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PT Bumi Serpong Damai Tbk Pendapat Kewajaran atas Rencana Akuisisi PT Suryamas Dutamakmur Tbk Fairness Opinion on Proposed Acquisition of PT Suryamas Dutamakmur Tbk No. Laporan/ No. Report : 00279/2.0012-00/BS/03/0006/1/X/2024 Tanggal/ Date : 23 October 2024
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To : Direksi/Directors No. Kontrak/Contract No. : RHR00PC2F0224043.0
PT Bumi Serpong Damai Tbk No. Laporan/Report No. : 00279/2.0012-00/BS/03/0006/1/X/2024
Gedung Sinar Mas Land Plaza Lantai 3 Tanggal Laporan /Report Date : 23 October 2024
Jl. BSD Green Office Park
Tangerang, Banten 15345
Pendapat Kewajaran Fairness Opinion
atas Rencana Akuisisi on Proposed Acquisition of
PT Suryamas Dutamakmur Tbk PT Suryamas Dutamakmur Tbk
Dengan Hormat, Dear Sir/Madam,
Menyambung instruksi PT Bumi Serpong Damai Tbk Referring to assignment by PT Bumi Serpong Damai Tbk
(“BSDE”) sesuai dengan kontrak No. (“BSDE”) as per contract No. RHR00PC2F0224043.0
RHR00PC2F0224043.0 tanggal 19 Februari 2024 dan dated 19 Februari 2024 and amendment contract No.
amendemen kontrak No. RHR00PC2F0224043.3 RHR00PC2F0224043.3 dated 22 October 2024, to form
tanggal 22 Oktober 2024, untuk memberikan Pendapat a Fairness Opinion on proposed acquisition of 91.99%
Kewajaran atas rencana akuisisi 91,99% ekuitas PT equity in PT Suryamas Dutamakmur Tbk (“SMDM”)
Suryamas Dutamakmur Tbk (“SMDM”) (“Rencana (“Proposed Transaction”), we hereby declare that we
Transaksi”), dengan ini kami menyatakan bahwa kami have completed our analysis and submit the attached
telah melakukan analisis dan menyampaikan laporan ini report for the Client and Intended User.
untuk Pemberi Tugas dan Pengguna Laporan.
1. Status Penilai 1. Valuer Status
Pekerjaan penilaian ini dilaksanakan oleh penilai This valuation has been carried out by an
independen yang merupakan Penilai Publik dan independent valuer who is a Public Valuer and one
salah satu rekan pada KJPP Rengganis, Hamid & of the partners in KJPP Rengganis, Hamid & Rekan
Rekan (KJPP RHR). Penilai Publik dan KJPP RHR telah (KJPP RHR). The Public Valuer and KJPP RHR have a
memiliki perizinan dan terdaftar sebagai Penilai business permit and registered as Public Valuer in
Publik di Kementerian Keuangan Republik Indonesia the Ministry of Finance of Republic of Indonesia and
dan Otoritas Jasa Keuangan – OJK. Financial Services Authority (Otoritas Jasa Keuangan
– OJK).
KJPP RHR telah menjalin kerjasama aliansi strategis KJPP RHR has established a strategic alliance with
dengan CBRE, yang merupakan perusahaan CBRE, an integrated global property consultant listed
konsultan properti global terintegrasi yang terdaftar in New York Stock Exchange (www.cbre.com).
di Bursa Efek New York (www.cbre.com).
Penilaian ini dilakukan secara objektif dan tidak This valuation is carried out in an objective and
memihak serta Penilai juga tidak mempunyai potensi impartial manner where the Valuer does not have a
benturan kepentingan dengan objek penilaian, potential conflict of interest with the Subject
Pemberi Tugas dan Pengguna Laporan. Company, the Client and the Intended User.
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Seluruh penilai, tenaga ahli dan staf pelaksana All valuers, experts and executive staffs in this
dalam penugasan ini adalah satu kesatuan tim valuation are acted as a unified assignment team
penugasan di bawah koordinasi Penilai Berizin atau under the coordination of a Licensed Public Valuer or
penanggung jawab penilaian yang mempunyai person in charge of the valuation who has the
kompetensi untuk melakukan penilaian. competence to conduct valuation.
2. Pemberi Tugas 2. Client
Pemberi Tugas adalah BSDE, dengan uraian sebagai Client is BSDE, with details as follows.
berikut.
Bidang Usaha /
Pembangunan Real Estat Real Estate Development
Business Sector
Gedung Sinar Mas Land Plaza Lantai 3 Sinar Mas Land Plaza Building 3rd Floor
Alamat /
Jl. BSD Green Office Park Jl. BSD Green Office Park
Address
Tangerang, Banten 15345 Tangerang, Banten 15345
No. Telepon /
+62 (21) 6908684, 6908685 +62 (21) 6908684, 6908685
Phone No.
No. Faksimile /
+62 (21) 6907623 +62 (21) 6907623
Facsimile No.
Alamat e-mail /
e-mail address
www.bsdcity.com Website www.bsdcity.com
3. Pengguna Laporan 3. Intended User
Pengguna Laporan adalah BSDE dan pemegang Intended Users are BSDE and BSDE’s shareholders.
saham BSDE.
4. Objek Analisis Kewajaran 4. Subject of Fairness Analysis
Objek analisis kewajaran adalah rencana akuisisi Subject of fairness analysis is proposed acquisition of
4.390.121.595 lembar saham biasa atau setara 4,390,121,595 ordinary shares representing
dengan 91,99% ekuitas SMDM oleh BSDE (“Rencana 91.99% equity of PT Suryamas Dutamakmur Tbk by
Transaksi”). BSDE (“Proposed Transaction”).
5. Jenis Mata Uang yang Digunakan 5. Applicable Currency
Kami mengerti bahwa laporan keuangan BSDE We understand that BSDE financial statement is
diterbitkan dalam mata uang Indonesia Rupiah reported in Indonesia Rupiah currency (“IDR” or
(“IDR” or “Rp”), termasuk laporan hasil penilaian “Rp”), as well as SMDM’s equity valuation report is
ekuitas SMDM juga dinyatakan dalam IDR, stated in IDR, while Proposed Transaction will be
sementara Rencana Transaksi akan menggunakan conducted in Singapore Dollar (“SGD”), therefore we
mata uang Dolar Singapura (“SGD”), sehingga conduct the analysis in IDR. The exchange rate as of
analisis dilakukan menggunakan mata uang IDR. 30 June 2024 is SGD 1= Rp12,095.63 (Bank
Nilai tukar per 30 Juni 2024 adalah SGD1 = Indonesia middle rate).
Rp12.095,63 (kurs tengah Bank Indonesia).
6. Maksud dan Tujuan Pendapat Kewajaran 6. Purpose and Objective of Fairness Opinion
Maksud dan tujuan penugasan ini adalah The purpose and objective of this assignment is to
memberikan Pendapat Kewajaran atas Rencana provide a Fairness Opinion on the Proposed
Transaksi sehubungan dengan keterbukaan Transaction in relation to information disclosure to
informasi kepada publik. public.
VALUATION & ADVISORY SERVICES ii
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Laporan pendapat kewajaran ini berkaitan dengan This fairness opinion report is related to Proposed
Rencana Transaksi yang tergolong ke dalam Transaction classified as affiliated transaction based
transaksi afiliasi sesuai dengan Peraturan OJK No. on Regulation of OJK Regulation No.
42/POJK.04/2020 tentang Transaksi Afiliasi dan 42/POJK.04/2020 regarding Affiliated Transaction
Transaksi Benturan Kepentingan. and Conflict of Interest Transaction.
7. Tanggal Analisis Kewajaran 7. Date of Fairness Analysis
Tanggal analisis kewajaran adalah 30 Juni 2024. Date of fairness analysis is 30 June 2024.
8. Tingkat Kedalaman Investigasi 8. Depth of Investigation
Pemberian Analisis Kewajaran dilakukan dengan The Fairness Opinion is conducted through an
investigasi yang meliputi pengumpulan data dan investigation which includes data and information
informasi dari pihak manajemen BSDE yang collection from BSDE management in order to obtain
bertujuan untuk memperoleh dokumen kelengkapan the required documents for analysis and
analisis yang dibutuhkan dan selanjutnya diverifikasi subsequently verified through interview.
melalui wawancara.
Pendapat Kewajaran ini dilakukan dengan batasan This Fairness Opinion is conducted with limitation as
sebagai berikut. follows.
a) Uji tuntas atas laporan keuangan tidak dilakukan a) Due diligence on financial statements was not
dan penelahaan atas informasi pada laporan conducted and the review on information in
keuangan hanya dilakukan sebatas untuk financial statement is only limited to the Fairness
keperluan Analisis Kewajaran; Analysis requirement;
b) Uji tuntas atas aspek legal termasuk dokumen b) Due diligence on the legal aspect including legal
legalitas Objek Analisis Kewajaran tidak documents of Subject of Fairness Analysis was not
dilakukan; conducted;
c) Analisis dampak pajak untuk para pihak terkait c) Tax impact analysis for the parties related to
Rencana Transaksi tidak dilakukan; Proposed Transaction was not conducted;
d) Transaksi lain selain yang disebutkan dalam d) Other transactions other than stated in the
Objek Analisis Kewajaran tidak dilakukan. Subject of the Fairness Analysis was not
conducted.
