
of the Board of maintain the continuity of the regeneration process or
Directors. regeneration of leadership in the company in order to
maintain business continuity and the company’s long-
term goals.
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Relationship Between Public Company and Shareholders in Ensuring the Rights of Shareholders
Principle Recommendations Explanation of OJK Recommendations Comply
Principle 5 Determination of As the Company’s organ that authorized in managing The composition of the Board of
Strengthening total members the Company, the determination of total members of Commissioners of the Company
the Board of the Board of the Board of Directors has significant impact to the is adjusted based on the need
of Directors Directors took into Company’s performance. Thus, the determination of the of the Company.
Membership and account on the total members of the Board of Directors must be done
Composition. condition of the through careful consideration and refer to the provisions Each candidate for the Board
Public Company. of the applicable regulation, whereby based on Financial of Commissioners must first
Services Authority Regulation No.33/POJK.04/2014 be thoroughly and properly
on the Board of Directors and Board of Commissioners examined by the Nominating
of Public Company, shall at least consists of 2 (two) and Remuneration Committee
people. In addition, the determination of total members of the Company.
of the Board of Directors must be based on the need to
achieve the objectives and purpose of public company
and being adjusted to the conditions of the public
company including the characteristic, capacity and size
of the public company and effectiveness of the decision-
making by the Board of Directors.
Determination Similar with the Board of Commissioners, the composition Information pertaining with
on the composition diversity of members of the Board of Directors is a the background as well as skill
of members of the combination of required characteristic from both organ of each member of XL Axiata
Board of Directors and individual perspective according to the needs of Board of Directors is available
has considered respective Public Company. on the Company’s website
on diversity (www.xlaxiata. co.id).
of expertise, The combination is determined in view of expertise,
knowledge and knowledge and experience in accordance with Each member of the Company’s
required experience. segregation of tasks and functions of the Board of Board of Directors has diverse
Directors in achieving the purpose of the Public Company. expertise to maximize the
Thus, consideration of the combination of characteristics management duties of
will have an impact on the accuracy of the collegial the Board of Directors in
nomination and appointment of individual member of the accordance with the Company’s
Board of Directors or Directors. business scope.
Member of the The Financial Report is a management accountability In 2024 the Director of
Board of Directors report for resources management owned by the Public the Company in charge of
in charge of Company, which must be compiled and presented in accounting or finance is held
accounting or accordance with Financial Accounting Standards in by Mr. Feiruz Ikhwan who
finance has Indonesia as well as related OJK regulations, including has the following educational
expertise and/ regulation in the Capital Market sector which regulates backgrounds: Bachelor of
or knowledge in the presentation and disclosure of Public Company Science (Hons) in Economics
accounting field. Financial Statement. Based on the laws and regulations in (Accounting and Finance)
the Capital Market sector that regulates the responsibility from The London School of
of the Board of Directors for the Financial Report, the Economics and Political Science
Board of Directors is jointly responsible for the Financial (LSE), London, UK.
Report, signed by the President Director and member of
the Board of Directors in charge of accounting or finance.
Principle 6 The Board of Similar with the Board of Commissioners, the Board of In 2024 the Company
Enhancing Directors has Self- Directors’ Self-Assessment policy is a guideline as a form conducted assessment on the
the Quality of Assessment Policy of accountability to evaluate collegial performance of the BOC and BOD which includes
Implementation to evaluate the Board of Directors. Board Effectiveness, peer-to-
on Duties and performance of the peer assessment with fellow
Responsibilities Board of Directors. The self-assessment is conducted by each member of the members of the BOC and
of The Board of Board of Directors to assess the collegial performance of Cross Board Assessments with
Directors. the Board of Directors, and not to assess the individual each member of the BOD.
performance of each member of the Board of Directors. The assessment is conducted
It is expected that each member of the Board of Directors internally by the Company.
can contribute to improve the performance of the Board
of Directors on an ongoing basis. The assessment includes
understanding the roles, duties
This policy can include the assessment activity as carried and responsibilities as well
out along with the purpose and objective, periodic period as evaluating the Company’s
of implementation, and benchmark or assessment criteria GCG. The assessment result will
being used in accordance with the recommendations be used as recommendation
from the Remuneration and Nomination function of for the Company’s GCG
Public Company as required by OJK Regulation No. 34/ improvement as well as one of
POJK.04/2014 on the Remuneration and Nomination basic considerations of the BOC
Committee of Issuer or Public Company. to be reappointed.
2024 Integrated Annual Report 217
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Corporate Governance
Relationship Between Public Company and Shareholders in Ensuring the Rights of Shareholders
Principle Recommendations Explanation of OJK Recommendations Comply
The Self- The disclosure of Self-Assessment Policy on Disclosure on Self-Assessment
Assessment Policy performance of the Board of Directors is conducted is available in Corporate
to evaluate the not only to comply with transparency aspect as form of Governance Chapter of this
performance of the accountability of its duties but also to provide assurance Annual Report.
Board of Directors to the Shareholders or investors on efforts that need to
is disclosed in the be done in improving the performance of the Board of
Annual Report of Commissioners. Upon the availability of disclosure, the
Public Company. Shareholders or investors acknowledge the check and
balance mechanism towards the Board of Directors.
The Board of The resignation policy of the Board of Directors Policy on the resignation of
Directors has policy involved in financial crimes is a policy that can increase Board of Directors members if
on resignation the stakeholders’ trust in the Public Company, so that involved in financial crimes is
of member of corporate integrity will be maintained. This policy is included in the Board Manual.
the Board of needed to help the legal process and so that the legal
Commissioner when process does not interfere with the course of business The Company's Board Manual
involved in financial activities. In addition, in terms of morality, this policy will is available on the Company's
crime. build an ethical culture within the Public Company. This official website (www.xlaxiata.
policy can be included in the Guideline or the Code of co.id).
Ethics that applies to the Board of Directors.
Principle 7 The Public A person with inside information is prohibited from Policy to avoid Insider Trading
Enhancing Company has Policy conducting a Securities transaction by using inside is accommodated under the
Governance to prevent Insider information as stipulated under the Capital Market Law. Company’s Blackout Policy.
Aspect Through Trading. Public company can minimize the occurrence of insider
Stakeholders trading through prevention policies, for example by The Blackout Policy is available
Participation. firmly separating between confidential and public data on the Company’s website
as well as distributing the duties and responsibilities on (www.xlaxiata.co.id).
information management in proportional and efficient
manner.
Public Company has The anti-corruption policy is to ensure that the business Included under the Company’s
anti-corruption and activities of the Public Company are legally carried Code of Ethics, Corporate
fraud policy. out with prudent manner and in accordance with the Governance Manual and XL
principles of good governance. The policy can be part Axiata Anti- Bribery and Anti-
of the code of ethics, or as a stand-alone policy. Corruption Policy.
The policy can include, among others, programs and Company’s Code of Ethics,
procedures carried out in overcoming corruption Corporate Governance Manual
practices, kickbacks, fraud, bribery and/or gratuities in a and XL Axiata Anti- Bribery
public company. The scope of the policy must describe and Anti-Corruption Policy is
the prevention of the Public Company from all corrupt available on the Company’s
practices, either giving or receiving from other parties. website (www. xlaxiata.co.id).
The Public The Policy on vendor or supplier selection are useful to The Company has a
Company has ensure that the Public Company can obtain the required Procurement Policy that
policy on vendor or goods or services at competitive prices and good regulates the selection of
supplier selection quality. While the policy of increasing the capability of suppliers or vendors as well
and capability supplier or vendor is useful for ensuring the efficient as application of vendor
improvement. and effective supply chain. The capability of supplier or management in order to
vendor to supply/fulfill the goods or services needed ensure the legality of the
by the company will affect the quality of the company’s Company’s suppliers.
output. Thus, the implementation of this policy can
guarantee the supply continuity in terms of quantity and The Procurement Policy is
quality as required by the Public Company. The scope available on the Company’s
of this policy includes criteria in selecting supplier or website (www.xlaxiata.co.id).
vendor, transparent procurement mechanism, effort to
improve supplier or vendor capability, and fulfill the right
relating to supplier or vendor.
The Public The policy on fulfillment of creditor rights is used as The Company is not engaged
Company has policy a guideline in providing loan to creditor. The purpose in lending and borrowing. The
on fulfillment of of the policy is to maintain the fulfillment of right and policy in regard to the fulfillment
creditor rights. maintain creditor trust in the Public Company. The of creditor rights is included in
policy includes consideration in making agreement, as the Credit Agreement made
well as follow-up in fulfilling the obligation of the Public between the Bank as Creditors
Company to creditor. and the Company as a Debtor.
218 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Relationship Between Public Company and Shareholders in Ensuring the Rights of Shareholders
Principle Recommendations Explanation of OJK Recommendations Comply
The Company has A well-developed Whistleblowing system policy The Company has a
the Whistleblowing will provide certainty of protection to witness or Whistleblowing System
System. reporter for an indication of violation committed by as disclosed in Corporate
employees or management of the Public Company. Governance Chapter of this
The implementation of the policy will have an impact Annual Report.
on establishing a culture of good corporate governance.
The Whistleblowing system policy includes, among
others, type of violations that can be reported through
the Whistleblowing system, complaint procedure,
protection and guarantee of the confidentiality of the
reporter, handling procedure for received complaints,
parties that managing the complaints, and the results
and follow-up of complaints handling.
The Public Long-term incentive is a given incentive based long-term The Company has a policy
Company has a performance achievement. The long-term incentive on long-term incentives to
long-term incentive plan has the rationale that the long-term performance Board of Directors members
policy for the Board of the company is reflected in the growth of shares and employees in the form
of Directors and value or other long-term target of the company. Long- of the 2016-2020 Long-term
employees. term incentive shall have the benefit to maintain loyalty Incentive Program.
and provide motivation to the required Board of
Directors and employees to improve their performance
or productivity which will have an impact on improving
the company’s performance in the long run. The
availability of a long-term incentive policy is an actual
commitment by the Public Company to encourage the
implementation of long-term incentive to the Board of
Directors and Employees with terms, procedures and
forms being adjusted to the long-term objectives of
the Public Company. The policy can include, amongst
other, the purpose of objective in providing the long-
term incentive, terms and procedures in providing
the incentive, and condition as well as risks that must
be considered by the Public Company in providing
the incentives. This policy can also be included in the
existing public company remuneration policy.
Principle 8 The Public Company The use of information technology can be useful as a In addition to the official
Enhancing utilizes technology medium for information disclosure. The disclosure of website, the Company also has
the Disclosure information information is not only information disclosure that has channels to deliver information,
Implementation. wider than the been regulated in legislation, but also other information including Facebook (myXL),
Website as a media related to the Public Company, upon consideration is Youtube (XL Axiata Tbk),
for information useful to shareholders or investors. Upon the use of Twitter (@xlaxiata_tbk),
disclosure. wider of information technology than the Website, the Instagram (@xlaxiata_tbk) and
company is expected to improve the effectiveness of LINE (@myXL).
information dissemination.
Nevertheless, the use of information technology is
carried out while taking into account the benefit and
costs of the Company.
The Annual Report The Capital Market Regulation that regulates the As disclosed in the Corporate
of Public Company submission of annual reports of Public Company Data Chapter of this Annual
disclose the ultimate has regulated the obligation to disclose information Report
benefit owner in regarding shareholders with 5% (five percent) or more
Public Company shares of the Public Company, as well as the obligation
share ownership to disclose information about directly or indirectly main
at least 5% (five and controlling shareholders of Public Company up to
percent), other the owner of the last benefit in the ownership of the
than final beneficial shares. In this Governance Guideline, it is recommended
owner disclosures to disclose the ultimate benefit owner of the shares of
in ownership shares the Public Company at least 5% (five percent), in addition
of the Public to disclosing the owner of the final benefit of share
Company through ownership by the main and controlling shareholders.
main and controlling
shareholder.
2024 Integrated Annual Report 219
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Sustainability Report Sustainability Report 220 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
XL Axiata recorded
some critical
achievements
during the year,
driven by strategic
initiatives aligned
with our overarching
Sustainability
Strategy.
2024 Integrated Annual Report 221
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Sustainability Report
XL Axiata Sustainability Pillars
XL Axiata’s sustainability journey reflects significant progress in Environmental,
Social, and Governance (ESG) efforts. The Company has reduced carbon
emissions, optimized energy use through green investments, and delivered
impactful corporate social responsibility programs to benefit communities.
At the same time, it upholds strong governance practices, ensuring transparency,
accountability, and ethical operations.
Building Prosperity
XL Axiata contributes to the welfare of the nation by building the economy
and striving to improve people’s lives.
Nurturing People
Not only encouraging Indonesia’s progress through digital infrastructure
development, XL Axiata is also committed to building human resources
in the digital era.
Process Excellence
Good governance practices in every operational activity
support XL Axiata to become a strong company that
continues to grow.
Planet and Society
XL Axiata always carries out strategies and
operational activities that favor the environment and
society as two things that contribute to business
growth.
With ESG issues increasingly significant, XL Axiata has set an ESG strategy for
the 2022-2025. The ESG strategy for 2022-2025 outlines three initiatives for
each component of ESG, they are:
Environment Social Governance
Accelerate energy Promoting inclusive Strengthening
efficiency and sta ke h o l d er good governance
implement the use of engagement. practices to increase
renewable and clean accountability.
energy to reduce
carbon emissions by
45% by 2030.
The three components are part of XL Axiata's ESG strategy for 2022-2025, with the XL Sustainability Committee overseeing
all related policies and decisions.
222 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
ESG Roadmap of XL Axiata
Plan Focus Matrix Focus 2024 Realization In 2024 2025
Environment Climate Action Site Plan: Installation of solar Site Plan:
› Renewable and › Verify Scope 1, 2, and 3 panels in 252 Base › Verify Scope 1, 2, and 3
Accelerate clean energies emissions Transceiver Station emissions
energy › Energy efficiency › Scope 3: Adding (BTS) locations › Purchase renewable energy to
efficiency efforts inventory GHG across Indonesia to support the network activities
and adopt clean Energy and Emission emission sources support the Green BTS › Start to implement the
and renewable (Green Gas House/ › Purchase renewable Campaign electronic waste management
energy GHG) Management energy to support the
› GHG inventory network activities Purchasing 1.000 unit Target:
scope 1, 2, and 3 › Energy efficiency by of Renewable Energy › GHG emission is verified by third
› Obtainment of piloting energy saving Certificate from PLN party verificatory
environmental- initiatives with partners › Purchasing new source of
based certification Starting to implement renewable energy
Target: waste management
Environmental › GHG emission is in XL Axiata Tower.
Management verified by third party Managing 1.23 tonnes of
› Water usage data verificatory waste.
monitoring › Purchasing renewable
› Water efficiency energy source (REC) Lanching zero-waste-
consumption to landfill on 28th
› Inventory waste Anniversary Event in
data and improve October
Reduce, Reuse, and
Recycle (3R) actions
Social Community Site Plan: More than 1 million › Grew Sisternet user base and
Development › Improve impact for members of Sisternet expanded its impact within
Advance social › Community beneficiaries in relation the women’s empowerment
empowerment partnership with SDG values Reaching out 200 ecosystem.
through › Social › Obtain validation and School Communities all › Expanded GDK beneficiaries and
a digitally empowerment scoring impact for over Indonesia Kelas Cerdas Digital participants
Advancement of impact social programs to enhance digital education in
inclusive social › Advancing digital Indonesia.
approach Digitization and inclusion solution & › Broadened donation categories
Innovation collaboration with in myXL and AXISNET to include
› Digitalization for partners cross industry universities, communities, and
society in need non-formal education.
› Program innovation Target: › Strengthened disaster relief
in relation to › Sisternet 1 million users efforts by providing logistics
support society › Enhancing impact and and telecommunication aid
well-being number of beneficiaries in support of government
through capabilities initiatives.
and skills development › Continued innovation in health
› Achieving a good technology through JAGATARA
SROI (Social Return to aid stroke prevention and
on Investment) value government health programs.
for both internal and › Increased digital accessibility
external parties and job opportunities for people
› Increasing partnerships with disabilities while expanding
in social programs IoT education in Pesantren.
Governance Ethics Compliance Site Plan: Successfully achieved Maintain the current security
› Anti bribery anti › Mastering awareness ISO 27701 certification, posture while leveraging
Strengthening corruption and understanding of reinforcing our the synergies to enhance
Good Corporate › Risk management XL Axiata GCG and commitment to cybersecurity and data protection
Governance data privacy ISO 27701 data privacy and capabilities.
(GCG) Privacy security › Comply and up to compliance excellence.
practices and › Data privacy date to all regulations This accomplishment XL Axiata committed to ensuring
data security › Cyber security from governance and marks a significant a seamless transition without
to increase ASEAN policies milestone after a long compromising security standards,
accountability and dedicated effort, while also strengthening our
Target: making XL Axiata the readiness to address emerging
› GCG comply with first telecommunications cyber threats and regulatory
governance and company to obtain this requirements.
ASEAN policies certification.
› Trusted data Through collaboration and
ecosystem and obtain By meeting integration, we aim to establish a
ISO 27001 internationally more resilient security framework
recognized privacy that safeguards our company’s
standards, we continue critical assets and reinforces trust
to strengthen our data in our data protection practices.
governance framework,
enhance stakeholder
trust, and set a new
benchmark in the
industry for responsible
data management.
2024 Integrated Annual Report 223
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Sustainability Report
The assessment is conducted in three stages: benchmarking
Materiality Assessment via desktop research, an online survey, and engaging
internal stakeholders through meetings and workshops. In
XL Axiata involves stakeholders in identifying key 2024, a third party has assisted in this evaluation to ensure
Environmental, Social, and Governance (ESG) issues through a comprehensive understanding of sustainability risks and
a double materiality assessment. This process aims to opportunities.
recognize topics that impact both the environment and XL
Axiata's financial performance. As a result of this process, XL Axiata has identified and
categorized several material topics.
25 Table of Risk Rating
Risk Rating
Extreme (25)
20 Significant (21-24)
High (14-20)
Moderate (6–13)
15 Low (1-5)
Impact Materiality
Data Security
Business & Privacy
Ethics
Sustainable
Climate Economic Per-
Supply Chain
Impact formance
10
Resource Use
& Efficiency
Employee
Corporate Digital Wellbeing
Impact on Oversight
5 Leadership
Communities
Biodiversity
0 5 10 15 20 25
Financial Materiality
Building Prosperity
Economic Performance As XL Axiata advances its sustainability goals, it invests
in infrastructure improvements and network expansion,
XL Axiata understands the importance of economic leading the adoption of new technologies to enhance its
sustainability for fostering long-term growth and economic contributions to sustainable development in
development while ensuring future generations can meet Indonesia.
their needs. The Company aims to balance economic
growth with responsible resource use, integrating social In 2024, XL Axiata reported a direct economic income of
and environmental sustainability to address challenges like Rp34,343 billion, up from Rp32,574 billion in 2023, driven
climate change and social inequality. by increased sales of mobile cards and data traffic. The
Company distributed a total economic value of Rp33,153
billion to stakeholders, marking a 4.01% increase from
Rp31,874 billion the previous year.
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Economic Value Acquisition Distribution
(In Rp Million)
Economic Performance 2024 2023* 2022*
Economic Value Acquisition
Revenues 34,391,597 32,322,651 29,141,994
Profit (loss) exchange difference – net (16,326) 12,977 (61,295)
Gain from the sale and leaseback of tower 415,641 424,062 446,805
Others (230,290) (93,571) (35,142)
Finance income 80,256 100,096 111,718
Share of profit/(loss) from Associate Entity (297,829) (191,493) 3,838
Total Direct Economic Acquisition 34,343,049 32,574,722 29,607,918
Economic Value Distribution
Depreciation expenses (12,074,335) (11,349,235) (10,570,361)
Infrastructure expenses (8,942,323) (8,995,646) (7,733,947)
Sales and marketing expenses (2,094,192) (2,454,775) (2,617,998)
Interconnection and other direct expenses (3,284,180) (3,172,220) (2,876,477)
Salaries and employee benefits expenses (1,736,074) (1,402,242) (1,325,529)
General and administrative expenses (454,990) (413,040) (352,698)
Amortisation expenses (216,928) (157,216) (7,567)
Finance cost (3,112,802) (2,939,979) (2,777,385)
Income tax expense/(benefit) (579,594) (420,069) (231,842)
Cash dividends paid (635,296) (549,023) (544,078)
Community expenditure (22,190) (20,735) (10,419)
Total Economic Value Distribution 33,152,904 31,874,180 29,048,301
Retained Economic Value 1,190,145 700,542 559,617
*restatement due to PSAK 338 "Accounting for Restructuring Under Common Control Entities
XL Axiata adheres to the Manpower Law and, according to
The Effect of Climate Change on Business
its Company Regulations and Collective Labour Agreement
(CLA), sets the retirement age at 56.
Climate change poses significant challenges to the
environment, biodiversity, human health, and the economy,
The Company offers a comprehensive pension plan that
necessitating swift global action.
includes:
1. DPLK (Financial Institution Pension Fund), with 7%
In response, the Company has identified both current
of wages contributed by the Company and 3% by
and potential impacts related to climate change. Our
employees.
commitment includes reducing greenhouse gas emissions
2. JP (Pension Guarantee) from BPJAMSOSTEK, with
and increasing renewable energy usage. While we recognize
3% of wages contributed (2% by the Company, 1% by
that addressing climate change is a collective effort, XL
employees).
Axiata is focused on achieving net zero emissions, aligning
with the transition to greener energy systems.
XL Axiata will periodically adjust the maximum wage limit
in line with Government Regulation No. 45 of 2015. As of
Additionally, as awareness of sustainable lifestyles grows,
31 December 2024, the Company allocated Rp252,541
new innovations and technologies emerge that support
million for post-employment benefits, up from Rp232,675
climate change mitigation. XL Axiata is dedicated to
million in 2023. During the reporting period, 1,663 employees
minimizing greenhouse gas emissions and recognizes the
retired, and the Company met its defined contribution
urgency of this issue.
obligations for them.
Defined Benefits Program and Other Financial Assistance from the Government
Pension Plan Obligations
In 2024, XL Axiata did not receive financial assistance from
One key factor in economic sustainability is companies' the government.
ability to fulfill pension obligations for retiring employees.
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Sustainability Report
Nurturing People
Responsible Employment Practices In the past 3 (three) years we have identified the rate of work
accidents taking place throughout XL Axiata’s operations,
XL Axiata recognizes Human Capital as a vital asset which was at low level. In 2024, XL Axiata did not record any
driving the Company’s growth. To ensure fair and inclusive work accident rate as per 200,000/1,000,000 manhours,
employment, the Company’s Human Resources (HR) emphasizing its commitment to realizing the operational
management policies are built on equality and equal excellence with a zero fatality.
opportunity, allowing everyone to participate in recruitment,
career development, and training programs regardless of Workplace Health Initiatives
ethnicity, religion, race, social status, physical condition,
or gender. The Human Capital Committee, established by XL Axiata prioritizes employee welfare by offering free
the Board of Directors in 2019, oversees these initiatives, access to healthcare facilities such as fitness centers,
adhering to labor laws and regulations. Since 2023, the daycare, lactation rooms, and company-supported sports
Company has launched the digital Human Capital Super App and recreational communities. These initiatives enhance
(XLife) to enhance employee engagement and streamline health, creativity, and productivity, forming a solid
HR processes. foundation for sustainable corporate growth. Additionally,
a dedicated health clinic provides occupational health
Workplace Health and Safety services, further supporting the well-being of all employees.
XL Axiata integrates Occupational Health and Safety (OHS) Through these initiatives, XL Axiata remains committed to
into its operations to create a sustainable, productive, and fostering a safe, inclusive, and thriving workplace.
safe workplace. Guided by Government Regulation No. 50
of 2012, ISO 45001:2018, and ISO 14001:2015, the Company Sustainable Supply Chain
implements a Health, Safety, and Environment Management
System (HSEMS) aimed at achieving zero workplace XL Axiata’s success relies on strong partnerships with
accidents and no occupational diseases. HSE principles business partners who share its commitment to sustainable
also involve planned measures to minimize risks, promote value creation. The Company prioritizes local suppliers,
worker involvement, and maintain a secure, eco-friendly fostering a sustainable supply chain through competitive
environment. pricing, quality, and timely delivery.
The Occupational Health and Safety Advisory Committee Supplier selection is conducted transparently and in
(P2K3), officially recognized in 2022, strengthens HSE compliance with regulations, ensuring equal opportunities
practices by fostering collaboration between management for all participants. In 2024, XL Axiata collaborated with
and employees. In 2024, the HSE team developed programs both local and foreign suppliers, with the composition
addressing risk identification, audits, and corrective actions, detailed as follows:
including contractor safety management. A management
review meeting assessed these efforts to ensure continuous
improvement.
Total Vendors Contract Value
Descriptions
2024 2023 2024 2023
Local (Indonesia) 484 431 15,068,442,678,363 13,554,399,750,237
Foreign (Overseas) 53 48 460,422,202,322 377,414,819,365
Total 537 479 15,528,864,880,685 13,931,814,569,602
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Access and Affordability of Our Products Customer Protection, Engagement, and
and Services Satisfaction
XL Axiata ensures broad access to its diverse range of To meet the diverse needs of its customers, XL Axiata
products and services, including connectivity and ICT conducts market research, benchmarking, satisfaction
solutions tailored for enterprise clients. Through XL Axiata surveys, and performance analysis to enhance products and
Business Solutions, the Company empowers businesses services. Insights from these activities guide improvements
of all sizes and sectors to achieve their goals. In 2024, XL and ensure a superior customer experience. The Company
Axiata served over 8,700 corporate clients across 330 is committed to delivering equal treatment to all customers,
industries and maintained a robust network of 160,000 regardless of ethnicity, religion, race, gender, or political
BTS. The SME segment also saw notable growth, reaching views, in compliance with Consumer Protection Law. By
over 20,000 SMEs with a 40% quarterly increase following prioritizing fairness and inclusivity, XL Axiata fosters trust and
the launch of XL Satu Biz, supported by fiber connectivity, loyalty across its broad customer base.
mobile devices, and business applications.
XL Axiata prioritizes customer privacy through a
The Company further expanded its enterprise offerings comprehensive data protection policy available on its
by introducing Smart Mining and Smart Manufacturing website. This policy governs the use of customer data
solutions, launching Smart Energy Monitoring, and for purposes such as personalized services, database
partnering for AI-powered IoT solutions. These initiatives compilation, service communications, and regulatory
not only enhanced service efficiency but also contributed to compliance, including data disclosure to authorized entities.
sustainability through Smart Street Lighting projects across
multiple regions. To safeguard against phishing, XL Axiata advises customers
to avoid sharing personal information with unknown
parties and provides 24/7 customer service for message
verification and support. The Company ensures compliance
with prevailing regulations and adopts ISO 27001 for
its Information Security Management System (ISMS),
emphasizing data privacy and consumer protection. Key
measures include offering secure products, maintaining
transparent communication, investing in infrastructure,
resolving complaints, and conducting satisfaction surveys to
enhance quality.
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Sustainability Report
Product and Service Quality
XL Axiata leverages its extensive infrastructure of 160K
Sustainable Innovation
BTS and 190K km of optical fiber to deliver adaptable,
high-quality services across mobile, home, and enterprise
XL Axiata recognizes that its corporate image extends
sectors. To maintain security, the Company employs the
beyond financial and operational performance, fostering a
GPO (Governance-Protection-Operations) framework to
culture of innovation among employees. By encouraging
identify risks, implement protective measures, and monitor
fresh ideas for product design, the Company aims to meet
for potential breaches, ensuring continuous improvement in
evolving customer expectations, enhance competitive
its IT security posture.
advantage, and attract strategic collaborations to drive
future growth.
Digital Responsibilities, Inclusion & Rights
In 2024, XL Axiata introduced a range of innovative
Customer satisfaction is XL Axiata’s top priority, and its customer experiences, leveraging product innovation to
products and services are designed to deliver tangible create new markets, enhance competitiveness, and address
benefits to customers and stakeholders. With a vision the needs of customers, stakeholders, and regulators.
to become Indonesia’s No. 1 Converged Operator, XL Key steps in product development include:
Axiata offers converged services to meet the diverse › Using NPS evaluations to gauge customer feedback.
telecommunication and data needs of Indonesians. These › Generating new ideas through brainstorming sessions.
services enhance business performance, provide stable › Benchmarking with local and global operators.
access to entertainment, improve remote work experiences, › Staying updated on technological trends to tailor
and make information more accessible, including for products.
students in schools. › Conducting market research to track industry
developments.
To ensure product and service safety, XL Axiata conducts › Collaborating with IT & Network teams to integrate new
regular reviews to evaluate their benefits and impacts before features.
and after release. The Company’s dedicated team ensures › Regularly reviewing existing products to identify areas
products align with market needs, pass rigorous quality for enhancement.
assurance tests, and follow secure processes supported by
comprehensive SOPs, policies, and systems for customer
data protection.
XL Axiata employs Rationalization, Simplification, and
Automation strategies to streamline its offerings. This
includes developing an Enterprise Product Catalog and
integrating systems for seamless operations. Additionally,
the Company leverages Artificial Intelligence (AI) and
digital automation to create personalized customer profiles,
enabling the delivery of accurate, tailored solutions to its
users.
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Process Excellence
Corporate Governance The Anti-Bribery and Anti-Corruption Clauses strictly prohibit
stakeholders from engaging in any form of bribery or
XL Axiata upholds Good Corporate Governance (GCG) as gratification, whether directly or indirectly. This includes any
the foundation of its sustainability commitment, managing promise, offer, or payment of financial or other advantages to
resources responsibly to achieve its goals. The Company XL Axiata employees or their family members. The policy has
actively involves stakeholders in applying GCG principles— been effectively communicated to all governance members,
transparency, accountability, responsibility, independence, employees, and suppliers, with employee training conducted
equality, and fairness—aligned with its sustainability pillars: to enhance understanding and compliance.
Building Prosperity, Planet & Society, Nurturing People, and
Process Excellence. Data Security & Privacy
By prioritizing regulatory compliance and maintaining a XL Axiata adheres to ISO 27001 standards for its Information
strong reputation, XL Axiata fosters trust among stakeholders Security Management System (ISMS) to safeguard customer
and the public. To ensure effective GCG implementation, data. In 2024, the Company received no complaints regarding
the Company has established a governance structure with violations of its customer privacy policies, reflecting its
defined roles and responsibilities to execute sustainability commitment to data security and privacy.
strategies and manage the societal, environmental, and
economic impacts of its operations. Responsible Labeling & Marketing
Further details are available in the Corporate Governance XL Axiata recognizes the link between labeling and
Chapter of this Annual Report. sustainability. Clear and accurate product labels not only
support informed consumer decisions but also raise
Business Ethics awareness about environmental impacts, encouraging
sustainable choices. In 2024, the Company reported no
Integrity is central to achieving XL Axiata’s sustainability incidents of non-compliance related to product labeling
goals. The Company enforces a Code of Conduct that or marketing activities, underscoring its dedication to
outlines ethical guidelines, focusing on equality, healthy responsible practices.
partnerships, anti-corruption, and customer commitment.
This Code applies to all employees and leaders, with violations Reporting
subject to disciplinary action, including warnings, demotions,
or termination, depending on severity. The Board of Directors XL Axiata recognizes the risks that could hinder sustainable
ensures its implementation across all operations. growth, including potential legal breaches that may impact
stakeholders. To address this, the Company has established
To strengthen oversight, the Ethics and Integrity Committee, a reporting mechanism outlined in its Whistleblowing Policy
established on 30 June 2020, prevents, detects, and (No: CEOD-04-2020). This mechanism enables internal and
addresses fraud or misconduct. In 2024, XL Axiata reported external stakeholders to report, in good faith, suspected
no violations of the Code of Conduct. violations of internal policies or laws. It also ensures
whistleblowers are protected from retaliation.
Competitive Behavior
Reports can be submitted through the SPEAK UP channels
Corruption and gratification pose significant risks to economic, via email at investigation@xl.co.id or by phone/WhatsApp
social, and environmental sustainability, as well as to corporate at +6281937701234 and +6281933394567. The Head
trust and continuity. To address these risks, XL Axiata has of the Internal Audit Division and the Investigation Unit
implemented an Anti-Bribery and Anti-Corruption Policy, oversee these channels, ensuring follow-up on all reports. If
reflecting its core value of “uncompromising integrity” within further investigation is required, the Company may appoint
the "ITS XL" framework. This policy applies to internal and investigators from XL Axiata, Axiata Group Berhad, or
external stakeholders, including Commissioners, Directors, third parties to verify the claims. Proven violations result in
employees, and third parties such as distributors, agents, sanctions based on Company Regulations and applicable
vendors, and consultants. laws. Further details are available in the Corporate
Governance Chapter of this Annual Report.
2024 Integrated Annual Report 229
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Sustainability Report
Planet and Society
Emission & Energy › Deploying BTS Single RAN technology to consolidate
multiple BTS types, reducing energy use by up to 50%.
Energy Efficiency and Renewable Energy › Implementing Hybrid System Charge Discharge Batteries
Initiatives (CDC) in off-grid areas, cutting diesel consumption by
XL Axiata demonstrates its commitment to environmental 54%.
sustainability through energy efficiency measures and › Reducing new refrigerants in BTS cooling and office
increased adoption of renewable energy. The Company has operations.
reduced reliance on non-renewable sources, such as diesel › Replacing generators with battery-based power backup
fuel and conventional electricity, by advancing its Green systems.
BTS campaign, which includes installing solar panels at 250 › Increasing solar panel and lithium battery installations.
Base Transceiver Station (BTS) sites across Indonesia. Key
initiatives under this concept include: In December 2024, XL Axiata partnered with PT PLN
› Utilizing Intelligent Ventilation Cooling Systems (IVS), DC (Persero) to power its BTS devices with electricity sourced
fans, and energy-efficient air conditioning. from PLN’s Renewable Energy Certificates (REC), confirming
› “PLNization” and outdoorization to minimize air the use of renewable energy. Through this collaboration, XL
conditioning usage. Axiata purchased 1,000 RECs in 2024, equivalent to 1,000
MWh, further reinforcing its sustainability commitments.
Energy Consumption within the Company
2024 2023
Energy
Energy
Consumption Energy Energy Energy Energy
Source
Activities Consumption Intensity Consumption Intensity
Renewable Energy
REC PLN 956,319,188.94 KwH 0.34 Gj/
Petabyte
3,600 Gj
Non- Renewable Energy
Energy consumption for building PLN 3,442,749.08 KwH 902,853,187.65 Kwh
lighting and operations
3,442,742.87 Gj 3,250,271.48 Gj
Energy consumption Gasoline 275,593.70 Liter 331.70 Gj/ 228,001.34 Liter 290 Gj/
for Gasoline (Pertalite) Petabyte
9,156.60 Gj 7,797.65 Gj Petabyte
Energy consumption Diesel 1,189,149.24 Liter 1,393,829.51 Liter
for Solar (Diesel)
42,952.07 Gj 47,668.97 Gj
Total Energy Use 3,498,457.75 Gj 3,305,738 Gj
Energy consumption data for 2024 reflects an increase compared to 2023. While non-renewable energy consumption rose,
significant strides were made in adopting renewable energy, exemplifying XL Axiata’s dedication to transitioning to green
energy solutions.
230 PT XL Axiata Tbk
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Emission Reduction - Commitment to Net Zero Carbon by 2050
XL Axiata remains firmly committed to achieving net zero carbon emissions by 2050. The Company actively reduces Scope
1 and 2 emissions through energy-saving initiatives, targeting emissions from mobile and stationary energy combustion,
electricity use, and other operational activities.
GHG Emission
Scope 1 Scope 2 Scope 3
(Direct Emissions) (Indirect Emissions) (Indirect Emissions)
Total Emission: Total Emission: Total Emission:
4,082.53 tCO2e 744,398.86 tCO2e 4,252.47 tCO2e
(2024) (2024) (2024)
4,255.54 tCO2e 695,828.95 tCO2e 5,743.82 tCO2e
(2023) (2023) (2023)
5,834.11 tCO2e 648,260.03 tCO2e -
(2022) (2022) (2022)
Emission Intensity per Emission Intensity per Emission Intensity per
Revenue: Revenue: Revenue:
118.71 Ton CO eq/Billion Rp
2
21,644.54 Ton CO eq/Billion Rp
2
123.65 Ton CO eq/Billion Rp
2
(2024) (2024) (2024)
131.66 Ton CO2eq/Billion Rp 21,527.36 Ton CO2eq/Billion Rp 177.70 Ton CO2eq/Billion Rp
(2023) (2023) (2023)
200.20 Ton CO2eq/Billion Rp 22,244.87 Ton CO2eq/Billion Rp -
(2022) (2022) (2022)
Details of Categories of Scope 3 Emissions in 2024
(dalam tonCO2eq)
Category 2024 2023
Category 4: Upstream distribution and transportation 143.40 299.35
Category 5: Waste generated from the operations 928.22 1,316.13
Category 6: Business trips 371.12 596.05
Category 7: Employee travel 1,128.3 702.45
Category 9: Downstream distribution and transportation 1,676.65 2,785.93
Category 13: Leased downstream assets 4,78 43.91
In collaboration with Kadin Net Zero Hub, established in November 2023, XL Axiata continues to drive sustainability initiatives
and support Indonesia’s low-emission ecosystem. In late 2024, through XL Axiata Business Solutions (XLABS), the Company
partnered with Xanh SM to introduce Internet of Things (IoT) solutions for the electric transportation sector. This partnership
accelerates electric vehicle adoption in Indonesia, enhancing operational efficiency and reducing transportation-related carbon
emissions. Similarly, in September 2024, XLABS teamed up with Quest Motors to integrate digital connectivity into electric
motorcycles, setting new industry standards while promoting energy efficiency and reducing air pollution.
These efforts, alongside XL Axiata’s ongoing technological advancements, reinforce its commitment to reducing emissions
and fostering environmentally friendly industries. Additional initiatives include:
› Developing energy and real-time network monitoring systems to track consumption and operations.
› Launching “Xinergis,” a smart energy solution for real-time monitoring of electricity, water, and fuel usage in buildings.
› Regular evaluations to coordinate and enhance emission control efforts.
› Expanding solar panel installations and promoting energy-saving campaigns among employees.
Through these actions, XL Axiata advances toward its net-zero carbon goal while supporting sustainability-driven innovation.
2024 Integrated Annual Report 231
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Sustainability Report
Environment campaign. Employees play a key role in this
Pollution effort, ensuring the Company’s commitment is effectively
integrated across its operations.
XL Axiata recognizes that its convergence services,
including digitalization and broadband, generate economic In June 2024, XL Axiata organized a Sustainability Week,
benefits by boosting productivity, efficiency, and economic featuring activities like talk shows, podcasts, film screenings,
growth for both the Company and society. These services green bazaars, and waste management workshops.
also contribute to a healthier environment by reducing the This initiative aimed to raise employee awareness about
need for transportation, thereby lowering emissions and responsible waste management at work and home. In
pollution. celebration of World Environment Day, the Company hosted
a talk show, “The Green Scene: Empowering Eco-Lifestyle,”
Climate Change to inspire employees to adopt eco-friendly practices and
reduce environmental impact.
Aware of the environmental impacts of its operations,
XL Axiata addresses climate change risks through its As part of its #Better Environment commitment, XL Axiata
Environmental Management Policy, which focuses on launched the Waste Management Race to categorize
energy efficiency and renewable energy use. The Company operational waste into organic, non-organic, and plastic
also implements sustainable practices such as: types, enabling tailored solutions for each category. This
program not only improves waste management efficiency
› Regular maintenance of operational vehicles. but also fosters employee awareness of responsible waste
› Using Company vehicles under three years old. handling.
› Proper disposal of printer toner following regulations.
› Waste segregation into organic and inorganic categories. Proper waste management also helps reduce emissions. The
› Promoting reusable shopping bags among employees. Company’s Zero Waste to Landfill program has significantly
decreased greenhouse gas emissions, saving 3,605 kg of
Waste & Recycling CO2eq/month compared to the 4,902 kg of CO2eq/month
emitted under conventional methods, addressing waste-
XL Axiata’s operations generate both hazardous and non- related environmental concerns more sustainably.
hazardous waste in solid and liquid forms, such as used
lamps, electronic waste, food waste, paper, and used Total Waste Generated from XL Axiata
oil. Improper management of such waste can harm the Operations
environment, prompting the Company to enhance its waste
management processes and align with the #BeBetter Work
232 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Waste Category Unit Volume
Disposable 20,011
Recycled/Reused 77,101
Hazardous Waste 8,671
Residue: Ton
Wet waste 1,052
Dry waste 1,339
Electronic Waste (Electronic Equipment, Passive Equipment, iron and Cable) 186.22
Total Ton 108,360.22
Water & Effluents
XL Axiata manages effluents responsibly to prevent environmental pollution. Through third-party Wastewater Treatment Plants
(WWTP), the Company ensures wastewater is treated to meet environmental standards before being discharged. In 2024, no
effluent spills were reported, demonstrating the Company’s commitment to protecting the environment.
Water Consumption within the Company
Water Sources Unit 2024 2023 2022
PDAM M 3
7,497.46 7,382.32 7,487.13
Total Effluents Generated and Recycled from XL Axiata Operations
In 2024, XL Axiata’s operations did not produce any effluents, thus no effluent was recycled.
Circular Economy
A circular economy decouples economic growth from natural resource consumption, creating a regenerative system that
minimizes waste, emissions, and resource use through practices like reuse, recycling, and repair. As defined by The Ellen
MacArthur Foundation, its core principles include eliminating waste and pollution, keeping materials in use, and regenerating
natural systems. XL Axiata adopts a circular economy approach to address environmental challenges and empower women
nationwide to contribute to positive societal and environmental change.
2024 Integrated Annual Report 233
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Corporate Data Corporate Data 234 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
XL Axiata and
Smartfren announced
strategic merger to
create a significant
telecommunications
player to accelerate
Indonesia’s Digital
Economy.
2024 Integrated Annual Report 235
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Corporate Data
Corporate Information
XL Axiata has demonstrated its outstanding
performance and contribution to the advancement of
the telecommunications sector in Indonesia, further
solidifying its position as one of the key players in the
industry.
Name of Company PT XL Axiata Tbk formerly PT Excelcomindo Pratama, and PT Grahametropolitan
Lestari
Date of Establishment 1989
Core Business Telecommunications services and/or telecommunications networks and/or
multimedia services
Ownership Axiata Investments (Indonesia) Sdn. Bhd - 66.25%
Treasury Shares - 0.43%
Public- 33.32%
Ticker Code EXCL
Exchange Indonesia Stock Exchange
Legal Basis of Establishment Deed of establishment No. 55 dated 6 October 1989, as amended by Deed No.
79 dated 17 January 1991, both of which were drawn up before Rachmat Santoso,
S.H., Notary in Jakarta, and have been ratified by the Minister of Justice of the
Republic of Indonesia by virtue of his Decree No. C2-515. HT.01.01.TH.91 dated 19
February 1991, and registered in Company Register maintained by the Registry
Office of South Jakarta District court under No. 670/Not/1991/PN.JKT.SEL and
No. 671/Not/1991/PN.JKT.SEL, both dated 21 August 1991, and published in the
State Gazette of the Republic of Indonesia No. 90 dated 8 November 1991,
Supplement No. 4070.
Address XL Axiata Tower
Jl. H.R. Rasuna Said X5 Kavling 11-12 Kuningan Timur, Setiabudi, Jakarta Selatan,
12950 Indonesia
Phone Number +62215761881
+62215761880
Email corpsec@xl.co.id
Website https://www.xlaxiata.co.id/
Social Media
XL Axiata Tbk
@xlaxiata_tbk
@xlaxiatatbk
PT XL Axiata Tbk
@xlaxiata_tbk
@xlaxiata_tbk
236 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Prism Philosophy
This logo, known as the prism, is adopted from Axiata Group.
It represents the rich heritage and cultural diversity of Indonesia,
reflecting both the vibrant energy of the Company and the
country.
Associations Memberships
No. Organization Company’s Role and Contribution
1 Global Mobile Suppliers Association (GSA) Member
2 Submarine Cable Association (ASKALSI) Supervisory Board; Inter-Institutional Relationship, Training;
Event & Certification; Legal & Regulatory; Restoration &
Facility Management; Member
3 Indonesia Service Dialogue (ISD Council) Member
4 Association of Indonesian Telecommunications Operator Supervisory Board; Secretary General; Member
(ATSI)
5 Indonesian Telematics Society (MASTEL) Members & Management
6 Telecommunications Interconnection Clearing Supervisory Board; Member
Association (ASKITEL)
7 Indonesian Chamber of Commerce and Industry (KADIN) Member
8 Indonesian Chamber of Commerce and Industry (KADIN Member
DKI Jakarta)
9 Asosiasi Penyelenggara Jasa Internet Indonesia (APJII) Member
10 Metro Ethernet Forum (MEF) Member
11 Indonesian Corporate Secretary Association (ICSA) Member
12 Dewan TIK Nasional (Wantiknas) Advisory Team Member
13 KADIN NET ZERO Hub Member
2024 Integrated Annual Report 237
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Corporate Data
Invitation to the Annual GMS
Annual General Meeting of Shareholders Meeting Agenda
PT XL Axiata Tbk (The “Company”)
The Board of Directors of the Company submits the
In accordance with Article 17 of the Financial Services following matters to be discussed and obtain approval from
Authority Regulation (“OJK”) No. 15/POJK.04/2020, dated the Company’s Shareholders:
20 April 2020, concerning the Plan and Implementation
of the General Meeting of Shareholders of Public 1. Approval of the Company's annual report, including the
Companies (“POJK 15/2020”), as well as Article 10, supervisory duties report of the Board of Commissioners,
paragraph (3) of the Company’s Articles of Association, and ratification of the Company's financial statements
the Board of Directors of the Company hereby formally for the financial year ending 31 December 2024, as well
invites all Shareholders to the Annual General Meeting of as the granting of full release and discharge (volledig
Shareholders. This meeting is scheduled to take place on acquit et de charge) to the members of the Board
25 March 2025 at 9 a.m. and will proceed until its conclusion. of Directors and the Board of Commissioners for the
The venue for the Meeting will be at JW Marriot Hotel Mega management and supervisory actions conducted in the
Kuningan Dua Mutiara Ballroom, Jl. DR. Ide Anak Agung financial year 2024;
Gde Agung No.1&2 Kav. E1.2, Kuningan, Setiabudi, Jakarta 2. Approval of the decision of the usage of the Company's
Selatan, 12950. profits for the financial year ending 31 December 2024;
3. Appointment of public accounting firm and/or public
All Shareholders are welcome to participate in the Meeting accountant to audit the Company's financial statements
either physically present and through e-RUPS (“eASY.KSEI”) for 2025 financial year, and to audit other financial
by utilizing the e-Proxy and e-Voting system provided statements as required by the Company;
by PT Kustodian Sentral Efek Indonesia. Access to these 4. Determination of remuneration for members of the
services will be made available at https://akses.ksei.co.id/ Board of Directors and/or Board of Commissioners for
on the date of the Invitation Meeting. The electronic format the financial year 2025; and
of the meeting is intended to enhance the efficiency of 5. Changes to the Composition of the Board of Directors.
participation for all Shareholders.
DISCLAIMER: Information regarding the Meeting Agenda in this Annual Report is subject to change at any time.
Information about the Meeting Agenda may refer to the Meeting Invitation announced by the Company.
238 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
2024 Highlighted Events
January February
Jakarta, 5 January 2024 Flores, 1 February 2024
XL Axiata has successfully guarded and served the surge XL Axiata distributed essential aid to those affected by the
in customer data needs during the Christmas and New eruption of Mount Lewotobi Laki in East Flores Regency, East
Year 2024 holidays. From monitoring on 24 December Nusa Tenggara. The aid included basic daily necessities such
2023 to 2 January 2024, the average service traffic as rice, instant noodles, eggs, canned food, and cooking oil.
during the Christmas and New Year period increased by
15% compared to normal days and 19% compared to the Pekanbaru, 10 February 2024
previous Christmas and New Year period. Meanwhile, the
peak increase in service traffic occurred on New Year’s Eve XL Axiata distributed donations to people affected by
which reached 90% compared to normal day conditions. floods in Riau Province, South Sumatra, and the eruption
As predicted, streaming services dominated the spike in of Mount Merapi in West Sumatra. Donations provided are
service traffic. In contrast, legacy service traffic, namely basic daily necessities such as rice, eggs, sugar, cooking
conversations (voice) only increased by 1% and SMS by oil, packaged fish, bottled water, medicines, and other
8% compared to normal days. essentials to different areas. The donations were given to
locals in Enok District and Tanah Merah District, Indragiri Hilir
Jakarta, 19 January 2024 Regency, Riau Province.
XL Axiata presented the newest online sales service, Demak, 23 February 2024
namely “XL Store”. This service provides convenience and
practicality for people throughout Indonesia who want to XL Axiata distributed donations to flood victims in
buy an XL starter card anywhere, anytime with a regular Grobogan, Demak and Kudus, Central Java. Donations were
flat delivery rate of only IDR 9 thousand to all regions of distributed in the form of essential items such as rice, eggs,
Indonesia. sugar, cooking oil, packaged fish, bottled drinking water,
and light medicines. Donations were handed directly to local
Jakarta, 24 January 2024 representatives spread across each location, starting 19
February 2024. Along with this distribution, the Company
In order to improve customer satisfaction and loyalty in also ensured the operation of over 1,080 4G BTS to serve
all segments through various service product innovations, the locals around these areas.
XL Axiata presented “XL Poin” program for XL prepaid
customers. This program allows every XL Prepaid Jakarta, 22 February 2024
customer who makes transactions, either through myXL
application or other sales channels, to automatically earn As part of the global GSMA Open Gateway initiative,
points. The accumulated points can be redeemed for a XL Axiata, Telkomsel, Indosat Ooredoo Hutchison, and
number of attractive options through myXL apps. Smartfren – have announced the launch of three Application
Programming Interface (API) services: Number Verify, SIM
Jakarta, 25 January 2024 Swap, and Device Location. These API services are focused
on enhancing security and customer experience. The GSMA
XL Axiata began the 2024 with an expanding Fix Mobile Open Gateway initiative is a framework of common network
Convergence (FMC) network. The total area currently APIs designed to provide enterprise developers with
served by the innovative FMC - XL SATU Fiber service is universal access to operator networks. It will help developers
86 cities/regencies. and businesses accelerate the growth of digital services and
apps for customers by ensuring they work seamlessly with
the country’s leading mobile networks and hundreds of
others worldwide.
Jakarta, 27 February 2024
XL Axiata attained Carbon Disclosure Project (CDP)
certification with a B grade, recognizing its commitment
to transparent environmental practices and sustainability.
This certification, issued by a non-profit CDP organization,
highlights our dedication to ESG principles. As part of this
endeavor, XL Axiata has taken a number of concrete steps,
including conducting an inventory of carbon emissions
in scopes 1, 2, and 3, to guide carbon footprint reduction
targets.
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Corporate Data
March
Barcelona, 1 March 2024 Banjarmasin, 22 March 2024
• XL Axiata has partnered with Cisco, the worldwide In an effort to support digital education in Indonesia, XL
leader in technology, to introduce a cloud-delivered Axiata distributed router and data quota donations to Islamic
IoT Connectivity Management Platform through IoT institutions, including boarding schools (ponpes), across
Connectivity+ Product by XL Axiata to help customers the country through the Quota Donation Movement (GDK)
in Indonesia innovate and scale their IoT businesses program. One recipient was Rumah Harapan Foundation
securely. located in Banjar Regency, South Kalimantan.
• XL Axiata and Huawei have signed a Memorandum
of Understanding (MoU) to establish a strategic Surabaya, 25 March 2024
partnership focused on AI Digital Business Operation.
This collaboration aims to leverage the power of artificial During the Ramadan momentum, in an effort to support
intelligence (AI) to accelerate and enhance digital digital education in Indonesia, XL Axiata through the Quota
business operations, drive operational excellence, and Donation Movement (GDK) program, provided routers and
optimize cloud and software operating efficiency. data quotas to Islamic universities, Islamic boarding schools,
and social institutions caring for children with special needs
Medan, 6 March 2024 across Indonesia. One beneficiary was the Peduli Kasih Anak
Berkebutuhan Khusus (Caring for Children with Special
XL Axiata employees together with the journalist Needs) Foundation in Sidoarjo, East Java.
community in Medan came together for a regular blood
donation event at the Grha XL Medan office. The results Gorontalo, 27 March 2024
of this social action were given to the Medan Children’s
Oncology Foundation (YOAM) to help children with cancer. XL Axiata inaugurated the operation of the Gorontalo – Palu
fiber optic backbone network to serve the surge in cellular
Jakarta, 5 March 2024 service traffic across Sulawesi and support home internet
services. The construction of this backbone network was a
Celebrating International Women’s Day 2024, XL collaboration between XL Axiata and PT Alita Praya Mitra.
Axiata through the Sisternet Program introduced the
”FINANSISTER” feature in the Sisternet app. At the same Padang, 26 March 2024
time, by collaborating with PT Bank OCBC NISP Tbk
(OCBC), XL Axiata also launched a collateral-free loan Through XL Axiata Peduli, XL Axiata continued to assist
facility for business capital and digital financial literacy disaster victims in Indonesia by providing assistance to flood
education for Indonesian Womenpreneurs. victims in 3 sub-districts of Pesisir Selatan Regency, West
Sumatra, including Koto XI Tarusan District, Nagari Tambang
Jakarta, 8 March 2024 District, and Batang Kapas District.
XL Axiata through XL Axiata Business Solutions (XLABS)
in collaboration with Alita Praya Mitra (Alita) launched
“XL Axiata Access Sehat”, a connectivity service and
smart facilitating Electronic Medical Records (RME) in the
healthcare sector, signifying a new step toward enhancing
wider support to access and the quality of healthcare
services across Indonesia.
Sleman, 19 March 2024
In support of the Indonesian government’s effort to
improve educational infrastructure, XL Axiata has made
an important contribution by distributing routers and
data quotas to several Islamic boarding schools (ponpes)
across Indonesia. This initiative was part of the Company’s
commitment to enhance digital education in Islamic
boarding school environment amidst the momentum of
Ramadan 1445 H.
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Strengthening Profitability for a Sustainable Future
April May
Surabaya, 4 April 2024 Jakarta, 1 May 2024
Employees of XL Axiata, through XL Axiata through XL Axiata Business Solutions (XLABS), introduced
the XL Axiata Ta’lim Council (MTXL digital solutions aimed at accelerating the digital transformation journey
Axiata) organized the “Semarak within the Indonesian manufacturing industry. These smart manufacturing
Ramadan” program across various solutions with Internet of Things (IoT) technology offered benefits such as
cities in Indonesia. They shopped for heightened operational efficiency, increased added value, and enhanced
Eid clothes and aided needy orphans product quality.
in Surabaya, Bandung, and Palembang.
Jakarta, 4 May 2024
Jakarta, 5 April 2024
XL Axiata has partnered with PT Mobil Anak Bangsa (MAB) through XL
XL Axiata organized a Complimentary Axiata Business Solutions (XLABS) to provide essential ICT services, such as
Homecoming Initiative for sales Internet of Things (IoT) and fixed connectivity, for a leading national electric
partners and retailers of XL bus manufacturer. This collaboration signified XL Axiata’s commitment to
Axiata’s service products from the advancing the local electric vehicle industry.
Jabodetabek area, as well as for its
employees. Over 500 participants Jakarta, 7 May 2024
were taking part in this program,
bound for various cities in West Dian Siswarini, President Director & CEO XL Axiata and Co-Chair of W20
Java, Central Java, DI Yogyakarta, Indonesia 2022, represented Indonesia at the CSW Session, participating
and East Java. XL Axiata has made in a side event titled “Addressing Poverty, Strengthening Institutions,
arrangements with 12 large buses, 5 and Financing for Women Empowerment,” alongside officials from the
Innova units, and 5 Alphard units for Indonesian Ministry of Women’s Empowerment and Child Protection (PPPA)
this purpose. and the Women’s Congress Indonesia (Kowani).
Jakarta, 17 April 2024 Pekanbaru, 13 May 2024
XL Axiata observed a rise in data usage Employees of Xl Axiata gathered at the Grha XL Pekanbaru office on Jalan
during the Ramadan and Idul Fitri Tuanku Tambusai Ujung No. 819, Pekanbaru to conduct a blood donation
1445 H holidays, spanning from 4 April drive. Alongside this initiative, they also distributed book donations to
2024 to 14 April 2024. Data sourced children from the Darul Ilmi Orphanage located on Jl. Rawasari I, Pekanbaru
from the Customer Experience & City.
Service Operation Center at XL
Axiata Tower, Jakarta, indicates a Jakarta, 15 May 2024
16% increase in data service usage
compared to regular days preceding Axiata Group and Sinar Mas announced that they have entered a new
Ramadan. This surge is closely linked phase with the signing of a non-binding Memorandum of Understanding
to individuals’ enthusiasm to return (“MOU”) to explore the proposed merger between XL Axiata and Smartfren
to their hometowns and enjoy the (“Proposed Transaction”) in order to create a new entity (“MergeCo”).
holiday festivities during Eid.
Denpasar, 17 May 2024
XL Axiata ensured its 4G network was fully prepared to support the 10th
World Water Forum (WWF), scheduled for 18-25 May 2024, in Nusa Dua,
Bali. Various preparations have been completed, including increasing
network capacity and optimizing data services at key WWF venues such as
Ngurah Rai International Airport, Bali Nusa Dua Convention Center (BNDCC),
Bali International Convention Center (BICC), Bali Collection, Tsunami Shelter
Plaza (Kuta), Pasifika Museum, Bali Turtles, Garuda Wisnu Kencana (GWK),
and Melasti Beach. For security purposes, XL Axiata was collaborating with
the National Police to provide a data network for Body-Worn Cameras.
lso distributed book donations to children from the Darul Ilmi Orphanage
located on Jl. Rawasari I, Pekanbaru City.
Surakarta, 19 May 2024
Through XL Axiata Business Solutions (XLABS), introduced the XL SATU
Biz service, aimed at facilitating SME digitalization to enhance their
competitiveness and productivity. In line with this commitment, XL Axiata
participated in the series of events commemorating the 44th anniversary of
the National Crafts Council (Dekranas) held in Surakarta or Solo from 15-19
May 2024.
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Corporate Data
May June
Central Buton, 25 May 2024 Jakarta, 5 June 2024
President Director & CEO of Xl Axiata, XL Axiata has introduced a new data quota package designed
Dian Siswarini, inaugurated the Al-Amin to provide XL Prepaid customers with #convenience and #better
Madrasah Ibtidaiyah development project connectivity through telecommunications and internet services. The
along with its supporting facilities in Central “Bebas Puas” package allows customers the flexibility to choose a
Buton Regency, Southeast Sulawesi. The plan based on their budget, with benefits such as accumulated quota,
procurement of basic education facilities extended package validity when purchasing additional packages, 24-
cost approximately IDR800 million, funded hour quota availability, and various bonus options.
by contributions from XL Axiata employees
and management. The inauguration event Jakarta, 17 June 2024
was also attended by XL Axiata’s Chief of
Human Capital Officer, M Hira Kurnia, Chair Majlis Taklim XL Axiata (MTXL Axiata) once again enabled all
of the MTXL Foundation, Fery Firman, and members of the MTXL Axiata congregation, as well as employees
other XL Axiata employees. and management of XL Axiata, to perform qurbani services for Eid
al-Adha 1445 H. MTXL Axiata distributed sacrificial animals in Pasar
Denpasar, 28 May 2024 Manggis Village, Setiabudi District, South Jakarta. Dian Siswarini,
President Director & CEO of XL Axiata, attended the handover and
XL Axiata introduced a new concept for slaughter of the sacrificial animals.
the XL Center in Bali, located on Jl. Sunset
Road, Badung. This new concept aims to Jakarta, 21 June 2024
enhance service quality by incorporating
the local Balinese cultural ambiance. XL Axiata held a Sustainability Week program with various events,
from talk shows, podcasts, film screenings, green product bazaars,
Jakarta, 29 May 2024 to workshops on waste management. Through this program,
management invited employees to care about managing waste, both
In partnership with PT ITSEC Asia Tbk at home and at work. XL Axiata is also determined to strengthen its
and Hypernet Technologies, XL Axiata commitment to waste management with concrete steps to make the
announced the launch of IntelliBron˜, Company’s environment.
“Your Smart Cybersecurity Companion”.
DEFEND IT360 has been appointed as a Jakarta, 22 June 2024
Strategic Partner to market this product.
IntelliBron˜ is an integrated cybersecurity In partnership with the Lentera Membangun Bangsa Foundation, XL
system designed to address the current Axiata has relaunched the GDK program under the theme “Internet
challenges in cybersecurity, particularly for Access for Indonesia’s Smart Generation. This initiative has received
Small and Medium Enterprises (SMEs). This approval from the Ministry of Social Affairs of the Republic of
collaboration also marked a strategic move Indonesia, making XL Axiata the only operator with such a donation
for XL Axiata Business Solutions (XLABS) program.
to enhance its cybersecurity solutions
portfolio. Jakarta, 28 June 2024
Jakarta, 30 May 2024 The XL Center Online service has been enhanced in appearance,
features, and capacity to meet the high demand for online services
Through its Corporate Social Responsibility #JadiLebihBaik. The updated XL Center Online now offers more
(CSR) program “XL Axiata Peduli”, Xl Axiata, comprehensive features, similar to those available at physical outlets,
in collaboration with Alita Praya Mitra (Alita), including eSIM registration, lost card replacement, forfeited card
has introduced JAGATARA (Jiwa Raga activation, selecting premium numbers, smartphone bundling, and
Sehat Sejahtera), an early detection solution easier ticket tracking.
for stroke. This innovative solution featured
advanced detection capabilities, integrating Garut, 30 June 2024
technology and public health analysis on a
unified platform. XL Axiata has partnered with Garut University (UNIGA) to enhance the
fulfillment of the Tri Dharma of Higher Education—Education, Research,
and Community Service. Through this collaboration, UNIGA students
will leverage XL Axiata’s technology, network, and telecommunications
services for learning and community engagement. The memorandum
of agreement was signed by Garut University’s Chancellor, Dr. Ir. H.
Abdusy Syakur Amin, M.Eng, IPU, and XL Axiata’s President Director &
CEO, Dian Siswarini, on the UNIGA campus.
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July August
Batam, 2 July 2024 Surabaya, 2-3 August 2024
XL Axiata provided internet coverage on numerous XL Axiata held a series of digital competency training
remote islands in the Riau Islands Province (Kepri). There sessions for people with disabilities in Surabaya, aiming to
were more than 1,750 BTS (Base Transceiver Stations) prepare individuals with disabilities for the workforce. A total
deployed across the Riau Islands, mostly 4G-enabled. of twenty participants with disabilities attended the two-
This availability of internet services underscores XL day training. In addition to Surabaya, these training sessions
Axiata’s commitment to supporting government were also held in Medan, Bandung, and Jakarta.
initiatives aimed at equalizing data services and fostering
the digital economy in remote regions. Jakarta, 7-8 August 2024
Jakarta, 7 July 2024 XL Axiata’s commitment to adopt various new technologies
was evident in the event “Technology Days 2024” with the
XL Axiata offered a bundling program that provided theme “AI for Sustainable Tomorrow,” at XL Axiata Tower,
extra value for both postpaid and prepaid XL customers. Jakarta. This event featured several speakers, including the
For XL PRIORITAS customers, the myPRIO DEAL iPhone Indonesian Minister of Trade (2011-2014), Gita Wirjawan,
is available. Through this program, customers who Director of BAKTI Kominfo, Fadhilah Mathar, Director &
purchase any type of iPhone at XL Centers and XL Chief Enterprise Business and Corporate Affairs Officer of
PRIORITAS partner stores will receive a bonus quota that XL Axiata, Yessie D. Yosetya, Head of the AI Center ITB,
is twice as large, up to 240GB. The myPRIO DEAL iPhone Ayu Purwarianti, as well as other speakers from Tiket.com,
bundling program will be available to customers starting GRAB, Astra Digital International, Ericsson, Kalbe, ZTE, Bank
from 7 July 2024. Central Asia, AWS, Huawei, and APAC.
Makassar, 16 July 2024 Jakarta, 12-16 August 2024
XL Axiata continued to broaden its Fixed Mobile XL Axiata hosted the 2024 CTPR (Converged
Convergence (FMC) network in Sulawesi. Starting in Telecommunications Policy and Regulations) Masterclass
early March 2024, the FMC XL SATU Fiber network symposium at XL Axiata Tower in Jakarta. This symposium
was available in Morowali Regency, benefiting the local aimed to improve comprehension and policymaking within
community. Morowali has become the third city/district the telecommunications sector throughout the Asia-Pacific
in Central Sulawesi to receive this converged service. region. The program featured a range of panel discussions,
interactive sessions, and industry tours, all crafted to
Jakarta, 22 July 2024 deepen participants’ knowledge and insights into the
latest developments in converged telecommunications
Employees of XL Axiata through the Majelis Ta’lim XL #JadiLebihBaik.
Axiata (MTXL Axiata), organized the Semarak Muharram
1446H program “Happiness for Orphans.” This program North Lombok, 15 August 2024
was held annually in various cities across Indonesia. This
year, XL Axiata employees simultaneously distributed aid XL Axiata Business Solutions has become a partner for the
in 15 cities in Indonesia. North Lombok Regency Government in providing a smart
system for public street lighting (PJU) and various ICT
Bandung, 22 July 2024 solutions to develop North Lombok into a smart city. One
of the implementations included the provision of a smart
XL Axiata organized a series of training programs to street lighting network (PJU). Additionally, XL Axiata also
enhance digital skills for people with disabilities. Apart assisted in providing various ICT solutions for all Regional
from the Disability Islamic Boarding School training, XL Work Unit (SKPD) devices.
Axiata has also prepared additional sessions aimed at
preparing individuals with disabilities for the workforce. Jakarta, 16-18 August 2024
Gorontalo, 30 July 2024 XL Axiata celebrated the 79th anniversary of the Republic of
Indonesia (RI) by offering a variety of promotions. All loyal
XL Axiata through its XL Axiata Peduli Program, has customers of XL Prepaid, AXIS, XL PRIORITAS, and XL SATU
distributed aid to victims of the recent floods and Fiber had the opportunity to enjoy special Independence
landslides in Gorontalo, which occurred in July 2024. The Day promotions of up to 45% available through the myXL
assistance included daily necessities such as rice, instant app, AXISnet, and XL Store.
noodles, eggs, canned food, and cooking oil. The aid was
delivered directly to the affected victims at evacuation
sites by XL Axiata representatives, in cooperation
with the Benihbaik Foundation, at a shelter located in
Donggala, Hulonthalangi, Gorontalo City last week.
2024 Integrated Annual Report 243
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August September
Jambi, 17 August 2024 2 September 2024
To celebrate the 79th anniversary of XL Axiata through AXIS is once again organizing the largest high school futsal
the Republic of Indonesia, XL Axiata tournament in Indonesia, the “AXIS Nation Cup 2024”. This event is also one of
has expressed its appreciation the biggest youth-oriented ‘sportainment’ events in Indonesia. The AXIS Nation
to XL SATU customers in Padang Cup 2024 will take place in 40 cities, involving 1,650 schools and a total of 16,500
and Jambi, serving as a token of athletes from various regions in Indonesia. Moreover, AXIS Nation Cup 2024 has
gratitude for the increasing number introduced a new category, Women’s Futsal. The total prize money for the winners
of XL SATU customers in these amounts to IDR870 million.
cities.
Surabaya, 7 September 2024
Garut, 17 August 2024
XL Axiata continued to expand the benefits of its “Sisternet” program, aimed
Together with dozens of students at empowering Indonesian women to #JadiLebihBaik. One of the initiatives
from Special Needs School (SLB) Sisternet Expands Benefits for Indonesian Women Hosts Community Gathering
Garut, the management and 79 and Socializes the Kompetisi Modal Pintar 2024 Program is to promote increased
employees of XL Axiata celebrated digital literacy among women who own and manage small and medium enterprises
the 79th Anniversary of the Republic (SMEs) across Indonesia.
of Indonesia. The event included
a flag-raising ceremony and the Padang, 9 September 2024
reading of the Proclamation of
Independence. XL Axiata through its Sisternet program, hosted the “Sisternet Goes To Campus”
event at Andalas University (UNAND) in Padang, West Sumatra, under the theme
Jakarta, 22 August 2024 “Empowering Future Female Leaders.” XL Axiata invited over 1,500 female
students from UNAND to expand their perspectives, address various women’s
XL Axiata held “Sisternet Festival issues, and collaboratively explore solutions.
2024,” under the theme “Women of
the Future, Collaborative Women,” Jakarta, 12 September 2024
a series of new Sisternet programs
aimed at empowering 1 million XL Axiata has introduced a new service innovation aimed at enhancing the
Indonesian women. customer experience. This innovation features prepaid card registration using
facial recognition biometric technology. The trial for this innovative service was
Medan, 30 August 2024 conducted at XL Center Gandaria City, Jakarta. This facial recognition technology
enables more precise identity verification, streamlining the prepaid card registration
XL Axiata has set up a high-quality process. It also adheres to industry Know Your Customer (KYC) protocols to ensure
network to ensure the success of the accuracy of data and reduce the risk of fraud or identity theft.
the National Sports Week (PON)
XXI 2024, which took place in Cimahi, 13 September 2024
Aceh and North Sumatra from 9-20
September 2024. Among the key XL Axiata has re-launched the Quota Donation Movement (GDK). This program
venues anticipated to attract large aims to support the government in enhancing digital literacy in the education
crowds was the Harapan Bangsa sector by distributing free internet access of up to 3,000,000 MB to educational
Stadium in Banda Aceh, where the institutions in need. The launch took place at SMKN 1 Cimahi on Friday (13/9),
opening ceremony took place on marked by the distribution of data donations to 28 schools.
Monday, 9 September 2024.
17 September – 22 October 2024
After conducting digital skills training for 115 disabled individuals, XL Axiata,
through its corporate social responsibility (CSR) programs XL Axiata Peduli and XL
Axiata Baik, invited 20 selected disabled individuals to participate in an internship
at XL Axiata. This program was part of the XL Axiata Peduli Disabilitas Siap Kerja
initiative.
Jakarta, 19 September 2024
XL Axiata Business Solutions (XLABS) has formed a partnership with PT Ide Inovatif
Bangsa (Quest Motors), an Indonesian electric motorcycle company. Through this
collaboration, Quest Motors will integrate digital solutions from XL Axiata Business
Solutions into their vehicle platform.
244 PT XL Axiata Tbk
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October
Jakarta, 20 September Bekasi, 2 October 2024
2024
XL Axiata delivered the benefits of the Quota Donation Movement Program
XL Axiata has partnered exclusively (GDK) to 28 educational institutions across Indonesia. This time, SMK Adhi
with Samsung Indonesia to offer a Karya in Cabangbungin, Bekasi Regency, was among the recipients, along
bundling package program. Through with 27 other institutions. By the end of the year, XL Axiata aims to support
this collaboration, customers received a total of 200 educational institutions, including schools, pesantren (Islamic
a data package ranging from 36GB boarding schools), orphanages, and facilities for individuals with disabilities,
to 120GB for 12 months with every to access the advantages of the GDK Program.
purchase of a Samsung Galaxy A06.
This exciting offer was valid from 6 Medan, 3 October 2024
September to 6 December 2024.
In celebration of XL Axiata’s 28th anniversary, employees held simultaneous
Mataram, 24 September blood donation drives across 5 cities in Sumatra. The blood drives took place
2024 at XL Axiata offices in Medan, Pekanbaru, Jambi, Bengkulu, and Palembang.
The collected donations from this social initiative will be given to the Medan
XL Axiata confirmed that its 4G Children’s Oncology Foundation (YOAM) and distributed to children battling
network in Lombok had been fully cancer in Medan. Meanwhile, in Pekanbaru, Jambi, Bengkulu, and Palembang,
prepared to support the success of the the blood will be distributed through the Indonesian Red Cross (PMI) to those
2024 MotoGP event at the Mandalika in need. #SelaluAdaUntukIndonesia
Circuit, West Lombok Regency, West
Nusa Tenggara (NTB), from 27-29 Jakarta, 10 October 2024
September 2024. XL Axiata has
prepared at least 81 4G BTS to cover XL Axiata continues to bring digital innovations to its bundling programs.
all strategic areas, including Lombok The customers who purchase the Xiaomi 14T Series, a smartphone with a
International Airport in Praya, the flagship-level camera, can enjoy XL prepaid eSIM services with up to 60GB of
Kuta Mandalika area, and along the data for 12 months. This attractive offer is available starting 5 October 2024.
BIL-Mandalika bypass.
Yogyakarta, 10 October 2024
Bandung Regency,
25 September 2024 XL Axiata launched “Sisternet Goes to Campus.” This time, the program
aimed at female students took place at Universitas Muhammadiyah
XL Axiata Peduli Bencana (XL Axiata Yogyakarta (UMY). Hundreds of UMY female students were invited to embark
Cares for Disaster) program extended on a journey to become “Female Future Leaders” by broadening their
support to the earthquake victims perspectives, discussing various issues, and exploring solutions to challenges
in Cibeureum, Kertasari, Bandung faced by women.
Regency. The assistance included
essential items for displaced residents, Jakarta, 12 October 2024
such as sleeping mats, blankets, and
tarpaulins. XL Axiata has taken the opportunity of its 28th anniversary to reaffirm its
commitment to sustainability programs, including achieving Zero Waste to
Jakarta, 27 September Landfill (no waste will be sent to landfills). In front of approximately 4,000
2024 employees and their families at the anniversary celebration held at Taman
Mini Indonesia Indah in East Jakarta, XL Axiata’s management emphasized
First Media’s home internet services the Company’s commitment to waste management.
have officially become part of XL
Axiata. The integration of one of the Balikpapan, 12 October 2024
largest cable internet service providers
in Indonesia following the merger of In an effort to continuously deliver quality services and support the developing
Link Net with XL Axiata based on the infrastructure in East Kalimantan, XL Axiata has officially opened a new
B2C business transfer agreement on office and XL Center in Balikpapan. The new building, located at Jl. Jendral
22 May 2024. Following this business Sudirman, SOHO BSB Block G15, Balikpapan, East Kalimantan, is designed
merger, First Media and XL Axiata with a modern and comfortable concept to meet the needs of customers
will strive to ensure that customers in the current digital era. It replaces the previous office and XL Center, with
continue to enjoy the same services better services for customers and the Balikpapan community.
or #JadiLebihBaik, and customers will
have easier access to a broader range
of products, including mobile services
alongside internet and/or cable TV.
2024 Integrated Annual Report 245
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Corporate Data
October November
Denpasar, 14 October 2024 Purwokerto, 1 November 2024
In collaboration with the Ministry of Women’s Empowerment • Through XL Axiata Business Solutions (XLABS),
and Child Protection of the Republic of Indonesia (Kemen PPPA), the Company implemented the MyAcademic
XL Axiata launched the Sisternet program “She Inspire” at the digital platform, serving as an integrated academic
Kerobokan Women’s Penitentiary in Bali. This program aims to information system. The launch was officiated by
help female inmates overcome social and economic challenges Feby Sallyanto, Chief Enterprise Business Officer
through skills empowerment, psychological support, and of XL Axiata, and The Dean of the Medical Faculty
entrepreneurship mentoring. The initiative seeks to equip these at Unsoed, Dr. dr. M. Mukhlis Rudi Prihatno, M.Kes,
women with new skills, enabling their successful reintegration M.Si.Med, Sp.An-KNA.
into society and helping them #jadilebihbaik.
• XL Axiata is supporting digitalization at Universitas
Central Lampung, 15 October 2024 Jenderal Soedirman (Unsoed) in Purwokerto,
Central Java. Through XL Axiata Business
Located at the Salafiyah Darussa’adah Islamic Boarding School Solutions (XLABS), the Company is implementing
in Central Lampung, Lampung, XL Axiata has introduced the MyAcademic digital platform, which serves as
IoT solutions for maggot farming. The IoT Maggot solution, an integrated academic information system. The
developed by XCamp as XL Axiata’s IoT solution development launch was officiated by Feby Sallyanto, Chief
laboratory, includes several monitoring features as well as Enterprise Business Officer of XL Axiata, and The
temperature and humidity controls at the Black Soldier Fly Dean of the Medical Faculty at Unsoed, Dr. dr. M.
(BSF) farming site. BSF is a type of fly whose eggs develop into Mukhlis Rudi Prihatno, M.Kes, M.Si.Med, Sp.An-
maggot larvae. The benefits of this IoT-based digital solution KNA.
include increased maggot productivity, reduced operational
costs, and providing data for Big Data and Artificial Intelligence Jakarta, 6 November 2024
purposes to facilitate planning, forecasting, and maintenance.
XL Axiata won four prestigious awards at the
Jakarta, 19 October 2024 annual Stellar Workplace Award 2024 event. The
event, organized by Kontan Business & Investment
XL Axiata Business Solutions (XLABS) has introduced its latest Media in collaboration with PT GML Performance
innovative digital solution, XL Axiata HydroponiX, an Internet Consulting, was held at Le Meridien Hotel in Central
of Things (IoT) based smart farming solution. This solution is Jakarta last weekend. The awards recognize XL
specifically designed to support hydroponic farmers, enabling Axiata’s achievements in creating digital-based
them to enhance the quality of their crops. innovative programs and building strong employee
engagement to improve business performance.
Jakarta, 29 October 2024
XL Axiata continued to strengthen its position in the
telecommunications industry through collaboration with Huawei
Indonesia in network automation development. Through this
partnership, XL Axiata has successfully achieved AOMM Level
3.0, which is a pretty high standard set by TM Forum for
automation. This achievement has established XL Axiata as a
pioneer of internationally standardized autonomous networks
in Indonesia, providing high-quality connectivity with optimal
efficiency.
Palangkaraya, 30 October 2024
Through XL Axiata Care Program (Program XL Axiata Peduli),
XL Axiata has distributed aid to victims of the flooding that
struck Sanggau in West Kalimantan and Murung Raya in
Central Kalimantan. The assistance included essential supplies
such as rice, instant noodles, eggs, canned food, and cooking
oil. Representatives from XL Axiata, in collaboration with the
Benihbaik Foundation, delivered the aid directly to affected
communities last week.