9. Sifat dan Sumber Informasi yang Dapat Diandalkan 9. Nature and Source of Reliable Information
Sifat dan sumber informasi yang relevan namun The relevant unverified information and data could
tidak membutuhkan verifikasi, dapat disetujui untuk be accepted to be used as long as the source of the
digunakan sepanjang sumber data tersebut data is published in domestic or international levels.
dipublikasikan pada tingkat nasional maupun The information are as follows:
internasional. Sumber informasi tersebut antara lain.
a) Bank Indonesia; a) Bank Indonesia;
b) Bursa Efek Indonesia; b) Indonesian Stock Exchange;
c) Badan Pusat Statistik; c) Statistic Indonesia;
d) Data riset dari lembaga independen, namun d) Research data from independent institutions, but
tidak terbatas kepada Bloomberg, Penilai Harga not limited to Bloomberg, Penilai Harga Efek
Efek Indonesia (PHEI), International Monetary Indonesia (PHEI), International Monetary Fund
Fund (IMF), Economist Intelligence Unit (EIU); (IMF), Economist Intelligence Unit (EIU);
e) Informasi dari media elektronik dan media e) Information from the electronic and printed
cetak yang dianggap mewakili. media which are considered representative.
VALUATION & ADVISORY SERVICES iii
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10. Asumsi dan Asumsi Khusus 10. Assumptions and Special Assumptions
Pendapat Kewajaran ini bergantung pada asumsi This Fairness Opinion is subject to the following
berikut. assumption.
a) KJPP RHR berasumsi bahwa Rencana Transaksi a) KJPP RHR assumed that the Proposed Transaction
akan dijalankan seperti yang telah diungkapkan will be executed as described by BSDE
oleh manajemen BSDE dan sesuai dengan management and in accordance with the
kesepakatan serta keandalan informasi agreement as well as the reliability of the
mengenai Rencana Transaksi tersebut; information of this Proposed Transaction;
b) KJPP RHR juga mengasumsikan bahwa tidak b) KJPP RHR also has assumed that there is no
terdapat perubahan signifikan atas asumsi- significant change in the assumptions used in the
asumsi yang digunakan dalam penyusunan preparation of this Fairness Opinion from the
Pendapat Kewajaran ini antara penerbitan date of Fairness Opinion publication to the
Pendapat Kewajaran dengan tanggal efektif effective date of the Proposed Transaction;
Rencana Transaksi;
c) KJPP RHR mengasumsikan bahwa seluruh data c) KJPP RHR has assumed that all data and
dan informasi yang diperoleh dari manajemen information received from BSDE management
BSDE sehubungan dengan Rencana Transaksi regarding the Proposed Transaction are accurate
adalah akurat dan benar serta tidak ada and correct, also there is no hidden information
informasi yang disembunyikan atau sengaja or deliberately hidden;
disembunyikan; d) The opinion should be viewed as a unity and the
d) Pendapat ini harus dipandang sebagai satu use of some of this analysis and information
kesatuan dan bahwa penggunaan sebagian dari without considering the overall information and
analisis ini dan informasi tanpa analysis may lead to misleading of the process
mempertimbangkan keseluruhan informasi dan underlying this opinion. The complexity of the
analisis dapat menyebabkan pandangan yang preparation process for this opinion cannot be
menyesatkan atas proses yang mendasari done without a complete analysis;
pendapat tersebut. Penyusunan pendapat ini
merupakan suatu proses yang kompleks dan
mungkin tidak dapat dilakukan melalui analisis
yang tidak lengkap;
e) Pendapat ini disusun berdasarkan kondisi umum e) This opinion is prepared based on the current
keuangan, moneter, peraturan dan kondisi pasar financial, monetary, regulation and market
yang ada saat ini. Perubahan atas kondisi- condition. Changes on any condition beyond
kondisi tertentu yang berada di luar kendali BSDE BSDE's control will give unpredictable impact and
akan dapat memberikan dampak yang tidak affect this Fairness Opinion;
dapat diprediksi dan dapat berpengaruh
terhadap Pendapat Kewajaran ini;
f) KJPP RHR tidak berkewajiban untuk f) KJPP RHR has no liability to update the Fairness
memutakhirkan Pendapat Kewajaran apabila Opinion if there are subsequent events after the
terdapat kejadian-kejadian penting yang terjadi analysis date, but only discloses in the report.
setelah tanggal analisis (subsequent events),
namun hanya akan mengungkapkannya di
dalam laporan.
11. Persyaratan atas Persetujuan untuk Publikasi 11. Term on Approval for Publication
Laporan Analisis Kewajaran terbuka untuk publik The Fairness Opinion report is open to the public
kecuali terdapat informasi yang bersifat rahasia, unless there is information that is confidential, which
yang dapat mempengaruhi operasional BSDE. may affect BSDE’s operation.
VALUATION & ADVISORY SERVICES iv
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12. Konfirmasi bahwa Pendapat kewajaran Dilakukan 12. Confirmation on Indonesian Fairness opinion
Berdasarkan SPI dan peraturan terkait lainnya Standards and other related regulation
Analisis Kewajaran ini dilakukan sesuai Kode Etik The Fairness Opinion was carried out in accordance
Penilai Indonesia (KEPI) dan Standar Penilaian with the Indonesian Valuer’s Code of Ethics (KEPI)
Indonesia (SPI) Edisi VII – 2018 dan SPI 330 and Indonesian Valuation Standards (SPI) VII Edition
Penilaian Bisnis Edisi Revisi serta Peraturan OJK – 2018, and SPI 330 Business Valuation Revised
Republik Indonesia (“POJK”) No. 35/POJK.04/2020 Edition and the Republic of Indonesia OJK
dan Surat Edaran OJK Republik Indonesia (“SEOJK”) Regulation (“POJK”) No. 35/POJK.04/2020 and the
No. 17/SEOJK.04/2020, dan POJK No. Republic of Indonesia OJK Circular Letter (“SEOJK”)
42/POJK.04/2020. 17/SEOJK.04/2020, and POJK No.
42/POJK.04/2020.
13. Analisis Kewajaran 13. Fairness Analysis
Analisis kewajaran Rencana Transaksi dilakukan The fairness analysis on the Proposed Transaction is
terhadap beberapa aspek berikut. based on several aspects as follows.
a) Analisis Rencana Transaksi; a) Proposed Transaction analysis;
b) Analisis kualitatif dan kuantitatif yang terkait b) Qualitative and quantitative analysis related to
dengan Rencana Transaksi; Proposed Transaction;
c) Analisis atas kewajaran nilai Rencana Transaksi; c) Fairness analysis of Proposed Transaction value;
d) Analisis atas faktor-faktor lain yang relevan. d) Analysis on others related factors.
14. Kejadian Penting setelah Tanggal Analisis Kewajaran 14. Subsequent Event
Dalam analisis ini, kami tidak mempertimbangkan In this analysis, we have not considered the impact
dampak dari peristiwa setelah tanggal analisis. of any subsequent event after the analysis date.
VALUATION & ADVISORY SERVICES v
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15. Kesimpulan 15. Conclusion
Berdasarkan analisis kewajaran atas Rencana Having considered fairness analysis on Proposed
Transaksi yang dilakukan meliputi analisis terhadap Transaction covering Proposed Transaction analysis,
Rencana Transaksi, analisis kualitatif dan kuantitatif, quantitative and qualitative analysis, fairness of
analisis atas kewajaran nilai Rencana Transaksi, dan Proposed Transaction value analysis and analysis on
analisis atas faktor-faktor yang relevan, maka kami relevant factors, we are on the opinion that the
berpendapat bahwa secara keseluruhan Rencana overall Proposed Transaction is fair.
Transaksi adalah wajar.
Kami menekankan untuk menggunakan laporan ini We prompt to use this report with great caution and
dengan penuh kehati-hatian dan memahami seluruh you have to fully understand that it is subject to
asumsi, batasan, kondisi, komentar dan detil assumptions, limitations, conditions, comments and
keseluruhan bagian laporan yang mendasari opini all parts of this report which are adopted as the basis
dimaksud. for this analysis.
Hormat Kami / Your Sincerely,
Jakarta, 23 October 2024
KJPP Rengganis, Hamid & Rekan
Rengganis Kartomo, MAPPI (Cert.), FRICS
Pemimpin Rekan – Penilai Properti dan Usaha
Managing Partner – Property and Business Valuer
Izin Penilai Publik / Licensed Valuer No. PB-1.08.00006
MAPPI No. 95-S-00632
STTD OJK No. STTD.PPB-16/PJ-1/PM.02/2023
VALUATION & ADVISORY SERVICES vi
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DAFTAR ISI /TABLE OF CONTENT
Halaman /
Bab Deskripsi Description Chapter
Page
SURAT PENGANTAR i COVERING LETTER
DAFTAR ISI vii TABLE OF CONTENT
PERNYATAAN PENILAI viii COMPLIANCE STATEMENT
KONDISI DAN SYARAT PEMBATAS x TERMS AND LIMITING CONDITIONS
GLOSARIUM xii GLOSSARY
1.00 RINGKASAN EKSEKUTIF 1–1 EXECUTIVE SUMMARY 1.00
2.00 PENDAHULUAN 2–1 INTRODUCTION 2.00
DESCRIPTION OF PROPOSED
3.00 DESKRIPSI RENCANA TRANSAKSI 3–1 3.00
TRANSACTION
4.00 PROFIL PERUSAHAAN 4–1 COMPANY PROFILE 4.00
5.00 GAMBARAN PASAR 5–1 MARKET OVERVIEW 5.00
ANALISIS KEWAJARAN RENCANA FAIRNESS ANALYSIS ON PROPOSED
6.00 6–1 6.00
TRANSAKSI TRANSACTION
7.00 KESIMPULAN 7–1 CONCLUSION 7.00
VALUATION & ADVISORY SERVICES vii
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PERNYATAAN PENILAI /COMPLIANCE STATEMENT
Dalam batas kemampuan dan keyakinan kami sebagai Within the limits of our ability and confidence as Valuer,
penilai, kami yang bertanda tangan di bawah ini our signatures below states that:
menyatakan bahwa:
1. Pernyataan dalam laporan pendapat kewajaran ini, 1. Statement in this fairness opinion report, which is
yang mana berdasarkan pada analisis, opini, dan based on analysis, opinion and conclusion described,
kesimpulan yang digambarkan di dalamnya, adalah is true and correct extent of our knowledge;
benar dan akurat;
2. Laporan pendapat kewajaran ini menjelaskan secara 2. This fairness opinion explain the overall limitations
keseluruhan semua batasan-batasan, yang mana that affected the analysis, opinion and conclusion
dapat mempengaruhi analisis, opini, dan kesimpulan which has described previously;
yang telah dijelaskan sebelumnya
3. Kami tidak mempunyai kepentingan baik sekarang 3. We have no present or contemplated future interest in
atau di masa yang akan datang terhadap subyek the asset that is subject of this appraisal, nor have
Perusahaan dalam laporan ini, maupun kepentingan personal interests or bias to respect of the subject
pribadi atau keberpihakan sehubungan dengan hal- matters of this report or the parties involved;
hal dalam laporan ini atau pihak-pihak terkait;
4. Biaya profesional tidak berhubungan dengan Opini 4. Professional fee is not related to the Fairness Opinion
Kewajaran yang terdapat dalam laporan ini; concluded in this report;
5. Penilai telah menyelesaikan persyaratan pendidikan 5. The Valuers have already accomplished professional
professional yang ditetapkan / dilaksanakan oleh education requirements defined / implemented by
Masyarakat Profesi Penilai Indonesia (MAPPI); Indonesian Society of Appraisers (MAPPI);
6. Penilai memiliki pengetahuan yang memadai 6. The Valuers possess adequate knowledge in relation
sehubungan dengan properti dan/atau jenis industri with the property and/or the type of industry under
yang dinilai; fairness opinion;
7. Hasil penugasan ini tidak tergantung pada 7. Conclusion of this assignment is not contingent upon
pengembangan atau indikasi nilai awal atau arahan the development or reporting of a predetermined
analisa untuk menghasilkan nilai yang subyektif, value or direction in value that favors the cause of the
besaran nilai, penentuan pencapaian nilai, atau client, the amount of the value opinion, the attainment
peristiwa yang terjadi di kemudian hari yang of the stipulated result, or the occurrence of a
berkaitan langsung yang ditujukan untuk penggunaan subsequent event directly related to the intended use
laporan ini; of this fairness opinion;
8. Penilai telah melaksanakan ruang lingkup sebagai 8. The Valuers have carried out the following scope of
berikut work:
• Identifikasi masalah (identifikasi batasan, maksud ▪ Problem identification (identifying limitation,
dan tujuan dan objek); purpose and objective, and subject);
• Pengumpulan data dan wawancara; ▪ Data collection and interview;
• Analisis Rencana Transaksi; ▪ Proposed Transaction analysis;
• Analisis kewajaran Rencana Transaksi; ▪ Transaction fairness analysis;
• Penulisan laporan; ▪ Report writing;
9. Penilai telah melakukan analisis terhadap Rencana 9. Valuer has conducted analysis on Proposed
Transaksi dan pihak-pihak yang terkait; Transaction and related parties;
10.Perhitungan dan analisis dalam rangka pemberian 10.Calculation and analysis in order to form the fairness
Pendapat Kewajaran (Fairness Opinion) telah opinion has been conducted correctly;
dilakukan dengan benar;
VALUATION & ADVISORY SERVICES viii
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11.Penilai usaha bertanggungjawab atas laporan 11.Business Valuer is responsible for Fairness Opinion
Pendapat Kewajaran (Fairness Opinion); Report;
12.Tidak ada penilai lainnya selain yang bertandatangan 12.No one other than the undersigned Valuers have
di bawah ini, yang telah terlibat dalam pelaksanaan involved in the analysis, conclusion, and opinions
inspeksi, analisis, pembuatan kesimpulan, dan opini concerning the company that are set forth in this
sebagaimana yang dinyatakan dalam laporan fairness opinion report;
pendapat kewajaran ini;
13.Analisis, opini, dan kesimpulan yang dibuat oleh 13.Analysis, opinions, and conclusions made by the
penilai, serta laporan pendapat kewajaran telah Valuers, as well as the fairness opinion report had
dibuat dengan memenuhi ketentuan Kode Etik Penilai complied with the Indonesia Valuer Ethic Code and
Indonesia dan Standar Penilaian Indonesia (KEPI dan Indonesian Valuation Standard (KEPI and SPI) VII
SPI) Edisi VII – 2018, Peraturan Otoritas Jasa Edition – 2018 Peraturan Otoritas Jasa Keuangan
Keuangan Republik Indonesia Nomor Republik Indonesia Nomor 35/POJK.04/2020, OJK
35/POJK.04/2020, Surat Edaran OJK No. Circular Letter No. 17/SEOJK.04/2020, and OJK
17/SEOJK.04/2020, dan Peraturan OJK No. Regulation No. 42/POJK.04/2020.
42/POJK.04/2020.
Nama / Name Kualifikasi / Qualification Tanda Tangan / Signature
Penanggungjawab / Job Captain
Rengganis Kartomo, MAPPI (Cert.), FRICS
Izin Penilai Publik No. PB-1.08.00006
MAPPI No. 95-S-00632 Penilai Properti & Bisnis/
STTD OJK No. STTD.PPB-16/PJ-1/PM.02/2023 Property and Business Valuer …………..…………….
Pemeriksa / Reviewer
Vivien Heriyanthi, MAPPI (Cert.), MRICS
Register Penilai No. RMK-2017.00235 Penilai Properti dan Bisnis /
MAPPI No. 00-S-01256 Property and Business Valuer …………..…………….
Penilai / Valuer
Felix Sulistio Thio
Register Penilai No. RMK-2017.00942 Penilai Properti dan Bisnis/
MAPPI No. 12-T-03860 Property and Business Valuer …………..…………….
Edwardus Benny
Register Penilai No. RMK-2022.04204 Penilai Bisnis/
MAPPI No. 22-P-11232 Business Valuer …………..…………….
Muhammad Yusup Hidayat
Register Penilai No. RMK-2022.04474 Penilai Bisnis/
MAPPI No. 21-P-11167 Business Valuer …………..…………….
VALUATION & ADVISORY SERVICES ix
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KONDISI DAN SYARAT PEMBATAS /TERMS AND LIMITING CONDITIONS
Pendapat kewajaran dan Laporan Pendapat kewajaran This Fairness opinion and Report is subject to the
bergantung kepada syarat-syarat pembatas sebagai following limiting conditions:
berikut:
1. Kami mengasumsikan bahwa Perusahaan merupakan 1. We have assumed that the enterprise is a going
suatu usaha yang sedang berjalan dan akan concern and will continue in operation for the
melanjutkan kegiatan operasionalnya di masa yang foreseeable future;
akan datang;
2. Pendapat kewajaran ini dibuat atas dasar semua data 2. This fairness opinion is made based on all the data
dan kenyataan yang ada serta dilaksanakan sesuai and the fact that there are implement in accordance
tata cara pemberian pendapat kewajaran yang with the applicable procedures of fairness opinion;
berlaku;
3. Kami mengasumsikan bahwa semua data 3. We have assumed that all supporting evidences,
pendukung, informasi dalam laporan keuangan dan information on financial statement and other
informasi lainnya yang diberikan oleh Perusahaan information related to the business, given by the
telah mengungkapkan sepenuhnya dan sejujurnya Company has disclosed all necessary and relevant
informasi yang perlu dan relevan; dan kami information fully and frankly; and we have assumed
mengasumsikan bahwa informasi tersebut benar dan these are true and correct. For the purpose of this
akurat. Dalam analisa ini kami tidak melakukan analysis we have not made any due diligence on the
verifikasi atas laporan keuangan baik yang telah audited and un-audited financial statement;
diaudit maupun belum audit;
4. KJPP Rengganis, Hamid & Rekan merupakan penilai 4. KJPP Rengganis, Hamid & Rekan is an independent
independen dan kami tidak mempunyai kepentingan valuer and we do not have any interest to this
apapun atas objek pendapat kewajaran yang kami assignment now or later and our assignment not
nilai, baik sekarang maupun dikemudian hari, dan related to the reported result of the fairness opinion;
tugas kami untuk melaksanakan pendapat kewajaran
ini tidak tergantung dari nilai yang dilaporkan;
5. KJPP Rengganis, Hamid & Rekan karena pendapat 5. KJPP Rengganis, Hamid & Rekan since this assignment
kewajaran ini tidak berkewajiban untuk memberikan has no obligation to give witness nor attend to the
kesaksian atau hadir didepan pengadilan atau court or government official regarding this assignment
pejabat pemerintah mengenai pendapat kewajaran unless there has been an agreement before;
ini, terkecuali jika telah diadakan persetujuan
sebelumnya;
6. Terkait dengan kondisi geopolitik yang diikuti dengan 6. In view of the geopolitics condition and the
ketidakpastian situasi ekonomi global (juga di subsequent uncertainty in the global economy (as well
Indonesia), kami menyarankan untuk menggunakan as in Indonesia), we advise that greater uncertainty
pendapat kewajaran ini dengan tingkat kehati-hatian and a higher degree of caution should be attached to
yang lebih tinggi serta memahami adanya tingkat our fairness opinion than would normally be the case.