246 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
December
Jakarta, 25 November 2024 Jakarta, 2 December 2024
XL Axiata has prepared its network for a surge in data XL Axiata and PLN Collaborate on Power Supply and
traffic during the 2024 Regional Elections (Pilkada), Renewable Energy Usage to Support the Utilization
which will take place simultaneously in 37 provinces. of Green Energy for Sustainability. Both have formed
This preparation is intended to accommodate increased a strategic collaboration to supply electricity for Base
digital activity during the election season. XL Axiata is Transceiver Station (BTS) devices and migrate to
dedicated to ensuring that its customers have access green energy. This relationship will endure for the next
to telecommunications and internet service during the two years, beginning in September 2023 and being
election process and related activities on 27 November extended in October 2024. The goal is to integrate both
2024. The quality network developed by XL Axiata is parties’ products and explore possible opportunities,
part of the Company’s continuous work to enhance its not only to provide a secure electricity supply, but also
network and customer experience throughout the year. to develop long-term business solutions that improve
public services and benefit the enterprises involved.
Flores, 30 November 2024
Lombok, 4 December 2024
XL Axiata has stated that its telecommunications
services are generally safe and have not been adversely XL Axiata supported digitalization of Islamic Boarding
affected by the eruption of Mount Lewotobi Laki-Laki in Schools in East Lombok Introduces IoT and AI Solutions.
East Flores Regency. Despite the eruption, the XL Axiata Through the Digital Pesantren program, XL Axiata
network is safe and has had minor impact. XL Axiata introduced the use of Artificial Intelligence (AI) and
has also provided logistical assistance to displaced Internet of Things (IoT) solutions to help empowering
residents through the XL Axiata Peduli disaster response the islamic boarding school’s economy. One of the
program. The help includes clean water, kitchen supplies, IoT solutions introduced is X-Maggot, a technology
milk, children’s meals, medicine, routers, free data SIM designed to support maggot farming as part of organic
cards that provided 10GB of internet data per month waste management.
for two months, as well as free phone calls. Customers
can make 10 minutes of free calls and send 10 free SMS Jakarta, 11 December 2024
messages to other operators to help customers and
the public communicate and access information during XL Axiata and Smartfren announced IDR104 Trillion
the tragedy. Customers can also get 500MB of data by (~US$6.5 Billion) Strategic Merger to create a
dialing *505#. Significant Telecommunications Player to accelerate
Indonesia’s Digital Economy. This merger will establish
PT XLSmart Telecom Sejahtera Tbk (“XLSmart”), a
new telecommunications powerhouse combining the
strengths of Indonesia’s trusted telecommunications
operators to drive innovation, improve service quality,
and enhance digital connectivity nationwide.
2024 Integrated Annual Report 247
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Corporate Data
Awards and Certificates 2024
Awards 2024
No. Date Awards Awarding Party Category
1 16 February 2024 Carbon Disclosure Carbon Disclosure XL Axiata successfully achieved Carbon
Project (CDP) with a Project (CDP) Disclosure Project (CDP) certification with a
B grade B grade in the first submission, recognizing
the Company's commitment to environmental
transparency and sustainability efforts.
2 26-29 February 2024 TM Forum Asset The Iconomics The catalyst project concept, resulting from
Award 2024 collaboration between PT XL Axiata Tbk (XL
Axiata), Huawei Indonesia, and several other
partners, won the TeleManagement Forum
(TM Forum 2024) Catalyst Awards.
3 26 March 2024 Fortune Indonesia IDN Media A Fortune Global program awarded to
Change the World companies with programs that positively
impact their community, environment, and
workers while enhancing the company's
performance and reputation consistently.
4 26 March 2024 Indonesia Most Warta Ekonomi Awarded to companies that create long-term
Visionary Companies value for all stakeholders; this is a complex
Awards 2024 challenge but can be achieved through a
holistic and sustainable approach.
5 4 April 2024 Corporate Secretary SWA Media Group The Corporate Secretary Division was
Champions 2024 awarded the 2024 Corporate Secretary
Champions Award with the distinction of
"Excellent."
6 31 May 2024 HR Asia Awards HR Asia Achieved two prestigious awards: “Best
2024 Workplace to Work for in Asia” and ‘Diversity,
Equity, & Inclusion Award’.
7 2 June 2024 Indonesia Regulatory Hukumonline XL Axiata received the highest award
Compliance Awards (Sapphire) at the Indonesia Regulatory
(IRCA) 2024 Compliance Awards (IRCA) 2024.
8 3 June 2024 Sustainable Marketeers XL Axiata, through XL Axiata Business
Marketing Excellence Solutions (XLABS), proudly announced its
Award 2024 success in winning the prestigious Marketeers
Sustainable Marketing Excellence Award
2024.
9 6 June 2024 Best Corporate Investortrust.id & XL Axiata received awards for Best Corporate
Emissions Reduction Bumi Global Karbon Emission Reduction Transparency 2024
and Calculation Foundation (BGK (Green category) and Best Corporate
Transparency 2024 Foundation) Emission Calculation Transparency 2024
(Gold category).
10 18 June 2024 20 Top Companies Bloomberg Technoz XL Axiata has been recognized as one of the
to Watch In 2024 top 20 companies by Bloombergtechnoz.
com. This recognition was awarded because
EXCL shares are expected to perform well
this year.
11 24 June 2024 Selular Award 2024 Selular Media XL Axiata's Sisternet Program won the Best
Network Women Empowerment Program award and
XL Axiata Business Solution won the Best
Operator for Business award.
12 1 July 2024 Indonesia Corcomm SWA Media Group & XL Axiata won the Indonesia Corcomm Dream
Dream Team 2024 MIX Marcomm Team 2024 award for the Journalist Choice
category.
248 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
No. Date Awards Awarding Party Category
13 24 July 2024 HR Excellence Award SWA Media Group & XL Axiata won the prestigious HR Excellence
2024 LMFEB UI Award 2024 organized by SWA Media Group
and the Management Institute of the Faculty
of Economics and Business, University of
Indonesia (LMFEB UI).
14 2 August 2024 SPex2 Award 2024 GML Performance PT XL Axiata Tbk has demonstrated
Consulting & its commitment to ESG principles and
KONTAN Business & sustainability, making another achievement
Investment Media by winning two awards: “The Best
Execution Winner in the Telecommunication
Industry” and “Outstanding Achievement in
Sustainability & Governance.” These honors
were received at the 9th SPEx2® Award
ceremony, which focused on the theme of
sustainability.
15 16 August 2024 ESG Initiative SustainLife Today XL Axiata won 3 awards in the categories of
Awards 2024 dan Business Update Best Social Impact and Human Rights, Best
Millennial and Gen Z Engagement Leadership,
and Best Leader for ESG Initiatives.
16 6 September 2024 Fortune Indonesia Fortune Indonesia XL Axiata made it to the Fortune Indonesia
100 Gala 2024 100 list, strengthening its position as
one of the major players in Indonesia's
telecommunications sector.
17 25 September 2024 Indonesia’s Best CX SWA Media Group XL Axiata won the Indonesia Best Customer
and EX Strategy Experience (CX) and Employee Experience
2024 (EX) Strategy 2024 awards with Excellent
predicate.
18 27 September 2024 79th Bhakti Post and Kominfo XL Axiata has become the only company to
Telecommunication receive 2 Satyalancana awards.
Day
19 4 October 2024 Stellar Workplace Kontan Business & XL Axiata won four prestigious awards at the
Award 2024 Investment Media annual Stellar Workplace Award 2024.
20 13 November 2024 Indonesia Gadget Gizmologi dan XL Axiata was honored as the Most Innovative
Award 2024 Gadgetdiva Mobile Convergence at the Indonesia Gadget
Award 2024.
21 3 December 2024 Best of Brands Meta Reels Impact The award honors the success of the “Emang
Awards 2024 Kita Beda” campaign, which impressed the
judges and showcases the best of Indonesia's
digital creativity.
22 9 December 2024 International Anti- ISO 37001:2016 This certificate highlights XL Axiata's efforts
Bribery Certification: Certificate for Anti- to establish a business culture that is clean,
A Real Step Toward Bribery Management transparent, and free from corrupt practices.
Corruption-Free System This aligns with the theme of HAKORDIA
Business! 2024: “Firm Commitment to Eradicate
Corruption for an Advanced Indonesia.”
23 12 December 2024 Indonesia Customer Majalah SWA dan First Media, powered by XL Axiata, has once
Experience Award Business Digest again won the Indonesia Customer Experience
2024 Award (ICXA) 2024.
24 18 December 2024 Digital Innovation Majalah SWA XL Axiata received the Digital Innovation
Award 2024 Award 2024 in the category of Digital
Transformation in Customer Experience from
SWA Magazine. This award highlights XL
Axiata's dedication to enhancing business
competitiveness and sustainability through
digital innovation.
2024 Integrated Annual Report 249
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Corporate Data
Certificates 2024
Certificates Validity Issuers
ISO 9001:2015 Quality Management 5 January 2027 British Standards Institute
System (Recertification)
ISO 20000-1:2018 IT Service Management 14 January 2027 British Standards Institute
System (Recertification)
SNI ISO 37001:2016 Anti Bribery Management 4 November 2027 MSA Certification
System
ISO 22301:2019 Business Continuity 11 December 2027 British Standards Institute
Management System (Surveillance)
ISO 14001:2015 Environmental 1 September 2025 British Standards Institute
Management System (Surveillance)
ISO 45001:2018 Occupational Health and 1 September 2025 British Standards Institute
Safety Management System (Surveillance)
ISO 27001:2013 Information Security 25 November 2026 British Standards Institute
Management System (Resertifikasi)
Occupational Health and Safety December 2026 Ministry of Manpower
Management System
Contractor Safety Management System September 2025 PT Pertamina Persero
High Risk Project
Contractor Safety Management System 13 March 2026 Petrochina International Jabung Ltd
High Risk Project
ICA Certificate in Compliance - International Compliance Association
Business Continuity Management 30 August 2025 National Professional Certification
Professional Agency
Certified Information Systems Auditor 31 January 2023 Certified Information Systems
Auditor – An ISACA Certification
Certified Risk Management Practices 30 August 2025 National Professional Certification
Agency
Sustainalytics 1 Year (Mei 2024-May 2025) Morningstar Sustainalytics
(Medium Risk score at 27,8)
Certified Information Systems Auditor 31 December 2025 Certified Information Systems Auditor
– An ISACA Certification
Call Center Services License No Validity Period Ministry of Communication and
Information Technology
Certified Information Privacy Manager 1 December 2024 – 30 International Association of Privacy
November 2026 Professional
250 PT XL Axiata Tbk
Page 253
Strengthening Profitability for a Sustainable Future
Shareholders Composition
Shareholders Composition
as of 1 January 2024 and 31 December 2024
1 January 2024 31 December 2024
Shareholders
Total Shares % Total Shares %
Axiata Investments (Indonesia) Sdn. Bhd 8,697,163,762 66.25 8,697,163,762 66.25
Treasury Stock 56,487,800 0.43 56,487,800 0.43
Public 4,374,779,103 33.32 4,374,779,103 33.32
Shares Ownership by Members of the Board of Directors and Board of Commissioners
as of 1 January 2024 and 31 December 2024
1 January 2024 31 December 2024
Shareholders Position
Total Shares % Total Shares %
The Board of Commissioners and Directors
Dr. Muhamad Chatib Basri President Commissioner - - - -
Vivek Sood Commissioner - - - -
Dr. Hans Wijayasuriya Commissioner - - - -
Nik Rizal Kamil* Commissioner
Yasmin S. Wirjawan** Independent Commissioner - - - -
Muliadi Rahardja** Independent Commissioner - - - -
Julianto Sidarto Independent Commissioner - - - -
Yasmin Binti Aladad Khan*** Independent Commissioner - - - -
Didi Syafruddin Yahya*** Independent Commissioner - - - -
Dian Siswarini **** President Director 11,764,622 0.090 9,764,622 0.074
Feiruz Ikhwan Director & CFO 222,134 0.002 222,134 0.002
David Arcelus Oses Director & CFO -Consumer 3,534,069 0.027 4,534,069 0.035
Abhijit J. Navalekar***** Director & CCO – Home & 3,125,421 0.024 21 -
Convergence
Yessie D. Yosetya Director & CEBCAO – Enterprise 2,188,845 0.017 2,188,845 0.017
Business & Corporate Affairs
I Gede Darmayusa ****** Director & CSTIO - Technology 454,924 0.003 254,924 0.001
Rico Usthavia Frans******* Director & Chief IT Digital - - - -
Analytics Officer
Note:
All members of the Board of Directors and the Board of Commissioners do not have any indirect ownership of the Company’s shares.
* Served as a member of the Company's Board of Commissioners, effective 3 May 2024.
** No longer serves as a member of the Company's Independent Commissioners, effective 3 May 2024
*** Served as a member of the Company's Independent Commissioners, effective 3 May 2024.
**** Has submitted her resignation as President Director on 3 December 2024 and will be effective upon approval by the nearest General
Meeting of Shareholders.
***** Has submitted his resignation as Director on 24 December 2024 and will be effective after upon approval by the nearest General Meeting
of Shareholders.
****** Has submitted his resignation as Director on 7 January 2025, and it will take effect after the Company's merger is declared effective.
******* Appointed as Director effective on AGMS dated 3 May 2024 and has submitted his resignation as Director on 7 January 2025 and will be
effective upon receiving approval from the nearest General Meeting Shareholders.
2024 Integrated Annual Report 251
Page 254
Corporate Data Shareholders based on Classification as of 1 January 2024 Shareholders Total Shareholders Total Shares % Local Investors Indonesia Individuals 22,760 549,467,042 4.18532 Cooperatives 7 276,100 0.00210 Foundation 17 25,917,577 0.19742 Pension fund 94 128,438,535 0.97832 Insurance 175 543,441,594 4.13943 Limited liabilities Companies 98 165,942,731 1.26400 Mutual Funds 216 686,555,468 4.88265 Sub-Total 23,367 2,054,499,397 15.64924 Foreign Investors Foreign Individuals 84 18,711,112 0.14252 Foreign Institutions 239 11,055,220,156 84.20824 Sub-Total 323 11,073,931,268 84.35076 Total 23,690 13,128,430,665 100.0000 Shareholders based on Classification as of 31 December 2024 Shareholders Total Shareholders Total Shares % Local Investors Indonesia Individuals 19,613 415,732,024 3.16665 Cooperatives 5 451,600 0.00344 Foundation 14 25,631,611 0.19524 Pension fund 71 156,317,685 1.19068 Insurance 154 297,644,633 2.26718 Bank 1 250,000 0.00190 Limited liabilities Companies 85 359,002,568 2.73454 Mutual Funds 168 449,191,583 3.42152 Sub-Total 20,111 1,704,221,704 12.98115 Foreign Investors Foreign Individuals 74 16,848,312 0.12833 Foreign Institutions 263 11,407,360,649 86.89051 Sub-Total 337 11,424,208,961 87.01884 Total 20,448 13,128,430,665 100.0000 252 PT XL Axiata Tbk
Page 255
Strengthening Profitability for a Sustainable Future
Top 20 Shareholding
as of 1 January 2024
No. Name Shares % Status
1 AXIATA INVESTMENTS (INDONESIA) SDN BHD 8,697,163,762 66.2467890 Foreign Entity
2 UOB KAY HIAN PTE LTD A/C FERRYMOUNT INVE 355,606,232 2.708672 Foreign Entity
3 BNYM RE BNYMLB RE EMPLOYEES PROVIDENTFD 328,763,371 2.5042092 Foreign Entity
4 MORGAN STANLEY AND CO INTL PLC - IPB CLI 230,845,198 1.7583609 Foreign Entity
5 DBS BANK LTD SG S/A FERRYMOUNT INVESTMENT 177,803,117 1.3543364 Foreign Entity
6 CITIBANK NEW YORK S/A GOVERNMENT OF NORW 130,200,000 0.9917408 Foreign Entity
7 CITIBANK NEW YORK S/A GOVERNMENT OF NORW 79,663,800 0.6068037 Foreign Entity
8 REKSA DANA SUCORINVEST EQUITY FUND 76,257,100 0.5808547 Mutual Funds
9 PT. PRUDENTIAL LIFE ASSURANCE - REF 63,817,609 0.4861023 Insurance
10 JPMCB NA RE - VANGUARD EMERGING MARKETS 61,412,108 0.4677795 Foreign Entity
11 JPMCB NA RE-VANGUARD TOTAL INTERNATIONAL 60,089,458 0.4577048 Foreign Entity
12 PT ELANG MAHKOTA TEKNOLOGI 55,688,000 0.4241787 Limited Liability
Company
13 CGS-CIMB SECURITIES (SINGAPORE) PTE LTD 50,329,445 0.3833622 Foreign Entity
14 CHANDRA ADISUSANTO, IR 49,976,200 0.3806715 Individual Indonesia
15 REKSA DANA MANULIFE DANA SAHAM 47,144,100 0.3590993 Mutual Funds
16 CITIBANK NEW YORK S/A EMERGING MARKETS 46,930,445 0.3574719 Foreign Entity
17 UOB KAY HIAN PRIVATE LIMITED AC CLIENTS 44,570,500 0.3394960 Foreign Entity
18 SIX SIS LTD 44,000,000 0.3351505 Foreign Entity
19 STATE STREET BANK-ISHARES CORE MSCI EMER 43,042,900 0.3278602 Foreign Entity
2024 Integrated Annual Report 253
Page 256
Corporate Data
No. Name Shares % Status
20 AGGRESSIVE EKUITAS -857124000 41,120,485 0.3132171 Insurance
Top 20 Shareholding
as of 31 December 2024
No. Name Shares % Status
1 AXIATA INVESTMENTS (INDONESIA) SDN BHD 8,697,163,762 66.2467890 Foreign Entity
2 CITIBANK HONG KONG S/A CITIBANK HK SA PBG CLIENTS HK 422,164,900 3.2156540 Foreign Entity
3 UOB KAY HIAN PRIVATE LIMITED AC CLIENTS6 316,478,900 2.4106377 Foreign Entity
4 BNYM RE BNYMLB RE EMPLOYEES PROVIDENT 292,414,675 2.2273391 Foreign Entity
FDBOARD-2039927326
5 DBS BANK LTD SG S/A FERRYMOUNT INVESTMENTS LIMITED 177,803,117 1.3543364 Foreign Entity
6 CITIBANK NEW YORK S/A GOVERNMENT OF NORWAY - 16 141,200,000 1.0755284 Foreign Entity
7 PT CGS INTERNATIONAL SEKURITAS INDONESIA 121,100,000 0.9224256 Limited Liability
Company
8 CITIBANK NEW YORK S/A GOVERNMENT OF NORWAY - 15 99,872,700 0.7607360 Foreign Entity
9 PT. PROVIDENT INVESTASI BERSAMA TBK 88,000,000 0.6703010 Limited Liability
Company
10 UOB KAY HIAN PTE LTD 76,526,400 0.5829059 Foreign Entity
11 CGS INTERNATIONAL SECURITIES SINGAPORE PTE LTD 71,229,345 0.5425580 Foreign Entity
12 CGS INTERNATIONAL SECURITIES SINGAPORE PTE LTD A/C 68,832,700 0.5243026 Foreign Entity
CLIENT - TRUST (INSTI)
13 UOB KAY HIAN PRIVATE LIMITED AC CLIENTS5 64,957,400 0.4947842 Foreign Entity
14 JPMCB NA RE-VANGUARD TOTAL INTERNATIONAL STOCK 61,597,958 0.4691951 Foreign Entity
INDEX FUND
15 JPMCB NA RE - VANGUARD EMERGING MARKETS STOCK 58,164,608 0.4430431 Foreign Entity
INDEX FUND
16 PT. ELANG MAHKOTA TEKNOLOGI, TBK 55,688,000 0.4241787 Limited Liability
Company
17 CITIBANK NEW YORK S/A EMERGING MARKETS CORE EQUITY 44,053,345 0.3355568 Foreign Entity
PORTFOLIO OF DFA INVESTMENT D
18 SIX SIS LTD 44,000,000 0.3351505 Foreign Entity
19 SSB 2Q27 ISHARES CORE MSCI EMERGING MARKETS ETF 43,251,700 0.3294506 Foreign Entity
-2183966403
20 DBAG,SS CLT AC F DBAG,BKK (KB-DCS) CLT AC SIAFNFRI 41,900,000 0.3191547 Foreign Entity
-864134317
254 PT XL Axiata Tbk
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Strengthening Profitability for a Sustainable Future
Chronology of Shares Listing
Offer
Par Value
Corporate Actions Total Shares Pricing Shares Listing Date
Per Share
(IDR)
Initial Public Stock Offering and listed at 1,427,500,000 100 2,000 Indonesia Stock 29 September 2005
the Indonesia Stock Exchange (formerly Exchange
Jakarta Stock Exchange)
Limited Public Offering I with Pre-emptive 1,418,000,000 100 2,000 Indonesia Stock 1 December 2009
Rights Exchange
New Incentive Shares without Pre-emptive 10,566,332 100 5,600 Indonesia Stock 28 April 2011
Rights in the framework of Long-Term Exchange
Incentive 2010-2015 Grant Date I
New Incentive Shares without Pre-emptive 7,710,279 100 5,600 Indonesia Stock 16 April 2012
Rights in the framework of Long-Term Exchange
Incentive 2010-2015 Grant Date II
New Incentive Shares without Pre-emptive 8,214,056 100 5,600 Indonesia Stock 12 April 2013
Rights in the framework of Long-Term Exchange
Incentive 2010-2015 Grant Date III
New Incentive Shares without Pre-emptive 6,891,003 100 4,888 Indonesia Stock 21 April 2015
Rights in the framework of Long-Term Exchange
Incentive 2010-2015 Grant Date V
New Incentive Shares without Pre-emptive 8,986,668 100 3,621 Indonesia Stock 4 April 2016
Rights in the framework of Long-Term Exchange
Incentive 2010-2015 Grant Date VI
Limited Public Offering II with Pre-emptive 2,137,592,085 100 3,150 Indonesia Stock 20 May 2016
Rights Exchange
New Incentive Shares without Pre-emptive 18,052,107 100 2,285 Indonesia Stock 1 April 2020
Rights in the framework of Long-Term Exchange
Incentive 2016-2020 Grant Date II
New Incentive Shares without Pre-emptive 18,662,246 100 2,328 Indonesia Stock 9 March 2021
Rights in the framework of Long-Term Exchange
Incentive 2016-2020 Grant Date III
Limited Public Offering III with Pre-emptive 2,403,755,889 100 2,080 Indonesia Stock 20 December 2022
Rights Exchange
Other Securities Listing
As of December 31, 2024, the Company did not issue other securities. Therefore, information about other securities listing
chronology, changes in other securities value, corporate action which resulted in changes of other securities, stock exchange
where the securities are listed, and securities rating are not presented in this Integrated Annual Report.
2024 Integrated Annual Report 255
Page 258
Corporate Data
Organizational Structure
President Director & CEO
Finance Director Director & Chief Director & Chief
Chief Human Capital
CEO’s Office & Chief Commercial Officer - Commercial
Officer
Financial Officer Home & Convergence Officer - Consumer
Group Head Group Head
Group Head Group Head Chief Go To
Transformation Strategic
People Journey Finance Market Officer
Office Partnership
Group Head Group Head Group Head Group Head
Group Head
People Financial Digital Commercial
Internal Audit
Development Accounting Partnership GTM
Group Head Group Head
Corporate People Services Finance Chief Group
Secretary & Facility Business Home Officer Head West
Management Control
Group Head Risk Group Head Group Head Group Head
& Compliance Procurement Home Business Jabodetabek
Officer Management Operations
Group Head Group Head Group Head
Contract Home Product Central
Management
Chief Business Group
Integration Head East
Officer
Kalimantan
Area
Sulawesi
Area
Group Head
Group Head
Customer
Commerce
Contact
Planning
Center
Group Head
Group Head
Customer Value
Digital Channel
& Experience
Touchpoint
Management
Group Head Direct Group Head
Channel Indirect Channel
Management Management
256 PT XL Axiata Tbk
Page 259
Strengthening Profitability for a Sustainable Future
Director & Chief
Director & Chief
Director & Chief IT Chief Strategy & Enterprise Business
Technology
Digital Officer Analytics Officer & Corporate
Officer
Affairs Officer
Group Head Group Head
Group Head Chief Enterprise
Chief Marketing Technology Technology Chief Corporate
Corporate Business
Officer Security & Risk Strategy & Affairs Officer
Strategy Officer
Controls Assurance
Group Head Group Head Group Head Group Head
Group Head Group Head IT Corporate
Business Network Enterprise
Premium Strategy Planning Communications
Analysis Planning Product &
Segment & Architecture &
& Insights & Design Marketing
Sustainability
Group Head Group Head Data Group Head Group Head
Youth Group Head IT National &
Engineering Program Group
Segment Core Platform Strategic
& Development Management Head Legal
Enterprise
Account
Group Head IT
Group Head (Act) Group Head Group Head Group Head Group Head
Business
Mass Applied Service Operation Regional Regulatory &
Partner & Project
Segment Analytics & AI Management Enterprise Government
Management
Account & Relation
Channel
Group Head IT Development
Digital
Operations &
Transformation Group Head
Enterprise
Solutions &
Technical Account
Group Head Management
Digital
Touchpoints
Group Head
Wholesale and
Reseller
2024 Integrated Annual Report 257
Page 260
Corporate Data
Group Structure
Citigroup Nominees
Amanah Raya
Khazanah (Tempatan) Sdn.
Trustees Berhad
Nasional Bhd - Employee Others
- Amanah Saham
Berhad Provident Fund
Bumiputera
Board
36.71% 12.49% 18.37% 32.43%
Axiata Group
Berhad*
*Controlling
Shareholders
100%
Axiata Investment
(Labuan) Limited
100%
Axiata Investment Public
Treasury
(Indonesia) (Shareholders
Shares
Sdn. Bhd below 5%)
0.43% 66.25% 33.32%
PT XL Axiata Tbk
PT One PT Princeton
PT Hipernet XL Axiata
Indonesia Digital Group Data PT Link Net Tbk
Indodata Singapore Pte. Ltd.
Synergy Centres
50% 10.71% 51% 100% 20%
PT Data Enkripsi
Informasi Teknologi
99.9%
258 PT XL Axiata Tbk
Page 261
Strengthening Profitability for a Sustainable Future
Subsidiaries, Associates
and Joint Ventures
PT Hipernet PT Link Net Tbk PT One Indonesia PT Princeton XL Axiata
Indodata Synergy Digital Group Data Singapura Pte. Ltd.
Address
Centres (Formerly Axiata Global
Address Address Services Pte. Ltd)
Centennial Tower
Address
Graha Hyper Lt. 26 Unit D Gedung Indosat Address
Jl. Makaliwe Raya Jl. Jenderal Gatot Lantai 9 Menara Astra, 37/F
No. 24-24A Subroto Kav. 24-25 Jl. Medan Merdeka Jl. Jend . Sudirman 9 Raffles Place, #26-
Jakarta Barat Jakarta Selatan Barat No. 21 Gambir, Kav 5-6 Jakarta 01 Republic Plaza,
DKI Jakarta DKI Jakarta Jakarta Pusat 10220, Indonesia Singapore 048619
Shareholding Shareholding Shareholding Shareholding Shareholding
Percentage Percentage Percentage Percentage Percentage
51% 20% 50% 10,71% 100%
Business Line Business Line Business Line Business Line Business Line
Managed Service Internet Services Computer Activities relating International
Provider and Provider and consultancy to hosting and operator services
Information Cable TV and facility managing data and partnership and
Technology Service management centres alliance management
Total Assets as of Total Assets as of Total Assets as of Total Assets as of Total Assets as of
31 December 2024 31 December 2024 31 December 2024 31 December 2024 31 December 2024
(Rp million) (Rp million) (Rp million) (Rp million) (Rp million)
407,231 13,916,787 0 2,276,098 8,379
Operational Status Operational Status Operational Status Operational Status Operational Status
Active Active Not Active Active Active
* Formerly Axiata Global Services Pte. Ltd
Capital Market Supporting
Institutions and Professions
Share Registrar Legal Consultant Trustee Securities Rating Public Notary
Agency
PT Datindo Ginting & PT Bank Mega Tbk Kantor Notaris Aulia
Entrycom Reksodiputro in PT Fitch Ratings Taufani, S.H.
Address
association with Indonesia
Address Address
A&O Shearman Menara Bank Mega
Address
Jl. Hayam Wuruk Address
Jl. Kapten Tendean Menara Sudirman
No.28 Kav. 12-14A DBS Tower 24th Floor Lantai 17 D
Jakarta 10120 The Energy Building, Jakarta 12790 Suite 2403 Jl. Jenderal Sudirman
15th Floor Sudirman Jl. Prof. Dr. Satrio Kav. 60
Central Business Kav. 3-5 Jakarta 12190
District Jakarta 12920
Jl. Jendral Sudirman
Kav. 52 – 53
Jakarta 12190
2024 Integrated Annual Report 259
Page 262
Corporate Data
Operational Map
West
HQ &
Jabo Central
East
HQ & JABO CENTRAL
XL AXIATA TOWER MARTADINATA
Jl. H.R Rasuna Said X5 Kav.11-12, Kuningan Timur Jl. R.E Martadinata No 7, Bandung
Setiabudi, Jakarta Selatan 12950 Jawa Barat
WEST EAST
DIPONEGORO MEDAN PEMUDA
Jl. Diponegoro No.5, Medan Jl. Pemuda No 94-98 Kelurahan Embong
Sumatra Utara Kaliasin, Kecamatan Genteng, Surabaya
Jawa Timur
260 PT XL Axiata Tbk
Page 263
Strengthening Profitability for a Sustainable Future
110,995
4G BTS
2024 Integrated Annual Report 261
Page 264
Corporate Data
Public Accountant & Public
Accountant Firm
A Public Accountant is an independent third party appointed During the AGMS held on 3 May 2024, Lok Budianto, S.E.,
by XL to audit and issued opini whether the the accompanying Ak., CPA, was appointed as the public accountant, and
consolidated financial statements present fairly, in all material Public Accounting Firm Rintis, Jumadi, Rianto & Rekan
respects, the consolidated financial position of PT XL Axiata (formerly Public Accounting Firm Tanudiredja, Wibisana,
Tbk and subsidiaries as at 31 December 2024, and its Rintis & Rekan a member of PricewaterhouseCoopers global
consolidated financial performance and its consolidated cash network) was appointed as the Public Accounting Firm to
flow for the year then ended, in accordance with Indonesian conduct the audit of the Company's Consolidated financial
Financial Accounting Standards. statements for the fiscal year ending 31 December 2024,
along with any other audits required by the Company.
The process of appointing an Accountant and/or Public
Accounting Firm is governed by the Financial Services The AGMS also granted full authority to the Board of Directors
Authority Regulation No. 13/POJK.03/2017. According to to determine the honorarium and other requirements for the
this regulation, the appointment must be approved by the appointment of the public accountant, subject to approval
Annual General Meeting of Shareholders (AGMS), based on by the Company's Board of Commissioners.
recommendations from the Board of Commissioners, taking
into account proposals from the Audit Committee of the
Company.
Public Accountants and Public Accounting Firms that Audit Annual Financial Statements
for the Past 5 Years
Assignment
2024 2023 2022 2021 2020
Period
Lok Budianto, S.E., Ak., CPA Lok Budianto, Lok Budianto, Andry D. Andry D.
Name of Public
S.E., Ak., CPA S.E., Ak., CPA Atmadja, S.E., Atmadja, S.E.,
Accountant
Ak., CPA Ak., CPA
Public Accounting Firm Rintis, Public Accounting Firm Tanudiredja, Wibisana, Rintis & Rekan
Jumadi, Rianto & Rekan (a member of PricewaterhouseCoopers global network)
Public (formerly Public Accounting
Accountant Firm Tanudiredja, Wibisana,
Firm Rintis & Rekan (a member
of PricewaterhouseCoopers
global network))
Name, Address & Fee Audit
Year of
Name & Address Services Rendered and Fee (Rp)
Assignment
Public Accounting Firm Rintis, Jumadi, Rianto Audit/review of interim and annual consolidated 2024
& Rekan (formerly Public Accounting Firm financial statements XL Axiata and subsidiaries
Tanudiredja, Wibisana, Rintis & Rekan (a Rp13,380,000,000
member of PricewaterhouseCoopers global
network)) Audit of interim and annual consolidated financial
statements PT Hipertnet Indodata and subsidiaries
WTC 3, Jl. Jend. Sudirman Kav 29-31 Rp1,150,000,000
Jakarta 12920- Indonesia
Non-Audit Services Fee (Rp)
Reasonableness assurance of proforma Consolidated Financial Statement for purchase and acquisition of 795,000,000
residential business from Link Net.
Reasonableness assurance of proforma financial information in relation to the merger transaction with PT 4,150,000,000
Smartfren Telecom Tbk.
Agreed Upon Procedures in connection with merger exchange ratio calculations in relation to the merger 350,000,000
transaction with PT Smartfren Telecom Tbk.
262 PT XL Axiata Tbk
Page 265
Strengthening Profitability for a Sustainable Future
XL Centers
To address telecommunications and customer information needs, XL Axiata offers XL Centers in various cities throughout
Indonesia. You can find detailed store names, regions, and addresses on our website https://www.xl.co.id/id/bantuan/xlcenter-
lokasi.
ID XL Center City Address
1 XL Center Solo Solo JL Bayangkara No 81,Penumping,Laweyan,Surakarta
(Barat Stadion Sriwedari) Solo
2 XL Center Kudus Kudus Komplek Sudirman Square B9 Jl. Jend Sudirman no
101,Kudus Jawa Tengah
3 XL Center Pekalongan Pekalongan Jl. Hasanuddin no 39,Kota Pekalongan
4 XL Center Semarang Semarang Jl A. Yani no. 130 B karangkkidul Semarang
5 XL Center Magelang Magelang Ruko Grand Maris, Jl. Jend. Sarwo Edhie Wibowo No
A9, Kranggan, Banyurojo, Kec. Mertoyudan, Kabupaten
Magelang, Jawa Tengah 56172
6 XL Center Cianjur Cianjur Jl.Ir.H.Juanda No.38 Kp.Panembong 1 Rt 02 Rw 03
Desa Mekarsari Kec.Cianjur Kab.Cianjur
7 XL Center Cimahi Bandung Jl. HMS Mintaredja Ruko Town Place No. A-20,Cimahi
8 XL Center Purwakarta Purwakarta Jl. Ibrahim Singadilaga No 16 Purwakarta
9 XL Center Bandung Bandung Jl. RE. Martadinata No. 7,Bandung
10 XL Center Purwokerto Purwokerto Jl. RA Wiryaatmaja no 18B Purwokerto ( Sebelah Bank
BTPN)
11 XL Center Kebumen Kebumen Jl. Kusuma No.70 - Gunungmujil,Bumirejo - Kec.
Kebumen - Kabupaten Kebumen - Jawa Tengah 54316
12 XL Center Wonogiri Wonogiri JL. AHMAD YANI NO.43 KEL. WONOKARTO KEC.
WONOGIRI - WONOGIRI 57612 JAWA TENGAH
13 XL Center Yogyakarta Yogyakarta Puri Vads (Ex Stockwell) Jl. Laksda Adi Sucipto No 163
(Lt. 1) (Dpn Kampus Uin) Yogyakarta
14 XL Center Klaten Klaten Jalan Sersan Sadikin No 81B Gergunung Klaten Utara
15 XL Center Garut Garut JL. GUNTUR NO 162C GARUT JAWA BARAT 44116
16 XL Center Tegal Tegal Jl. Gajah Mada no.28 Tegal
17 XL Center Indramayu Indramayu Jl. D.I. Panjaitan No. 44B,Indramayu
18 XL Center Cirebon Cirebon Jl. Tuparev No. 87 Kelurahan Sutawinangun,Kecamatan
Kedawung,Kabupaten Cirebon,Jawab Barat 45153
19 XL Center Tasikmalaya Tasikmalaya Jl. Dr. Sukardjo no. 51,Tawangsari,Kec.
Tawang,Tasikmalaya
20 XL Center Kuningan Kuningan Jalan Siliwangi No 293 Cijoho Kec Kuningan,Kab
,Kuningan,Jawa Barat 45513
21 XL Center Pemuda Surabaya Surabaya Jl. Pemuda No. 94 - 98,Surabaya
22 XL Center Madiun Madiun Ruko Suncity Block A1-A3 Kartoharjo Madiun Jawa
Timur
23 XL Center Malang Malang Ruko Grand Sukarno Hatta kav 27-28 Malang
24 XL Center Sidoarjo Sidoarjo Jl. Jenggolo No 2i-2j, Kab. Sidoarjo (Sebelah kiri
sebelum Flyover)
25 XL Center Plasa Marina Surabaya Jl. Margorejo Indah No.97-99 Lt.1 Blok A1-A3,
Sidosermo, Kec. Wonocolo, Surabaya, Jawa Timur
60238
26 XL Center Kendari Kendari Jl. H. Supu Yusuf, Korumba, Kec. Mandonga, Kota
Kendari, Sulawesi Tenggara 93461
27 XL Center Gorontalo Gorontalo Jln. Delima Kelurahan Libuo Kecamatan Dungingi, Kota
Gorontalo
2024 Integrated Annual Report 263
Page 266
Corporate Data
ID XL Center City Address
28 XL Center Palu Palu Jl. Emmy Saelan No.68-B , Kel Tatura utara, Kec Palu
Selatan, Kota Palu
29 XL Center Makassar Makassar Jl. A.P. Pettarani No. 68 Tamamaung,Kec.
Panakkukang,Kota Makassar,Sulawesi Selatan 90222
30 XL Center Manado Manado Jl. Yos Sudarso No 8 (Ruko Orchard), Paal Dua, Kec.
Tikala, Kota Manado
31 XL Center Sumbawa Sumbawa Jl. DR. Wahidin No 8A,Brang Bara,Kec. Sumbawa
Besar,Kabupaten Sumbawa,Nusa Tenggara Bar. 84313
32 XL Center Selong Lombok Jl. KH. Ahmad Dahlan No. 05, Pancor, Kec. Selong, Kab.
Lombok Timur, Nusa Tenggara Barat
33 XL Center Mataram Lombok Epicentrum Mall – Lantai 1, Jl. Sriwijaya No. 333, Punia,
Kec. Mataram, Kota Mataram, Nusa Tenggara Barat –
83127
34 XL Center Cellular World Denpasar Cellular World Teuku Umar, Jl. Teuku Umar No. 60 Lt2
Denpasar Bali 80113
35 XL Center Sunset Road Denpasar Jl. Sunset Road No. 818,Kuta,Denpasar Bali
36 XL Center Singaraja Singaraja Jl. Dewi Sartika Utara 56, Kaliuntu Singaraja, kode
pos 81116 (sebelah kantor V-cool Cabang Singaraja)
Buleleng Bali
37 XL Center Pamekasan Pamekasan Jl Arya Wiraraja, Ds Gedungan Timur kec Gedungan
Kota Sumenep Jawa Timur 69451
38 XL Center Bangkalan Bangkalan Ruko Khayangan Residence BR-06 Jl Halim Perdana
Kusuma Kabupaten Bangkalan Jawa Timur 69116
39 XL Center Sumenep Sumenep Jl Arya Wiraraja, Ds Gedungan Timur kec Gedungan
Kota Sumenep Jawa Timur 69451
40 XL Center Supermal Karawaci Kabupaten Tangerang Supermall Karawaci Lt. LG Blok A3A No. 9- - 10, Jl.
Boulevard Diponegoro No. 105, Bencongan, Kec.
Kelapa Dua, Kab. Tangerang, Banten 15810
41 XL Center BSD Tangerang Kota Tangerang Selatan Komplek Ruko Bidex, Jl. Pahlawan Seribu Blok I No.11,
Lengkong Gudang, Kec. Serpong, Kota Tangerang
Selatan, Banten
42 XL Center Pondok Indah Mall 1 Jakarta Selatan Jl. Metro Pondok Indah Kav. IV/TA Pondok Indah Mall 1
Lt. 2 No. 232 & 233 Jakarta Selatan
43 XL Center Gandaria City Jakarta Selatan Gandaria City Mall 1st Floor Jl. Sultan Iskandar
Muda,Kebayoran Lama Utara,Kebayoran Lama,Jakarta
Selatan,DKI Jakarta
44 XL Center Grand Indonesia Jakarta Pusat East Mall Grand Indonesia Lantai 3A – IS 03, Jl. MH
Thamrin No. 1 , Menteng, Jakarta Pusat
45 XL Center Axiata Tower Jakarta Selatan Jl. H. R. Rasuna Said No.Kav. X-2 No.5,RT.9/
RW.4,Kuningan Timur,Setiabudi,Kota Jakarta
Selatan,Jakarta 12950
46 XL Center Depok Margonda Depok Ruko Margonda Residence Jl. Margonda Raya No
2-3,Depok
47 XL Center Cibinong Cibinong Ruko Cibinong City Centre blok C.35 Jl Tegar Beriman
No 1 Cibinong Kab. Bogor
48 XL Center Fatmawati Kota Jakarta Selatan Ruko Dutamas Fatmawati B2 No. 11, Jl. RS. Fatmawati
Raya, Cipete Utara, Kec. Kebayoran Baru, Kota Jakarta
Selatan, DKI Jakarta
49 XL Center Tangerang City Kota Tangerang Tangerang City Mall Lantai LG, Blok 0038-S Jl.
Jend. Sudirman No 1, Cikokol, Kec. Tangerang, Kota
Tangerang, Banten 15117
50 XL Center Bogor Bogor Jl. Jendral Sudirman No.48,Bogor
51 XL Center Bintaro Xchange Kota Tangerang Selatan Bintaro Xchange Mall Lt. LG, Jl. Sektor VII No.2, CBD
Bintaro Jaya Blok O, Pd. Jaya, Kec. Pd. Aren, Kota
Tangerang Selatan, Banten 15227
52 XL Center ITC Cempaka Mas Jakarta Timur ITC Cempaka Mas L4/C .00158 Jl. Letjend Suprapto
No.Kav. 1, RW.8, Sumur Batu, Kec. Kemayoran, Kota
Jakarta Pusat, 10640
264 PT XL Axiata Tbk
Page 267
Strengthening Profitability for a Sustainable Future
ID XL Center City Address
53 XL Center Roxy Jakarta Barat Komplek Ruko Roxy Mas Blok C4/3,Jalan KH Ashari No
34,RW.8,Cideng,Gambir,Kota Jakarta PuSabtu,Daerah
Khusus Ibukota Jakarta 10150,Indonesia
54 XL Center Central Park Jakarta Barat Central Park Mall,Lantai 4 unit 232-233. Jl. Let.Jend S.
Parman Kav 28 Jakarta Barat 11470
55 XL Center Sunter Jakarta Utara Sunter Permai Indah Blok A18,Jl. Mitra Sunter
Boulevard,Jakarta Utara
56 XL Center Puri Indah Mall Jakarta Barat Puri Indah Mal Lt. 1 (Phone & Computer Centre),Jl. Puri
Agung,Jakarta Barat
57 XL Center Cilegon Cilegon Kompleks Ruko Mega Cilegon Blok D no 5& 6 JL SA
Tirtayasa Simpang Tiga Cilegon. Kode Pos : 42414
58 XL Center Serang Serang Jl. Trip Jamaksari No. 12A Cinaggung Serang - Banten
59 XL Center Rangkas Bitung Rangkas Bitung Komp. Ruko Mall Barata Blok A 8 Jl. Rd. Hardiwinangun
No. 54 Rangkasbitung, Banten
60 XL Center Sukabumi Sukabumi Jl.Pajagalan Ruko Danalaga Square Blok.G No.8
Sukabumi
61 XL Center Cikarang Cikarang Ruko CBD, Jl. Niaga Raya Blok F No.25 , Pasirsari,
Cikarang Sel., Kabupaten Bekasi, Jawa Barat 17530
62 XL Center Karawang Karawang Komplek Ruko Broadway Blok 3 No. 19 Galuh
Mas,Karawang (Samping Pom Bensin Galuh Mas)
63 XL Center Rawamangun Jakarta Timur Jl. Pemuda no 78D Rawamangun Jakarta Timur , RT.1/
RW.8, Jati, Kec. Pulo Gadung, Kota Jakarta Timur,
Daerah Khusus Ibukota Jakarta 13220
64 XL Center Mall Kelapa Gading Jakarta Utara Jl. Boulevard Raya No.66 A 13, RT.13/RW.18, Klp.
Gading Tim., Kec. Klp. Gading, Daerah Khusus Ibukota
Jakarta 14240, Jakarta Utara
65 XL Center Bekasi Bekasi Komp. Ruko Bekasi Mas Blok N No. 7, Jl. Ahmad
Yani,Bekasi (Depan Rs Mitra Bekasi Barat)
66 XL Center Medan Medan Jl. Diponegoro No. 5,Kel. Petisah Tengah,Kec. Medan
Petisah,Medan 20112
67 XL Center Banda Aceh Banda Aceh Jl. Mr. Dr. Mohd. Hasan,Batoh,Lueng
Bata,Landom,Lueng Bata,Kota Banda Aceh,Aceh
23122,Samping Service Centre Samsung dan Bank
Mandiri
68 XL Center Palembang Palembang Jln. Angkatan 45 No 818, Kel. Demang Lebar Daun,
Kec. Ilir Barat 1 Kotamadya Palembang, Sumatera
Selatan 30137
69 XL Center Lampung Lampung Jl. Jendral Sudirman No 23 A,Kel. Enggal,Kec.
Tanjungkarang Pusat,Kota Bandar Lampunga
70 XL Center Bengkulu Bengkulu Gedung PT BERKAH KARUNIA KREASI, Jln. Jenderal
Sudirman No.57 Kel.Tengah Padang, Bengkulu
71 XL Center Jambi Jambi Jln. Yunus Sanis No. 80-81 (Depan Puskesmas Kebun
Handil) Kel. Kebun Handil, Kec. Jelutung, Kota Jambi
72 XL Center Batam Batam JL Engku Puteri Komp.Ruko Seruni Indah Blok I No 3
Batam Center
73 XL Center Bangka Bangka Jl. A. Yani 11, Batin Tikal, Kec. Taman Sari, Pangkal
Pinang, Bangka, Kepulauan Bangka Belitung 33684
74 XL Center Belitung Belitung Jl.Brigjen Katamso no.5 depan bundaran tugu satam,
Tanjung pandan - Belitung, Bangka Belitung
75 XL Center Manggar Manggar Jl. Tugu Warkop Desa baru kec. Manggar kab. Belitung
timur, Bangka Belitung
76 XL Center Tanjung Pinang Tanjung Pinang Jl D.I Panjaitan Komplek Bintan Center Blok D NO
46,Tanjung Pinang,KEPRI
77 XL Center Pematang Siantar Pematang Siantar Jl. Sutomo No.8 kel. Pahlawan, Kec. Siantar Tim.Kota
Pematang Siantar Sumatera Utara 21132
78 XL Center Pekanbaru Pekanbaru Jl. Nangka Ujung No. 819 Labuh Baru Barat,Payung
Sekaki-Pekanbaru 28291
79 XL Center Padang Padang Jl. Dr. Sutomo No.48,Simpang Haru,Kec. Padang
Timur,Kota Padang,Sumatera Barat (Sebelah J&T)
2024 Integrated Annual Report 265
Page 268
Corporate Data
ID XL Center City Address
80 XL Center Bukittinggi Bukittinggi Jl. Tengku Umar No.12 C Kampung Cina Kel. Benteng
Pasar Atas Kec. Guguk Panjang
81 XL Center Dumai Dumai Jl. Sudirman Laut No 212 Kec Dumai Timur (Depan
Hotel Cititel)
82 XL Center Palangkaraya Palangkaraya Jl. Tjilik Riwut Block 8 KM 1, Palangka, Kec. Jekan Raya,
Kota Palangka Raya, Kalimantan Tengah 73111
83 XL Center Pontianak Pontianak Jalan Jendral Ahmad Yani Komplek Ayani Mega Mall,
Block B 27/28, Kec. Pontianak Selatan. Kalimantan
Barat. Kodepos 78113
84 XL Center Balikpapan Balikpapan Jl. Jenderal Sudirman Komplek Ruko BSB Block F-21,
Kota Balikpapan, Kalimantan Timur 76113
85 XL Center Samarinda Samarinda Jl.bhayangkara RT.02 No.02 Kel.Bugis Kec. Samarinda
Kota 75242 (Ruko Orenz pertama Bhayangkara)
86 XL Center Banjarmasin Banjarmasin Jl. Jend. Ahmad Yani Km 7,5 No. 76, , Kec. Kertak
Hanyar Kabupaten Banjar. Kalimantan Selatan 70654
Disclaimer
Disclaimer – Forward-Looking Statements:
In this document, XL Axiata may present certain statements that are not historical facts but rather analyses and information
based on forecasts of future results and estimates of amounts that are not yet determinable. These statements may also pertain
to the company's future prospects, developments, and business strategies. Terms such as "believe," "anticipate," "expect,"
"intend," "seek," "will," "plan," "could," "may," "endeavor," "target," "forecast," and "project," as well as similar expressions, are
intended to identify such forward-looking statements; however, these terms are not the exclusive means of identifying them.
It is important to acknowledge that forward-looking statements are inherently subject to risks and uncertainties, both general
and specific. There exists a possibility that the predictions, forecasts, projections, and other forward-looking statements
may not be realized. Should one or more of these risks materialize, or if the underlying assumptions prove incorrect, actual
results may differ materially from those anticipated. Forward-looking statements are applicable solely as of the date they are
made, and the company does not undertake any obligation to update or revise these statements, whether as a result of new
information, future events, or otherwise.
266 PT XL Axiata Tbk
Page 269
Strengthening Profitability for a Sustainable Future
Corporate Website Information
In compliance with the Financial Services Authority Regulation No. 8/POJK.04/2015, which governs the websites of issuers
and public companies, XL Axiata has developed a comprehensive corporate website www.xlaxiata.co.id. This platform serves
as a valuable resource for the public, offering easy access to a wealth of information about the Company. The site includes the
following information about the Company:
Not
No Description Comply
Comply
1 Website address reflects the Company’s Identities √
2 Website content is in Indonesia and other foreign language (English at minimum) with the same √
information at each language used.
3 The Company’s website provides information at minimum on the following matters: √
› General Information on the Company
› Information for Investor and shareholders
› Information on Good Corporate Governance
› Information about Corporate Social Responsibility
The above information are disclosed in accurate, clear, easy to understand, not misleading on
Company’s condition as well as able to be accessed by public.
4 General Information on Company which provides at minimum the following information: √
› Name of the Company, contact details (phone numbers, fax, email) including all branch offices
› Company’s History
› Organizational Structure
› The Company’s shares ownership consists of (i) detail of shareholders i.e. name, ownership
percentage on monthly basis (ii) Information on controlling shareholders (Axiata) and (iii)
Information on Company’s Subsidiaries
› Profile of the Board of Directors, Board of Commissioners, Committees and Corporate Secretary
which shall include photos, name, CV and concurrent positions in other companies
› List of Company’s supporting institutions i.e. Share Register, Accountant
› Articles of Association
5 Information for Investor and shareholders which include at minimum the following information: √
› Annual and Interim Financial Statements for the Last Five Finansial Years
› Financial Information
› Downloadable Annual Reports
› Materials provided in briefings to analysts and media
› General Meeting of Shareholders (GMS). The Information covering (i) announcement, (ii) Meeting
material (iii) CV of proposed BOD and/or BOC (iv) Notice of GMS (v) Minutes of GMS
› Shares Information covering (i) total shares (ii) Shares split (if any) (iii) Bonus shares (if any) (iv)
changes of shares nominal
› Information about Bonds and Sukuk, covering (i) Outstanding Bonds/Sukuk (ii) Rating Result (iii)
Period (iv) Interest Rate
› Dividend Information
› Corporate Actions
› Disclosure of Material Facts
6 Information on Good Corporate Governance which include at minimum the following information: √
› Board Manual
› Internal Audit Charter
› Terms of reference of Committees
› Notice on appointment and/or resignation of members of Audit Committee
› Nominating and Remuneration Procedure
› Risk Management Policy
› Whistleblowing Policy
› Anti-Corruption Policy
› Procurement Policy
› Company's Constitution (Company's Articles of Association)
7 Information on Corporate Social Responsibility which include at minimum the following information: √
› Policy
› Program and cost of implementation
2024 Integrated Annual Report 267
Page 270
Corporate Data Financial Statements 268 PT XL Axiata Tbk
Page 271
Strengthening Profitability for a Sustainable Future
2024 Integrated Annual Report 269
Page 272
Page 273
PT XL AXIATA Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES LAPORAN KEUANGAN KONSOLIDASIAN/ CONSOLIDATED FINANCIAL STATEMENTS 31 DESEMBER 2024, 2023 DAN 2022/ 31 DECEMBER 2024, 2023 AND 2022
Page 274
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/1 - Page
Catatan atas laporan keuangan konsolidasian merupakan The accompanying notes form an integral part of
bagian tak terpisahkan dari laporan keuangan these consolidated financial statements.
konsolidasian secara keseluruhan.
Page 275
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/1 - Page
Catatan atas laporan keuangan konsolidasian merupakan The accompanying notes form an integral part of
bagian tak terpisahkan dari laporan keuangan these consolidated financial statements.
konsolidasian secara keseluruhan.
Page 276
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/1 - Page
Catatan atas laporan keuangan konsolidasian merupakan The accompanying notes form an integral part of
bagian tak terpisahkan dari laporan keuangan these consolidated financial statements.
konsolidasian secara keseluruhan.
Page 277
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/1 - Page
Catatan atas laporan keuangan konsolidasian merupakan The accompanying notes form an integral part of
bagian tak terpisahkan dari laporan keuangan these consolidated financial statements.
konsolidasian secara keseluruhan.
Page 278
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/1 - Page
Catatan atas laporan keuangan konsolidasian merupakan The accompanying notes form an integral part of
bagian tak terpisahkan dari laporan keuangan these consolidated financial statements.
konsolidasian secara keseluruhan.
Page 279
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/1 - Page
Catatan atas laporan keuangan konsolidasian merupakan The accompanying notes form an integral part of
bagian tak terpisahkan dari laporan keuangan these consolidated financial statements.
konsolidasian secara keseluruhan.
Page 280
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/1 - Page
Catatan atas laporan keuangan konsolidasian merupakan The accompanying notes form an integral part of
bagian tak terpisahkan dari laporan keuangan these consolidated financial statements.
konsolidasian secara keseluruhan.
Page 281
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/1 - Page
Catatan atas laporan keuangan konsolidasian merupakan The accompanying notes form an integral part of
bagian tak terpisahkan dari laporan keuangan these consolidated financial statements.
konsolidasian secara keseluruhan.
Page 282
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/1 - Page
Catatan atas laporan keuangan konsolidasian merupakan The accompanying notes form an integral part of
bagian tak terpisahkan dari laporan keuangan these consolidated financial statements.
konsolidasian secara keseluruhan.
Page 283
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/1 - Page
Catatan atas laporan keuangan konsolidasian merupakan The accompanying notes form an integral part of
bagian tak terpisahkan dari laporan keuangan these consolidated financial statements.
konsolidasian secara keseluruhan.
Page 284
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/1 - Page
Catatan atas laporan keuangan konsolidasian merupakan The accompanying notes form an integral part of
bagian tak terpisahkan dari laporan keuangan these consolidated financial statements.
konsolidasian secara keseluruhan.
Page 285
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/1 - Page
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENTS
KONSOLIDASIAN OF FINANCIAL POSITION
31 DESEMBER 2024, 2023 DAN 2022 AS AT 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali nilai nominal per saham) except par value per share)
Catatan/
Notes 31/12/2024 31/12/2023* 31/12/2022*
Aset lancar Current assets
Kas dan setara kas 3,29b 1,386,637 966,027 5,184,113 Cash and cash equivalents
Piutang usaha Trade receivables
- Pihak ketiga 4 882,233 870,104 491,557 Third parties -
- Pihak berelasi 29c 980,374 515,681 246,612 Related parties -
Piutang lain-lain Other receivables
- Pihak ketiga 13,349 15,892 32,976 Third parties -
- Pihak berelasi 29d 299,485 32,928 80,724 Related parties -
Persediaan 193,554 377,884 408,178 Inventories
Pajak dibayar dimuka 28a Prepaid taxes
- Pajak penghasilan badan 1,621 52,122 74,960 Corporate income tax -
- Pajak lainnya 19,828 30,572 3,455 Other taxes -
Beban dibayar dimuka 5 4,453,857 4,125,471 3,708,021 Prepayments
Aset lain-lain 6 204,875 186,830 177,762 Other assets
Jumlah aset lancar 8,435,813 7,173,511 10,408,358 Total current assets
Aset tidak lancar Non-current assets
Piutang lain-lain Other receivables
- Pihak berelasi 29d - 208,537 201,652 Related parties -
Aset tetap - setelah dikurangi Fixed assets - net of
akumulasi penyusutan 7 61,034,472 63,896,924 60,481,577 accumulated depreciation
Aset takberwujud 8 6,984,560 6,453,886 5,988,468 Intangible assets
Investasi pada entitas asosiasi 9 2,539,733 2,533,736 2,750,218 Investment in associates
Goodwill 38 6,915,592 6,915,592 6,915,592 Goodwill
Aset pajak tangguhan 28d 11,627 6,873 5,779 Deferred tax assets
Aset lain-lain 6 256,768 505,495 534,084 Other assets
Jumlah aset tidak lancar 77,742,752 80,521,043 76,877,370 Total non-current assets
Jumlah aset 86,178,565 87,694,554 87,285,728 Total assets
*) Disajikan kembali (lihat Catatan 39) As restated (refer to Note 39) *)
Catatan atas laporan keuangan konsolidasian merupakan The accompanying notes form an integral part of
bagian tak terpisahkan dari laporan keuangan these consolidated financial statements.
konsolidasian secara keseluruhan.
Page 286
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/2 - Page
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENTS
KONSOLIDASIAN OF FINANCIAL POSITION
31 DESEMBER 2024, 2023 DAN 2022 AS AT 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali nilai nominal per saham) except par value per share)
Catatan/
Notes 31/12/2024 31/12/2023* 31/12/2022*
Liabilitas jangka pendek Current liabilities
Utang usaha Trade payables
- Pihak ketiga 10 7,574,474 9,137,540 11,064,092 Third parties -
- Pihak berelasi 10,29e 676,750 244,960 273,191 Related parties -
Utang pajak 28b Taxes payable
- Pajak penghasilan badan 167,969 57,820 4,135 Corporate income tax -
- Pajak lainnya 162,801 129,367 149,589 Other taxes -
Beban yang masih harus dibayar 11 606,833 632,905 563,303 Accrued expenses
Pendapatan tangguhan 12 2,428,858 2,736,245 2,964,546 Deferred revenue
Liabilitas imbalan kerja Short-term employee
jangka pendek 291,459 305,275 367,320 benefit liabilities
Provisi 17 17,324 52,582 65,944 Provisions
Bagian lancar dari Current portion of
pinjaman jangka panjang: long-term borrowings:
- Liabilitas sewa 14,29f 5,368,871 6,022,836 5,296,565 Lease liabilities -
- Pinjaman 13 2,254,112 415,892 5,342,445 Loans -
- Sukuk ijarah 15 713,996 397,965 148,869 Sukuk ijarah -
- Utang obligasi 16 753,192 39,997 130,879 Bonds payable -
Jumlah liabilitas jangka pendek 21,016,639 20,173,384 26,370,878 Total current liabilities
Liabilitas jangka panjang Non-current liabilities
Liabilitas sewa 14,29f 28,225,767 29,790,610 26,553,293 Lease liabilities
Pinjaman jangka panjang 13 6,592,866 5,609,008 2,411,205 Long-term loans
Sukuk ijarah 15 1,252,690 1,964,422 2,360,826 Sukuk ijarah
Utang obligasi 16 926,520 1,677,304 1,715,691 Bonds payable
Pendapatan tangguhan 12 75,357 211,840 627,481 Deferred revenue
Liabilitas pajak tangguhan 28d 608,192 609,719 532,601 Deferred tax liabilities
Liabilitas imbalan kerja Long-term employee
jangka panjang 17 269,131 249,687 191,205 benefit liabilities
Imbalan kontinjensi - 23,113 23,113 Contingent consideration
Provisi 17 989,031 915,449 745,819 Provisions
Jumlah liabilitas jangka panjang 38,939,554 41,051,152 35,161,234 Total non-current liabilities
Ekuitas Equity
Modal saham - modal dasar Share capital – authorised capital
22.650.000.000 saham biasa, of 22,650,000,000 ordinary
modal ditempatkan dan shares, issued and fully paid
disetor penuh 13.128.430.665 of capital 13,128,430,665
saham biasa, dengan nilai ordinary shares, with par
nominal Rp 100 per saham 18 1,312,843 1,312,843 1,312,843 value of Rp 100 per share
Tambahan modal disetor 19 15,415,071 16,914,496 16,914,496 Additional paid-in capital
Ekuitas dari entitas yang bergabung 39 - (34,758) (20,610) Merging entity’s equity
Saham treasuri 18 (134,445) (134,445) (134,445) Treasury shares
Saldo laba Retained earnings
- Telah ditentukan penggunaannya 21 1,400 1,300 1,200 Appropriated -
- Belum ditentukan penggunaannya 9,465,523 8,266,167 7,549,052 Unappropriated -
26,060,392 26,325,603 25,622,536
Kepentingan nonpengendali 161,980 144,415 131,080 Non-controlling interest
Jumlah ekuitas 26,222,372 26,470,018 25,753,616 Total equity
Jumlah liabilitas dan ekuitas 86,178,565 87,694,554 87,285,728 Total liabilities and equity
*) Disajikan kembali (lihat Catatan 39) As restated (refer to Note 39) *)
Catatan atas laporan keuangan konsolidasian merupakan The accompanying notes form an integral part of
bagian tak terpisahkan dari laporan keuangan these consolidated financial statements.
konsolidasian secara keseluruhan.
Page 287
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 2 - Page
LAPORAN LABA RUGI DAN PENGHASILAN CONSOLIDATED STATEMENTS
KOMPREHENSIF LAIN OF PROFIT OR LOSS
KONSOLIDASIAN AND OTHER COMPREHENSIVE INCOME
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali laba bersih per saham dasar) except basic earnings per share)
Catatan/
Notes 31/12/2024 31/12/2023* 31/12/2022*
Pendapatan 23,29g 34,391,597 32,322,651 29,141,994 Revenue
Beban Expenses
Beban penyusutan 7 (12,074,335) (11,349,235) (10,570,361) Depreciation expenses
Beban infrastruktur 24a,29i (8,942,323) (8,995,646) (7,733,947) Infrastructure expenses
Beban interkoneksi dan Interconnection and
beban langsung lainnya 25,29h (3,284,180) (3,172,220) (2,876,477) other direct expenses
Beban penjualan dan pemasaran 8,24b (2,094,192) (2,454,775) (2,617,998) Sales and marketing expenses
Beban gaji dan kesejahteraan Salaries and employee
karyawan 26,29m (1,736,074) (1,402,242) (1,325,529) benefits expenses
Beban umum dan administrasi 24c,29j (454,990) (413,040) (352,698) General and administrative expenses
Beban amortisasi 8 (216,928) (157,216) (7,567) Amortisation expenses
(Kerugian)/keuntungan selisih Foreign exchange (loss)/
kurs - bersih (16,326) 12,977 (61,295) gain - net
Keuntungan dari penjualan
dan sewa-balik menara 7 415,641 424,062 446,805 Gain from tower sale and leaseback
Lain-lain (230,290) (93,571) (35,142) Others
(28,633,997) (27,600,906) (25,134,209)
5,757,600 4,721,745 4,007,785
Biaya keuangan 27,29l (3,112,802) (2,939,979) (2,777,385) Finance cost
Penghasilan keuangan 29k 80,256 100,096 111,718 Finance income
Bagian atas (rugi)/laba bersih dari
entitas asosiasi (297,829) (191,493) 3,838 Share of (loss)/profit from associates
(3,330,375) (3,031,376) (2,661,829)
Laba sebelum pajak
penghasilan 2,427,225 1,690,369 1,345,956 Profit before income tax
Beban pajak penghasilan 28c (579,594) (420,069) (231,842) Income tax expense
Laba tahun berjalan 1,847,631 1,270,300 1,114,114 Profit for the year
Laba/(rugi) komprehensif lainnya Other comprehensive income/
yang tidak direklasifikasi (loss) not to be recycled
ke dalam laba rugi to profit loss
Keuntungan/(kerugian) dari pengukuran
kembali program pensiun Remeasurement gain/(loss) on
manfaat pasti 17b 12,220 (6,250) 64,721 defined benefit plan
(Beban)/manfaat pajak Related income tax
penghasilan terkait 28d (3,069) 1,375 (14,239) (expense)/benefit
Laba/(rugi) komprehensif lainnya Other comprehensive income/(loss)
tahun berjalan, setelah pajak 9,151 (4,875) 50,482 for the year, net of tax
Jumlah laba komprehensif 1,856,782 1,265,425 1,164,596 Total comprehensive income
Laba yang diatribusikan kepada: Profit attributable to:
- Pemilik entitas induk 1,819,019 1,256,965 1,102,366 Owners of the parent -
- Kepentingan nonpengendali 28,612 13,335 11,748 Non-controlling interest -
1,847,631 1,270,300 1,114,114
Jumlah laba komprehensif Total comprehensive income
yang diatribusikan kepada: attributable to:
- Pemilik entitas induk 1,828,170 1,252,090 1,152,848 Owners of the parent -
- Kepentingan nonpengendali 28,612 13,335 11,748 Non-controlling interest -
1,856,782 1,265,425 1,164,596
Laba bersih per saham Basic and diluted earnings
dasar dan dilusian 22 139 96 103 per share
*) Disajikan kembali (lihat Catatan 39) As restated (refer to Note 39) *)
Catatan atas laporan keuangan konsolidasian merupakan The accompanying notes form an integral part of
bagian tak terpisahkan dari laporan keuangan these consolidated financial statements.
konsolidasian secara keseluruhan.
Page 288
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 3/1 - Page
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah) (Expressed in millions of Rupiah)
Tambahan Ekuitas dari
modal entitas yang Saldo laba/Retained earnings
Modal disetor/ bergabung/ Saham Telah Belum Kepentingan
saham/ Additional Merging treasuri/ ditentukan ditentukan nonpengendali/
Catatan/ Share paid-in entity’s Treasury penggunaannya/ penggunaannya/ Jumlah/ Non-controlling Jumlah/
Notes capital capital equity* shares Appropriated Unappropriated Total interests Total
Saldo per 1 Januari 2022 1,072,467 12,216,315 - (134,445) 1,100 6,933,308 20,088,745 - 20,088,745 Balance as at 1 January 2022
Penerbitan saham baru 18,19 240,376 4,759,437 - - - - 4,999,813 - 4,999,813 Issuance of new shares in relation to
Biaya penerbitan saham - (61,256) - - - - (61,256) - (61,256) share-based compensation
Acquisition of business from
Akuisisi bisnis dari entitas sepengendali* 39 - - (7,074) - - - (7,074) - (7,074) entity under common control*
Net liabilities before the acquisition of
Liabilitas bersih sebelum akuisisi entitas entity under common control
sepengendali sehubungan dengan related to business acquisition
akuisisi bisnis entitas sepengendali* - - (13,536) - - - (13,536) - (13,536) of entity under common control
Akuisisi kepentingan non-pengendali Acquisition of non-controlling
pada entitas anak - - - - - - - 119,332 119,332 interest in subsidiary
Laba tahun berjalan - - - - - 1,109,440 1,109,440 11,748 1,121,188 Profit of the year
Dividen 20 - - - - - (544,078) (544,078) - (544,078) Dividends
Saldo laba yang telah Appropriated retained
ditentukan pengunaannya 21 - - - - 100 (100) - - - earnings
Laba komprehensif lainnya, Other comprehensive income,
setelah pajak - - - - - 50,482 50,482 - 50,482 net of tax
Saldo per 31 Desember 2022* 1,312,843 16,914,496 (20,610) (134,445) 1,200 7,549,052 25,622,536 131,080 25,753,616 Balance as at 31 December 2022*
*) Disajikan kembali (lihat Catatan 39) As restated (refer to Note 39) *)
Catatan atas laporan keuangan konsolidasian merupakan The accompanying notes form an integral part of
bagian tak terpisahkan dari laporan keuangan these consolidated financial statements.
konsolidasian secara keseluruhan.
Page 289
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 3/2 - Page
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DSEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah) (Expressed in millions of Rupiah)
Tambahan Ekuitas dari
modal entitas yang Saldo laba/Retained earnings
Modal disetor/ bergabung/ Saham Telah Belum Kepentingan
saham/ Additional Merging treasuri/ ditentukan ditentukan nonpengendali/
Catatan/ Share paid-in entity’s Treasury penggunaannya/ penggunaannya/ Jumlah/ Non-controlling Jumlah/
Notes capital capital equity* shares Appropriated Unappropriated Total interests Total
Saldo per 1 Januari 2023* 1,312,843 16,914,496 (20,610) (134,445) 1,200 7,549,052 25,622,536 131,080 25,753,616 Balance as at 1 January 2023*
Laba tahun berjalan - - - - - 1,271,113 1,271,113 13,335 1,284,448 Profit of the year
Dividen 20 - - - - - (549,023) (549,023) - (549,023) Dividends
Acquisition of business from
Akuisisi bisnis dari entitas sepengendali* 39 - - (14,148) - - - (14,148) - (14,148) entity under common control*
Saldo laba yang telah Appropriated retained
ditentukan penggunaannya 21 - - - - 100 (100) - - - earnings
Laba komprehensif lainnya, Other comprehensive income,
setelah pajak - - - - - (4,875) (4,875) - (4,875) net of tax
Saldo per 31 Desember 2023* 1,312,843 16,914,496 (34,758) (134,445) 1,300 8,266,167 26,325,603 144,415 26,470,018 Balance as at 31 December 2023*
Saldo per 1 Januari 2024* 1,312,843 16,914,496 (34,758) (134,445) 1,300 8,266,167 26,325,603 144,415 26,470,018 Balance as at 1 January 2024*
Acquisition of business from
Akuisisi bisnis dari entitas sepengendali* 19, 39 - (1,498,181) 44,435 - - - (1,453,746) - (1,453,746) entity under common control*
Akuisisi entitas anak 19 - (1,244) - - - - (1,244) 3 (1,241) Acquisition of subsidiary
Penyesuaian perubahan ekuitas dari bisnis Adjustment of changes in equity of
yang diakuisisi* - - (3,095) - - (3,095) - (3,095) merging entity*
Laba tahun berjalan - - (6,582) - - 1,825,601 1,819,019 28,612 1,847,631 Profit of the year
Dividen 20 - - - - - (635,296) (635,296) (11,050) (646,346) Dividends
Saldo laba yang telah Appropriated retained
ditentukan penggunaannya 21 - - - - 100 (100) - - - earnings
Laba komprehensif lainnya, Other comprehensive income,
setelah pajak - - - - - 9,151 9,151 - 9,151 net of tax
Saldo per 31 Desember 2024 1,312,843 15,415,071 - (134,445) 1,400 9,465,523 26,060,392 161,980 26,222,372 Balance as at 31 December 2024
*) Disajikan kembali (lihat Catatan 39) As restated (refer to Note 39) *)
Catatan atas laporan keuangan konsolidasian merupakan The accompanying notes form an integral part of
bagian tak terpisahkan dari laporan keuangan these consolidated financial statements.
konsolidasian secara keseluruhan.
Page 290
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 4 - Page
LAPORAN ARUS KAS CONSOLIDATED STATEMENTS
KONSOLIDASIAN OF CASH FLOWS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah) (Expressed in millions of Rupiah)
Catatan/
Notes 2024 2023 2022
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS OPERASI OPERATING ACTIVITIES
Penerimaan dari pelanggan Receipts from customers
dan operator lain 33,314,170 31,477,327 28,959,543 and other operators
Pembayaran kepada pemasok dan beban lain (13,383,351) (13,811,715) (13,417,451) Payments for suppliers and other expenses
Pembayaran kepada karyawan (1,691,858) (1,421,867) (1,318,418) Payments to employees
Kas yang dihasilkan dari operasi 18,238,961 16,243,745 14,223,674 Cash generated from operations
Penghasilan keuangan yang diterima 75,448 98,607 109,252 Finance income received
Pembayaran pajak penghasilan badan Payments of corporate income tax
dan pajak lainnya (480,764) (246,814) (228,431) and other taxes
Arus kas bersih yang diperoleh Net cash flows generated
dari aktivitas operasi 17,833,645 16,095,538 14,104,495 from operating activities
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS INVESTASI INVESTING ACTIVITIES
Pembelian aset tetap (9,496,912) (10,424,633) (8,831,071) Acquisition of fixed assets
Penerimaan dividen dari entitas asosiasi - 24,990 106,239 Dividend from associate entity
Akuisisi entitas asosiasi baru 32 - - (2,641,518) Acquisition of new associate entity
Akuisisi bisnis kombinasi, setelah dikurangi Acquisition of business
kas yang diperoleh 39 (1,875,000) - - combination net of cash acquired
Akuisisi entitas anak, setelah dikurangi Acquisition of subsidiary
kas yang diperoleh 37 - - (329,309) net of cash acquired
Penerimaan dari penjualan menara 7 - 12,088 72,869 Proceed from sale of tower
Penerimaan dari penjualan aset tertentu - - 19,723 Proceed from sale of certain asset
Penerimaan dari aset tetap yang dijual 7 6,358 10,955 104,130 Proceeds from sale of fixed assets
Penerimaan dari penggantian klaim asuransi 7 - - 3,473 Proceeds from insurance claims
Arus kas bersih yang digunakan untuk Net cash flows used in
aktivitas investasi (11,365,554) (10,376,600) (11,495,464) investing activities
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS PENDANAAN FINANCING ACTIVITIES
Pembayaran pinjaman jangka panjang 13 (541,530) (5,180,000) (4,740,000) Repayment of long-term loans
Pembayaran bunga pinjaman jangka panjang (561,164) (380,999) (525,402) Payment for interest from long-term loans
Pembayaran pokok liabilitas sewa 30c (4,748,170) (4,327,247) (4,162,419) Payment for lease liabilities principal
Pembayaran bunga liabilitas sewa 30c (2,174,460) (2,388,416) (1,763,241) Payment of lease liabilities interest
Penerimaan dari penjualan dan Proceed from sale and leaseback
sewa balik 7 - 41,628 375,627 transaction
Pembayaran bunga utang obligasi (128,158) (143,509) (66,191) Payment of bonds payables interest
Pembayaran imbal hasil ijarah (169,757) (205,464) (178,694) Payment for ijarah return
Pembayaran sukuk ijarah 15 (398,000) (149,000) (677,000) Payment for sukuk ijarah
Pembayaran utang obligasi 16 (40,000) (131,000) (191,000) Payment for bonds payables
Penerimaan bersih pinjaman jangka panjang 13 3,353,373 3,477,945 4,455,318 Net proceed from long-term loans
Penerimaan dari sukuk ijarah 15 - - 1,500,000 Proceeds from sukuk ijarah
Penerimaan dari utang obligasi 16 - - 1,500,000 Proceeds from bonds payable
Pembayaran dividen kas 20 (646,346) (549,023) (544,078) Payment for cash dividends
Biaya penerbitan sukuk ijarah 15 - - (6,164) Sukuk ijarah issuance cost
Biaya penerbitan utang obligasi 16 - - (6,684) Bonds payable issuance cost
Penerimaan dari penerbitan saham - - 4,999,812 Proceed of issuance of rights
Biaya penerbitan saham - - (61,256) Share issuance cost
Arus kas bersih yang digunakan untuk Net cash flows used in
aktivitas pendanaan (6,054,212) (9,935,085) (91,372) financing activities
Kenaikan/(penurunan) bersih Net increase/(decrease) in
kas dan setara kas 413,879 (4,216,147) 2,517,659 cash and cash equivalents
Kas dan setara kas Cash and cash equivalents
pada awal tahun 966,027 5,184,113 2,664,387 at the beginning of the year
Dampak perubahan selisih kurs Effect of exchange rate changes
terhadap kas dan setara kas 6,731 (1,939) 2,067 on cash and cash equivalents
Kas dan setara kas Cash and cash equivalents
pada akhir tahun 3 1,386,637 966,027 5,184,113 at the end of the year
Catatan atas laporan keungan merupakan bagian tak terpisahkan The accompanying notes form an integral part of
dari laporan keungan secara keseluruhan. these consolidated financial statements.
Page 291
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/1 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM 1. GENERAL
a. Pendirian dan informasi umum a. Establishment and general information
PT XL Axiata Tbk (“Perusahaan”) yang PT XL Axiata Tbk (the “Company”) which was
sebelumnya bernama PT Excelcomindo previously known as PT Excelcomindo
Pratama Tbk., pertama kali didirikan dengan Pratama Tbk., was initially established under
nama PT Grahametropolitan Lestari. the name PT Grahametropolitan Lestari. The
Perusahaan berkedudukan hukum di Jakarta Company has its legal domicile in Jakarta and
dan didirikan sesuai dengan peraturan was established as a limited liability company
perundang-undangan yang berlaku di Negara under the laws of the Republic of Indonesia
Republik Indonesia berdasarkan Akta Pendirian under Deed of Establishment No. 55 dated
Perseroan Terbatas No. 55 tanggal 6 October 1989, as amended by Deed No. 79,
6 Oktober 1989, sebagaimana diubah dengan dated 17 January 1991. The preparation of
Akta Perubahan No. 79 tanggal both deeds was overseen by Rachmat
17 Januari 1991. Keduanya dibuat di hadapan Santoso, S.H., a notary in Jakarta. The deeds
Rachmat Santoso, S.H., Notaris di Jakarta. were approved by the Minister of Justice of
Akta-akta tersebut memperoleh persetujuan the Republic of Indonesia in the Minister’s
dari Menteri Kehakiman Republik Indonesia Decision Letter no. C2-515.HT.01.01.TH.91
berdasarkan Surat Keputusan Menteri dated 19 February 1991, registered in the
No. C2-515.HT.01.01.TH.91 tanggal District Court of South Jakarta under
19 Februari 1991, didaftarkan di Pengadilan no. 670/Not/1991/PN.JKT.SEL and
Negeri Jakarta Selatan no. 671/Not/1991/PN.JKT.SEL, dated
No. 670/Not/1991/PN.JKT.SEL dan 21 August 1991, and published in the State
No. 671/Not/1991/PN.JKT.SEL, tanggal Gazette of the Republic of Indonesia
21 Agustus 1991, dan diumumkan dalam Berita no. 90, Supplement no. 4070, dated
Negara Republik Indonesia No. 90, Tambahan 8 November 1991.
No. 4070, tanggal 8 November 1991.