ketidakpastian yang lebih tinggi dibandingkan Given the unknown level of impact that geopolitics
dengan kondisi yang secara normal berlaku. condition have on the market and the absence or lack
Disebabkan belum diketahuinya besaran dampak of market data to inform or support a quantitative
dari kondisi geopolitik yang terjadi di pasar dan estimate, as a precaution we recommend that more
ketiadaan atau kurangnya data pasar untuk frequent reviews on the value assessment should be
menginformasikan atau mendukung estimasi carried out;
kuantitatif, kami menyarankan untuk dilakukannya
review/kaji ulang secara berkala terhadap hasil
pendapat kewajaran ini sebagai tindakan berjaga-
VALUATION & ADVISORY SERVICES x
Page 12
jaga;
7. Perbedaan kondisi yang mungkin terjadi antara 7. Difference condition might occur in between fairness
tanggal pendapat kewajaran dengan waktu opinion date and period of time in exercising the
penggunaan hasil pendapat kewajaran, dapat fairness opinion result, might reduce relevancy of
menurunkan relevansi opini terhadap kebutuhan opinion to intended user(s) needs, caused by
pengguna hasil pendapat kewajaran, dikarenakan difference on data access and information, also
adanya perbedaan akses data dan informasi serta assumption and fairness opinion analysis. In case,
asumsi dan analisis pendapat kewajaran. Apabila intended user(s) find such condition, recommended to
pengguna hasil pendapat kewajaran menemukan assign Valuer(s) to review the assignments that have
kondisi tersebut, disarankan untuk menugaskan been carried out in which if it possible and needed,
Penilai melakukan reviu terhadap penugasan yang Valuer(s) might be able to repeat previous fairness
telah dilaksanakan dan apabila dimungkinkan dan opinion procedure, in complete way. The process and
dibutuhkan, Penilai dapat melakukan pendapat procedure have to be outlined in a standalone
kewajaran ulang dengan mengulang kembali assignment and disparate from previous assignment.
prosedur pendapat kewajaran yang sebelumnya
dilakukan, secara lebih lengkap. Proses dan prosedur
tersebut harus dituangkan dalam penugasan yang
berdiri sendiri dan berbeda dengan penugasan
pendapat kewajaran sebelumnya.
VALUATION & ADVISORY SERVICES xi
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GLOSARIUM /GLOSSARY
Penjelasan Explanation
PT Bumi Serpong Damai Tbk BSDE PT Bumi Serpong Damai Tbk
PT Suryamas Dutamakmur Tbk SMDM PT Suryamas Dutamakmur Tbk
Rencana akuisisi 91,99% ekuitas PT Suryamas Rencana Transasksi / Proposed acquisition of 91.99% equity on PT
Dutamakmur Tbk Proposed Transaction Suryamas Dutamakmur Tbk
4.390.121.595 lembar saham biasa atau Objek Rencana Transaksi / 4,390,121,595 ordinary shares representing
setara dengan 91,99% ekuitas PT Suryamas Subject of Proposed 91.99% equity on PT Suryamas Dutamakmur
Dutamakmur Tbk Transaction Tbk
Top Global Limited TOP Top Global Limited
Year-on-year y-o-y Year-on-year
Quarter-on-quarter q-o-q Quarter-on-quarter
Cumulative-to-cumulative c-t-c Cumulative-to-cumulative
Otoritas Jasa Keuangan OJK Financial Services Authority
Laba Operasi sebelum Depresiasi dan Income from Operations before Depreciation
EBITDA
Amortisasi and Amortization
Pendapatan sebelum pajak EBT Earning Before Tax
Rupiah Indonesia IDR / Rp Indonesia Rupiah
Dolar Singapura SGD Singapore Dollar
VALUATION & ADVISORY SERVICES xii
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1.0 RINGKASAN EKSEKUTIF 1.0 EXECUTIVE SUMMARY
1.1 Pihak-pihak dalam Rencana Transaksi 1.1 Parties in the Proposed Transaction
Pihak-pihak yang terkait dalam Rencana Transaksi Parties that are involved in the Proposed Transaction
adalah: are:
1) PT Bumi Serpong Damai Tbk (“BSDE”) sebagai 1) PT Bumi Serpong Damai Tbk (“BSDE”) as Buyer;
Pembeli;
2) Top Global Limited (“TOP”) sebagai Penjual. 2) Top Global Limited (“TOP”) as Seller.
1.2 Objek Analisis Kewajaran 1.2 Subject of Fairness Analysis
Objek analisis kewajaran adalah rencana akuisisi Subject fairness analysis is proposed acquisition of
4.390.121.595 lembar saham biasa atau setara 4,390,121,595 ordinary shares representing 91.99%
dengan 91,99% ekuitas SMDM oleh BSDE (“Rencana equity of PT Suryamas Dutamakmur Tbk by BSDE
Transaksi”). (“Proposed Transaction”).
1.3 Pendapat Kewajaran Transaksi 1.3 Fairness Opinion of the Transaction
Berdasarkan analisis kewajaran atas Rencana Transaksi Having considered fairness analysis on Proposed
yang dilakukan meliputi analisis terhadap Rencana Transaction covering Proposed Transaction analysis,
Transaksi, analisis kualitatif dan kuantitatif, analisis atas quantitative and qualitative analysis, fairness of
kewajaran nilai Rencana Transaksi, dan analisis atas Proposed Transaction value analysis and analysis on
faktor-faktor yang relevan, maka kami berpendapat relevant factors, we are on the opinion that the overall
bahwa secara keseluruhan Rencana Transaksi adalah Proposed Transaction is fair.
wajar.
Kami menekankan untuk menggunakan laporan ini We prompt to use this report with great caution and you
dengan penuh kehati-hatian dan memahami seluruh have to fully understand that it is subject to assumptions,
asumsi, batasan, kondisi, komentar dan detil limitations, conditions, comments and all parts of this
keseluruhan bagian laporan yang mendasari opini report which are adopted as the basis for this analysis.
dimaksud.
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2.0 PENDAHULUAN 2.0 INTRODUCTION
2.1 Deskripsi Penugasan 2.1 Description of Assignment
Berdasarkan kontrak No. RHR00PC2F0224043.0 Based on contract No. RHR00PC2F0224043.0 dated 19
tanggal 19 Februari 2024 dan amendemen kontrak No. Februari 2024 and amendment contract No.
RHR00PC2F0224043.3 tanggal 22 Oktober 2024, KJPP- RHR00PC2F0224043.3 dated 22 October 2024, KJPP-
RHR telah ditugaskan oleh BSDE untuk memberikan RHR has been assigned by BSDE to provide a Fairness
Pendapat Kewajaran atas rencana akuisisi 91,99% Opinion on proposed 91.99% equity of PT Suryamas
ekuitas PT Suryamas Dutamakmur Tbk (“SMDM”) Dutamakmur Tbk (“SMDM”) (“Proposed Transaction”).
(“Rencana Transaksi”).
2.2 Latar Belakang 2.2 Background
Sejalan dengan strategi BSDE untuk mempertahankan Aligning with BSDE's strategy to maintain its performance
kinerjanya dengan meningkatkan cadangan lahan yang by replenishing the landbank for development, BSDE
dapat dikembangkan, BSDE berencana untuk plans to acquire SMDM to strengthen its existing
mengakuisisi SMDM untuk memperkuat portofolio development portfolio by diversifying its geographic
pengembangan yang telah ada saat ini dengan presence and market penetration.
mendiversifikasi keberadaaan geografis dan penetrasi
pasar.
BSDE mempertimbangkan hal-hal berikut dalam BSDE has considered several aspects in the Proposed
melakukan Rencana Transaksi yaitu: Transaction as follow.
• SMDM secara grup memiliki cadangan tanah yang • SMDM as a group has extensive land bank which
luas menunjukkan potensi untuk dapat dikembangkan show potential for future development;
di masa yang akan datang;
• Cadangan tanah yang dimiliki SMDM dapat • SMDM’s landbank may help BSDE to diversify its
membantu BSDE untuk mendiversifikasi area development areas geographically, which is
pengembangannya secara geografis, yang secara strategically located close to toll road access.
strategis berada dekat dengan akses jalan tol.
2.3 Tujuan Penugasan 2.3 Purpose of Assignment
Maksud dan tujuan penugasan ini adalah memberikan The purpose and objective of this assignment is to
Pendapat Kewajaran atas Rencana Transaksi provide a Fairness Opinion on the Proposed Transaction
sehubungan dengan keterbukaan informasi kepada in relation to information disclosure to public.
publik.
Laporan pendapat kewajaran ini berkaitan dengan This fairness opinion report is related to Proposed
Rencana Transaksi yang tergolong ke dalam transaksi Transaction classified as affiliate transaction based on
afiliasi sesuai dengan Peraturan OJK No. Regulation of OJK Regulation No. 42/POJK.04/2020
42/POJK.04/2020 tentang Transaksi Afiliasi dan regarding Affiliate Transaction and Conflict of Interest
Transaksi Benturan Kepentingan. Transaction.