Anggaran Dasar Perusahaan telah mengalami The Company’s Articles of Association have
beberapa kali perubahan. Perubahan terakhir been amended several times. The latest
Anggaran Dasar Perusahaan adalah amendment of the Company’s Articles of
sebagaimana dimuat dalam Akta Pernyataan Association is as stated in the Deed of
Keputusan Rapat Umum Pemegang Saham Statement of Extraordinary General Meeting
Luar Biasa No. 25 tanggal 11 Januari 2024 of Shareholders Resolution No. 25 dated
yang dibuat di hadapan Aulia Taufani, S.H., 11 January 2024 which was made before
Notaris di Jakarta mengenai perubahan Aulia Taufani, S.H., a notary in Jakarta in
kegiatan usaha berupa penambahan bidang respect of changes in business activities in the
usaha Perusahaan. Perubahan ini telah form of additional business sectors. This
disetujui oleh Menteri Hukum dan Hak Asasi amendment has been approved by the
Manusia Republik Indonesia berdasarkan Minister of Law and Human Rights of the
Keputusan Menteri Hukum dan Hak Asasi Republic of Indonesia based on the Decision
Manusia Republik Indonesia no. AHU- of the Minister of Law and Human Rights of
00091899.AH.01-11 tahun 2024 tanggal the Republic of Indonesia no. AHU-
15 Januari 2024. 00091899.AH.01-11 year 2024 dated
15 January 2024.
Axiata Investments (Indonesia) Sdn. Bhd., The Company’s majority shareholder, Axiata
pemegang saham mayoritas Perusahaan Investments (Indonesia) Sdn. Bhd., is a wholly
merupakan entitas anak yang dimiliki owned subsidiary of Axiata Investments
sepenuhnya oleh Axiata Investments (Labuan) (Labuan) Limited. Axiata Investments
Limited. Axiata Investments (Labuan) Limited (Labuan) Limited is a subsidiary of Axiata
adalah entitas anak Axiata Group Berhad. Group Berhad.
Kantor pusat Perusahaan terletak di XL Axiata The Company’s head office is currently
Tower, Jl. H.R. Rasuna Said X-5 Kav. 11-12, located at XL Axiata Tower, Jl. H.R. Rasuna
Kuningan Timur, Setiabudi, Jakarta Selatan Said X-5 Kav. 11-12, Kuningan Timur,
12950, Indonesia. Setiabudi, South Jakarta 12950, Indonesia.
Page 292
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/2 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
b. Penawaran umum efek b. The Company’s public offerings
Nilai nominal
Jumlah per saham/ Pencatatan
saham/ Nominal saham/Share
Total shares value per share register Tanggal/Date
Penawaran saham umum 1,427,500,000 100 Bursa Efek Indonesia 29 September 2005
perdana dan tercatat di
Bursa Efek Indonesia/Initial
Public Stock Offering
Penawaran Umum Terbatas I 1,418,000,000 100 Bursa Efek Indonesia 16 November 2009
(“PUT I”) dalam rangka
penerbitan Hak Memesan
Efek Terlebih Dahulu
(“HMETD”)/Limited Public
Offering I (“LPO I”) in
respect of a rights issue with
Pre-emptive Rights
Penerbitan saham baru tanpa 24,091,727 100 Bursa Efek Indonesia 14 April 2011
memberikan HMETD
sebagai pelaksanaan
Program Insentif Jangka
Panjang 2010-2015/
Incentive Shares without
Pre-emptive Rights in the
framework of Long Term
Incentive Program 2010 –
2015
Penerbitan saham melalui 26,500,000 100 Bursa Efek Indonesia 10 Maret/March 2016
mekanisme penerbitan
saham tanpa HMETD
sebagai pelaksanaan
Program Insentif Jangka
Panjang 2016 -
2020/Incentive Shares
without Pre-emptive Rights
in the framework of Long
Term Incentive Program
2016 – 2020
Penerbitan saham melalui 2,137,592,085 100 Bursa Efek Indonesia 25 Mei/May 2016
mekanisme Penawaran
Umum Terbatas II (“PUT II”)
tahun 2016 dengan
HMETD/Share issuance
through Limited Public
Offering II ("LPO II") Year
2016 in respect of a rights
issue with Pre-emptive
Rights
Penerbitan saham melalui
mekanisme Penawaran 2,403,755,889 100 Bursa Efek Indonesia 20 Desember/
Umum Terbatas III (“PUT December 2022
III”) tahun 2022 dengan
HMETD/Share issuance
through Limited Public
Offering II ("LPO III") Year
2022 in respect of a rights
issue with Pre-emptive
Rights
Page 293
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/3 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
b. Penawaran umum efek (lanjutan) b. The Company’s public offerings (continued)
Lihat Catatan 15 dan 16 untuk informasi See Notes 15 and 16 for information related to
penerbitan Sukuk Ijarah dan Obligasi. Sukuk Ijarah and Bonds issuance.
c. Ijin investasi c. Investment licence
Sesuai dengan Anggaran Dasar, tujuan In accordance with its Articles of Association,
Perusahaan adalah melakukan kegiatan dalam the Company’s purpose is to provide
usaha penyelenggaraan jasa telekomunikasi telecommunications services and/or
dan/atau jaringan telekomunikasi dan/atau telecommunications networks and/or
multimedia. Perusahaan memulai operasi multimedia services. The Company
komersialnya di tahun 1996 dan oleh karenanya commenced its commercial operations in 1996
Perusahaan telah memiliki perizinan-perizinan and therefore the Company has obtained
sebagaimana dipersyaratkan oleh Badan licences as required by Investment
Koordinasi Penanaman Modal (“BKPM”). Coordination Board (“BKPM”).
Sehubungan dengan telah diselesaikannya In relation completion of the merger with AXIS,
penggabungan usaha dengan AXIS, the Company has obtained Principle
Perusahaan memperoleh Izin Prinsip License of Merger of Capital Investment
Penggabungan Perusahaan Penanaman No. 3/1/IP-PP/PMA/2014 dated 7 April 2014
Modal No. 3/1/IP-PP/PMA/2014 tanggal and License of Merger of Foreign Capital
7 April 2014 dan Izin Usaha Penggabungan Investment No. 7/1/IU-PP/PMA/2014, dated
Perusahaan Penanaman Modal 25 November 2014.
Asing No. 7/1/IU-PP/PMA/2014 tanggal
25 November 2014.
Perusahaan memperoleh Izin Pendaftaran The Company obtained Licence of Registration
Penanaman Modal Asing of Foreign Investment No. 580/1/PI/PMA/2018
No. 580/1/PI/PMA/2018 tanggal dated 20 February 2018 for telecommunication
20 Februari 2018 untuk aktivitas activities with cable as well as obtaining
telekomunikasi dengan kabel serta Licence of Telecommunication Network for
memperoleh Izin Penyelenggaraan Foreign Investment No. 2168/1/IU/PMA/2018
Jaringan Telekomunikasi Penanaman Modal dated 28 June 2018 for telecommunication
Asing No. 2168/1/IU/PMA/2018 tanggal activities with cable.
28 Juni 2018 untuk aktivitas telekomunikasi
dengan kabel.
d. Ijin penyelenggaraan d. Operating licence
Perusahaan dan entitas anak pada prinsipnya The Company and its subsidiaries are
menyelenggarakan jasa teleponi dasar melalui principally involved in the provision of basic
Jaringan Bergerak Selular, Jasa Akses Internet telephony services on Cellular Mobile Network,
(“ISP”), Jasa Penyelenggaraan Jaringan Tetap Internet Services Provider (“ISP”), Closed
Tertutup (“JARTUP”), Jasa Internet Teleponi Fixed Network Services (“JARTUP”), Internet
untuk Keperluan Publik (“ITKP”), Jasa Telephony Service for Public Interest Licence
Interkoneksi Internet (“NAP”), Jasa Penyediaan (“ITKP”), Internet Interconnection Services
Konten dan Jaringan Tetap Lokal Packet (“NAP”), Content Provider Service and Packet
Switched (“JARTAPLOK Packet Switched”). Switched Local Fixed Network Licence
Untuk setiap ijin, evaluasi dilakukan setiap lima (“JARTAPLOK Packet Switched”). For every
tahun. Sebagai tambahan, Perusahaan dan licence, an evaluation is performed every five
entitas anak juga mendapatkan ijin-ijin lainnya. years. In addition, the Company and its
subsidiaries also obtained various other
licences.
Page 294
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Halaman - 5/4 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
d. Ijin penyelenggaraan (lanjutan) d. Operating licence (continued)
Rincian dari ijin-ijin tersebut adalah sebagai Details of these licences are as follows:
berikut:
Tanggal penetapan atau
perpanjangan terakhir/
Jenis jasa/ Grant date or
Ijin/License No. ijin/License no. Type of service latest renewal date
PT XL Axiata Tbk
Ijin Penyelenggaraan Jaringan Kepmenkominfo No.091 Jaringan Bergerak Selular 23 Desember/December
Bergerak Selular/ Tahun 2019, 056/ (meliputi 3GPP 900, DCS 2019, 21 Juni/
License to Operate TEL.01.02/06/2021, 1800, IMT 2000 dan 2100 June 2021,
Cellular Mobile Network 107/TEL.01.02/2021 Mhz) termasuk Jasa, 17 Desember/
026/TEL.01.02/2022 Telekomunikasi Dasar, December 2021,
Teknologi Netral/Cellular 28 Januari/
Mobile Network (including January 2022
3GPP 900, DCS 1800,
IMT 2000 and 2100 Mhz),
Basic Telecommunication
Services, Neutral
Technology
Ijin Penyelenggaraan Jaringan Kepmenkominfo No.034/ Jaringan Tetap Tertutup/ 3 April 2021
Tetap Tertutup/License to TEL.01.02/2021 Closed Fixed Network
Operate Closed Fixed (“JARTUP”)
Network (“JARTUP”)
Ijin Penyelenggaraan Jasa Kepmenkominfo No.416/ Jasa Sistem Komunikasi 29 November 2019
Sistem Komunikasi Data/ TEL.02.02/2019 jo Data/Data Communication efektif/effective
License to Operate Data SKLO 298/TEL.04.02/ System on 26 Juni/
Communication System 2020 June 2020
Ijin Penyelenggaraan Kepmenkominfo No.005/ Jaringan Tetap Lokal Packet 27 April 2018
Jaringan Tetap Lokal TEL.01.02/2018 Switched/Packet Switched
Packet Switched/ Local Fixed Network
License to Operate Packet (“JARTAPLOK Packet
Switched Local Fixed Switched”)
Network (“JARTAPLOK
Packet Switched”)
Ijin Penyelenggaraan Jasa Kepmenkominfo No.234 Jasa Penyediaan Konten/ 7 Agustus/August 2014
Penyediaan Konten/ Tahun 2014 dan/and Content Providing Service dan/and 31 Oktober/
License to Operate 1940 Tahun 2017 October 2017
Content Providing Service
Ijin Penyelenggaraan Jasa Kepmenkominfo No.1039 Jasa Interkoneksi Internet/ 16 Mei/May 2017
Interkoneksi Internet/ Tahun 2017 Internet Interconnection
License to Operate Services (“NAP”)
Internet Interconnection
Services (“NAP”)
Ijin Penyelenggaraan Jasa Kepdirjen PPI No. 172 Jasa Internet Teleponi untuk 21 Oktober/October 2016
Internet Teleponi untuk Tahun 2016 Keperluan Publik (”ITKP”)/
Keperluan Publik (“ITKP”)/ Voice over Internet
License to Operate VoIP Protocol (“VoIP”)
Page 295
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/5 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
d. Ijin penyelenggaraan (lanjutan) d. Operating licence (continued)
Rincian dari ijin-ijin tersebut adalah sebagai Details of these licences are as follows:
berikut: (lanjutan) (continued)
Tanggal penetapan atau
perpanjangan terakhir/
Jenis jasa/ Grant date or
Ijin/License No. ijin/License no. Type of service latest renewal date
Ijin Penyelenggaraan Jasa Kepdirjen No. 395 Tahun Jasa Akses Internet/Internet 21 November 2013
Akses Internet/ 2013 Services Provider (“ISP”)
License to Operate
Internet Access Services
(“ISP”)
PT Hipernet Indodata
Ijin Penyelenggaraan Jaringan No. 81201038411520031 Jaringan Tetap Tertutup/ 7 Desember/December
Tetap Tertutup/License to Closed Fixed Network 2022
Operate Closed Fixed (“JARTUP”)
Network (“JARTUP”)
Ijin Penyelenggaraan Jasa 170/TEL.02.02/2019 Jasa Multimedia and Sistem 28 Mei/May 2019
Telekomunikasi/ Komunikasi Data/
License to Operate Multimedia and
Telecommunication Data Communication
Services Systems
Ijin Penyelenggaraan Jasa 848 Tahun 2014 Jasa Akses Internet/Internet 22 September 2014
Akses Internet/ Services Provider (“ISP”)
License to Operate
Internet Access Services
(“ISP”)
XL Axiata Singapore Pte. Ltd.*
Ijin Penyelenggaraan Jasa - International Simple 20 Desember/December
International Simple Resale (“ISR”) 2020
Resale/License to Operate
International Simple
Resale (“ISR”)
Ijin Penyelenggaraan Jasa - Jasa Koneksi Tetap Sewa 20 Desember/December
Koneksi Tetap Sewa Sirkit Langganan/Local 2020
Sirkit Langganan/ Leased Fixed-Line
License to Operate Local Connectivity Services
Leased Fixed-Line
Connectivity Services
Ijin Penyelenggaraan Jasa - Jasa Situs Interkoneksi Fisik 20 Desember/December
Pertukaran Internet/ untuk Semua Operator/ 2020
License to Operate Physical Interconnection
Internet Exchange Site for Any Operators
*) Axiata Global Services Pte. Ltd. berubah nama menjadi XL Axiata *) Axiata Global Services Pte. Ltd. changed its name to XL Axiata
Singapore Pte. Ltd. efektif sejak 7 Oktober 2024 Singapore Pte. Ltd. effective from 7 October 2024
Page 296
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/6 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
e. Dewan Komisaris, Dewan Direksi dan e. Board of Commissioners, Board of
Komite Audit, Kepala Audit Internal dan Directors, Audit Committee, Head of
Sekretaris Perusahaan Internal Audit and Corporate Secretary
Susunan Dewan Komisaris dan Dewan Direksi The composition of the Company’s Board of
Perusahaan pada tanggal 31 Desember 2024 Commissioners and Board of Directors as at
adalah sebagaimana dimuat dalam Akta 31 December 2024 is as stated in the Deed of
Pernyataan Keputusan Rapat No. 4 tanggal Resolution No. 4 dated 3 May 2024, made
3 Mei 2024 yang dibuat di hadapan Aulia before Aulia Taufani, S.H., Notary in Jakarta,
Taufani, S.H., Notaris di Jakarta, yang telah which has been received and registered in the
diterima dan dicatat dalam Sistem Administrasi Legal Entity Administration System and
Badan Hukum dan mendapatkan Data obtained the notification receipt no. AHU-
Perusahaan dari Menteri Hukum dan Hak AH.01.09-0195589 dated 13 May 2024,
Asasi Manusia Republik Indonesia berdasarkan issued by the Minister of Law and Human
surat no. AHU-AH.01.09-0195589 tanggal Rights of the Republic of Indonesia.
13 Mei 2024.
Susunan Dewan Komisaris Perusahaan pada The composition of the Company’s Board of
tanggal 31 Desember 2024, 2023 dan 2022 Commissioners as at 31 December 2024,
adalah sebagai berikut: 2023 and 2022 are as follows:
31/12/2024 31/12/2023 31/12/2022
Dewan Komisaris Board of
Commissioners
Presiden Komisaris Dr. Muhamad Dr. Muhamad Dr. Muhamad President Commissioner
Chatib Basri Chatib Basri Chatib Basri
Komisaris Vivek Sood Vivek Sood Vivek Sood Commissioners
Nik Rizal Kamil Dr. David Robert Dr. David Robert
Nik Ibrahim Dean3 Dean
Kamil1 Dr. Hans Dr. Hans
Dr. Hans Wijayasuriya Wijayasuriya
Wijayasuriya
Independent
Komisaris Independen Julianto Sidarto Yasmin Stamboel Yasmin Stamboel Commissioners
Yasmin Binti Wirjawan2 Wirjawan
Aladad Khan2 Muliadi Rahardja2 Muliadi Rahardja
Didi Syafruddin2 Julianto Sidarto Julianto Sidarto
1) Perusahaan menunjuk Nik Rizal Kamil Nik Ibrahim Kamil sebagai 1) The Company appointed Nik Rizal Kamil Nik Ibrahim Kamil as
Komisaris pada Rapat Umum Pemegang Saham pada tanggal Commissioner by the General Meeting of Shareholders on 3 May
3 Mei 2024. 2024.
2) Perusahaan menunjuk Yasmin Binti Aladad Khan dan Didi
Syafruddin Yahya sebagai Komisaris Independen menggantikan 2) The Company appointed Yasmin Binti Aladad Khan and Didi
Yasmin Stamboel Wirjawan dan Muliadi Rahardja pada Rapat Syafruddin Yahya as Independent Commissioners replacing
Umum Pemegang Saham pada tanggal Yasmin Stamboel Wirjawan and Muliadi Rahardja by the General
3 Mei 2024. Meeting of Shareholders on 3 May 2024.
3) Pengunduran diri Dr. David Robert Dean selaku Komisaris telah
disetujui pada Rapat Umum Pemegang Saham Luar Biasa pada 3) Resignation of Dr. David Robert Dean as Commissioner has
tanggal been approved in the Extraordinary General Meeting of
11 Januari 2024. Shareholders on 11 January 2024.
Page 297
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/7 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
e. Dewan Komisaris, Dewan Direksi dan e. Board of Commissioners, Board of
Komite Audit, Kepala Audit Internal dan Directors, Audit Committee, Head of
Sekretaris Perusahaan (lanjutan) Internal Audit and Corporate Secretary
(continued)
Susunan Dewan Direksi Perusahaan pada The composition of the Company’s Board of
tanggal 31 Desember 2024, 2023 dan 2022 Directors as at 31 December 2024, 2023 and
adalah sebagai berikut: 2022 are as follows:
31/12/2024 31/12/2023 31/12/2022
Dewan Direksi Board of Directors
Presiden Direktur Dian Siswarini1 Dian Siswarini Dian Siswarini President Director
Direktur Abhijit Jayant Abhijit Jayant Abhijit Jayant Directors
Navalekar2 Navalekar Navalekar
Yessie D. Yessie D. Yessie D.
Yosetya Yosetya Yosetya
David Arcelus David Arcelus David Arcelus
Oses Oses Oses
Feiruz Ikhwan bin Feiruz Ikhwan bin Budi Pramantika5
Abdul Malek Abdul Malek5 I Gede
I Gede I Gede Darmayusa
Darmayusa3 Darmayusa
Rico Usthavia
Frans4
1) Dian Siswarini telah menyampaikan permohonan pengunduran 1) Dian Siswarini submitted her resignation as President Director of
diri sebagai Presiden Direktur Perseroan pada tanggal 3 the Company on
Desember 2024. Pengunduran diri tersebut akan berlaku efektif 3 December 2024. The resignation will be effective upon
sejak diperoleh persetujuan dari Rapat Umum Pemegang Saham receiving approval from the nearest General Meeting of
Perseroan terdekat. Shareholders of the Company.
2) Abhijit Jayant Navalekar telah menyampaikan permohonan 2) Abhijit Jayant Navalekar submitted his resignation as Director of
pengunduran diri sebagai Direktur Perseroan pada tanggal 24 the Company on
Desember 2024. Pengunduran diri tersebut akan berlaku efektif 24 December 2024. The resignation will be effective upon
sejak diperoleh persetujuan dari Rapat Umum Pemegang Saham receiving approval from the nearest General Meeting of
Perseroan terdekat. Shareholders of the Company.
3) I Gede Darmayusa telah menyampaikan permohonan 3) I Gede Darmayusa submitted his resignation as Director of the
pengunduran diri sebagai Direktur Perseroan pada tanggal 7 Company on 7 January 2025. The resignation will be effective
Januari 2025. Pengunduran diri tersebut akan berlaku efektif upon the Company merger corporate action is declared effective.
sejak aksi korporasi penggabungan usaha Perusahaan
dinyatakan berlaku efektif. 4) The Company appointed Rico Usthavia Frans as Director by the
4) Perusahaan menunjuk Rico Usthavia Frans sebagai Direktur General Meeting of Shareholders on 3 May 2024. Rico Usthavia
pada Rapat Umum Pemegang Saham pada tanggal 3 Mei 2024. Frans submitted his resignation as Director of the Company on
Rico Usthavia Frans telah menyampaikan permohonan 7 January 2025. The resignation will be effective upon receiving
pengunduran diri sebagai Direktur Perseroan pada tanggal 7 approval from the nearest General Meeting of Shareholders of
Januari 2025. Pengunduran diri tersebut akan berlaku efektif the Company.
sejak diperoleh persetujuan dari Rapat Umum Pemegang Saham
Perseroan terdekat. 5) The Company appointed Feiruz Ikhwan bin Abdul Malek as
5) Perusahaan menunjuk Feiruz Ikhwan bin Abdul Malek sebagai Director to replace Budi Pramantika by the General Meeting of
Direktur menggantikan Budi Pramantika pada Rapat Umum Shareholders on 5 May 2023.
Pemegang Saham pada tanggal 5 Mei 2023. .
Page 298
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Halaman - 5/8 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
e. Dewan Komisaris, Dewan Direksi dan e. Board of Commissioners, Board of
Komite Audit, Kepala Audit Internal dan Directors, Audit Committee, Head of
Sekretaris Perusahaan (lanjutan) Internal Audit and Corporate Secretary
(continued)
Komite Audit Perusahaan dibentuk pada The Company’s Audit Committee was
tanggal 28 Februari 2005. Susunan Komite established on 28 February 2005. The
Audit per tanggal 31 Desember 2024, 2023 dan composition of the Audit Committee as at
2022 adalah sebagai berikut: 31 December 2024, 2023 and 2022 are as
follows:
31/12/2024 31/12/2023 31/12/2022
Ketua Didi Syafruddin Julianto Sidarto Julianto Sidarto Chairman
Yahya1
Anggota Yasmin Binti Muliadi Rahardja2 Muliadi Rahardja Members
Aladad Khan2 Benny Redjo Benny Redjo
Benny Redjo Setyono Setyono
Setyono Nita Skolastika Nita Skolastika
Nita Skolastika Ruslim Ruslim
Ruslim
1) Perusahaan menunjuk Didi Syafruddin Yahya sebagai ketua 1) The Company appointed Didi Syafruddin Yahya as chairman of
Komite Audit Perusahaan menggantikan Julianto Sidarto pada the Company’s Audit Committee replacing Julianto Sidarto on
tanggal 3 Mei 2024. 3 May 2024.
2) Perusahaan menunjuk Yasmin Binti Aladad Khan sebagai 2) The Company appointed Yasmin Binti Aladad Khan as a member
anggota Komite Audit Perusahaan menggantikan Muliadi of the Company’s Audit Committee replacing Muliadi Rahardja on
Rahardja pada tanggal 3 Mei 2024. 3 May 2024.
Pada tanggal 31 Desember 2024, Kepala Audit As at 31 December 2024, respectively, Head
Internal dan Sekretaris Perusahaan masing- of Internal Audit and Corporate Secretary of
masing adalah Mohammed Abdul Kader the Company are Mohammad Abdul Kader
Bhuyan dan Ranty Astari Rachman. Pada Bhuyan and Ranty Astari Rachman. As at
tanggal 31 Desember 2023 dan 2022, Kepala 31 December 2023 and 2022, respectively,
Audit Internal dan Sekretaris Perusahaan Head of Internal Audit and Corporate
masing-masing adalah Vierna Suryaningsih dan Secretary of the Company are Vierna
Ranty Astari Rachman. Suryaningsih and Ranty Astari Rachman.
Page 299
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Halaman - 5/9 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
f. Struktur entitas anak f. Structures of the Company’s subsidiaries
Pada tanggal 31 Desember 2024, 2023 dan As at 31 December 2024, 2023 and 2022, the
2022, Perusahaan mempunyai kepemilikan Company had direct and indirect ownership in
langsung dan tidak langsung pada entitas anak the following subsidiaries:
berikut:
Jumlah Aset (Sebelum Eliminasi)/
Total Assets (Before Eliminations)
Entitas Anak/Subsidiaries 31/12/2024 31/12/2023 31/12/2022
PT Hipernet Indodata 407,231 270,820 202,381
Axiata Global Services Pte. Ltd.1 8,379 - -
PT Data Enkripsi Informasi Teknologi 2,520 - -
Mulai
beroperasi/
Start of Persentase kepemilikan/
Domisili/ commercial Kegiatan usaha/ Percentage of ownership
Domicile operations Principal activity 31/12/2024 31/12/2023 31/12/2022
PT Hipernet
Indodata Indonesia 2007 Managed service 51.00% 51.00% 51.00%
dan entitas dan jasa teknologi
anak/and informasi/
subsidiaries Managed and
information
technology
services
Axiata Global Singapura/ 2018 Layanan operator 100.00% - -
Services Singapore internasional dan
Pte. Ltd.1 manajemen
kemitraan serta
aliansi/
International
operator services
and partnership
and alliance
management
PT Data Indonesia 2024 Layanan 50.95% - -
Enkripsi keamanan siber/
Informasi Cybersecurity
Teknologi2 services
1) Axiata Global Services Pte. Ltd. Berubah nama menjadi XL Axiata 1) Axiata Global Services Pte. Ltd. changed its name to XL Axiata
Singapore Pte. Ltd. sejak 7 Oktober 2024. Singapore Pte. Ltd. effective from 7 October 2024.
2) PT Hipernet Indodata memiliki kepemilikan langsung sebesar 99,9% 2) PT Hipernet Indodata owns 99.9% direct ownership in PT Data
terhadap PT Data Enkripsi Informasi Teknologi. Enkripsi Informasi Teknologi.
Page 300
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
INFORMATION
Laporan keuangan konsolidasian ini diotorisasi oleh The consolidated financial statements were
Dewan Direksi pada tanggal 5 Februari 2025. authorised by the Board of Directors on
5 February 2025.
a. Dasar penyusunan laporan keuangan a. Basis for preparation of the consolidated
konsolidasian financial statements
Berikut ini adalah informasi kebijakan akuntansi Presented below are the material accounting
material yang diterapkan dalam penyusunan policy information applied in the preparation of
laporan keuangan konsolidasian Grup yang the consolidated financial statements of the
disusun dan disajikan berdasarkan Standar Group in accordance with Indonesian Financial
Akuntansi Keuangan di Indonesia yang Accounting Standards which comprise
mencakup Pernyataan Standar Akuntansi Statements of Financial Accounting Standards
Keuangan ("PSAK") dan Interpretasi Standar ("PSAK") and Interpretation of Financial
Akuntansi Keuangan ("ISAK") yang diterbitkan Accounting Standards (“ISAK”) issued by
oleh Ikatan Akuntan Indonesia dan Peraturan Institute of Indonesian Chartered Accountant
Badan Pengawas Pasar Modal dan Lembaga and the Capital Market and Financial Institution
Keuangan ("BAPEPAM-LK") No. VIII.G.7 Supervisory Agency ("BAPEPAM-LK")’s
tentang Penyajian dan Pengungkapan Laporan Regulation No. VIII.G.7 regarding the
keuangan konsolidasian Emiten atau Presentations and Disclosures of consolidated
Perusahaan Publik, yang terlampir dalam surat financial statements of listed entities, enclosed
keputusan No. KEP-347/BL/2012. Peraturan in the decision letter No. KEP-347/BL/2012.
tersebut sekarang merupakan regulasi dari The regulation is now a regulation under the
Otoritas Jasa Keuangan ("OJK"). Indonesian Financial Services Authority
("OJK").
Laporan keuangan konsolidasian, kecuali untuk The consolidated financial statements, except
akun-akun tertentu yang disusun berdasarkan for certain accounts which are prepared on
pengukuran lainnya yang dideskripsikan dalam other measurement described in the respective
kebijakan akuntansi terkait dan laporan arus accounting policy and the statements of cash
kas konsolidasian, disusun dengan konsep flows, have been prepared on the historical
harga perolehan dan dasar akrual. cost concept and accrual basis.
Laporan arus kas konsolidasian, yang disusun The consolidated statement of cash flows,
dengan menggunakan metode langsung, which has been prepared using the direct
menyajikan penerimaan dan pengeluaran kas method, presents receipts and disbursements
dan setara kas yang diklasifikasikan ke dalam of cash and cash equivalents classified into
aktivitas operasi, investasi dan pendanaan. operating, investing and financing activities.
Penyusunan laporan keuangan konsolidasian The preparation of the consolidated financial
yang disusun berdasarkan Standar Akuntansi statements in conformity with Indonesian
Keuangan Indonesia memerlukan penggunaan Financial Accounting Standards requires the
estimasi akuntansi tertentu dan asumsi-asumsi. use of certain critical accounting estimates and
Hal ini juga mengharuskan manajemen untuk assumptions. It also requires management to
melakukan pertimbangan dalam proses exercise its judgement in the process of
penerapan kebijakan akuntansi di dalam Grup. applying the Group’s accounting policies. The
Area yang kompleks atau memerlukan tingkat areas involving a higher degree of judgement
pertimbangan yang lebih tinggi, atau area or complexity, or areas where assumptions
dimana asumsi dan estimasi dapat berdampak and estimates are significant to the
signifikan terhadap laporan keuangan consolidated financial statements are disclosed
konsolidasian diungkapkan dalam Catatan 36. in Note 36.
Page 301
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Halaman - 5/11 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
a. Dasar penyusunan laporan keuangan a. Basis for preparation of the consolidated
konsolidasian (lanjutan) financial statements (continued)
Mata uang fungsional dan penyajian Functional and presentation currency
Transaksi-transaksi yang termasuk dalam Items included in the consolidated financial
laporan keuangan konsolidasian pada setiap statements of each of the Group’s entities are
entitas anggota Grup diukur dengan mata uang measured using the currency of the primary
lingkungan ekonomi utama di mana Grup economic environment in which the Group
beroperasi (“mata uang fungsional”). Laporan operates (“the functional currency”). The
keuangan konsolidasian disajikan dalam consolidated financial statements are
Rupiah, yang merupakan mata uang fungsional presented in Rupiah, which is the Group’s
dan penyajian Grup. functional and presentation currency.
Angka-angka dalam laporan keuangan Figures in the consolidated financial
konsolidasian ini dibulatkan menjadi jutaan statements are rounded in millions of Rupiah,
Rupiah, kecuali dinyatakan lain. unless otherwise stated.
Perubahan atas Pernyataan Standar Changes to the statements of financial
Akuntansi Keuangan (“PSAK”) accounting standards (“PSAK”)
Penerapan dari revisi standar akuntansi berikut The adoption of these amended standards that
yang berlaku efektif mulai 1 Januari 2024, tidak are effective beginning 1 January 2024 did not
menimbulkan perubahan substansial terhadap result in substantial changes to the Group’s
kebijakan akuntansi Grup dan pengaruh yang accounting policies and had no material effect
material terhadap laporan keuangan to the Group’s consolidated financial
konsolidasian Grup: statements:
- Amendemen PSAK 201 “Penyajian Laporan - Amendment to PSAK 201 “Presentation of
Keuangan” – Liabilitas Jangka Panjang Financial Statements” – Non-current
dengan Kovenan Liabilities with Covenants
- Amendemen PSAK 116 ”Sewa” – Liabilitas - Amendment to PSAK 116 “Leases” – Lease
Sewa pada Transaksi Jual dan Sewa Balik Liability in a Sale and Leaseback
- Amendemen PSAK 207 “Laporan Arus Kas” - Amendment to PSAK 207 “Statement of
- Amendemen PSAK 107 “Instrumen Cash Flows”
Keuangan: Pengungkapan” – Pengaturan - Amendment to PSAK 107 “Financial
Pembiayaan Pemasok Instrument: Disclosure” – Supplier Finance
Agreements
Standar akuntansi revisian berikut yang telah The following revised accounting standards
diterbitkan dan berlaku efektif mulai issued and are effective beginning
1 Januari 2025 dan belum diterapkan secara 1 January 2025 and have not been early
dini oleh Grup: adopted by the Group:
- Amendemen PSAK 117 “Kontrak Asuransi” - Amendment to PSAK 117 “Insurance
- Amendemen PSAK 221 “Pengaruh Contracts”
Perubahan Kurs Valuta Asing” - Amendment to PSAK 221 “Lack of
Exchangeability”
Pada tanggal pengesahan laporan keuangan As at the authorisation date of these
konsolidasian Grup sedang mempertimbangkan consolidated financial statements, the Group is
implikasi dari penerapan standar-standar assessing the implication of the above
tersebut, terhadap laporan keuangan standards, to the Group’s consolidated
konsolidasian Grup. financial statements.
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
b. Prinsip atas akuntansi konsolidasi dan b. Principles of consolidation and equity
ekuitas accounting
Entitas anak Subsidiaries
Laporan keuangan konsolidasian meliputi The consolidated financial statements include
laporan keuangan Perusahaan dan entitas the financial statements of the Company and
anak. Entitas anak adalah entitas di mana its subsidiary. A subsidiary is an entity over
Perusahaan memiliki pengendalian. which the Company has control. The Company
Pengendalian timbul ketika Perusahaan controls an entity when the Company is
terekspos atas, atau memiliki hak untuk, imbal exposed to, or has rights to, variable returns
hasil yang bervariasi dari keterlibatannya from its involvement with the entity and has the
dengan entitas dan memiliki kemampuan untuk ability to affect those returns through its power
memengaruhi imbal hasil tersebut melalui over the entity. Subsidiaries are fully
kekuasaannya atas entitas. Entitas anak consolidated from the date on which the
dikonsolidasikan secara penuh sejak tanggal di control is transferred to the Company.
mana pengendalian dialihkan kepada Subsidiaries are deconsolidated from the date
Perusahaan. Entitas anak tidak on which that control ceases.
dikonsolidasikan lagi sejak tanggal di mana
Perusahaan kehilangan pengendalian.
Kombinasi bisnis dicatat dengan menggunakan The acquisition method is used to account for
metode akuisisi. Imbalan yang diserahkan untuk business combinations. The consideration
akuisisi suatu entitas anak adalah sebesar nilai transferred for the acquisition of a subsidiary is
wajar aset yang diserahkan, saham yang the fair value of the assets given, shares
diterbitkan atau liabilitas yang diakui pada issued or liabilities incurred at the date of
tanggal akuisisi. Kelebihan jumlah imbalan yang acquisition. The excess of the aggregate of the
dialihkan dan nilai wajar jumlah kepentingan consideration transferred and the fair value of
nonpengendali atas jumlah aset teridentifikasi non-controlling interest over the net identifiable
bersih yang diperoleh dan kewajiban yang assets and liabilities acquired is recorded as
timbul dicatat sebagai goodwill. Jika jumlah goodwill. If this consideration is lower than the
imbalan yang diserahkan lebih rendah dari nilai fair value of the net assets of the subsidiary
wajar aset bersih entitas anak yang diakuisisi, acquired, the difference is recognised directly
selisihnya diakui langsung dalam laporan laba in the consolidated profit or loss.
rugi konsolidasian.
Imbalan kontinjensi yang masih harus dialihkan Any contingent consideration to be transferred
oleh Perusahaan diakui sebesar nilai wajar by the Company is recognised at fair value at
pada tanggal akuisisi. Perubahan selanjutnya the acquisition date. Subsequent changes to
atas nilai wajar imbalan kontinjensi yang diakui the fair value of the contingent consideration
sebagai aset atau liabilitas dicatat sesuai that are deemed to be an asset or liability are
dengan PSAK 109 “Instrumen Keuangan”, recognised in accordance with PSAK 109
dalam laporan laba rugi. Imbalan kontinjensi “Financial Instruments” in profit or loss.
yang diklasifikasikan sebagai ekuitas tidak Contingent consideration that is classified as
diukur kembali dan penyelesaian selanjutnya equity is not remeasured and its subsequent
diperhitungkan dalam ekuitas. settlement is accounted for within equity.
Untuk setiap akuisisi, Perusahaan mengakui The Company recognises any non-controlling
kepentingan nonpengendali pada pihak yang interests in the acquiree on an acquisition by-
diakuisisi baik sebesar nilai wajar atau sebesar acquisition basis, either at fair value or at the
bagian proporsional kepentingan nonpengendali non-controlling interest’s proportionate share
atas aset bersih pihak yang diakuisisi. of the acquiree’s net assets. Non-controlling
Kepentingan nonpengendali disajikan di ekuitas interests are reported as equity in the
dalam laporan posisi keuangan konsolidasian, consolidated statements of financial position,
terpisah dari ekuitas pemilik entitas induk. separate from the owner of the parent’s equity.
Page 303
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
b. Prinsip atas akuntansi konsolidasi dan b. Principles of consolidation and equity
ekuitas (lanjutan) accounting (continued)
Entitas anak (lanjutan) Subsidiaries (continued)
Biaya yang terkait dengan akuisisi dibebankan Acquisition-related costs are expensed as
pada saat terjadinya. Transaksi antar entitas, incurred. Intercompany transactions, balances
saldo dan keuntungan yang belum direalisasi and unrealised gains on transactions between
antar entitas dalam Grup telah dieliminasi. companies in the Group are eliminated.
Kerugian yang belum direalisasi juga Unrealised losses are also eliminated unless
dieliminasi, kecuali bila terbukti adanya the transaction provides evidence of an
penurunan nilai aset yang ditransfer. impairment of the transferred assets.
Laporan keuangan entitas anak disusun untuk The financial statements of the subsidiaries
tahun pelaporan yang sama dengan Grup. are prepared for the same reporting year as
Kebijakan akuntansi entitas anak diubah jika the Group. When necessary, adjustments are
diperlukan, agar konsisten dengan kebijakan made to bring the accounting policies in line
akuntansi yang diadopsi Grup. with those of the Group.
Entitas Asosiasi Associates
Entitas asosiasi adalah seluruh entitas di mana Associates are all entities over which the
Grup memiliki pengaruh signifikan namun Group has significant influence but not control,
bukan pengendalian, biasanya melalui generally accompanying a shareholding of
kepemilikan hak suara antara 20% dan 50%. between 20% and 50% of the voting rights.
Sesuai metode ekuitas, investasi pada awalnya Under the equity method, the investment is
dicatat pada biaya perolehan. Di dalam initially recognised at cost. The Group’s
investasi Grup atas entitas asosiasi termasuk investment in associates includes goodwill, if
goodwill yang diidentifikasi ketika akuisisi. Nilai any, identified on acquisition. The investment
investasi selanjutnya disesuaikan untuk is adjusted thereafter to recognise the
mengakui bagian investor atas laba rugi pasca investor’s share of the post-acquisition profits
akuisisi dari investee atas laba rugi, dan or losses of the investee in profit or loss, and
bagiannya dalam pergerakan pendapatan its share of movements in other
komprehensif lainnya dari investee atas comprehensive income of the investee in other
pendapatan komprehensif lainnya. comprehensive income.
Setiap akhir periode pelaporan, Grup At the end of each reporting period, the Group
melakukan penilaian ketika terdapat bukti assesses when there is objective evidence
obyektif bahwa investasi pada entitas asosiasi that an investment in associates is impaired.
mengalami penurunan nilai.
c. Transaksi dengan pihak-pihak berelasi c. Related parties transactions
Grup melakukan transaksi dengan pihak-pihak The Group enters into transactions with related
berelasi sebagaimana didefinisikan dalam parties as defined in PSAK 224 “Related Party
PSAK 224 “Pengungkapan Pihak-Pihak Disclosures”.
Berelasi”.
Seluruh transaksi dan saldo yang material All significant transactions and balances with
dengan pihak-pihak berelasi diungkapkan related parties are disclosed in the notes to the
dalam catatan atas laporan keuangan consolidated financial statements.
konsolidasian.
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
d. Pengakuan pendapatan dan beban d. Recognition of revenues and expenses
Pendapatan dari kontrak dengan pelanggan Revenue from contracts with customers
Pengakuan pendapatan harus memenuhi 5 Revenue recognition has to fulfil 5 steps of
langkah analisa sebagai berikut: assessment:
1. Identifikasi kontrak dengan pelanggan. 1. Identify contract(s) with a customer.
2. Identifikasi kewajiban pelaksanaan dalam 2. Identify the performance obligations in the
kontrak. Kewajiban pelaksanaan merupakan contract. Performance obligations are
janji-janji dalam kontrak untuk menyerahkan promises in a contract to transfer to a
barang atau jasa yang memiliki karakteristik customer goods or services that are
berbeda ke pelanggan. distinct.
3. Penetapan harga transaksi. Harga transaksi 3. Determine the transaction price. The
merupakan jumlah imbalan yang berhak transaction price is the amount of
diperoleh suatu entitas sebagai kompensasi consideration to which an entity expects to
atas diserahkannya barang atau jasa yang be entitled in exchange for transferring
dijanjikan ke pelanggan. Jika imbalan yang promised goods or services to a customer.
dijanjikan di kontrak mengandung suatu If the consideration promised in a contract
jumlah yang bersifat variabel, maka Grup includes a variable amount, the Group
membuat estimasi jumlah imbalan tersebut estimates the amount of consideration to
sebesar jumlah yang diharapkan berhak which it expects to be entitled in exchange
diterima atas diserahkannya barang atau for transferring the promised goods or
jasa yang dijanjikan ke pelanggan dikurangi services to a customer less the estimated
dengan estimasi jumlah jaminan kinerja jasa amount of service level guarantee which
yang akan dibayarkan selama periode will be paid during the contract period.
kontrak.
4. Alokasi harga transaksi ke setiap kewajiban 4. Allocate the transaction price to each
pelaksanaan dengan menggunakan dasar performance obligation on the basis of the
harga jual berdiri sendiri relatif dari setiap relative stand-alone selling prices of each
barang atau jasa berbeda yang dijanjikan di distinct goods or service promised in the
kontrak. Ketika tidak dapat diamati secara contract. Where these are not directly
langsung, harga jual berdiri sendiri relatif observable, the relative stand-alone selling
diperkirakan berdasarkan biaya yang price is estimated based on expected cost
diharapkan ditambah marjin. plus margin.
5. Pengakuan pendapatan ketika kewajiban 5. Recognise revenue when performance
pelaksanaan telah dipenuhi dengan obligation is satisfied by transferring the
menyerahkan barang atau jasa yang promised goods or services to a customer
dijanjikan ke pelanggan (ketika pelanggan (which is when the customer obtains control
telah memiliki kendali atas barang atau jasa of the goods or services).
tersebut).
Pembayaran harga transaksi berbeda untuk Payment of the transaction price is different for
setiap kontrak. Aset kontrak diakui ketika jumlah each contract. A contract asset is recognised
penerimaan dari pelanggan kurang dari saldo once the consideration paid by the customer is
kewajiban pelaksanaan yang telah dipenuhi. less than the balance of performance
Kewajiban kontrak diakui ketika jumlah obligation which has been satisfied. A contract
penerimaan dari pelanggan melebihi saldo liability is recognised once the consideration
kewajiban pelaksanaan yang telah dipenuhi. paid by the customer exceeds the balance of
Aset kontrak disajikan dalam "Piutang usaha" performance obligation which has been
dan liabilitas kontrak disajikan dalam satisfied. Contract assets are presented under
"Pendapatan tangguhan”. "Trade receivables" and contract liabilities are
presented under "Deferred revenue”.
Page 305
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
d. Pengakuan pendapatan dan beban (lanjutan) d. Recognition of revenues and expenses
(continued)
Pendapatan dari kontrak dengan pelanggan Revenue from contracts with customers
Program insentif pemasaran yang berupa Marketing incentive programmes which
imbalan yang diberikan Grup kepada pelanggan represent consideration given to the customers
disajikan sebagai pengurang pendapatan shall be presented as revenue deduction
kecuali terdapat manfaat teridentifikasi yang unless there is identifiable benefit received by
diterima oleh Grup sebagai pertukaran atas the Group in exchange for those
imbalan tersebut. Imbalan yang diberikan considerations. Consideration given to
kepada pelanggan dimana terdapat manfaat customers in which there is identifiable benefit
yang dapat diidentifikasi yang diterima oleh received by the Group in exchange for those
Grup sebagai pertukaran atas imbalan tersebut consideration shall be presented as sales and
disajikan sebagai beban penjualan dan marketing expenses.
pemasaran.
Pendapatan Grup berasal dari segmen jasa The Group’s revenue is derived from GSM
GSM mobile dan jaringan telekomunikasi dan mobile and telecommunication network
segmen managed service dan jasa teknologi services segment and managed and
informasi (lihat Catatan 34). information technology services segment (see
Note 34).
Jasa GSM mobile dan jaringan telekomunikasi GSM mobile and telecommunication network
services
Pendapatan dari segmen jasa Global System Revenue from Global System for Mobile
for Mobile communications (“GSM”) mobile dan communications (“GSM”) mobile and
jaringan telekomunikasi berasal dari data, telecommunication network services segment
layanan digital, percakapan dan Short Message is derived from data, digital services, voice and
Services (“SMS”), jasa interkoneksi dan jasa Short Message Services (“SMS”),
telekomunikasi lainnya. Sumber informasi dari interconnection and other telecommunication
pendapatan tersebut terutama dihasilkan dari services. Information regarding the source of
sistem Teknologi Informasi yang kompleks dan such revenue is primarily generated from
melibatkan volume data yang besar dengan complex Information Technology systems and
kombinasi berbagai produk, layanan dan harga involves large volumes of data with a
terkait. combination of different products, services and
related prices.
Data dan layanan digital Data and digital services
Pendapatan data dan layanan digital meliputi Revenue from data and digital services
pendapatan dari data, konten digital, home includes revenue from data, digital content,
broadband dan pendapatan abonemen yang home broadband and monthly service charges
dilakukan dengan skema pascabayar. that are performed through postpaid scheme.
Pendapatan data adalah pendapatan dari data Data revenue is derived from wireless
pita lebar nirkabel yang diakui dalam suatu broadband data revenue which is recognised
periode waktu berdasarkan pemakaian. over time based on usage.
Pendapatan konten digital diakui dalam suatu Digital content revenue is recognised over time
periode waktu ketika penjualan konten terjadi when the sales of contents have occurred and
dan disajikan secara neto jika Grup bertindak is presented on a net basis when the Group
sebagai agen, setelah memperhitungkan beban acts as an agent, after taking into account the
langsung yang terkait, atau disajikan secara underlying direct expenses, and is presented
bruto apabila Grup bertindak sebagai penyedia on a gross basis when the Group acts as
jasa. principal.
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
d. Pengakuan pendapatan dan beban (lanjutan) d. Recognition of revenues and expenses
(continued)
Data dan layanan digital (lanjutan) Data and digital services (continued)
Pendapatan home broadband adalah Home broadband revenue is derived from
pendapatan dari layanan data pita lebar dengan broadband data services with fibre network
jaringan serat optik diakui dalam suatu periode and is recognised over the time during which
waktu selama saat jasa tersebut diberikan. the services are provided.
Dalam skema pascabayar, terdapat pendapatan In a postpaid scheme, there is a monthly
abonemen yang diakui pada suatu periode service charge which is recognised over time
waktu secara bulanan pada saat penagihan. on a monthly basis upon billing.
Komponen pendanaan terjadi saat periode The financing component occurs when the
antara penyerahan barang atau jasa yang period between the transfer of the promised
dijanjikan kepada pelanggan dan pembayaran goods or services to the customer and
oleh pelanggan terkait dengan kontrak tertentu payment by the customer related to certain
dari jasa telekomunikasi selular melebihi satu contracts of cellular telecommunication
tahun. Berdasarkan PSAK 115, Grup services exceeds one year. Under PSAK 115,
menyesuaikan harga transaksi untuk nilai waktu the Group adjusted the transaction price for
uang. the time value of money.
Percakapan dan SMS Voice and SMS
Pendapatan percakapan dan SMS meliputi Voice and SMS revenue include revenue from
pendapatan dari percakapan dan SMS. voice and SMS.
Pendapatan percakapan diakui dalam suatu Voice revenue is recognised over time when
periode waktu ketika percakapan terjadi dan the service is rendered based on the actual
diukur berdasarkan durasi pemakaian aktual call duration and applicable tariffs.
dan menggunakan tarif yang berlaku.
Pendapatan SMS diakui dalam suatu periode SMS revenue is recognised over time based
waktu berdasarkan pemakaian atau tagihan on usage or fixed monthly charges depending
tetap bulanan tergantung kesepakatan dengan on the arrangement with customers.
pelanggan.
Jasa Interkoneksi dan jasa telekomunikasi Interconnection and other
lainnya telecommunication services
Pendapatan interkoneksi dari operator-operator Revenue from interconnection with other
domestik lainnya dan pendapatan inbound domestic operators and inbound roaming
roaming dari penyelenggara jasa revenue from overseas telecommunication
telekomunikasi luar negeri diakui pada suatu providers is recognised over time on the basis
periode waktu berdasarkan trafik percakapan of actual recorded call traffic.
aktual yang tercatat.
Jasa interkoneksi termasuk layanan internet Interconnection services includes voice over
teleponi untuk keperluan publik (“ITKP”) yang internet protocol (“VoIP”) service which is
diakui pada suatu periode waktu berdasarkan recognised overtime when the service is
tarif yang berlaku. rendered based upon applicable tariffs.
Jasa telekomunikasi lainnya terdiri atas jasa Other telecommunication services include
telekomunikasi lainnya, penjualan kartu SIM, revenue from other telecommunication
sewa sirkit langganan dan sewa menara. services, SIM card sales, leased line and
leased tower.
Page 307
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
d. Pengakuan pendapatan dan beban (lanjutan) d. Recognition of revenues and expenses
(continued)
Jasa Interkoneksi dan jasa telekomunikasi Interconnection and other
lainnya (lanjutan) telecommunication services (continued)
Pendapatan jasa telekomunikasi lainnya diakui Revenue from other telecommunication
ketika jasa diberikan dan kewajiban services is recognised when services have
pelaksanaan dipenuhi berdasarkan been rendered and performance obligations
kesepakatan dengan pelanggan. Transaksi have been satisfied based on the arrangement
bundling ditelaah secara individual apakah with customers. Bundling transaction is
terdiri dari satu atau lebih kewajiban assessed individually on whether it contains
pelaksanaan. Saat transaksi bundling ditelaah one or more performance obligations. When
sebagai satu kewajiban pelaksanaan, bundling transaction is assessed as one
pendapatan perangkat dan data tidak diakui performance obligation, device and data
secara terpisah. Pendapatan diakui pada suatu revenue are not recognised separately.
periode waktu saat kewajiban pelaksanaan Revenue is recognised over the period as the
dipenuhi. Saat transaksi bundling ditelaah performance obligation is satisfied. When
sebagai lebih dari satu kewajiban pelaksanaan, bundling transaction is assessed as more than
pendapatan perangkat dan data diakui secara one performance obligation, device and data
terpisah. Pendapatan data diakui pada suatu revenue are recognised separately. Revenue
periode waktu saat kewajiban pelaksanaan from data is recognised over the period as the
dipenuhi dan pendapatan perangkat diakui performance obligation is satisfied and
pada suatu titik waktu saat pelanggan revenue from device is recognised at a point in
menerima perangkat tersebut. time upon acceptance of the device by the
customers.
Pendapatan atas penjualan kartu Subscriber The revenue of Subscriber Identity Module
Identity Module (“SIM”) dan diskon yang (“SIM”) card sales and any discount granted is
diberikan diakui pada waktu penyerahan recognised upon delivery to distributors or
kepada distributor atau langsung ke pelanggan, directly to customers, excluding value-added
di luar pajak pertambahan nilai. taxes.
Dalam skema prabayar, terdapat penjualan In a prepaid scheme, there are sales of airtime
voucher pulsa dan penjualan paket vouchers and sales of starter pack/SIM card.
perdana/kartu SIM.
Pendapatan atas penjualan voucher pulsa Revenue from sales of airtime prepaid
prabayar tidak diakui pada waktu penjualannya. vouchers is not recognised at the time of sale.
Pada saat voucher terjual, jumlah nilai voucher Upon the sale of the voucher, the full amount
yang terjual, tanpa pengurangan biaya komisi, of the voucher balance sold is credited, without
akan diakui sebagai pendapatan tangguhan. deduction of any commission, to the deferred
Pendapatan tangguhan diakui sebagai revenue account. The deferred revenue is
pendapatan pada laporan keuangan recognised in the consolidated financial
konsolidasian pada saat pelanggan prabayar statements as revenue upon the use of such
menggunakan voucher tersebut untuk layanan voucher for data and non-data services or
data dan non-data atau pada saat nilai voucher upon expiration of the voucher validity period.
sudah melewati masa berlakunya.
Pendapatan sewa sambungan sirkit langganan Revenue from leased lines is recognised over
diakui pada suatu periode waktu sesuai dengan time based on agreements with customers.
perjanjian dengan pelanggan.
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
d. Pengakuan pendapatan dan beban (lanjutan) d. Recognition of revenues and expenses
(continued)
Jasa Interkoneksi dan jasa telekomunikasi Interconnection and other
lainnya (lanjutan) telecommunication services (continued)
Pendapatan yang diterima dimuka dicatat Revenue that is received in advance is
sebagai pendapatan tangguhan dan diakui recorded as deferred revenue and recognised
sebagai pendapatan pada saat jasa diberikan as revenue when the services are provided.
kepada pelanggan.
Pendapatan sewa menara diakui setiap Revenue from leased towers is recognised
bulannya dengan dasar garis lurus sesuai monthly on a straight-line basis based on
dengan perjanjian dengan pelanggan. agreement with customers.
Managed service dan jasa teknologi Managed and information technology
informasi services
Pendapatan dari kontrak dengan pelanggan Revenue from contracts with customers
Pendapatan dari segmen managed service dan Revenue from the managed and information
jasa teknologi informasi diakui setiap bulannya technology services segment is recognised
dengan dasar garis lurus sesuai dengan monthly on a straight-line basis based on
perjanjian dengan pelanggan. agreement with customers.
Pendapatan yang diterima dimuka dicatat Revenue that is received in advance is
sebagai pendapatan tangguhan dan diakui recorded as deferred revenue and recognised
sebagai pendapatan pada saat jasa diberikan as revenue when the services are provided.
kepada pelanggan.
Beban Expenses
Beban diakui pada saat terjadinya Expenses are recognised when they are
incurred
Biaya yang secara langsung berhubungan The cost that directly relate to the contract that
dengan kontrak yang timbul untuk memenuhi are incurred to fulfil the contract (“cost to fulfil”)
kontrak (“biaya untuk memenuhi”) atau or is incremental costs that directly relate to
penambahan biaya yang secara langsung obtaining a contract (“cost to obtain”) and are
berhubungan untuk mendapatkan kontrak expected to be recovered are eligible for
("biaya untuk memperoleh") dan diharapkan capitalisation under PSAK 115 and recognised
dapat dipulihkan, memenuhi syarat kapitalisasi as contract cost and presented in “Intangible
berdasarkan PSAK 115 dan diakui sebagai Assets” (see Note 8). Such cost will be
biaya kontrak dan disajikan dalam “Aset amortised on a systematic basis that is
Takberwujud” (lihat Catatan 8). Beban tersebut consistent with the transfer of the goods or
diamortisasi dengan cara sistematis sejalan services to which such asset relates.
dengan penyerahan barang atau jasa yang
terkait dengan aset tersebut.
Beban yang berasal dari jaringan interkoneksi Expenses from network interconnection with
dengan penyelenggara telekomunikasi other domestic and international
domestik dan internasional lainnya dicatat telecommunications carriers are accounted as
sebagai beban usaha pada periode terjadinya operating expenses in the period they are
beban. incurred.
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
e. Piutang usaha e. Trade receivables
Pada saat pengakuan awal piutang usaha Trade receivables are recognised initially at
diakui sebesar nilai wajarnya dan selanjutnya fair value and subsequently measured at
diukur pada nilai yang diamortisasi setelah amortised cost less provision for receivables
dikurangi dengan cadangan penurunan nilai impairment. Accounts are written-off in the
piutang. Piutang dihapusbukukan pada saat period during which they are determined to be
piutang tersebut dipastikan tidak akan tertagih. not collectible.
f. Persediaan f. Inventories
Persediaan, yang terutama terdiri dari voucher Inventories, mainly comprising vouchers and
dan kartu SIM, dinilai berdasarkan nilai yang SIM cards, are valued at the lower of cost or
lebih rendah antara harga perolehan dan nilai net realisable value. Cost is calculated using
bersih yang dapat direalisasi. Harga perolehan the weighted average method.
dihitung berdasarkan metode rata-rata
tertimbang.
Penyisihan untuk penurunan nilai persediaan A provision for impairment of inventory is
ditentukan berdasarkan estimasi penjualan determined on the basis of the estimated
masing-masing jenis persediaan pada masa future sales of individual inventory items.
mendatang.
g. Sewa g. Leases
Sebagai penyewa As lessee
Pada tanggal permulaan kontrak, Grup menilai At the inception of a contract, the Group
apakah kontrak merupakan, atau mengandung, assesses whether the contract is, or contains,
sewa. Suatu kontrak merupakan atau a lease. A contract is or contains a lease if the
mengandung sewa jika kontrak tersebut contract conveys the right to control the use of
memberikan hak untuk mengendalikan an identified asset for a period of time in
penggunaan aset identifikasian selama suatu exchange for consideration.
jangka waktu untuk dipertukarkan dengan
imbalan.
Untuk menilai apakah kontrak memberikan hak To assess whether a contract conveys the
untuk mengendalikan penggunaan aset right to control the use of an identified asset,
identifikasian, Grup harus menilai apakah: the Group shall assess whether:
- Grup memiliki hak untuk mendapatkan - The Group has the right to obtain
secara substansial seluruh manfaat ekonomi substantially all the economic benefits from
dari penggunaan aset; dan the use of the asset throughout the period
of use; and
- Grup memiliki hak untuk mengarahkan - The Group has the right to direct the use of
penggunaan aset. Grup memiliki hak ini the asset. The Group has this right when it
ketika Grup memiliki hak untuk pengambilan has the decision-making rights that are the
keputusan yang relevan tentang bagaimana most relevant to changing how and for
dan untuk tujuan apa aset digunakan telah what purpose the asset is used are
ditentukan sebelumnya dan: predetermined and:
1. Grup memiliki hak untuk mengoperasikan 1. The Group has the right to operate the
aset; asset;
2. Grup telah mendesain aset dengan cara 2. The Group has designed the asset in a
menetapkan sebelumnya bagaimana dan way that predetermined how and for
untuk tujuan apa aset akan digunakan what purpose it will be used.
selama periode penggunaan.
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Halaman - 5/20 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
g. Sewa (lanjutan) g. Leases (continued)
Sebagai penyewa (lanjutan) As lessee (continued)
Pada tanggal insepsi atau pada penilaian At the inception or on reassessment of a
kembali atas kontrak yang mengandung sebuah contract that contains a lease component, the
komponen sewa, Grup mengalokasikan imbalan Group allocates the consideration in the
dalam kontrak ke masing-masing komponen contract to each lease component on the basis
sewa berdasarkan harga tersendiri relatif dari of their relative stand-alone prices and the
komponen sewa dan harga tersendiri agregat aggregate stand-alone price of the non-lease
dari komponen non-sewa. components.
Pada tanggal permulaan sewa, Grup mengakui The Group recognises a right-of-use assets
aset hak-guna dan liabilitas sewa. Aset hak- and a lease liability at the lease
guna diukur pada biaya perolehan, di mana commencement date. The right-of-use assets
meliputi jumlah pengukuran awal liabilitas sewa are initially measured at cost, which comprises
yang disesuaikan dengan pembayaran sewa the initial amount of the lease liability adjusted
yang dilakukan pada atau sebelum tanggal for any lease payment made at or before the
permulaan. commencement date.
Aset hak-guna kemudian disusutkan The right-of-use assets are subsequently
menggunakan metode garis lurus dari tanggal depreciated using the straight-line method
sewa dimulai hingga tanggal yang lebih awal from the commencement date to the earlier of
antara akhir umur manfaat aset hak-guna atau the end of the useful life of the right-of-use
akhir masa sewa. assets or the end of the lease term.
Liabilitas sewa diukur pada nilai kini The lease liability is initially measured at the
pembayaran sewa yang belum dibayar pada present value of the lease payments that are
tanggal permulaan, didiskontokan dengan not paid at the commencement date,
menggunakan suku bunga implisit dalam sewa discounted using the interest rate implicit in
atau jika suku bunga tersebut tidak dapat the lease or, if that rate cannot be readily
ditentukan, maka menggunakan suku bunga determined, using the incremental borrowing
pinjaman inkremental. Pada umumnya, Grup rate. Generally, the Group uses its incremental
menggunakan suku bunga pinjaman borrowing rate as the discount rate.
inkremental sebagai tingkat bunga diskonto.
Pembayaran sewa yang termasuk dalam Lease payments included in the measurement
pengukuran liabilitas sewa meliputi pembayaran of the lease liability comprise the following:
berikut ini:
- pembayaran tetap, termasuk pembayaran - fixed payments, including in-substance
tetap secara substansi; fixed payments;
- pembayaran sewa variabel yang bergantung - variable lease payments that depend on an
pada indeks atau suku bunga yang pada index or a rate, initially measured using the
awalnya diukur dengan menggunakan index or rate as at the commencement
indeks atau suku bunga pada tanggal date;
permulaan;
- jumlah yang diperkirakan akan dibayarkan - amounts expected to be payable under a
oleh penyewa dengan jaminan nilai residual; residual value guarantee;
- harga eksekusi opsi beli jika Grup cukup - the exercise price under a purchase option
pasti untuk mengeksekusi opsi tersebut; dan that the Group is reasonably certain to
exercise; and
- penalti karena penghentian awal sewa - penalties for early termination of a lease
kecuali jika Grup cukup pasti untuk tidak unless the Group is reasonably certain not
menghentikan lebih awal. to terminate early.
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/21 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
g. Sewa (lanjutan) g. Leases (continued)
Sebagai penyewa (lanjutan) As lessee (continued)
Pembayaran sewa dialokasikan menjadi bagian Each lease payment is allocated between the
pokok dan biaya keuangan. Biaya keuangan liability and finance cost. The finance cost is
dibebankan pada laba rugi selama periode charged to profit or loss over the lease period
sewa sehingga menghasilkan tingkat suku so as to produce a constant periodic rate of
bunga periodik yang konstan atas saldo interest on the remaining balance of the
liabilitas untuk setiap periode. liability for each period.
Grup menyajikan aset hak-guna sebagai bagian The Group presents right-of-use assets as part
dari ”Aset tetap” dan ”Liabilitas sewa” di dalam of “Fixed assets” and “Lease liabilities” in the
laporan posisi keuangan konsolidasian. consolidated statement of financial position.
Jika sewa mengalihkan kepemilikan aset If the lease transfers ownership of the
pendasar kepada Grup pada akhir masa sewa underlying asset to the Group by the end of
atau jika biaya perolehan aset hak-guna the lease term or if the cost of the right-of-use
merefleksikan Grup akan mengeksekusi opsi assets reflects that the Group will exercise a
beli, maka Grup menyusutkan aset hak-guna purchase option, the Group depreciates the
dari tanggal sewa dimulai hingga akhir umur right-of-use assets from the commencement
manfaat aset pendasar. Jika tidak, maka Grup date to the end of the useful life of the
menyusutkan aset hak-guna dari tanggal sewa underlying asset. Otherwise, the Group
dimulai hingga tanggal yang lebih awal antara depreciates the right-of-use assets from the
akhir umur manfaat aset hak-guna atau akhir commencement date to the earlier of the end
masa sewa. of the useful life of the right-of-use assets or
the end of the lease term.
Sewa jangka-pendek Short-term leases
Grup memutuskan untuk tidak mengakui aset The Group has elected not to recognise right-
hak-guna dan liabilitas sewa untuk sewa jangka of-use assets and lease liabilities for short-
pendek yang memiliki masa sewa term leases that have a lease term of
12 bulan atau kurang. Grup mengakui 12 months or less. The Group recognises the
pembayaran sewa atas sewa tersebut sebagai lease payments associated with these leases
beban dengan dasar garis lurus selama masa as an expense on a straight-line basis over the
sewa. lease term.
Modifikasi sewa Lease modification
Grup mencatat modifikasi sewa sebagai sewa The Group account for a lease modification as
terpisah jika: a separate lease if both:
- modifikasi meningkatkan ruang lingkup sewa - the modification increases the scope of the
dengan menambahkan hak untuk lease by adding the right to use one or
menggunakan satu aset pendasar atau more underlying assets; and
lebih; dan
- imbalan sewa meningkat sebesar jumlah - the consideration for the lease increases
yang setara dengan harga tersendiri untuk by an amount commensurate with the
peningkatan dalam ruang lingkup sewa dan stand-alone price for the increase in scope
penyesuaian yang tepat pada harga and any appropriate adjustments to that
tersendiri tersebut untuk merefleksikan stand-alone price to reflect the
kondisi kontrak tertentu. circumstances of the particular contract.
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/22 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
g. Sewa (lanjutan) g. Leases (continued)
Sebagai penyewa (lanjutan) As lessee (continued)
Modifikasi sewa (lanjutan) Lease modification (continued)
Untuk modifikasi sewa yang tidak dicatat For a lease modification that is not accounted
sebagai sewa terpisah, pada tanggal efektif for as a separate lease, at the effective date of
modifikasi sewa, Grup: the lease modification, the Group:
- mengukur kembali dan mengalokasikan - remeasures and allocates the
imbalan kontrak modifikasian; consideration in the modified contract;
- menentukan masa sewa dari sewa - determines the lease term of the modified
modifikasian; lease;
- mengukur kembali liabilitas sewa dengan - remeasures the lease liability by
mendiskontokan pembayaran sewa revisian discounting the revised lease payments
menggunakan tingkat diskonto revisian using a revised discount rate on the basis
berdasarkan sisa umur sewa dan sisa of the remaining lease term and the
pembayaran sewa dengan melakukan remaining lease payment with a
penyesuaian terhadap aset hak-guna. corresponding adjustment to the right-of-
Tingkat diskonto revisian ditentukan sebagai use assets. The revised discount rate is
suku bunga pinjaman inkremental Grup determined as the Group’s incremental
pada tanggal efektif modifikasi; borrowing rate at the effective date of the
modification;
- menurunkan jumlah tercatat aset hak-guna - decreases the carrying amount of the right-
untuk merefleksikan penghentian sebagian of-use asset to reflect the partial or full
atau sepenuhnya sewa untuk modifikasi termination of the lease for lease
sewa yang menurunkan ruang lingkup sewa. modifications that decrease the scope of
Grup mengakui dalam laba rugi setiap laba the lease. The Group recognise in profit or
rugi yang terkait dengan penghentian loss any gain or loss relating to the partial
sebagian atau sepenuhnya sewa tersebut; or full termination of the lease; and
dan
- membuat penyesuaian terkait dengan aset - makes a corresponding adjustment to the
hak-guna untuk seluruh modifikasi sewa right-of-use assets for all other lease
lainnya. modifications.
Sebagai pesewa As lessor
Ketika Grup bertindak sebagai pesewa, Grup When the Group acts as a lessor, it shall
mengklasifikasi masing-masing sewanya baik classify each of its leases as either an
sewa operasi atau sewa pembiayaan. operating lease or a finance lease.
Untuk mengklasifikasi masing-masing sewa, To classify each lease, the Group makes an
Grup membuat penilaian secara keseluruhan overall assessment of whether the lease
atas apakah sewa mengalihkan secara transfers substantially all of the risks and
substansial seluruh risiko dan manfaat yang rewards incidental to ownership of the
terkait dengan kepemilikan aset pendasar. Jika underlying asset. If this is the case, then the
demikian, maka sewa diklasifikasikan sebagai lease is classified as a finance lease; if not,
sewa pembiayaan; jika tidak, maka merupakan then it is an operating lease. As part of this
sewa operasi. Sebagai bagian dari penilaian ini, assessment, the Group considers certain
Grup mempertimbangkan beberapa indikator indicators such as whether the lease term is
seperti apakah masa sewa adalah sebagian for the major part of the economic life of the
besar dari umur ekonomik aset pendasar. underlying asset.
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PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/23 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
g. Sewa (lanjutan) g. Leases (continued)
Sebagai pesewa (lanjutan) As lessor (continued)
Apabila aset disewakan melalui sewa When assets are leased out under a finance
pembiayaan, nilai kini pembayaran sewa diakui lease, the present value of the lease payments
sebagai piutang. Selisih antara nilai piutang is recognised as receivable. The difference
bruto dan nilai kini piutang tersebut diakui between the gross receivable and the present
sebagai penghasilan sewa pembiayaan value of the receivable is recognised as
tangguhan. unearned finance lease income.
Penghasilan sewa diakui selama masa sewa Lease income is recognised over the term of
dengan menggunakan metode investasi neto the lease using the net investment method that
yang mencerminkan suatu tingkat reflects a constant periodic rate of return.
pengembalian periodik yang konstan.
Apabila aset disewakan melalui sewa operasi, When assets are leased out under an
aset disajikan di laporan posisi keuangan operating lease, the asset is presented in the
konsolidasian sesuai pengelompokan aset statements of financial position based on
tersebut. Penghasilan sewa diakui sebagai grouping of the asset. Lease income is
pendapatan dengan dasar garis lurus selama recognised over the term of the lease on a
masa sewa. straight-line basis.
Transaksi jual dan sewa balik Sale and leaseback transactions
Pencatatan transaksi jual dan sewa balik The accounting for sale and leaseback
bergantung kepada apakah pengalihan aset transactions depends on whether the transfer
memenuhi syarat sebagai penjualan. Grup of the asset qualifies as a sale. The Group
menerapkan persyaratan penentuan saat applies the requirements for determining when
kewajiban pelaksanaan telah terpenuhi dalam a performance obligation is satisfied in
PSAK 115 untuk menentukan apakah PSAK 115 to determine whether the transfer of
pengalihan aset dicatat sebagai penjualan. an asset is accounted for as a sale.
Pengalihan aset merupakan penjualan Transfer of the asset is a sale
Jika pengalihan aset oleh Grup sebagai If the transfer of an asset by the Group as the
penjual-penyewa memenuhi persyaratan dalam seller-lessee satisfies the requirements of
PSAK 115 untuk dicatat sebagai penjualan, PSAK 115 to be accounted for as a sale, then
maka Grup mengukur aset hak-guna yang the Group measures the right-of-use assets
timbul dari sewa balik pada proporsi jumlah arising from the leaseback at the proportion of
tercatat aset sebelumnya yang terkait dengan the previous carrying amount of the asset that
hak-guna yang dipertahankan oleh Grup. relates to the right-of-use retained by the
Dengan demikian Grup mengakui hanya jumlah Group. Accordingly, the Group shall recognise
keuntungan atau kerugian yang terkait dengan only the amount of any gain or loss that relates
hak yang dialihkan ke pembeli-pesewa. to the rights transferred to the buyer-lessor.
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
g. Sewa (lanjutan) g. Leases (continued)
Transaksi jual dan sewa balik (lanjutan) Sale and leaseback transactions (continued)
Pengalihan aset merupakan penjualan Transfer of the asset is a sale (continued)
(lanjutan)
Jika nilai wajar imbalan untuk penjualan aset If the fair value of the consideration for the
tidak sama dengan nilai wajar aset, atau jika sale of an asset does not equal the fair value
pembayaran untuk sewa tidak sama dengan of the asset, or if the payments for the lease
harga pasar, maka Grup melakukan are not at market rates, the Group make the
penyesuaian sebagai berikut: following adjustments to measure the sale
proceeds at fair value:
- jika di bawah harga pasar, maka dicatat - any below-market terms shall be accounted
sebagai pembayaran sewa di muka; dan for as a prepayment of lease payments;
and
- jika di atas harga pasar, maka dicatat - any above-market terms shall be
sebagai tambahan pembiayaan yang accounted for as additional financing
diberikan oleh pembeli-pesewa kepada provided by the buyer-lessor to the Group.
Grup.
Grup mengukur kemungkinan penyesuaian The Group measures any potential adjustment
yang disyaratkan di atas berdasarkan mana required above on the basis of the more
yang lebih dapat ditentukan dari: readily determinable of:
- selisih antara nilai wajar imbalan penjualan - the difference between the fair value of the
dan nilai wajar aset; dan consideration for the sale and the fair value
of the asset; and
- selisih antara nilai kini pembayaran - the difference between the present value of
kontraktual sewa dan nilai kini pembayaran the contractual payments for the lease and
sewa pada harga pasar. the present value of payments for the lease
at market rates.
h. Aset tetap dan penyusutan h. Fixed assets and depreciation
Aset tetap terutama digunakan Grup untuk Fixed assets are primarily used by the Group
memberikan jasa telekomunikasi kepada to provide telecommunication services to the
pelanggan dan dinyatakan sebesar biaya customers and are stated at acquisition cost,
perolehan termasuk pajak impor yang berlaku, which includes any applicable import taxes,
bea masuk, biaya pengangkutan, biaya import duties, freight costs, handling costs,
penanganan, biaya penyimpanan, biaya storage costs, site preparation costs,
penyediaan lokasi, biaya pemasangan, biaya installation costs, internal labour costs and the
upah tenaga kerja internal dan estimasi awal initial estimate of the costs of dismantling and
biaya pembongkaran, pemindahan aset tetap removing the item and restoring the site on
dan restorasi lokasi aset tetap dikurangi which it is located, less accumulated
akumulasi penyusutan. Grup mencatat estimasi depreciation. The Group recorded the
biaya pembongkaran dan restorasi atas Base estimated dismantlement and restoration costs
Transceiver Station (“BTS”) sebagai bagian dari of Base Transceiver Station (“BTS”) as part of
biaya perolehan. Nilai provisi ditentukan the acquisition cost. The amount of the
berdasarkan nilai kontrak sewa; tetapi untuk provisions is determined based on the lease
kontrak yang tidak menyebutkan nilai liabilitas, contracts; however, where contracts do not
Grup menggunakan estimasi terbaiknya. specify the amount of the obligation, the Group
Manajemen melakukan evaluasi berkala uses its best estimate. Management conducts
terhadap estimasi yang digunakan. a regular review of the estimation used.
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
h. Aset tetap dan penyusutan (lanjutan) h. Fixed assets and depreciation (continued)
Penyusutan dimulai sejak aset mulai atau siap Depreciation is applied from the date the
digunakan, dengan menggunakan metode garis assets are put into service or when the assets
lurus berdasarkan estimasi masa manfaat are ready for service, using the straight-line
ekonomis yang menghasilkan persentase method over their estimated useful lives and
penyusutan tahunan dari harga perolehan results in the following annual percentages of
sebagai berikut: cost:
Persentase/ Tahun/
Percentages Years
Bangunan 5%, 12.5% 20, 8 Buildings
Peralatan jaringan Network equipment
- Menara GSM 6.25% 16 GSM tower -
- Kabel serat optik 10% 10 Fibre optic -
- Peralatan jaringan Other network -
lainnya 10%, 12.5%, 20%, 25%, 50% 10, 8, 5, 4, 2 equipment
Prasarana kantor 25% 4 Leasehold improvements
Mesin dan peralatan 25% 4 Machinery and equipment
Perabot dan perlengkapan 25% 4 Furniture and fixtures
Sistem pendukung 20%, 25% 5, 4 Support systems
Kendaraan bermotor 25% 4 Motor vehicles
Tanah dinyatakan pada harga perolehan dan Land is stated at cost and not depreciated.
tidak disusutkan. Biaya legal awal untuk Initial legal costs incurred to obtain legal rights
mendapatkan hak legal diakui sebagai bagian are recognised as part of the acquisition cost of
biaya akuisisi tanah, biaya-biaya tersebut tidak the land, and these costs are not depreciated.
disusutkan. Grup menganalisa fakta dan The Group analyse the facts and circumstances
keadaan untuk masing-masing jenis hak atas for each type of land rights in determining the
tanah dalam menentukan akuntansi untuk accounting for each of these land rights so that
masing-masing hak atas tanah tersebut it can accurately represent an underlying
sehingga dapat merepresentasikan dengan economic event or transaction. If the landrights
tepat suatu kejadian atau transaksi ekonomik do not transfer control of the underlying assets
yang mendasarinya. Jika hak atas tanah to the Group, but give the rights to use the
tersebut tidak mengalihkan pengendalian atas underlying assets, the Group applies the
aset pendasar kepada Grup, melainkan accounting treatment of these transactions as
mengalihkan hak untuk menggunakan aset leases under PSAK 116 “Leases”. If land rights
pendasar, Grup menerapkan perlakuan are substantially similar to land purchases, the
akuntansi atas transaksi tersebut sebagai sewa Group applies PSAK 216 “Fixed Assets”.
berdasarkan PSAK 116 “Sewa”. Jika hak atas
tanah secara substansi menyerupai pembelian
tanah, maka Grup menerapkan PSAK 216 “Aset
Tetap”.
Grup melakukan evaluasi atas penurunan nilai The Group evaluates its fixed assets for
aset tetap apabila terdapat peristiwa atau impairment whenever events or circumstances
keadaan yang mengindikasikan bahwa nilai indicate that the carrying amount of the assets
tercatat aset tetap tersebut kemungkinan tidak may not be recoverable. When the carrying
terpulihkan. Bila nilai tercatat suatu aset amount of an asset exceeds its estimated
melebihi estimasi nilai terpulihkannya, nilai aset recoverable amount, the asset is written down
tersebut diturunkan menjadi sebesar estimasi to its estimated recoverable amount, which is
nilai terpulihkannya, yang ditentukan determined based on the higher of the fair
berdasarkan nilai tertinggi antara nilai wajar value less cost to sell and the value in use.
dikurangi biaya untuk menjual dan nilai pakai.
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
h. Aset tetap dan penyusutan (lanjutan) h. Fixed assets and depreciation (continued)
Akumulasi biaya perolehan peralatan jaringan The accumulated costs of network equipment
mula-mula dikapitalisasi sebagai Aset Tetap are initially capitalised as Fixed Assets Under
Dalam Pembangunan. Biaya perolehan ini akan Construction. These costs are subsequently
direklasifikasi ke akun aset tetap pada saat aset reclassified as fixed asset accounts when the
tersebut siap digunakan. assets are ready to use.
Biaya-biaya setelah perolehan awal Subsequent costs are included in the asset’s
dimasukkan dalam nilai tercatat aset dan diakui carrying amount and recognised as a separate
secara terpisah, hanya jika terdapat asset, only when it is probable that future
kemungkinan besar biaya yang dikapitalisasi economic benefits associated with the item will
tersebut akan memberikan manfaat ekonomis flow to the Group and the cost of the item can
bagi Grup dan dapat diukur secara andal. Nilai be measured reliably. The carrying amount of
tercatat dari komponen yang diganti replaced parts is written-off. The cost of
dihapusbukukan. Biaya untuk memutakhirkan upgrading software that is integrated into its
perangkat lunak yang merupakan bagian hardware is capitalised and the previously
integral dari perangkat kerasnya dikapitalisasi recorded balance is written-off at the time the
dan nilai yang semula dicatat dihapusbukukan software upgrade is performed.
pada saat pemutakhiran perangkat lunak
dilakukan.