2.4 Tanggal Analisis Kewajaran 2.4 Date of Fairness Analysis
Tanggal analisis kewajaran adalah 30 Juni 2024. Fairness analysis date is 30 June 2024.
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2.5 Analisis Kewajaran 2.5 Fairness Analysis
Analisis kewajaran Transaksi dilakukan terhadap The fairness analysis on Transaction is based on several
beberapa aspek berikut. aspects as follows.
• Analisis Rencana Transaksi; • Proposed Transaction analysis;
• Analisis kualitatif dan kuantitatif yang terkait dengan • Qualitative and quantitative analysis related to
Rencana Transaksi; Proposed Transaction;
• Analisis atas kewajaran nilai Rencana Transaksi; • Fairness analysis of Proposed Transaction value;
• Analisis atas faktor-faktor lain yang relevan. • Analysis on others related factors.
2.6 Asumsi dan Kondisi Pembatas 2.6 Assumption and Limiting Condition
• KJPP RHR berasumsi bahwa Rencana Transaksi akan • KJPP RHR assumed that the Proposed Transaction will
dijalankan seperti yang telah diungkapkan oleh be executed as described by BSDE management and
manajemen BSDE dan sesuai dengan kesepakatan in accordance with the agreement as well as the
serta keandalan informasi mengenai Rencana reliability of the information of this Proposed
Transaksi tersebut; Transaction;
• KJPP RHR juga mengasumsikan bahwa tidak terdapat • KJPP RHR also has assumed that there is no significant
perubahan signifikan atas asumsi-asumsi yang change in the assumptions used in the preparation of
digunakan dalam penyusunan Pendapat Kewajaran this Fairness Opinion from the date of Fairness
ini antara penerbitan Pendapat Kewajaran dengan Opinion publication to the effective date of the
tanggal efektif Rencana Transaksi; Proposed Transaction;
• KJPP RHR mengasumsikan bahwa seluruh data dan • KJPP RHR has assumed that all data and information
informasi yang diperoleh dari manajemen BSDE received from BSDE management regarding the
sehubungan dengan Rencana Transaksi adalah Proposed Transaction are accurate and correct, also
akurat dan benar serta tidak ada informasi yang there is no hidden information or deliberately hidden;
disembunyikan atau sengaja disembunyikan;
• Pendapat ini harus dipandang sebagai satu kesatuan • The opinion should be viewed as a unity and the use
dan bahwa penggunaan sebagian dari analisis ini of some of this analysis and information without
dan informasi tanpa mempertimbangkan keseluruhan considering the overall information and analysis may
informasi dan analisis dapat menyebabkan lead to misleading of the process underlying this
pandangan yang menyesatkan atas proses yang opinion. The complexity of the preparation process for
mendasari pendapat tersebut. Penyusunan pendapat this opinion cannot be done without a complete
ini merupakan suatu proses yang kompleks dan analysis;
mungkin tidak dapat dilakukan melalui analisis yang
tidak lengkap;
• Pendapat ini disusun berdasarkan kondisi umum • This opinion is prepared based on the current
keuangan, moneter, peraturan dan kondisi pasar financial, monetary, regulation and market condition.
yang ada saat ini. Perubahan atas kondisi-kondisi Changes on any condition beyond BSDE's control will
tertentu yang berada di luar kendali BSDE akan dapat give unpredictable impact and affect this Fairness
memberikan dampak yang tidak dapat diprediksi dan Opinion;
dapat berpengaruh terhadap Pendapat Kewajaran ini;
• KJPP-RHR tidak berkewajiban untuk memutakhirkan • KJPP-RHR has no liability to update the Fairness
Pendapat Kewajaran apabila terdapat kejadian- Opinion if there are subsequent events after the
kejadian penting yang terjadi setelah tanggal analisis analysis date, but only discloses in the report;
(subsequent events), namun hanya akan
mengungkapkannya di dalam laporan;
• Laporan ini tidak dimaksudkan untuk memberi • This report is not intended to give a recommendation
rekomendasi kepada pemegang saham BSDE untuk to BSDE shareholders to approve or disapprove the
menyetujui atau tidak menyetujui Transaksi tersebut. Transaction;
VALUATION & ADVISORY SERVICES 2-2
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2.7 Dasar Informasi 2.7 Basis of Information
• Profil perusahaan BSDE; • BSDE company profile;
• Laporan keuangan audit BSDE untuk periode 2016- • BSDE audited financial statements for 2016-2020
2020 sebagai berikut. period with detail as follows.
Tanggal Laporan / Opini /
Periode / Period No Laporan / Report No. Auditor
Report Date Opinion
31 December 2019 12 March 2020 00302/2.1090/AU.1/03/0148-1/1/III/2020
15 March 2021 00036/2.1090/AU.1/03/0148-2/1/III/2021 Wajar tanpa
31 December 2020
KAP Mirawati modifikasian/
31 December 2021 2 March 2022 00233/2.1090/AU.1/03/1284-1/1/III/2022
Sensi Idris Unqualified
31 December 2022 8 March 2023 00093/2.1090/AU.1/03/1284-2/1/III/2023
opinion
31 December 2023 12 March 2024 00061/2.1090/AU.1/03/1284-3/1/III/2024
• Laporan keuangan interim BSDE untuk periode 30 • BSDE’s interim financial statement for period ended
Juni 2024, yang direviu oleh KAP Mirawati Sensi Idris 30 June 2024, which reviewed by KAP Mirawati Sensi
dalam laporan No. Idris in report No.
00051/2.1090/AK/03/1905/1/VIII/2024 tanggal 20 00051/2.1090/AK/03/1905/1/VIII/2024 dated 20
Agustus 2024; August 2024;
• Offering Memorandum per tanggal 20 Oktober 2021 • Offering Memorandum dated on 20 October 2021
terkait Transaksi; related to Transaction;
• Laporan Keuangan Konsolidasian Proforma BSDE • Consolidated Proforma Financial Statements of BSDE
tanggal 30 Juni 2024 as of 30 June 2024
No.00054/2.1090/NA/03/1905/1/X/2024; No.00054/2.1090/NA/03/1905/1/X/2024;
• Proyeksi 10 tahun sebelum dan sesudah Rencana • 10 years projection before and after the Proposed
Transaksi; Transaction;
• Berbagai data pasar dan industri yang dikumpulkan • Various market and industrial data that have been
dan diolah oleh KJPP-RHR; collected and analyzed by KJPP-RHR;
• Data ekonomi makro yang diambil dari berbagai • Macroeconomic data that have been taken on various
laporan yang dikeluarkan oleh Bank Indonesia dan report that has been issued by Bank Indonesia and
Badan Pusat Statistik; Statistic Indonesia;
• Wawancara online dengan manajemen yang diwakili • Online interview with management represented by Mr.
oleh Bapak Hermawan Wijaya sebagai Direktur BSDE Hermawan Wijaya as a Director of BSDE and Mr.
dan Bapak Galvin Batti sebagai Investment and M&A Galvin Batti as Investment and M&A of Sinarmas
Sinarmas Land. Land.
• Profil SMDM; • SMDM company profile;
• Laporan keuangan konsolidasian SMDM dengan • SMDM’s consolidated financial statements with the
detail sebagai berikut. details as follows.
Periode / Tanggal Laporan / Opini /
No Laporan / Report No. Auditor
Period Report Date Opinion
31 December 00109/2.1051/AU.1/03/0929 KAP Kosasih, Nurdiyaman,
6 March 2020
2019 -1/1/III/2020 Mulyadi, Tjahjo & Rekan
31 December 00106/2.1051/AU.1/03/1029 KAP Kosasih, Nurdiyaman,
8 March 2021 Wajar tanpa
2020 -2/1/III/2021 Mulyadi, Tjahjo & Rekan
31 December 00142/2.1051/AU.1/03/1029 KAP Kosasih, Nurdiyaman, modifikasian/
15 March 2022
2021 -3/1/III/2022 Mulyadi, Tjahjo & Rekan Unqualified
31 December 00207/2.1051/AU.1/03/0929 KAP Kosasih, Nurdiyaman, opinion
24 March 2023
2022 -1/1/III/2023 Mulyadi, Tjahjo & Rekan
31 December 00270/2.1030/AU.1/03/1169 KAP Amir Abadi Jusuf,
28 March 2024
2023 -1/1/III/2024 Aryanto, Mawar & Rekan
VALUATION & ADVISORY SERVICES 2-3
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• Kertas kerja konsolidasian audit SMDM untuk tahun • Audit consolidated worksheet of SMDM as of 2021-
2021-2023 dan 30 Juni 2024; 2023 and 30 June 2024;
• Kertas kerja induk audit SMDM untuk tahun 2021- • Audit parent worksheet of SMDM as of 2021-2023
2023 dan 30 Juni 2024; and 30 June 2024;
• Dokumen SMDM terkait akta pendirian dan • SMDM’s documents related to the deed of
perubahan anggaran dasar. establishment and amendments to the articles of
association.