Seluruh biaya pemeliharaan dan perbaikan All other repairs and maintenance are charged
lainnya diakui sebagai beban pada laporan laba to the consolidated statements of profit or loss
rugi konsolidasian pada saat terjadinya. during the financial period in which they are
incurred.
Keuntungan dari transaksi penjualan tempat Gain from sale of specific tower space
spesifik dalam menara langsung diakui pada transaction is directly recognised when the
saat transaksi terjadi, kecuali apabila terdapat transaction occurs, unless there are terms and
persyaratan dan kondisi yang masih harus conditions which still need to be fulfilled by the
dipenuhi oleh Grup. Dalam hal terdapat Group. In the case where there are terms and
persyaratan dan kondisi yang masih harus conditions which still need to be fulfilled by
dipenuhi Grup, keuntungan diakui pada saat the Group, gain is recognised when such
persyaratan dan kondisi tersebut telah dipenuhi. terms and conditions are fulfilled.
Apabila aset tetap dilepas, maka nilai tercatat When assets are disposed of, their carrying
dan akumulasi penyusutannya dikeluarkan dari values and the related accumulated
laporan keuangan konsolidasian, dan depreciation are eliminated from the
keuntungan dan kerugian yang dihasilkan diakui consolidated financial statements, and the
dalam laba rugi tahun berjalan. resulting gains and losses on the disposal of
fixed assets are recognised in the statements
of profit or loss of the period.
Estimasi masa manfaat ekonomis Economic useful lives estimation
Pada akhir periode pelaporan, Grup melakukan At the end of the reporting period, the Group
penelaahan berkala atas masa manfaat periodically reviews the useful life of the
ekonomis aset, nilai sisa aset, metode assets, asset’s residual value, depreciation
penyusutan dan sisa umur pemakaian method and the remaining usage expectation
berdasarkan kondisi teknis. based on technical specification.
Page 317
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/27 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
i. Aset takberwujud i. Intangible assets
Aset takberwujud yang dianggap memiliki masa Intangible assets that are considered to have a
manfaat ekonomis terbatas diamortisasi dengan finite economic useful life are amortised on a
menggunakan metode garis lurus berdasarkan straight-line basis over the period of expected
ekspektasi masa manfaat. Aset takberwujud benefit. Intangible assets that are considered
yang dianggap memiliki masa manfaat to have an indefinite economic useful life are
ekonomis tidak terbatas tidak diamortisasi not amortised but tested for impairment in
namun diuji penurunan nilainya sesuai dengan accordance with Note 2r on an annual basis,
Catatan 2r setiap tahun, atau lebih sering or more frequently if events or changes in
apabila terdapat peristiwa atau perubahan pada circumstances indicate that they might be
kondisi yang mengindikasikan kemungkinan impaired. The acquired intangible assets
penurunan nilai. Aset takberwujud yang include telecommunications licences with
diakuisisi termasuk ijin telekomunikasi dengan allocated spectrum rights which have indefinite
hak alokasi spektrum yang memiliki masa economic useful lives. Management assesses
manfaat ekonomis tidak terbatas. Manajemen the indefinite economic useful life assumption
menilai asumsi masa manfaat ekonomis tidak applied to the acquired intangible assets
terbatas yang diaplikasikan ke aset takberwujud annually.
yang diakuisisi setiap tahun.
Spektrum, merk dan pelanggan diakui sebagai Spectrum, brand and customers are
bagian dari kombinasi bisnis dan disajikan recognised as part of business combination
sebesar nilai wajar aset takberwujud tersebut and recorded at the fair value of those
pada tanggal akuisisi (lihat Catatan 8 dan 36). intangible assets at the acquisiton date (see
Notes 8 and 36).
Amortisasi dimulai pada saat aset tersedia Amortisation commences from the date when
untuk digunakan dan dicatat sebagai beban the assets are available for use and
amortisasi, dengan menggunakan metode garis recognised as amortisation expenses, using
lurus berdasarkan estimasi masa manfaat the straight-line method over their estimated
ekonomis yang menghasilkan persentase economic useful lives and results in the
amortisasi tahunan dari harga perolehan atau following annual percentages of cost:
nilai wajar sebagai berikut:
Persentase/ Tahun/
Percentages Years
Merk 5% 20 Brand
Pelanggan 6.25% 16 Customers
Perangkat lunak 16.67%-50% 2-6 Software
Estimasi masa manfaat ekonomis Economic useful lives estimation
Pada akhir periode pelaporan, Grup melakukan At the end of the reporting period, the Group
penelaahan berkala atas masa manfaat periodically reviews the useful lives of the
ekonomis aset, nilai sisa aset, metode assets, assets’ residual values, the
amortisasi dan sisa umur pemakaian amortisation method and the remaining usage
berdasarkan kondisi aktual (lihat Catatan 8 dan expectation based on the actual specifications
36). (see Notes 8 and 36).
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PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/28 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
i. Aset takberwujud (lanjutan) i. Intangible assets (continued)
Estimasi masa manfaat ekonomis (lanjutan) Economic useful lives estimation (continued)
Grup mengakui biaya yang terjadi dalam The Group recognises costs incurred in
mengonfigurasi atau mengkustomisasi configuring or customising cloud application
perangkat lunak aplikasi awan (cloud software as an intangible asset only if the
application software) sebagai aset tak berwujud activities create a resource that the Group can
hanya jika aktivitas tersebut menciptakan control and from which it expects to benefit.
sumber daya yang dapat dikendalikan oleh Such costs are amortised over the estimated
Grup, di mana Grup diekspektasikan untuk useful life of the software application on a
mendapatkan manfaatnya. Biaya tersebut straight-line basis.
diamortisasi selama taksiran masa manfaat
aplikasi perangkat lunak dengan dasar garis
lurus.
j. Pinjaman j. Loans
Pada saat pengakuan awal, pinjaman diakui Loans are recognised initially at fair value, net
sebesar nilai wajar, dikurangi dengan biaya- of transaction costs incurred. Loans are
biaya transaksi yang terjadi. Selanjutnya, subsequently carried at amortised cost; any
pinjaman diukur sebesar biaya perolehan difference between the proceeds and the
diamortisasi; selisih antara penerimaan dan nilai redemption value represents transaction costs
pelunasan merupakan biaya transaksi dan and is recognised in the consolidated
dicatat pada laporan laba rugi konsolidasian statements of profit or loss over the period of
selama periode pinjaman dengan the loans using the effective interest method.
menggunakan metode bunga efektif.
Biaya yang dibayar untuk memperoleh fasilitas Fees paid on the establishment of loan
pinjaman diakui sebagai biaya transaksi facilities are recognised as transaction costs of
pinjaman sepanjang besar kemungkinan the loan to the extent that it is probable that
sebagian atau seluruh fasilitas akan ditarik. some or all of the facility will be drawn down.
Dalam hal ini, biaya memperoleh pinjaman In this case, the fee is deferred until the draw-
ditangguhkan sampai penarikan pinjaman down occurs. To the extent that there is no
terjadi. Sepanjang tidak terdapat bukti bahwa evidence that it is probable that some or all of
besar kemungkinan sebagian atau seluruh the facility will be drawn down, the fee is
fasilitas akan ditarik, biaya memperoleh capitalised as a pre-payment for liquidity
pinjaman dikapitalisasi sebagai pembayaran di services and amortised over the period of the
muka untuk jasa likuiditas dan diamortisasi facility to which it relates.
selama periode fasilitas yang terkait.
k. Sukuk ijarah k. Sukuk ijarah
Sukuk ijarah diakui sebesar nilai nominal, Sukuk ijarah is recognised initially at nominal
disesuaikan dengan premium atau diskonto dan value, adjusted with premium or discount and
biaya transaksi terkait. Perbedaan antara nilai the related transaction costs incurred. Any
tercatat dan nilai nominal diakui pada laporan differences between the carrying amount and
laba rugi konsolidasian sebagai beban nominal value are recognised in the
penerbitan sukuk ijarah menggunakan metode consolidated statements of profit or loss as
garis lurus selama jangka waktu sukuk ijarah. sukuk ijarah issuance costs using the straight-
line method during the period of sukuk ijarah.
Page 319
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/29 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
k. Sukuk ijarah (lanjutan) k. Sukuk ijarah (continued)
Sukuk ijarah, setelah disesuaikan dengan Sukuk ijarah, adjusted with premium or
premium atau diskonto dan biaya transaksi discount and unamortised transaction costs, is
yang belum diamortisasi, disajikan sebagai presented as part of liabilities.
bagian dari liabilitas.
l. Biaya emisi saham l. Share issuance cost
Biaya emisi saham dikurangkan dari akun Share issuance costs are directly deducted
tambahan modal disetor dalam laporan from the additional paid-in capital account in
keuangan konsolidasian. the consolidated financial statements.
m. Penjabaran mata uang asing m. Foreign currency translation
Saldo dalam mata uang asing dijabarkan ke Balances denominated in foreign currencies
mata uang Rupiah dengan menggunakan kurs are translated into Rupiah at the closing
penutup yang ditetapkan oleh Bank Indonesia. exchange rates determined by Bank
Indonesia.
Pada setiap tanggal pelaporan, aset dan At each reporting date, monetary assets and
liabilitas moneter dalam mata uang asing liabilities denominated in foreign currencies
dijabarkan ke mata uang Rupiah menggunakan are translated into Rupiah using closing
kurs penutup yang ditetapkan oleh Bank exchange rates determined by Bank
Indonesia. Kurs dari mata uang asing utama Indonesia. The exchange rates of the major
yang digunakan adalah sebagai berikut (nilai foreign currencies used are as follows (full
Rupiah penuh): amount Rupiah):
31/12/2024 31/12/2023 31/12/2022
1 Euro (EUR) 16,851 17,139 16,713 Euro (EUR) 1
1 Dolar Amerika United States
Serikat (USD) 16,162 15,416 15,731 Dollar (USD) 1
1 Ringgit Malaysia Malaysian Ringgit
(MYR) 3,616 3,342 3,556 (MYR) 1
Keuntungan atau kerugian dari selisih kurs, Realised and unrealised foreign exchange
yang sudah maupun yang belum terealisasi, gains or losses arising from transactions in
baik yang berasal dari transaksi dalam mata foreign currency and from the translation of
uang asing maupun penjabaran aset dan foreign currency monetary assets and liabilities
liabilitas moneter dalam mata uang asing diakui are recognised in the consolidated statements
pada laporan laba rugi konsolidasian. of profit or loss.
Page 320
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/30 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
n. Perpajakan n. Taxation
Beban pajak penghasilan terdiri dari pajak The income tax expense comprises current
penghasilan kini dan pajak penghasilan and deferred income tax. Tax is recognised in
tangguhan. Pajak tersebut diakui dalam laporan the consolidated statements of profit or loss
laba rugi konsolidasian, kecuali apabila pajak account, except to the extent that it relates to
tersebut terkait dengan transaksi atau kejadian items recognised directly in equity and other
comprehensive income.
Pajak tangguhan diukur dengan menggunakan Deferred income tax is determined using tax
tarif pajak yang berlaku atau secara substantif rates that have been enacted or substantially
berlaku pada tanggal laporan posisi keuangan enacted at the statements of financial position
konsolidasian dan diharapkan akan berlaku date and are expected to be applied when the
pada saat aset pajak tangguhan dipulihkan atau related deferred income tax asset is realised
liabilitas pajak tangguhan diselesaikan. or the deferred income tax liability is settled.
Aset pajak tangguhan diakui apabila besar Deferred tax assets are recognised only if it is
kemungkinan jumlah penghasilan kena pajak di probable that future taxable amounts will be
masa mendatang akan memadai untuk available to utilise those temporary differences
dikompensasi dengan perbedaan temporer dan and the unused tax losses carried forward.
rugi fiskal yang masih dapat dimanfaatkan.
o. Imbalan kerja o. Employee benefits
Imbalan kerja jangka pendek Short-term employee benefits
Imbalan kerja jangka pendek diakui pada saat Short-term employee benefits are recognised
terutang kepada karyawan berdasarkan metode when they accrue to the employees.
akrual.
Imbalan kerja jangka panjang lainnya Other long-term employee benefits
Perusahaan memberikan imbalan jangka The Company provides other long-term
panjang untuk tingkatan karyawan tertentu employee benefits to certain levels of its
dalam bentuk pembayaran kas yang dibayarkan employees in the form of cash consideration
pada tanggal realisasi, yaitu satu tahun setelah that is paid on release date, which is one year
akhir periode vesting yang bersangkutan. after the end of the relevant vesting period.
Imbalan pascakerja Post-employment benefits
Imbalan pascakerja seperti pensiun, uang pisah Post-employment benefits such as retirement,
dan uang penghargaan masa kerja dihitung severance and service payments are
berdasarkan undang-undang ketenagakerjaan calculated based on the prevailing labour law.
yang berlaku.
Sehubungan dengan imbalan pensiun, sejak In relation to pension benefits, in April 2002
bulan April 2002 Perusahaan mengikuti the Company entered into a defined
program pensiun iuran pasti yang contributions pension plan organised by
diselenggarakan oleh PT Asuransi Jiwa PT Asuransi Jiwa Manulife Indonesia.
Manulife Indonesia.
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
o. Imbalan kerja (lanjutan) o. Employee benefits (continued)
Imbalan pascakerja (lanjutan) Post-employment benefits (continued)
Program ini disediakan untuk semua karyawan This programme is provided to all permanent
tetap yang berumur di bawah 50 tahun pada employees who were under 50 years of age at
saat dimulainya program ini di bulan April 2002. the commencement of the programme in
Kontribusi untuk program pensiun ini adalah April 2002. Contributions to the plan are 10%
10% dari gaji pokok bersih yang terdiri dari 7% of the net base salary, comprising 7% from the
berasal dari Perusahaan dan 3% berasal dari Company and 3% from the employee.
karyawan.
Karyawan berhak atas manfaat pensiun dari Employees are entitled to benefits from the
dana pensiun yang meliputi kontribusi dana pension plan, comprising pension fund
pensiun dan akumulasi bunganya, apabila contributions and accumulated interest, on
karyawan tersebut pensiun, cacat, atau retirement, disability or death.
meninggal dunia.
Sesuai dengan undang-undang In accordance with the prevailing labour law,
ketenagakerjaan yang berlaku, Perusahaan the Company has further payment obligations
berkewajiban menutupi kekurangan if the benefits provided by the existing plan do
pembayaran pensiun bila program yang ada not adequately cover the obligations under the
sekarang belum cukup untuk menutupi prevailing labour law.
kewajiban sesuai undang-undang
ketenagakerjaan yang berlaku.
Liabilitas yang diakui dalam laporan posisi The liabilities recognised in the consolidated
keuangan konsolidasian adalah nilai kini financial statements of financial position are
liabilitas imbalan pasti pada tanggal laporan the present value of the defined benefit
posisi keuangan konsolidasian sesuai dengan obligations as at the consolidated financial
Peraturan Grup. statements of financial position date in
accordance with the Group’s regulations.
Liabilitas imbalan pasti dihitung oleh aktuaris The defined benefit obligation is calculated by
independen dengan menggunakan metode an independent actuary using the Projected
Projected Unit Credit. Dalam menghitung Unit Credit method. In calculating post-
imbalan pascakerja, aktuaris independen telah employment benefits, the independent actuary
memperhitungkan juga kontribusi yang telah has considered the contribution made by the
dilakukan oleh Perusahaan kepada PT Asuransi Company to PT Asuransi Jiwa Manulife
Jiwa Manulife Indonesia. Indonesia.
Nilai kini liabilitas imbalan pasti ditentukan The present value of the defined benefit
dengan mendiskontokan estimasi arus kas obligation is determined by discounting the
keluar masa depan dengan menggunakan estimated future cash outflows using the yield
imbal hasil Obligasi Pemerintah dalam mata of Government Bonds that are denominated in
uang Rupiah, sama dengan mata uang di mana Rupiah, in which the benefits will be paid, and
imbalan tersebut akan dibayarkan, dan yang that have terms to maturity approximating to
memiliki jangka waktu yang mendekati jangka the terms of the related pension liability.
waktu liabilitas imbalan pensiun yang
bersangkutan.
Biaya jasa lalu diakui segera dalam laporan Past-service costs are recognised immediately
laba rugi konsolidasian. in the consolidated statements of profit or loss.
Page 322
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Halaman - 5/32 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
o. Imbalan kerja (lanjutan) o. Employee benefits (continued)
Imbalan pascakerja (lanjutan) Post-employment benefits (continued)
Grup mengakui keuntungan atau kerugian atas The Group recognised gains or losses on the
kurtailmen atau penyelesaian suatu program curtailment or settlement of a defined benefit
imbalan pasti ketika kurtailmen atau plan when the curtailment or settlement
penyelesaian tersebut terjadi. Keuntungan atau occurs. The gain or loss on a curtailment or
kerugian atas kurtailmen atau penyelesaian settlement comprises change in the present
terdiri dari perubahan yang terjadi dalam nilai value of the defined obligation and any related
kini kewajiban imbalan pasti. Keuntungan dan actuarial gains and losses. Actuarial gains and
kerugian aktuarial yang timbul dari penyesuaian losses arising from experience adjustments
pengalaman dan perubahan asumsi aktuarial and changes in actuarial assumptions are
dibebankan atau dikreditkan pada laba charged or credited to other comprehensive
komprehensif lainnya dalam laporan income in statement of other comprehensive
penghasilan komprehensif lain pada periode income in the period in which they arise.
terjadinya.
Pesangon pemutusan kontrak kerja Termination benefits
Grup mengakui pesangon pemutusan kontrak The Group shall recognise termination
kerja sebagai liabilitas dan beban jika, dan benefits as a liability and an expense when,
hanya jika, Grup berkomitmen untuk: and only when, the Group is demonstrably
memberhentikan pekerja; atau menyediakan committed to either: terminating the
pesangon bagi pekerja yang menerima employment of employee before the normal
penawaran mengundurkan diri secara sukarela retirement date; or providing termination
pada tanggal yang lebih awal antara rencana benefits as a result of an offer made in order
formal terperinci atau secara realistis kecil to encourage voluntary redundancy at the
kemungkinan untuk dibatalkan. Jika pesangon earlier of the date between a detailed formal
pemutusan kontrak kerja jatuh tempo lebih dari plan or without realistic possibility of
12 bulan setelah periode pelaporan maka withdrawal. Where termination benefits fall
besarnya pesangon pemutusan kontrak kerja due more than 12 months after the reporting
harus didiskontokan dengan menggunakan period, they should be discounted using the
tingkat diskonto. discount rate.
Page 323
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/33 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
p. Aset dan liabilitas keuangan p. Financial assets and liabilities
Grup mengklasifikasikan aset keuangannya The Group classifies its financial assets in the
dalam kategori: (i) aset keuangan yang diukur following categories: (i) financial assets at fair
pada nilai wajar melalui laporan laba rugi atau value through statements of profit or loss or
melalui penghasilan komprehensif lain, (ii) aset other comprehensive income, (ii) financial
keuangan yang diukur dengan biaya assets at amortised cost. Classification and
diamortisasi. Klasifikasi dan pengukuran aset measurement of financial assets are based on
keuangan harus didasarkan pada model bisnis the business model and contractual cash flows
dan arus kas kontraktual – apakah semata dari – whether from solely payment of principal and
pembayaran pokok dan bunga. Manajemen interest. Management determines the
menentukan klasifikasi aset keuangan tersebut classification of its financial assets at initial
pada pengakuan awal. recognition.
Pada tanggal 31 Desember 2024, Grup memiliki On 31 December 2024, the Group has
aset keuangan yang diklasifikasikan sebagai financial assets classified as financial assets
aset keuangan yang diukur dengan biaya at amortised cost. Financial assets at
diamortisasi. Aset keuangan yang diukur amortised cost consist of cash and cash
dengan biaya diamortisasi meliputi kas dan equivalents, trade receivables, contract
setara kas, piutang usaha, aset kontrak, piutang assets, other receivables and other assets.
lain-lain dan aset lain-lain. Aset keuangan Financial assets in this category are classified
diklasifikasikan sebagai aset lancar, jika jatuh as current assets if expected to be settled
tempo dalam waktu 12 bulan, jika tidak maka within 12 months, otherwise they are classified
aset keuangan ini diklasifikasikan sebagai aset as non-current.
tidak lancar.
Aset keuangan yang diukur dengan biaya Financial assets at amortised cost are
diamortisasi pada awalnya diakui sebesar nilai recognised initially at fair value plus
wajarnya ditambah dengan biaya-biaya transaction costs and subsequently measured
transaksi dan selanjutnya diukur pada biaya at amortised cost using the effective interest
perolehan diamortisasi dengan menggunakan rate method.
metode suku bunga efektif.
Penurunan nilai aset keuangan Impairment of financial assets
Pada setiap periode pelaporan, Grup menilai At each reporting date, the Group assesses
apakah risiko kredit dari instrumen keuangan whether the credit risk on a financial
telah meningkat secara signifikan sejak instrument has increased significantly since
pengakuan awal. Ketika melakukan penilaian, initial recognition. When making the
Grup menggunakan perubahan risiko gagal assessment, the Group uses the change in the
bayar yang terjadi sepanjang perkiraan umur risk of a default occurring over the expected
instrumen keuangan daripada perubahan atas life of the financial instrument instead of the
jumlah kerugian kredit ekspektasian. Dalam change in the amount of expected credit
melakukan penilaian, Grup membandingkan losses. In making the assessment, the Group
risiko gagal bayar yang terjadi atas instrumen compares the risk of default occurring on the
keuangan pada tanggal pelaporan dengan financial instrument as at the reporting date
risiko gagal bayar yang terjadi atas instrumen with the risk of default occurring on the
keuangan pada saat pengakuan awal dan financial instrument at the initial recognition
mempertimbangkan kewajaran serta and consider reasonable and supportable
ketersediaan informasi, yang tersedia tanpa information available without undue cost or
biaya atau usaha pada saat tanggal pelaporan effort at the reporting date about past events,
terkait dengan kejadian masa lalu, kondisi current conditions and forecasts of future
terkini dan perkiraan atas kondisi ekonomi di economic conditions, that is indicative of
masa depan, yang mengindikasikan kenaikan significant increases in credit risk since initial
risiko kredit sejak pengakuan awal. recognition.
Page 324
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/34 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
p. Aset dan liabilitas keuangan (lanjutan) p. Financial assets and liabilities (continued)
Penurunan nilai aset keuangan (lanjutan) Impairment of financial assets (continued)
Grup menggunakan model kerugian kredit The Group uses the expected credit loss
ekspektasian untuk menilai penurunan nilai aset model to assess the impairment of financial
keuangan. Grup menerapkan metode yang assets. The Group applies a simplified
disederhanakan untuk mengukur kerugian approach to measure such expected credit
kredit ekspektasian yang menggunakan loss which uses a lifetime expected loss
penyisihan kerugian kredit ekspektasian allowance for trade receivables and contract
sepanjang umurnya untuk semua piutang usaha assets. Therefore, the Group does not track
dan aset kontrak. Oleh karena itu, Grup tidak changes in credit risk, but instead recognises
mengidentifikasi perubahan dalam risiko kredit, allowance based on lifetime expected credit
melainkan mengukur penyisihan berdasarkan loss at each reporting date.
kerugian kredit ekspektasian sepanjang
kepemilikan aset pada tanggal pelaporan.
Untuk mengukur kerugian kredit ekspektasian, To measure the expected credit losses, trade
piutang usaha dan aset kontrak telah receivables and contract assets have been
dikelompokkan berdasarkan karakteristik risiko grouped based on the shared credit risk
kredit yang sama dan hari lewat jatuh tempo. characteristics and the days past due. The
Aset kontrak terkait dengan jasa yang belum contract assets relate to unbilled service and
tertagih dan secara substantial memiliki have substantially the same risk
karakteristik risiko yang sama dengan piutang characteristics as the trade receivables. The
usaha. Oleh karena itu, Grup menilai bahwa Group has therefore concluded that the
tingkat kerugian ekspektasian untuk piutang expected loss rates for trade receivables are a
usaha adalah perkiraan yang wajar dari tingkat reasonable approximation of the loss rates for
kerugian untuk aset kontrak. the contract assets.
Tingkat kerugian kredit ekspektasian The expected credit loss is based on the
didasarkan pada profil pembayaran penjualan payment profiles of sales and the
dan kerugian kredit historis terkait selama corresponding historical credit loss
periode penjualan tersebut. Tingkat kerugian experienced within this sales period. The
historis disesuaikan untuk mencerminkan historical loss rates are adjusted to reflect
informasi terkini dan informasi forward-looking current and forward-looking information on
mengenai faktor-faktor makro ekonomi yang macroeconomic factors affecting the ability of
memengaruhi kemampuan pelanggan untuk the customers to settle the receivables.
melunasi piutang.
Grup menggunakan model penilaian individual The Group used individual assessment to
untuk menilai penurunan nilai kas dan setara assess impairment of cash and cash
kas, piutang lain-lain dan investasi bersih dalam equivalents, other receivables and net
sewa pembiayaan. Grup menilai kerugian kredit investment in finance lease. The Group
ekspektasian yang harus diakui dari kas dan assessed expected credit losses recognised
setara kas, piutang lain-lain dan investasi bersih from cash and cash equivalents, other
dalam sewa pembiayaan tidak signifikan. receivables and net investment in finance
lease and they were not considered
significant.
Page 325
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/35 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
p. Aset dan liabilitas keuangan (lanjutan) p. Financial assets and liabilities (continued)
Liabilitas keuangan Financial liabilities
Liabilitas keuangan diklasifikasikan sebagai Financial liabilities are classified as follows:
berikut: (i) liabilitas keuangan yang diukur (i) financial liabilities at amortised cost,
dengan biaya diamortisasi, (ii) liabilitas (ii) financial liabilities at fair value through profit
keuangan yang diukur dengan nilai wajar and loss (FVTPL) or other comprehensive
melalui laba rugi atau melalui penghasilan income (FVOCI). The Group determines the
komprehensif lain. Grup menentukan klasifikasi classification of its financial liabilities at initial
liabilitas keuangan mereka pada saat recognition.
pengakuan awal.
Grup memiliki liabilitas keuangan yang The Group has financial liabilities classified
diklasifikasikan dalam liabilitas keuangan yang into the financial liabilities measured at
diukur dengan biaya perolehan diamortisasi. amortised cost. All financial liabilities are
Seluruh liabilitas keuangan diakui pada awalnya recognised initially at fair value and, in the
sebesar nilai wajar dan, dalam hal pinjaman case of loans and borrowings, inclusive of
dan utang, termasuk biaya transaksi yang dapat directly attributable transaction costs and
diatribusikan secara langsung dan selanjutnya subsequently measured at amortised cost
diukur pada biaya perolehan diamortisasi using the effective interest rate method. The
dengan menggunakan metode suku bunga amortisation of the effective interest rate is
efektif. Amortisasi suku bunga efektif termasuk included in finance costs in the consolidated
di dalam biaya keuangan dalam laporan laba statements of profit or loss.
rugi konsolidasian.
Liabilitas keuangan yang diukur pada biaya Financial liabilities measured at amortised cost
perolehan diamortisasi antara lain utang usaha, are trade payables, accrued expenses, loans,
beban yang masih harus dibayar, pinjaman, sukuk ijarah, bonds payable and lease
sukuk ijarah, utang obligasi dan liabilitas sewa. liabilities. Financial liabilities are classified as
Liabilitas keuangan diklasifikasikan sebagai non-current liabilities when the remaining
liabilitas jangka panjang jika jatuh tempo maturity is more than 12 months, and as
melebihi 12 bulan dan sebagai liabilitas jangka current liabilities when the remaining maturity
pendek jika jatuh tempo yang tersisa kurang is less than 12 months.
dari 12 bulan.
Grup saat ini memiliki sejumlah kontrak dengan The Group currently has a number of
tingkat bunga yang mengacu pada JIBOR dan contracts which interest rates refer to JIBOR
berlaku hingga setelah tahun 2025. Saat ini and extend beyond 2025. It is currently
diekspetasikan IndONIA akan menggantikan expected that IndONIA will replace JIBOR.
JIBOR. Risiko yang timbul dari transisi terutama Risks arising from the transition relate
terkait dengan potensi dampak perbedaan suku principally to the potential impact of rate
bunga jika pinjaman terkait tidak beralih ke suku differences if the debt does not transition to
bunga acuan baru pada saat yang sama the new interest rate benchmark at the same
dan/atau suku bunga bergerak dengan jumlah time and/or the rates move by different
yang berbeda. Manajemen akan terus amounts. Management will continue to monitor
memonitor hal ini dan mengambil tindakan yang this and take the necessary actions to address
diperlukan untuk mengatasi risiko dan related risks and uncertainties going forward.
ketidakpastian terkait di masa mendatang.
Page 326
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/36 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
p. Aset dan liabilitas keuangan (lanjutan) p. Financial assets and liabilities (continued)
Liabilitas keuangan (lanjutan) Financial liabilities (continued)
Tabel berikut berisi rincian semua instrumen The following table contains details of all of the
keuangan yang dimiliki Grup pada tanggal financial instruments that the Group holds as
31 Desember 2024, 2023 dan 2022 yang at 31 December 2024, 2023 and 2022 which
mengacu pada JIBOR dan belum bertransisi ke reference JIBOR and have not yet transitioned
suku bunga acuan alternatif: to an alternative interest rate benchmark:
31/12/2024 31/12/2023 31/12/2022
Pinjaman jangka panjang/Long-term loans 8,846,978 6,024,900 7,753,650
Penghentian pengakuan liabilitas keuangan Derecognition of financial liabilities
Liabilitas keuangan dihentikan pengakuannya Financial liabilities are derecognised when the
jika liabilitas yang ditetapkan dalam kontrak obligation under the liability is discharged,
dilepaskan atau dibatalkan atau kadaluarsa. cancelled or expired.
Jika suatu liabilitas keuangan yang ada Where an existing financial liability is replaced
digantikan dengan liabilitas yang lain dengan by another liability with substantially different
persyaratan yang secara substansial berbeda, terms, or the terms of an existing liability are
atau persyaratan liabilitas yang ada secara substantially modified, such an exchange or
substansial telah diubah, maka pertukaran atau modification is treated as derecognition of the
modifikasi tersebut diperlakukan sebagai original liability and the recognition of a new
penghentian pengakuan liabilitas awal dan liability, and the difference in the respective
pengakuan liabilitas baru, dan perbedaan nilai carrying amount is recognised in the
tercatat masing-masing diakui dalam laporan consolidated statements of profit or loss.
laba rugi konsolidasian.
q. Instrumen keuangan disalinghapus q. Offsetting financial instruments
Aset keuangan dan liabilitas keuangan Financial assets and liabilities are offset and
disalinghapus dan nilai netonya disajikan dalam the net amount is reported in the consolidated
laporan posisi keuangan konsolidasian jika statement of financial position when there is a
memiliki hak yang berkekuatan hukum untuk legally enforceable right to offset the
melakukan saling hapus atas jumlah yang telah recognised amounts and there is an intention
diakui tersebut dan berniat untuk to settle on a net basis, or realise the asset
menyelesaikan secara neto atau untuk and settle the liability simultaneously. The
merealisasikan aset dan menyelesaikan legally enforceable right must not be
liabilitasnya secara simultan. Hak saling hapus contingent on future events and must be
tidak kontinjen atas peristiwa di masa depan enforceable in the normal course of business
dan dapat dipaksakan secara hukum dalam and in the event of default, insolvency or
situasi bisnis yang normal dan dalam peristiwa bankruptcy of the Group or the counterparties.
gagal bayar, atau peristiwa kepailitan atau
kebangkrutan Grup atau pihak lawan.
Page 327
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/37 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
r. Penurunan nilai aset non keuangan r. Impairment of non-financial assets
Goodwill dan aset non keuangan yang memiliki Goodwill and non-financial assets that have an
masa manfaat yang tidak terbatas tidak indefinite useful life are not subject to
diamortisasi namun diuji penurunan nilainya amortisation but are tested annually for
setiap tahun, atau lebih sering apabila terdapat impairment, or more frequently if events or
peristiwa atau perubahan keadaan yang changes in circumstances indicate that they
mengindikasikan penurunan nilai. are impaired.
Aset yang diamortisasi diuji ketika terdapat Assets that are subject to amortisation are
indikasi bahwa nilai tercatatnya mungkin tidak reviewed for impairment whenever events or
terpulihkan. Penurunan nilai diakui jika nilai changes in circumstances indicate that the
tercatat aset melebihi nilai terpulihkannya. Nilai carrying amount may not be recoverable. An
terpulihkan adalah nilai yang lebih tinggi antara impairment loss is recognised for the amount
nilai wajar aset dikurangi biaya untuk menjual by which the asset’s carrying amount exceeds
dan nilai pakai aset. Dalam menentukan its recoverable amount. The recoverable
penurunan nilai, aset dikelompokkan pada amount is the higher of an asset’s fair value
tingkat yang paling rendah di mana terdapat less costs of disposal and value in use. For
arus kas yang dapat diidentifikasi. the purposes of assessing impairment, assets
are grouped at the lowest levels for which
there are separately identifiable cash flows.
Aset non keuangan selain goodwill yang Non-financial assets other than goodwill that
mengalami penurunan nilai diuji setiap tanggal suffer impairment are reviewed for possible
pelaporan untuk menentukan apakah terdapat reversal of the impairment at each reporting
kemungkinan pemulihan penurunan nilai. date. Reversal on impairment loss for assets
Pemulihan rugi penurunan nilai, untuk aset other than goodwill would be recognised if,
selain goodwill, diakui jika, dan hanya jika, and only if, there had been a change in
terdapat perubahan estimasi yang digunakan estimates used to determine the asset’s
dalam menentukan nilai terpulihkan aset sejak recoverable amount since the last impairment
pengujian penurunan nilai terakhir kali. test was carried out. Reversal on impairment
Pembalikan rugi penurunan nilai tersebut diakui losses will be immediately recognised in profit
segera dalam laba rugi, kecuali aset yang or loss, except for assets measured using the
disajikan pada jumlah revaluasian sesuai revaluation model as required by other PSAK.
dengan PSAK lain.
s. Laba bersih per saham s. Earnings per share
Laba bersih per saham dihitung dengan Earnings per share are calculated by dividing
membagi laba tahun berjalan dengan jumlah profit for the year by the weighted average
rata-rata tertimbang saham biasa yang beredar number of ordinary shares outstanding during
sepanjang periode pelaporan. the reporting period.
Page 328
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/38 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
t. Goodwill t. Goodwill
Goodwill atas akuisisi AXIS dan PT Hipernet Goodwill on the acquisition of AXIS and
Indodata (lihat Catatan 38) dicatat sebesar PT Hipernet Indodata (see Note 38) is carried
harga perolehan dikurangi dengan akumulasi at cost less accumulated impairment losses
kerugian penurunan nilai dan diuji penurunan and tested for impairment annually.
nilainya setiap tahun.
Goodwill dialokasikan pada setiap unit Goodwill is allocated to cash-generating units
penghasil kas atau kelompok unit penghasil kas or groups of cash-generating units for the
dalam rangka menguji penurunan nilai. Alokasi purpose of impairment testing. The allocation
tersebut dibuat untuk unit penghasil kas atau is made to those cash-generating units or
kelompok unit penghasil kas yang diharapkan groups of cash-generating units that are
mendapat manfaat dari kombinasi bisnis di expected to benefit from the business
mana goodwill tersebut timbul. Kerugian combination in which the goodwill arose.
penurunan nilai atas goodwill tidak dapat Impairment losses on goodwill are not
dipulihkan. reversed.
u. Saham treasuri u. Treasury shares
Ketika Perusahaan membeli modal sahamnya When the Company purchases its own share
sendiri (saham treasuri), imbalan yang dibayar, capital (treasury shares), the consideration
termasuk biaya tambahan yang secara paid, including any directly attributable
langsung dapat diatribusikan (dikurangi pajak incremental costs (net of income taxes) is
penghasilan) dikurangkan dari ekuitas yang deducted from equity attributable to the
diatribusikan kepada pemilik ekuitas Company’s equity holders until the shares are
Perusahaan sampai saham tersebut dibatalkan cancelled or reissued.
atau diterbitkan kembali.
Ketika saham biasa tersebut selanjutnya Where such ordinary shares are subsequently
diterbitkan kembali, imbalan yang diterima, reissued, any consideration received, net of
dikurangi biaya tambahan transaksi yang dapat any directly attributable incremental
diatribusikan dan dampak pajak penghasilan transaction costs and the related income tax
yang terkait dimasukkan pada ekuitas yang effects, is included in equity attributable to the
dapat diatribusikan kepada pemilik ekuitas Company’s equity holders.
Perusahaan.
v. Provisi v. Provision
Provisi diakui ketika: Grup memiliki kewajiban A provision is recognised when: the Group has
hukum atau konstruktif masa kini sebagai a present legal or constructive obligation as a
akibat peristiwa masa lalu; terdapat result of past events; it is probable that an
kemungkinan besar penyelesaian kewajiban outflow of resources will be required to settle
tersebut mengakibatkan arus keluar sumber the obligation; and the amount has been
daya; dan jumlah kewajiban tersebut dapat reliably estimated. A provision is not
diukur secara andal. Provisi tidak diakui untuk recognised for future operating losses.
kerugian operasi masa depan.
Page 329
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/39 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
w. Kombinasi bisnis entitas sepengendali w. Business combination of common control
entities
Transaksi kombinasi bisnis entitas Business combination transaction amongst
sepengendali, berupa pengalihan bisnis yang entities under common control, in form of
dilakukan dalam rangka reorganisasi entitas- transfer of business conducted for the purpose
entitas yang berada dalam suatu kelompok of reorganisation of entities under common
usaha yang sama, bukan merupakan control, does not represent a change of
perubahan kepemilikan dalam arti substansi ownership in terms of economic substance,
ekonomi, sehingga transaksi tersebut tidak therefore, there shall be no gain or loss
dapat menimbulkan laba atau rugi bagi recognised by the group as a whole and by
kelompok usaha secara keseluruhan ataupun individual entities within the group.
bagi entitas individual dalam kelompok usaha
tersebut.
Oleh karena transaksi kombinasi bisnis entitas Since the business combination transaction
sepengendali tidak mengakibatkan perubahan amongst entities under common control does
substansi ekonomi kepemilikan atas bisnis not cause any change in economic substance
yang dipertukarkan, maka transaksi tersebut of ownership of the transferred business,
diakui pada jumlah tercatat berdasarkan therefore the transaction is recognised at book
metode penyatuan kepemilikan. value using the pooling interest method.
Entitas yang menerima/melepas bisnis, dalam The entity that accepts/releases a business in
kombinasi/pelepasan bisnis entitas a combination/separation of business amongst
sepengendali, mengakui selisih antara jumlah entities under common control, shall recognise
imbalan yang dialihkan/diterima dan jumlah the difference between benefits being
tercatat dari setiap transaksi kombinasi bisnis transferred or received and the recorded
sebagai komponen ekuitas dan menyajikannya amount of every business combination
dalam pos tambahan modal disetor. transaction as equity and present it under
additional paid-in capital.
Berdasarkan metode penyatuan kepemilikan Based on the pooling of interest method
sesuai PSAK No. 338 “Kombinasi Bisnis according to the PSAK 338 “Business
Entitas Sepengendali”, unsur-unsur laporan Combinations of Entities Under Common
keuangan dari entitas yang bergabung, untuk Control”, the elements of the financial
periode terjadinya kombinasi bisnis entitas statements of the entities that merged, for the
sepengendali dan untuk periode komparatif period during which the business combination
sajian, disajikan sedemikian rupa seolah-olah of entities under common control occurred and
penggabungan tersebut telah terjadi sejak awal for the comparative presentation periods, are
periode entitas yang bergabung berada dalam presented as if the business combination had
sepengendali (lihat Catatan 39). occurred since the beginning of the period
when the combining entities were under
common control (see Note 39).
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
3. KAS DAN SETARA KAS 3. CASH AND CASH EQUIVALENTS
31/12/2024 31/12/2023 31/12/2022
Kas/Cash on hand 1,126 1,178 1,290
Kas pada bank/Cash in banks
Rupiah:
- PT Bank Central Asia Tbk 307,864 151,607 80,287
- PT Bank Permata Tbk 287,420 100,277 226,146
- Standard Chartered Bank 106,330 30,779 2,128,250
- PT Bank CIMB Niaga Tbk 87,608 69,255 112,089
- PT Bank UOB Indonesia Tbk 81,719 85,212 179,985
- PT Bank Maybank Indonesia Tbk 76,624 141,771 -
- PT Bank Mandiri Tbk 36,013 16,274 29,144
- PT Bank Negara Indonesia Tbk 15,770 5,198 -
- Lain-lain (masing-masing kurang dari Rp 15.000)/
Other (individual amount less than Rp 15,000) 23,238 45,002 54,804
USD:
- J.P. Morgan Chase Bank, N.A. 104,847 94,492 19,451
- Lain-lain (masing-masing kurang dari Rp 15.000)/
Other (individual amount less than Rp 15,000) 673 - -
Jumlah kas pada bank/Total cash in banks 1,128,106 739,867 2,830,156
Deposito berjangka/Time deposits
Rupiah:
- PT Bank Tabungan Negara Tbk 40,000 40,000 465,000
- PT Bank Panin Indonesia Tbk 40,000 40,000 -
- Bank Syariah Indonesia 40,000 - -
- PT KB Bank Bukopin Tbk 40,000 40,000 89,500
- PT Bank Mega Tbk 40,000 40,000 50,000
- PT Bank Rakyat Indonesia Tbk - -
- J.P. Morgan Chase Bank, N.A 17,000 20,000 -
- PT Bank Pembangunan Daerah Jawa Barat
dan Banten Tbk - 40,000 400,000
- PT Bank Tabungan Pensiunan Nasional Tbk - 4,982 323,167
- PT Bank ICBC Indonesia - - 425,000
- PT Bank Maybank Indonesia Tbk - - 370,000
- MUFG Bank, Ltd. - - 160,000
- PT Bank CIMB Niaga Tbk - - 70,000
USD:
- PT Bank Maybank Indonesia Tbk 40,405 - -
Jumlah deposito berjangka/Total time deposits 257,405 224,982 2,352,667
Jumlah kas dan setara kas/
Total cash and cash equivalents 1,386,637 966,027 5,184,113
Lihat Catatan 29 untuk informasi mengenai pihak- See Note 29 for related parties information.
pihak berelasi.
Suku bunga per tahun deposito berjangka selama The annual interest rates of time deposits during the
tahun berjalan adalah sebagai berikut: year are as follows:
31/12/2024 31/12/2023 31/12/2022
Rupiah 5.05% - 6.50% 4.25% - 6.30% 2.15% - 5.50% Rupiah
Dolar Amerika Serikat 5.05% - - USD
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
4. PIUTANG USAHA - PIHAK KETIGA 4. TRADE RECEIVABLES - THIRD PARTIES
31/12/2024 31/12/2023 31/12/2022
Pihak domestik 1,103,273 854,471 661,525 Domestic parties
Pihak internasional 132,134 288,269 137,050 International parties
1,235,407 1,142,740 798,575
Provision for
Cadangan penurunan receivables
nilai piutang (353,174) (272,636) (307,018) impairment
882,233 870,104 491,557
Piutang usaha - pihak ketiga berdasarkan mata Trade receivables - third parties according to
uang adalah sebagai berikut: currency are as follows:
31/12/2024 31/12/2023 31/12/2022
Rupiah 1,057,225 820,859 664,096 Rupiah
Mata uang asing 178,182 321,881 134,479 Foreign currency
1,235,407 1,142,740 798,575
Pada tanggal 31 Desember 2024, 2023 dan 2022 As at 31 December 2024, 2023 and 2022 the detail
rincian umur dan penurunan nilai piutang usaha ageing and impairment on trade receivables are as
adalah sebagai berikut: follows:
31/12/2024 31/12/2023 31/12/2022
Nilai bruto: Gross amount:
Belum lewat jatuh tempo 559,858 558,258 162,866 Not past due
Lewat jatuh tempo: Past due:
- Lewat jatuh tempo
< 30 hari 140,584 198,649 113,815 Overdue < 30 days -
- Lewat jatuh tempo
31 - 60 hari 77,415 56,686 34,153 Overdue 31 - 60 days -
- Lewat jatuh tempo
> 60 hari 457,550 329,147 487,741 Overdue > 60 days -
675,549 584,482 635,709
1,235,407 1,142,740 798,575
Cadangan penurunan Provision for
nilai: impairment:
- Belum jatuh tempo (42,583) (30,053) (10,886) Not past due -
- Lewat jatuh tempo
< 30 hari (16,697) (20,459) (10,553) Overdue < 30 days -
- Lewat jatuh tempo
31 - 60 hari (10,641) (7,020) (2,579) Overdue 31 - 60 days -
- Lewat jatuh tempo
> 60 hari (283,253) (215,104) (283,000) Overdue > 60 days -
(353,174) (272,636) (307,018)
Trade receivables – net
Piutang usaha - setelah of provision
dikurangi cadangan for receivables
penurunan nilai piutang 882,233 870,104 491,557 impairment
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
4. PIUTANG USAHA - PIHAK KETIGA (lanjutan) 4. TRADE RECEIVABLES - THIRD PARTIES
(continued)
Perubahan cadangan kerugian penurunan nilai Changes in the amounts of the provision for
piutang adalah sebagai berikut: receivables impairment are detailed as follows:
31/12/2024 31/12/2023 31/12/2022
Cadangan penurunan Provision for receivables
nilai piutang - awal 272,636 307,018 266,050 impairment - beginning
Penambahan cadangan Addition for receivables
penurunan nilai piutang 139,084 103,951 52,658 impairment
Penghapusbukuan piutang
tidak tertagih (58,546) (138,333) (11,690) Bad debts written off
Cadangan penurunan Provision for receivables
nilai piutang - akhir 353,174 272,636 307,018 impairment – ending
Penyisihan dan pemulihan cadangan penurunan The addition and reversal of provision for
nilai piutang dicatat dalam beban umum dan receivables impairment have been included in
administrasi dalam laporan laba rugi konsolidasian. general and administrative expenses in the
consolidated statements of profit or loss.
Manajemen berkeyakinan bahwa cadangan Management believes that the provision for
penurunan nilai piutang telah memadai untuk receivables impairment is adequate to cover losses
menutup kerugian atas piutang usaha tidak tertagih from uncollectible accounts based on the review of
berdasarkan hasil penelaahan atas masing-masing the status of the individual and collective trade
piutang dan secara kolektif pada akhir tahun. receivables at the end of the year.
31/12/2024 31/12/2023 31/12/2022
Aset kontrak: Contract assets:
- Pihak ketiga 99,262 81,847 31,533 Third parties -
99,262 81,847 31,533
Mutasi dari aset kontrak adalah sebagai berikut: The movement of contract assets is as follows:
31/12/2024 31/12/2023 31/12/2022
Saldo awal 81,847 31,533 9,170 Beginning balance
Penambahan 277,434 349,452 190,927 Addition
Dialihkan ke piutang Transfer to trade
usaha (109,511) (208,990) (149,390) receivables
Amortisasi sebagai Amortised as
beban (Catatan 8) (150,508) (90,148) (19,174) expense (Note 8)
Saldo akhir 99,262 81,847 31,533 Ending balance
Lihat Catatan 29 untuk informasi mengenai pihak- See Note 29 for related parties information
pihak berelasi dan Catatan 35 untuk pengungkapan and Note 35 for additional disclosures required by
tambahan yang diharuskan oleh PSAK 107. PSAK 107.
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
5. BEBAN DIBAYAR DIMUKA 5. PREPAYMENTS
Akun ini terdiri dari beban dibayar dimuka untuk This account represents prepaid expenses for
transaksi sewa, asuransi, pemeliharaan dan beban rental, insurance, maintenance and annual
frekuensi tahunan. frequency fee.
Beban frekuensi tahunan mencakup beban The annual frequency fees comprised spectrum
pemakaian spektrum. fees.
31/12/2024 31/12/2023 31/12/2022
Beban frekuensi tahunan Prepaid annual
dibayar dimuka 3,639,256 3,302,389 3,222,624 frequency fee
Sewa dibayar dimuka - Prepaid rental -
bagian lancar* 465,213 520,295 438,370 current*
Beban dibayar dimuka Other prepaid
lainnya - bagian lancar 349,388 302,787 47,027 expense - current
Jumlah beban
dibayar dimuka 4,453,857 4,125,471 3,708,021 Total prepayments
*) Terdiri dari sewa jangka pendek dan bernilai rendah, komponen non- *) Consist of short-term and low value leases, non-lease component and
sewa dan kontrak jasa yang tidak memenuhi kriteria sewa berdasarkan service contracts which do not meet the lease criteria under PSAK
PSAK 116. 116.
6. ASET LAIN-LAIN 6. OTHER ASSETS
31/12/2024 31/12/2023 31/12/2022
Investasi bersih dalam Net investment
sewa pembiayaan 53,568 51,122 52,169 in finance lease
Saldo bank yang dibatasi Restricted cash
penggunaannya 166 997 1,955 in banks
Uang muka 151,141 134,711 123,638 Advances
Bagian lancar 204,875 186,830 177,762 Current portion
Uang muka kepada Downpayment
pemasok 168,427 386,552 392,433 to suppliers
Uang jaminan 50,562 49,065 47,054 Deposit
Beban tangguhan 13,924 20,105 19,597 Deferred charges
Lain-lain 23,855 49,773 75,000 Others
Bagian tidak lancar 256,768 505,495 534,084 Non-current portion
Jumlah aset lain-lain 461,643 692,325 711,846 Total other assets
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. ASET LAIN-LAIN (lanjutan) 6. OTHER ASSETS (continued)
Uang muka terdiri dari uang muka kepada karyawan Advances represent advances to employees and
dan untuk pembayaran beban-beban Grup, seperti for the payment of the Group’s expenses, such as
utilitas dan bea masuk. utilities and customs duties.
Investasi bersih dalam sewa pembiayaan Net investments in finance leases are receivables
merupakan piutang atas transaksi sewa jaringan related to the lease of fibre optics network to PT
serat optik Grup oleh PT Indosat Tbk (dahulu PT Indosat Tbk (formerly PT Hutchison 3 Indonesia)
Hutchison 3 Indonesia) (lihat Catatan 32). (see Note 32).
Rincian investasi bersih dalam sewa pembiayaan Details of the net investment in finance lease
berdasarkan masa jatuh temponya adalah sebagai according to the maturity schedule are as follows:
berikut:
31/12/2024 31/12/2023 31/12/2022
Kurang dari 1 tahun 53,568 51,122 52,169 Not later than 1 year
Investasi bersih dalam Net investment in
sewa pembiayaan 53,568 51,122 52,169 finance lease
Selama tahun pelaporan, perubahan dari investasi During the financial year, the changes of the net
bersih dalam sewa pembiayaan disebabkan oleh investment in finance lease are due to the
hal-hal berikut: following reasons:
31/12/2024 31/12/2023 31/12/2022
Saldo awal 51,122 52,169 111,965 Beginning balance
Penghentian sewa Lease termination
selama tahun pelaporan - - (77,132) during financial year
Lainnya 2,446 (1,047) 17,336 Others
Saldo akhir 53,568 51,122 52,169 Ending balance
Penerimaan sewa dari kontrak sewa di mana Grup Lease income from lease contract in which the
adalah pesewa adalah sebagai berikut: Group act as a lessor is as follows:
31/12/2024 31/12/2023 31/12/2022
Penghasilan keuangan Finance income
atas investasi bersih on the net investment
sewa - - 4,327 in the lease
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. ASET TETAP 7. FIXED ASSETS
Penambahan/ Pelepasan/ Reklasifikasi/
01/01/2024* Additions Disposals Reclassification 31/12/2024
Aset
kepemilikan Direct ownership
langsung: assets:
Harga
perolehan Cost
Tanah 227,269 - - - 227,269 Land
Bangunan 63,769 85 - 5 63,859 Buildings
Peralatan Network
jaringan 110,997,512 4,531,347 (742,682) 2,552,760 117,338,937 equipment
Prasarana Leasehold
kantor 312,298 516 (196) 2,618 315,236 improvements
Mesin dan Machinery and
peralatan 5,546,434 130,876 (46,508) 39,725 5,670,527 equipment
Perabot dan Furniture
perlengkapan 98,042 692 (1,072) 936 98,598 and fixtures
Sistem
pendukung 3,785,736 15 - - 3,785,751 Support systems
Kendaraan
bermotor 12,288 358 - - 12,646 Motor vehicles
121,043,348 4,663,889 (790,458) 2,596,044 127,512,823
Aset hak Right-of-use
guna: assets:
Tanah 539,179 52,028 - - 591,207 Land
Bangunan 444,373 41,177 - - 485,550 Buildings
Peralatan Network
jaringan 50,908,526 2,704,035 (316,582) - 53,295,979 equipment
51,892,078 2,797,240 (316,582) - 54,372,736
172,935,426 7,461,129 (1,107,040) 2,596,044 181,885,559
Aset tetap
dalam Fixed assets under
pembangunan 1,294,532 2,006,500 - (2,596,044) 704,988 construction
174,229,958 9,467,629 (1,107,040) - 182,590,547
Akumulasi Accumulated
penyusutan: depreciation:
Bangunan (63,769) (90) - - (63,859) Buildings
Peralatan Network
jaringan (80,623,933) (6,335,308) 661,721 - (86,297,520) equipment
Prasarana Leasehold
kantor (309,077) (3,964) 196 - (312,845) improvements
Mesin dan Machinery and
peralatan (4,889,197) (407,108) 46,508 - (5,249,797) equipment
Perabot dan Furniture
perlengkapan (96,014) (1,065) 1,072 - (96,007) and fixtures
Sistem
pendukung (3,384,336) (221,819) - - (3,606,155) Support systems
Kendaraan
bermotor (9,931) (2,715) - - (12,646) Motor vehicles
(89,376,257) (6,972,069) 709,497 - (95,638,829)
Aset hak Right-of-use
guna: assets:
Tanah (288,553) (77,485) - - (366,038) Land
Bangunan (219,987) (67,727) - - (287,714) Buildings
Peralatan Network
jaringan (20,448,237) (4,957,054) 141,797 - (25,263,494) equipment
(20,956,777) (5,102,266) 141,797 - (25,917,246)
(110,333,034) (12,074,335) 851,294 - (121,556,075)
Nilai buku
bersih 63,896,924 61,034,472 Net book value
*) Disajikan kembali (lihat Catatan 39) As restated (refer to Note 39) *)
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. ASET TETAP (lanjutan) 7. FIXED ASSETS (continued)
Reklasifikasi
sebagai aset
takberwujud
dan beban
dibayar
di muka/
Reclassification
to intangible
Penambahan/ assets and Pelepasan/ Reklasifikasi/
01/01/2023* Additions prepayments Disposals Reclassification 31/12/2023*
Aset
kepemilikan Direct ownership
langsung: assets:
Harga
perolehan Cost
Tanah 227,269 - - - - 227,269 Land
Bangunan 64,042 4 - (306) 29 63,769 Buildings
Peralatan Network
jaringan 105,084,892 3,154,045 - (1,529,995) 4,288,570 110,997,512 equipment
Prasarana Leasehold
kantor 314,224 2,019 - (7,171) 3,226 312,298 improvements
Mesin dan Machinery and
peralatan 5,673,832 123,753 (115,420) (229,917) 94,186 5,546,434 equipment
Perabot dan Furniture and
perlengkapan 96,522 1,265 - (415) 670 98,042 fixtures
Sistem
pendukung 3,853,936 15,646 (256,010) (275,665) 447,829 3,785,736 Support systems
Kendaraan
bermotor 11,069 1,410 - (191) - 12,288 Motor vehicles
115,325,786 3,298,142 (371,430) (2,043,660) 4,834,510 121,043,348
Right-of-use
Aset hak guna: assets:
Tanah 460,509 78,670 - - - 539,179 Land
Bangunan 399,182 45,191 - - - 444,373 Buildings
Peralatan Network
jaringan 42,681,704 8,612,777 - (385,955) - 50,908,526 equipment
43,541,395 8,736,638 - (385,955) - 51,892,078
158,867,181 12,034,780 (371,430) (2,429,615) 4,834,510 172,935,426
Aset tetap dalam
dalam Fixed assets under
pembangunan 2,631,819 3,497,223 - - (4,834,510) 1,294,532 construction
161,499,000 15,532,003 (371,430) (2,429,615) - 174,229,958
Akumulasi Accumulated
penyusutan: depreciation:
Bangunan (63,251) (824) - 306 - (63,769) Buildings
Peralatan Network
jaringan (76,472,509) (5,680,740) - 1,529,316 - (80,623,933) equipment
Prasarana Leasehold
kantor (310,248) (6,000) - 7,171 - (309,077) improvements
Mesin dan Machinery and
peralatan (4,602,339) (496,694) 61,904 147,932 - (4,889,197) equipment
Perabot dan Furniture and
perlengkapan (95,176) (1,253) - 415 - (96,014) fixtures
Sistem
pendukung (3,147,395) (334,158) 49,890 47,327 - (3,384,336) Support systems
Kendaraan
bermotor (4,452) (5,670) - 191 - (9,931) Motor vehicles
(84,695,370) (6,525,339) 111,794 1,732,658 - (89,376,257)
Aset hak guna: Right-of-use assets:
Tanah (219,093) (69,460) - - - (288,553) Land
Bangunan (150,488) (69,499) - - - (219,987) Buildings
Peralatan Network
Jaringan (15,952,472) (4,684,937) - 189,172 - (20,448,237) equipment
(16,322,053) (4,823,896) - 189,172 - (20,956,777)
(101,017,423) (11,349,235) 111,794 1,921,830 - (110,333,034)
Nilai buku
bersih 60,481,577 63,896,924 Net book value
*) Disajikan kembali (lihat Catatan 39) As restated (refer to Note 39) *)
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. ASET TETAP (lanjutan) 7. FIXED ASSETS (continued)
Dialihkan
dari kelompok
lepasan yang
diklasifikasikan
sebagai
tersedia
untuk dijual/
Transfer from Akuisisi
disposal group entitas anak/
Penambahan/ classified as Pelepasan/ Reklasifikasi/ Acquisition of
01/01/2022* Additions held for sale Disposals Reclassification a subsidiary 31/12/2022*
Aset kepemilikan Direct ownership
langsung: assets:
Harga perolehan Cost
Tanah 228,027 - - (758) - - 227,269 Land
Bangunan 62,534 1,248 - - 260 - 64,042 Buildings
Network
Peralatan jaringan 99,014,705 3,727,233 20,941 (1,619,597) 3,941,610 - 105,084,892 equipment
Leasehold
Prasarana kantor 314,319 480 - (1,246) 671 - 314,224 improvements
Mesin dan Machinery and
peralatan 5,225,120 224,379 - (21,928) 230,691 15,570 5,673,832 equipment
Perabot dan Furniture
perlengkapan 97,097 291 - (1,148) 114 168 96,522 and fixtures
Sistem pendukung 3,525,609 150,147 - (56) 178,236 - 3,853,936 Support systems
Kendaraan bermotor 3,880 1,422 - - - 5,767 11,069 Motor vehicles
108,471,291 4,105,200 20,941 (1,644,733) 4,351,582 21,505 115,325,786
Right-of-use
Aset hak guna: assets:
Tanah 392,328 54,395 13,786 - - - 460,509 Land
Bangunan 392,469 6,298 - - - 415 399,182 Buildings
Network
Peralatan jaringan 32,653,702 10,027,339 663 - - - 42,681,704 equipment
33,438,499 10,088,032 14,449 - - 415 43,541,395
141,909,790 14,193,232 35,390 (1,644,733) 4,351,582 21,920 158,867,181
Fixed assets
Aset tetap dalam under
pembangunan 2,017,293 4,966,108 - - (4,351,582) - 2,631,819 construction
143,927,083 19,159,340 35,390 (1,644,733) - 21,920 161,499,000
Akumulasi Accumulated
penyusutan: depreciation:
Bangunan (60,950) (2,301) - - - - (63,251) Buildings
Network
Peralatan jaringan (72,991,534) (5,031,868) (18,342) 1,569,235 - - (76,472,509) equipment
Leasehold
Prasarana kantor (296,902) (14,592) - 1,246 - - (310,248) improvements
Mesin dan Machinery and
peralatan (4,077,747) (546,520) - 21,928 - - (4,602,339) equipment
Perabot dan Furniture
perlengkapan (93,586) (2,738) - 1,148 - - (95,176) and fixtures
Sistem pendukung (2,776,166) (371,285) - 56 - - (3,147,395) Support systems
Kendaraan bermotor (3,878) (574) - - - - (4,452) Motor vehicles
(80,300,763) (5,969,878) (18,342) 1,593,613 - - (84,695,370)
Right-of-use
Aset hak guna: assets:
Tanah (127,981) (84,147) (6,965) - - - (219,093) Land
Bangunan (110,053) (40,435) - - - - (150,488) Buildings
Network
Peralatan jaringan (11,476,072) (4,475,901) (499) - - - (15,952,472) equipment
(11,714,106) (4,600,483) (7,464) - - - (16,322,053)
(92,014,869) (10,570,361) (25,806) 1,593,613 - - (101,017,423)
Nilai buku bersih 51,912,214 60,481,577 Net book value
*) Disajikan kembali (lihat Catatan 39) As restated (refer to Note 39) *)
Page 338
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. ASET TETAP (lanjutan) 7. FIXED ASSETS (continued)
Pada tanggal 31 Desember 2024, 2023 dan 2022, As at 31 December 2024, 2023 and 2022, none of
tidak terdapat aset tetap Grup yang digunakan the Group’s fixed assets were used as collateral to
sebagai agunan kepada pihak ketiga. third parties.
Grup mempunyai tanah yang tersebar di seluruh The Group owns land located throughout Indonesia
Indonesia berdasarkan Hak Guna Bangunan with Hak Guna Bangunan (“HGB”) for the periods of
(“HGB”) yang mempunyai masa manfaat antara 9-30 years which will expire between
9-30 tahun yang akan berakhir antara January 2025 and September 2047. Management
Januari 2025 dan September 2047. Manajemen believes that the land rights are renewable.
berkeyakinan bahwa hak atas tanah dapat
diperbaharui.
Pada tanggal 31 Desember 2024, nilai buku atas As at 31 December 2024, total book value of land
tanah yang sertifikat HGB-nya masih dalam proses which HGB certificates are in process is amounting
pengurusan adalah sebesar Rp 37.509. to Rp 37,509.
Perhitungan keuntungan penjualan serta klaim The calculation of the gain on sale, insurance claim
asuransi dan penghapusan aset tetap diluar and write-off of fixed assets excluding sales
transaksi penjualan yang terkait transaksi penjualan transaction related to sale and leaseback of towers
dan sewa balik menara adalah sebagai berikut: transaction is as follows:
31/12/2024 31/12/2023 31/12/2022
Penerimaan dari aset Proceeds from sale
tetap yang dijual dan of fixed assets and
klaim asuransi 6,358 10,955 107,603 insurance claims
Dikurangi: Less:
Harga perolehan 790,457 1,671,045 1,644,733 Cost
Accumulated
Akumulasi penyusutan (709,496) (1,617,263) (1,593,615) depreciation
Nilai buku bersih 80,961 53,782 51,118 Net book value
(Kerugian)/keuntungan
penjualan dan (Loss)/gain on sale and
pelepasan aset tetap (74,603) (42,827) 56,485 disposal of fixed asset
Untuk tahun yang berakhir pada 31 Desember 2023, For the year ended 31 December 2023, the Group
Grup membebankan aset tetap tertentu yang tidak charged certain fixed assets which do not fulfill fixed
memenuhi kriteria aset tetap sebesar Rp 256.544 assets criteria amounting to Rp 256,544 to the
pada laba rugi konsolidasian. consolidated profit or loss.
Aset tetap dalam pembangunan: Fixed assets under construction:
Aset tetap dalam pembangunan pada tanggal Fixed assets under construction as at
31 Desember 2024, 2023 dan 2022 terutama terdiri 31 December 2024, 2023 and 2022 mainly
dari peralatan BTS baru, backbone dan perangkat represent new BTS equipment, backbone and other
lainnya yang akan atau sedang dipasang. Saldo equipment which is still to be installed or is currently
aset tetap dalam pembangunan pada tanggal being installed. Balance of fixed assets under
31 Desember 2024, 2023 dan 2022 adalah sebagai construction as at 31 December 2024, 2023 and
berikut: 2022 is as follows:
31/12/2024 31/12/2023 31/12/2022
Peralatan jaringan 472,070 1,001,736 1,587,719 Network equipment
Lain-lain 232,918 292,796 1,044,100 Others
Jumlah aset dalam Total assets under
penyelesaian 704,988 1,294,532 2,631,819 construction
Page 339
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/49 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. ASET TETAP (lanjutan) 7. FIXED ASSETS (continued)
Aset tetap dalam pembangunan: (lanjutan) Fixed assets under construction: (continued)
Aset tetap dalam pembangunan pada tanggal Fixed assets under construction as at
31 December 2024 diperkirakan akan selesai dalam 31 December 2024 are expected to be complete
dua belas bulan ke depan dengan persentase within the next twelve months with percentage of
penyelesaian 1 – 99% dari nilai kontrak completion of 1 – 99% from contract value.
Transaksi jual dan sewa balik menara: Tower sale and leaseback transaction:
Grup telah menyelesaikan jual dan sewa balik menara The Group completed the tower sale and leaseback
dengan PT Profesional Telekomunikasi Indonesia with PT Profesional Telekomunikasi Indonesia
(“Protelindo”) dan PT Solusi Tunas Pratama Tbk ("Protelindo") and PT Solusi Tunas Pratama Tbk
(“STP”) masing-masing pada tahun 2016 dan 2014. ("STP") in 2016 and 2014, respectively. In relation to
Sehubungan dengan transaksi ini, Grup mencatat aset this transaction, the Group recorded the leased
yang disewa sebesar nilai kini dari pembayaran sewa assets at present value of the minimum lease
minimum dan liabilitas yang terkait dicatat sebagai payments and the related liability is recorded as lease
liabilitas sewa (lihat Catatan 14). Keuntungan dari liabilities (see Note 14). The gain from sale and
penjualan dan sewa balik pembiayaan ditangguhkan finance leaseback was deferred and amortised over
dan diamortisasi selama periode sewanya (lihat the leaseback period (see Notes 12 and 32). The
Catatan 12 dan 32). Jumlah amortisasi dari amount of amortisation relating to gain from sale and
keuntungan terkait penjualan dan sewa balik finance leaseback for the years ended
pembiayaan untuk tahun-tahun yang berakhir pada 31 December 2024, 2023 and 2022 amounting to
31 Desember 2024, 2023 dan 2022 masing-masing Rp 415,641, Rp 422,873 and Rp 422,873,
sebesar Rp 415.641, Rp 422.873 dan Rp 422.873. respectively.
Pada tanggal 31 Desember 2022, Grup telah As at 31 December 2022, the Group completed
menyelesaikan penjualan atas masing-masing 761 sale of each of 761 towers and leaseback of
menara dan sewa balik sebagian ruang untuk specific tower spaces on some towers with PT
sebagian menara dengan PT Edotco Infrastruktur Edotco Infrastruktur Indonesia (“Edotco”) with total
Indonesia (“Edotco”) dengan nilai transaksi sebesar consideration of Rp 668,046. At the same time,
Rp 668.046. Pada saat yang sama, Edotco Edotco leased 109 plot of land owned by the Group
menyewa 109 plot tanah yang dimiliki oleh Grup with total consideration of Rp 42,443 for the next
dengan nilai transaksi sebesar Rp 42.443 untuk 10 10 years (see Note 32). The amount paid by
tahun ke depan (lihat Catatan 32). Jumlah yang Edotco for land lease is considered as lease
dibayarkan oleh Edotco untuk sewa tanah dicatat incentives for the Group’s leaseback each
sebagai insentif sewa untuk sewa balik Grup amounting to Rp 22,321 in lease liabilities. A
sebesar Rp 22.321 pada liabilitas sewa. Porsi portion of the cash consideration received as of
penerimaan yang diterima pada tanggal 31 December 2023 and 2022 amounting to
31 Desember 2023 dan 2022 masing-masing Rp 3,423 and Rp 72,869, respectively represents
sebesar Rp 3.423 dan Rp 72.869 merupakan proceeds from the sale of specific tower space and
penerimaan dari penjualan ruang tertentu pada proceeds attributable to the proportion of the rights
menara dan penerimaan yang dapat diatribusikan transferred to Edotco, and therefore is presented
dari proporsi hak yang dialihkan ke Edotco sehingga as part of cash flows from investing activities.
dicatat sebagai arus kas dari aktivitas investasi.
Page 340
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/50 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. ASET TETAP (lanjutan) 7. FIXED ASSETS (continued)
Transaksi jual dan sewa balik menara: (lanjutan) Tower sale and leaseback transaction: (continued)
Porsi penerimaan lain pada tanggal Another portion of cash consideration received as
31 Desember 2023 dan 2022 masing-masing of 31 December 2023 and 2022 amounting to
sebesar Rp 13.669 dan Rp 375.627 merupakan Rp 13,669 and Rp 375,627, respectively
porsi penerimaan yang dapat diatribusikan dari represents proceeds attributable from the
proporsi aset hak guna atas aset pendasar yang proportion of the right-of-use over the underlying
dipertahankan dan dicatat sebagai arus kas dari asset being retained and therefore is presented as
aktivitas pendanaan. Sisa porsi penerimaan pada part of cash flows from financing activities. The
tanggal 31 Desember 2022 sebesar Rp 20.123 remaining cash consideration received as of
merupakan porsi penerimaan dari sewa tanah yang 31 December 2022 amounting to Rp 20,123
dibayarkan dimuka dan dicatat sebagai bagian dari represents proceeds from land lease paid upfront
arus kas dari aktivitas operasi. Transaksi ini and presented as part of cash flows from operating
memenuhi kriteria penjualan berdasarkan PSAK activities. This transaction qualifies as a sale
115. according to PSAK 115.
Pada tanggal 31 Desember 2024, 2023 dan 2022, As at 31 December 2024, 2023 and 2022, the
porsi pembayaran yang belum diterima dari Edotco remaining outstanding consideration from Edotco is
dicatat sebagai piutang lain-lain (lihat Catatan 29d) dan recorded as other receivables (see Note 29d) and will
akan dilunasi di tahun 2025. be paid in 2025.
Nilai buku bersih aset tetap dan beban dibayar The net book value of fixed assets and
dimuka yang dilepaskan adalah sebesar prepayments disposed was Rp 185,119 and
Rp 185.119 dan Rp 37.873 pada Rp 37,873, respectively in 31 December 2022. In
31 Desember 2022. Sehubungan dengan transaksi relation to this transaction, the Group recorded gain
ini, Grup telah membukukan keuntungan atas on sale amounting to Rp 199,757 and loss on sale
penjualan yang telah dicatat sebesar Rp 199.757 and leaseback amounting to Rp 181,797, net of
dan kerugian atas penjualan dan sewa balik yang transaction costs and the related other assets or
telah dicatat sebesar Rp 181.797, setelah dikurang liabilities given up. The Group recorded the right-of-
biaya transaksi dan aset atau liabilitas terkait. Grup use assets for the retained portion of the net book
mencatat aset hak guna sebesar porsi yang ditahan value disposed, after taking into account any
dari nilai buku bersih aset yang dilepaskan, setelah adjustment as a result of the consideration being
mempertimbangkan segala penyesuaian yang higher or lower than the fair value of assets. The
timbul karena nilai transaksi lebih tinggi atau lebih Group also recorded the lease liabilities at present
rendah dari nilai wajar aset. Grup juga mencatat value of the minimum lease payments during the
liabilitas sewa sebesar nilai kini dari pembayaran lease period (see Note 14). For this transaction, the
sewa minimum selama masa sewa (lihat Catatan Group has recorded right-of-use assets and lease
14). Atas transaksi ini, Grup telah mencatat aset hak liabilities, excluding lease incentive, Rp 194,950
guna dan liabilitas sewa, tidak termasuk insentif and Rp 602,541, respectively on
sewa, masing-masing sebesar Rp 194.950 dan 31 December 2022.
Rp 602.541 pada 31 Desember 2022.
Selama tahun yang berakhir pada 31 Desember 2023, During the year ended on 31 December 2023, the
Grup membukukan kerugian dari penjualan dan sewa Group recorded loss from tower sale and leaseback
balik menara sebesar Rp 146 akibat klaim yang of Rp 146 as a result by the claim submitted by
diajukan Edotco. Edotco.
Pada tanggal 31 Desember 2022, Grup As at 31 December 2022, the Group has recorded
membukukan keuntungan dari penjualan dan sewa gain from sales and leaseback of Rp 932 as a
balik sebesar Rp 932 akibat penyelesaian penjualan result from the completion of the sales and
dan sewa balik kabel serat optik dengan leaseback of the fiber optic cable with PT Integrasi
PT Integrasi Jaringan Ekosistem. Jaringan Ekosistem.
Page 341
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/51 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. ASET TETAP (lanjutan) 7. FIXED ASSETS (continued)
Transaksi jual dan sewa balik menara: (lanjutan) Tower sale and leaseback transaction: (continued)
Pada tanggal 31 Desember 2023, Grup telah As at 31 December 2023, the Group completed
menyelesaikan penjualan atas masing-masing 54 sale of each 54 towers and leaseback of specific
menara dan sewa balik sebagian ruang untuk tower spaces on some towers with PT Dayamitra
sebagian menara dengan PT Dayamitra Telekomunikasi Tbk (“Mitratel”) with total
Telekomunikasi Tbk (“Mitratel”) dengan nilai consideration of Rp 36,624. A portion of the cash
transaksi Rp 36.624. Porsi penerimaan yang consideration received amounting to Rp 8,665
diterima sebesar Rp 8.665 merupakan penerimaan represents proceeds from the sale of specific tower
dari penjualan ruang tertentu pada menara dan space and proceeds attributable to the proportion
penerimaan yang dapat diatribusikan dari proporsi of the rights transferred to Mitratel, and therefore is
hak yang dialihkan ke Mitratel sehingga dicatat presented as part of cash flows from investing
sebagai arus kas dari aktivitas investasi. Sisa porsi activities. Another remaining portion of cash
penerimaan lain sebesar Rp 27.959 merupakan consideration received amounting to Rp 27,959
porsi penerimaan yang dapat diatribusikan dari represents proceeds attributable from the
proporsi aset hak guna atas aset pendasar yang proportion of the right-of-use over the underlying
dipertahankan dan dicatat sebagai arus kas dari asset being retained and therefore is presented as
aktivitas pendanaan. part of cash flows from financing activities.
Nilai buku bersih aset tetap dan beban dibayar The net book value of fixed assets and
dimuka yang dilepaskan masing-masing adalah prepayments disposed was Rp 4,312 and Rp 858,
sebesar Rp 4.312 dan Rp 858 pada respectively in 31 December 2023. In relation to
31 Desember 2023. Sehubungan dengan transaksi this transaction, the Group recorded gain on sale
ini, Grup telah membukukan keuntungan atas amounting to Rp 14,483 and loss on sale and
penjualan yang telah dicatat sebesar Rp 14.483 dan leaseback amounting to Rp 13,149 net of
kerugian atas penjualan dan sewa balik yang telah transaction costs and the related other assets and
dicatat sebesar Rp 13.149 setelah dikurang biaya liabilities given up. For this transaction, the Group
transaksi dan aset atau liabilitas terkait. Atas has recorded right-of-use assets and lease
transaksi ini, Grup telah mencatat aset hak guna liabilities amounting to Rp 3,703 and Rp 34,541
respectively in 31 December 2023.
dan liabilitas sewa, masing-masing sebesar
Rp 3.703 dan Rp 34.541 pada 31 Desember 2023.
Informasi lainnya Other information
Pada tanggal 31 Desember 2024, aset tetap Grup As at 31 December 2024, the fixed assets of the
diasuransikan terhadap semua risiko dan gangguan Group are insured by insurance policies covering
usaha dengan nilai pertanggungan sejumlah all risks to property and business interruption
Rp 50.206.267 kepada perusahaan asuransi pihak amounting to Rp 50,206,267 to third party
ketiga, yang menurut pendapat manajemen cukup insurance company, which management believes
untuk menutup kemungkinan kerugian yang terjadi. is adequate to cover possible losses which may
arise.
Pada tanggal 31 Desember 2024, nilai jual objek As at 31 December 2024, the sale value of the tax
pajak (“NJOP”) untuk tanah dan bangunan yang object (“NJOP”) of the Group’s land and buildings
dimiliki Grup adalah sebesar Rp 448.122. NJOP amounted to Rp 448,122. The NJOP is determined
ditentukan oleh pemerintah daerah. by the regional government.
Pada tanggal 31 Desember 2024, Grup memiliki aset- As at 31 December 2024 the Group had assets that
aset yang telah sepenuhnya disusutkan namun masih were fully depreciated but still used to support the
digunakan untuk menunjang aktivitas operasi Grup. Group’s operation activities. The gross carrying
Nilai tercatat bruto dari aset-aset tersebut sebesar amount of such assets amounted to Rp 14,456,469.
Rp 14.456.469.
Page 342
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/52 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. ASET TETAP (lanjutan) 7. FIXED ASSETS (continued)
Informasi lainnya (lanjutan) Other information (continued)
Sebagai bagian dari penilaian yang dilakukan pada As part of the assessment performed as at
tanggal 31 Desember 2022, mengikuti rencana 31 December 2022, following management’s plan
manajemen untuk mengoptimalkan desain jaringan, to optimise its network design, management
manajemen memutuskan untuk mempersingkat decided to shorten the useful lives of certain
masa manfaat peralatan jaringan tertentu sesuai network equipment aligned with the latest network
dengan rencana jaringan terbaru dan plan and charged additional depreciation expense
membebankan biaya penyusutan tambahan of Rp 253,888 for the years ended 31 December
sebesar Rp 253.888 untuk tahun yang berakhir 2022.
pada tanggal 31 Desember 2022.
8. ASET TAKBERWUJUD 8. INTANGIBLE ASSETS
Penambahan/
01/01/2024 Additions 31/12/2024
Harga perolehan Cost
Spektrum 5,712,343 - 5,712,343 Spectrum
Merk 295,258 - 295,258 Brand
Pelanggan 265,023 - 265,023 Customers
Perangkat lunak 686,388 711,563 1,397,951 Software
Biaya kontrak 189,395 186,547 375,942 Contract cost
7,148,407 898,110 8,046,517
Akumulasi Accumulated
amortisasi amortisation
Merk (174,131) (6,547) (180,678) Brand
Pelanggan (140,537) (8,585) (149,122) Customers
Perangkat lunak (253,681) (201,796) (455,477) Software
Biaya kontrak* (126,172) (150,508) (276,680) Contract cost*
(694,521) (367,436) (1,061,957)
Nilai buku bersih 6,453,886 6,984,560 Net book value
*) Amortisasi komisi penjualan dicatat dalam beban penjualan dan *) Amortisation expense from sales commision was recorded as sales and
pemasaran. marketing expenses.