2.8 Peraturan Perundang-undangan Terkait 2.8 Related Regulation
Pendapat Kewajaran ini merujuk kepada peraturan: This Fairness Opinion is related to these regulations:
a. Undang-Undang No. 8 tahun 1995 tentang Pasar a. Law No. 8 year 1995 on Capital Market;
Modal;
b. POJK No. 68/POJK.04/2017 tentang Penilai yang b. POJK No. 68/POJK.04/2017 about Valuers that
Melakukan Kegiatan di Pasar Modal; Conducting Activities in Capital Market;
c. POJK No. 35 /POJK.04/2020 tentang Penilaian dan c. POJK No. 35 /POJK.04/2020 about Valuation and
Penyajian Laporan Penilaian Bisnis Di Pasar Modal Presentation of Business Valuation Report in Capital
dan SEOJK No. 17/SEOJK.04/2020; Markets and of SEOJK No. 17/SEOJK.04/2020;
d. POJK No. 42/POJK.04/2020 tentang Transaksi d. POJK No. 42/POJK.04/2020 regarding Affiliate
Afiliasi dan Transaksi Benturan Kepentingan. Transaction and Conflict of Interest Transaction.
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3.0 DESKRIPSI TRANSAKSI 3.0 DESCRIPTION OF TRANSACTION
3.1 Pihak-pihak dalam Rencana Transaksi 3.1 Parties in the Proposed Transaction
Pihak-pihak yang terkait dalam Rencana Transaksi Parties that are involved in the Proposed Transaction are:
adalah: 1) PT Bumi Serpong Damai Tbk (“BSDE”) as Purchaser;
1) PT Bumi Serpong Damai Tbk (“BSDE”) sebagai
Pembeli; 2) Top Global Limited (“TOP”) as Seller.
2) Top Global Limited (“TOP”) sebagai Penjual.
3.2 Rencana Transaksi 3.2 Proposed Transaction
Sejalan dengan strategi BSDE untuk mempertahankan Aligning with BSDE's strategy to maintain its performance
kinerjanya dengan meningkatkan cadangan lahan yang by replenishing the landbank for development, BSDE
dapat dikembangkan, BSDE berencana untuk plans to acquire SMDM.
mengakuisisi SMDM.
BSDE mempertimbangkan hal-hal berikut dalam BSDE has considered several aspects in the Proposed
melakukan Rencana Transaksi yaitu: Transaction as follow.
• SMDM secara grup memiliki cadangan tanah yang • SMDM as a group has extensive land bank which
luas menunjukkan potensi untuk dapat dikembangkan show potential for future development;
di masa yang akan datang;
• Cadangan tanah yang dimiliki SMDM dapat • SMDM’s landbank may help BSDE to diversify its
membantu BSDE untuk mendiversifikasi area development areas geographically, which is
pengembangannya secara geografis, yang secara strategically located close to toll road access.
strategis berada dekat dengan akses jalan tol.
3.3 Ringkasan Perjanjian Rencana Transaksi 3.3 Summary of Proposed Transaction
Berikut adalah ringkasan Surat Edaran Rencana Below is a summary of the Proposed Transaction
Transaksi. Circular.
Tanggal PPJB /
31 Juli 2024 31 July 2024
Date of PPJB
Pembeli /
PT Bumi Serpong Damai Tbk PT Bumi Serpong Damai Tbk
Purchaser
Penjual / Top Global Limited
Top Global Limited
Seller
4.390.121.595 lembar saham biasa atau Objek Rencana Transaksi / 4,390,121,595 ordinary shares representing
setara dengan 91,99% ekuitas PT Suryamas Subject of Proposed 91.99% equity on PT Suryamas Dutamakmur
Dutamakmur Tbk Transaction Tbk
SGD195.190.017 yang akan dibayarkan SGD195,190,017 shall be paid out in 2
dalam 2 pembayaran terpisah yaitu: seperate payments:
1. Pada saat penyelesaian, Pembeli akan 1. At completion, the Purchaser will pay to the
membayar SGD102.500.000 dalam Seller SGD102,500,000 in cash;
bentuk kas;
2. Sisa pembayaran sebesar SGD92.690.017 2. The remaining Consideration amount of
Nilai Transaksi /
(“Pembayaran Kedua“) (tunduk pada SGD92,690,017 (subject to Second
Consideration
Penyesuaian Pembayaran Kedua) akan Payment Adjustment) (“Second Payment”)
dibayarkan dalam bentuk kas oleh Pembeli will be paid by the Purchaser to the Seller in
kepada Penjual tidak lebih dari 12 bulan cash no later than 12 months after
sejak Penyelesaian (atau tanggal lain yang Completion (or such other date as the Seller
telah disepakati oleh Pembeli dan Penjual and the Purchaser may agree in writing)
secara tertulis). (“Second Payment Date”).
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Jika pada Tanggal Pembayaran Kedua, bidang Penyesuaian Pembayaran If, by the Second Payment Date, land plots for
tanah untuk pengembangan properti Kedua / Second Payment the residential and/or commercial property
perumahan dan/atau komersial dalam Proyek Adjustment developments within Rancamaya Project 1
Rancamaya 1 dan/atau Proyek Rancamaya 2 and/or Rancamaya Project 2 have yet to receive
belum menerima sertifikat tanah dan izin certain definitive land tittle and permits in
definitif tertentu terkait dengan pembangunan relation to building and/or use of land or
dan/atau penggunaan tanah atau pemungutan collection of proceeds (hereinafter referred to as
hasil (selanjutnya disebut sebagai "tanah tak “uncertified land”) and such uncertified land
bersertifikat") dan tanah tak bersertifikat tersebut exceeds an agreed materiality threshold of 5%
melampaui ambang batas materialitas yang when benchmarked against the total land area
disepakati sebesar 5% jika dibandingkan of all uncertified land within Rancamaya Project
dengan total luas tanah dari semua tanah tak 1 and/or Rancamaya Project 2 as at a reference
bersertifikat dalam Proyek Rancamaya 1 date (hereinafter referred to as “total uncertified
dan/atau Proyek Rancamaya 2 pada tanggal land”), the Second Payment will be reduced by
referensi (selanjutnya disebut sebagai "total the value of the uncertified land. The reduction
tanah tak bersertifikat"), Pembayaran Kedua ranges from Rp20,313,786,109 (equivalent to
akan dikurangi dengan nilai tanah tak approximately SGD1,766,416) (assuming the
bersertifikat tersebut. Pengurangan tersebut uncertified land forms 5% of the total uncertified
berkisar dari Rp20.313.786.109 (setara land) to IRp406,275,722,180 (equivalent to
dengan sekitar SGD1.766.416) (dengan asumsi approximately SGD35,328,324) (assuming the
tanah yang tidak bersertifikat tersebut sebanyak uncertified land from 100% of the total
5% dari total tanah yang tidak bersertifikat) uncertified land) (“Second Payment
hingga Rp406.275.722.180 (setara dengan Adjustment”). If, however, the uncertified land
sekitar SGD35.328.324) (dengan asumsi tanah forms less than 5% of the total uncertified land,
yang tidak bersertifikat tersebut merupakan falling below the agreed materiality threshold,
100% dari total tanah yang tidak bersertifikat) no Second Payment Adjustment will be required.
(“Penyesuaian Pembayaran Kedua”). Namun,
jika tanah yang tidak bersertifikat tersebut
kurang dari 5% dari total tanah yang tidak
bersertifikat, yang berarti berada di bawah
ambang materialitas yang disepakati, maka
Penyesuaian Pembayaran Kedua tidak akan
diperlukan.
Penyelesaian akan dilaksanakan pada tanggal Completion will take place on the date that is
di Hari Kerja kelima (ke-5) setelah pemenuhan within the fifth (5th) Business Day after the
atau pengesampingan kondisi preseden final, fulfilment or waiver of the final Condition
dan terjadi paling lambat pada Tanggal Precedent, and occurs no later than the
Penyelesaian / Completion
Longstop (30 November 2024), pukul 10.00 Longstop Date (30 November 2024), at 10.00
Waktu Jakarta atau waktu atau tanggal lain a.m. Jakarta Time or such other time or date as
yang disetujui secara tertulis antara Penjual dan may be agreed in writing between the Seller
Pembeli (“Tanggal Penyelesaian”). and the Purchaser (“Completion Date”).
Perjanjian Jual Beli Saham Bersyarat The sale and purchase of the Sale Shares is
bergantung pada pemenuhan masing-masing conditional on each of the following conditions
kondisi berikut (“Kondisi Preseden”) atau (“Conditions Precedent”) being fulfilled and
pembebasan paling lambat pada Tanggal satisfied or waived no later than the Longstop
Pemberhentian: Date:
1. Penjual telah memperoleh persetujuan dari 1. The Seller has obtained approvals from its
direktur dan pemegang sahamnya atas directors and shareholder for the Proposed
Condition Precedent
Rencana Akuisisi dan penandatanganan Acquisition and the entry of the CSPA which
PPJB yang tetap berlaku penuh hingga remain in full forces and effect up to the
Tanggal Penyelesaian. Completion Date.
2. Pada Tanggal Penyelesaian, masing-masing 2. As at the Completion Date, each of the
jaminan fundamental yang diberikan oleh fundamental warranties provided by the
Penjual tetap benar, sesuai, dan akurat Seller remains true, correct and accurate in
dalam segala hal dan tidak ada all respects and there is no breach of any
VALUATION & ADVISORY SERVICES 3-2
Page 21
pelanggaran jaminan apa pun yang warranties by the Seller resulting in an
dilakukan oleh Penjual yang mengakibatkan aggregate financial loss to the Target Group
kerugian finansial agregat bagi Grup Target of more than 5% of the Consideration
lebih dari 5% dari jumlah Imbalan. amount.