Page 343
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/53 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
8. ASET TAKBERWUJUD (lanjutan) 8. INTANGIBLE ASSETS (continued)
Reklasifikasi
dari aset tetap/
Reclassification
Penambahan/ from fixed
01/01/2023 Additions assets 31/12/2023
Harga perolehan Cost
Spektrum 5,712,343 - - 5,712,343 Spectrum
Merk 295,258 - - 295,258 Brand
Pelanggan 265,023 - - 265,023 Customers
Perangkat lunak - 362,530 323,858 686,388 Software
Biaya kontrak 51,404 137,991 - 189,395 Contract cost
6,324,028 500,521 323,858 7,148,407
Akumulasi amortisasi Accumulated amortisation
Merk (167,584) (6,547) - (174,131) Brand
Pelanggan (131,952) (8,585) - (140,537) Customers
Perangkat lunak - (142,083) (111,598) (253,681) Software
Biaya kontrak* (36,024) (90,148) - (126,172) Contract cost*
(335,560) (247,363) (111,598) (694,521)
Nilai buku bersih 5,988,468 6,453,886 Net book value
Akuisisi
entitas anak/
Penambahan/ Acquisition of
01/01/2022 Additions a subsidiary 31/12/2022
Harga perolehan Cost
3G upfront fee 1,216,849 - - 1,216,849 3G upfront fee
Spektrum 5,712,343 - - 5,712,343 Spectrum
Merk 164,310 - 130,948 295,258 Brand
Pelanggan 127,659 - 137,364 265,023 Customers
Lisensi 412,787 - - 412,787 License
Komisi penjualan 17,065 34,339 - 51,404 Sales commission
7,651,013 34,339 268,312 7,953,664
Akumulasi amortisasi Accumulated amortisation
3G upfront fee (1,216,849) - - (1,216,849) 3G upfront fee
Merk (164,310) - (3,274) (167,584) Brand
Pelanggan (127,659) - (4,293) (131,952) Customers
Lisensi (412,787) - - (412,787) License
Biaya kontrak* (16,850) (19,174) - (36,024) Contract cost*
(1,938,455) (19,174) (7,567) (1,965,196)
Nilai buku bersih 5,712,558 5,988,468 Net book value
*) Amortisasi komisi penjualan dicatat dalam beban penjualan dan *) Amortisation expense from sales commision was recorded as sales and
pemasaran. marketing expenses.
Pada bulan Juni 2022, Perusahaan mengakuisisi PT In June 2022, the Company acquired PT Hipernet
Hipernet Indodata. Atas transaksi ini, Perusahaan Indodata. As a result, the Company acquired
memperoleh goodwill (lihat Catatan 38) dan aset goodwill (see Note 38) and certain intangible
takberwujud tertentu berupa merk dan pelanggan assets, such as brand and customers (see Note
(lihat Catatan 36a). 36a).
Pada bulan Maret 2014, Grup mengakuisisi AXIS. In March 2014, the Group acquired AXIS. As a
Atas transaksi ini, Grup memperoleh goodwill (lihat result, the Group acquired goodwill (see Note 38)
Catatan 38) dan aset takberwujud tertentu berupa and certain intangible assets, such as spectrum,
spektrum, merk dan pelanggan (lihat Catatan 36a). brand and customers (see Note 36a).
Page 344
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
9. INVESTASI PADA ENTITAS ASOSIASI 9. INVESTMENT IN ASSOCIATES
Pada tanggal 22 Juni 2022, Grup mengakuisisi As at 22 June 2022, the Group acquired 20% of
20% kepemilikan di PT Link Net Tbk dan entitas the ownership in PT Link Net Tbk and its
anak (lihat Catatan 32). PT Link Net Tbk merupakan subsidiaries (see Note 32). PT Link Net Tbk is a
perusahaan yang dapat memberikan Grup akses company that provides the Group the access to
terhadap perluasan pasar konsumen Grup. expand the Group’s customer market.
Pada tanggal 31 Desember 2024, 2023 dan 2022 As at 31 December 2024, 2023 and 2022 the
ringkasan dari entitas asosiasi Grup adalah sebagai summary of associates of the Group were as
berikut: follows:
Nilai tercatat/Carrying value
31/12/2024 31/12/2023 31/12/2022
PT Link Net Tbk dan entitas anak/and subsidiaries 2,342,713 2,325,249 2,526,017
PT Princeton Digital Group Data Centres 197,020 208,487 224,201
Jumlah/Total 2,539,733 2,533,736 2,750,218
Persentase kepemilikan/
Domisili/ Kegiatan usaha/ Percentage of ownership
Domicile Principal activity 31/12/2024 31/12/2023 31/12/2022
PT Link Net Tbk dan Indonesia Jasa jaringan tetap 20.00% 20.00% 20.00%
entitas anak/ berkabel dan akses
and subsidiaries internet/Wired fixed
network and internet
access services
PT Princeton Digital Indonesia Jasa sewa rak 10.71% 10.71% 14.82%
Group Data Centres* server/Rack server
rental
*) Grup memiliki pengaruh signifikan terhadap *) The Group has a significant influence over the
kepemilikan di entitas terkait dikarenakan ownership in the related entity due to material
adanya transaksi material antara Grup dengan transactions between the Group and the related
entitas terkait. entity.
PT Link Net Tbk dan entitas anak PT Link Net Tbk and subsidiaries
Nilai wajar kepemilikan saham Grup pada PT Link The fair value of the Group’s interest in PT Link Net
Net Tbk dan entitas anak adalah Rp 660.379 Tbk and its subsidiaries was Rp 660,379 based on
berdasarkan harga saham pada 31 Desember 2024 share price as at 31 December 2024 which the fair
dimana nilai wajar tersebut lebih rendah daripada value is lower than its carrying amounts. The
nilai tercatatnya. Grup menilai dan melakukan Group assessed and performed impairment testing
pengujian penurunan nilai atas investasi pada PT for investment in PT Link Net Tbk and subsidiaries.
Link Net Tbk dan entitas anak.
Penurunan nilai diakui jika nilai tercatat aset An impairment loss is recognised at the amount by
melebihi nilai terpulihkannya. Nilai terpulihkan which the asset’s carrying amount exceeds its
ditentukan berdasarkan perhitungan nilai wajar recoverable amount. The recoverable amount was
dikurangi biaya untuk menjual fair value less costs of determined based on fair value less cost of disposal
disposal (“FVLCOD”) menggunakan metode (“FVLCOD”) that uses the ten-years Discounted
Discounted Cash Flow sepuluh tahun. Cash Flow method.
Tidak ada penurunan nilai yang material atas nilai No material impairment of the investment in PT Link
investasi pada PT Link Net Tbk dan entitas anak Net Tbk and subsidiaries was identified as at
yang diidentifikasi pada tanggal 31 Desember 2024. 31 December 2024.
Page 345
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/55 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
9. INVESTASI PADA ENTITAS ASOSIASI (lanjutan) 9. INVESTMENT IN ASSOCIATES (continued)
Ringkasan informasi keuangan PT Link Net Tbk dan Summary of financial information of PT Link Net Tbk
entitas anak pada tanggal 31 Desember 2024, 2023 and subsidiaries as at 31 December 2024, 2023 dan
dan 2022 adalah sebagai berikut: 2022 is as follows:
31/12/2024 31/12/2023 31/12/2022
Jumlah aset lancar 1,545,638 804,156 895,066 Total current assets
Jumlah aset tidak lancar 12,371,149 11,832,125 10,749,728 Total non-current assets
Jumlah liabilitas
jangka pendek 4,050,168 3,289,121 4,648,427 Total current liabilities
Jumlah liabilitas Total non-current
jangka panjang 4,861,416 5,031,054 2,028,327 liabilities
Jumlah aset bersih 5,005,203 4,316,106 4,968,040 Total net assets
% kepemilikan bersih 20% 20% 20% % effective ownership
The Group’s share of
Bagian Grup atas the net assets of
aset bersih investasi investment in
pada entitas asosiasi 1,001,041 863,222 993,608 associate
Goodwill 1,323,772 1,323,772 1,323,772 Goodwill
Kenaikan nilai wajar -
bersih 17,900 138,255 208,637 Fair value uplift - net
Nilai tercatat 2,342,713 2,325,249 2,526,017 Carrying value
31/12/2024 31/12/2023 31/12/2022
Laporan laba rugi dan Consolidated statement
penghasilan of profit and loss and
komprehensif other comprehensive
lain konsolidasian income
Pendapatan 3,658,905 3,925,581 2,261,146 Revenue
Beban operasional (4,056,815) (4,005,543) (1,972,975) Operating expense
Beban-beban lain, Other expenses,
termasuk beban including
keuangan - bersih (647,273) (506,283) (157,278) finance cost - net
(Rugi)/laba sebelum (Loss)/profit before
pajak penghasilan (1,045,183) (586,245) 130,893 income tax
(Beban)/manfaat pajak Income tax
penghasilan (140,121) 53,262 (31,440) (expense)/benefit
(Rugi)/laba tahun (Loss)/profit for
berjalan (1,185,304) (532,983) 99,453 the year
Penghasilan Other comprehensive
komprehensif lain 7,856 5,998 2,741 income
(Rugi)/laba komprehensif Other comprehensive
lainnya tahun berjalan, (loss)/profit for the
setelah pajak (1,177,448) (526,985) 102,194 year, net of tax
Informasi di atas menunjukan jumlah yang disajikan The information above reflects the amounts
dalam laporan keuangan entitas asosiasi yang presented in the financial statements of the
disesuaikan untuk perbedaan kebijakan akuntansi associates which were adjusted for differences in
antara Grup dan entitas asosiasi. accounting policies between the Group and the
associates.
Page 346
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/56 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
9. INVESTASI PADA ENTITAS ASOSIASI (lanjutan) 9. INVESTMENT IN ASSOCIATES (continued)
PT Princeton Digital Group Data Centres PT Princeton Digital Group Data Centres
PT Princeton Digital Group Data Centres merupakan PT Princeton Digital Group Data Centres is a
perusahaan tertutup di mana tidak terdapat harga private company for which there is no quoted
pasar saham kuotasian yang tersedia. market share price available.
Pada tanggal 4 Agustus 2022 dan 14 Juli 2023, PT On 4 August 2022, PT Princeton Digital Group
Princeton Digital Group Data Centres (”PDGDC”), Data Centres (“PDGDC”), an associate of the
entitas asosiasi Grup, menerbitkan saham baru Group, issued new shares which that were wholly
yang seluruhnya dikiambil alih oleh Princeton Digital acquired by Princeton Digital Group (Indonesia
Group (Indonesia Alpha) Pte. Ltd. (”PDG”). Alpha) Pte. Ltd. (“PDG”). Therefore, the shares
Sehingga kepemilikan saham Grup atas PDGDC ownership of the Group of PDGDC has been
terdilusi menjadi sebesar 14,82% dari yang diluted to 14.82% from the previous 30%.
sebelumnya sebesar 30%.
Pada tanggal 14 Juli 2023, PDGDC, menerbitkan On 14 July 2023, PDGDC, issued new shares
saham baru yang seluruhnya diambil alih oleh PDG. which were wholly acquired by PDG. Therefore,
Sehingga kepemilikan saham Grup atas PDGDC the shares ownership of the Group of PDGDC has
terdilusi menjadi sebesar 10,71% dari yang been diluted to 10.71% from the previous 14.82%.
sebelumnya sebesar 14,82%.
Ringkasan informasi keuangan PDGDC pada A summary of the financial information of PDGDC
tanggal 31 Desember 2024, 2023 dan 2022 adalah as at 31 December 2024, 2023 and 2022 is as
sebagai berikut: follows:
31/12/2024 31/12/2023 31/12/2022
Jumlah aset lancar 399,484 458,828 957,269 Total current assets
Jumlah aset tidak lancar 1,876,614 1,935,487 942,501 Total non-current assets
Jumlah liabilitas
jangka pendek 224,604 189,424 164,100 Total current liabilities
Jumlah liabilitas Total non-current
jangka panjang 291,220 301,088 325,382 liabilities
Pada tanggal 31 Desember 2024, manajemen As at 31 December 2024, management believes
berkeyakinan bahwa tidak terdapat indikasi that there is no indication of impairment for
penurunan nilai untuk investasi pada PDGDC. investment in PDGDC.
Informasi di atas menunjukan jumlah yang disajikan The information above reflects the amounts
dalam laporan keuangan entitas asosiasi yang presented in the financial statements of the
disesuaikan untuk perbedaan kebijakan akuntansi associates which were adjusted for differences in
antara Grup dan entitas asosiasi. accounting policies between the Group and the
associates.
Page 347
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/57 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
9. INVESTASI PADA ENTITAS ASOSIASI (lanjutan) 9. INVESTMENT IN ASSOCIATES (continued)
PT Princeton Digital Group Data Centres PT Princeton Digital Group Data Centres
(lanjutan) (continued)
31/12/2024 31/12/2023 31/12/2022
Statement of profit
Laporan laba rugi dan and loss and
penghasilan other comprehensive
komprehensif lain income
Pendapatan 324,420 276,332 249,315 Revenue
(Rugi)/laba sebelum (Loss)/profit before
pajak penghasilan (120,709) (32,691) 12,770 income tax
Beban pajak penghasilan - (27) (889) Income tax expense
(Rugi)/laba tahun berjalan (120,709) (32,718) 11,881 (Loss)/profit for the year
Penghasilan Other comprehensive
komrpehensif lain - 2,188 (576) income
(Rugi)/laba komprehensif Other comprehensive
lainnya tahun berjalan, (loss)/profit for the
setelah pajak (120,709) (30,530) 11,305 year, net of tax
10. UTANG USAHA 10. TRADE PAYABLES
31/12/2024 31/12/2023 31/12/2022
Pihak ketiga: Third parties:
Purchase of fixed assets -
- Pembelian aset tetap and operational
dan beban operasi 7,150,977 8,830,833 10,827,899 expenditure
Interconnection and -
- Utang interkoneksi dan telecommunications
jasa telekomunikasi 423,497 306,707 236,193 service payable
7,574,474 9,137,540 11,064,092
Pihak-pihak berelasi: Related parties:
Purchase of fixed assets -
- Pembelian aset tetap and operational
dan beban operasi 278,196 214,215 217,096 expenditure
Interconnection and -
- Utang interkoneksi dan telecommunications
jasa telekomunikasi 398,554 30,745 56,095 service payable
676,750 244,960 273,191
Jumlah utang usaha 8,251,224 9,382,500 11,337,283 Total trade payables
31/12/2024 31/12/2023 31/12/2022
Rupiah 7,711,536 8,715,881 10,767,708 Rupiah
Mata uang asing 539,688 666,619 569,575 Foreign currencies
Jumlah utang usaha 8,251,224 9,382,500 11,337,283 Total trade payables
Lihat Catatan 29 untuk informasi mengenai pihak- See Note 29 for related parties information.
pihak berelasi.
Page 348
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
11. BEBAN YANG MASIH HARUS DIBAYAR 11. ACCRUED EXPENSES
31/12/2024 31/12/2023 31/12/2022
Licence and
Lisensi dan jasa telecommunications
telekomunikasi 389,613 376,631 353,871 services
Bunga 68,464 76,483 74,729 Interest
Lain-lain 148,756 179,791 134,703 Other
Jumlah beban yang
masih harus dibayar 606,833 632,905 563,303 Total accrued expenses
12. PENDAPATAN TANGGUHAN 12. DEFERRED REVENUE
31/12/2024 31/12/2023* 31/12/2022*
Cellular
Jasa telekomunikasi telecommunications
selular 2,210,662 2,253,840 2,460,093 services
Keuntungan dari
transaksi penjualan dan Gain from sale and
sewa-balik 211,840 627,481 1,050,356 leaseback transaction
Sewa menara 47,837 54,611 67,631 Leased towers
Sirkit langganan 33,876 12,153 13,947 Leased lines
Jumlah pendapatan
tangguhan 2,504,215 2,948,085 3,592,027 Total deferred revenue
Bagian jangka pendek (2,428,858) (2,736,245) (2,964,546) Current portion
Bagian jangka panjang 75,357 211,840 627,481 Non-current portion
*) Disajikan kembali (lihat Catatan 39) As restated (refer to Note 39) *)
Lihat Catatan 7 dan 32 untuk keuntungan dari See Notes 7 and 32 for gain from sale and
transaksi penjualan dan sewa-balik. leaseback transaction.
Lihat Catatan 23 untuk informasi liabilitas kontrak. See Note 23 for contract liability information.
Page 349
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/59 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
13. PINJAMAN JANGKA PANJANG 13. LONG-TERM LOANS
31/12/2024 31/12/2023 31/12/2022
PT Bank Central Asia Tbk (“BCA”) 3,080,000 1,200,000 1,800,000
PT Bank Permata Tbk (“Permata”) 2,875,000 1,650,000 1,990,000
PT Bank Negara Indonesia Tbk (“BNI”) 1,460,000 1,460,000 1,000,000
Bank of China (Hongkong) Limited (“BOC”) 750,000 1,030,000 610,000
PT Bank UOB Indonesia Tbk (“UOB Indonesia”) 640,000 640,000 1,000,000
MUFG Bank, Ltd. (“MUFG”) - - 1,000,000
Citibank, N.A., Indonesia Branch (“Citibank”) - - 300,000
Lain-lain/Other 45,864 48,352 55,818
Jumlah/Total 8,850,864 6,028,352 7,755,818
Biaya perolehan pinjaman yang belum diamortisasi/
Unamortised debt issuance cost (3,886) (3,452) (2,168)
8,846,978 6,024,900 7,753,650
Dikurangi: bagian lancar/
Less: current portion (2,254,112) (415,892) (5,342,445)
Bagian jangka panjang/
Non-current portion 6,592,866 5,609,008 2,411,205
Periode Tingkat
Nilai Nilai Nilai Pembayaran Bunga Tanggal
Jumlah Tercatat/ Tercatat/ Tercatat/ Jadwal Bunga/ Per tahun/ Jatuh
Fasilitas/ Carrying Carrying Carrying Pembayaran/ Interest Interest Tempo/
Total Amount Amount Amount Payment Payment Payment Maturity
Facility 2024 2023 2022 Schedule Schedule Period Date
Permata
- Fasilitas Rp 1,000,000 Rp 875,000 - - Cicilan setiap Bulanan atau JIBOR 1 atau 3 24 Juni/June
tanggal/ tahun sesuai Triwulan atau atau 6 bulan + 2029
Facility dated dengan Semesteran/ marjin tertentu/
24 Juni/June proporsi yang Monthly or 1 or 3 or 6
2024 ditentukan Quarterly or months JIBOR +
(2026 - 2029)/ Semi Annually certain margin
Yearly
installment on a
predeterminded
basis (2026 -
2029)
- Fasilitas Rp 1,000,000 Rp 1,000,000 Rp 1,000,000 - Pembayaran Bulanan atau JIBOR 1 atau 3 18 Juli/July
tanggal/ penuh pada Triwulan/ bulan + marjin 2026
Facility dated tanggal jatuh tempo Monthly or tertentu/
30 Agustus/ fasilitas pinjaman Quarterly 1 or 3 months
August 2023 committed di tahun JIBOR + certain
2026/Bullet repayment margin
at committee credit
facility expiration date
in 2026
- Fasilitas Rp 1,000,000 Rp 1,000,000 Rp 650,000 - Cicilan setiap tahun Bulanan atau JIBOR 1 atau 3 30 April 2029
tanggal/ sesuai dengan Triwulan/ atau 6 bulan +
Facility dated proporsi yang Monthly or marjin tertentu/
30 Agustus/ ditentukan (2025 - Quarterly 1 or 3 or 6
August 2023 2029)/ Yearly months JIBOR +
installment on a certain margin
predeterminded
basis (2025 -
2029)
- Fasilitas Rp 1,000,000 - - Rp 1,000,000 Sebelum tanggal jatuh Bulanan atau JIBOR 1 atau 3 18 April 2023
tanggal/ tempo fasilitas Triwulan/ atau 6 bulan +
Facility dated pinjaman uncommited Monthly or marjin tertentu/
18 April 2022 revolving di tahun Quarterly 1 or 3 or 6
2023/Prior to months JIBOR +
uncommitted revolving certain margin
credit facility expiration
date in 2023
- Fasilitas Rp 1,500,000 - - Rp 990,000 Cicilan setiap tahun Triwulan/ JIBOR 3 bulan + 25 September
tanggal/ sesuai dengan Quarterly marjin tertentu/ 2026
Facility dated proporsi yang 3 months JIBOR
25 ditentukan (2022- + certain margin
September 2026)/Installment
2020 every year on
predetermined basis
(2022 - 2026)
Page 350
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
13. PINJAMAN JANGKA PANJANG (lanjutan) 13. LONG-TERM LOANS (continued)
Periode Tingkat
Nilai Nilai Nilai Pembayaran Bunga Tanggal
Jumlah Tercatat/ Tercatat/ Tercatat/ Jadwal Bunga/ Per tahun/ Jatuh
Fasilitas/ Carrying Carrying Carrying Pembayaran/ Interest Interest Tempo/
Total Amount Amount Amount Payment Payment Payment Maturity
Facility 2024 2023 2022 Schedule Schedule Period Date
BNI
- Fasilitas Rp 1,460,000 Rp 1,460,000 Rp 1,460,000 Rp 1,000,000 Sebelum tanggal jatuh Bulanan atau JIBOR 1 atau 3 bulan + 14 Juni/June
tanggal/ tempo fasilitas Triwulan/ marjin tertentu/1 or 3 2025
Facility dated pinjaman uncommitted Monthly or months JIBOR +
15 Juni/June revolving KMK di Quarterly certain margin
2024 tahun 2025/Prior to
uncommitted KMK
revolving credit facility
expiring date in 2025
BCA
- Fasilitas Rp 2,000,000 Rp 2,000,000 - - Cicilan setiap tahun Triwulan/ Tahun pertama Tingkat 26
tanggal/ sesuai dengan Quarterly suku bunga tetap, September
Facility dated proporsi yang tahun kedua sampai 2029
21 Maret/ ditentukan (2024- dengan tahun kelima
March 2024 2029)/Yearly JIBOR 3 bulan + marjin
installment on a tertentu/1st year: fixed
predetermined basis rate, 2nd to 5th year: 3
(2024-2029) months JIBOR +
certain margin
- Fasilitas Rp 1,200,000 Rp 1,080,000 Rp 1,200,000 - Cicilan setiap tahun Triwulan/ Tiga tahun pertama: 10 April 2028
tanggal/ sesuai dengan Quarterly tingkat suku bunga
Facility dated proporsi yang tetap, tahun keempat
10 April 2023 ditentukan (2024- sampai dengan kelima:
2028)/Yearly JIBOR 3 bulan + marjin
installment on tertentu/First three
predetermined basis years: 7.5% 4th to 5th
(2024-2028) year: 3 months JIBOR
+ certain margin
- Fasilitas Rp 3,000,000 - - Rp 1,800,000 Cicilan setiap tahun Triwulan/ JIBOR 3 bulan + marjin 29 Januari/
tanggal/ sesuai dengan pro- Quarterly tertentu/3 months January
Facility dated porsi yang ditentukan JIBOR + certain margin 2023
23 November (2019 – 2023)/
2017 Installment every year
on a predeterminded
basis (2019 -2023)
BOC
- Fasilitas Rp 500,000 Rp 450,000 Rp 500,000 - Cicilan setiap tahun Triwulan/ Tahun pertama Tingkat 31 Maret/
tanggal/ sesuai dengan Quarterly suku bunga tetap, March
Facility dated proporsi yang tahun kedua sampai 2028
30 Maret/ ditentukan (2024- dengan tahun kelima
March 2023 2028)/Yearly JIBOR 3 bulan + marjin
installment on tertentu/1st year: fixed
predetermined basis rate, 2nd to 5th year: 3
(2024-2028) months JIBOR +
certain margin
- Fasilitas Rp 800,000 Rp 300,000 Rp 530,000 Rp 610,000 Cicilan setiap tahun Triwulan/ JIBOR 3 bulan + marjin 25 Oktober/
tanggal/ sesuai dengan Quarterly tertentu/3 months October
Facility dated proporsi yang JIBOR + certain margin 2024
15 Oktober/ ditentukan (2020- dan/and
October 2025)/Yearly 15 April
2019 installment on 2025
predetermined basis
(2020-2025)
UOB Indonesia
- Fasilitas Rp 2,000,000 Rp 640,000 Rp 640,000 Rp 1,000,000 Sebelum tanggal jatuh Triwulan/ JIBOR 1 atau 3 atau 6 8 Januari/
tanggal/ tempo fasilitas Quarterly bulan + marjin tertentu/ January
Facility dated pinjaman uncommitted 1 or 3 or 6 months 2026
8 Januari/ revolving di tahun JIBOR + certain margin
January 2021 2026/Prior to
uncommitted revolving
credit facility
expiration in 2026
MUFG
- Fasilitas Rp 1,900,000 - - Rp 1,000,000 Sebelum tanggal jatuh Bulanan atau JIBOR 1 atau 3 bulan + 9 Desember/
tanggal/ tempo fasilitas Triwulan/ marjin tertentu/1 or 3 December
Facility dated pinjaman uncommitted Monthly or months JIBOR + 2023
9 Juni/June revolving di tahun Quarterly certain margin
2022 2023/Prior to
uncommitted revolving
credit facility
expiration in 2023
Citibank
- Fasilitas Rp 500,000 - - Rp 300,000 Cicilan setiap tahun Triwulan/ JIBOR 3 bulan + marjin 30 November
tanggal/ sesuai dengan Quarterly tertentu/ 3 months 2023
Facility dated proporsi yang JIBOR + certain margin
30 November ditentukan (2019-
2018 2023)/Yearly
installment on
predetermined basis
(2019-2023)
Page 351
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/61 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
13. PINJAMAN JANGKA PANJANG (lanjutan) 13. LONG-TERM LOANS (continued)
Untuk tahun-tahun yang berakhir For the years ended 31 December 2024, 2023 and
31 Desember 2024, 2023 dan 2022, suku bunga 2022, the interest rate for bank loans ranged from
pinjaman dari bank masing-masing sebesar 7,00% 7.00% to 8.13%, 6.60% to 7.65% and 6.25% to
sampai dengan 8,13%, 6,60% sampai dengan 7.87%, respectively.
7,65%, dan 6,25% sampai dengan 7,87%.
Pinjaman Perusahaan tidak memiliki aset yang The Company’s borrowings are non-collateral or
dijaminkan atau tidak ada jaminan khusus. without any specific collateral.
Seluruh pinjaman yang diperoleh digunakan untuk Purpose of the borrowings is for working capital,
pembiayaan modal kerja, belanja modal, capital expenditure, business development and
pengembangan bisnis dan tujuan umum. general purposes.
Jumlah pembayaran yang dilakukan untuk tahun The amount of payments made for the year ended
yang berakhir 31 Desember 2024 adalah sebesar 31 December 2024 was Rp 541,530 in relation to
Rp 541.530 untuk fasilitas kredit dari BOC dan BCA credit facilities obtained from BOC and BCA
(31 Desember 2023: Rp 5.180.000 untuk fasilitas (31 December 2023: Rp 5,180,000 from BCA, UOB
kredit dari BCA, UOB Indonesia, MUFG, Bank Indonesia, MUFG, Permata Bank, BOC and
Permata, BOC dan Citibank; 31 Desember 2022: Citibank; 31 December 2022: Rp 4,740,000 from
Rp 4.740.000 untuk fasilitas kredit dari BCA, UOB BCA, UOB Indonesia, BOC and Permata Bank).
Indonesia, BOC dan Bank Permata).
Grup diharuskan untuk mematuhi beberapa The Group is required to comply with certain
persyaratan, seperti pembatasan atas penjualan covenants, such as limitations on certain asset
atau pengalihan aset, mempertahankan Axiata sales or transfers, maintaining the majority
Group Berhad baik langsung maupun tidak langsung ownership of the Group's shares directly or
sebagai pemegang saham mayoritas dan indirectly by Axiata Group Berhad and maintaining
mempertahankan rasio utang terhadap Pendapatan its debt to Earning before Interest, Tax,
sebelum Bunga, Pajak, Penyusutan dan Amortisasi Depreciation and Amortisation (“EBITDA”) ratio not
(“EBITDA”) tidak melebihi 4,5. Pada setiap tanggal to exceed 4.5. At each reporting date, the Group
pelaporan, Grup memenuhi seluruh persyaratan was in compliance with the covenants of its long-
pinjaman jangka panjang. term loans.
Pada tanggal 31 Desember 2024, Grup telah As at 31 December 2024, the Group has utilised
menggunakan fasilitas pinjaman sebesar loan facility of Rp 3,225,000 from BCA and
Rp 3.225.000 dari BCA dan Bank Permata; dan Permata Bank; and has unutilised loan facilities of
memiliki sisa fasilitas pinjaman sebesar Rp 1,485,000 from UOB Indonesia, Permata Bank.
Rp 1.485.000 dari UOB Indonesia dan Bank As at 31 December 2023, the Group has utilised
Permata. Pada tanggal 31 Desember 2023, Grup loan facility of Rp 3,460,000 from BOC, BCA,
telah melakukan penarikan pinjaman sebesar Permata Bank and BNI; and has unutilised loan
Rp 3.460.000 dari BOC, BCA, Bank Permata dan facilities of Rp 2,710,000 from UOB Indonesia,
BNI; dan memiliki sisa fasilitas pinjaman sebesar Permata Bank and MUFG. As at
Rp 2.710.000 dari UOB Indonesia, Bank Permata 31 December 2022, the Group has utilised loan
dan MUFG. Pada tanggal 31 Desember 2022, Grup facility of Rp 4,405,695 from UOB Indonesia,
telah melakukan penarikan pinjaman sebesar Permata, MUFG, BNI and other banks; and has
Rp 4.405.695 dari UOB Indonesia, Permata, MUFG, unutilised loan facilities of Rp 1,000,000 from UOB
BNI dan bank lainnya; dan memiliki sisa fasilitas Indonesia.
pinjaman sebesar Rp 1.000.000 dari UOB
Indonesia.
Page 352
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/62 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
14. LIABILITAS SEWA 14. LEASE LIABILITIES
Pembayaran sewa minimum di masa mendatang, Future minimum lease payments together with the
serta nilai kini atas pembayaran minimum sewa present value of the minimum lease payments as
pembiayaan pada tanggal 31 Desember 2024, 2023 at 31 December 2024, 2023 and 2022 were as
dan 2022 adalah sebagai berikut: follows:
31/12/2024 31/12/2023 31/12/2022
Liabilitas sewa bruto -
pembayaran sewa Gross lease liabilities -
minimum minimum lease payments
- Tidak lebih dari 1
tahun 7,469,104 8,108,180 7,206,150 Not later than 1 year -
- Lebih dari 1 tahun dan Later than 1 year and -
kurang dari 5 tahun 21,997,936 23,449,444 21,065,336 not later than 5 years
- Lebih dari 5 tahun 12,490,674 12,964,990 11,178,861 Later than 5 years -
41,957,714 44,522,614 39,450,347
Beban keuangan di masa Future finance charges
depan atas sewa (8,363,076) (8,709,168) (7,600,489) on leases
Present value of
Nilai kini liabilitas sewa 33,594,638 35,813,446 31,849,858 lease liabilities
31/12/2024 31/12/2023 31/12/2022
Nilai kini liabilitas sewa The present value of lease
adalah sebagai berikut: liabilities is as follows:
- Tidak lebih dari 1
tahun 5,368,871 6,022,836 5,296,565 Not later than 1 year -
- Lebih dari 1 tahun dan Later than 1 year and -
kurang dari 5 tahun 17,014,875 18,423,957 16,560,348 not later than 5 years
- Lebih dari 5 tahun 11,210,892 11,366,653 9,992,945 Later than 5 years -
33,594,638 35,813,446 31,849,858
Dikurangi: bagian lancar (5,368,871) (6,022,836) (5,296,565) Less: current portion
Bagian jangka panjang 28,225,767 29,790,610 26,553,293 Non-current portion
Sebagian dari transaksi jual dan sewa-balik yang A portion of the sales and leaseback transactions
dilakukan oleh Grup dengan STP dan Protelindo entered into by the Group with STP and Protelindo
sebagaimana diungkapkan pada Catatan 7, as disclosed in Note 7, met the finance lease
memenuhi kriteria sewa pembiayaan sesuai dengan criteria in accordance with the applicable
standar akuntansi yang berlaku pada tahun accounting standard in the respective year,
tersebut, meskipun hak legalitas tempat spesifik although the legal ownership of the specific tower
dalam menara tersebut masih dimiliki oleh STP dan space rests with STP and Protelindo.
Protelindo.
Penambahan liabilitas sewa terjadi dari transaksi Additional lease liabilities are the result of new
baru yang telah memenuhi kriteria sewa sesuai transactions which met the lease criteria under the
dengan standar akuntansi yang berlaku. applicable accounting standard.
Lihat Catatan 29 untuk informasi mengenai pihak- See Note 29 for related parties information.
pihak berelasi.
Page 353
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/63 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
15. SUKUK IJARAH 15. SUKUK IJARAH
31/12/2024 31/12/2023 31/12/2022
Sukuk ijarah 1,971,000 2,369,000 2,518,000 Sukuk ijarah
Biaya transaksi yang Unamortised
belum diamortisasi (4,314) (6,613) (8,305) transaction costs
1,966,686 2,362,387 2,509,695
Dikurangi: bagian lancar (713,996) (397,965) (148,869) Less: current portion
Bagian tidak lancar 1,252,690 1,964,422 2,360,826 Non-current portion
Pada tanggal 23 November 2015, Perusahaan On 23 November 2015, the Company received the
memperoleh pernyataan efektif dari Otoritas effective notification from Financial Service
Jasa Keuangan (“OJK”) melalui surat Authority (“OJK”) based on its letter
No. S-558/D.04/2015 dalam rangka Penawaran No. S-558/D.04/2015 in conjunction with the Shelf
Umum Berkelanjutan Sukuk Ijarah Berkelanjutan I Public Offering Shelf Sukuk Ijarah I XL Axiata
XL Axiata (“Sukuk Ijarah I”) Tahap I Tahun 2015 (“Sukuk Ijarah I”) Tranche I Year 2015 amounting
sebesar Rp 1.500.000, yang sudah sepenuhnya dan to Rp 1,500,000, which has been fully and final
terakhir dibayar pada 2 Desember 2023. paid on 2 December 2023.
Pada tanggal 28 April 2017, Perusahaan On 28 April 2017, the Company issued Sukuk
menerbitkan Sukuk Ijarah dengan nama Sukuk Ijarah namely Shelf Sukuk Ijarah I XL Axiata
Ijarah Berkelanjutan I XL Axiata (“Sukuk Ijarah I”) (“Sukuk Ijarah I”) Tranche II Year 2017 amounting
Tahap II Tahun 2017 sebesar Rp 2.180.000, yang to Rp 2,180,000, which was issued in series as
diterbitkan dalam beberapa seri sebagai berikut: follows:
Sukuk Ijarah I Tahap II: Sukuk Ijarah I Tranche II:
Imbalan tetap
Nilai nominal/ Ijarah tahunan/
Nominal Annual fixed Jatuh tempo/ Status/
amount Ijarah return Maturity Status
Seri Series
- Seri A Rp 1,040,000 Rp 75,400 8 Mei/May 2018 Telah lunas/Settled Series A -
- Seri B Rp 402,000 Rp 33,768 28 April 2020 Telah lunas/Settled Series B -
- Seri C Rp 142,000 Rp 12,425 28 April 2022 Telah lunas/Settled Series C -
- Seri D Rp 260,000 Rp 23,660 28 April 2024 Telah lunas/Settled Series D -
- Seri E Rp 336,000 Rp 31,584 28 April 2027 Belum lunas/ Series E -
Outstanding
Rp 2,180,000
Page 354
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/64 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
15. SUKUK IJARAH (lanjutan) 15. SUKUK IJARAH (continued)
Pada tanggal 8 Oktober 2018, Perusahaan On 8 October 2018, the Company has received the
memperoleh pernyataan efektif dari OJK effective notification from OJK based on its letter
melalui surat No. S-142/D.04/2018 dalam rangka No. S-142/D.04/2018 in conjunction with the Shelf
Penawaran Umum Berkelanjutan Sukuk Ijarah Sukuk Ijarah II XL Axiata (“Sukuk Ijarah II”)
Berkelanjutan II XL Axiata (“Sukuk Ijarah II”) Tahap I Tranche I Year 2018 amounting to Rp 1,000,000,
Tahun 2018 sebesar Rp 1.000.000, yang diterbitkan which was issued in series as follows:
dalam beberapa seri sebagai berikut:
Sukuk Ijarah II Tahap I: Sukuk Ijarah II Tranche I:
Imbalan tetap
Nilai nominal/ Ijarah tahunan/
Nominal Annual fixed Jatuh tempo/ Status/
amount Ijarah return Maturity Status
Seri Series
- Seri A Rp 358,000 Rp 29,535 26 Oktober/October 2019 Telah lunas/Settled Series A -
- Seri B Rp 399,000 Rp 36,309 16 Oktober/October 2021 Telah lunas/Settled Series B -
- Seri C Rp 149,000 Rp 14,304 16 Oktober/October 2023 Telah lunas/Settled Series C -
- Seri D Rp 34,000 Rp 3,434 16 Oktober/October 2025 Belum lunas/ Series D -
Outstanding
- Seri E Rp 60,000 Rp 6,180 16 Oktober/October 2028 Belum lunas/ Series E -
Outstanding
Rp 1,000,000
Pada tanggal 8 Februari 2019, Perusahaan On 8 February 2019, the Company issued Sukuk
menerbitkan Sukuk Ijarah dengan nama Sukuk Ijarah namely Shelf Sukuk Ijarah II XL Axiata
Ijarah Berkelanjutan II XL Axiata (“Sukuk Ijarah II”) (“Sukuk Ijarah II”) Tranche II Year 2019 amounting
Tahap II Tahun 2019 sebesar Rp 640.000, yang to Rp 640,000, which was issued in series as
diterbitkan dalam beberapa seri sebagai berikut: follows:
Sukuk Ijarah II Tahap II: Sukuk Ijarah II Tranche II:
Imbalan tetap
Nilai nominal/ Ijarah tahunan/
Nominal Annual fixed Jatuh tempo/ Status/
amount Ijarah return Maturity Status
Seri Series
- Seri A Rp 351,000 Rp 27,729 18 Februari/February 2020 Telah lunas/Settled Series A -
- Seri B Rp 110,000 Rp 9,515 8 Februari/February 2022 Telah lunas/Settled Series B -
- Seri C Rp 138,000 Rp 12,765 8 Februari/February 2024 Telah lunas/Settled Series C -
- Seri D Rp 15,000 Rp 1,455 8 Februari/February 2026 Belum lunas/ Series D -
Outstanding
- Seri E Rp 26,000 Rp 2,600 8 FebruariFebruary 2029 Belum lunas/ Series E -
Outstanding
Rp 640,000
Page 355
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/65 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
15. SUKUK IJARAH (lanjutan) 15. SUKUK IJARAH (continued)
Pada tanggal 1 September 2022, Perusahaan On 1 September 2022, the Company issued Sukuk
menerbitkan Sukuk Ijarah dengan nama Sukuk Ijarah namely Shelf Sukuk Ijarah III XL Axiata
Ijarah Berkelanjutan III XL Axiata (“Sukuk Ijarah III”) (“Sukuk Ijarah III”) Tranche I Year 2022 amounting
Tahap I Tahun 2022 sebesar Rp 1.500.000, yang to Rp 1,500,000, which was issued in series as
diterbitkan dalam beberapa seri sebagai berikut: follows:
Sukuk Ijarah III Tahap I: Sukuk Ijarah III Tranche I:
Imbalan tetap
Nilai nominal/ Ijarah tahunan/
Nominal Annual fixed Jatuh tempo/ Status/
amount Ijarah return Maturity Status
Seri Series
- Seri A Rp 680,915 Rp 45,962 1 September 2025 Belum lunas/ Series A -
Outstanding
- Seri B Rp 421,300 Rp 31,176 1 September 2027 Belum lunas/ Series B -
Outstanding
- Seri C Rp 135,135 Rp 10,676 1 September 2029 Belum lunas/ Series C -
Outstanding
- Seri D Rp 262,650 Rp 21,669 1 September 2032 Belum lunas/ Series D -
Outstanding
Rp 1,500,000
Pembayaran imbalan tetap Sukuk Ijarah I (Tahap Fixed return of Sukuk Ijarah I (Tranche II), Sukuk
II), Sukuk Ijarah II (Tahap I dan II), dan Sukuk Ijarah Ijarah II (Tranche I and II), Sukuk Ijarah III
III (Tahap I) dibayarkan setiap triwulan dan (Tranche I) are paid on a quarterly basis and the
pembayaran terakhir akan dilakukan bersamaan last payment will be made simultaneously with the
dengan pelunasan pokok masing-masing seri Sukuk payment of the principal of each series of the
Ijarah. Dalam perjanjian perwaliamanatan juga Sukuk Ijarah. The trustee agreement provides
diatur beberapa persyaratan yang harus dipatuhi several covenants to be complied with by the
oleh Grup, seperti pembatasan atas penjualan atau Group, among others, limitations on certain asset
pengalihan aset, mempertahankan Axiata Group sales or transfers, maintaining the majority
Berhad baik secara langsung maupun tidak ownership of the Group’s shares directly or
langsung sebagai pemegang saham mayoritas dan indirectly by Axiata Group Berhad and maintaining
mempertahankan rasio utang terhadap EBITDA its debt to EBITDA ratio not to exceed 4.5. At each
tidak melebihi 4,5. Pada setiap tanggal pelaporan, reporting date, the Group was in compliance with
Grup memenuhi seluruh persyaratan Sukuk Ijarah. the covenants of its Sukuk Ijarah.
Berdasarkan laporan peringkat terakhir yang Based on the latest ratings report released by Fitch
dipublikasikan oleh Fitch Ratings pada bulan Ratings in June 2024, Sukuk Ijarah I, II, and Sukuk
Juni 2024, Sukuk Ijarah I, II, dan penerbitan Sukuk Ijarah III issuance were rated AAA(idn) (Triple A).
Ijarah III mendapat peringkat AAA(idn) (Triple A).
Sukuk ijarah ini tidak dijamin dengan agunan Sukuk ijarah is not secured by specific collateral.
khusus.
Obyek ijarah yang mendasari penerbitan Sukuk Ijarah objects that underlie the issuance of Sukuk
Ijarah adalah hak manfaat atas aset peralatan Ijarah are the relevant beneficial interest of certain
telekomunikasi tertentu yang dimiliki oleh Grup telecommunication equipment owned by the Group
untuk jangka waktu sampai dengan sepuluh tahun for a period of up to ten years from the date of
terhitung sejak tanggal diterbitkannya Sukuk Ijarah. issuance of Sukuk Ijarah.
Page 356
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/66 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
16. UTANG OBLIGASI 16. BONDS PAYABLE
31/12/2024 31/12/2023 31/12/2022
Utang obligasi 1,684,000 1,724,000 1,855,000 Bonds payable
Biaya transaksi yang Unamortised
belum diamortisasi (4,288) (6,699) (8,430) transaction costs
1,679,712 1,717,301 1,846,570
Dikurangi: bagian
jangka pendek (753,192) (39,997) (130,879) Less: current portion
Bagian jangka panjang 926,520 1,677,304 1,715,691 Non-current portion
Pada tanggal 8 Oktober 2018, Perusahaan On 8 October 2018, the Company received the
memperoleh pernyataan efektif dari OJK melalui effective notification from OJK based on its letter
surat No. S-142/D.04/2018 dalam rangka no. S-142/D.04/2018 in conjunction with the Shelf
Penawaran Umum Berkelanjutan Obligasi Public Offering Shelf Bond I XL Axiata (“Bond I”)
Berkelanjutan I XL Axiata (“Obligasi I”) Tahap I Tranche I Year 2018 amounting to Rp 1,000,000,
Tahun 2018 sebesar Rp 1.000.000, yang diterbitkan which was issued in series as follows:
dalam beberapa seri sebagai berikut:
Obligasi I Tahap I: Bond I Tranche I:
Tingkat bunga
Nilai nominal/ tetap tahunan/
Nominal Annual fixed Jatuh tempo/ Status/
amount interest rate Maturity Status
Seri Series
- Seri A Rp 328,000 8.25% 26 Oktober/October 2019 Telah lunas/Settled Series A -
- Seri B Rp 450,000 9.10% 16 Oktober/October 2021 Telah lunas/Settled Series B -
- Seri C Rp 131,000 9.60% 16 Oktober/October 2023 Telah lunas/Settled Series C -
- Seri D Rp 19,000 10.10% 16 Oktober/October 2025 Belum lunas/ Series D -
Outstanding
- Seri E Rp 72,000 10.30% 16 Oktober/October 2028 Belum lunas/ Series E -
Outstanding
Rp 1,000,000
Pada tanggal 8 Februari 2019, Perusahaan On 8 February 2019, the Company issued Bonds
menerbitkan Obligasi dengan nama Obligasi namely Shelf Bond I XL Axiata (“Bond I”) Tranche II
Berkelanjutan I XL Axiata (“Obligasi I”) Tahap II Year 2019 amounting to Rp 634,000, which were
Tahun 2019 sebesar Rp 634.000, yang diterbitkan issued in series as follows:
dalam beberapa seri sebagai berikut:
Obligasi I Tahap II: Bond I Tranche II:
Tingkat bunga
Nilai nominal/ tetap tahunan/
Nominal Annual fixed Jatuh tempo/ Status/
amount interest rate Maturity Status
Seri Series
- Seri A Rp 310,000 7.90% 18 Februari/February 2020 Telah lunas/Settled Series A -
- Seri B Rp 191,000 8.65% 8 Februari/February 2022 Telah lunas/Settled Series B -
- Seri C Rp 40,000 9.25% 8 Februari/February 2024 Telah lunas/Settled Series C -
- Seri D Rp 93,000 10.00% 8 Februari/February 2029 Belum lunas/ Series D -
Outstanding
Rp 634,000
Page 357
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/67 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
16. UTANG OBLIGASI (lanjutan) 16. BONDS PAYABLE (continued)
Pada tanggal 1 September 2022, Perusahaan On 1 September 2022, the Company issued Bonds
menerbitkan Obligasi dengan nama Obligasi namely Shelf Bond II XL Axiata (“Bond II”) Tranche
Berkelanjutan II XL Axiata (“Obligasi II”) Tahap I I Year 2022 amounting to Rp 1,500,000, which
Tahun 2022 sebesar Rp 1.500.000, yang diterbitkan were issued in series as follows:
dalam beberapa seri sebagai berikut:
Obligasi II Tahap I: Bond II Tranche I:
Tingkat bunga
Nilai nominal/ tetap tahunan/
Nominal Annual fixed Jatuh tempo/ Status/
amount interest rate Maturity Status
Seri Series
- Seri A Rp 735,225 6.75% 1 September 2025 Belum lunas/ Series A -
Outstanding
- Seri B Rp 411,855 7.40% 1 September 2027 Belum lunas/ Series B -
Outstanding
- Seri C Rp 177,915 7.90% 1 September 2029 Belum lunas/ Series C -
Outstanding
- Seri D Rp 175,005 8.25% 1 September 2032 Belum lunas/ Series D -
Outstanding
Rp 1,500,000
Pembayaran bunga Obligasi I Tahap I dan II dan Interest payments of Bond I Tranche I and II and
Obligasi II Tahap I dibayarkan setiap triwulan dan Bond II Tranche I are paid on a quarterly basis and
pembayaran terakhir akan dilakukan bersamaan the last payment will be made simultaneously with
dengan pelunasan pokok masing-masing seri the payment of principal of each series of the Bond.
Obligasi. Dalam perjanjian perwaliamanatan juga The trustee agreement provides several covenants
diatur beberapa persyaratan yang harus dipatuhi to be complied with by the Group, among others,
oleh Grup, seperti pembatasan atas penjualan atau limitations on certain asset sales or transfers,
pengalihan aset, mempertahankan Axiata Group maintaining the majority ownership of the Group’s
Berhad baik secara langsung maupun tidak shares directly or indirectly by Axiata Group Berhad
langsung sebagai pemegang saham mayoritas dan and maintaining its debt to EBITDA ratio not to
mempertahankan rasio utang terhadap EBITDA exceed 4.5. As of 31 December 2024, the Group
tidak melebihi 4,5. Per tanggal 31 Desember 2024, was in compliance with the covenants of its Bonds.
Grup memenuhi seluruh persyaratan Obligasi.
Berdasarkan laporan peringkat terakhir yang Based on the latest rating report released by Fitch
dipublikasikan oleh Fitch Ratings pada bulan Juni Ratings in June 2024, Bond I and Bond II issuance
2024, Obligasi I dan penerbitan Obligasi II were rated AAA(idn) (Triple A).
mendapat peringkat AAA(idn) (Triple A).
Obligasi ini tidak dijamin dengan agunan khusus. The bond is not secured by specific collateral.
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
17. PROVISI DAN LIABILITAS IMBALAN KERJA 17. PROVISIONS AND LONG-TERM EMPLOYEE
JANGKA PANJANG BENEFIT LIABILITIES
31/12/2024 31/12/2023* 31/12/2022*
Provisi Provisions
Penghentian sewa - 35,258 48,620 Lease termination
Lain-lain 17,324 17,324 17,324 Other
Bagian lancar 17,324 52,582 65,944 Current portion
Estimasi liabilitas Estimated liabilities for
restorasi aset 989,031 915,449 745,819 assets restoration
Bagian tidak lancar 989,031 915,449 745,819 Non-current portion
Liabilitas imbalan kerja Long-term employee
jangka panjang benefit liabilities
Post-employment
Imbalan pasca kerja 252,541 232,675 191,210 benefits
Imbalan jangka panjang
lainnya 32,336 35,724 15,265 Other long-term benefits
Jumlah liabilitas imbalan Total long-term employee
kerja jangka panjang 284,877 268,399 206,475 benefit liabilities
Dikurangi: Less:
Bagian jangka pendek (15,746) (18,712) (15,270) Current portion
Jumlah 269,131 249,687 191,205 Total
*) Disajikan kembali (lihat Catatan 39) As restated (refer to Note 39) *)
a. Estimasi liabiltas restorasi aset a. Estimated liabilities for assets restoration
31/12/2024 31/12/2023 31/12/2022
Saldo awal 915,449 745,819 678,128 Beginning balance
Penambahan selama Addition during
tahun berjalan 65,780 188,363 80,190 the year
Beban bunga selama Interest expense during
tahun berjalan 39,609 31,185 1,414 the year
Realisasi selama Realisation during
tahun berjalan (31,807) (49,918) (13,913) the year
Saldo akhir 989,031 915,449 745,819 Ending balance
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
17. PROVISI DAN LIABILITAS IMBALAN KERJA 17. PROVISIONS AND LONG-TERM EMPLOYEE
JANGKA PANJANG (lanjutan) BENEFIT LIABILITIES (continued)
b. Imbalan pascakerja b. Post-employment benefits
Perubahan liabilitas imbalan pascakerja yang The movements of the provision for post-
diakui di laporan posisi keuangan konsolidasian employment benefits recognised in the
adalah sebagai berikut: consolidated statements of financial position
are as follows:
31/12/2024 31/12/2023* 31/12/2022*
Saldo awal 232,675 191,210 236,348 Beginning balance
Beban selama Expense during
tahun berjalan 48,050 36,746 10,174 the year
Akuisisi bisnis dari Aqcuisition business
entitas from entity under
sepengendali* 309 1,648 8,180 common control*
Akuisisi entitas anak - - 8,885 Acquisition of subsidiary
Pembayaran selama Amounts paid during
tahun berjalan (16,273) (3,179) (7,656) the year
Pengukuran kembali: Remeasurement:
- Dampak perubahan Effects of changes in -
asumsi keuangan (11,018) 9,601 (38,131) financial assumptions
- Dampak
penyesuaian Effects of experience -
pengalaman (1,202) (3,351) (26,590) adjustments
Saldo akhir 252,541 232,675 191,210 Ending balance
Liabilitas imbalan pascakerja yang diakui pada The provision for post-employment benefits
laporan posisi keuangan konsolidasian adalah recognised in the consolidated statements of
sebagai berikut: financial position is as follows:
31/12/2024 31/12/2023* 31/12/2022*
Present value
Nilai kini liabilitas 252,541 232,675 191,210 of obligations
Liabilitas pada
laporan posisi Liability in the statement
keuangan 252,541 232,675 191,210 of financial position
*) Disajikan kembali (lihat Catatan 39) As restated (refer to Note 39) *)
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/70 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
17. PROVISI DAN LIABILITAS IMBALAN KERJA 17. PROVISIONS AND LONG-TERM EMPLOYEE
JANGKA PANJANG (lanjutan) BENEFIT LIABILITIES (continued)
b. Imbalan pascakerja (lanjutan) b. Post-employment benefits (continued)
Mutasi nilai kini liabilitas adalah sebagai berikut: The movement of present value of obligation is
as follows:
31/12/2024 31/12/2023* 31/12/2022*
Saldo awal 232,675 191,210 236,348 Beginning balance
Biaya jasa kini 42,318 38,226 32,574 Current service cost
Biaya jasa lalu (5,980) (13,051) (35,119) Past service cost
Biaya bunga 11,712 11,571 12,719 Interest cost
Akuisisi entitas anak - - 8,885 Acquisition of subsidiary
Akuisisi bisnis Acquisition of business
dari entitas from entity under
sepengendali* 309 1,648 8,180 common control*
Imbalan yang dibayar (16,273) (3,179) (7,656) Benefits paid
Pengukuran kembali: Remeasurement:
- Dampak perubahan Effects of changes in -
asumsi keuangan (11,018) 9,601 (38,131) financial assumptions
- Dampak
penyesuaian Effects of experience -
pengalaman (1,202) (3,351) (26,590) adjustments
Saldo akhir 252,541 232,675 191,210 Ending balance
*) Disajikan kembali (lihat Catatan 39) As restated (refer to Note 39) *)
Sehubungan dengan imbalan pensiun, liabilitas In relation to the pension benefits, the
telah memperhitungkan kontribusi Grup pada obligation has taken into account the
program pensiun iuran pasti (lihat Catatan 26). contribution made by the Group to the defined
Estimasi pembayaran untuk periode selanjutnya contribution pension plan (see Note 26). The
diperkirakan tidak berbeda secara material estimated contribution in the following period is
dibandingkan dengan pembayaran aktual expected not to be materially different from the
sebelumnya. historical actual contribution.
Estimasi liabilitas aktuarial pada tanggal Estimated actuarial obligations as at
31 Desember 2024, 2023 dan 2022 didasarkan 31 December 2024, 2023 and 2022 were
pada penilaian aktuarial oleh aktuaris based on the actuarial valuation prepared by
independen, sebagaimana tertera dalam an independent actuary, as stated in its reports
laporannya masing-masing tertanggal dated 20 January 2025, 19 January 2024, and
20 Januari 2025, 19 Januari 2024, 20 January 2023.
dan 20 Januari 2023.
Imbalan pascakerja yang dibebankan pada The post-employment benefits expenses
laporan laba rugi konsolidasian adalah sebagai charged to the consolidated statements of
berikut: profit or loss are as follows:
31/12/2024 31/12/2023 31/12/2022
Biaya jasa kini 42,318 38,226 32,574 Current service costs
Biaya jasa lalu (5,980) (13,051) (35,119) Past service costs
Biaya bunga 11,712 11,571 12,719 Interest expense
Jumlah, tercakup
dalam beban Total, included in
karyawan 48,050 36,746 10,174 employee costs
Page 361
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/71 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
17. PROVISI DAN LIABILITAS IMBALAN KERJA 17. PROVISIONS AND LONG-TERM EMPLOYEE
JANGKA PANJANG (lanjutan) BENEFIT LIABILITIES (continued)
b. Imbalan pascakerja (lanjutan) b. Post-employment benefits (continued)
Liabilitas imbalan pensiun ditentukan dengan The pension benefit obligation was determined
menggunakan metode Projected Unit Credit using the Projected Unit Credit method with
dengan asumsi sebagai berikut: the following assumptions:
31/12/2024 31/12/2023 31/12/2022
Tingkat diskonto Discount rate
(per tahun) 7.10% 6.70% 7.15% (per annum)
Tingkat kenaikan gaji Salary increment rate
(per tahun) 8.00% 8.00% 8.00% (per annum)
Melalui program pensiun imbalan pasti, Grup Through its defined benefit pension plans, the
menghadapi sejumlah risiko signifikan sebagai Group is exposed to a number of significant
berikut: risks which are detailed below:
1) Perubahan imbal hasil obligasi 1) Changes in bonds yield
Penurunan pada imbal hasil obligasi A decrease in yield from high quality
pemerintah berperingkat tinggi government bonds will increase plan
menyebabkan kenaikan liabilitas program, liabilities, although this will be partially
meskipun secara parsial akan saling offset by an increase in the value of the
hapus dengan kenaikan nilai dari plans’ bond holdings.
kepemilikan obligasi program.
2) Tingkat kenaikan gaji 2) Salary growth rate
Liabilitas imbalan pensiun Grup The Group’s pension obligations are
berhubungan dengan tingkat kenaikan linked to the salary growth rate, and a
gaji, dan semakin tinggi tingkat kenaikan higher salary growth rate will lead to
gaji akan menyebabkan semakin besarnya higher liabilities.
liabilitas.
Sensitivitas liabilitas imbalan pasti terhadap The sensitivity of the defined benefit obligation
perubahan asumsi utama tertimbang adalah to changes in the weighted principal
sebagai berikut: assumptions is as follow:
Dampak terhadap liabilitas imbalan pasti/
Impact on defined benefits obligation
Perubahan
asumsi/ Kenaikan asumsi/ Penurunan asumsi/
Change in Increase in Decrease in
assumption assumption assumption
Tingkat diskonto 1% Turun sebesar/ Naik sebesar/ Discount rate
decrease by 13.55% increase by 15.45%
Tingkat kenaikan 1% Naik sebesar/ Turun sebesar/
gaji increase by 16.92% decrease by 15.02% Salary growth rate
Rata-rata durasi kewajiban imbalan pasti adalah The weighted average duration of the defined
9,4 tahun. benefit obligation is 9.4 years.
Page 362
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/72 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
17. PROVISI DAN LIABILITAS IMBALAN KERJA 17. PROVISIONS AND LONG-TERM EMPLOYEE
JANGKA PANJANG (lanjutan) BENEFIT LIABILITIES (continued)
b. Imbalan pascakerja (lanjutan) b. Post-employment benefits (continued)
Perkiraan analisis jatuh tempo atas The expected maturity analysis of
imbalan pensiun tidak terdiskonto pada undiscounted pension benefits as of
31 Desember 2024 adalah sebagai berikut: 31 December 2024 is as follows:
Kurang dari Antara Antara Lebih dari
1 tahun/ 1-5 tahun/ 5-10 tahun/ 10 tahun/
Less than Between Between Over Jumlah/
1 year 1-5 years 5-10 years 10 years Total
Imbalan pensiun 12,710 87,019 237,590 452,305 789,624 Pension benefits
c. Imbalan kerja jangka panjang lainnya c. Other long-term employee benefits
31/12/2024 31/12/2023 31/12/2022
Saldo awal 35,724 15,265 34,729 Beginning balance
Beban selama tahun Expense during
berjalan 11,733 33,018 3,683 the year
Imbalan yang dibayar (15,121) (12,559) (23,147) Benefits paid
Saldo akhir 32,336 35,724 15,265 Ending balance
Jumlah yang diakui pada laporan laba rugi The amounts recognised in the consolidated
konsolidasian adalah sebagai berikut: statements of profit or loss are as follows:
31/12/2024 31/12/2023 31/12/2022
Biaya jasa kini 14,511 37,288 8,786 Current service costs
Pengukuran kembali: Remeasurement:
Effects of changes -
- Dampak perubahan in financial
asumsi keuangan (2,778) (4,270) (5,103) assumptions
Jumlah, tercakup
dalam beban Total, include in
karyawan 11,733 33,018 3,683 employee costs
d. Penghentian sewa d. Lease termination
Provisi penghentian sewa berkaitan dengan Provision for lease termination is related to
penghentian sewa oleh AXIS (lihat Catatan AXIS’ terminated leases (see Note 36a).
36a).
18. MODAL SAHAM 18. SHARE CAPITAL
Modal dasar adalah 22.650.000.000 lembar saham The authorised share capital is 22,650,000,000
dengan nilai nominal Rp 100 (nilai Rupiah penuh) shares, with a par value of Rp 100 (full amount
per lembar saham. Modal ditempatkan dan Rupiah) per share. Issued and fully paid
disetor penuh pada tanggal 31 Desember 2024, share capital as at 31 December 2024, 2023 and
2023 dan 2022 adalah 13.128.430.665 lembar 2022 was 13,128,430,665 shares.
saham.
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. MODAL SAHAM (lanjutan) 18. SHARE CAPITAL (continued)
Komposisi pemegang saham Grup pada tanggal The composition of the Group’s shareholders as at
31 Desember 2024 dan 2023 adalah sebagai 31 December 2024 and 2023 is as follows:
berikut:
31/12/2024 31/12/2023
Jumlah Jumlah
lembar lembar
saham/ Jumlah/ saham/ Jumlah/
Number Amount Number Amount
of shares (Rp) % of shares (Rp) %
Axiata Investments Axiata Investments
(Indonesia) Sdn. Bhd. 8,697,163,762 869,716 66.25% 8,697,163,762 869,716 66.25% (Indonesia) Sdn. Bhd.
Dian Siswarini (Presiden Dian Siswarini
Direktur) 9,764,622 976 0.07% 11,764,622 1,176 0.09% (President Director)
David Arcelus Oses David Arcelus Oses
(Direktur) 4,534,069 454 0.04% 3,534,069 354 0.03% (Director)
Yessie D. Yosetya Yessy D. Yosetya
(Direktur) 2,188,845 219 0.02% 2,188,845 219 0.02% (Director)
I Gede Darmayusa I Gede Darmayusa
(Direktur) 254,924 25 0.00% 454,924 45 0.00% (Director)
Feiruz Ikhwan bin Abdul Feiruz Ikhwan bin Abdul
Malek (Direktur) 222,134 22 0.00% 222,134 22 0.00% Malek (Director)
Abhijit Jayant Navalekar Abhijit Jayant Navalekar
(Direktur) 21 0 0.00% 3,125,421 313 0.02% (Director)
Publik (masing-masing Public (individually
dibawah 5%) 4,357,814,488 435,782 33.19% 4,353,489,088 435,349 33.16% less than 5%)
Jumlah saham beredar 13,071,942,865 1,307,194 99.57% 13,071,942,865 1,307,194 99.57% Total shares outstanding
Saham treasuri 56,487,800 5,649 0.43% 56,487,800 5,649 0.43% Treasury shares
Jumlah saham ditempatkan Number of shares issued
dan disetor penuh 13,128,430,665 1,312,843 100% 13,128,430,665 1,312,843 100% and fully paid
Komposisi pemegang saham Grup pada tanggal The composition of the Group’s shareholders as at
31 Desember 2022 adalah sebagai berikut: 31 December 2022 is as follows:
31/12/2022
Jumlah
lembar
saham/ Jumlah/
Number Amount
of shares (Rp) %
Axiata Investments Axiata Investments
(Indonesia) Sdn. Bhd. 8,697,163,762 869,716 66.25% (Indonesia) Sdn. Bhd.
Dian Siswarini (Presiden Dian Siswarini
Direktur) 11,244,622 1,125 0.09% (President Director)
David Arcelus Oses David Arcelus Oses
(Direktur) 3,409,069 341 0.02% (Director)
Abhijit Jayant Navalekar Abhijit Jayant Navalekar
(Direktur) 3,826,021 383 0.03% (Director)
Yessie D. Yosetya Yessy D. Yosetya
(Direktur) 3,500,545 350 0.03% (Director)
I Gede Darmayusa I Gede Darmayusa
(Direktur) 353,924 35 0.00% (Director)
Publik (masing-masing Public (individually
dibawah 5%) 4,352,444,922 435,244 33.15% less than 5%)
Jumlah saham beredar 13,071,942,865 1,307,194 99.57% Total shares outstanding
Saham treasuri 56,487,800 5,649 0.43% Treasury shares
Jumlah saham
ditempatkan dan Number of shares
disetor penuh 13,128,430,665 1,312,843 100% issued and fully paid
Page 364
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
19. TAMBAHAN MODAL DISETOR 19. ADDITIONAL PAID-IN CAPITAL
31/12/2024 31/12/2023 31/12/2022
Tambahan modal disetor 16,997,945 16,997,945 16,997,945 Additional paid-in capital
Saham treasuri 108,503 108,503 108,503 Treasury shares
Biaya penerbitan saham (214,937) (214,937) (214,937) Share issuance cost
Perbedaan kurs dari Exchange rate
tambahan modal difference due to
disetor 22,985 22,985 22,985 paid-in capital
Akuisisi entitas anak (1,244) - - Acquisition of subsidiary
Acquisition of business
Akuisisi bisnis dari entitas from entity under
sepengendalian (1,498,181) - - common control
Jumlah tambahan Total additional
modal disetor 15,415,071 16,914,496 16,914,496 paid-in capital
Selisih antara jumlah imbalan dan nilai tercatat atas The difference between the consideration amount
transaksi akuisisi segmen Business to Customer and carrying amount of the acquisition of Business
(“B2C”) PT Link Net Tbk dicatat sebagai tambahan to Customer (“B2C”) segment of PT Link Net Tbk
modal disetor sebesar Rp 1.869.638. Transaksi ini recorded as additional paid-in capital of
juga berdampak pada kenaikan nilai investasi Rp 1,869,638. This transaction also resulted in an
sebesar Rp 371.457 pada PT Link Net Tbk. increased by Rp 371,457 in the investment amount
in PT Link Net Tbk.
Rincian perubahan tambahan modal disetor pada Details of the movement of the additional paid-in
tanggal 31 Desember 2024 adalah sebagai berikut: capital as at 31 December 2024 are as follows:
Cadangan
Sebelum Penawaran Penawaran Penawaran Penawaran kompensasi
penawaran umum umum umum umum berbasis
umum/ perdana/ terbatas I/ terbatas II/ terbatas III/ saham/ Saham Akuisisi
Prior Initial Limited Limited Limited Reserve for treasuri/ bisnis/
to public public public public public share-based Treasury Business Jumlah/
offering offering offering I offering II offering III compensation shares acqusiiton Total
Tambahan modal Additional paid-in
disetor - 2,712,250 2,694,200 6,519,656 4,759,437 312,402 - (1,499,425) 15,498,520 capital
Biaya penerbitan Share issuance
saham - (44,815) (48,988) (58,187) (61,256) (1,691) - - (214,937) costs
Perbedaan kurs Exchange rate
dari modal difference due to
yang disetor 11,730 12,519 (1,264) - - - - - 22,985 paid-in capital
Saham treasuri - - - - - - 108,503 - 108,503 Treasury shares
Jumlah tambahan Additonal
modal disetor 11,730 2,679,954 2,643,948 6,461,469 4,698,181 310,711 108,503 (1,499,425) 15,415,071 paid-in capital
20. DIVIDEN 20. DIVIDENDS
Perusahaan The Company
Rapat Umum Pemegang Saham pada tanggal The General Meeting of the Shareholders on
3 Mei 2024 telah menyetujui pembagian dividen kas 3 May 2024 approved the distribution of a cash
sebesar Rp 48,6 (nilai Rupiah penuh) per saham dividend Rp 48.6 (full amount Rupiah) per share or
atau dengan jumlah keseluruhan sebesar totalling Rp 635,296 relating to the 2023 financial
Rp 635.296 untuk tahun buku 2023. Seluruh dividen year. The entire amount was fully paid in
telah dibayarkan pada bulan Mei 2024. May 2024.
Rapat Umum Pemegang Saham pada tanggal The General Meeting of the Shareholders on
5 Mei 2023 telah menyetujui pembagian dividen kas 5 May 2023 approved the distribution of a cash
sebesar Rp 42 (nilai Rupiah penuh) per saham atau dividend Rp 42 (full amount Rupiah) per share or
dengan jumlah keseluruhan sebesar Rp 549.023 totalling Rp 549,023 relating to the 2022 financial
untuk tahun buku 2022. Seluruh dividen telah year. The entire amount was fully paid in May
dibayarkan pada bulan Mei 2023. 2023.
Page 365
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. DIVIDEN (lanjutan) 20. DIVIDENDS (continued)
Rapat Umum Pemegang Saham pada tanggal The General Meeting of Shareholders on
22 April 2022 telah menyetujui pembagian dividen 22 April 2022 approved the distribution of cash
kas sebesar Rp 51 (nilai Rupiah penuh) per saham dividend of Rp 51 (full amount Rupiah) per share or
atau dengan jumlah keseluruhan sebesar totalling Rp 554,078 relating to 2021 financial year.
Rp 554.078 untuk tahun buku 2021. Seluruh dividen The entire amount was fully paid in May 2022.
telah dibayarkan pada bulan Mei 2022.
Entitas anak Subsidiaries
Pada tahun 2024, entitas anak mendistribusikan In 2024, the subsidiary distributed cash dividend of
dividen kas sebesar Rp 22.500, dimana Rp 11.050 Rp 22,500, where the portion of Rp 11,050 was
didistribusikan kepada pemegang saham non distributed to non-controlling shareholders.
pengendali.
21. SALDO LABA YANG TELAH DITENTUKAN 21. APPROPRIATED RETAINED EARNINGS
PENGGUNAANNYA
Berdasarkan Undang-Undang Perseroan Terbatas, Under Indonesian Company Law, the Group is
Grup diharuskan untuk membuat penyisihan required to set up a statutory reserve amounting to
cadangan wajib hingga sekurang-kurangnya 20% at least 20% of the issued and paid-up capital.
dari jumlah modal yang ditempatkan dan disetor
penuh.
Rapat Umum Pemegang Saham Tahunan tanggal The Annual General Meeting of Shareholders
3 Mei 2024 dan 5 Mei 2023 telah menyetujui dated 3 May 2024 dan 5 May 2023 which was
penambahan penyisihan cadangan wajib Grup overseen approved an increase in the Group’s
masing-masing sebesar Rp 100 untuk tahun buku statutory reserve amounting to Rp 100 for 2023
2023 dan 2022. Saldo laba dicadangkan Grup pada and 2022 financial year, respectively. The balance
tanggal 31 Desember 2024, 2023 dan 2022 masing- of the appropriated retained earnings of the Group
masing adalah Rp 1.400, Rp 1.300, dan Rp 1.200. as at 31 December 2024, 2023 and 2022 were Rp
1,400, Rp 1,300, and Rp 1,200, respectively.
22. LABA BERSIH PER SAHAM DASAR DAN 22. BASIC AND DILUTED EARNINGS PER SHARE
DILUSIAN
31/12/2024 31/12/2023* 31/12/2022*
Laba tahun berjalan 1,819,019 1,256,966 1,102,366 Profit for the year
Rata-rata tertimbang Weighted average
jumlah lembar saham number of ordinary
biasa yang beredar 13,071,942,865 13,071,942,865 10,724,701,049 shares outstanding
Laba bersih per saham Basic and diluted
dasar dan dilusian earnings per share
(nilai Rupiah penuh) 139 96 103 (full amount Rupiah)
*) Disajikan kembali (lihat Catatan 39) As restated (refer to Note 39) *)
Pada setiap tanggal pelaporan, tidak ada efek As at each reporting date, there were no dilutive
berpotensi saham yang dapat menimbulkan potential ordinary shares that would give rise to a
pengaruh dilusi pada laba bersih per saham Grup. dilution of earnings per share of the Group.
Page 366
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
23. PENDAPATAN 23. REVENUES
31/12/2024 31/12/2023 31/12/2022
Data and
Data dan layanan digital1 31,578,068 29,398,320 26,543,416 digital services1
Percakapan dan SMS 898,635 1,004,943 1,049,370 Voice and SMS
Interconnection
and other
Jasa interkoneksi dan jasa telecommunication
telekomunikasi lainnya2 1,139,705 1,418,378 1,337,472 services2
33,616,408 31,821,641 28,930,258
Managed service dan Managed and
jasa teknologi infomation
informasi technology services
Managed service 423,775 411,204 180,260 Managed service
Information technology
Jasa teknologi informasi 351,414 89,806 31,476 service
775,189 501,010 211,736
Jumlah pendapatan 34,391,597 32,322,651 29,141,994 Total revenue
1. Porsi pendapatan data dan layanan digital yang berasal dari sistem 1. Portion of data and digital services revenue derived from complex
teknologi informasi yang kompleks untuk tahun yang berakhir pada information technology systems for the years ended 31 December 2024,
tanggal 31 Desember 2024, 2023 dan 2022 masing-masing sebesar Rp 2023 and 2022, amounting to Rp 29,978,312, Rp 25,608,078 and
29.978.312, Rp 25.608.078 dan Rp 24.127.910. Rp 24,127,910 respectively.
2. Termasuk pendapatan bundling untuk tahun yang berakhir pada tanggal 2. Including bundling revenue for the years ended 31 December 2024, 2023
31 Desember 2024, 2023 dan 2022 masing-masing sebesar Rp 5.922, and 2022 amounting to Rp 5,922, Rp 443,644 and Rp 69,855
Rp 443.644 dan Rp 69.855. respectively.
31/12/2024 31/12/2023 31/12/2022
Jasa GSM mobile dan GSM mobile and
jaringan telecommunication
telekomunikasi network services
Pendapatan dari kontrak Revenue from contract
dengan pelanggan 33,601,529 31,807,993 28,896,188 with customers
Revenue from
Pendapatan lainnya: other source:
- Sewa operasi 14,879 13,648 34,070 Operating rental -
33,616,408 31,821,641 28,930,258
Managed service dan Manage and
jasa teknologi information
informasi technology services
Pendapatan dari kontrak Revenue from contract
dengan pelanggan 770,511 497,705 209,062 with customers
Revenue from
Pendapatan lainnya: other source:
- Sewa operasi 4,678 3,305 2,674 Operating rental -
775,189 501,010 211,736
34,391,597 32,322,651 29,141,994
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
23. PENDAPATAN (lanjutan) 23. REVENUES (continued)
31/12/2024 31/12/2023 31/12/2022
Timing of revenue
Waktu pengakuan recognition from
pendapatan dari kontrak contracts with
dengan pelanggan customers
GSM mobile and
Jasa GSM mobile dan telecommunication
jaringan telekomunikasi network services
- Pada suatu titik waktu 303,659 492,319 1,051,521 At a point in time -
- Pada suatu periode
waktu 33,297,870 31,315,674 27,844,667 Over time -
33,601,529 31,807,993 28,896,188
Managed service dan jasa Managed and information
teknologi informasi technology services
- Pada suatu periode
waktu 770,511 497,705 209,062 Over time -
34,372,040 32,305,698 29,105,250
31/12/2024 31/12/2023 31/12/202
Liabilitas kontrak*: Contract liabilities*:
GSM mobile and
Jasa GSM mobile dan telecommunication
jaringan telekomunikasi network services
- Pihak ketiga 2,227,585 2,261,836 2,474,040 Third parties -
Managed service dan jasa Managed and information
teknologi informasi technology services
- Pihak ketiga 12,209 4,156 15,846 Third parties -
2,239,794 2,265,992 2,489,886
*) Disajikan sebagai bagian dari “Pendapatan tangguhan”. *) Presented as part of “Deferred revenue”.
31/12/2024 31/12/2023* 31/12/2022*
Saldo awal 2,265,992 2,489,886 2,387,075 Beginning balance
Pendapatan yang diakui Revenue recognised
dari saldo liabilitas from the contract at
kontrak pada liabilities at the
awal tahun (2,223,516) (2,442,586) (2,375,993) beginning of the year
Kenaikan yang
Disebabkan oleh kas, Increase due to cash,
di luar yang diakui excluding amounts
sebagai pendapatan recognised as revenue
selama tahun berjalan 2,197,318 2,218,692 2,478,804 during the year
2,239,794 2,265,992 2,489,886
*) Disajikan kembali (lihat Catatan 39) As restated (refer to Note 39) *)
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
23. PENDAPATAN (lanjutan) 23. REVENUES (continued)
Kewajiban pelaksanaan tersisa yang belum dipenuhi The remaining unsatisfied performance obligation
pada 31 December 2024 akan dipenuhi pada tahun as at 31 December 2024 will be satisfied on 2025.
2025.
Lihat Catatan 29 untuk informasi mengenai pihak- See Note 29 for related parties information.
pihak berelasi.
24. BEBAN INFRASTRUKTUR, PENJUALAN DAN 24. INFRASTRUCTURE, SALES AND MARKETING
PEMASARAN DAN UMUM DAN ADMINISTRASI AND GENERAL AND ADMINISTRATIVE
EXPENSES
a. Beban infrastruktur a. Infrastructure expenses
31/12/2024 31/12/2023 31/12/2022
Lisensi 4,079,232 4,026,019 3,999,338 License fee
Sewa dan jasa 1,702,656 2,109,300 1,029,456 Rental and services
Perbaikan dan
pemeliharaan 1,586,337 1,358,173 1,311,206 Repair and maintenance
Utilitas 1,574,098 1,502,154 1,393,947 Utilities
Jumlah beban Total infrastructure
infrastruktur 8,942,323 8,995,646 7,733,947 expense
Untuk tahun-tahun yang berakhir pada For the years ended 31 December 2024, 2023
31 December 2024, 2023 dan 2022 beban and 2022 repair and maintenance expenses
perbaikan dan pemeliharaan dari masing- from each third party were not more than 10%
masing pihak ketiga tidak melebihi 10% dari of total infrastructure, sales and marketing and
jumlah beban infrastruktur, penjualan dan supplies and overhead expenses.
pemasaran dan perlengkapan dan overhead.
Lihat Catatan 29 untuk informasi mengenai See Note 29 for related parties information.
pihak-pihak berelasi.
b. Beban penjualan dan pemasaran b. Sales and marketing expenses
31/12/2024 31/12/2023 31/12/2022
Komisi penjualan 1,548,788 1,914,867 2,067,160 Sales commission
Advertising and
Iklan dan promosi 435,746 448,290 470,571 promotion
Jasa manajemen
hubungan Customer relationship
pelanggan 109,658 91,618 80,267 management services
Jumlah beban
penjualan dan Total sales and
pemasaran 2,094,192 2,454,775 2,617,998 marketing expenses
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
24. BEBAN INFRASTRUKTUR, PENJUALAN DAN 24. INFRASTRUCTURE, SALES AND MARKETING
PEMASARAN DAN UMUM DAN ADMINISTRASI AND GENERAL AND ADMINISTRATIVE
(lanjutan) EXPENSES (continued)
c. Beban umum dan administrasi c. General and administrative expenses
31/12/2024 31/12/2023 31/12/2022
Cadangan penurunan Provision for imipairment
nilai piutang usaha of trade receivables
(Catatan 4) 139,084 103,951 52,658 (Note 4)
Jasa profesional 86,461 98,387 89,596 Professional services
Sewa 70,403 63,678 70,798 Rental
Lain-lain 159,042 147,024 139,646 Others
Total general and
Jumlah beban umum administrative
dan administrasi 454,990 413,040 352,698 expenses
Lihat Catatan 29 untuk informasi mengenai See Note 29 for related parties information.
pihak-pihak berelasi.