3. Jaminan yang diberikan oleh Pembeli dalam 3. The warranties provided by the Purchaser in
PPJB adalah benar, sesuai, dan akurat pada the CSPA being true, correct and accurate as
tanggal PPJB dibuat dan pada saat Tanggal of the date of the CSPA and as of the
Penyelesaian. Completion Date as though made on and as
of such date.
4. Persetujuan dari Direksi dan Pemegang 4. The approvals from the Directors and
Saham atas Rencana Akuisisi dan Shareholders for the Proposed Acquisition
penandatanganan PPJB telah diperoleh oleh and the entry of the CSPA have been
Perseroan dan tetap berlaku penuh sampai obtained by the Company which remain in
dengan Tanggal Penyelesaian. full force and effect up to the Completion
Date.
PPJB dapat diakhiri sebelum Penyelesaian: The CSPA can be terminated prior to
Completion:
1. dengan persetujuan bersama oleh Penjual 1. by mutual agreement by the Seller and the
dan Pembeli secara tertulis; Purchaser in writing;
2. dengan efek segera oleh Pembeli secara 2. with immediate effect by the Purchaser in
tertulis jika salah satu dari Kondisi Preseden writing if any of the Conditions Precedent are
tidak dipenuhi oleh Penjual, atau diabaikan not satisfied by the Seller, or waived by the
oleh Pembeli, pada Tanggal Pemberhentian Purchaser, by the Longstop Date unless the
kecuali Penjual dan Pembeli setuju secara Seller and the Purchaser agree in writing to
tertulis untuk memperpanjang Tanggal extend the Longstop Date;
Pemberhentian;
3. dengan efek segera oleh Penjual secara 3. with immediate effect by the Seller in writing
tertulis jika salah satu dari Ketentuan if any of the Conditions Precedent are not
Sebelumnya tidak dipenuhi oleh Pembeli, satisfied by the Purchaser, or waived by the
atau diabaikan oleh Penjual, pada Tanggal Seller, by the Longstop Date, unless the
Pemberhentian, kecuali Penjual dan Pembeli Seller and the Purchaser agree in writing to
setuju secara tertulis untuk memperpanjang extend the Longstop Date;
Tanggal Pemberhentian;
4. oleh pihak non-defaulting jika pihak 4. by the non-defaulting party if the defaulting
defaulting gagal mematuhi kewajibannya Penghentian / Termination party fails to comply with its obligations for
untuk Penyelesaian; Completion;
5. dengan efek segera melalui pemberitahuan 5. with immediate effect by written notice to the
tertulis kepada pihak lain jika otoritas other parties if any duly authorized
pemerintah yang berwenang telah government authority has issued an order,
mengeluarkan perintah, dekrit atau putusan decree or ruling or taken any other action
atau mengambil tindakan lain yang restraining, enjoining or otherwise
menahan, melarang atau dengan cara lain prohibiting the Proposed Acquisition;
melarang Rencana Akuisisi;
6. oleh Pembeli secara tertulis jika Efek 6. by the Purchaser in writing if a Material
Merugikan Material terjadi dalam periode Adverse Effect occurs in the period between
antara tanggal penandatanganan PPJB dan the date that the CSPA is signed and
Penyelesaian; atau Completion; or
7. oleh Pembeli secara tertulis jika Penjual atau 7. by the Purchaser in writing if the Seller or any
Perusahaan Grup Target membuat Target Group Company makes a general
pengalihan umum untuk keuntungan assignment for the benefit of creditors, or
kreditor, atau proses hukum apa pun oleh any proceeding shall be instituted by or
atau terhadap Penjual atau Perusahaan against the Seller or any Target Group
Grup Target yang berupaya untuk Company seeking to adjudicate any of them
menetapkan salah satu diantara mereka as bankrupt or insolvent, or seeking any of
VALUATION & ADVISORY SERVICES 3-3
Page 22
bangkrut atau pailit, atau likuidasi, atau their liquidation, winding up or
reorganisasi, atau pengaturan, penyesuaian, reorganization, or seeking any arrangement,
perlindungan, keringanan, atau komposisi adjustment, protection, relief or composition
utang berdasarkan hukum yang berlaku of any of their debts under any applicable
yang berkaitan dengan kebangkrutan, laws relating to bankruptcy, insolvency or
kepailitan, atau reorganisasi. reorganization.
3.4 Hubungan antara Para Pihak dalam Rencana 3.4 Relationship between Parties in the Proposed
Transaksi Transaction
Tidak terdapat hubungan afiliasi pada susunan direksi, There is no affiliation in the composition of the board of
komisaris maupun pemegang saham masing-masing directors, commissioners or shareholders of each party,
pihak namun Sukmawati Widjaja (Oei Siu Hoa) yang however Sukmawati Widjaja (Oei Siu Hoa) which the
merupakan pemegang saham akhir dari TOP, dan ultimate shareholder of TOP, also as director of TOP
direktur pada TOP adalah keluarga dekat Muktar which is immediate family to Muktar Widjaja (President
Widjaja (Presiden Komisaris BSDE). Commissioner of BSDE).
VALUATION & ADVISORY SERVICES 3-4
Page 23
4.0 PROFIL PERUSAHAAN 4.0 COMPANY PROFILE
4.1 PT Bumi Serpong Damai Tbk (“BSDE”) 4.1 PT Bumi Serpong Damai Tbk (“BSDE”)
4.1.1 Informasi Ringkas 4.1.1 Brief Information
BSDE didirikan pada tanggal 16 Januari 1984, BSDE was established on 16 January 1984, based on the
berdasarkan Akta No. 50 dari Benny Kristianto, S.H., Notarial Deed No. 50 of Benny Kristianto, S.H., a public
notaris di Jakarta. Akta pendirian Perusahaan tersebut notary in Jakarta. The Deed of Establishment was
telah disahkan oleh Menteri Kehakiman Republik approved by the Minister of Justice of the Republic of
Indonesia melalui Surat No. C2-5710.HT.01-01.TH.85 Indonesia in Letter No. C2-5710.HT.01-01.TH.85 dated
10 September 1985. 10 September 1985.
Anggaran Dasar BSDE telah beberapa kali mengalami BSDE’s Articles of Association have been amended
perubahan, terakhir dengan Akta No. 02 tanggal 1 Juli several times, most recent by Deed No. 02 dated 1 July
2022 dari Syarifudin, S.H., notaris di Tangerang, 2022 of Syarifudin, S.H., a notary in Tangerang, in
mengenai penyesuaian maksud, tujuan serta kegiatan relation to the adjustment of the company’s purposes,
usaha perusahaan sesuai dengan Klasifikasi Baku objectives and business activities in accordance with the
Lapangan Usaha Indonesia (KBLI) 2020. 2020 Indonesian Standard Industrial Classification (KBLI).
Perubahan ini telah mendapat persetujuan dari Menteri These amendments were approved by the Minister of Law
Hukum dan Hak Asasi Manusia melalui Surat No. AHU- and Human Rights of the Republic of Indonesia in his
0045607.AH.01.02.Tahun 2022 tanggal 4 Juli 2022 Decision Letter No. AHU-0045607.AH.01.02.Year 2022
dan diumumkan dalam Berita Negara Republik dated 4 July 2022 and was published in the State Gazette
Indonesia No. 86 tanggal 28 Oktober 2022, Tambahan of the Republic of Indonesia No. 86 dated 28 October
No. 037145. 2022, Supplement No. 037145.
4.1.2 Kegiatan Usaha 4.1.2 Scope of Activities
Sesuai dengan pasal 3 Anggaran Dasar, ruang lingkup In accordance with article No. 3 of BSDE’s Articles of
kegiatan BSDE terutama meliputi real estat yang dimiliki Association, the scope of its activities is to engage mainly
sendiri atau disewa. Perusahaan telah dan sedang in real estate activities with owned or leased property.
melaksanakan pembangunan kota baru sebagai wilayah The Company has been developing a new city, which is a
pemukiman yang terencana dan terpadu yang planned and integrated residential area, with
dilengkapi dengan prasarana-prasarana, fasilitas amenities/infrastructure, environmental facilities and
lingkungan dan penghijauan dengan nama BSD City. parks, known as BSD City.