25. BEBAN INTERKONEKSI DAN BEBAN 25. INTERCONNECTION AND OTHER DIRECT
LANGSUNG LAINNYA EXPENSES
31/12/2024 31/12/2023 31/12/2022
Sewa jaringan 610,792 528,862 250,479 Leased line
Universal service
Kewajiban pelayanan obligation and fee
universal dan biaya hak concession fee of
pengelolaan jasa telecommunication
telekomunikasi 579,946 547,774 500,233 services
Beban interkoneksi 527,027 633,594 497,586 Interconnection expense
Home broadband 505,061 - - Home broadband
Paket perdana dan
voucher 380,366 418,906 246,257 Starter pack and voucher
Biaya jasa manajemen Mobile advertising
atas periklanan mobile 290,400 290,400 - managed service fee
Value added services 272,720 408,200 626,054 Value added services
Pembelian perangkat Purchase of bundled
bundling 14,804 156,322 642,758 devices
Lain-lain 103,064 188,162 113,110 Others
Jumlah beban interkoneksi
dan beban langsung Total interconnection and
lainnya 3,284,180 3,172,220 2,876,477 other direct expenses
Lihat Catatan 29 untuk informasi mengenai pihak- See Note 29 for related parties information.
pihak berelasi.
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
26. BEBAN GAJI DAN KESEJAHTERAAN 26. SALARIES AND EMPLOYEE BENEFITS
KARYAWAN EXPENSES
31/12/2024 31/12/2023 31/12/2022
Jumlah beban karyawan Total employee costs
(termasuk karyawan (including
alih daya): outsourcing):
- Gaji dan tunjangan 1,691,611 1,328,078 1,254,551 Salaries and allowances -
- Pembayaran kepada Payment to defined -
program pensiun pension plan
iuran pasti 31,903 24,367 25,685 contribution
- Penyisihan imbalan Provision for -
kerja 12,560 49,797 45,293 employee benefits
Beban gaji dan
kesejahteraan Salaries and employee
karyawan (termasuk benefits expenses
karyawan alih daya) 1,736,074 1,402,242 1,325,529 (including outsourcing)
Jumlah karyawan (tidak diaudit) pada tanggal The number of employees (unaudited) as at
31 December 2024, 2023 dan 2022 masing-masing 31 December 2024, 2023 and 2022 was 2,159, 1,966
adalah 2.159, 1.966 dan 1.878 orang. and 1,878 employees, respectively.
Lihat Catatan 29 untuk informasi mengenai pihak- See Note 29 for related parties information.
pihak berelasi.
27. BIAYA KEUANGAN 27. FINANCE COSTS
31/12/2024 31/12/2023 31/12/2022
Bunga atas pinjaman Interest on borrowings
dan liabilitas sewa 3,066,089 2,898,754 2,740,729 and lease liabilities
Lain-lain 46,713 41,225 36,656 Others
Jumlah biaya keuangan 3,112,802 2,939,979 2,777,385 Total finance costs
Lihat Catatan 29 untuk informasi mengenai pihak- See Note 29 for related parties information.
pihak berelasi.
Page 371
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
28. PERPAJAKAN 28. TAXATION
a. Pajak dibayar dimuka a. Prepaid taxes
31/12/2024 31/12/2023 31/12/2022
Pajak penghasilan
badan: Corporate income tax:
Perusahaan The Company
- 2022 - 52,122 52,122 2022 -
- 2021 - - 8,903 2021 -
- 2020 - - 13,935 2020 -
- 52,122 74,960
Entitas anak Subsidiaries
- 2024 1,621 - - 2024 -
1,621 52,122 74,960
31/12/2024 31/12/2023 31/12/2022
Pajak lainnya: Other taxes:
Perusahaan The Company
- Pajak
pertambahan nilai Value added tax -
(”PPN”) – bersih - 30,572 - (”VAT”) – net
- 30,572 -
Entitas anak Subsidiaries
- Pajak
pertambahan nilai Value added tax -
(”PPN”) – bersih 19,828 - 3,455 (”VAT”) – net
19,828 30,572 3,455
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
28. PERPAJAKAN (lanjutan) 28. TAXATION (continued)
b. Utang pajak b. Taxes payable
31/12/2024 31/12/2023 31/12/2022
Pajak penghasilan
badan: Corporate income tax:
Perusahaan The Company
- Pasal 29 167,969 56,569 - Article 29 -
Entitas anak Subsidiary
- Pasal 29 - 1,251 4,135 Article 29 -
167,969 57,820 4,135
Pajak lainnya: Other taxes:
Perusahaan The Company
- Pajak
Pertambahan Nilai Value added tax -
(”PPN”) – bersih 88,140 - 46,746 (”VAT”) – net
- Pajak penghasilan
Pasal 21 15,630 40,055 38,409 Income tax Article 21 -
- Pajak penghasilan
Pasal 23 57,474 83,960 63,397 Income tax Article 23 -
161,244 124,015 148,552
Entitas anak Subsidiaries
- Pajak
Pertambahan Nilai
Value added tax -
(”PPN”) – bersih 31 4,762 - (”VAT”) – net
- Pajak penghasilan
Pasal 21 952 262 233 Income tax Article 21 -
- Pajak penghasilan
Pasal 23 574 328 804 Income tax Article 23 -
1,557 5,352 1,037
162,801 129,367 149,589
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
28. PERPAJAKAN (lanjutan) 28. TAXATION (continued)
c. Beban pajak penghasilan c. Income tax expense
31/12/2024 31/12/2023 31/12/2022
Perusahaan The Company
Kini (551,370) (243,287) (105,338) Current
Tangguhan Deferred
- Tahun berjalan 4,596 (78,493) (120,504) For the year -
Penyesuaian tahun
sebelumnya (17,627) (88,417) - Prior year adjustment
Beban pajak
penghasilan (564,401) (410,197) (225,842) Income tax expense
Entitas anak Subsidiaries
Kini (19,947) (10,966) (8,193) Current
Tangguhan Deferred
- Tahun berjalan 4,754 1,094 2,193 For the year -
Beban pajak
penghasilan (15,193) (9,872) (6,000) Income tax expense
Konsolidasian Consolidated
Kini (571,317) (254,253) (113,531) Current
Tangguhan Deferred
- Tahun berjalan 9,350 (77,399) (118,311) For the year -
Penyesuaian tahun
sebelumnya (17,627) (88,417) - Prior year adjustment
Beban pajak
penghasilan (579,594) (420,069) (231,842) Income tax expense
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
28. PERPAJAKAN (lanjutan) 28. TAXATION (continued)
c. Beban pajak penghasilan (lanjutan) c. Income tax expense (continued)
Rekonsiliasi antara beban pajak penghasilan The reconciliation between the Group’s income
Grup dengan hasil perkalian laba akuntansi tax expense and the theoretical tax amount on
Grup sebelum pajak penghasilan dan tarif pajak the Group’s profit before income tax for the
yang berlaku untuk tahun-tahun yang berakhir year ended 31 December 2024, 2023 and
pada tanggal 31 Desember 2024, 2023 dan 2022 are as follows:
2022 adalah sebagai berikut:
31/12/2024 31/12/2023* 31/12/2022*
Laba sebelum
pajak penghasilan 2,427,225 1,690,369 1,345,956 Profit before income tax
Penyesuaian: Adjustment:
- Pajak final 37,313 40,894 66,913 Final tax -
- Bagian atas rugi/(laba)
bersih dari entitas Share of loss/(profit) -
asosiasi 297,829 191,493 (3,838) from associate
- Penyesuaian dampak Impact of PSAK 338 -
PSAK 338 6,582 14,148 7,074 adjustment
Laba sebelum pajak
penghasilan setelah Profit before income
penyesuaian 2,768,949 1,936,904 1,416,105 tax after adjustment
Beban pajak
dihitung pada tarif Tax expense calculated
pajak efektif (609,169) (426,119) (311,543) at effective tax rates
Pendapatan kena Income subject
pajak final - bersih 106,012 112,025 118,394 to final tax - net
Beban yang tidak Non-deductible
dapat dikurangkan (58,810) (17,558) (38,693) expenses
Penyesuaian tahun
sebelumnya (17,627) (88,417) - Prior year adjustments
Jumlah beban Total income tax
pajak penghasilan (579,594) (420,069) (231,842) expense
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
28. PERPAJAKAN (lanjutan) 28. TAXATION (continued)
c. Beban pajak penghasilan (lanjutan) c. Income tax expense (continued)
31/12/2024 31/12/2023 31/12/2022
Laba sebelum pajak
penghasilan setelah Profit before income
penyesuaian 2,768,949 1,936,904 1,416,105 tax after adjustment
Perbedaan temporer: Temporary differences:
- Selisih antara Difference between -
penyusutan dan accounting and
amortisasi tax depreciation
akuntansi dan pajak (46,466) (146,611) (538,316) and amortisation
Difference between -
- Selisih antara laba accounting
pelepasan aset tetap and tax gain on
akuntansi dan pajak (16,862) (101,995) (63,489) disposal of assets
- Cadangan kerugian Provision for receivables -
penurunan nilai piutang 80,536 (39,790) 33,555 impairment
- Provisi penghentian Provision for lease -
sewa (35,259) (4,214) (61,966) termination
- Beban yang masih
harus dibayar 15,967 (34,382) (74,145) Accrued expenses -
- Sewa (10,177) (13,359) 587,332 Leasing -
- Penyisihan imbalan Provision for employee -
karyawan 54,761 (11,464) (14,393) benefits
42,500 (351,815) (131,422)
Perbedaan tetap: Permanent differences:
- Beban yang tidak Non-deductible -
dapat dikurangkan 267,318 79,809 175,871 expenses
- Pendapatan kena Income subject to -
pajak final (481,872) (509,203) (538,151) final tax
(214,554) (429,394) (362,280)
Penghasilan pajak 2,596,895 1,155,695 922,403 Taxable income
Akumulasi rugi pajak: Accumulated tax losses:
- 2018 - - (406,353) 2018 -
Sisa akumulasi Remaining accumulated
rugi pajak - - (406,353) tax loss
Jumlah penghasilan
kena pajak setelah Total taxable income
dikurangi alokasi after deducting
pajak 2,596,895 1,155,695 516,050 allocated tax loss
Beban pajak kini (571,317) (254,253) (113,531) Current tax expense
Dikurangi: Less:
Pajak penghasilan Prepaid corporate
badan dimuka 403,348 196,433 161,518 income tax
(Kurang)/lebih bayar (Underpayment)/
pajak penghasilan overpayment of
badan (167,969) (57,820) 47,987 corporate income tax
Page 376
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/86 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
28. PERPAJAKAN (lanjutan) 28. TAXATION (continued)
c. Beban pajak penghasilan (lanjutan) c. Income tax expense (continued)
Dalam laporan keuangan konsolidasian ini, In these consolidated financial statements, the
jumlah penghasilan kena pajak untuk tahun- amount of taxable income for the years ended
tahun yang berakhir pada 31 December 2024 31 December 2024 and 2023 is based on
dan 2023 didasarkan atas perhitungan preliminary calculations. These amounts may
sementara. Jumlah tersebut mungkin berbeda differ from taxable income reported in the
dari laba kena pajak yang dilaporkan dalam corporate income tax returns.
Surat Pemberitahuan Tahunan (“SPT”) pajak
penghasilan badan.
Jumlah laba kena pajak untuk tahun yang The amount of taxable income for the year
berakhir pada 31 Desember 2023 dan 2022 ended 31 December 2023 and 2022 are
menjadi dasar pengisian SPT pajak penghasilan becoming the basis to fill in the corporate
badan tahun yang bersangkutan, yang telah income tax return for the respective fiscal year
disampaikan Grup kepada Direktorat Jenderal which have been submitted to Directorate
Pajak (“DJP”) masing-masing pada tanggal 29 General of Taxation (“DGT”) on 29 April 2024
April 2024 dan 20 Juni 2023. and 20 June 2023, respectively.
Pada 31 Desember 2024, PMK No. PMK-136 On 31 December 2024, The MoF Regulation
Tahun 2024 (PMK-136) diberlakukan di No. PMK-136 Year 2024 (PMK-136) was
Indonesia, yurisdiksi tempat perusahaan enacted in Indonesia, the jurisdiction in which
didirikan, dan mulai berlaku sejak the Company is incorporated, and will come
1 Januari 2025. Karena PMK-136 belum efektif into effect from 1 January 2025. Since the
pada tanggal pelaporan, Grup tidak memiliki PMK-136 is not effective at the reporting date,
eksposur pajak saat ini yang terkait. Grup the Group has no related current tax exposure.
menerapkan pengecualian untuk mengakui dan The Group applies the exception to
mengungkapkan informasi tentang aset dan recognising and disclosing information about
kewajiban pajak tangguhan yang terkait dengan deferred tax assets and liabilities related to
pajak penghasilan Pilar Dua, sebagaimana Pillar Two income taxes, as provided in the
diatur dalam amendemen PSAK 212 yang amendment to PSAK 212 issued in December
diterbitkan pada Desember 2023. 2023.
Grup sedang dalam proses menilai apakah The Group is in the process of assessing
Grup termasuk dalam cakupan Model Pilar Dua whether it is within the scope of Pillar Two
dan apakah terdapat eksposur terhadap model and if there is any exposure to the
PMK-136. Karena kompleksitas dalam PMK-136 for when it comes into effect. Due to
penerapan PMK-136 dan menghitung the complexities in applying the PMK-136 and
pendapatan Global Anti-Base Erosion calculating the Global Anti-Base Erosion
(“GloBE”), dampak kuantitatif dari PMK-136 (“GloBE”) income, the quantitative impact of
belum dapat diperkirakan secara wajar. the enacted PMK-136 is not yet reasonably
estimable.
Page 377
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/87 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
28. PERPAJAKAN (lanjutan) 28. TAXATION (continued)
d. (Liabilitas)/aset pajak tangguhan (lanjutan) d. Deferred tax (liabilities)/assets (continued)
Dikreditkan/ Dibebankan
(dibebankan) pada laba
pada laporan komprehensif
laba rugi/ lainnya/
Credited/ Charged
(charged) to other
to the profit comprehensive
01/01/2024 or loss income 31/12/2024
Perusahaan The Company
Perbedaan nilai buku
aset tetap dan Difference between
aset takberwujud accounting and tax in net
menurut akuntansi book value of fixed assets
dan pajak (1,649,991) (13,932) - (1,663,923) and intangible assets
Beban yang masih
harus dibayar 60,115 (776) - 59,339 Accrued expenses
Estimasi liabilitas Estimated liabilities for
restorasi aset 201,399 16,188 - 217,587 assets restoration
Aset hak guna (6,805,766) 545,558 - (6,260,208) Right-of-use assets
Liabilitas sewa 7,401,600 (563,985) - 6,837,615 Lease liabilities
Cadangan
penurunan Provision for receivables
nilai piutang 57,266 17,253 - 74,519 impairment
Provisi penghentian Provision for lease
sewa 7,757 (7,757) - - termination
Penyisihan beban
gaji dan imbalan Provision for salaries and
kerja 119,929 12,047 (3,069) 128,907 employee benefits
Lain-lain* (2,028) - - (2,028) Others*
Jumlah liabilitias Total deferred
pajak tangguhan (609,719) 4,596 (3,069) (608,192) tax liabilities
*) Terdiri dari pajak tangguhan dari biaya yang terjadi untuk *) Represents deferred taxes from cost to obtain contract and
mendapatkan kontrak dan komponen pembiayaan. financing component.
Dikreditkan pada
laporan laba rugi/
Credited to the
01/01/2024 profit or loss 31/12/2024
Entitas anak Subsidiary
Cadangan
penurunan Provision for receivables
nilai piutang 2,714 465 3,179 impairment
Beban yang masih
harus dibayar 4,159 4,289 8,448 Accrued expenses
Jumlah aset pajak Total deferred tax
tangguhan 6,873 4,754 11,627 assets
Dasar untuk mendukung pengakuan aset pajak The basis to support the recognition of the
tangguhan ditelaah secara berkala oleh deferred tax assets is reviewed regularly by
manajemen. management.
Page 378
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/88 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
28. PERPAJAKAN (lanjutan) 28. TAXATION (continued)
d. (Liabilitas)/aset pajak tangguhan (lanjutan) d. Deferred tax (liabilities)/assets (continued)
(Dibebankan)/ Dikreditkan
dikreditkan pada laba
pada laporan komprehensif
laba rugi/ lainnya/
(Charged)/ Credited
credited to other
to the profit comprehensive
01/01/2023 or loss income 31/12/2023
Perusahaan The Company
Perbedaan nilai buku
aset tetap dan Difference between
aset takberwujud accounting and tax in net
menurut akuntansi book value of fixed assets
dan pajak (1,571,664) (78,327) - (1,649,991) and intangible assets
Beban yang masih
harus dibayar 61,764 (1,649) - 60,115 Accrued expenses
Estimasi liabilitas Estimated liabilities for
restorasi aset 164,080 37,319 - 201,399 assets restoration
Aset hak guna (5,988,255) (817,511) - (6,805,766) Right-of-use assets
Liabilitas sewa 6,606,528 795,072 - 7,401,600 Lease liabilities
Cadangan
penurunan Provision for receivables
nilai piutang 65,202 (7,936) - 57,266 impairment
Provisi penghentian Provision for lease
sewa 10,696 (2,939) - 7,757 termination
Penyisihan beban
gaji dan imbalan Provision for salaries and
kerja 121,076 (2,522) 1,375 119,929 employee benefits
Lain-lain* (2,028) - - (2,028) Others*
Jumlah liabilitias Total deferred
pajak tangguhan (532,601) (78,493) 1,375 (609,719) tax liabilities
*) Terdiri dari pajak tangguhan dari biaya yang terjadi untuk *) Represents deferred taxes from cost to obtain contract and
mendapatkan kontrak dan komponen pembiayaan. financing component.
Dikreditkan pada
laporan laba rugi/
Credited to the
01/01/2023 profit or loss 31/12/2023
Entitas anak Subsidiary
Cadangan
penurunan Provision for receivables
nilai piutang 2,342 372 2,714 impairment
Beban yang masih
harus dibayar 3,437 722 4,159 Accrued expenses
Jumlah aset pajak Total deferred tax
tangguhan 5,779 1,094 6,873 assets
Dasar untuk mendukung pengakuan aset pajak The basis to support the recognition of the
tangguhan ditelaah secara berkala oleh deferred tax assets is reviewed regularly by
manajemen. management.
Page 379
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/89 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
28. PERPAJAKAN (lanjutan) 28. TAXATION (continued)
d. (Liabilitas)/aset pajak tangguhan (lanjutan) d. Deferred tax (liabilities)/assets (continued)
(Dibebankan)/ Dibebankan
dikreditkan pada laba
pada laporan komprehensif
laba rugi/ lainnya/
(Charged)/ Charged Akuisisi
credited to other entitas anak/
to the profit comprehensive Acquisition of
01/01/2022 or loss income subsidiaries 31/12/2022
Perusahaan: The Company:
Perbedaan nilai buku Difference between
aset tetap dan aset accounting and tax in
tak berwujud menurut net book value of fixed
akuntansi dan pajak (1,216,158) (132,397) - (59,029) (1,407,584) assets and intangible assets
Beban yang masih
harus dibayar 79,558 (17,794) - - 61,764 Accrued expense
Liabilitas sewa 489,060 129,213 - - 618,273 Lease liabilities
Cadangan penurunan Provision for receivables
nilai piutang 58,531 6,671 - - 65,202 impairment
Provisi penghentian sewa 24,329 (13,633) - - 10,696 Provision for lease termination
Rugi pajak yang belum
dikompensasi 89,397 (89,397) - - - Tax losses carried forward
Penyisihan beban gaji Provision for salaries and
dan imbalan kerja 138,482 (3,167) (14,239) - 121,076 employee benefit
Lain-lain* (2,028) - - - (2,028) Other*
Jumlah liabilitas
pajak tangguhan (338,829) (120,504) (14,239) (59,029) (532,601) Total deferred tax liabilities
*) Terdiri dari pajak tangguhan dari biaya yang terjadi untuk *) Represents deferred taxes from cost to obtain contract and
mendapatkan kontrak dan komponen pembiayaan. financing component.
(Dibebankan)/ Dibebankan
dikreditkan pada laba
pada laporan komprehensif Penyesuaian
laba rugi/ lainnya/ akibat perubahan
(Charged)/ Charged tarif pajak/
credited to other Adjustment
to the profit comprehensive due to changes
01/01/2022 or loss income in tax rates 31/12/2022
Entitas anak: Subsidiary:
Cadangan penurunan Provision for receivables
nilai piutang 1,631 711 - - 2,342 impairment
Beban yang masih
harus dibayar 1,955 1,482 - - 3,437 Accrued expense
Jumlah aset
pajak tangguhan 3,586 2,193 - - 5,779 Total deferred tax assets
e. Surat ketetapan pajak e. Tax assessments
Selama tahun 2024, Perusahaan menerima During 2024, the Company received a tax
surat ketetapan pajak untuk tahun fiskal 2022 assessment letter for 2022 fiscal year which
yang menyatakan lebih bayar sebesar stated an overpayment of Rp 35,270 for
Rp 35.270 atas pajak penghasilan badan, corporate income tax, as opposed to the
berbeda dengan sebelumnya lebih bayar overpayment of Rp 52,122 previously
sebesar Rp 52.122. Perusahaan juga menerima claimed. The Company also received a tax
surat ketetapan pajak atas pajak lainnya yang assessment letter for other taxes which stated
menyatakan kurang bayar sebesar Rp 5.260. an underpayment of Rp 5,260. The Company
Perusahaan telah menerima pengembalian atas has received the claim refunds and charged
klaim restitusi pajak dan membebankan porsi the portion that was not accepted by the tax
yang tidak diterima oleh pengadilan pajak pada court in the current year profit or loss.
laba rugi tahun berjalan.
Page 380
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/90 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
28. PERPAJAKAN (lanjutan) 28. TAXATION (continued)
e. Surat ketetapan pajak (lanjutan) e. Tax assessments (continued)
Selama tahun 2023, Perusahaan menerima During 2023, the Company received tax
surat ketetapan pajak untuk tahun fiskal 2021 assessment letters for 2021 and 2020 fiscal
dan 2020 yang menyatakan masing-masing years which stated an underpayment and
kurang bayar dan lebih bayar sebesar Rp 5.352 overpayment of Rp 5,352 and Rp 15,591, as
dan Rp 15.591, berbeda dengan sebelumnya opposed to the overpayment of
masing-masing lebih bayar sebesar Rp 15.733 Rp 15,733 and Rp 17,245 previously claimed
dan Rp 17.245. Perusahaan telah melakukan respectively. The Company has paid the
pembayaran dan mengajukan keberatan untuk amount and submitted a tax objection for
tahun fiskal 2021 pada bulan Juli 2023 serta 2021 fiscal year in July 2023 and accepted
menerima dan mendapatkan pengembalian and received the refund for 2020 fiscal year
pajak dari hasil ketetapan pajak untuk tahun tax assessment result. On 14 May 2024, the
fiskal 2020. Pada tanggal 14 Mei 2024, Company received the objection result for
Perusahaan telah menerima putusan keberatan 2021 fiscal year which granted all of the
atas sengketa tahun fiskal 2021 yang Company’s request.
mengabulkan seluruh permohonan Perusahaan.
Pada tahun 2022, Perusahaan menerima In 2022, the Company received tax appeal
putusan banding dari Pengadilan Pajak atas results from the tax court regarding value
pajak pertambahan nilai tahun fiskal 2015. added taxes for the 2015 fiscal year. The tax
Pengadilan Pajak mengabulkan sebagian court partially granted the Company’s appeal
permohonan banding Perusahaan sebesar of Rp 97,246, which was lower than the
Rp 97.246 lebih rendah daripada jumlah yang amount filed previously in 2018 of
diajukan sebelumnya pada tahun 2018 sebesar Rp 105,869. The Company has received the
Rp 105.869. Perusahaan telah menerima claim refunds and charged the portion that
pengembalian atas klaim restitusi pajak dan was not accepted by the tax court in the
membebankan porsi yang tidak diterima oleh current year profit or loss.
pengadilan pajak pada laba rugi tahun berjalan.
Perusahaan juga menerima putusan pengadilan The Company also received tax appeal
atas pajak penambahan nilai tahun fiskal 2016 results from the tax court regarding value
dan 2017. Pengadilan pajak mengabulkan added taxes for the 2016 and 2017 fiscal
sebagian permohonan banding yang diajukan years. The Tax Court partially granted the tax
Perusahaan masing-masing sebesar Rp 11.743 refund claim for the tax appeal letter of Rp
dan Rp 973, dari jumlah sebesar Rp 28.978 11,743 and Rp 973, respectively from a total
yang sebelumnya diajukan oleh Perusahaan Rp 28,978 claimed by the Company filed in
pada tahun 2020. Pada tahun 2022, perusahaan 2020. In 2022, the Company has received the
telah menerima pengembalian pajak sebesar tax refund amounting to Rp 12,570.
Rp 12.570.
Page 381
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/91 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
28. PERPAJAKAN (lanjutan) 28. TAXATION (continued)
e. Surat ketetapan pajak (lanjutan) e. Tax assessments (continued)
Perusahaan telah menerima putusan banding The Company received tax appeal results for
untuk tahun fiskal 2016 dan 2017. Untuk tahun the 2016 and 2017 fiscal years. For 2016
fiskal 2016, Pengadilan Pajak mengabulkan fiscal year, the Tax Court partially granted the
sebagian permohonan banding sebesar appeal of Rp 6,114 for other taxes and Rp
Rp 6.114 atas pajak lainnya dan sebesar 35,431 for tax losses, which was lower than
Rp 35.431 atas rugi fiskal, di mana jumlah ini the amounts previously claimed of Rp 13,443
lebih rendah daripada jumlah yang diklaim and Rp 704,036, respectively. For 2017 fiscal
sebelumnya masing-masing sebesar Rp 13.443 year, the Tax Court fully rejected the tax
dan Rp 704.036. Untuk tahun fiskal 2017, appeal and the Company has charged the
Pengadilan pajak menolak seluruh banding dan rejected amount in the prior year profit or loss.
Perusahaan membebankan jumlah yang ditolak The Company received the refund for 2016
pada laba rugi tahun sebelumnya. Perusahaan fiscal year in January 2024. On 6 March 2024,
telah menerima pengembalian pajak untuk tahun the Company has submitted the judicial
fiskal 2016 pada Januari 2024. Pada tanggal 6 review.
Maret 2024, Perusahaan telah mengajukan
peninjauan kembali.
Perusahaan juga telah menerima putusan The Company has also received a Judicial
Peninjauan Kembali untuk tahun fiskal 2006 dan Review decision for the 2006 and 2007 fiscal
2007, dimana amar putusan menolak years, where the decision rejected the
permohonan peninjauan kembali yang diajukan application for judicial review submitted by the
oleh Direktur Jenderal Pajak. Director General of Taxes.
Perusahaan telah mengajukan keberatan, The Company has filed an objection, appeal
banding dan peninjauan kembali atas beberapa and judicial review for various tax assessment
surat ketetapan pajak kurang bayar untuk letters confirming underpayment for various
berbagai tahun pajak. fiscal years.
Perusahaan telah menerima putusan The Company has received a Judicial Review
Peninjauan Kembali untuk tahun fiskal 2005, decision for the 2005 fiscal years, where the
dimana amar putusan menolak permohonan decision rejected the application for judicial
peninjauan kembali yang diajukan oleh Direktur review submitted by the Director General of
Jenderal Pajak. Taxes.
Page 382
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/92 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
28. PERPAJAKAN (lanjutan) 28. TAXATION (continued)
e. Surat ketetapan pajak (lanjutan) e. Tax assessments (continued)
Pada tanggal 31 Desember 2024, 2023 dan As at 31 December 2024, 2023 and 2022 the
2022 jumlah ketetapan pajak yang masih dalam amount of assessments in the process of
proses keberatan, banding dan peninjauan objection, appeal and judicial review were as
kembali adalah sebagai berikut: follows:
31/12/2024 31/12/2023 31/12/2022
Keberatan dan
banding: Objection and appeal:
Pajak penghasilan
badan Corporate income tax
- 2021 - 8,903 - 2021 -
Pajak penghasilan
badan Corporate income tax
- 2017 - - 2,819 2017 -
- 2016 - - 13,443 2016 -
Peninjauan kembali: Judicial review:
Pajak lainnya Other taxes
- 2007 - 19,223 19,223 2007 -
- 2006 - 116,686 116,686 2006 -
- 2005 - 87,993 87,993 2005 -
- 2004 102,582 102,582 102,582 2004 -
102,582 335,387 342,746
Jumlah yang Total provisioned
diprovisikan - - (954) amount
102,582 335,387 341,792
Grup telah membayar dan mengakui jumlah The Group paid and recognised the tax
ketetapan pajak yang masih dalam proses assessments that are still in the process of
keberatan, banding dan peninjauan kembali objection, appeal and judicial review in the
tersebut pada laporan laba rugi konsolidasian di consolidated statements of profit or loss in
masing-masing tahun di mana ketetapan pajak each year in which the tax assessments were
tersebut diterbitkan. issued.
f. Administrasi f. Administration
Berdasarkan peraturan perpajakan di Indonesia, Under the Indonesia Taxation Law, the Group
Grup melaporkan pajaknya berdasarkan sistem submits tax returns on the basis of self-
self-assessment. assessment.
Berdasarkan peraturan perpajakan yang berlaku, Based on the applicable tax law, DGT may
DJP dapat menetapkan atau mengubah liabilitas assess or amend tax liability within five years
pajak dalam batas waktu lima tahun setelah saat of the time the tax becomes due.
terutangnya pajak.
Page 383
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/93 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
28. PERPAJAKAN (lanjutan) 28. TAXATION (continued)
g. Perubahan tarif pajak g. Changes in tax rates
Pada bulan Oktober 2021, Pemerintah In October 2021, the Government of
Indonesia mengesahkan Undang-Undang No. 7 Indonesia approved law no. 7 Year 2021
Tahun 2021 tentang Harmonisasi Peraturan related to Harmonisation of Tax Regulations
Perpajakan yang mengubah tarif pajak which changed the corporate income tax rate
penghasilan badan dari 20% menjadi 22% mulai from 20% to 22% start from fiscal year 2022
tahun fiskal 2022 dan kenaikan tarif pajak and a gradual increase in the value added tax
pertambahan nilai secara bertahap menjadi 11% rate to 11% effective from 1 April 2022 and
efektif mulai 1 April 2022 dan 12% paling lambat 12% no later than 1 January 2025 and
1 Januari 2025 serta pengungkapan sukarela voluntary disclosure of taxpayers.
wajib pajak.
Pada bulan Desember 2024, Pemerintah In December 2024, the Government of
Indonesia mengesahkan Peraturan Menteri Indonesia enacted the Minister of Finance
Keuangan Republik Indonesia No. 131 Tahun Regulation of the Republic of Indonesia
2024 tentang Perlakuan Pajak Pertambahan No. 131 Year 2024 related to the Treatment of
Nilai atas Impor Barang Kena Pajak, Value Added Tax on the Import of Taxable
Penyerahan Barang Kena Pajak, Penyerahan Goods, Delivery of Taxable Goods, Delivery
Jasa Kena Pajak, Pemanfaatan Barang Kena of Taxable Services, Utilisation of Intangible
Pajak Tidak Berwujud dari Luar Daerah Pabean Taxable Goods from Outside the Customs
di Dalam Daerah Pabean, dan Pemanfaatan Area within the Customs Area, and Utilisation
Jasa Kena Pajak dari Luar Daerah Pabean di of Taxable Services from Outside the
Dalam Daerah Pabean yang mengubah cara Customs Area within the Customs Area,
perhitungan pajak pertambahan nilai yang which changes the method of calculating the
terutang dihitung dengan cara mengalikan tarif value added tax payable by multiplying the
12% dengan dasar pengenaan pajak berupa rate of 12% (twelve percent) with the tax base
nilai lain sebesar 11/12 (sebelas per dua belas) in the form of another value of 11/12 (eleven
dari harga jual mulai tanggal 1-31 Januari 2025. twelfths) of the selling price from
Efektif mulai 1 Februari 2025, ketentuan tarif 1-31 January 2025. Effective from
pajak pertambahan nilai berlaku kembali 1 February 2025, the value added tax rate will
menjadi 12%. revert to 12%.
Aset dan liabilitas pajak tangguhan pada Deferred tax assets and liabilities as at
31 Desember 2022 telah dihitung dengan 31 December 2022 have been calculated by
memperhitungkan tarif pajak yang diharapkan taking into account tax rates expected to be
berlaku pada saat direalisasi. prevailing at the time they are realised.
Page 384
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/94 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
29. INFORMASI MENGENAI PIHAK-PIHAK 29. RELATED PARTIES INFORMATION
BERELASI
Transaksi-transaksi dengan pihak berelasi dilakukan The transactions with related parties are made
dengan syarat dan kondisi yang sama dengan under the same terms and conditions as those
transaksi-transaksi dengan pihak ketiga. made with third parties.
a. Sifat transaksi dan hubungan dengan pihak- a. Nature of transactions and relationships
pihak berelasi with related parties
Sifat transaksi dan hubungan dengan pihak- The natures of transactions and relationships
pihak berelasi adalah sebagai berikut: with related parties are as follows:
Sifat hubungan dengan
dengan pihak-pihak berelasi/
Pihak-pihak berelasi/ Nature of the relationships Sifat transaksi/
Related parties with related parties Nature of transactions
Axiata Group Berhad Entitas induk utama/ Penggantian biaya-biaya dan
Ultimate parent entity jasa profesional/
Reimbursement of expenses
and professional services
Axiata Investments Entitas induk langsung/ Penggantian biaya-biaya dan
(Indonesia) Sdn. Bhd. Immediate parent entity jasa profesional/
Reimbursement of expenses
and professional services
Celcom Axiata Berhad Entitas sepengendali/ Pendapatan ITKP, pendapatan
Entity under common control jelajah dan penggantian biaya
biaya/VoIP revenue,
international roaming revenue,
interconnection charges and
reimbursement of expenses
Dewan Komisaris dan Direksi/ Manajemen kunci Grup/ Kompensasi dan remunerasi/
Board of Commissioners Key management of the Compensation and
and Directors Group remuneration
PT Bank CIMB Niaga Tbk Entitas sepengendali/ Simpanan kas pada bank,
Entity under common control deposito berjangka dan
pendapatan bunga/
Cash in banks, time deposits
and interest income
Axiata Digital Services Sdn. Entitas sepengendali/ Layanan payment gateway/
Bhd. Entity under common control Payment gateway services
Page 385
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/95 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
29. INFORMASI MENGENAI PIHAK-PIHAK 29. RELATED PARTIES INFORMATION (continued)
BERELASI (lanjutan)
a. Sifat transaksi dan hubungan dengan pihak- a. Nature of transactions and relationships
pihak berelasi (lanjutan) with related parties (continued)
Sifat hubungan dengan
dengan pihak-pihak berelasi/
Pihak-pihak berelasi/ Nature of the relationships Sifat transaksi/
Related parties with related parties Nature of transactions
PT Axiata Digital Analytics Entitas sepengendali/ Penggantian biaya-biaya,
Indoneisa Entity under common control pendapatan dan beban atas
bisnis periklanan Mobile/
Reimbursement of expenses,
Mobile advertising business
Revenue and expenses
Apigate Sdn. Bhd. Entitas sepengendali/ Layanan payment gateway/
Entity under common control Payment gateway services
Axiata Business Services Sdn. Entitas sepengendali/ Penggantian biaya-biaya dan
Bhd. Entity under common control jasa-jasa profesional/
Reimbursement of expenses
and professional services
PT ADA Asia Indonesia Entitas sepengendali/ Penggantian biaya-biaya dan
Entity under common control sewa ruang/
Reimbursement of expenses
and lease of space
PT Axiata Digital Labs Entitas sepengendali/ Penggantian biaya-biaya dan
Indonesia Entity under common control pembangunan sistem jaringan/
Reimbursement of expenses
and network system
development
PT Princeton Digital Group Entitas asosiasi/Associate Penggantian biaya-biaya dan
Data Centres beban sewa rak server/
Reimbursement of expenses
and rack server rental
expense
Page 386
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/96 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
29. INFORMASI MENGENAI PIHAK-PIHAK 29. RELATED PARTIES INFORMATION (continued)
BERELASI (lanjutan)
a. Sifat transaksi dan hubungan dengan pihak- a. Nature of transactions and relationships
pihak berelasi (lanjutan) with related parties (continued)
Sifat hubungan dengan
dengan pihak-pihak berelasi/
Pihak-pihak berelasi/ Nature of the relationships Sifat transaksi/
Related parties with related parties Nature of transactions
PT Edotco Infrastruktur Indonesia Entitas sepengendali/ Pendapatan penjualan dan sewa
Entity under common control balik menara dan sewa tanah/
Sale and lease tower and land
lease
PT Link Net Tbk Entitas sepengendali/ Jasa jaringan tetap berkabel dan
Entity under common control akses internet/
Wired fixed network and
internet access services
network
b. Kas dan setara kas b. Cash and cash equivalents
Kas dan setara kas meliputi kas pada bank dan Cash and cash equivalents include cash in
deposito berjangka di PT Bank CIMB Niaga Tbk bank and time deposits in PT Bank CIMB
dengan rincian saldo sebagai berikut: Niaga Tbk with details of balances as follows:
31/12/2024 31/12/2023 31/12/2022
Kas pada bank: Cash in bank:
- Rupiah 87,608 69,255 112,089 Rupiah -
Deposito berjangka: Time deposits:
- Rupiah - - 70,000 Rupiah -
Jumlah kas dan Total cash and
setara kas 87,608 69,255 182,089 cash equivalents
% terhadap jumlah
aset 0.10% 0.08% 0,21% % of total assets
c. Piutang usaha c. Trade receivables
31/12/2024 31/12/2023 31/12/2022
PT Axiata Digital PT Axiata Digital
Analytics Indonesia 512,458 514,093 246,566 Analytics Indonesia
PT Link Net Tbk 467,873 1,549 - PT Link Net Tbk
Lain-lain* 43 39 46 Other*
Jumlah piutang usaha 980,374 515,681 246,612 Total trade receivables
% terhadap jumlah
aset 1.14% 0.59% 0.28% % of total assets
*) Masing-masing kurang dari Rp 1.000 *) Individual amount less than Rp 1,000
Page 387
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/97 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
29. INFORMASI MENGENAI PIHAK-PIHAK 29. RELATED PARTIES INFORMATION (continued)
BERELASI (lanjutan)
d. Piutang lain-lain d. Other receivables
31/12/2024 31/12/2023 31/12/2022
PT Edotco
Infrastruktur PT Edotco Infrastruktur
Indonesia 216,750 - 22,497 Indonesia
PT Link Net Tbk 49,797 - - PT Link Net Tbk
PT Axiata Digital PT Axiata Digital
Analytics Indonesia 17,638 17,241 42,435 Analytics Indonesia
Axiata Group Berhad 15,056 15,056 15,324 Axiata Group Berhad
Lain-lain* 244 631 468 Other*
Jumlah piutang
lain-lain - Total other receivables -
bagian lancar 299,485 32,928 80,724 current portion
PT Edotco
Infrastruktur PT Edotco Infrastruktur
Indonesia - 208,537 201,652 Indonesia
Jumlah piutang
lain-lain - Total other receivables -
bagian tidak lancar - 208,537 201,652 non-current portion
Jumlah piutang
lain-lain 299,485 241,465 282,376 Total other receivables
% terhadap jumlah
aset 0.35% 0.28% 0.32% % of total assets
*) Masing-masing kurang dari Rp 1.000 *) Individual amount less than Rp 1,000
e. Utang usaha e. Trade payables
31/12/2024 31/12/2023 31/12/2022
PT Link Net Tbk 389,577 5,215 - PT Link Net Tbk
PT Axiata Digital Labs PT Axiata Digital Labs
Indonesia 149,188 36,949 29,645 Indonesia
PT Princeton Digital PT Princeton Digital
Group Data Centres 49,717 27,913 23,092 Group Data Centres
Axiata Group Berhad 34,216 103,557 149,679 Axiata Group Berhard
Axiata Investments Axiata Investments
(Indonesia) Sdn. Bhd. 27,579 29,106 2,635 (Indonesia) Sdn. Bhd.
Axiata Business Axiata Business Services
Services Sdn. Bhd. 17,498 16,690 12,045 Sdn. Bhd.
PT ADA Asia Indonesia 140 1,927 - PT ADA Asia Indonesia
Apigate Sdn. Bhd. 8,691 23,483 55,682 Apigate Sdn. Bhd.
Lain – lain* 144 120 413 Others*
Jumlah utang usaha 676,750 244,960 273,191 Total trade payable
% terhadap jumlah
liabilitas 1.13% 0.40% 0,44% % of total liabilities
*) Masing-masing kurang dari Rp 1.000 *) Individual amount less than Rp 1,000
Page 388
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/98 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
29. INFORMASI MENGENAI PIHAK-PIHAK 29. RELATED PARTIES INFORMATION (continued)
BERELASI (lanjutan)
f. Liabilitas sewa f. Lease liabilities
31/12/2024 31/12/2023 31/12/2022
PT Edotco
Infrastruktur PT Edotco Infrastruktur
Indonesia 501,408 543,524 602,629 Indonesia
PT Princeton Digital PT Princeton Digital
Group Data Centres 320,522 362,153 397,217 Group Data Centres
PT Link Net Tbk - 66,122 - PT Link Net Tbk
Jumlah liabilitas
sewa 821,930 971,799 999,846 Total lease liabilities
% terhadap jumlah
liabilitas 1.37% 1.59% 1.63% % of total liabilities
g. Pendapatan g. Revenue
31/12/2024 31/12/2023 31/12/2022
PT Axiata Digital PT Axiata Digital Analytics
Analytics Indonesia 473,980 368,047 558,671 Indonesia
PT Link Net Tbk 187,270 - - PT Link Net Tbk
Apigate Sdn. Bhd. 6,026 24,390 44,223 Apigate Sdn. Bhd.
Celcom Axiata Berhad* - - 19,242 Celcom Axiata Berhad*
Lain-lain** 23 15 5 Other**
Jumlah pendapatan 667,299 392,452 622,141 Total revenue
% terhadap jumlah
pendapatan 1.94% 1.21% 2.13% % of total revenue
*) Bukan merupakan pihak berelasi sejak Januari 2023 *) Not a related party since January 2023
*) Masing-masing kurang dari Rp 1.000 *) Individual amount less than Rp 1,000
h. Beban interkoneksi dan beban langsung h. Interconnection and other direct expenses
lainnya
31/12/2024 31/12/2023 31/12/2022
PT Axiata Digital PT Axiata Digital
Analytics Indonesia 290,400 290,400 - Analytics Indonesia
PT Link Net Tbk 49,523 - - PT Link Net Tbk
Celcom Axiata Berhad* - - 1,182 Celcom Axiata Berhard*
Lain-lain** 709 - 37 Other**
Jumlah beban
interkoneksi dan
beban langsung Total interconnection and
lainnya 340,632 290,400 1,219 other direct expenses
% terhadap beban
interkoneksi dan
beban langsung % of interconnection and
lainnya 10.37% 9.15% 0.25% other direct expenses
*) Bukan merupakan pihak berelasi sejak Januari 2023 *) Not a related party since January 2023
*) Masing-masing kurang dari Rp 1.000 *) Individual amount less than Rp 1,000
Page 389
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/99 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
29. INFORMASI MENGENAI PIHAK-PIHAK 29. RELATED PARTIES INFORMATION (continued)
BERELASI (lanjutan)
i. Beban infrastruktur i. Infrastructure expenses
31/12/2024 31/12/2023 31/12/2022
PT Link Net Tbk 276,268 - - PT Link Net Tbk
PT Princeton Digital PT Princeton Digital
Group Data Centres 106,656 130,498 136,759 Group Data Centres
PT Edotco
Infrastruktur PT Edotco Infrastruktur
Indonesia 16,805 - - Indonesia
Jumlah beban Total infrastructure
infrastruktur 399,729 130,498 136,759 expenses
% terhadap beban % of infrastructure
infrastruktur 4.47% 1,45% 1,77% expenses
j. Beban umum dan administrasi j. General and administrative expenses
31/12/2024 31/12/2023 31/12/2022
PT Axiata Digital Lab PT Axiata Digital Lab
Indonesia 13,386 - - Indonesia
Axiata Group Berhad 138 848 36,975 Axiata Group Berhad
Axiata Investments
(Indonesia) Sdn. Axiata Investment
Bhd. - 29,106 - (Indonesia) Sdn. Bhd.
Total general and
Jumlah beban umum administrative
dan administrasi 13,524 29,954 36,975 expenses
% terhadap beban % of general and
umum dan administrative
administrasi 2.97% 7.25% 10,48% expenses
k. Pendapatan bunga k. Interest income
31/12/2024 31/12/2023 31/12/2022
PT Bank CIMB PT Bank CIMB
Niaga Tbk. 1,546 3,501 7,053 Niaga Tbk.
Jumlah pendapatan
bunga 1,546 3,501 7,053 Total interest income
% terhadap penghasilan
keuangan 1.93% 3.50% 6,31% % of finance income
Page 390
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/100 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
29. INFORMASI MENGENAI PIHAK-PIHAK 29. RELATED PARTIES INFORMATION (continued)
BERELASI (lanjutan)
l. Biaya bunga l. Interest expense
31/12/2024 31/12/2023 31/12/2022
PT Edotco
Infrastruktur PT Edotco Infrastruktur
Indonesia 34,345 39,706 24,204 Indonesia
PT Princeton Digital PT Princeton Digital
Group Data Centres 26,021 28,977 31,453 Group Data Centres
Jumlah biaya bunga 60,366 68,683 55,657 Total interest expense
% terhadap biaya
keuangan 1.93% 2,34% 2.00% % of finance cost
m. Kompensasi manajemen kunci m. Key management compensation
Personil manajemen kunci Grup adalah Dewan Key management personnel of the Group are
Komisaris dan Direksi yang dirinci pada Catatan the Board of Commissioners and Directors as
1e. detailed in Note 1e.
31/12/2024 31/12/2023 31/12/2022
Dewan Dewan Dewan Dewan Dewan Dewan
Direksi/ Komisaris/ Direksi/ Komisaris/ Direksi/ Komisaris/
Board of Board of Board of Board of Board of Board of
Directors Commissioners Directors Commissioners Directors Commissioners
Imbalan kerja jangka pendek/
Short-term employee benefits 113,091 21,760 101,462 20,206 97,152 16,070
Imbalan kerja jangka panjang/
Long-term employee benefits 24,874 - 37,425 - 8,445 -
Kompensasi berbasis saham/ Share-based
Compensation - - - - - -
Jumlah/Total 137,965 21,760 138,887 20,206 105,597 16,070
% terhadap total beban karyawan/
% of total employee costs 7.95% 1.25% 9.90% 1.44% 7.97% 1.21%
30. PERIKATAN 30. COMMITMENTS
a. Belanja modal a. Capital expenditure
Pada tanggal 31 Desember 2024, Grup As at 31 December 2024, the Group
memiliki komitmen atas sejumlah pembelian had commitments related to various
untuk perluasan jaringan dengan nilai purchases for network expansions
keseluruhan sebesar USD 164.541.495 atau totalling USD 164,541,495 or equivalent to
setara dengan Rp 2.659.320. Rp 2,659,320.
Informasi terkait pihak-pihak dengan komitmen Information relating to the parties with
atas pembelian belanja modal yang signifikan significant commitments regarding capital
dapat dilihat pada Catatan 32. expenditure can be seen in Note 32.
b. Transaksi sewa sebagai pesewa b. Lease transactions as a lessor
Grup telah menyetujui untuk menyewakan The Group agreed to lease part of its
sebagian dari menara telekomunikasi dan lokasi telecommunications towers and sites to the
di mana pihak-pihak berikut ini (lihat Catatan parties below (see Note 32) who are required
32) diwajibkan untuk membayar biaya sewa dan to pay the lease and maintenance fees in
pemeliharaan di muka yang dicatat sebagai advance which are recorded as part of
bagian dari pendapatan tangguhan: deferred revenue:
Page 391
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/101 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. PERIKATAN (lanjutan) 30. COMMITMENTS (continued)
b. Transaksi sewa sebagai pesewa (lanjutan) b. Lease transactions as a lessor (continued)
Pihak dalam perjanjian/ Item yang disewa/ Periode perjanjian/
Counterparties Leased items Period of agreement
PT Profesional Telekomunikasi
Indonesia Tbk, PT Centratama
Menara Indonesia dan/and
PT Edotco Infrastruktur
Indonesia Sewa tanah/Land rental Beragam/Various
PT Indosat Tbk (dahulu/formerly
PT Hutchison 3 Indonesia),
PT Dayamitra Telekomunikasi
PT Sampoerna Telekomunikasi
Indonesia dan lainnya/
and others Sewa menara/Tower rental Beragam/Various
Jumlah penerimaan sewa di masa depan dalam The future aggregated lease income under
perjanjian sewa operasi yang tidak dapat non cancellable operating leases (excluding
dibatalkan (tidak termasuk pembayaran di masa the future payment for the lease to be
depan untuk sewa yang akan dihentikan) terminated) is as follows:
adalah sebagai berikut:
31/12/2024 31/12/2023 31/12/2022
Kurang dari 1 tahun 2,461 2,870 4,444 Not later than 1 year
Antara 1 tahun dan Between
2 tahun 1,773 2,458 3,478 1 year and 2 years
Antara 2 tahun dan Between 2 years
3 tahun 1,220 1,774 2,726 and 3 years
Antara 3 tahun dan Between 3 years
4 tahun 1,104 1,221 2,187 and 4 years
Antara 4 tahun dan Between 4 years
5 tahun 1,091 1,105 1,804 and 5 years
Lebih dari 5 tahun 2,209 3,301 5,302 More than 5 years
9,858 12,729 19,941
Penerimaan sewa dari kontrak sewa operasi di Lease income from lease contracts under
mana Grup adalah pesewa untuk tahun-tahun operating leases in which the Group acts as a
yang berakhir 31 Desember 2024 dan 2023 lessor for years ended 31 December 2024 and
adalah masing-masing sebesar Rp 14.879 dan 2023 amounted to Rp 14,879 and Rp 13,648,
Rp 13.648. respectively.
Nilai buku aset tetap yang digunakan untuk The book value of fixed assets used both for
aktivitas operasional dan kontrak sewa operasi operating activities and lease contracts under
di mana Grup adalah pesewa adalah berikut: operating lease in which the Group act as a
lessor is as follows:
31/12/2024 31/12/2023 31/12/2022
Harga perolehan: Cost:
Peralatan jaringan 9,399 14,867 12,205 Network equipment
Akumulasi Accumulated
penyusutan: depreciation:
Peralatan jaringan (8,915) (13,044) (10,392) Network equipment
484 1,823 1,813
Page 392
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/102 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. PERIKATAN (lanjutan) 30. COMMITMENTS (continued)
c. Transaksi sewa sebagai penyewa c. Lease transactions as a lessee
Berikut ini adalah pihak-pihak yang The following are counterparties of the Group’s
mengadakan perjanjian sewa dengan Grup: lease commitments:
Pihak dalam perjanjian/ Item yang disewa/ Periode perjanjian/
Counterparties Leased items Period of agreement
PT Kuningan Nusajaya Gedung perkantoran/ 1 Oktober/October 2017 –
Office building 31 Desember/December 2030
PT Princeton Digital Group Sewa rak server/ 1 November 2019 –
Data Centres Rack server rental 31 Oktober/October 2029
Protelindo, CMI, Tower Bersama, Sewa menara/Tower rental Beragam/Various
STP, Dayamitra, Solusindo
Kreasi Pratama dan lainnya/
and others
Moratel, IForte, PT Persada Sewa jaringan serat optik/ Beragam/Various
Sokka Tama, Alita, PT Mega Fibre optic rental
Akses Persada, Era Bangun
dan lainnya/and others
Laporan posisi keuangan konsolidasian pada The consolidated statements of financial
tanggal 31 Desember 2024, 2023 dan 2022 position as at 31 December 2024, 2023 and
menyajikan saldo-saldo berikut berkaitan 2022 show the following amounts related to
dengan sewa: leases:
31/12/2024 31/12/2023 31/12/2022
Aset hak guna: Right-of-use assets:
- Tanah 225,169 250,626 241,416 Land -
- Bangunan 197,836 224,386 248,694 Buildings -
- Peralatan jaringan 28,032,485 30,460,289 26,729,232 Network equipment -
28,455,490 30,935,301 27,219,342
Liabilitas sewa: Lease liabilities:
- Jangka pendek 5,368,871 6,022,836 5,296,565 Current -
- Jangka panjang 28,225,767 29,790,610 26,553,293 Non-current -
33,594,638 35,813,446 31,849,858
Penambahan aset hak guna selama tahun- Additions to the right-of-use assets during
tahun yang berakhir pada 31 Desember 2024, the years ended 31 December 2024,
2023 dan 2022 adalah sebesar Rp 2.797.240, 2023 and 2022 amounted to
Rp 8.736.638, dan Rp 10.088.032. Rp 2,797,240, Rp 8,736,638 and
Rp 10,088,032.
Page 393
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/103 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. PERIKATAN (lanjutan) 30. COMMITMENTS (continued)
c. Transaksi sewa sebagai penyewa (lanjutan) c. Lease transactions as a lessee (continued)
Laporan laba rugi konsolidasian menyajikan The consolidated statements of profit or loss
saldo berikut berkaitan dengan sewa: show the following amounts related to leases:
31/12/2024 31/12/2023 31/12/2022
Penyusutan aset Depreciation of
hak guna: Right-of-use assets:
- Tanah 77,485 69,460 84,147 Land -
- Bangunan 67,727 69,499 40,435 Buildings -
- Peralatan jaringan 4,957,054 4,684,937 4,475,901 Network equipment -
5,102,266 4,823,896 4,600,483
Beban bunga atas Interest expense
liabilitas sewa 2,215,731 2,167,028 1,762,639 on lease liabilities
Beban berkaitan
dengan sewa Expenses relating to
jangka pendek 22,254 53,564 8,823 short-term leases
Beban berkaitan
dengan aset Expenses relating to
bernilai rendah 7 642 24 low value assets
2,237,992 2,221,234 1,771,486
Jumlah pengeluaran kas untuk sewa selama The total cash outflow for leases for the years
tahun-tahun yang berakhir pada tanggal ended 31 December 2024, 2023 and 2022
31 Desember 2024, 2023 dan 2022 masing- were Rp 6,992,630, Rp 6,715,663 and
masing sebesar Rp 6.992.630, Rp 6.715.663 Rp 5.925,660 respectively.
dan Rp 5.925.660.
Jumlah komitmen sewa untuk sewa jangka Total lease commitments from short-term
pendek yang dicatat sebagai beban dengan leases recognised as expenses on a straight-
dasar garis lurus pada 31 Desember 2024, line basis as at 31 December 2024, 2023 and
2023 dan 2022 masing-masing sebesar 2022 are Rp 15,118, Rp 33,310 and Rp 16,452,
Rp 15.118, Rp 33.310 dan Rp 16.452. respectively.
d. Perikatan biaya tahunan 3G d. 3G annual fees commitments
Grup mempunyai kewajiban untuk membayar The Group is obliged to pay annual fees within
biaya tahunan selama sepuluh tahun selama ten years for as long as the Group holds
Grup memegang izin 3G berdasarkan the 3G license set out in Regulation
Peraturan Menteri Komunikasi dan Informatika no. 07/PER/M.KOMINFO/2/2006 of the
No. 07/PER/M.KOMINFO/2/2006 dan Surat Minister of Communication and Information and
Keputusan Menteri Komunikasi dan Informatika Decree no.323/KEP/M.KOMINFO/09/2010 of
No.323/KEP/M.KOMINFO/09/2010 (lihat the Minister of Communication and Information
Catatan 1d). Jumlah pembayaran setiap tahun (see Note 1d). The amount of the annual
adalah berdasarkan skema pembayaran yang payment is based on the scheme of payment
diatur di dalam Peraturan Pemerintah No. 53 set out in Government Regulation No. 53 Year
Tahun 2000 pasal 23 dan Peraturan 2000 article 23 and Government Regulation
Pemerintah No. 80 Tahun 2015 pasal 9. Tidak No. 80 Year 2015 article 9. No penalty will be
ada sanksi yang akan dikenakan jika Grup imposed in the event of the Group returning the
mengembalikan izin. license.
Sesuai surat keputusan Menteri Komunikasi dan In accordance with the decision letter of
Informatika No. 192 Tahun 2013 tanggal Minister of Communication and Information and
5 Maret 2013, Grup memperoleh tambahan Decree No. 192 Year 2013 dated
alokasi spektrum sebesar 5 MHz. 5 March 2013, the Group obtained an
additional spectrum allocation of 5 MHz.
Page 394
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/104 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31. TARIF JASA DAN JARINGAN TELEKOMUNIKASI 31. TELECOMMUNICATION SERVICE AND
NETWORK TARIFFS
Berdasarkan UU No. 36/1999 dan Peraturan Under Law No. 36/1999 and Government
Pemerintah No. 52/2000, tarif jasa telekomunikasi Regulation No. 52/2000, tariffs for the use of
dan tarif jaringan telekomunikasi ditentukan oleh telecommunication services and network are
penyelenggara berdasarkan kategori tarif, struktur, determined by providers based on the categories of
dan dengan mengacu pada formula tarif jasa tariffs, structures, and with respect to fixed line
telekomunikasi tidak bergerak yang ditentukan oleh telecommunications services at a price formula set
Pemerintah. Kemudian peraturan ini digantikan by the Government. Furthermore, these regulations
dengan UU No. 11/2020 dan Peraturan Pemerintah were superseded by Law no. 11/2020 and
No. 46/2021 di mana menteri yang berwenang dapat Government Regulation No. 46/2021 where the
menetapkan tarif batas atas dan/atau tarif batas authorised minister is able to determine the upper
bawah. and/or lower tariff limits.
a. Tarif jasa telekomunikasi a. Telecommunication services tariff
Pada tanggal 7 April 2008, Menteri Komunikasi On 7 April 2008, the Minister of Communication
dan Informatika menerbitkan Peraturan Menteri and Information issued Minister Regulation
No. 09/PER/M.KOMINFO/04/2008 tentang No. 09/PER/M.KOMINFO/04/2008 concerning
“Tata Cara Penetapan Tarif Jasa “The Procedures for Determination of Rate
Telekomunikasi yang Disalurkan Melalui (Tariff) of Telecommunication Services which
Jaringan Bergerak Selular” yang kemudian are Connected Through Mobile Cellular
diubah dengan Peraturan Menteri Network” which was later amended by
No. 5 Tahun 2021 tentang “Penyelenggaraan Minister Decree No. 5 Year 2021 concerning
Telekomunikasi” memberikan pedoman untuk “Telecommunications Operations” which
menentukan tarif jasa telekomunikasi dengan provides guidelines to determine
formula yang terdiri dari unsur biaya elemen telecommunication services tariffs with a
jaringan dan biaya aktivitas layanan retail. formula consisting of network element cost and
retail services activity cost.
Tarif jasa telekomunikasi terdiri dari: The telecommunication services tariffs consist
- Tarif jasa teleponi dasar of the following:
- Tarif jasa nilai tambah teleponi - Basic telephony services tariff
- Tarif jasa multimedia - Value added telephony services tariff
- Multimedia services tariff
Dengan struktur tarif sebagai berikut: With the following tariff structure as follows:
- Tarif aktivasi; - Activation fee;
- Tarif berlangganan bulanan; dan - Monthly charges; and
- Tarif penggunaan - Usage charges
Tarif jasa multimedia berupa tarif jasa The tariff for multimedia services is in the form
penyelenggaraan jasa multimedia berupa of tariffs for providing multimedia services,
termasuk namun tidak terbatas pada layanan including but not limited to internet services
akses internet (ISP) dan layanan gerbang akses provider (ISP) and network access point (NAP).
internet (NAP).
Page 395
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/105 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31. TARIF JASA DAN JARINGAN TELEKOMUNIKASI 31. TELECOMMUNICATION SERVICE AND
(lanjutan) NETWORK TARIFFS (continued)
b. Tarif interkoneksi b. Interconnection tariff
Pada tanggal 28 Desember 2006, Grup dan On 28 December 2006, the Group and all
seluruh penyelenggara jaringan network operators signed amendments to their
menandatangani amendemen atas perjanjian interconnection agreements for fixed line
kerja sama interkoneksi untuk jaringan tidak networks (local, long distance and
bergerak (lokal, sambungan langsung jarak jauh international) and mobile networks for the
dan internasional) dan jaringan bergerak dalam implementation of the cost-based tariff
rangka implementasi kewajiban tarif berbasis obligations under the Minister of
biaya berdasarkan Peraturan Menteri Communication and Information
Komunikasi dan Informatika Regulations No. 08/PER/M.KOMINFO/02/2006
No. 08/PER/M.KOMINFO/02/2006 yang which was later amended by Minister Decree
kemudian diubah dengan Peraturan Menteri No. 5 Year 2021 concerning
No. 5 Tahun 2021 tentang “Penyelenggaraan “Telecommunications Operations”.
Telekomunikasi”.
Pemerintah telah menetapkan acuan biaya The government has determined
interkoneksi pada tanggal 31 Desember 2010 interconnection cost reference as of
yang dinyatakan melalui Surat 31 December 2010 through the Letter from
Badan Regulasi Telekomunikasi Indonesia Indonesian Telecommunication Regulatory
No. 227/BRTI/XII/2010 tentang Implementasi Authority No. 227/BRTI/XII/2010 concerning
Interkoneksi tahun 2011. Untuk layanan Interconnection Implementation for 2011. For
telekomunikasi bergerak selular, acuan ini cellular mobile telecommunication services,
berlaku sejak tanggal 1 Januari 2011, this reference was effective from
sedangkan untuk layanan fixed wireless access, 1 January 2011, while for fixed wireless
acuan ini berlaku sejak tanggal 1 Juli 2011. access service, this reference was effective
from 1 July 2011.
Efektif tanggal 1 Juni 2012, seluruh Effective on 1 June 2012, all
penyelenggara jaringan mengimplementasikan telecommunication operators implemented the
interkoneksi SMS berbasis biaya yang mengacu cost-based SMS interconnection with
kepada Surat Badan Regulasi Telekomunikasi reference to Letter from the Indonesian
Indonesia No. 262/BRTI/XII/2011. Telecommunication Regulatory Authority No.
262/BRTI/XII/2011.
Pada tanggal 30 Januari 2014, Pemerintah On 30 January 2014, the government
telah menetapkan acuan biaya interkoneksi determined interconnection cost reference
yang dinyatakan melalui Surat through the Letter from Ministry of
Kementerian Komunikasi dan Informatika Communication and Information and
Republik Indonesia dan Direktorat Jenderal Directorate General of Post and Information
Penyelenggaraan Pos dan Informatika no. 118/KOMINFO/DJPPI/PI.02.04/01/2014
No. 118/KOMINFO/DJPPI/PI.02.04/01/2014 concerning Interconnection Implementation for
tentang Implementasi Biaya Interkoneksi 2014. This reference was effective from
tahun 2014. Acuan ini berlaku sejak 1 February 2014 up to 31 December 2016 and
tanggal 1 Februari 2014 sampai dengan can be evaluated by the Indonesian
31 Desember 2016 dan dapat dievaluasi oleh Telecommunication Regulatory Authority
Badan Regulasi Telekomunikasi Indonesia annually.
setiap tahunnya.
Page 396
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/106 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31. TARIF JASA DAN JARINGAN TELEKOMUNIKASI 31. TELECOMMUNICATION SERVICE AND
(lanjutan) NETWORK TARIFFS (continued)
c. Tarif sewa jaringan c. Leased line tariff
Berdasarkan Peraturan Menteri Komunikasi dan Based on the Minister of Communication
Informatika No. 03/PER/M.KOMINFO/1/2007 and Information regulations
tanggal 26 Januari 2007 tentang Sewa No. 03/PER/M.KOMINFO/1/2007 dated
Jaringan yang kemudian diubah dengan 26 January 2007 concerning Lease Line which
Peraturan Menteri No. 5 Tahun 2021 tentang was later amended by Minister Decree
Penyelenggaraan Telekomunikasi, Pemerintah No. 5 Year 2021, the Government regulates
mengatur bentuk, jenis, struktur tarif dan the form, type, tariff structure and the formula
formula tarif layanan untuk sewa jaringan. for determination of lease line services tariff.
d. Tarif jasa lainnya d. Other services tariff
Tarif sewa menara, sewa internet teleponi, The tariffs for tower rental, internet telephony
jelajah nasional dan jasa lainnya ditentukan services, national roaming and other services
oleh penyedia layanan dengan are determined by the service provider by
memperhitungkan berbagai pengeluaran dan taking into account the expenditure and market
harga pasar. Pemerintah hanya menetapkan price. The Government only determines the
formula tarif untuk layanan teleponi dasar. Tidak tariff formula for basic telephony services.
ada aturan untuk tarif atas jasa-jasa lainnya. There is no other ruling for other services.
32. PERJANJIAN-PERJANJIAN PENTING 32. SIGNIFICANT AGREEMENTS
Grup memiliki perjanjian pembelian, pemeliharaan The Group has existing purchases, maintenance
dan instalasi dengan sejumlah pihak, sebagai and installation agreements with the following
berikut: parties:
Jumlah nota
pembelian
Pihak-pihak dalam (12 bulan)/Total
dalam perjanjian/ Periode perjanjian/ Informasi penting/ purchase orders
Counterparties Period of agreement Significant information issued (12 months)
PT Huawei Tech 1 Januari 2008 sampai dengan nota pembelian Pemeliharaan berbagai Rp 4,277,909
Investment (“HTI”) terakhir atau diakhiri oleh salah satu pihak macam produk dan jasa/
sebelum jangka waktu kontrak berakhir./ Maintenance of various
1 January 2008 until the last purchase order, product and services
unless terminated earlier by either party.
Contract of Adherence (“COA”) untuk periode Penyediaan dan instalasi
1 Juni 2019 – 31 Desember 2024, kecuali jaringan 3G/Supply and
diakhiri oleh salah satu pihak sebelum installation of 3G network
jangka waktu kontrak berakhir. /COA for
1 June 2019 – 31 December 2024 period,
Unless terminated earlier by either party.
PT Alita Praya Mitra COA untuk periode 1 Juni 2019 sampai Pembelian berbagai macam Rp 144,308
dengan 30 Juni 2025, kecuali diakhiri peralatan jaringan/
oleh salah satu pihak sebelum jangka waktu Purchase of various
kontrak berakhir./COA for 1 June 2019 – network equipment
30 June 2025, unless terminated
earlier by either party.
16 Agustus 2010 sampai dengan nota Pemeliharaan berbagai
pembelian terakhir, kecuali diakhiri oleh macam produk dan jasa/
salah satu pihak./16 August 2010 until the Maintenance for various
last purchase order, unless terminated products and services
earlier by either party.
13 Agustus 2008 sampai dengan nota Pemasangan peralatan
pembelian terakhir, kecuali diakhiri oleh jaringan/Installation of
salah satu pihak./13 August 2008 until the network equipment
last purchase order, unless terminated
earlier by either party.
Page 397
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/107 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. PERJANJIAN-PERJANJIAN PENTING (lanjutan) 32. SIGNIFICANT AGREEMENTS (continued)
Grup memiliki perjanjian pembelian, pemeliharaan The Group has existing purchases, maintenance
dan instalasi dengan sejumlah pihak, sebagai and installation agreements with the following
berikut: (lanjutan) parties: (continued)
Jumlah nota
pembelian
Pihak-pihak dalam (9 bulan)/Total
dalam perjanjian/ Periode perjanjian/ Informasi penting/ purchase orders
Counterparties Period of agreement Significant information issued (9 months)
PT Ericsson Indonesia COA untuk periode 10 Desember 2014 Pemasangan dan Rp 420,175
sampai dengan 31 Mei 2019, kecuali pemeliharaan peralatan
diakhiri oleh salah satu pihak sebelum jaringan telekomunikasi/
jangka waktu kontrak berakhir, installation & supply
sebagaimana telah diubah dengan maintenance services for
Supplemental Agreement yang berkaitan telecommunication
dengan COA tanggal 10 Juni 2019 tentang network equipment
perpanjangan jangka waktu COA mulai
1 Juni 2019 sampai dengan 1 April 2025./
Contract of Adherence (“COA”) for
10 December 2014 until 31 May 2019,
unless terminated earlier by either party,
which has been amended by Supplemental
Agreement relating to the COA dated
10 June 2019 related to the extension of
COA period from 1 June 2019 until
1 April 2025.
Amdocs Software Perjanjian ini dimulai sejak tanggal Perjanjian lisensi piranti USD 4,960,422
Solutions Limited 30 Juni 2019 untuk periode lima tahun, yang lunak dan jasa
Liability Company telah diperpanjang berdasarkan Amendemen pemeliharaan/Software
Pertama tanggal 30 Maret 2024 untuk jangka license and maintenance
waktu lima tahun berikutnya, yang berakhir agreement
pada 30 Juni 2029./
This agreement commenced from
30 June 2019 for a period of five years,
which has been extended by First
Amendment dated 30 March 2024 for a
subsequent period of five years, which
ended on 30 June 2029.
PT Application Solution Perjanjian Business Support System Perjanjian remote service/ Rp 466,465
Agreement ("BSSA") dimulai sejak tanggal Remote service
30 Juni 2019 untuk periode lima tahun, agreement
yang telah diperpanjang berdasarkan
Amendemen Pertama tanggal
30 Maret 2024 untuk jangka waktu lima
tahun berikutnya, yang berakhir pada
30 Juni 2029./
Business Support System Agreement
("BSSA") commenced from 30 June 2019
for a period of five years, which has been
extended by First Amendment dated
30 March 2024 for a subsequent period
of five years, which ended on 30 June 2029.
Grup juga menandatangani sejumlah perjanjian The Group also entered into various significant
penting lain, di antaranya: agreements, such as:
Pihak-pihak dalam perjanjian/ Informasi penting/
Counterparties Significant information
PT Telekomunikasi Indonesia Tbk, - Perjanjian interkoneksi tentang tarif, perhitungan hak dan kewajiban
PT Telekomunikasi Selular, dari kedua pihak, penyelesaian, rekonsiliasi tagihan dan sanksi./
PT Indosat Tbk, Interconnection agreements regarding tariffs, rights and obligations of
dan pihak lainnya/and others the parties, settlements, reconciliation of billing and penalties.
Page 398
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/108 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. PERJANJIAN-PERJANJIAN PENTING (lanjutan) 32. SIGNIFICANT AGREEMENTS (continued)
Grup juga menandatangani sejumlah perjanjian The Group also entered into various significant
penting lain, di antaranya: (lanjutan) agreements, such as: (continued)
Pihak-pihak dalam perjanjian/ Informasi penting/
Counterparties Significant information
Sejumlah mitra operator di luar negeri/ - Perjanjian jelajah internasional tentang pembebanan dan tarif,
Several international roaming partners penagihan dan pencatatan, jasa yang disediakan untuk pelanggan
jelajah internasional, kewajiban kedua pihak dan prosedur
penyelesaian./
International roaming agreement outlining charging and tariffs, billing
and accounting, services provided for roaming subscribers, obligations
of the parties and settlement procedures.
PT Indosat Tbk, PT Indonesia Comnets Plus - Perjanjian tentang biaya sewa sirkit dan jangka waktu pembayaran,
Vocus Pty Ltd, PT Link Net Tbk, hak dan kewajiban dari kedua pihak, sanksi, restitusi dan prosedur
Mega Akses Persada, PT Bank CIMB penghentian perjanjian./
Niaga Tbk, PT Bank Sinarmas Tbk, Agreement of leased line costs and terms of payment, rights and
PT Google Cloud Indonesia, obligations of the parties, penalties, restitutions and termination
dan pihak lainnya/and others procedures.
PT Indosat Tbk - Perusahaan menyewakan sebagian ruang pada menara dan sebagian
PT Sampoerna Telekomunikasi Indonesia, ruang pada lahan kepada penyewa dan pembayaran sewa
PT SmartFren Telecom Tbk, dan jasa pemeliharaan secara reguler selama masa sewa./
PT Smart Telecom, PT First Media Tbk, The Company leases parts of its telecommunications towers and sites
PT Putra Arga Binangun, to other telecommunications operators and receives regular lease
PT Dayamitra Telekomunikasi, payments and maintenance fees throughout the lease period.
PT Berca Hardayaperkasa,
PT 3 Indonesia - Jangka waktu perjanjian tersebut adalah antara 10-12 tahun dan
selanjutnya dapat diperpanjang antara 5-6 tahun dengan kondisi
tertentu./
Valid for 10-12 years and can be extended for the following 5-6 years
under certain conditions.
PT Indosat Tbk (dahulu/formerly - Perjanjian ini berlaku sampai dengan berakhirnya jangka waktu
PT Hutchison 3 Indonesia) dan/and pemanfaatan seluruh jaringan serat optik yang disewakan yaitu
Moratel masing-masing selama 10 tahun (PT 3 Indonesia) dan 15 tahun
(Moratel) sejak pemanfaatan jaringan untuk lokasi yang disepakati dan
sepanjang tidak diakhiri lebih awal oleh salah satu pihak berdasarkan
ketentuan yang berlaku dalam perjanjian ini./ These agreements are
valid until the end of leased terms to utilise the fiber optics network,
being 10 years (PT 3 Indonesia) and 15 years (Moratel), respectively
from the utilisation of the agreed spots and unless terminated earlier
by either party in accordance with the agreement.
- Perjanjian Lease of Submarine Fiber Optic Network Kalianda-Anyer
antara Perseroan dan PT 3 Indonesia. Perjanjian mulai berlaku sejak
tanggal 22 Februari 2011 dan terus berlaku sampai dengan jangka
waktu 15 tahun kecuali di akhiri lebih awal berdasarkan Perjanjian ini./
Agreement on the Lease of Submarine Fiber Optic Network Kalianda-
Anyer between Company and PT 3 Indonesia. The agreement
commenced from 22 February 2011 and shall continue in effect for the
period of 15 years unless terminated earlier in accordance with the
agreement.
Page 399
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/109 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. PERJANJIAN-PERJANJIAN PENTING (lanjutan) 32. SIGNIFICANT AGREEMENTS (continued)
Grup juga menandatangani sejumlah perjanjian The Group also entered into various significant
penting lain, di antaranya: (lanjutan) agreements, such as: (continued)
Pihak-pihak dalam perjanjian/ Informasi penting/
Counterparties Significant information
PT Kereta Api Indonesia (Persero) - Pemasangan kabel serat optik di sepanjang jalur jalan kereta api di
Pulau Jawa. Perjanjian ini berlaku sejak tanggal 20 Desember 1996
sampai dengan tanggal 19 Desember 2022./
Installation of fiber optic cable along the railroad in Java island. Valid
from 20 December 1996 until 19 December 2022.
- Penyewaan tanah untuk pembangunan menara telekomunikasi dan
bangunan (shelter) Perseroan. Perjanjian ini berlaku sejak tanggal
24 Februari 1997 sampai dengan tanggal 19 Desember 2022./
Land lease agreement to build the Company’s telecommunication
tower and building (shelter). Valid from 24 February 1997 until
19 December 2022.
PT BIT Teknologi Nusantara dan/and - Perjanjian Perbaikan dan Pemeliharaan Bersama Jaringan Kabel
PT PGAS Telekomunikasi Nusantara Serat Optik Bawah Laut antara Grup dan BIT Teknologi Nusantara dan
antara Grup dengan PT PGAS Telekomunikasi Nusantara. Perjanjian
mulai berlaku sejak tanggal 1 Januari 2014 (PT BIT Teknologi
Nusantara) dan tanggal 6 November 2010 (PT PGAS Telekomunikasi
Nusantara). Perjanjian-perjanjian tersebut hingga saat ini masih
diberlakukan oleh para pihak, di mana para pihak sedang dalam
proses melakukan amendemen atas jangka waktu dari masing-masing
perjanjian tersebut. Pelaksanaan kegiatan perbaikan dan
pemeliharaan dalam perjanjian-perjanjian tersebut nantinya akan
merujuk pada setiap perjanjian pemeliharaan dan perbaikan yang
ditandatangani oleh XL dengan para pihak./
Repair and Maintenance Agreement of Submarine Fibre Optic
Cable between the Group and PT BIT Teknologi Nusantara and
between the Group and PT PGAS Telekomunikasi Nusantara. The
agreement commenced from 1 January 2014 (PT BIT Teknologi
Nusantara) and 6 November 2010 (PT PGAS Telekomunikasi
Nusantara). These agreements are currently still being enforced by the
parties, wherein the parties are in the process of amending the
effective period of these agreements. The execution of the repair and
maintenance activities will refer to all repair and maintenance
agreements entered into by XL with the parties.
Sejumlah perusahaan penyedia menara/ - Perusahaan mengadakan perjanjian sewa menara dengan
Several tower provider companies beberapa perusahaan penyedia menara, di mana Perusahaan
menyewa sebagian ruang pada menara dan sebagian ruang pada
lahan dari perusahaan-perusahaan tersebut. Sebagai kompensasi,
Perusahaan akan membayar sewa dan jasa pemeliharaan secara
reguler selama masa sewa. Jangka waktu perjanjian tersebut berkisar
antara 5-10 tahun. Sehubungan dengan penggabungan usaha antara
Perusahaan dan AXIS, Perusahaan mendapatkan beberapa
perjanjian sewa menara, termasuk perjanjian penghentian dini untuk
sewa menara tertentu yang sebelumnya disewa oleh AXIS./
The Company entered into a tower lease agreement with several tower
provider companies in which the Company leases space on
telecommunication towers and sites from these companies. As
compensation, the Company will pay regular lease payments and
maintenance fees throughout the lease period. The agreements are
valid for 5-10 years. In relation to the merger between the Company
and AXIS, the Company obtained several tower lease agreements,
including early termination agreements for certain tower lease
previously leased by AXIS.
Page 400
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/110 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. PERJANJIAN-PERJANJIAN PENTING (lanjutan) 32. SIGNIFICANT AGREEMENTS (continued)
Grup juga menandatangani sejumlah perjanjian The Group also entered into various significant
penting lain, di antaranya: (lanjutan) agreements, such as: (continued)
Pihak-pihak dalam perjanjian/ Informasi penting/
Counterparties Significant information
PT Indosat Tbk - Perusahaan menandatangani perjanjian kerja sama dengan PT
Indosat Tbk yang berlaku sejak tanggal 22 Agustus 2016 sampai
dengan berakhirnya jangka waktu sewa Core dan/atau Kapasitas
Kabel Utama dan Kabel Akses yang tercantum dalam Berita Acara
Sewa terakhir, di mana jangka waktu sewa untuk masing-masing Core
dan/atau Kapasitas Kabel Utama dan Kabel Akses untuk setiap batch
adalah lima tahun yang dimulai pada tanggal ditandatanganinya berita
acara sewa yang terakhir untuk masing-masing batch. Dalam
perjanjian tersebut, kedua pihak setuju untuk: (i) menyediakan jaringan
transmisi yang terdiri dari kabel utama, kabel eksisting, kabel akses
dan perangkat di area tertentu dan/atau menambahkan jaringan
transmisi; (ii) meningkatkan kapasitas pada kabel eksisting; (iii)
menyewakan jaringan transmisi; dan (iv) mengoperasikan dan
memelihara Jaringan tersebut. Perjanjian ini dimulai sejak dari tanggal
ditandatanganinya dan tetap berlaku hingga akhir periode sewa,
kecuali diakhiri lebih awal atas persetujuan kedua belah pihak./
The Company entered into a cooperation agreement with PT Indosat
Tbk which was commenced on 22 August 2016 and shall be effective
until the end date of the lease period of Core and/or Main Cable and
Access Cable Capacity as set forth in the latest lease memorandum,
where, the lease period of the respective Core and/or Main Cable and
Access Cable Capacity for each batch is five years effective from the
latest lease memorandum for the respective batch being signed. Under
the agreement, both parties agreed to: (i) provide transmission network
consisting of main cable, existing cables, access cables and devices in
certain areas and/or add a transmission network; (ii) increase capacity
in existing cables; (iii) lease the transmission network; and (iv) operate
and maintain the Network. This agreement commenced from signing
date and shall continue in effect until the end of lease period, unless
terminated earlier by both parties.
- Melalui Perjanjian yang ditandatangani pada tanggal 13 Januari 2022,
Perusahaan dan PT Indosat Tbk mengatur kembali pelaksanaan sewa
menyewa diantara Para Pihak termasuk mengatur mengenai obyek
sewa yang sebelumnya diatur melalui perjanjian yang ditandatangani
di tanggal 22 Agustus 2016 tersebut. Pada tanggal 13 Oktober 2023,
Perusahaan dan PT Indosat Tbk menandatangani Berita Acara
Pengakhiran Perjanjian Sewa Kapasitas Jaringan Transmisi and Core
untuk mengakhiri Perjanjian dan seluruh layanan yang ada
berdasarkan Perjanjian secara efektif berakhir pada 1 Juli 2023./
Under the agreement dated 13 January 2022, the Company and PT
Indosat Tbk rearranged the lease between the Parties including
rearrange the lease object previously set forth under such agreement
dated 22 August 2016. On 13 October 2023, the Company and PT
Indosat Tbk entered into Minutes of Termination to Core and/or Main
Cable and Access Cable Capacity Agreement to terminate the
Agreement and all existing services effective as of 1 July 2023.
Page 401
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/111 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. PERJANJIAN-PERJANJIAN PENTING (lanjutan) 32. SIGNIFICANT AGREEMENTS (continued)
Grup juga menandatangani sejumlah perjanjian The Group also entered into various significant
penting lain, di antaranya: (lanjutan) agreements, such as: (continued)
Pihak-pihak dalam perjanjian/ Informasi penting/
Counterparties Significant information
PT Circles Asia Teknologi (“Circles Indonesia”) - Pada tanggal 10 September 2020, Perseroan dan Circles Indonesia
menandatangani perjanjian – perjanjian managed service untuk
produk digital Perseroan yang berlaku selama 3 (tiga) tahun dengan
perpanjangan otomatis untuk 5 (lima) tahun. Sebagai imbalan, Circles
Indonesia akan mendapatkan persentase tertentu dari penjualan
bersih atas produk digital tersebut dari Perseroan./
On 10 September 2020, the Company and Circles Indonesia entered
into managed service agreements for the Company's digital products
which is valid for 3 (three) years with automatic renewal for an
additional 5 (five) years. In return, Circles Indonesia will receive a
certain percentage of net revenue for the digital product from the
Company.
PT Huawei Tech Investment (“HTI”) - Pada tanggal 28 Maret 2019, Perusahaan menandatangani perjanjian
Network Managed Services dengan HTI untuk periode lima tahun
yang telah diperpanjang sampai dengan 31 Maret 2026 berdasarkan
Amendemen Pertama tanggal 23 September 2023. Perjanjian
tersebut meliputi jasa pengadaan, kegiatan operasional dan layanan
jaringan, termasuk pemeliharaan untuk Perusahaan. Perusahaan
melakukan pembayaran dimuka atas biaya jasa triwulan kepada HTI./
On 28 March 2019, the Company entered into a Network Managed
Services Agreement with HTI for a period of five years which already
extended until 31 March 2026 based on First Amendment dated
23 September 2023. This agreement includes procurement, network
operations and services, as well as maintenance for the Company.
The Company paid the quarterly services fees to HTI in advance.
- Perjanjian "Equipment Supply" di mana HTI akan menyediakan
produk-produk jaringan dan sistem komunikasi yang dibutuhkan oleh
Perusahaan sesuai dengan syarat dan ketentuan yang telah
disepakati dalam perjanjian. Amendemen terakhir sehubungan
dengan modernisasi peralatan di wilayah Jawa Barat, Bali, Lombok
dan Sumbawa, di mana kedua pihak setuju untuk melakukan
pertukaran aset yang lama dengan aset baru yang disediakan oleh
HTI. Amendemen terakhir berlaku mulai tanggal 4 Desember 2014
sepanjang tidak diakhiri oleh salah satu pihak berdasarkan ketentuan
yang berlaku dalam perjanjian./
Equipment supply agreement in which HTI will supply network and
communication system products that are needed by the Company in
accordance with the terms and conditions in the agreement. The latest
amendment related to the modernisation of equipment in West Java,
Bali, Lombok and Sumbawa, in which both parties agreed to exchange
the old assets with the new assets provided by HTI. The amendment is
valid from 4 December 2014, unless terminated by either party in
accordance with the agreement.
Page 402
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/112 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. PERJANJIAN-PERJANJIAN PENTING (lanjutan) 32. SIGNIFICANT AGREEMENTS (continued)
Grup juga menandatangani sejumlah perjanjian The Group also entered into various significant
penting lain, di antaranya: (lanjutan) agreements, such as: (continued)
Pihak-pihak dalam perjanjian/ Informasi penting/
Counterparties Significant information
Moratel, PT IForte Solusi Infotek, - Perusahaan mengadakan perjanjian sewa jaringan serat optik dengan
PT Persada Sokka Tama, sejumlah perusahaan penyedia serat optik. Perjanjian ini berlaku
PT Alita Praya Mitra, sampai dengan berakhirnya jangka waktu pemanfaatan seluruh
PT Mega Akses Persada, jaringan serat optik yang disewakan yaitu selama sepuluh tahun sejak
PT Transindonesia Network, pemanfaatan jaringan untuk lokasi yang disepakati./
PT Multitech Infomedia, The Company entered into fibre optic lease agreement with several
PT Era Bangun Telecomindo, fibre optic provider companies. These agreements are valid until the
PT Ultra Mandiri Telekomunikasi, end of leased terms to utilise the fibre optics network for ten years,
PT Indonesia Comnets Plus respectively from the utilisation of the agreed spots.
Protelindo - Pada tanggal 28 Maret 2016, Perusahaan menandatangani Perjanjian
Pembelian Aset (“APA”) dengan Protelindo di mana Perusahaan
bermaksud untuk menjual 2.500 menara telekomunikasi yang dimiliki
Perusahaan kepada Protelindo dan Protelindo setuju untuk
menyewakan kembali sebagian ruang pada 2.433 menara
telekomunikasi tersebut kepada Perusahaan. Terkait dengan APA, di
tanggal yang sama, Perusahaan juga menandatangani Perjanjian
Induk Sewa Menyewa Menara dengan Protelindo untuk periode
sepuluh tahun yang akan berlaku pada saat Tanggal Penutupan
transaksi penjualan menara tersebut. Pada tanggal 30 Juni 2016,
Perusahaan telah menyelesaikan transaksi tersebut dengan Protelindo
dan efektif menyewa sebagian ruang pada menara dan sebagian
ruang pada lahan atas menara tersebut. Dampak atas transaksi ini
dapat dilihat pada Catatan 7 dan 12./
On 28 March 2016, the Company signed Assets Purchase Agreement
("APA") with Protelindo in which the Company intended to sell 2,500
telecommunication towers owned by the Company to Protelindo and
Protelindo agreed to leaseback 2,433 specific tower spaces to the
Company. Related to APA, on the same date, the Company also
signed Master Tower Lease Agreement with Protelindo for ten year
period which will be effective on the Closing Date of the transaction of
tower sales. On 30 June 2016, the Company has completed the
transaction with Protelindo and effectively leased spaces on the
telecommunication towers and sites. The impact of this transaction can
be seen in Notes 7 and 12.
Page 403
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. PERJANJIAN-PERJANJIAN PENTING (lanjutan) 32. SIGNIFICANT AGREEMENTS (continued)
Grup juga menandatangani sejumlah perjanjian The Group also entered into various significant
penting lain, di antaranya: (lanjutan) agreements, such as: (continued)
Pihak-pihak dalam perjanjian/ Informasi penting/
Counterparties Significant information
PT Solusi Tunas Pratama Tbk. (“STP”) - Pada tanggal 30 September 2014, Perseroan menandatangani
Perjanjian Pembelian Aset (“APA”) dengan STP dimana Perseroan
bermaksud untuk menjual 3.500 menara telekomunikasi yang dimiliki
Perseroan kepada STP dan STP setuju untuk menyewakan kembali
sebagian ruang pada menara telekomunikasi tersebut kepada
Perseroan. Terkait dengan APA, di tanggal yang sama, Perseroan
juga menandatangani Perjanjian Induk Sewa Menyewa Menara
dengan STP untuk periode 10 (sepuluh) tahun yang akan berlaku
bersamaan dengan transaksi penjualan menara tersebut. Pada
tanggal 23 Desember 2014, Perseroan telah menyelesaikan transaksi
tersebut dengan STP dan efektif menyewa sebagian ruang pada
menara dan sebagian ruang pada lahan atas menara tersebut.
Dampak atas transaksi ini dapat dilihat padat Catatan 7 dan 12./
On 30 September 2014, the Company signed Assets Purchase
Agreement ("APA") with STP in which the Company intended to sell
3,500 telecommunication towers owned by the Company to STP and
STP agreed to leaseback specific tower spaces to the Company.
Related to APA, on the same date, the Company also signed Master
Tower Lease Agreement with STP for 10 (ten) years period which will
be effective along with the tower sales transaction. On 23 December
2014, the Company has completed the transaction with STP and
effectively leased spaces on the telecommunication towers and sites.
The impact of this transaction can be seen in Notes 7 and 12.
PT Axiata Digital Analytics Indonesia (”ADAI”) - Pada tanggal 29 Juni 2018, Perusahaan mengadakan perjanjian
kerjasama dengan PT Axiata Digital Analytics Indonesia (“ADAI”)
sehubungan dengan Bisnis Periklanan Mobile (M-Ads) yang diubah
pada tanggal 24 Maret 2022 dan terakhir diubah pada 10 June 2024.
Berdasarkan perjanjian pada tanggal 24 Maret 2022, ADAI akan
menyediakan jasa untuk mengelola bisnis M-Ads bersama-sama
dengan XL, di mana kedua belah pihak sepakat terhadap persyaratan
dan kondisi tertentu. Berdasarkan perubahan terakhir pada tanggal
10 Juni 2024, kedua belah pihak sepakat untuk mengubah Minimum
Revenue Commitment untuk tahun 2024. Perjanjian ini akan berakhir
pada tanggal 30 Juni 2026./
On 29 June 2018, the Company entered into a cooperation agreement
with PT Axiata Digital Analytics Indonesia (“ADAI”) which was
amended on 24 March 2022 and last amended on 10 June 2024 in
relation to Mobile Advertising (M-Ads) business. Under the agreement
dated 24 March 2022, ADAI provided services to manage M-Ads
business in cooperation with XL, where both parties agreed to certain
terms and conditions. Under the last amendment dated 10 June 2024,
the both parties are agreed to amend the Minimum Revenue
Commitment for 2024. This agreement will ended on 30 June 2026.
Page 404
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/114 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. PERJANJIAN-PERJANJIAN PENTING (lanjutan) 32. SIGNIFICANT AGREEMENTS (continued)
Grup juga menandatangani sejumlah perjanjian The Group also entered into various significant
penting lain, di antaranya: (lanjutan) agreements, such as: (continued)
Pihak-pihak dalam perjanjian/ Informasi penting/
Counterparties Significant information
Princeton Digital Group (Indonesia Alpha) Pte. - Pada tanggal 27 Juni 2019, Perusahaan menandatangani perjanjian
Limited (“PDG”) dengan Princeton Digital Group (Indonesia Alpha) Pte. Limited (“PDG”)
di mana PDG dan Perusahaan setuju untuk melakukan perjanjian
membentuk perusahaan baru, mengalihkan aset tertentu, penjualan
saham dan sewa balik untuk sebagian dari aset tersebut selama
periode sepuluh tahun yang dapat diperpanjang untuk periode lima
tahun berikutnya. Perusahaan baru tersebut didirikan dengan nama PT
Princeton Digital Group Data Centres (“PDGDC”) dan bergerak dalam
bidang usaha informasi dan komunikasi di mana bisnis utamanya
adalah untuk mengembangkan kegiatan aktivitas hosting. Perjanjian
tersebut menetapkan bahwa pada penyelesaian akhir, PDG dan
Perusahaan masing-masing akan memegang 70% dan 30% dari
jumlah modal saham PDGDC. Pada tanggal 1 Juli 2019, PDGDC
didirikan sebagaimana dimuat dalam Akta No. 13 tanggal 27 Juni 2019
dibuat di hadapan Dedy Syamri, S.H., Notaris di Jakarta. Akta tersebut
mendapatkan persetujuan dari Menteri Hukum dan Hak Asasi Manusia
Republik Indonesia berdasarkan Surat Keputusan Menteri No. AHU-
0031029.AH.01.01.Tahun 2019 tertanggal 1 Juli 2019. Perusahaan
dan PDG telah menyetorkan modal awal sebesar Rp 2.490 dan Rp 10
dengan persentase kepemilikan 99,6% dan 0,4%. Sampai dengan 31
Desember 2022, Perusahaan telah mengalihkan aset tertentu, sewa
balik untuk sebagian dari aset tersebut dan melakukan penjualan
sebagian sahamnya di PDGDC dan PDG memberikan kontribusi
tambahan modal saham sehingga persentase kepemilikan Perusahaan
dan PDG masing-masing adalah 30% dan 70% dari jumlah saham
PDGDC. Pada tanggal 4 Agustus 2022, kepemilikan saham
Perusahaan atas PDGDC terdilusi menjadi sebesar 14.82% (lihat
Catatan 9)./
On 27 June 2019, the Company entered into an agreement with
Princeton Digital Group (Indonesia Alpha) Pte. Limited (“PDG”) in
which PDG and the Company agreed to establish a new company,
transfer certain assets, sell the subscribed shares, and partially
leaseback such assets for a period of ten years which can be extended
for the next five years. The new company is established under the
name PT Princeton Digital Group Data Centres (“PDGDC”) and
operates in information and communication service in which the main
business is to develop hosting activities. The agreement stated that
upon completion, PDG and the Company would hold 70% and 30% of
total PDGDC shares, respectively. On 1 July 2019, PDGDC was
established by Deed No. 13 dated 27 June 2019 overseen by Dedy
Syamri, S.H., Notary in Jakarta. The deeds were approved by the
Minister of Law and Human Rights of the Republic of Indonesia as
stated in the Minister’s Decision Letter No. AHU-0031029.AH.01.01.
Year 2019 dated 1 July 2019. The Company and PDG invested initial
capital amounting to Rp 2,490 and Rp 10 for 99.6% and 0.4%
ownership. Up to 31 December 2022, the Company has transferred
certain assets, leased back some of the assets, and partially sold its
shares at PDGDC and PDG contributed additional capital share so that
the Company and PDG hold 30% and 70% of total PDGDC shares,
respectively. On August 4, 2022, the Company’s share ownership of
PDGDC was diluted to 14.82% (see Note 9).
Page 405
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/115 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. PERJANJIAN-PERJANJIAN PENTING (lanjutan) 32. SIGNIFICANT AGREEMENTS (continued)
Grup juga menandatangani sejumlah perjanjian The Group also entered into various significant
penting lain, di antaranya: (lanjutan) agreements, such as: (continued)
Pihak-pihak dalam perjanjian/ Informasi penting/
Counterparties Significant information
Asia Link Dewa Pte. Ltd. dan/and PT First - Pada tanggal 27 Januari 2022, Perusahaan dan Axiata Investments
PT First Media Tbk (Indonesia) Sdn. Bhd. (bersama-sama disebut “Pembeli”)
menandatangani Perjanjian Penjualan dan Pembelian Bersyarat
(“CSPA”) dengan Asia Link Dewa Pte. Ltd. dan PT First Media Tbk
(bersama-sama disebut “Penjual”), sehubungan dengan rencana
akuisisi 66,03%, atau setara dengan 1.816.735.484 saham
kepemilikan di PT Link Net Tbk (“Linknet”). Pembeli akan memperoleh
Linknet dengan harga Rp 4.800/saham atau setara dengan Rp
8.720.330, dengan syarat-syarat tertentu yang diatur dalam CSPA.
Akibat akuisisi tersebut, Axiata Investments (Indonesia) Sdn. Bhd.
akan memperoleh 46,03% kepemilikan di Linknet, sedangkan
Perusahaan akan mengakuisisi 20% kepemilikan di Linknet. Pada
tanggal 22 Juni 2022, Perusahaan telah menyelesaikan transaksi dan
mengakuisisi 20% kepemilikan di Linknet (lihat Catatan 9) dengan
jumlah pembayaran sebesar Rp 2.641.518./
On 27 January 2022, the Company and Axiata Investments (Indonesia)
Sdn. Bhd. (together called “the Buyers”) signed a Conditional Sales
and Purchase Agreement (“CSPA”) with Asia Link Dewa Pte. Ltd. and
PT First Media Tbk (together called “the Sellers”), in relation to a
proposed acquisition of 66.03%, or equivalent to 1,816,735,484 shares
ownership in PT Link Net Tbk (“Linknet”). The Buyers will acquire
Linknet at Rp 4,800/shares or equivalent to Rp 8,720,330, subject to
certain conditions stipulated in the CSPA. As a result of the acquisition,
Axiata Investments (Indonesia) Sdn. Bhd. will obtain 46.03% ownership
in Linknet, while the Company will acquire 20% ownership in Linknet.
As of 22 June 2022, the Company had completed the transaction and
acquire 20% ownership in Linknet (see Note 9) with the total payment
amounting to Rp 2,641,518.
PT Hipernet Indodata - Pada bulan Maret 2022, Perusahaan menandatangani Perjanjian
Penjualan dan Pembelian Bersyarat (“CSPA”) dengan Bridgefield
Prime Investments Pte. Ltd., Ameisys Global Technologies Pte. Ltd.,
PT Mitra Indo Asia dan PT Magna Karya Archipelago untuk
mengakuisisi 51% atau sebesar 2.805 lembar kepemilikan saham di
PT Hipernet Indodata dengan syarat-syarat tertentu yang diatur dalam
CSPA. Perusahaan telah menyelesaikan transaksi ini pada tanggal 2
Juni 2022. Dampak atas transaksi ini dapat dilihat pada Catatan 37./
In March 2022, the Company signed a signed a Conditional Sales and
Purchase Agreement (“CSPA”) with Bridgefield Prime Investments Pte.
Ltd., Ameisys Global Technologies Pte. Ltd., PT Mitra Indo Asia and
PT Magna Karya Archipelago to acquire 51% or equivalent to 2,805
shares of ownership in PT Hipernet Indodata, subject to certain
conditions as stipulated in the CSPA. The Company completed the
transaction on 2 June 2022. The impact of this transaction can be seen
in Note 37.
Page 406
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/116 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. PERJANJIAN-PERJANJIAN PENTING (lanjutan) 32. SIGNIFICANT AGREEMENTS (continued)
Grup juga menandatangani sejumlah perjanjian The Group also entered into various significant
penting lain, di antaranya: (lanjutan) agreements, such as: (continued)
Pihak-pihak dalam perjanjian/ Informasi penting/
Counterparties Significant information
Australia – Singapore Cable Opco Pty - Pada tanggal 8 Agustus 2018, Perusahaan dan Australia – Singapore
Limited (“ASC”) Cable Opco Pty Limited (“ASC”) menandatangani Master Service
Agreement (“MSA”) yang mengatur ketentuan mengenai penyediaan
layanan transmisi sirkit secara timbal balik melalui Sistem Komunikasi
Kabel Laut (“SKKL”) di mana Perusahaan akan menyediakan setengah
rangkaian layanan transmisi sirkit untuk sirkit Jakarta – Singapura dan
sirkit Jakarta – Perth. MSA ini berlaku selama yang mana lebih lama
antara 25 tahun dan umur ekonomis dari kabel laut yang ditentukan
oleh ASC kecuali diakhiri lebih awal berdasarkan perjanjian ini./
On 8 August 2018, the Company and Australia – Singapore Cable
Opco Pty Limited (“ASC”) entered into Master Service Agreement
(“MSA”) which sets out the terms of reciprocal supply of transmission
circuit to each other through Submarine Cable Communication System
(“SKKL”), whereby the Company will supply a half circuit services for
Jakarta – Singapore circuit and Jakarta – Perth circuit. This MSA will
valid until the later of the end of 25 years and the economic life of the
submarine cable which is determined by ASC unless terminated earlier
in accordance with the agreement.
PT WT Indonesia - Pada tanggal 10 Desember 2018, Perusahaan menandatangani
perjanjian Managed Services Agreement for Multi-Vendor Assurance
and Managed Services dengan PT WT Indonesia untuk periode lima
tahun yang telah diperpanjang sampai dengan 30 November 2024
berdasarkan Notice for Extension of Managed Services Agreement
tanggal 25 Maret 2024. Perjanjian tersebut meliputi jasa layanan
terkelola infrastruktur IT untuk Perusahaan. Perusahaan melakukan
pembayaran atas jasa triwulanan kepada
PT WT Indonesia./
On 10 December 2018, the Company entered into a Managed Services
Agreement for Multi-Vendor Assurance and Managed Services with
PT WT Indonesia for a period of five years which already extended
until 30 November 2024 based on Notice for Extension of Managed
Services Agreement dated 25 March 2024. This agreement will include
managed services on IT infrastructure for the Company. The Company
paid the services fees to PT WT Indonesia on a quarterly basis.
PT Edotco Infrastruktur Indonesia (”Edotco”) - Pada tanggal 25 Februari 2022, Perusahaan menandatangani
Perjanjian Pembelian Aset (“APA”) dengan Edotco di mana
Perusahaan bermaksud untuk menjual 859 menara telekomunikasi
yang dimiliki Perusahaan kepada Edotco dan Edotco setuju untuk
menyewakan kembali sebagian ruang pada menara telekomunikasi
tersebut kepada Perusahaan. Terkait dengan APA, di tanggal yang
sama, Perusahaan juga menandatangani Perjanjian Induk Sewa
Menyewa Menara dengan Edotco untuk periode dua belas tahun./
On 25 February 2022, the Company signed Assets Purchase
Agreement ("APA") with Edotco in which the Company intended to sell
859 telecommunication towers owned by the Company to Edotco and
Edotco agreed to leaseback specific tower spaces to the Company.
Related to APA, on the same date, the Company also signed Master
Tower Lease Agreement with Edotco for a twelve years period.
Page 407
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/117 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. PERJANJIAN-PERJANJIAN PENTING (lanjutan) 32. SIGNIFICANT AGREEMENTS (continued)
Grup juga menandatangani sejumlah perjanjian The Group also entered into various significant
penting lain, di antaranya: (lanjutan) agreements, such as: (continued)
Pihak-pihak dalam perjanjian/ Informasi penting/
Counterparties Significant information
PT Application Solution - Business Support System Agreement ("BSSA") terkait dengan
pengelolaan perangkat lunak dan telah ditandatangani Perusahaan
pada tanggal 30 Juni 2019 untuk periode lima tahun yang diperpanjang
berdasarkan Amendemen Pertama tanggal
30 Maret 2024 untuk jangka waktu lima tahun berikutnya, yang berakhir
pada 30 Juni 2029. Perjanjian tersebut meliputi desain sistem,
implementasi, konfigurasi dan penggantian maupun peningkatan atas
sistem penagihan dan manajemen pelanggan./
The Business Support System Agreement ("BSSA") related to the
management of software has been signed by the Company on
30 June 2019 for a period of five years which has been extended by
First Amendment dated 30 March 2024 for a subsequent period of five
years, which ended on 30 June 2029. The agreement covers system
design, implementation, configuration, and replacement or
enhancement for billing and customer management system operation.
Edge Network Services Limited dan/and - Pada tanggal 1 April 2020, Perusahaan, Edge Network Services
Google Singapore Pte Ltd Limited (“Edge”),dan Google Singapore Pte Ltd (“Google”)
menandatangani Landing Service Agreement for Echo Cable System
(LSA) yang mengatur ketentuan mengenai kerjasama penyediaan
layanan kolokasi dan fasilitas pendukung pembangunan Sistem
Komunikasi Kabel Laut Singapore – Eureka (“SKKL”) di mana
Perusahaan akan menyediakan dan mengoperasikan Terminal Station
dan fasilitas pendukung lainnya yang diperlukan untuk kebutuhan
SKKL. LSA berlaku selama umur ekonomis dari kabel laut yang
ditentukan oleh Edge dan Google, dengan komitmen jangka waktu
minimum selama sepuluh tahun./
On 1 April 2020, the Company, Edge Network Services Limited, and
Google Singapore Pte Ltd entered into Landing Service Agreement for
Echo Cable System (LSA) which sets out the terms of cooperation on
the provision of colocation and supporting facilities service for
Singapore – Eureka Submarine Cable System (“Cable System”)
whereby the Company will provide and operated Terminal Station and
supporting facilities required for the Cable System. The LSA will be
valid until the end of the economic life of the submarine cable which is
determined by Edge and Google with minimum period commitment of
ten years.
PT Integrasi Jaringan Ekosistem (”IJE”) - Pada tanggal 6 Desember 2022, Perusahaan menandatangani
Perjanjian Pembelian Aset (“APA”) dengan IJE di mana Perusahaan
bermaksud untuk menjual kabel serat optik sepanjang 3.984,5 km
yang dimiliki Perusahaan kepada IJE dan IJE setuju untuk
menyewakan kembali bagian inti kabel fiber optik (core) tersebut
kepada Perusahaan. Terkait dengan APA, di tanggal yang sama,
Perusahaan juga menandatangani Perjanjian Sewa Menyewa
Jaringan Telekomunikasi (“FLA”) dengan IJE untuk periode sepuluh
tahun./
Page 408
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/118 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. PERJANJIAN-PERJANJIAN PENTING (lanjutan) 32. SIGNIFICANT AGREEMENTS (continued)
Grup juga menandatangani sejumlah perjanjian The Group also entered into various significant
penting lain, di antaranya: (lanjutan) agreements, such as: (continued)
Pihak-pihak dalam perjanjian/ Informasi penting/
Counterparties Significant information
PT Integrasi Jaringan Ekosistem (”IJE”) On 6 December 2022, the Company signed Assets Purchase
(lanjutan/continued) Agreement ("APA") with IJE in which the Company intended to sell
3,984.5 km fiber optic cable owned by the Company to IJE and IJE
agreed to leaseback fiber optic core to the Company. Related to APA,
on the same date, the Company also signed FIber Lease Agreement
(“FLA”) with IJE for a ten years period.
PT Link Net Tbk - Pada tanggal 28 Juni 2023, Perusahaan menandatangani Perjanjian
sewa Fiber to the Home (”FTTH”) dengan PT Link Net Tbk untuk satu
juta Home Pass yang akan dibangun, dikembangkan, dioperasikan
dan dikelola oleh PT Link Net Tbk untuk Perusahaan, yang digunakan
secara eksklusif untuk pelanggan XL selama periode dua tahun enam
bulan. Pada tanggal 4 Desember 2024, Perusahaan dan
PT Link Net Tbk menandatangani perjanjian baru untuk dua juta
Home Pass dengan perubahan ketentuan penggunaan ekslusif oleh
pelanggan XL menjadi hanya untuk periode satu tahun./
On 28 June 2023, the Company signed Lease Agreement of Fiber to
the Home (“FTTH”) with PT Link Net Tbk for one million Home Passes
which will be built, developed, operated and maintained by PT Link
Net Tbk for the Company, that will used exclusively by XL’s customers
for two years and six months period. On 4 December 2024, the
Company and PT Link Net Tbk signed an amendment to the
agreement for one million Home Passes and signed a new agreement
for two million Home Passes with a change in the terms of exclusive
use by XL’s customers to only one year period.
- Pada tanggal 22 Mei 2024, Perusahaan menandatangani Perjanjian
Pengalihan Usaha (”BTA”) dengan PT Link Net Tbk untuk
mengakuisisi hak dan kepentingan segmen Business to Customer
(”B2C”) PT Link Net Tbk yang melayani pelanggan residensial. Harga
pembelian ditetapkan sebesar Rp 1.875.000 bergantung pada
terpenuhinya syarat-syarat tertentu. Pada tanggal yang sama, kedua
belah pihak juga menandatangani Perjanjian Layanan Induk (”MSA”).
Berdasarkan MSA, PT Link Net Tbk akan memasang,
mengintegrasikan dan menyewakan jaringan Hybrid Fiber-Coaxial
(”HFC”)/FTTH kepada Perusahaan, dan menyediakan layanan terkait
untuk jangka waktu 10 tahun, dengan opsi perpanjangan 5 tahun
tambahan berdasarkan kesepakatan bersama. Pelaksanaan transaksi
yang diatur dalam MSA bergantung pada penyelesaian BTA.
Pengalihan ini akan efektif sejak 27 September 2024, setelah
terpenuhinya beberapa syarat dan ketentuan tertentu./
On 22 May 2024, the Company entered into a Business Transfer
Agreement (“BTA”) with PT Link Net Tbk to acquire all rights and
interests PT Link Net Tbk’s Business to Customer (“B2C”) segment,
which serves residential customers. The purchase price is set at Rp
1,875,000 contingent upon the fulfillment of certain conditions. On the
same date, both parties also signed Master Service Agreement
(“MSA”). Under the MSA, PT Link Net Tbk will install, integrate and
lease the Hybrid Fiber-Coaxial (”HFC”)/FTTH network to the Company
and provide related services for a period of 10 years, with an option to
extend for an additional 5 years, subject to mutual agreement. The
execution of transactions outlined in the MSA is contingent upon the
completion of the BTA. The transfer will be effective from 27
September 2024, upon the fulfillment of certain conditions precedent.
Page 409
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/119 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. PERJANJIAN-PERJANJIAN PENTING (lanjutan) 32. SIGNIFICANT AGREEMENTS (continued)
Grup juga menandatangani sejumlah perjanjian The Group also entered into various significant
penting lain, di antaranya: (lanjutan) agreements, such as: (continued)
Pihak-pihak dalam perjanjian/ Informasi penting/
Counterparties Significant information
PT Link Net Tbk - Pada tanggal 24 September 2024, Perusahaan menandatangani
(lanjutan/continued) Perjanjian Layanan Transisi (“TSA”) dengan PT Link Net Tbk untuk
memfasilitasi pengoperasian ServeCo yang tidak terganggu setelah
BTA berlaku efektif dan selama transisi dan migrasi ServeCo dari PT
Link Net Tbk ke Perusahaan. Kecuali untuk layanan jaringan (Uplink),
TSA berlaku selama 12 bulan kecuali diakhiri lebih awal dan akan
diperpanjang secara otomatis selama 3 (tiga) bulan kecuali
Perusahaan memberitahukan kepada PT Link Net Tbk sebelumnya.
Pada tanggal yang sama, kedua belah pihak juga menandatangani
Perjanjian Jual Kembali Konten (“CRA”). CRA mengatur bahwa
Perusahaan akan menjual kembali layanan konten PT Link Net Tbk
kepada pelanggan Perusahaan. PT Link Net Tbk berhak untuk
mengakui keseluruhan pendapatan atas penjualan konten dan
Perusahaan mengakui pendapatan sebesar margin tertentu, sesuai
dengan ketentuan yang telah diatur dalam CRA. TSA dan CRA telah
berlaku efektif sejak penyelesaian BTA pada tanggal 27 September
2024./
On 24 September 2024, the Company entered into a Transitional
Services Agreement (“TSA”) with PT Link Net Tbk to facilitate the
uninterrupted operation of ServeCo after the BTA becomes effective
and during the transition and migration of ServeCo from PT Link Net
Tbk to the Company. Except for Network (Uplink) services, the TSA is
valid for 12 months unless terminated earlier and it will be
automatically extended for 3 (three) months unless the Company
notifies PT Link Net Tbk in advance. On the same date, both parties
also entered into a Content Reseller Agreement (“CRA”). The CRA
stipulates that the Company will resell PT Link Net Tbk’s content
services to the Company’s customers. PT Link Net Tbk is eligible to
record full revenue from the sale of content and the Company
recognises the revenue at certain margin, as stipulated in the CRA.
The TSA and CRA have been effective since the completion of the
BTA on 27 September 2024.
NEC Corporation dan/and PT NEC Indonesia - Pada tanggal 28 Maret 2024, Perusahaan menandatangani Perjanjian
Penyediaan cabang Jakarta dengan NEC Corporation (“NEC”) dan PT
NEC Indonesia (“NEC Indonesia”), di mana Perusahaan sepakat
untuk menunjuk NEC dan NEC Indonesia melaksanakan pekerjaan
yang terkait untuk penyediaan material dan instalasi Jakarta Branch.
The Jakarta Branch merupakan implementasi komitmen Perusahaan
untuk berkontribusi dalam pembangunan Echo Cable System dengan
Edge Network Service Limited dan Google Pte Ltd berdasarkan
Landing Cooperation Agreement (“LCA”) yang telah ditandatangani
oleh Perusahaan dan Edge Network Service Limited dan Google Pte
Ltd di bulan April 2020./
On 28 March 2024, the Company entered into Supply Contract for
Jakarta Branch with NEC Corporation (“NEC”) and PT NEC Indonesia
(“NEC Indonesia”), where the Company agree to appoint NEC and
NEC Indonesia to perform any works related to material supply and
installation of Jakarta Branch. The Jakarta Branch is implementation
of the Company’s commitment to contribute in the development of
Echo Cable System with Edge Network Service Limited and Google
Pte Ltd based on Landing Cooperation Agreement (“LCA”) that has
been entered into by the Company and Edge Network Service Limited
and Google Pte Ltd in April 2020.
Page 410
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/120 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. PERJANJIAN-PERJANJIAN PENTING (lanjutan) 32. SIGNIFICANT AGREEMENTS (continued)
Grup juga menandatangani sejumlah perjanjian The Group also entered into various significant
penting lain, di antaranya: (lanjutan) agreements, such as: (continued)
Pihak-pihak dalam perjanjian/ Informasi penting/
Counterparties Significant information
Google Pte Ltd, Jumla Network Asia Pte Ltd, - Pada tanggal 27 Maret 2024, Perusahaan dan Google Pte Ltd telah
TPN SG Asset Hold Co Pte Ltd menandatangani Right To Use (“RTU”) and Bandwidth Service Exhibit
dan RTU Order Form, yang merupakan bagian dari Master Services
Agreement yang telah ditandatangani sebelumnya oleh Perusahaan
dan Google Singapore Pte. Ltd pada 6 September 2019. Perusahaan
juga menandatangani perjanjian kerja sama dengan Jumla Network
Asia Pte Ltd dan TPN SG Asset Hold Co Pte Ltd masing-masing pada
tanggal 28 Maret 2024 dan 30 Maret 2024. Berdasarkan perjanjian-
perjanjian tersebut, Perusaaan sepakat untuk menyewakan kabel
dalam bentuk Dark Fiber yang terletak di cabang Jakarta kepada para
penyewa, termasuk perangkat terminasi dan fasilitas umum cabang
(“Common Branch Facilities”) selama 10 tahun masa sewa dengan
perpanjangan otomatis untuk setiap 12 bulan berikut nya secara terus-
menerus sampai dengan diakhiri sesuai dengan ketentuan Perjanjian./
On 27 March 2024, the Company and Google Pte Ltd entered into
RTU and Bandwidth Service Exhibit and RTU Order Form, which
integral part of Master Services Agreement that has been entered into
by the Company and Google Pte Ltd on 6 September 2019. The
Company also entered into cooperation agreements with Jumla
Network Asia Pte Ltd and TPN SG Asset Hold Co Pte Ltd respectively
on 28 March 2024 and 30 March 2024. Under the agreements, the
Company agree to lease Dark Fiber in the Jakarta Branch to the
lessees, including termination equipment and common branch
facilities with a 10-year rental period with automatic extension for
every subsequent 12 months continuously until terminated in
accordance with the terms of the agreement.
33. ASET DAN LIABILITAS MONETER DALAM MATA 33. MONETARY ASSETS AND LIABILITIES
UANG ASING DENOMINATED IN FOREIGN CURRENCIES
31/12/2024
Setara
dengan
Rupiah/
Equivalent to
USD EUR MYR Rupiah
Aset Assets
Kas dan setara kas 9,028,889 - - 145,925 Cash and cash equivalents
Piutang usaha 10,994,891 - - 177,699 Trade receivables
Piutang lain-lain 33,865 - - 547 Other receivables
Aset lain-lain 3,316,241 - - 53,597 Other assets
Jumlah aset moneter 23,373,886 - - 377,768 Total monetary assets
Liabilitas Liabilities
Utang usaha (33,283,300) (93,988) (49,717) (539,688) Trade payables
Jumlah liabilitas Total monetary
moneter (33,283,300) (93,988) (49,717) (539,688) liabilities
Liabilitas moneter Net monetary
bersih (9,909,414) (93,988) (49,717) (161,920) liabilities
Page 411
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/121 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
33. ASET DAN LIABILITAS MONETER DALAM MATA 33. MONETARY ASSETS AND LIABILITIES
UANG ASING (lanjutan) DENOMINATED IN FOREIGN CURRENCIES
(continued)
31/12/2023
Setara
dengan
Rupiah/
Equivalent to
USD EUR MYR Rupiah
Aset Assets
Kas dan setara kas 6,129,382 - - 94,492 Cash and cash equivalents
Piutang usaha 20,882,204 - - 321,920 Trade receivables
Piutang lain-lain 1,026,394 - - 15,823 Other receivables
Aset lain-lain 3,316,241 - - 51,123 Other assets
Jumlah aset moneter 31,354,221 - - 483,358 Total monetary assets
Liabilitas Liabilities
Utang usaha (43,070,775) (135,225) (44,580) (666,619) Trade payables
Jumlah liabilitas Total monetary
moneter (43,070,775) (135,225) (44,580) (666,619) liabilities
Liabilitas moneter Net monetary
bersih (11,716,554) (135,225) (44,580) (183,261) liabilities
31/12/2022
Setara
dengan
Rupiah/
Equivalent to
USD EUR MYR Rupiah
Aset Assets
Kas dan setara kas 1,236,307 - - 19,451 Cash and cash equivalents
Piutang usaha 8,551,264 - - 134,520 Trade receivables
Piutang lain-lain 1,529,676 - - 24,063 Other receivables
Aset lain-lain 3,561,215 - - 56,021 Other assets
Jumlah aset moneter 14,878,462 - - 234,055 Total monetary assets
Liabilitas Liabilities
Utang usaha (36,197,124) - (25,500) (569,575) Trade payables
Jumlah liabilitas Total monetary
moneter (36,197,124) - (25,500) (569,575) liabilities
Liabilitas moneter Net monetary
bersih (21,318,662) - (25,500) (335,520) liabilities
Karena pendapatan utama Grup dalam mata uang Since the Group’s revenues are mainly
Rupiah sedangkan belanja modal utama Grup denominated in Rupiah and the Group’s capital
dalam mata uang Dolar Amerika Serikat, Grup expenditure is mainly denominated in US Dollars,
terutama rentan terhadap pergerakan kurs mata the Group is mainly exposed to fluctuations in
uang asing yang akan timbul terutama dari utang foreign exchange rates resulting mainly from its
usaha Grup dalam mata uang Dolar Amerika trade payables denominated in US Dollars.
Serikat.
Page 412
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/122 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
33. ASET DAN LIABILITAS MONETER DALAM MATA 33. MONETARY ASSETS AND LIABILITIES
UANG ASING (lanjutan) DENOMINATED IN FOREIGN CURRENCIES
(continued)
Aset dan liabilitas moneter Grup pada tanggal The Group’s monetary assets and liabilities on
31 Desember 2024 dilaporkan dalam mata uang 31 December 2024 were reported in Rupiah using
Rupiah dengan menggunakan kurs USD 1 = the exchange rates USD 1 = Rp 16,162 (full
Rp 16.162 (nilai Rupiah penuh) dan MYR 1 = amount Rupiah) and MYR 1 = Rp 3,616 (full
Rp 3.616 (nilai Rupiah penuh). Sejak tanggal amount Rupiah). Since 31 December 2024, those
31 December 2024, kurs tersebut telah berubah rates were changed to USD 1 = Rp 16,453 (full
menjadi kurs USD 1 = Rp 16.453 (nilai Rupiah amount Rupiah), and MYR 1 = Rp 3,668 (full
penuh) dan MYR 1 = Rp 3.668 (nilai Rupiah penuh) amount Rupiah) on 4 February 2025. If the Group
pada tanggal 4 Februari 2025. Apabila Grup reports monetary assets and liabilities in foreign
melaporkan semua aset dan liabilitas moneter currency as at 31 December 2024 using these
dalam mata uang asing pada tanggal rates, the unrealised foreign exchange loss will
31 Desember 2024 dengan menggunakan kurs-kurs decrease in the amount of Rp 2,883. In the future,
ini, maka kerugian selisih kurs yang belum the rates might fluctuate, and Rupiah might
direalisasi akan menurun sejumlah Rp 2.883. Pada depreciate or appreciate significantly compared to
masa mendatang, kurs mungkin berfluktuasi, dan other currencies.
mata uang Rupiah mungkin mengalami depresiasi
atau apresiasi secara signifikan terhadap mata uang
lainnya.
34. SEGMEN OPERASI 34. OPERATING SEGMENT
Pembuat keputusan operasional adalah Dewan The chief operating decision-maker is the Board of
Direksi. Direksi melakukan penelaahan terhadap Directors. The Board reviews the Company’s
pelaporan internal Perusahaan untuk menilai kinerja internal reporting in order to assess performance
dan mengalokasikan sumber daya. Manajemen and allocate resources. Management has
menentukan operasi segmen berdasarkan laporan determined the operating segment based on these
ini. Direksi mempertimbangkan bisnis dari sudut reports. The Board considers the business from the
pandang imbal hasil dari modal yang diinvestasikan. return of invested capital perspective.
Pada tanggal 31 Desember 2024, Grup As at 31 December 2024, the Group operates and
mengoperasikan dan mengelola bisnis dalam dua manages the business in two segments: one that
segmen yaitu segmen yang menyediakan jasa GSM provides GSM mobile and telecommunications
mobile dan jaringan telekomunikasi dan segmen networks and one that provides managed and
yang menyediakan managed service dan jasa information technology services to customers. The
teknologi informasi kepada para pelanggan. operating segments are managed separately
Segmen usaha dikelola secara terpisah karena because each offers different services/products
masing-masing menawarkan jasa/produk yang and serves different markets. The Group mainly
berbeda dan melayani pasar yang berbeda. Grup operates in one geographical area, so no
terutama beroperasi dalam satu wilayah geografis, geographical information on segments is
oleh karena itu informasi segmen geografis tidak presented.
disajikan.
Page 413
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/123 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
34. SEGMEN OPERASI (lanjutan) 34. OPERATING SEGMENT (continued)
Rincian informasi segmen adalah sebagai berikut: The detailed segment information is presented
below:
Jasa GSM Managed service
mobile dan dan jasa
jaringan teknologi
telekomunikasi/ informasi/
GSM mobile Managed Jumlah
and and sebelum
telecommunication information eliminasi/Total
network technology before Eliminasi/ Konsolidasian/
services services eliminations Eliminations Consolidated
Tahun yang berakhir pada Year ended
31 Desember 2024 31 December 2024
Pendapatan 33,674,584 775,189 34,449,773 (58,176) 34,391,597 Revenue
Beban penyusutan (12,029,466) (44,869) (12,074,335) - (12,074,335) Depreciation expenses
Beban infrastruktur (8,912,773) (29,550) (8,942,323) - (8,942,323) Infrastructure expenses
Beban interkoneksi dan Interconnection and
beban langsung lainnya (2,867,335) (475,021) (3,342,356) 58,176 (3,284,180) other direct expenses
Beban penjualan dan Sales and marketing
pemasaran (2,080,624) (13,568) (2,094,192) - (2,094,192) expenses
Beban gaji dan Salaries and employee
kesejahteraan karyawan (1,628,488) (107,586) (1,736,074) - (1,736,074) benefit expense
Beban umum dan General and
administrasi (439,729) (15,261) (454,990) - (454,990) administrative expenses
Beban amortisasi (201,795) (15,133) (216,928) - (216,928) Amortisation expense
(Kerugian)/keuntungan Foreign exchange
selisih kurs - bersih (16,771) 445 (16,326) - (16,326) gain/(loss) - net
Keuntungan dari penjualan Gain from tower
dan sewa-balik menara 415,641 415,641 - 415,641 sale and leaseback
Lain-lain (244,151) 25,348 (218,803) (11,487) (230,290) Others
Biaya keuangan (3,104,381) (8,421) (3,112,802) - (3,112,802) Finance cost
Penghasilan keuangan 79,943 313 80,256 - 80,256 Finance income
Bagian atas (rugi)/laba Share of (loss)/profit
bersih dari entitas asosiasi (268,047) - (268,047) (29,782) (297,829) from associates
Beban pajak penghasilan (564,400) (15,194) (579,594) - (579,594) Income tax expense
Laba tahun berjalan 1,812,208 76,692 1,888,900 (41,269) 1,847,631 Profit for the year
Pada tanggal
31 Desember 2024 As at 31 December 2024
Informasi lain-lain Other information
Aset segmen 85,692,185 530,295 86,222,480 (43,915) 86,178,565 Segment assets
Jumlah aset 85,692,185 530,295 86,222,480 (43,915) 86,178,565 Total assets
Liabilitas segmen 59,611,528 358,798 59,970,326 (14,133) 59,956,193 Segment liabilities
Jumlah liabilitas 59,611,528 358,798 59,970,326 (14,133) 59,956,193 Total liabilities
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
34. SEGMEN OPERASI (lanjutan) 34. OPERATING SEGMENT (continued)
Rincian informasi segmen adalah sebagai berikut: The detailed segment information is presented
(lanjutan) below: (continued)
Jasa GSM Managed service
mobile dan dan jasa
jaringan teknologi
telekomunikasi/ informasi/
GSM mobile Managed Jumlah
and and sebelum
telecommunication information eliminasi/Total
network technology before Eliminasi/ Konsolidasian/
services services eliminations Eliminations Consolidated
Tahun yang berakhir pada Year ended
31 Desember 2023 31 December 2023
Pendapatan 31,846,415 501,010 32,347,425 (24,774) 32,322,651 Revenue
Beban penyusutan (11,321,942) (27,293) (11,349,235) - (11,349,235) Depreciation expenses
Beban infrastruktur (8,972,619) (23,027) (8,995,646) - (8,995,646) Infrastructure expenses
Beban interkoneksi dan Interconnection and
beban langsung lainnya (2,910,393) (286,601) (3,196,994) 24,774 (3,172,220) other direct expenses
Beban penjualan dan Sales and marketing
pemasaran (2,444,234) (10,541) (2,454,775) - (2,454,775) expenses
Beban gaji dan Salaries and employee
kesejahteraan karyawan (1,317,096) (85,146) (1,402,242) - (1,402,242) benefit expense
Beban umum dan General and
administrasi (395,319) (17,721) (413,040) - (413,040) administrative expenses
Beban amortisasi (142,083) (15,133) (157,216) - (157,216) Amortisation expense
(Kerugian)/keuntungan Foreign exchange
selisih kurs - bersih 12,993 (16) 12,977 - 12,977 gain/(loss) - net
Keuntungan dari penjualan Gain from tower
dan sewa-balik menara 424,062 - 424,062 - 424,062 sale and leaseback
Lain-lain (85,414) (8,157) (93,571) - (93,571) Others
Biaya keuangan (2,933,920) (6,059) (2,939,979) - (2,939,979) Finance cost
Penghasilan keuangan 99,452 644 100,096 - 100,096 Finance income
Bagian atas (rugi)/laba Share of (loss)/profit
bersih dari entitas asosiasi (174,836) - (174,836) (16,657) (191,493) from associates
Beban pajak penghasilan (410,195) (9,874) (420,069) - (420,069) Income tax expense
Laba tahun berjalan 1,274,871 12,086 1,286,957 (16,657) 1,270,300 Profit for the year
Pada tanggal
31 Desember 2023 As at 31 December 2023
Informasi lain-lain Other information
Aset segmen 87,291,012 424,361 87,715,373 (20,819) 87,694,554 Segment assets
Jumlah aset 87,291,012 424,361 87,715,373 (20,819) 87,694,554 Total assets
Liabilitas segmen 60,939,933 285,349 61,225,282 (745) 61,224,537 Segment liabilities
Jumlah liabilitas 60,939,933 285,349 61,225,282 (745) 61,224,537 Total liabilities
Page 415
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
34. SEGMEN OPERASI (lanjutan) 34. OPERATING SEGMENT (continued)
Rincian informasi segmen adalah sebagai berikut: The detailed segment information is presented
(lanjutan) below: (continued)
Jasa GSM Managed service
mobile dan dan jasa
jaringan teknologi
telekomunikasi/ informasi/
GSM mobile Managed Jumlah
and and sebelum
telecommunication information eliminasi/Total
network technology before Eliminasi/ Konsolidasian/
services services eliminations Eliminations Consolidated
Tahun yang berakhir pada Year ended
tanggal 31 Desember 2022 31 December 2022
Pendapatan 28,939,423 211,736 29,151,159 (9,165) 29,141,994 Revenue
Beban penyusutan (10,565,035) (5,326) (10,570,361) - (10,570,361) Depreciation expenses
Beban infrastruktur (7,728,585) (5,362) (7,733,947) - (7,733,947) Infrastructure expenses
Beban penjualan
dan pemasaran (2,615,009) (2,989) (2,617,998) - (2,617,998) Sales and marketing expenses
Beban interkoneksi dan Interconnection and
beban langsung lainnya (2,767,408) (118,234) (2,885,642) 9,165 (2,876,477) other direct expenses
Beban gaji dan kesejahteraan Salaries and employee
karyawan (1,285,705) (39,824) (1,325,529) - (1,325,529) benefit expense
General and
Beban umum dan administrasi (341,866) (10,832) (352,698) - (352,698) administrative expenses
Beban Amortisasi - (7,567) (7,567) - (7,567) Amortisation expense
(Kerugian)/keuntungan selisih Foreign exchange
selisih kurs - bersih (61,311) 16 (61,295) - (61,295) gain/(loss) - net
Keuntungan dari penjualan Gain from tower
dan sewa-balik menara 446,805 - 446,805 - 446,805 sale and leaseback
Lain-lain (36,644) 1,502 (35,142) - (35,142) Others
Biaya keuangan (2,776,627) (758) (2,777,385) - (2,777,385) Finance cost
Penghasilan keuangan 111,670 48 111,718 - 111,718 Finance income
Bagian atas laba/(rugi) bersih Share of profit/(loss)
dari entitas asosiasi 16,066 - 16,066 (12,228) 3,838 from associates
Beban pajak penghasilan (225,842) (6,000) (231,842) - (231,842) Income tax expense
Laba tahun berjalan 1,109,932 16,410 1,126,342 (12,228) 1,114,114 Profit for the year
Pada tanggal
31 Desember 2022 As at 31 December 2022
Informasi lain-lain Other information
Aset segmen 86,930,476 369,364 87,299,840 (14,112) 87,285,728 Segment assets
Jumlah aset 86,930,476 369,364 87,299,840 (14,112) 87,285,728 Total assets
Liabilitas segmen 61,300,374 233,622 61,533,996 (1,884) 61,532,112 Segment liabilities
Jumlah liabilitas 61,300,374 233,622 61,533,996 (1,884) 61,532,112 Total liabilities
Lihat Catatan 2d dan 23 untuk keterangan dari Refer to Notes 2d and 23 for the description of the
masing-masing tipe produk dan jasa dalam setiap types of products and services under each
pelaporan segmen. reporting segment.
Manajemen memonitor hasil dari kegiatan bisnis Management monitors the operating results of its
unitnya secara terpisah dengan tujuan untuk business units separately for the purpose of
mengambil keputusan mengenai alokasi atas making decisions about resource allocation and
sumber yang tersedia dan penilaian atas performa. performance assessment. Segment performance is
Performa segmen dievaluasi berdasarkan evaluated based on operating profit or loss which,
keuntungan atau kerugian operasi atas hal-hal in certain respects as explained in the table below,
tertentu seperti yang dijelaskan pada tabel di bawah is measured differently from operating profit or loss
diukur secara berbeda dari keuntungan atau in the consolidated financial statements. The
kerugian operasi dalam laporan keuangan Group’s financing (including financing cost and
konsolidasian. Pembiayaan (termasuk biaya dan finance income) and income taxes are not
penghasilan keuangan) dan pajak penghasilan Grup managed on the segment level and therefore are
tidak dikelola pada tingkatan segmen sehingga tidak not allocated to operating segments.
dialokasikan pada segmen usaha.
Page 416
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
35. MANAJEMEN RISIKO KEUANGAN 35. FINANCIAL RISK MANAGEMENT
Aktivitas Grup mengandung berbagai macam risiko The Group’s activities expose it to a variety of
keuangan yaitu: risiko pasar (termasuk risiko nilai financial risks: market risk (including foreign
tukar mata uang asing dan risiko tingkat suku exchange risk and interest rate risk), credit risk and
bunga), risiko kredit dan risiko likuiditas. Secara liquidity risk. The Group’s overall financial risk
keseluruhan, program manajemen risiko keuangan management programme focuses on the
Grup berfokus pada ketidakpastian pasar keuangan unpredictability of financial markets and seeks to
dan untuk meminimalisasi potensi kerugian yang minimise its potential adverse effects on the
berdampak buruk pada kinerja keuangan Grup. financial performance of the Group.
Fungsi manajemen risiko keuangan dijalankan oleh Financial risk management is carried out by a
bagian treasury di bawah kebijakan-kebijakan yang treasury department under policies approved by
disetujui oleh Dewan Direksi. Bagian treasury the Board of Directors. The treasury department
mengidentifikasi, mengevaluasi dan melakukan identifies, evaluates and hedges financial risks if
aktivitas lindung nilai terhadap risiko-risiko considered necessary.
keuangan, jika dianggap diperlukan.
Faktor risiko keuangan Financial risk factors
(i) Risiko pasar (i) Market risk
Risiko nilai tukar mata uang asing Foreign exchange risk
Perubahan nilai tukar telah dan diperkirakan Changes in exchange rates have affected and
akan terus, memberikan pengaruh terhadap may continue to affect the Group’s results of
hasil usaha dan arus kas Grup. Beberapa operations and cash flows. Some of the
belanja modal Grup adalah dan diperkirakan Group’s capital expenditure is, and is expected
akan terus, didenominasi dengan mata uang to continue to be, denominated in US Dollars.
Dolar Amerika Serikat. Sebagian besar Most of the Group’s revenues are
pendapatan Grup adalah dalam mata uang denominated in Rupiah.
Rupiah.
Pada tanggal 31 Desember 2024, 2023 dan As at 31 December 2024, 2023 and 2022 if the
2022, jika Rupiah melemah/menguat 5% Rupiah had weakened/strengthened by 5%
terhadap mata uang asing dengan seluruh against the foreign currency with all other
variabel lain tetap, maka laba tahun berjalan variables held constant, the profit for the year
akan berkurang/bertambah masing-masing would have been lower/higher by Rp 8,096,
sebesar Rp 8.096, Rp 9.165 dan Rp 16.775 Rp 9,165 and Rp 16,775 respectively, mainly
terutama yang timbul sebagai akibat as a result of foreign exchange losses/gain on
kerugian/keuntungan selisih kurs atas translation of monetary assets and liabilities
penjabaran aset dan liabilitas moneter dalam denominated in foreign currency.
mata uang asing.
Risiko tingkat suku bunga Interest rate risk
Grup menghadapi risiko tingkat suku bunga The Group is exposed to interest rate risk
yang disebabkan oleh perubahan tingkat suku through the impact of rate changes on interest-
bunga pinjaman yang dikenakan bunga. Suku bearing liabilities. Interest rate for short and
bunga atas pinjaman jangka pendek dan jangka long-term borrowing can fluctuate over the
panjang dapat berfluktuasi sepanjang periode borrowing period. The treasury policy sets the
pinjaman. Kebijakan keuangan memberikan guideline that the interest rate exposure shall
panduan bahwa eksposur tingkat bunga harus be identified and minimised promptly.
diidentifikasi dan diminimalisasi secara tepat
waktu.
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/127 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
35. MANAJEMEN RISIKO KEUANGAN (lanjutan) 35. FINANCIAL RISK MANAGEMENT (continued)
Faktor risiko keuangan Financial risk factors
(i) Risiko pasar (lanjutan) (i) Market risk (continued)
Risiko tingkat suku bunga (lanjutan) Interest rate risk (continued)
Untuk mengukur risiko pasar atas pergerakan To measure the market risk of interest rate
suku bunga, Grup melakukan analisa marjin fluctuation, the Group primarily uses interest
dan pergerakan suku bunga, dan jika diperlukan margin and spread analysis, and if considered
melakukan transaksi kontrak swap tingkat suku necessary enters into interest rate swap
bunga. contracts.
(ii) Risiko kredit (ii) Credit risk
Profil pinjaman jangka panjang Grup adalah The Group long-term loans profile is as
sebagai berikut: follows:
31/12/2024 31/12/2023 31/12/2022
Pinjaman jangka
panjang dengan
tingkat suku bunga Floating interest rates
mengambang 8,846,978 6,024,900 7,753,650 long-term loans
8,846,978 6,024,900 7,753,650
Pada tanggal 31 Desember 2024, 2023 dan As at 31 December 2024, 2023 dan 2022, if
2022, jika suku bunga lebih tinggi 50 basis poin the interest rates had been 50 basis points
dengan semua variabel lain tetap, maka laba higher with all variables held constant, profit
tahun berjalan akan berkurang masing-masing for the year would have been lower by
sebesar Rp 20.413, Rp 15.795 dan Rp 42.467, Rp 20,413, Rp 15,795 and Rp 42,467,
terutama yang timbul sebagai akibat beban respectively, mainly as a result of higher
bunga yang lebih tinggi atas pinjaman dengan interest expense on floating rate loans.
suku bunga mengambang.
Grup memiliki risiko kredit yang terutama The Group is exposed to credit risk primarily
berasal dari kas pada bank, deposito berjangka from cash in banks, time deposits, trade
piutang usaha, piutang lain-lain dan aset lain- receivables, other receivables and other
lain - investasi bersih dalam sewa pembiayaan. assets - net investment in finance lease.
Kualitas kredit aset keuangan Credit quality of financial assets
Grup mengelola risiko kredit yang terkait The Group manages credit risk exposed from
dengan simpanan di bank dan piutang derivatif its deposits with banks and derivatives
dengan memonitor reputasi, peringkat kredit receivables by monitoring reputations and,
dan membatasi risiko agregat dari masing- credit ratings and limiting the aggregate risk to
masing pihak dalam kontrak. Untuk bank, hanya any individual counterparty. For banks, only
pihak-pihak independen dengan predikat baik independent parties with a good rating are
yang diterima. accepted.
31/12/2024 31/12/2023 31/12/2022
Bank dan setara kas 1,385,511 964,849 5,182,823 Bank and cash equivalents
Piutang usaha 1,862,607 1,385,785 738,169 Trade receivables
Piutang lain-lain 312,834 257,357 315,352 Other receivables
Aset lain-lain 53,734 52,119 54,124 Other assets
Jumlah 3,614,686 2,660,110 6,290,468 Total
Page 418
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
35. MANAJEMEN RISIKO KEUANGAN (lanjutan) 35. FINANCIAL RISK MANAGEMENT (continued)
Faktor risiko keuangan (lanjutan) Financial risk factors (continued)
(ii) Risiko kredit (lanjutan) (ii) Credit risk (continued)
Kualitas kredit aset keuangan (lanjutan) Credit quality of financial assets (continued)
Kualitas kredit dari aset keuangan baik yang The credit quality of financial assets that are
belum jatuh tempo atau tidak mengalami neither past due nor impaired and past due
penurunan nilai dan jatuh tempo tetapi tidak but not impaired can be assessed by
mengalami penurunan nilai dapat dinilai dengan reference to external credit ratings (if
mengacu pada peringkat kredit eksternal (jika available) or the expected loss rates referring
tersedia) atau tingkat kerugian ekspektasian to historical information and forward-looking
yang mengacu pada informasi historis dan information on macroeconomic factors that
informasi forward-looking mengenai faktor- affect counterparty default rates.
faktor makroekonomi yang memengaruhi tingkat
gagal bayar debitur.
a. Bank, setara kas, deposito bank dan a. Bank, cash equivalents, bank deposits
saldo bank yang dibatasi and restricted cash in banks
penggunaannya
31/12/2024 31/12/2023 31/12/2022
Dengan pihak yang
memiliki peringkat Counterparties with
kredit eksternal external credit rating
- A1 - 30,778 425,000 A1 -
Fitch Fitch
- AAA(idn) 198,748 - - AAA(idn) -
- A+ 107,003 - - A+ -
- AA- 128,896 - - AA- -
- BBB 84,323 - - BBB -
- BBB- 63,693 - - BBB- -
- B - 40,000 - B-
- F1+ - 628,054 916,866 F1+ -
- F1 - 4 2,288,252 F1 -
- F2 - 1,077 233 F2 -
582,663 669,135 3,205,351
Pefindo Pefindo
- idAAA 762,892 185,802 639,353 idAAA -
- idAA+ - - 465,000 idAA+ -
- idAA - 40,000 400,000 idAA -
- idAA- 40,122 40,131 50,074 idAA- -
803,014 265,933 1,554,427
1,385,677 965,846 5,184,778
Page 419
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
35. MANAJEMEN RISIKO KEUANGAN (lanjutan) 35. FINANCIAL RISK MANAGEMENT (continued)
Faktor risiko keuangan (lanjutan) Financial risk factors (continued)
(ii) Risiko kredit (lanjutan) (ii) Credit risk (continued)
Kualitas kredit aset keuangan (lanjutan) Credit quality of financial assets (continued)
b. Piutang usaha b. Trade receivables
Kualitas kredit piutang usaha setelah The credit quality of trade receivables net
dikurangi cadangan penurunan nilai of provision for receivables impairment
piutang adalah sebagai berikut: was as follows:
31/12/2024 31/12/2023 31/12/2022
Dengan pihak yang
tidak memiliki
peringkat kredit Counterparties without
eksternal: external credit ratings:
- Grup 1 883,143 161,756 63,581 Group 1 -
- Grup 2 804,806 1,029,441 397,924 Group 2 -
- Grup 3 174,658 194,588 276,664 Group 3 -
1,862,607 1,385,785 738,169
c. Piutang lain-lain c. Other receivables
31/12/2024 31/12/2023 31/12/2022
Dengan pihak yang
tidak memiliki
peringkat kredit Counterparties without
eksternal: external credit ratings:
- Grup 1 - - - Group 1 -
- Grup 2 312,834 257,357 315,352 Group 2 -
- Grup 3 - - - Group 3 -
312,834 257,357 315,352
d. Piutang sewa pembiayaan d. Lease receivables
31/12/2024 31/12/2023 31/12/2022
Dengan pihak yang
tidak memiliki
peringkat kredit Counterparties without
eksternal: external credit ratings:
- Grup 1 - - - Group 1 -
- Grup 2 53,568 51,122 52,169 Group 2 -
- Grup 3 - - - Group 3 -
53,568 51,122 52,169
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
35. MANAJEMEN RISIKO KEUANGAN (lanjutan) 35. FINANCIAL RISK MANAGEMENT (continued)
Faktor risiko keuangan (lanjutan) Financial risk factors (continued)
(ii) Risiko kredit (lanjutan) (ii) Credit risk (continued)
d. Piutang sewa pembiayaan (lanjutan) d. Lease receivables (continued)
- Grup 1 - pelanggan baru/pihak-pihak - Group 1 - new customers/related
berelasi (kurang dari enam bulan). parties (less than six months).
- Grup 2 - pelanggan yang sudah - Group 2 - existing customers/related
ada/pihak-pihak berelasi (lebih dari parties (more than six months) with
enam bulan) tanpa adanya kasus gagal no defaults in the past.
bayar di masa lalu.
- Grup 3 - pelanggan yang sudah - Group 3 - existing customers/related
ada/pihak-pihak berelasi (lebih dari parties (more than six months) with
enam bulan) dengan beberapa some defaults in the past. All defaults
kejadian gagal bayar pada masa lalu. were fully recovered.
Seluruh gagal bayar telah terpulihkan.
(iii) Risiko likuiditas (iii) Liquidity risk
Risiko likuiditas timbul dalam keadaan di mana Liquidity risk arises in situations where the
Grup mengalami kesulitan dalam mendapatkan Group has difficulties in obtaining funding. The
sumber pendanaan. Bisnis prabayar Grup dan Group’s prepaid business and prudent liquidity
manajemen risiko likuiditas berarti menjaga risk management implies maintaining sufficient
kecukupan saldo kas dan setara kas. Grup cash and cash equivalents. The Group
mengelola risiko likuiditas dengan mengawasi manages liquidity risk by continuously
arus kas aktual dan proyeksi secara terus monitoring the forecast and actual cash flows
menerus dan mengawasi profil tanggal jatuh and monitoring the maturity profiles of financial
tempo aset dan liabilitas keuangan. assets and liabilities.
Grup memonitor proyeksi persyaratan likuiditas The Group monitors forecasts of the liquidity
untuk memastikan bahwa Grup memiliki saldo requirements to ensure that the Group has
kecukupan kas untuk memenuhi keperluan sufficient cash to meet operational needs while
operasi serta menjaga kecukupan dalam maintaining sufficient headroom on its
fasilitas pinjaman yang belum ditarik sepanjang undrawn committed borrowing facilities at all
waktu sehingga Grup memenuhi semua batas times so that the Group does not breach the
atau persyaratan fasilitas pinjaman. borrowing limits or covenants on any of its
borrowing facilities.
Proyeksi tersebut mempertimbangkan rencana Such forecasting takes into consideration the
pembiayaan utang Grup dan kepatuhan Group’s debt financing plans and covenant
terhadap persyaratan pinjaman. Manajemen compliance. Management believes that the
percaya bahwa strategi melakukan cash strategy to manage cash sweeping and
sweeping dan pooling of funds dari sejumlah pooling of funds across accounts in the main
rekening bank ke dalam rekening bank operating banks can ensure a better
operasional utama dapat memastikan concentration of funds and optimisation of
pendanaan yang terkonsentrasi dan liquidity.
optimalisasi likuiditas yang lebih baik.
Page 421
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
35. MANAJEMEN RISIKO KEUANGAN (lanjutan) 35. FINANCIAL RISK MANAGEMENT (continued)
Faktor risiko keuangan (lanjutan) Financial risk factors (continued)
(iii) Risiko likuiditas (lanjutan) (iii) Liquidity risk (continued)
Tabel di bawah menunjukkan analisis jatuh The following table analyses the Group’s
tempo liabilitas keuangan Grup dalam rentang financial liabilities into relevant maturity
waktu yang menunjukkan jatuh tempo groupings based on their contractual maturities
kontraktual untuk semua liabilitas keuangan for all non-derivative financial liabilities and
non-derivatif dan derivatif di mana jatuh tempo derivative financial instruments for which the
kontraktual sangat penting untuk pemahaman contractual maturities are essential for an
terhadap arus kas. Jumlah yang diungkapkan understanding of the timing of the cash flows.
dalam tabel adalah arus kas kontraktual yang The amounts disclosed in the table are the
tidak terdiskonto (termasuk pembayaran pokok contractual undiscounted cash flows (including
dan bunga). principal and interest payments).
31/12/2024
Antara
Kurang dari 1 dan 2
Jumlah Arus kas 1 tahun/ tahun/ Lebih dari
tercatat/ kontraktual/ Not later Between 2 tahun/
Carrying Contractual than 1 and More than
amount cash flows 1 year 2 years 2 years
Utang usaha 8,251,224 8,251,224 8,251,224 - - Trade payables
Beban yang masih
harus dibayar 606,833 606,833 606,833 - - Accrued expenses
Liabilitas sewa 33,594,638 41,957,713 7,469,104 6,607,518 27,881,091 Lease liabilities
Pinjaman jangka
panjang 8,846,978 10,273,121 2,751,425 2,566,938 4,954,758 Long-term loans
Sukuk ijarah 1,966,686 2,429,830 858,160 119,248 1,452,422 Sukuk ijarah
Utang obligasi 1,679,712 2,054,797 869,051 75,686 1,110,060 Bonds payable
Jumlah 54,946,071 65,573,518 20,805,797 9,369,390 35,398,331 Total
Berikut rincian pinjaman jangka panjang, sukuk Details of the long-term loans, sukuk ijarah
ijarah dan utang obligasi sesuai dengan jadwal and bonds payable according to the maturity
jatuh tempo: schedule are as follow:
31/12/2024 31/12/2023 31/12/2022
Kurang dari 1 tahun 3,724,300 853,854 5,622,193 Not later than 1 year
Antara 1 tahun dan Between 1 year and
2 tahun 2,195,679 4,098,356 817,118 2 years
Lebih dari 2 tahun 6,573,397 5,152,378 5,670,604 More than 2 years
12,493,376 10,104,588 12,109,915
Rincian liabilitas sewa sesuai dengan jadwal Details of the lease liabilities according to the
jatuh tempo dapat dilihat di Catatan 14. maturity schedule can be seen in Note 14.
Pengaturan pembiayaan Financing arrangements
Grup memiliki fasilitas garansi bank dengan The Group has bank guarantee facilities with
berbagai institusi keuangan sejumlah setara Rp various financial institutions totalling the equivalent
805.966. Fasilitas ini tersedia dalam beberapa of Rp 805,966. The facility is available for
periode sampai dengan Oktober 2025. Pada tanggal various periods up to October 2025. As at
31 Desember 2024, porsi yang belum digunakan 31 December 2024, the unused portion was
adalah Rp 796.399. Rp 796,399.
Page 422
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/132 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
35. MANAJEMEN RISIKO KEUANGAN (lanjutan) 35. FINANCIAL RISK MANAGEMENT (continued)
Estimasi nilai wajar Fair value estimation
Nilai wajar aset dan liabilitas keuangan diestimasi The fair value of financial assets and financial
untuk keperluan pengakuan dan pengukuran atau liabilities must be estimated for recognition and
untuk keperluan pengungkapan. measurement or for disclosure purposes.
PSAK 113, “Pengukuran nilai wajar” mensyaratkan PSAK 113, “Fair value measurement” requires
pengungkapan atas pengukuran nilai wajar dengan disclosure of fair value measurements by level of
tingkat hirarki nilai wajar sebagai berikut: the following fair value measurement hierarchy:
(a) harga kuotasian (tidak disesuaikan) dalam (a) quoted prices (unadjusted) in active markets
pasar aktif untuk aset atau liabilitas yang identik for identical assets or liabilities (level 1),
(tingkat 1),
(b) input selain harga kuotasian yang termasuk (b) inputs other than quoted prices included within
dalam tingkat 1 yang dapat diobservasi untuk level 1 that are observable for the asset or
aset atau liabilitas, baik secara langsung liability, either directly (as prices) or indirectly
(misalnya harga) atau secara tidak langsung (derived from prices) (level 2), and
(misalnya derivasi dari harga) (tingkat 2), dan
(c) input untuk aset atau liabilitas yang bukan (c) inputs for the asset or liability that are not
berdasarkan data pasar yang dapat diobservasi based on observable market data
(input yang tidak dapat diobservasi) (tingkat 3). (unobservable inputs) (level 3).
Tabel di bawah ini menggambarkan nilai tercatat The fair values of financial assets and liabilities,
dan nilai wajar dari aset dan liabilitas keuangan: together with the carrying amounts, are as follows:
31/12/2024 31/12/2023 31/12/2022
Nilai Nilai Nilai Nilai Nilai Nilai
tercatat/ wajar/ tercatat/ wajar/ tercatat/ wajar/
Carrying Fair Carrying Fair Carrying Fair
amount value amount value amount value
Aset keuangan: Financial assets:
Cash and
Kas dan setara kas 1,386,637 1,386,637 966,027 966,027 5,184,113 5,184,113 cash equivalents
Piutang usaha 1,862,607 1,862,607 1,385,785 1,385,785 738,169 738,169 Trade receivables
Piutang lain-lain 312,834 312,834 257,357 257,357 315,352 315,352 Other receivables
Aset lain-lain 53,734 53,734 52,119 52,119 54,124 54,124 Other assets
Jumlah aset keuangan 3,615,812 3,615,812 2,661,288 2,661,288 6,291,758 6,291,758 Total financial assets
Liabilitas keuangan: Financial liabilities:
Utang usaha 8,251,224 8,251,224 9,382,500 9,382,500 11,337,283 11,337,283 Trade payables
Beban yang masih
harus dibayar 606,833 606,833 632,905 632,905 563,303 563,303 Accrued expenses
Pinjaman
jangka panjang 8,846,978 8,883,607 6,024,900 6,034,488 7,753,650 7,759,002 Long-term loans
Liabilitas sewa 33,594,638 35,949,797 35,813,446 36,868,598 31,849,858 33,227,668 Lease liabilities
Sukuk ijarah 1,966,686 2,019,657 2,362,387 2,431,225 2,509,695 2,602,564 Sukuk ijarah
Utang obligasi 1,679,712 1,719,881 1,717,301 1,755,456 1,846,570 1,887,256 Bonds payable
Jumlah liabilitas
keuangan 54,946,071 57,430,999 55,933,439 57,105,172 55,860,359 57,377,076 Total financial liabilities
Nilai wajar atas sebagian besar aset dan liabilitas The fair value of most of the financial assets and
keuangan mendekati nilai tercatat karena dampak liabilities approximates their carrying amount, as
pendiskontoan yang tidak signifikan. the impact of discounting is not significant.
Tidak terdapat pengalihan antara tingkat 1 dan 2 There were no transfers between levels 1 and 2
selama tahun berjalan. during the year.
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/133 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
35. MANAJEMEN RISIKO KEUANGAN (lanjutan) 35. FINANCIAL RISK MANAGEMENT (continued)
Estimasi nilai wajar (lanjutan) Fair value estimation (continued)
Nilai wajar untuk instrumen keuangan yang The fair value of financial instruments traded in
diperdagangkan di pasar aktif ditentukan active markets is based on quoted market prices at
berdasarkan kuotasi nilai pasar pada tanggal the reporting date.
pelaporan.
Kuotasi nilai pasar yang digunakan Grup untuk aset The quoted market price used for financial assets
keuangan adalah harga penawaran (bid price), held by the Group is the current bid price, while
sedangkan untuk liabilitas keuangan menggunakan financial liabilities use the ask price. These
harga jual (ask price). Instrumen keuangan ini instruments are included in level 1.
termasuk dalam tingkat 1.
Nilai wajar instrumen keuangan yang tidak The fair value of financial instruments that are not
diperdagangkan di pasar aktif ditentukan dengan traded in an active market is determined using
menggunakan teknik penilaian tertentu. Teknik valuation techniques. These valuation techniques
tersebut menggunakan data pasar yang dapat maximise the use of observable market data where
diobservasi sepanjang tersedia dan seminimal it is available and rely as little as possible on
mungkin mengacu pada estimasi. Apabila seluruh estimates. If all significant inputs required to
input signifikan atas nilai wajar dapat diobservasi, assess the fair value of an instrument are
instrumen keuangan ini termasuk dalam tingkat 2. observable, the instrument is included in level 2.
Jika satu atau lebih input yang signifikan tidak If one or more of the significant inputs is not based
berdasarkan data pasar yang dapat diobservasi, on observable market data, the instrument is
maka instrumen tersebut masuk ke dalam tingkat 3. included in level 3.
Teknik penilaian tertentu digunakan untuk Specific valuation techniques used to value
menentukan nilai instrumen keuangan mencakup financial instruments include the following:
sebagai berikut:
- penggunaan harga yang diperoleh dari bursa - the use of quoted market prices or dealer
atau pedagang efek untuk instrumen sejenis; quotes for similar instruments; and
dan
- teknik lain, seperti analisis arus kas diskontoan, - other techniques, such as discounted cash
digunakan untuk menentukan nilai wajar flows analysis, are used to determine fair value
instrumen keuangan lainnya. for the remaining financial instruments.
Aset dan liabilitas keuangan Grup yang diukur dan The Group’s financial assets and liabilities that are
diakui dengan hirarki tingkat pengukuran nilai wajar measured and recognised using the fair value
tingkat 2 adalah sukuk ijarah, utang obligasi, measurement of level 2 are sukuk ijarah, bonds
pinjaman jangka panjang dan liabilitas sewa. payable, long-term loans and lease liabilities.
Nilai wajar dari pinjaman jangka panjang dan The fair value of long-term loans and lease
liabilitas sewa menggunakan tingkat biaya pinjaman liabilities is estimated based on discounted
sebesar 6,72% (31 Desember 2023: 6,50% dan cash flows using cost of debt of 6.72%
31 Desember 2022: 6,64%) dan nilai wajar dari (31 December 2023: 6.50% and 31 December
sukuk ijarah dan utang obligasi menggunakan 2022: 6.64%) and the fair value of sukuk ijarah and
tingkat biaya pinjaman sebesar 7,07% bonds payable are estimated based on discounted
(31 Desember 2023: 6,49%, 31 Desember 2022: cash flow using cost of debt of 7.07%
6,94%) diestimasi berdasarkan arus kas diskontoan. (31 December 2023: 6.49%, and
31 December 2022: 6.94%), respectively.
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
35. MANAJEMEN RISIKO KEUANGAN (lanjutan) 35. FINANCIAL RISK MANAGEMENT (continued)
Instrumen keuangan disalinghapus Offsetting financial instruments
Aset keuangan dan liabilitas berikut tunduk kepada The following financial assets and liabilities are
saling hapus, perjanjian induk untuk menyelesaikan subject to offsetting, enforceable master netting
secara neto dan perjanjian serupa. arrangements and similar agreements.
31/12/2024 31/12/2023 31/12/2022
Piutang Utang Piutang Utang Piutang Utang
usaha/ usaha/ usaha/ usaha/ usaha/ usaha/
Trade Trade Trade Trade Trade Trade
receivables payables receivables payables receivables payables
Jumlah bruto diakui Gross amounts of recognised
dalam aset keuangan 2,080,118 - 1,623,224 - 895,770 - financial assets
Jumlah bruto diakui Gross amounts
dalam liabilitas 8,468,735 of recognised
keuangan - 9,619,939 - 11,494,884 financial liabilities
Jumlah bruto diakui Gross amounts of
dalam liabilitas recognised financial
keuangan yang liabilities set off
saling hapus di laporan in the financial
posisi keuangan (217,511) - (237,439) - (157,601) - positions
Jumlah bruto diakui Gross amounts of
dalam aset keuangan recognised financial
yang saling hapus assets set off
di laporan posisi in the financial
keuangan - (217,511) - (237,439) - (157,601) positions
Jumlah neto 1,862,607 8,251,224 1,385,785 9,382,500 738,169 11,337,283 Net amount
Untuk aset dan liabilitas keuangan yang tunduk For the financial assets and liabilities subject to
pada perjanjian induk untuk menyelesaikan secara enforceable master netting arrangements or similar
neto atau perjanjian serupa di atas, setiap perjanjian arrangements above, each agreement between the
antara Grup dan pihak lawan memperbolehkan Group and the counterparty allows for net
penyelesaian neto atas aset dan liabilitas keuangan settlement of the relevant financial assets and
bersangkutan ketika kedua pihak memilih untuk liabilities when both parties elect to settle on a net
menyelesaikan dengan dasar neto. Ketika pemilihan basis. In the absence of such an election, financial
demikian tidak ada, aset dan liabilitas keuangan assets and liabilities will be settled on a gross
diselesaikan dengan dasar bruto, tetapi masing- basis, however, each party to the master netting
masing pihak dalam perjanjian induk atau perjanjian agreement or similar agreement will have the
serupa mempunyai opsi untuk menyelesaikan option to settle all such amounts on a net basis in
jumlah-jumlah tersebut dengan dasar neto pada the event of default of the other party.
peristiwa di mana terjadi gagal bayar salah satu
pihak.
Manajemen risiko permodalan Capital risk management
Tujuan Grup dalam mengelola permodalan adalah The objectives of the Group when managing
untuk melindungi kemampuan Grup dalam capital are to safeguard the ability of the Group to
mempertahankan kelangsungan usaha, sehingga continue as a going concern in order to provide
entitas dapat tetap memberikan imbal hasil bagi returns for shareholders and benefits for other
pemegang saham dan manfaat bagi pemangku stakeholders and to maintain an optimal capital
kepentingan lainnya dan untuk mengelola struktur structure to minimise the effective cost of capital. In
modal yang optimal untuk meminimalisasi biaya order to maintain the capital structure, the Group
modal yang efektif. Dalam rangka mengelola may from time to time adjust the amount of
struktur modal, Grup mungkin menyesuaikan jumlah dividends, issue new shares or increase/decrease
dividen, menerbitkan saham baru atau debt levels.
menambah/mengurangi jumlah utang.
Persyaratan-persyaratan tertentu sehubungan Certain covenants in relation to debts and the
dengan pinjaman dan kepatuhan Grup terhadap Group's compliance with the covenants are
persyaratan-persyaratan tersebut diungkapkan di disclosed in Note 13.
Catatan 13.
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. ESTIMASI DAN PERTIMBANGAN AKUNTANSI 36. CRITICAL ACCOUNTING ESTIMATES AND
YANG PENTING JUDGEMENTS
a. Estimasi dan asumsi akuntansi yang penting a. Critical accounting estimates and
assumptions
Estimasi umur manfaat aset tetap Estimated useful lives of fixed assets
Grup melakukan penelaahan berkala atas masa The Group periodically reviews the estimated
manfaat ekonomis aset tetap berdasarkan useful lives of fixed assets based on factors
faktor-faktor seperti kondisi teknis dan such as technical specification and future
perkembangan teknologi di masa depan. technological developments.
Hasil operasi di masa depan akan dipengaruhi Future results of operations could be materially
secara material atas perubahan estimasi ini affected by changes in these estimates
yang diakibatkan oleh perubahan faktor yang brought about by changes in the factors
telah disebutkan di atas. mentioned.
Estimasi umur manfaat aset takberwujud Estimated useful lives of intangible assets
Spektrum Spectrum
Lisensi telekomunikasi dengan alokasi hak The telecommunications licenses with
spektrum yang diperoleh dari AXIS (lihat allocated spectrum rights acquired from AXIS
Catatan 1d) tidak diamortisasi dan diuji (see Note 1d) are not subject to amortisation
penurunan nilainya setiap tahun sesuai dengan and are tested annually for impairment as the
opini Direksi bahwa lisensi tersebut dapat Directors are of the opinion that the licences
diperbaharui untuk seterusnya dengan biaya can be renewed in perpetuity at negligible cost
yang tidak signifikan dan hak spektrum terkait, and the associated spectrum rights, similar to
sama seperti tanah, memiliki masa manfaat land, have an indefinite economic useful life.
ekonomis yang tidak terbatas.
Estimasi masa manfaat ekonomis The estimated indefinite economic useful life
mencerminkan ekspektasi Grup selama periode reflects the Group’s expectation of the period
di mana Grup akan terus menerus over which the Group will continuously recover
mendapatkan manfaat dari lisensi. the benefits from the licence.
Masa manfaat ekonomis dikaji secara periodik, The economic useful life is periodically
mempertimbangkan faktor tertentu seperti reviewed, taking into consideration such
perubahan teknologi dan lingkungan regulasi. factors as changes in technology and
regulatory environment.
Pelanggan Customers
Perusahaan mengakui customer relationship The Company recognised customer
dari akuisisi PT Hipernet Indodata. Estimasi relationship from the acquisition and PT
masa manfaat ekonomis pelanggan adalah Hipernet Indodata. The customers estimated
enam belas tahun berdasarkan tingkat churn economic useful life is sixteen years based on
aktual pelanggan PT Hipernet Indodata (lihat the most recent actual PT Hipernet Indodata
Catatan 8). customers' churn rate (see Note 8).
Merk Brand
Estimasi masa manfaat ekonomis merk selama The brand estimated economic useful life of
20 (dua puluh) tahun mencerminkan ekspektasi 20 (twenty) years is based on the Company’s
Perusahaan hingga periode di mana expectation of the period up to which the
Perusahaan akan menggunakan merk Hypernet Company will use the Hypernet brand in the
di masa yang akan datang (lihat Catatan 8). future (see Note 8).
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. ESTIMASI DAN PERTIMBANGAN AKUNTANSI 36. CRITICAL ACCOUNTING ESTIMATES AND
YANG PENTING (lanjutan) JUDGEMENTS (continued)
a. Estimasi dan asumsi akuntansi yang penting a. Critical accounting estimates and
(lanjutan) assumptions (continued)
Imbalan pascakerja Post-employment benefits
Nilai kini liabilitas imbalan pascakerja The present value of the post-employment
tergantung pada beberapa faktor yang benefits obligations depends on a number of
ditentukan dengan dasar aktuarial berdasarkan factors that are determined on an actuarial
beberapa asumsi. Asumsi yang digunakan basis using a number of assumptions. The
untuk menentukan biaya (penghasilan) pensiun assumptions used in determining the net cost
neto mencakup tingkat diskonto. Perubahan (income) for pensions include the discount
asumsi ini akan memengaruhi nilai tercatat rate. Any changes in these assumptions will
imbalan pascakerja. impact the carrying amount of post-
employment benefits obligations.
Grup menentukan tingkat diskonto yang sesuai The Group determines the appropriate
pada akhir periode pelaporan, yakni tingkat discount rate at the end of each reporting
suku bunga yang harus digunakan untuk period. This is the interest rate that should be
menentukan nilai kini arus kas keluar masa used to determine the present value of
depan estimasian yang diharapkan untuk estimated future cash outflows expected to be
menyelesaikan liabilitas. Dalam menentukan required to settle the obligations. In
tingkat suku bunga yang sesuai, Grup determining the appropriate discount rate, the
mempertimbangkan imbal hasil obligasi Group considers the yield of government
pemerintah yang didenominasikan dalam mata bonds that are denominated in the currency in
uang di mana imbalan akan dibayar dan which the benefits will be paid and that have
memiliki jangka waktu yang serupa dengan terms to maturity approximating the terms of
jangka waktu liabilitas terkait. the related post-employment benefit obligation.
Asumsi utama liabilitas imbalan pascakerja Other key assumptions for post-employment
lainnya sebagian ditentukan berdasarkan benefit obligations are based partly on current
kondisi pasar saat ini. market conditions.
Estimasi liabilitas restorasi aset Estimated liabilities for assets restoration
Grup menempatkan Base Transceiver Stations The Group locates Base Transceiver Stations
(“BTS”) di tanah, atap bangunan dan tempat (“BTS”) on land, rooftops and other premises
lainnya dengan berbagai macam kontrak sewa. under various types of rental contracts. In
Dalam mengestimasi liabilitas restorasi aset, estimating liabilities for assets restoration, the
Grup telah menentukan asumsi-asumsi seperti Group has made a range of assumptions such
tanggal pembongkaran, biaya pemindahan as dismantlement dates, cost of removing
peralatan jaringan dan memulihkan lokasi, network equipment and remediating the sites,
tingkat diskonto dan tingkat inflasi. discount rate and inflation rate.
Perubahan asumsi ini akan memengaruhi nilai Any changes in these assumptions will impact
tercatat estimasi liabilitas restorasi aset (lihat the carrying amount of estimated liabilities for
Catatan 17) dan aset tetap yang bersangkutan. assets restoration (see Note 17) and the
corresponding fixed assets.
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. ESTIMASI DAN PERTIMBANGAN AKUNTANSI 36. CRITICAL ACCOUNTING ESTIMATES AND
YANG PENTING (lanjutan) JUDGEMENTS (continued)
a. Estimasi dan asumsi akuntansi yang penting a. Critical accounting estimates and
(lanjutan) assumptions (continued)
Provisi penghentian sewa Provision for lease termination
Provisi penghentian sewa berkaitan dengan Provision for lease termination is related to
penghentian sewa oleh AXIS. Berdasarkan hasil AXIS’ terminated leases. Based on the review
penelaahan atas penggunaan sewa menara di of the future use of the tower leases, AXIS
masa depan, AXIS telah menandatangani entered into early termination agreements of
perjanjian penghentian dini untuk sewa menara certain tower leases. For the remaining
tertentu. Untuk sewa menara tersisa yang tidak unused tower leases, AXIS has calculated and
terpakai, AXIS telah menghitung dan mencatat charged a provision for lease termination in
provisi untuk penghentian sewa berdasarkan accordance with the rental agreements, in
perjanjian sewa, di mana perhitungan provisi ini which the provision calculation takes into
mempertimbangkan asumsi-asumsi tertentu, account certain assumptions, such as inflation
seperti tingkat inflasi dan biaya terminasi untuk rate and termination costs for each site, for
setiap lokasi, yang mungkin berbeda dengan which the actual result may differ.
kondisi aktual.
Pemulihan dari aset pajak tangguhan Recoverability of deferred tax assets
Grup melakukan penelaahan atas nilai tercatat The Group reviews the carrying amounts of
aset pajak tangguhan pada setiap akhir periode deferred tax assets at the end of each
pelaporan dan mengurangi nilai tersebut jika reporting period and reduces this amount if it is
besar kemungkinan aset tersebut tidak dapat no longer probable that assets will be
direalisasikan di masa depan, di mana realisable in the future, as sufficient taxable
penghasilan kena pajak Grup tidak income will not be available to allow all or part
memungkinkan untuk memanfaatkan seluruh of the deferred tax assets to be utilised. The
atau sebagian dari aset pajak tangguhan Group’s assessment of the recognition of
tersebut. Penelaahan Grup atas pengakuan deferred tax assets on deductible temporary
aset pajak tangguhan untuk perbedaan differences is based on the amount and timing
temporer yang dapat dikurangkan didasarkan of forecasted taxable income of the
atas jumlah dan jangka waktu proyeksi subsequent reporting periods. This forecast is
penghasilan kena pajak untuk periode prepared by considering the Group’s past
pelaporan berikutnya. Proyeksi ini disusun results and future expectations on revenues
dengan mempertimbangkan hasil pencapaian and expenses as well as future tax planning
Grup di masa lalu dan ekspektasi pendapatan strategies. However, there is no assurance
dan beban di masa depan, sebagaimana juga that the Group will generate sufficient taxable
dengan strategi perencanaan perpajakan di income to allow all or part of the deferred tax
masa depan. Tetapi tidak terdapat kepastian assets to be utilised.
bahwa Grup dapat menghasilkan penghasilan
kena pajak yang cukup untuk memungkinkan
penggunaan sebagian atau seluruh bagian dari
aset pajak tangguhan tersebut.
Page 428
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/138 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. ESTIMASI DAN PERTIMBANGAN AKUNTANSI 36. CRITICAL ACCOUNTING ESTIMATES AND
YANG PENTING (lanjutan) JUDGEMENTS (continued)
a. Estimasi dan asumsi akuntansi yang penting a. Critical accounting estimates and
(lanjutan) assumptions (continued)
Kombinasi Bisnis Business Combination
Proses awal akuisisi melibatkan The initial process of the acquisition involves
pengidentifikasian dan penentuan nilai wajar identifying and determining the fair values to
yang akan dialokasikan ke aset dan liabilitas be assigned to the identifiable assets and
yang dapat diidentifikasi dari entitas yang liabilities of the entities acquired. The fair
diakuisisi. Nilai wajar aset tidak berwujud values of fixed assets and intangible assets
ditentukan oleh penilai independen are determined by independent valuers, using
menggunakan teknik penilaian tertentu. Setiap certain valuation techniques. Any changes in
perubahan dalam asumsi yang digunakan dan the assumptions used and estimates made in
estimasi yang dibuat dalam menentukan nilai determining the fair values, and management's
wajar, dan kemampuan manajemen untuk ability to measure reliably the contingent
mengukur dengan andal imbalan kontinjensi consideration of the acquired entity, will impact
dari entitas yang diakuisisi, akan berdampak the carrying amount of these assets and
pada nilai tercatat aset dan liabilitas tersebut. liabilities. Management exercised judgement in
Manajemen membuat pertimbangan dalam determining the basis to record the provisional
menentukan dasar yang digunakan untuk amounts for the items for which initial
mencatat jumlah sementara pos-pos yang accounting is incomplete.
akuntansi awalnya belum selesai dilaporkan.
Penurunan nilai aset non keuangan Impairment of non-financial assets
Jumlah terpulihkan adalah yang lebih tinggi Recoverable amount is measured at the higher
antara nilai wajar dikurangi biaya untuk menjual of the fair value less costs to sell for the assets
dan nilai pakai atas aset atau unit penghasil kas and its value in use or cash generating unit
(“UPK”) tersebut. (“CGU”).
Perhitungan nilai wajar dikurangi biaya untuk The fair value less costs to sell calculation is
menjual berdasarkan data yang tersedia dari based on available data from fair sales
transaksi penjualan yang wajar dari aset serupa transactions of similar assets or observable
atau harga pasar yang dapat diobservasi market prices less incremental costs for
dikurangi biaya tambahan untuk menjual aset disposing the asset. The value in use
tersebut. Perhitungan nilai pakai berdasarkan calculation is based on a discounted cash flow
pada model arus kas yang didiskontokan. Data model. The cash flows are derived from the
arus kas diambil dari anggaran dan rencana budget and business plan for the next five
bisnis untuk lima tahun yang akan datang dan years and do not include restructuring
tidak termasuk aktivitas restrukturisasi yang activities that the Group is not yet committed to
belum dilakukan oleh Grup atau investasi or significant future investments that will
signifikan di masa datang yang akan enhance the asset’s performance of the CGU
menambah kinerja aset dari UPK yang diuji. being tested.
Nilai terpulihkan paling dipengaruhi oleh tingkat The recoverable amount calculation is
diskonto dan tingkat pertumbuhan jangka sensitive to the discount rate and long-term
panjang yang digunakan dalam model arus kas growth rate used for the discounted cash flow
yang didiskontokan, sebagaimana juga jumlah model as well as the expected future cash
arus kas masuk di masa depan yang inflows and the growth rate used for
diharapkan dan tingkat pertumbuhan yang extrapolation purposes. The key assumptions
digunakan untuk tujuan ekstrapolasi. Asumsi used to determine the recoverable amount for
kunci yang digunakan untuk menentukan nilai the asset and the Group’s CGUs, is disclosed
terpulihkan atas aset dan UPK Grup, disajikan and further explained in Notes 9 and 38,
dan dijelaskan lebih lanjut masing-masing pada respectively.
Catatan 9 dan 38.
Page 429
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/139 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. ESTIMASI DAN PERTIMBANGAN AKUNTANSI 36. CRITICAL ACCOUNTING ESTIMATES AND
YANG PENTING (lanjutan) JUDGEMENTS (continued)
b. Pertimbangan penting dalam penentuan b. Critical judgements in applying the
kebijakan akuntansi accounting policies
Pengakuan dan pengukuran aset Recognition and measurement of
takberwujud intangible assets
Manajemen menilai bahwa kelanjutan Management assesses that continuation of
pembayaran biaya tahunan tidak diperlukan lagi payment of annual fees will no longer be
jika Grup memutuskan untuk tidak lagi required if the Group no longer uses the
menggunakan ijin tersebut lagi. Manajemen license. Management considers the annual
menganggap pembayaran biaya tahunan payment as a usage fee based on its own
sebagai biaya penggunaan berdasarkan interpretation of the license conditions and
interpretasi manajemen terhadap keadaan ijin written confirmation from the Directorate
dan konfirmasi tertulis dari Direktorat Jenderal General of Post and Telecommunications.
Pos dan Telekomunikasi. Oleh karena itu, biaya Therefore, the annual fee is not considered as
tahunan tersebut tidak dianggap sebagai bagian part of the cost of obtaining the licence (see
dari harga perolehan dalam mendapatkan ijin Note 8).
tersebut (lihat Catatan 8).
Jika di masa yang akan datang, peraturan dan If in the future, the regulations and conditions
kondisi sehubungan dengan pembayaran biaya with regard to payment of the annual fees are
tahunan berubah, di mana pembayaran changed with the consequence that payment
terhadap sisa biaya-biaya tahunan tersebut of remaining outstanding annual fees cannot
tidak dapat dihindari jika Grup menyerahkan ijin be avoided upon the Group returning the
tersebut, Grup akan mengakui nilai wajar biaya licence, the Group will recognise the fair value
tahunan sebagai aset takberwujud dan of annual fees as an intangible asset and the
kewajiban yang terkait sebesar nilai kini dari corresponding liability at the present value of
sisa biaya-biaya tahunan pada saat terjadinya the remaining annual fees at that point in time.
perubahan tersebut.
Transaksi jual dan sewa-balik menara Tower sales and leaseback
Berdasarkan PSAK 116, pencatatan transaksi Based on PSAK 116, the accounting for sale
jual dan sewa balik bergantung kepada apakah and leaseback transactions depends on
pengalihan aset memenuhi syarat sebagai whether the transfer of the asset qualifies as a
penjualan. Grup menerapkan pertimbangan sale. The Group applied judgement to
untuk menentukan apakah pengalihan aset determine whether the transfer of an asset is
dicatat sebagai penjualan berdasarkan accounted for as a sale based on the
persyaratan penentuan kapan kewajiban requirements for determining when a
pelaksanaan dalam PSAK 115. Grup juga performance obligation is satisfied in PSAK
menerapkan estimasi dan pertimbangan dalam 115. The Group also applied estimates and
menentukan banyak aspek, di antaranya, judgement in determining many aspects,
tempat spesifik pada menara sebagai satuan among others, the specific tower space as a
perhitungan, nilai wajar dari menara yang dijual unit of accounts, the fair value of the towers
dan pengukuran dari aset hak guna yang sold and the measurement of the right-of-use
dipertahankan oleh Grup yang meliputi assets retained by the Group which included
penentuan tingkat diskonto yang tepat dalam determining an appropriate discount rate to
perhitungan nilai kini dari pembayaran sewa calculate the present value of the minimum
minimum. lease payment.
Page 430
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/140 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. ESTIMASI DAN PERTIMBANGAN AKUNTANSI 36. CRITICAL ACCOUNTING ESTIMATES AND
YANG PENTING (lanjutan) JUDGEMENTS (continued)
b. Pertimbangan penting dalam penentuan b. Critical judgements in applying the
kebijakan akuntansi (lanjutan) accounting policies (continued)
Transaksi jual dan sewa-balik menara Tower sales and leaseback (continued)
(lanjutan)
Grup juga mengakui provisi untuk jaminan klaim The Group also recognised provision for
selama periode jaminan klaim sesuai dengan warranty claims during the warranty claim
persyaratan dan kondisi dalam perjanjian sewa period in accordance with the terms and
balik. Grup menggunakan pertimbangan conditions of the sale and leaseback
berdasarkan fakta dan kondisi terbaik yang agreements. The Group used judgment based
tersedia meliputi tetapi tidak terbatas pada on the best available facts and circumstances,
informasi yang tersedia pada saat proses uji including but not limited to, information
tuntas, hasil dari audit lokasi menara yang available during the due diligence process,
dilakukan oleh pihak ketiga dan tingkat potensi tower site audit results conducted by a third
klaim berdasarkan informasi yang tersedia pada party and the level of potential claims based
saat dan setelah tanggal penandatanganan on information available at the time and
perjanjian sewa balik. subsequent to the sale and leaseback
agreements signing date.
Sewa menara Tower lease
Grup mempertimbangkan dan menganalisa The Group considered and analysed the tower
perjanjian sewa menara dan menerapkan lease agreements and applied management
pertimbangan manajemen untuk menentukan judgement to determine the unit of accounts
satuan pengukuran apakah menggunakan whether using specific tower space or using
tempat spesifik dalam menara atau tower.
menggunakan menara.
Dalam menentukan jangka waktu sewa, Grup In determining the lease term, the Group
mempertimbangkan semua fakta dan keadaan considers all facts and circumstances that
yang menimbulkan insentif ekonomi untuk create an economic incentive to exercise an
menggunakan opsi perpanjangan, atau tidak extension option, or not exercise a termination
menggunakan opsi penghentian. Opsi option. Extension options (or periods after
perpanjangan (atau periode setelah opsi termination options) are only included in the
penghentian kontrak kerja) hanya termasuk lease term if the lease is reasonably certain to
dalam jangka waktu sewa jika cukup pasti akan be extended (or not terminated).
diperpanjang (atau tidak dihentikan).
Penilaian tersebut ditinjau jika terjadi peristiwa The assessment is reviewed if a significant
signifikan atau perubahan signifikan dalam event or a significant change in circumstances
situasi yang memengaruhi penilaian ini dan occurs which affects this assessment and that
berada dalam kendali Grup. Untuk tahun is within the control of the Group.
berakhir pada tanggal 31 Desember 2024, tidak For the year ended 31 December 2024, there
ada revisi persyaratan sewa untuk was no revision on lease terms to reflect the
mencerminkan efek dari melaksanakan opsi effect of exercising extension and termination
perpanjangan dan penghentian hubungan kerja. options.
Page 431
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/141 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. ESTIMASI DAN PERTIMBANGAN AKUNTANSI 36. CRITICAL ACCOUNTING ESTIMATES AND
YANG PENTING (lanjutan) JUDGEMENTS (continued)
b. Pertimbangan penting dalam penentuan b. Critical judgements in applying the
kebijakan akuntansi (lanjutan) accounting policies (continued)
Sewa menara (lanjutan) Tower lease (continued)
Grup mempunyai beberapa perjanjian sewa di The Group has various lease agreements
mana Grup bertindak sebagai penyewa atau where the Group acts as either a lessee or
pesewa untuk beberapa aset tetap tertentu. lessor in respect of certain assets. The Group
Grup mengevaluasi apakah terdapat risiko dan evaluates whether significant risks and
manfaat kepemilikan yang signifikan dari aset rewards of ownership of the leased asset are
sewa yang dialihkan kepada penyewa atau transferred to the lessee or retained by the
tetap ada pada Grup berdasarkan PSAK 116 Group based on PSAK 116, which requires
yang mensyaratkan Grup untuk membuat the Group to make judgements and estimates
pertimbangan dan estimasi dari pengalihan of the transfer of risks and rewards of
risiko dan manfaat terkait dengan kepemilikan ownership of the leased asset.
aset yang disewa.
37. KOMBINASI BISNIS 37. BUSINESS COMBINATION
Akuisisi Usaha PT Hipernet Indodata Acquisition of PT Hipernet Indodata
Pada tanggal 2 Juni 2022, Grup mengakuisisi 51% On 2 June 2022, the Group acquired 51% of the
saham PT Hipernet Indodata, sebuah perusahaan share capital of PT Hipernet Indodata, a managed
yang bergerak di bidang managed service dan jasa and information technology services provider. From
teknologi informasi. Atas akuisisi ini, Perusahaan the acquisition, the Company obtained control of
memperoleh pengendalian atas PT Hipernet PT Hipernet Indodata. The total consideration was
Indodata. Jumlah imbalan yang dialihkan adalah Rp 358,438.
Rp 358.438.
Akibat akuisisi tersebut, Grup diharapkan dapat As a result of the acquisition, the Group is expected
meningkatkan cakupan produk dan jasa yang to increase the range of products and services
ditawarkan oleh Perusahaan kepada pelanggan. offered by the Company to customers.
Jumlah goodwill yang timbul dari akuisisi Total goodwill arising from the acquisition of
PT Hipernet Indodata adalah sebesar Rp 234.235. PT Hipernet Indodata amounts to Rp 234,235.
Tidak ada goodwill yang diakui dan diharapkan None of the goodwill recognised is expected to be
dapat menjadi pengurang pajak penghasilan. deductible for income tax purposes.
Tabel berikut ini merupakan rekonsiliasi arus kas The following table shows the reconciliation of cash
yang dibayarkan dan diperoleh dalam kombinasi flow paid and received from business combinations.
bisnis.
2 Juni/June 2022
Imbalan kas yang dibayar 335,325 Cash consideration
Dikurangi saldo kas yang diperoleh: Less balance of cash acquired:
Kas (6,016) Cash
Arus kas keluar – aktivitas investasi 329,309 Cash outflow – investing activities
Page 432
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/142 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
37. KOMBINASI BISNIS (lanjutan) 37. BUSINESS COMBINATION (continued)
Tabel berikut ini merangkum harga perolehan The following table is the summarised balance
PT Hipernet Indodata, jumlah aset yang diperoleh, consideration of PT Hipernet Indodata, total
liabilitas yang diambil-alih dan goodwill terkait pada acquired assets, liabilities assumed and the related
tanggal akuisisi: goodwill at the acquisition date:
2022
Harga perolehan Consideration
- Kas yang dibayar 335,325 Cash paid -
- Imbalan kontinjensi 23,113 Contingent consideration -
Jumlah imbalan yang dialihkan 358,438 Total consideration transferred
Nilai wajar/
Fair value
Aset lancar 108,333 Current assets
Aset tidak lancar 293,874 Non current assets
Liabilitas lancar (90,757) Current liabilities
Liabilitas tidak lancar (67,915) Non current liabilities
Jumlah aset teridentifikasi neto 243,535 Total net identifiable assets
Kepentingan nonpengendali (119,332) Non-controlling interest
Goodwill (Catatan 38) 234,235 Goodwill (Note 38)
Jumlah imbalan 358,438 Total consideration
Biaya yang terkait dengan akuisisi sebesar Rp 500 telah Acquisition-related costs of Rp 500 have been charged
dibebankan pada beban umum dan administrasi pada to general and administrative expenses in the profit or
laporan laba rugi untuk tahun yang berakhir pada loss for the year ended 31 December 2022.
31 Desember 2022.
Kesepakatan imbalan kontinjensi mengharuskan The contingent consideration arrangement requires the
Perusahaan membayar pemilik saham sebelumnya Company to pay its former shareholder if the subsidiary
apabila entitas anak mencapai kinerja tertentu pada achieves a certain performance in 2022 and 2023.
tahun 2022 dan 2023.
Jumlah potensial yang tidak diskontokan yang mungkin The potential undiscounted amount of all future
harus dibayar Grup adalah sampai dengan Rp 26.911. payments that the Group could be required to make is
up to Rp 26,911.
Nilai wajar imbalan kontinjensi sebesar Rp 23.113 The fair value of the contingent consideration
diestimasi dengan menggunakan pendekatan arrangement of Rp 23,113 was estimated by applying
pendapatan. Estimasi nilai wajar didasarkan pada tingkat the income approach. The fair value estimates are
diskonto dan asumsi pertumbuhan kinerja tertentu. Hal based on a certain discount rate and a certain assumed
ini diklasifikasikan sebagai pengukuran nilai wajar tingkat performance growth. This is a level 3 fair value
3. measurement.
Nilai wajar piutang usaha dan piutang lain-lain sebesar The fair value of trade and other receivables is
Rp 65.950, termasuk di dalamnya piutang usaha dengan Rp 65,950 and includes trade receivables with a fair
nilai wajar sebesar Rp 64.692. Jumlah kontraktual bruto value of Rp 64,692. The gross contractual amount for
piutang usaha yang telah jatuh tempo sebesar trade receivables that is already due is
Rp 49.198. Diperkirakan piutang usaha sebesar Rp 49,198. It is expected that Rp 7,413 of the trade
Rp 7.413 tidak dapat ditagih. receivable is uncollectible.
Page 433
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/143 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
37. KOMBINASI BISNIS (lanjutan) 37. BUSINESS COMBINATION (continued)
Nilai wajar dari kepentingan nonpengendali pada The fair value of the non-controlling interest in
PT Hipernet Indodata, perusahaan yang tidak terdaftar di PT Hipernet Indodata, an unlisted company, was
bursa, diestimasikan dengan menggunakan harga estimated by using the purchase price paid for the
pembelian yang dibayar untuk mengakuisisi 51% acquisition of the 51% stake in PT Hipernet Indodata.
kepentingan pada PT Hipernet Indodata. Harga This purchase price was adjusted for the lack of control
pembelian tersebut telah disesuaikan dengan kurangnya and lack of marketability that market participants would
pengendalian dan kurangnya kemampuan untuk consider in estimating the fair value of the non-
dipasarkan yang akan dipertimbangkan oleh partisipan controlling interest in PT Hipernet Indodata.
pasar dalam mengestimasi nilai wajar kepentingan
nonpengendali pada PT Hipernet Indodata.
Pendapatan PT Hipernet Indodata yang termasuk di The revenue included in the profit or loss since
dalam laporan laba rugi sejak 2 Juni 2022 sebesar 2 June 2022 contributed by PT Hipernet Indodata was
Rp 211.736. PT Hipernet Indodata juga memberikan Rp 211,736. PT Hipernet Indodata also contributed a
kontribusi laba sebesar Rp 16.410 selama periode yang profit of Rp 16,410 over the same period.
sama.
Jika PT Hipernet Indodata dikonsolidasi sejak Had PT Hipernet Indodata been consolidated from
1 Januari 2022, maka laba rugi akan menunjukkan 1 January 2022, the profit or loss would show proforma
pendapatan proforma sebesar Rp 360.541 dan laba revenue of Rp 360,541 and a proforma profit of
proforma sebesar Rp 43.287. Rp 43,287.
Akuisisi PT Hipernet Indodata telah dilakukan sesuai The acquisition of PT Hipernet Indodata has been
dengan peraturan yang dikeluarkan oleh OJK. conducted in accordance with OJK Regulations.
Akuisisi Usaha Axiata Global Services Pte. Ltd.* Acquisition of Axiata Global Services Pte. Ltd.*
Pada tanggal 10 Juli 2024, Grup menandatangani On 10 July 2024, the Group signed Sale and
Perjanjian Penjualan dan Pembelian (“Perjanjian”) Purchase Agreement (“Agreement”) with Axiata
dengan Axiata Enterprise Sdn. Bhd. untuk Enterprise Sdn. Bhd. to acquire 100% or equivalent
mengakuisisi 100% kepemilikan atau sebesar to 100,000 shares of ownership at Axiata Global
100.000 lembar kepemilikan saham di Axiata Global Services Pte. Ltd.*, subject to certain conditions as
Services Pte. Ltd.*, dengan syarat-syarat tertentu stipulated in the agreement with purchase price of
yang diatur dalam perjanjian dengan harga USD 1. The Company completed the transaction
pembelian sebesar USD 1. Perusahaan telah on 16 July 2024.
menyelesaikan transaksi ini pada tanggal
16 Juli 2024.
Akibat akuisisi tersebut, Grup diharapkan dapat As a result of this acquisition, the Group is
meningkatkan cakupan produk dan jasa yang expected to enhance the range of products and
ditawarkan oleh Perusahaan kepada pelanggan. services offered by the Company to customers.
Akuisisi Axiata Global Services Pte. Ltd.*, telah The acquisition of Axiata Global Services Pte. Ltd.*,
dilakukan sesuai dengan peraturan yang dikeluarkan has been conducted in accordance with OJK
oleh OJK. Regulations.
*) Axiata Global Services Pte. Ltd. berubah nama menjadi XL Axiata *) Axiata Global Services Pte. Ltd. changed its name to XL Axiata
Singapore Pte. Ltd. efektif sejak 7 Oktober 2024 Singapore Pte. Ltd. effective from 7 October 2024
Page 434
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/144 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
38. GOODWILL 38. GOODWILL
Pada tahun 2014, Grup mengakuisisi AXIS dari In 2014, the Group acquired AXIS from Saudi
Saudi Telecom Company (“STC”) dan Teleglobal Telecom Company (“STC”) and Teleglobal
Investment B.V (“Teleglobal”) yang diikuti dengan Investment B.V. (“Teleglobal”) which was followed
penggabungan usaha antara Grup dan AXIS. Grup by a merger between the Group and AXIS. The
mencatat akuisisi tersebut dengan menerapkan Group accounts for the acquisition by applying the
metode akuisisi. Dari transaksi akuisisi tersebut, acquisition method. From the acquisition
Grup mengakui goodwill senilai Rp 6.681.357 dan transaction, the Group recognised goodwill of
mendapatkan aset tak berwujud tertentu (lihat Rp 6,681,357 and acquired certain intangible
Catatan 8). assets (see Note 8).
Pada tahun 2022, Grup mengakuisisi 51% atau In 2022, the Group acquired 51% or equivalent to
sebesar 2.805 lembar kepemilikan saham di 2,805 shares of ownership in PT Hipernet Indodata
PT Hipernet Indodata (lihat catatan 37). Grup (see Note 37). The Group accounts for the
mencatat akuisisi tersebut dengan menerapkan acquisition by applying the acquisition method.
metode akuisisi. Dari transaksi akuisisi tersebut, From the acquisition transaction, the Group
Grup mengakui goodwill senilai Rp 234.235 dan recognised goodwill of Rp 234,235 and acquired
mendapatkan aset tak berwujud tertentu (lihat certain intangible assets (see Note 8). Goodwill
Catatan 8). Goodwill dihasilkan dari nilai wajar asset resulted from the fair value of the identified assets
identifikasian dan liabilitas yang diambil alih pada acquired and liabilities assumed on the date of
tanggal akuisisi melalui eksekusi alokasi harga beli acquisition through a purchase price allocation
(“PPA”). ("PPA") exercise.
Pengujian penurunan nilai atas goodwill dan aset tak Goodwill and intangible assets with indefinite useful
berwujud yang memiliki masa manfaat yang tidak lives are tested for impairment annually (as at 31
terbatas dilakukan setiap tahun (pada tanggal December) and when circumstances indicate that
31 Desember) dan ketika terdapat suatu indikasi the carrying value may be impaired. The
bahwa nilai tercatatnya mengalami penurunan nilai. recoverable amount was determined based on the
Nilai terpulihkan ditentukan berdasarkan perhitungan FVLCOD that uses the five years Discounted Cash
nilai wajar dikurangi FVLCOD yang menggunakan Flow method. The Group determined the CGU
metode Discounted Cash Flow lima tahun. Grup aligned with the operating segment. GSM mobile
menentukan UPK sejalan dengan segmen operasi. and telecommunication network services are the
Jasa GSM mobile dan jaringan telekomunikasi Company’s operating segment and managed and
merupakan segmen operasi Perusahaan dan information technology services are PT Hipernet
managed service dan jasa teknologi informasi Indodata’s operating segment. The recoverable
merupakan segmen operasi PT Hipernet Indodata. amount is categorised as level 3 in the fair value
Nilai terpulihkan tersebut dikategorikan sebagai hierarchy.
tingkat 3 dalam hierarki nilai wajar.
Nilai tercatat goodwill dialokasikan ke UPK pada The carrying amount of goodwill is allocated to the
tanggal 31 Desember 2024 adalah sebagai berikut: CGUs at 31 December 2024 as follows:
Jasa GSM mobile Managed service
dan jaringan dan jasa teknologi
telekomunikasi/ informasi/
GSM mobile and Managed and
telecommunication information
network services technology services
Goodwill 6,681,357 234,235 Goodwill
Aset tak berwujud yang Intangible assets with
memiliki masa manfaat yang indefinite useful
tidak terbatas 5,712,343 - life
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
38. GOODWILL (lanjutan) 38. GOODWILL (lanjutan)
Asumsi kunci yang digunakan dalam perhitungan Certain key assumptions used in the FVLCOD
FVLCOD pada tanggal 31 Desember 2024 adalah calculation at 31 December 2024 are as follows:
sebagai berikut:
Jasa GSM mobile Managed service
dan jaringan dan jasa teknologi
telekomunikasi/ informasi/
GSM mobile and Managed and
telecommunication information
network services technology services
Tingkat diskonto 10.0% 11.2% Discount rate
Tingkat pertumbuhan Long-term
jangka panjang* 0.3% 17.3% growth rate*
*) Tingkat pertumbuhan pendapatan tahunan untuk proyeksi anggaran 5 *) The annual revenue growth rate for the 5-years budget projection of the
tahun atas pendapatan unit usaha. business unit’s revenue
Tidak ada penurunan nilai goodwill dan aset No impairment of the goodwill and intangible
takberwujud yang memiliki masa manfaat yang tidak assets with indefinite useful life was identified.
terbatas yang diidentifikasi.
39. PENYAJIAN KEMBALI LAPORAN KEUANGAN 39. RESTATEMENT OF THE CONSOLIDATED
KONSOLIDASIAN ATAS TRANSAKSI DENGAN FINANCIAL STATEMENTS ON TRANSACTIONS
ENTITAS SEPENGENDALI WITH ENTITIES UNDER COMMON CONTROL
Pada tanggal 22 Mei 2024, Perusahaan On 22 May 2024, the Company entered into an
menandatangani Perjanjian dengan PT Link Net Tbk agreement with PT Link Net Tbk to acquire all rights
untuk mengakuisisi seluruh hak dan kepentingan and interests in the Business to Customer (“B2C”)
atas segmen Business to Customer (“B2C”) yang segment which serves residential customers. This
melayani pelanggan residensial. Akuisisi ini acquisition includes the Internet Service Provider
mencakup Bisnis Penyedia Layanan Internet (“ISP”), (“ISP”) business, Internet Protocol TV (“IPTV”)
Bisnis Internet Protocol TV (“IPTV”) dan Bisnis business, PayTV services, and the services related
PayTV (layanan televisi berbasis langganan/layanan to cloud storage, gaming and smart home
penyiaran), termasuk layanan-layanan yang provisions to residential customers.
berkaitan dengan cloud storage, permainan dan
smart home yang disediakan untuk pelanggan
residensial.
Sebagai imbalan atas pengalihan tersebut, In exchange for the transfer, the Company will
Perusahaan akan menerima aset dan liabilitas acquire certain assets and liabilities from PT Link
tertentu dari PT Link Net Tbk dan membayar Net Tbk and pay a consideration amount of
sejumlah imbalan sebesar Rp 1.875.000. Rp 1,875,000. The transfer will be effective from
Pengalihan ini akan efektif sejak 27 September 27 September 2024, upon the fulfillment of certain
2024, setelah terpenuhinya beberapa syarat dan conditions precedent.
ketentuan tertentu.
Sejak tanggal 31 Desember 2024, Perusahaan telah As of 31 December 2024, the Company has paid
membayar sejumlah imbalan sebesar Rp 1.875.000 the consideration amount of Rp 1,875,000 and has
dan mencatat aset serta liabilitas yang diperoleh dari recorded assets and liabilities acquired from PT
PT Link Net Tbk sebesar Rp 44.435. Selisih antara Link Net Tbk valued at Rp 44,435. The difference
imbalan yang telah dibayarkan, nilai aset dan between the consideration paid, the value of assets
liabilitas yang diperoleh serta imbalan yang and liabilities acquired and deferred consideration
ditangguhkan atas pendapatan tangguhan dan of deferred revenue and employee benefit liabilities
liabilitas imbalan kerja sebesar Rp 1.869.638 dicatat of Rp 1,869,638 is recorded as additional paid-in
sebagai tambahan modal disetor di ekuitas (Catatan capital in equity (Note 19).
19).
Page 436
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/146 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
39. PENYAJIAN KEMBALI LAPORAN KEUANGAN 39. RESTATEMENT OF THE CONSOLIDATED
KONSOLIDASIAN ATAS TRANSAKSI DENGAN FINANCIAL STATEMENTS ON TRANSACTIONS
ENTITAS SEPENGENDALI (lanjutan) WITH ENTITIES UNDER COMMON CONTROL
(continued)
Rincian jumlah imbalan pembelian dengan nilai buku Details of the total consideration with net asset
aset bersih yang diterima tanggal 27 September book value received on 27 September 2024 are as
2024 adalah sebagai berikut: follows:
27 September 2024
Rincian aset yang diperoleh Details of assets acquired
Aset tetap 5,362 Fixed assets
Jumlah aset yang diperoleh 5,362 Total assets acquired
Rincian liabilitas yang diperoleh Details of liabilities acquired
Pendapatan tangguhan (36,565) Deferred revenues
Liabilitas imbalan kerja jangka panjang (10,137) Long-term employee benefit liabilities
Liabilitas imbalan kerja jangka pendek (3,095) Short-term employee benefit liabilities
Jumlah liabilitas yang diperoleh (49,797) Total liabilities acquired
Nilai buku neto yang diperoleh (44,435) Net book value acquired
Jumlah imbalan: Total consideration:
Imbalan yang telah dibayarkan (1,875,000) Consideration paid
Dikurangi: imbalan yang ditangguhkan 49,797 Less: deferred consideration
(1,825,203)
Tambahan modal disetor (1,869,638) Additional paid-in capital
Page 437
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/147 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
39. PENYAJIAN KEMBALI LAPORAN KEUANGAN 39. RESTATEMENT OF THE CONSOLIDATED
KONSOLIDASIAN ATAS TRANSAKSI DENGAN FINANCIAL STATEMENTS ON TRANSACTIONS
ENTITAS SEPENGENDALI (lanjutan) WITH ENTITIES UNDER COMMON CONTROL
(continued)
Dampak adopsi PSAK 338 pada laporan The impact of the adoption of PSAK 338 on the
keuangan konsolidasian consolidated financial statements
Berikut adalah ikhtisar penyajian kembali laporan The following is the summary of the restated
posisi keuangan sebagai dampak adopsi PSAK 338: consolidated financial position as impact of the
adoption of PSAK 338:
31 Desember/December 2023
Seperti yang
dinyatakan Penyesuaian
sebelumnya/ dampak PSAK 338/ Seperti yang
As previously Adjustment of disajikan kembali/
reported PSAK 338 As restated
ASET ASSETS
Aset lancar Current assets
Kas dan setara kas 966,027 - 966,027 Cash and cash equivalents
Piutang usaha Trade receivables
- Pihak ketiga 870,104 - 870,104 Third parties -
- Pihak berelasi 515,681 - 515,681 Related parties -
Piutang lain-lain Other receivables
- Pihak ketiga 15,892 - 15,892 Third parties -
- Pihak berelasi 32,928 - 32,928 Related parties -
Persediaan 377,884 - 377,884 Inventories
Pajak dibayar dimuka Prepaid taxes
- Pajak penghasilan badan 52,122 - 52,122 Corporate income tax -
- Pajak lainnya 30,572 - 30,572 Other taxes -
Beban dibayar dimuka 4,125,471 - 4,125,471 Prepayments
Aset lain-lain 186,830 - 186,830 Other assets
Jumlah aset lancar 7,173,511 - 7,173,511 Total current assets
Aset tidak lancar Non-current assets
Piutang lain-lain Other receivables
- Pihak berelasi 208,537 - 208,537 Related parties -
Aset tetap 63,890,454 6,470 63,896,924 Fixed assets
Aset takberwujud 6,453,886 - 6,453,886 Intangible assets
Investasi pada
entitas asosiasi 2,533,736 - 2,533,736 Investment in associates
Goodwill 6,915,592 - 6,915,592 Goodwill
Aset pajak tangguhan 6,873 - 6,873 Deferred tax assets
Aset lain-lain 505,495 - 505,495 Other assets
Jumlah aset tidak lancar 80,514,573 6,470 80,521,043 Total non-current assets
JUMLAH ASET 87,688,084 6,470 87,694,554 TOTAL ASSETS
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DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/148 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
39. PENYAJIAN KEMBALI LAPORAN KEUANGAN 39. RESTATEMENT OF THE CONSOLIDATED
KONSOLIDASIAN ATAS TRANSAKSI DENGAN FINANCIAL STATEMENTS ON TRANSACTIONS
ENTITAS SEPENGENDALI (lanjutan) WITH ENTITIES UNDER COMMON CONTROL
(continued)
Dampak adopsi PSAK 338 pada laporan The impact of the adoption of PSAK 338 on the
keuangan konsolidasian (lanjutan) consolidated financial statements (continued)
31 Desember/December 2023
Seperti yang
dinyatakan Penyesuaian
sebelumnya/ dampak PSAK 338/ Seperti yang
As previously Adjustment of disajikan kembali/
reported PSAK 338 As restated
LIABILITAS LIABILITIES
Liabilitas jangka pendek Current liabilities
Utang usaha Trade payables
- Pihak ketiga 9,137,540 - 9,137,540 Third parties -
- Pihak berelasi 244,960 - 244,960 Related parties -
Utang pajak Tax payables
- Pajak penghasilan badan 57,820 - 57,820 Corporate income tax -
- Pajak lainnya 129,367 - 129,367 Other taxes -
Beban yang masih
harus dibayar 632,905 - 632,905 Accrued expense
Pendapatan tangguhan 2,704,845 31,400 2,736,245 Deferred revenue
Liabilitas imbalan kerja Short-term employee
jangka pendek 305,275 - 305,275 benefit liabilities
Provisi 52,582 - 52,582 Provisions
Bagian lancar dari pinjaman Current portion of long-
jangka panjang: term borrowings:
- Liabilitas sewa 6,022,836 - 6,022,836 Lease liabilities -
- Pinjaman 415,892 - 415,892 Loans -
- Sukuk ijarah 397,965 - 397,965 Sukuk ijarah -
- Utang obligasi 39,997 - 39,997 Bonds payable -
Jumlah liabilitas
jangka pendek 20,141,984 31,400 20,173,384 Total current liabilities
Liabilitas jangka panjang Non-current liabilities
Liabilitas sewa 29,790,610 - 29,790,610 Lease liabilities
Pinjaman jangka panjang 5,609,008 - 5,609,008 Long term loans
Sukuk ijarah 1,964,422 - 1,964,422 Sukuk ijarah
Utang obligasi 1,677,304 - 1,677,304 Bonds payable
Pendapatan tangguhan 211,840 - 211,840 Deferred revenue
Liabilitas pajak
tangguhan 609,719 - 609,719 Deferred tax liabilities
Liabilitas imbalan kerja Long-term employee
jangka panjang 239,859 9,828 249,687 benefit liabilities
Imbalan kontijensi 23,113 - 23,113 Contingent consideration
Provisi 915,449 - 915,449 Provisions
Jumlah liabilitas
jangka panjang 41,041,324 9,828 41,051,152 Total non-current liabilities
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
39. PENYAJIAN KEMBALI LAPORAN KEUANGAN 39. RESTATEMENT OF THE CONSOLIDATED
KONSOLIDASIAN ATAS TRANSAKSI DENGAN FINANCIAL STATEMENTS ON TRANSACTIONS
ENTITAS SEPENGENDALI (lanjutan) WITH ENTITIES UNDER COMMON CONTROL
(continued)
Dampak adopsi PSAK 338 pada laporan The impact of the adoption of PSAK 338 on the
keuangan konsolidasian (lanjutan) consolidated financial statements (continued)
31 Desember/December 2023
Seperti yang
dinyatakan Penyesuaian
sebelumnya/ dampak PSAK 338/ Seperti yang
As previously Adjustment of disajikan kembali/
reported PSAK 338 As restated
EKUITAS EQUITY
Modal saham - modal dasar
22.650.000.000 saham Share capital - authorised
biasa, modal ditempatkan capital of 22,650,000,000
dan disetor penuh ordinary shares, issued and
13.128.430.665 saham fully paid of capital
biasa, dengan nilai 13,128,430,665 ordinary
nominal Rp 100 shares, with par share
per saham 1,312,843 - 1,312,843 value of Rp 100 per share
Tambahan modal disetor 16,914,496 - 16,914,496 Additional paid-in capital
Ekuitas dari entitas
yang bergabung - (34,758) (34,758) Equity from merging’s entity
Saham treasuri (134,445) - (134,445) Treasury shares
Saldo laba Retained earnings
- Telah ditentukan
penggunaannya 1,300 - 1,300 Appropriated -
- Belum ditentukan
penggunaannya 8,266,167 - 8,266,167 Inappropriated -
26,360,361 (34,758) 26,325,603
Kepentingan non-
pengendali 144,415 - 144,415 Non-controlling interest
JUMLAH EKUITAS 26,504,776 (34,758) 26,470,018 TOTAL EQUITY
JUMLAH LIABILITAS TOTAL LIABILITIES
DAN EKUITAS 87,688,084 6,470 87,694,554 AND EQUITY
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
39. PENYAJIAN KEMBALI LAPORAN KEUANGAN 39. RESTATEMENT OF THE CONSOLIDATED
KONSOLIDASIAN ATAS TRANSAKSI DENGAN FINANCIAL STATEMENTS ON TRANSACTIONS
ENTITAS SEPENGENDALI (lanjutan) WITH ENTITIES UNDER COMMON CONTROL
(continued)
Dampak adopsi PSAK 338 pada laporan The impact of the adoption of PSAK 338 on the
keuangan konsolidasian (lanjutan) consolidated financial statements (continued)
31 Desember/December 2022
Seperti yang
dinyatakan Penyesuaian
sebelumnya/ dampak PSAK 338/ Seperti yang
As previously Adjustment of disajikan kembali/
reported PSAK 338 As restated
ASET ASSETS
Aset lancar Current assets
Kas dan setara kas 5,184,113 - 5,184,113 Cash and cash equivalents
Piutang usaha Trade receivables
- Pihak ketiga 491,557 - 491,557 Third parties -
- Pihak berelasi 246,612 - 246,612 Related parties -
Piutang lain-lain Other receivables
- Pihak ketiga 32,976 - 32,976 Third parties -
- Pihak berelasi 80,724 - 80,724 Related parties -
Persediaan 408,178 - 408,178 Inventories
Pajak dibayar dimuka Prepaid taxes
- Pajak penghasilan badan 74,960 - 74,960 Corporate income tax -
- Pajak lainnya 3,455 - 3,455 Other taxes -
Beban dibayar dimuka 3,708,021 - 3,708,021 Prepayments
Aset lain-lain 177,762 - 177,762 Other assets
Jumlah aset lancar 10,408,358 - 10,408,358 Total current assets
Aset tidak lancar Non-current assets
Piutang lain-lain Other receivables
- Pihak berelasi 201,652 - 201,652 Related parties -
Aset tetap 60,473,629 7,948 60,481,577 Fixed assets
Aset takberwujud 5,988,468 - 5,988,468 Intangible assets
Investasi pada
entitas asosiasi 2,750,218 - 2,750,218 Investment in associates
Goodwill 6,915,592 - 6,915,592 Goodwill
Aset pajak tangguhan 5,779 - 5,779 Deferred tax assets
Aset lain-lain 534,084 - 534,084 Other assets
Jumlah aset tidak lancar 76,869,422 7,948 76,877,370 Total non-current assets
JUMLAH ASET 87,277,780 7,948 87,285,728 TOTAL ASSETS
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
39. PENYAJIAN KEMBALI LAPORAN KEUANGAN 39. RESTATEMENT OF THE CONSOLIDATED
KONSOLIDASIAN ATAS TRANSAKSI DENGAN FINANCIAL STATEMENTS ON TRANSACTIONS
ENTITAS SEPENGENDALI (lanjutan) WITH ENTITIES UNDER COMMON CONTROL
(continued)
Dampak adopsi PSAK 338 pada laporan The impact of the adoption of PSAK 338 on the
keuangan konsolidasian (lanjutan) consolidated financial statements (continued)
31 Desember/December 2022
Seperti yang
dinyatakan Penyesuaian
sebelumnya/ dampak PSAK 338/ Seperti yang
As previously Adjustment of disajikan kembali/
reported PSAK 338 As restated
LIABILITAS LIABILITIES
Liabilitas jangka pendek Current liabilities
Utang usaha Trade payables
- Pihak ketiga 11,064,092 - 11,064,092 Third parties -
- Pihak berelasi 273,191 - 273,191 Related parties -
Utang pajak Tax payables
- Pajak penghasilan badan 4,135 - 4,135 Corporate income tax -
- Pajak lainnya 149,589 - 149,589 Other taxes -
Beban yang masih
harus dibayar 563,303 - 563,303 Accrued expense
Pendapatan tangguhan 2,944,168 20,378 2,964,546 Deferred revenue
Liabilitas imbalan kerja Short-term employee
jangka pendek 367,320 - 367,320 benefit liabilities
Provisi 65,944 - 65,944 Provisions
Bagian lancar dari pinjaman Current portion of long-
jangka panjang : term borrowings:
- Liabilitas sewa 5,296,565 - 5,296,565 Lease liabilities -
- Pinjaman 5,342,445 - 5,342,445 Loans -
- Sukuk ijarah 148,869 - 148,869 Sukuk ijarah -
- Utang obligasi 130,879 - 130,879 Bonds payable -
Jumlah liabilitas
jangka pendek 26,350,500 20,378 26,370,878 Total current liabilities
Liabilitas jangka panjang Non-current liabilities
Liabilitas sewa 26,553,293 - 26,553,293 Lease liabilities
Pinjaman jangka panjang 2,411,205 - 2,411,205 Long term loans
Sukuk ijarah 2,360,826 - 2,360,826 Sukuk ijarah
Utang obligasi 1,715,691 - 1,715,691 Bonds payable
Pendapatan tangguhan 627,481 - 627,481 Deferred revenue
Liabilitas pajak tangguhan 532,601 - 532,601 Deferred tax liabilities
Liabilitas imbalan kerja Long-term employee
jangka panjang 183,025 8,180 191,205 benefit liabilities
Imbalan kontijensi 23,113 - 23,113 Contingent consideration
Provisi 745,819 - 745,819 Provisions
Jumlah liabilitas
jangka panjang 35,153,054 8,180 35,161,234 Total non-current liabilities
Page 442
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DAN ENTITAS ANAK/AND SUBSIDIARIES
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
39. PENYAJIAN KEMBALI LAPORAN KEUANGAN 39. RESTATEMENT OF THE CONSOLIDATED
KONSOLIDASIAN ATAS TRANSAKSI DENGAN FINANCIAL STATEMENTS ON TRANSACTIONS
ENTITAS SEPENGENDALI (lanjutan) WITH ENTITIES UNDER COMMON CONTROL
(continued)
Dampak adopsi PSAK 338 pada laporan The impact of the adoption of PSAK 338 on the
keuangan konsolidasian (lanjutan) consolidated financial statements (continued)
31 Desember/December 2022
Seperti yang
dinyatakan Penyesuaian
sebelumnya/ dampak PSAK 338/ Seperti yang
As previously Adjustment of disajikan kembali/
reported PSAK 338 As restated
EKUITAS EQUITY
Modal saham - modal dasar
22.650.000.000 saham Share capital - authorised
biasa, modal ditempatkan capital of 22,650,000,000
dan disetor penuh ordinary shares, issued and
13.128.430.665 saham fully paid of capital
biasa, dengan nilai 13,128,430,665 ordinary
nominal Rp 100 shares, with par share
per saham 1,312,843 - 1,312,843 value of Rp 100 per share
Tambahan modal disetor 16,914,496 - 16,914,496 Additional paid-in capital
Ekuitas dari entitas
yang bergabung - (20,610) (20,610) Equity from merging’s entity
Saham treasuri (134,445) - (134,445) Treasury shares
Saldo laba Retained earnings
- Telah ditentukan
penggunaannya 1,200 - 1,200 Appropriated -
- Belum ditentukan
penggunaannya 7,549,052 - 7,549,052 Inappropriated -
25,643,146 (20,610) 25,622,536
Kepentingan non-
pengendali 131,080 - 131,080 Non-controlling interest
JUMLAH EKUITAS 25,774,226 (20,610) 25,753,616 TOTAL EQUITY
JUMLAH LIABILITAS TOTAL LIABILITIES
DAN EKUITAS 87,277,780 7,948 87,285,728 AND EQUITY
Page 443
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/153 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
39. PENYAJIAN KEMBALI LAPORAN KEUANGAN 39. RESTATEMENT OF THE CONSOLIDATED
KONSOLIDASIAN ATAS TRANSAKSI DENGAN FINANCIAL STATEMENTS ON TRANSACTIONS
ENTITAS SEPENGENDALI (lanjutan) WITH ENTITIES UNDER COMMON CONTROL
(continued)
Dampak adopsi PSAK 338 pada laporan The impact of the adoption of PSAK 338 on the
keuangan konsolidasian (lanjutan) consolidated financial statements (continued)
31 Desember/December 2023
Seperti yang
dinyatakan Penyesuaian
sebelumnya/ dampak PSAK 338/ Seperti yang
As previously Adjustment of disajikan kembali/
reported PSAK 338 As restated
Pendapatan 32,322,651 - 32,322,651 Revenues
Beban Expenses
Beban penyusutan (11,347,758) (1,477) (11,349,235) Depreciation expenses
Beban infrastruktur (8,995,646) - (8,995,646) Infrastructure expenses
Beban interkoneksi dan Interconnection and
beban langsung lainnya (3,172,220) - (3,172,220) other direct expenses
Beban penjualan Sales and marketing
dan pemasaran (2,454,775) - (2,454,775) expenses
Beban gaji dan Salaries and employee
kesejahteraan karyawan (1,402,242) - (1,402,242) benefit expenses
Beban umum dan General and administrative
administrasi (413,040) - (413,040) expenses
Beban amortisasi (157,216) - (157,216) Amortisation expenses
Keuntungan/(kerugian) Foreign exchange
selisih kurs - bersih 12,977 - 12,977 gain/(loss) – net
Keuntungan dari penjualan Gain from sale and
dan sewa-balik 424,062 - 424,062 leaseback
Lain-lain (80,900) (12,671) (93,571) Others
(27,586,758) (14,148) (27,600,906)
4,735,893 (14,148) 4,721,745
Biaya keuangan (2,939,979) - (2,939,979) Finance costs
Penghasilan keuangan 100,096 - 100,096 Finance income
Bagian atas (rugi)/laba
bersih dari Share of (loss)/profit
entitas asosiasi (191,493) - (191,493) from associate entity
(3,031,376) - (3,031,376)
Laba sebelum pajak
penghasilan 1,704,517 (14,148) 1,690,369 Profit before income tax
Beban pajak
penghasilan (420,069) - (420,069) Income tax expense
Laba tahun berjalan 1,284,448 (14,148) 1,270,300 Profit for the year
Laba komprehensif
lainnya yang tidak Other comprehensive income
direklasifikasi ke not to be reclassified
dalam laba rugi to profit or loss
Pengukuran kembali
program pensiun Remeasurement of defined
manfaat pasti (6,250) - (6,250) benefit plan
Beban pajak penghasilan Related income tax
terkait 1,375 - 1,375 expense
Laba komprehensif
lainnya tahun Other comprehensive income
berjalan, setelah pajak (4,875) - (4,875) for the year, net of tax
JUMLAH LABA TOTAL COMPREHENSIVE
KOMPREHENSIF 1,279,573 (14,148) 1,265,425 INCOME
Page 444
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/154 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
39. PENYAJIAN KEMBALI LAPORAN KEUANGAN 39. RESTATEMENT OF THE CONSOLIDATED
KONSOLIDASIAN ATAS TRANSAKSI DENGAN FINANCIAL STATEMENTS ON TRANSACTIONS
ENTITAS SEPENGENDALI (lanjutan) WITH ENTITIES UNDER COMMON CONTROL
(continued)
Dampak adopsi PSAK 338 pada laporan The impact of the adoption of PSAK 338 on the
keuangan konsolidasian (lanjutan) consolidated financial statements (continued)
31 Desember/December 2023
Seperti yang
dinyatakan Penyesuaian
sebelumnya/ dampak PSAK 338/ Seperti yang
As previously Adjustment of disajikan kembali/
reported PSAK 338 As restated
Laba yang diatribusikan
kepada: Profit attributable to:
- Pemilik entitas induk 1,271,113 (14,148) 1,256,965 Owners of the parent -
- Kepentingan non-
pengendali 13,335 - 13,335 Non-controlling interest -
1,284,448 (14,148) 1,270,300
Jumlah laba komprehensif
yang diatribusikan Total comprehensive income
kepada : attributable to:
- Pemilik entitas induk 1,266,238 (14,148) 1,252,090 Owners of the parent -
- Kepentingan non-
pengendali 13,335 - 13,335 Non-controlling interest -
1,279,573 (14,148) 1,265,425
Laba bersih per saham Basic and dilluted earnings
dasar dan dilusian 97 96 per share
Page 445
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/155 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
39. PENYAJIAN KEMBALI LAPORAN KEUANGAN 39. RESTATEMENT OF THE CONSOLIDATED
KONSOLIDASIAN ATAS TRANSAKSI DENGAN FINANCIAL STATEMENTS ON TRANSACTIONS
ENTITAS SEPENGENDALI (lanjutan) WITH ENTITIES UNDER COMMON CONTROL
(continued)
Dampak adopsi PSAK 338 pada laporan The impact of the adoption of PSAK 338 on the
keuangan konsolidasian (lanjutan) consolidated financial statements (continued)
31 Desember/December 2022
Seperti yang
dinyatakan Penyesuaian
sebelumnya/ dampak PSAK 338/ Seperti yang
As previously Adjustment of disajikan kembali/
reported PSAK 338 As restated
Pendapatan 29,141,994 - 29,141,994 Revenues
Beban Expenses
Beban penyusutan (10,569,622) (739) (10,570,361) Depreciation expenses
Beban infrastruktur (7,733,947) - (7,733,947) Infrastructure expenses
Beban interkoneksi dan Interconnection and
beban langsung lainnya (2,876,477) - (2,876,477) other direct expenses
Beban penjualan Sales and marketing
dan pemasaran (2,617,998) - (2,617,998) expenses
Beban gaji dan Salaries and employee
kesejahteraan karyawan (1,325,529) - (1,325,529) benefit expenses
Beban umum dan General and administrative
administrasi (352,698) - (352,698) expenses
Beban amortisasi (7,567) - (7,567) Amortisation expenses
Keuntungan/(kerugian) Foreign exchange
selisih kurs - bersih (61,295) - (61,295) gain/(loss) – net
Keuntungan dari penjualan Gain from sale and
dan sewa-balik 446,805 - 446,805 leaseback
Lain-lain (28,807) (6,335) (35,142) Others
(25,127,135) (7,074) (25,134,209)
4,014,859 (7,074) 4,007,785
Biaya keuangan (2,777,385) - (2,777,385) Finance costs
Penghasilan keuangan 111,718 - 111,718 Finance income
Bagian atas (rugi)/laba
bersih dari Share of (loss)/profit
entitas asosiasi 3,838 - 3,838 from associate entity
(2,661,829) - (2,661,829)
Laba sebelum pajak
penghasilan 1,353,030 (7,074) 1,345,956 Profit before income tax
Beban pajak
penghasilan (231,842) - (231,842) Income tax expense
Laba tahun berjalan 1,121,188 (7,074) 1,114,114 Profit for the year
Laba komprehensif
lainnya yang tidak Other comprehensive income
direklasifikasi ke not to be reclassified
dalam laba rugi to profit or loss
Pengukuran kembali
program pensiun Remeasurement of defined
manfaat pasti 64,721 - 64,721 benefit plan
Beban pajak penghasilan Related income tax
terkait (14,239) - (14,239) expense
Laba komprehensif
lainnya tahun Other comprehensive income
berjalan, setelah pajak 50,482 - 50,482 for the year, net of tax
JUMLAH LABA TOTAL COMPREHENSIVE
KOMPREHENSIF 1,171,670 (7,074) 1,164,596 INCOME
Page 446
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/156 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
39. PENYAJIAN KEMBALI LAPORAN KEUANGAN 39. RESTATEMENT OF THE CONSOLIDATED
KONSOLIDASIAN ATAS TRANSAKSI DENGAN FINANCIAL STATEMENTS ON TRANSACTIONS
ENTITAS SEPENGENDALI (lanjutan) WITH ENTITIES UNDER COMMON CONTROL
(continued)
Dampak adopsi PSAK 338 pada laporan The impact of the adoption of PSAK 338 on the
keuangan konsolidasian (lanjutan) consolidated financial statements (continued)
31 Desember/December 2022
Seperti yang
dinyatakan Penyesuaian
sebelumnya/ dampak PSAK 338/ Seperti yang
As previously Adjustment of disajikan kembali/
reported PSAK 338 As restated
Laba yang diatribusikan
kepada: Profit attributable to:
- Pemilik entitas induk 1,109,440 (7,074) 1,102,366 Owners of the parent -
- Kepentingan non-
pengendali 11,748 - 11,748 Non-controlling interest -
1,121,188 (7,074) 1,114,114
Jumlah laba komprehensif
yang diatribusikan Total comprehensive income
kepada : attributable to:
- Pemilik entitas induk 1,159,922 (7,074) 1,152,848 Owners of the parent -
- Kepentingan non-
pengendali 11,748 - 11,748 Non-controlling interest -
1,171,670 (7,074) 1,164,596
Laba bersih per saham Basic and dilluted earnings
dasar dan dilusian 103 103 per share
40. PERISTIWA SIGNIFIKAN 40. SIGNIFICANT EVENT
Pada tanggal 10 Desember 2024, Axiata Group On 10 December 2024, Axiata Group Berhad
Berhad mendandatangani Perjanjian Penggabungan signed the Conditional Merger (“Merger
Bersyarat (“Perjanjian Penggabungan”), untuk Agreement”) for the proposed merger of PT XL
rencana penggabungan antara PT XL Axiata Tbk Axiata Tbk dan PT Smartfren Telecom Tbk.
dan PT Smartfren Telecom Tbk.
Penyelesaian transaksi penggabungan ini Completion of the merger transaction will be
bergantung pada (i) persetujuan dari pemegang subject to (i) approval of Axiata Group Berhad,
saham Axiata Group Berhad, PT XL Axiata Tbk, PT XL Axiata Tbk, and PT Smartfren Telecom Tbk
PT Smartfren Telecom Tbk. (ii) persetujuan Company shareholder, (ii) the regulatory approval,
regulator, serta (iii) berbagai syarat dan ketentuan (iii) other customary terms and condition as
sebagaimana diatur dalam Perjanjian stipulated under Merger Agreement. Assuming all
Penggabungan. Jika semua persetujuan berhasil approvals are received, the proposed combination
didapatkan, maka penggabungan ini diperkirakan is expected to be completed in 2025.
akan selesai pada tahun 2025.
Page 447
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/157 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
41. INFORMASI TAMBAHAN UNTUK LAPORAN 41. SUPPLEMENTARY INFORMATION FOR
ARUS KAS KONSOLIDASIAN STATEMENTS OF CASH FLOWS
Kegiatan signifikan yang tidak memengaruhi arus Significant activities not affecting cash flows are as
kas adalah sebagai berikut: follow:
31/12/2024 31/12/2023 31/12/2022
Purchase of fixed assets
Pembelian aset tetap dan and recognition of
pengakuan aset terkait assets related to sale
transaksi jual dan and leaseback
sewa-balik melalui transaction
utang 22,215,769 26,993,222 26,213,099 through liabilities
Pelepasan aset tetap Disposal of fixed assets
terkait transaksi jual related to sale and
dan sewa-balik leaseback transaction
melalui piutang - 208,537 224,149 through receivables
Perubahan liabilitas yang timbul dari aktivitas Changes in liabilities arising from financing
pendanaan adalah sebagai berikut: activities are as follows:
31/12/2024
Pinjaman Bunga yang
Liabilitas jangka Utang masih harus
sewa/ panjang/ obligasi/ dibayar/
Lease Long-term Sukuk Bonds Accrued Lainnya*/ Jumlah/
liabilities loan ijarah Payable interest Others* Total
Saldo 35,813,446 6,024,900 2,362,387 1,717,301 76,483 5,501,355 51,495,872 Balance as at
1 Januari 2024 1 January 2024
Arus kas (6,922,630) 2,811,843 (398,000) (40,000) (859,079)** (646,346) (6,054,212) Cash flows
Tambahan - Addition - lease
liabilitas sewa 2,488,091 - - - - 2,488,091 liabilities
Biaya bunga 2,215,731 - - - 850,358 - 3,066,089 Interest expense
Transaksi non kas Other non-cash
lainnya - 10,235 2,299 2,411 702 - 15,647 transaction
Saldo Balance as at
31 Desember 2024 33,594,638 8,846,978 1,966,686 1,679,712 68,464 4,855,009 51,011,487 31 December 2024
31/12/2023
Pinjaman Bunga yang
Liabilitas jangka Utang masih harus
sewa/ panjang/ obligasi/ dibayar/
Lease Long-term Sukuk Bonds Accrued Lainnya*/ Jumlah/
liabilities loan ijarah Payable interest Others* Total
Saldo Balance as at
1 Januari 2023 31,849,858 7,753,649 2,509,696 1,846,570 74,729 6,008,750 50,043,252 1 January 2023
Arus kas (6,715,663) (1,702,055) (149,000) (131,000) (729,972)** (507,395) (9,935,085) Cash flows
Tambahan - Addition - lease
liabilitas sewa 8,512,223 - - - - - 8,512,223 liabilities
Biaya bunga 2,167,028 - - - 731,726 - 2,898,754 Interest expense
Transaksi non kas Other non-cash
lainnya - (26,694) 1,691 1,731 - - (23,272) transaction
Saldo Balance as at
31 Desember 2023 35,813,446 6,024,900 2,362,387 1,717,301 76,483 5,501,355 51,495,872 31 December 2023
* Terdiri dari penerimaan dari penerbitan saham, penjualan dan sewa balik, pembayaran dividen, pembelian kembali saham treasuri dan biaya penerbitan
saham baru/Consists of proceed from share issuance, sale and leaseback transaction, cash dividends paid, buyback treasury shares and share issuance
cost.
** Terdiri dari pembayaran imbal hasil ijarah dan bunga atas pinjaman jangka panjang dan obligasi/Consists of payment of ijarah return and interest from long-
term loans and bonds payable.
Page 448
PT XL AXIATA Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/158 - Page
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2024, 2023 DAN 2022 31 DECEMBER 2024, 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
41. INFORMASI TAMBAHAN UNTUK LAPORAN 41. SUPPLEMENTARY INFORMATION FOR
ARUS KAS KONSOLIDASIAN (lanjutan) STATEMENTS OF CASH FLOWS (continued)
Perubahan liabilitas yang timbul dari aktivitas Changes in liabilities arising from financing
pendanaan adalah sebagai berikut: (lanjutan) activities are as follows: (continued)
31/12/2022
Pinjaman Bunga yang
Liabilitas jangka Utang masih harus
sewa/ panjang/ obligasi/ dibayar/
Lease Long-term Sukuk Bonds Accrued Lainnya*/ Jumlah/
liabilities loan ijarah Payable interest Others* Total
Saldo Balance as at
1 Januari 2022 25,376,407 8,034,005 1,693,183 545,043 70,983 1,238,645 36,958,266 1 January 2022
Arus kas (5,925,660) (284,682) 816,836 1,302,316 (770,287)** 4,770,105 (91,372) Cash flows
Tambahan - Addition - lease
liabilitas sewa 10,456,619 - - - - - 10,456,619 liabilities
Biaya bunga 1,942,492 - - - 774,032 - 2,716,524 Interest expense
Transaksi non kas Other non-cash
lainnya - 4,326 (323) (789) - - 3,214 transaction
Saldo Balance as at
31 Desember 2022 31,849,858 7,753,649 2,509,696 1,846,570 74,728 6,008,750 50,043,251 31 December 2022
* Terdiri dari penerimaan dari penerbitan saham, penjualan dan sewa balik, pembayaran dividen, pembelian kembali saham treasuri dan biaya penerbitan
saham baru/Consists of proceed from share issuance, sale and leaseback transaction, cash dividends paid, buyback treasury shares and share issuance
cost.
** Terdiri dari pembayaran imbal hasil ijarah dan bunga atas pinjaman jangka panjang dan obligasi/Consists of payment of ijarah return and interest from long-
term loans and bonds payable.
Page 449
Page 450
2024
Laporan Tahunan Terintegrasi
PT XL Axiata Tbk
PT XL Axiata Tbk
XL Axiata Tower
Jl. HR Rasuna Said X5. Kav.11 – 12,
Kuningan Timur, Setiabudi, Jakarta Selatan
Jakarta 12950 - Indonesia
Tel. (62-21) 576 1881
Fax. (62-21) 576 1880
www.xlaxiata.co.id
Names mentioned 109 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Rianto & Rekan
p.6 ×2
unresolved
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Rintis & Rekan
p.6
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scale.
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available from both brands.
p.7
unresolved
org
Excelcomindo Pratama Tbk.
p.22 ×3
unresolved
org
PT Grahametropolitan
p.22
unresolved
org
PT Excelcomindo
p.22
unresolved
org
Indocel Holding Sdn. Bhd.
p.22
unresolved
org
Axiata Investment (Indonesia
p.22 ×3
unresolved
org
Leased Line Sdn. Bhd.
p.22
unresolved
org
PT Axis Telekom Indonesia
p.25
unresolved
org
Pte. Ltd.
p.26
unresolved
org
PT Jaya Kencana Mulia Lestari
p.26
unresolved
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Premium Pte. Ltd.
p.26
unresolved
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Ministry of Telecommunications
p.26
unresolved
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Minister of Telecommunications and Information
p.26
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Minister of Industry.
p.26
unresolved
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NTT Ltd.
p.26
unresolved
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Ministry of Natuna
p.26
unresolved
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PT Hipernet Indodata
p.27 ×2
unresolved
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Telecommunication Sdn Bhd
p.27
unresolved
org
PT Link Net Tbk’s
p.27
unresolved
org
Minister of Health
p.27
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person
Prof. Ari
p.27
unresolved
person
Echo Submarine Cable Communication System Kuncoro
p.27
unresolved
person
Dr. Astuti Giantini.
p.27
unresolved
org
Ministry of Manpower
p.29
unresolved
org
PT Mobil Anak Bangsa
p.29 ×2
unresolved
org
PT Ide Inovatif Bangsa
p.30
unresolved
org
Bank Indonesia
p.35 ×4
unresolved
org
Bank Indonesia’s
p.35
unresolved
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Pusat Statistik
p.35
unresolved
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Kementerian Keuangan RI
p.37
unresolved
person
Nik This
p.38
unresolved
person
Dr. Hans Wijayasuriya Independent
p.40 ×4
unresolved
person
Dr. Muhamad Chatib Basri President Commissioner Vivek Sood
· Komisaris
p.52 ×12
unresolved
person
Public Accountant Lok Budianto
p.66
unresolved
org
Ministry of Finance Data
p.70
unresolved
org
PT Fitch Ratings Indonesia. With
p.72
unresolved
org
PT Huawei Tech Investment
p.73
unresolved
org
PT Alita Praya Mitra
p.73
unresolved
org
Financial Services Authority
p.74 ×5
unresolved
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PT Axiata Digital Analytics
p.77
unresolved
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Apigate Sdn. Bhd.
p.77
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Axiata Business Service Sdn. Bhd.
p.77
unresolved
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PT ADA Asia Indonesia
p.77
unresolved
org
PT Princenton Digital Group Data
p.77
unresolved
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PT Edotco Infrastruktur Indonesia
p.77 ×2
unresolved
org
Axiata Enterprise Sdn Bhd
p.77
unresolved
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Axiata Global Services Ptd Ltd
p.77
unresolved
org
Minister of Finance Regulation
p.78 ×6
unresolved
org
Telecom Tbk
p.105
unresolved
org
Indonesia Stock Exchange
p.110 ×2
unresolved
person
Committee
· Director
p.115
unresolved
person
Aulia Taufani
· Notaris
p.296
unresolved
person
Taufani
p.296
unresolved
org
Menteri Hukum dan Hak
p.296
unresolved
org
Minister of Law and Human
p.296
unresolved
person
Dr. David Robert Nik Ibrahim
p.296 ×2
unresolved
person
Dr. Hans
p.296
unresolved
person
Dr. Hans Dr. Hans
p.296
unresolved
person
Dr. David Robert Dean
· Komisaris
p.296 ×3
unresolved
person
Abhijit Jayant
· Direktur
p.297
unresolved
org
Pengawas Pasar Modal dan Lembaga
p.300
unresolved
org
BAPEPAM-LK
p.300 ×4
unresolved
org
PT Edotco Infrastruktur
p.390
unresolved
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PT Princeton Digital
p.390
unresolved
org
PT Princeton Digital Group Data Centres
p.390
unresolved
org
PT Hipernet Indodata. Estimasi
p.425
unresolved
org
PT Hipernet Indodata Catatan
p.425
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
No extraction attempted yet.