4.1.3 Entitas Anak dan Perusahaan Asosiasi 4.1.3 Subsidiaries and Associates
Per tanggal 30 Juni 2024, Perseroan memiliki 28 entitas As of 30 June 2024, the Company have 28 subsidiaries
anak dan perusahaan asosiasi melalui kepemilikan and associate through direct investments, with details as
langsung, dengan rincian sebagai berikut: follows:
%Kepemilikan / Kegiatan Usaha /
Nama Perusahaan / Company Name Domisili / Domicile
% of Ownerships Business Activities
PT Duta Pertiwi Tbk (DUTI) Jakarta 92.38 Perumahan / Real Estate
PT Sinar Mas Teladan (SMT) Jakarta 72.68 Perkantoran / Leasing of office space
Global Prime Capital Pte. Ltd (GPC) Singapura 100.00 Investasi / Investment
PT Sinar Mas Wisesa (SMW) Balikpapan 55.00 Perumahan / Real Estate
Belum beroperasi komersial/
PT Bumi Sentra Selaras (BSS) Surabaya 0.01
No commercial operation
Belum beroperasi komersial/
PT Bumi Paramudita Mas (BPM) Surabaya 99.99
No commercial operation
VALUATION & ADVISORY SERVICES 4-1
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%Kepemilikan / Kegiatan Usaha /
Nama Perusahaan / Company Name Domisili / Domicile
% of Ownerships Business Activities
Pengusahaan proyek jalan tol /
PT Trans Bumi Serbaraja (TBS) Tangerang 95.00
Concession of toll road projects
PT Duta Cakra Pesona (DCP) Tangerang 60.00 Perkantoran / Leasing of office space
PT Bumi Indah Asri (BIA) Tangerang 99.99 Investasi / Investment
PT Sinar Pertiwi Megah (SPM) Tangerang 99.99 Investasi / Investment
Investasi / Investment
PT Pastika Candra Pertiwi (PCP) Tangerang 99.99 (Belum beroperasi komersial/
No commercial operation)
PT Praba Selaras Pratama Tangerang 99.99 Investasi / Investment
PT Sentra Selaras Lestari (SSL) Tangerang 99.99 Investasi / Investment
PT Garwita Sentra Utama (GSU) Tangerang 99.99 Sewa / Leasing
PT Sentra Talenta Utama (STU) Tangerang 99.99 Investasi / Investment
PT Bumi Wisesa Jaya (BWJ) Tangerang 99.99 Investasi / Investment
Belum beroperasi komersial/
PT Surya Inter Wisesa (SIW) Tangerang 99.99
No commercial operation
Belum beroperasi komersial/
PT Sinar Usaha Mahitala (SUMT) Tangerang 99.99
No commercial operation
Belum beroperasi komersial/
PT Sinar Mas Intermoda (SMIT) Tangerang 99.99
No commercial operation
PT Wahana Swasa Utama (WSU) Tangerang 99.99 Investasi / Investment
Investasi / Investment
PT Bumi Tirta Mas (BTM) Tangerang 99.99 (Belum beroperasi komersial/
No commercial operation)
PT Satwika Cipta Lestari (SCL) Tangerang 99.99 Transportasi / Transportation
Belum beroperasi komersial/
PT Sumber Makmur Semesta (SMS) Tangerang 99.99
No commercial operation
Belum beroperasi komersial/
PT TransBSD Balaraja (TBB) Tangerang 99.99
No commercial operation
Belum beroperasi komersial/
PT Duta Mitra Mas (DMM) Tangerang 99.99
No commercial operation
Belum beroperasi komersial/
PT Laksya Prima Lestari (LPL) Tangerang 99.99
No commercial operation
Belum beroperasi komersial/
PT Bumi Karawang Damai Karawang 99.50
No commercial operation
Belum beroperasi komersial/
PT Sinar Usaha Marga (SUM) Palembang 0.01
No commercial operation
VALUATION & ADVISORY SERVICES 4-2
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4.1.4 Struktur Organisasi 4.1.4 Organization Structure
Dewan Komisaris
Board of Commisioners
Komite Nominasi dan
Komite Audit Presiden Direktur
Remunerasi
Nomination and
Audit Committee President Director Remuneration
Committee
Wakil Presiden
Direktur
Vice President Director
Ketua Unit Internal Ketua Unit Manajemen Risiko Sekretaris
Audit dan Keberlanjutan Perusahaan
Head of Internal Audit Head of Risk Management and
Corporate Secretary
Unit Sustainability Unit
Direktur Direktur Administrasi Direktur Direktur Direktur Direktur
Keuangan dan Pertahanan Operasional Manajemen Aset Pengembangan Bisnis Pemasaran
Administration and Asset Management Business Development Marketing
Financial Director Operational Director
Land Director Director Director Director
Business Initiatives Marketing
Finance Land Bank Residential ITC Research and Communication
Development
Legal Digital Archive Commercial Office Buildings
Accounting & Tax
Information Technology
VALUATION & ADVISORY SERVICES 4-3
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4.1.5 Struktur Kepemilikan dan Pemegang Saham 4.1.5 Ownerships and Shareholders
Per 30 Juni 2024, susunan dewan komisaris dan direktur As of 30 June 2024 the composition of BSDE’s board of
BSDE adalah sebagai berikut. commissioners and directors are as follow.
Lembar Saham Persentase
Jumlah (Rp juta)/
Ditempatkan dan Disetor Kepemilikan /
Pemegang Saham Amounts Shareholders
Penuh/ Total Shares Issued Percentage of
(Rp000)
and Fully Paid Ownerships
PT Paraga Artamida 8,503,268,664 40.66% 8,503,268,664 PT Paraga Artamida
PT Ekacentra Usahamaju 5,425,964,486 25.94% 5,425,964,486 PT Ekacentra Usahamaju
PT Simas Tunggal Centre 375,941,470 1.80% 375,941,470 PT Simas Tunggal Centre
PT Metropolitan Transcities PT Metropolitan Transcities
256,923,130 1.23% 256,923,130
Indonesia Indonesia
PT Aneka Karya Amarta 160,712,230 0.77% 160,712,230 PT Aneka Karya Amarta
PT Pembangunan Jaya 84,029,010 0.40% 84,029,010 PT Pembangunan Jaya
PT Dian Swastatika Sentosa Tbk 44,686,140 0.21% 44,686,140 PT Dian Swastatika Sentosa Tbk
PT Bhineka Karya Pratama 43,271,010 0.21% 43,271,010 PT Bhineka Karya Pratama
PT Anangga Pertiwi Megah 30,000,000 0.14% 30,000,000 PT Anangga Pertiwi Megah
PT Nirmala Indah Sakti 30,000,000 0.14% 30,000,000 PT Nirmala Indah Sakti
PT Apta Citra Universal 12,714,670 0.06% 12,714,670 PT Apta Citra Universal
PT Serasi Niaga Sakti 46,090 0.00% 46,090 PT Serasi Niaga Sakti
Masyarakat 5,945,838,212 28.44% 5,945,838,212 Public
Saham Treasuri 257,970,700 - 257,970,700 Treasury Shares
Total 21,171,365,812 100.00% 2,117,136,581 Total
Sumber / Source: BSDE
4.1.6 Dewan Komisaris dan Direksi 4.1.6 Boards of Commissioners and Directors
Pada tanggal 30 Juni 2024, susunan anggota Dewan As of 30 June 2024, the members of Board of
Komisaris dan Direksi BSDE adalah sebagai berikut: Commissioners and Directors of BSDE are as follows:
Dewan Komisaris Board of Commissioner
Presiden Komisaris Muktar Widjaja President Commissioner
Wakil Presiden Komisaris Teky Mailoa Vice President Commissioner
Komisaris Yoseph Fransiscus Bonang Commissioner
Komisaris Independen Teddy Pawitra Independent Commissioner
Komisaris Independen Susiyati Bambang Hirawan Independent Commissioner
Direksi Director
Presiden Direktur Fransiscus Xaverius Ridwan Darmali President Director
Wakil Presiden Direktur Michael Jackson Purwanto Widjaja Vice President Director
Direktur Lie Jani Harjanto Director
Direktur Syukur Lawigena Director
Direktur Hermawan Wijaya Director
Direktur Liauw Herry Hendarta Director
Direktur Monik William Director
Direktur Ir. Siswanto Adisaputro Director
Sumber / Source: BSDE
4.1.7 Jumlah Karyawan 4.1.7 Number of Employees
Pada tanggal 30 Juni 2024, BSDE memiliki jumlah As of 30 June 2024, BSDE had 2,332 employees.
karyawan sebanyak 2.332 orang.
VALUATION & ADVISORY SERVICES 4-4
Page 27
4.1.8 Asuransi Karyawan Kunci 4.1.8 Insurance for Key Employee
Berdasarkan pernyataan manajemen, BSDE Based on management's statement, BSDE engages Sinar
menggunakan jasa Asuransi Sinar Mas untuk karyawan Mas insurance services for key employees.
kunci.
VALUATION & ADVISORY SERVICES 4-5
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4.1.9 Kinerja Keuangan 4.1.9 Financial Performance
(dalam juta Rupiah) (in million Rupiah)
Deskripsi 2019 % 2020 % Δ 2021 % Δ 2022 % Δ 2023 % Δ 2024* % Δ Description
LABA RUGI INCOME STATEMENT
Pendapatan 7,084,864 100.0% 6,180,589 100.0% -12.8% 7,654,802 100.0% 23.9% 10,235,480 100.0% 33.7% 11,539,141 100.0% 12.7% 7,346,633 100.0% -36.3% Revenues
Biaya Pokok Pendapatan 2,018,798 28.5% 1,928,746 31.2% -4.5% 2,914,751 38.1% 51.1% 3,409,440 33.3% 17.0% 5,127,455 44.4% 50.4% 2,482,812 33.8% -51.6% Cost of Revenues
Laba Kotor 5,066,066 71.5% 4,251,843 68.8% -16.1% 4,740,051 61.9% 11.5% 6,826,040 66.7% 44.0% 6,411,687 55.6% -6.1% 4,863,821 66.2% -24.1% Gross Profit
Beban Penjualan 948,981 13.4% 812,354 13.1% -14.4% 990,948 12.9% 22.0% 1,393,075 13.6% 40.6% 1,545,476 13.4% 10.9% 826,517 11.3% -46.5% Selling expenses
Beban umum dan General and
1,324,243 18.7% 1,235,290 20.0% -6.7% 1,119,950 14.6% -9.3% 1,393,652 13.6% 24.4% 1,567,429 13.6% 12.5% 874,009 11.9% -44.2%
administrasi administrative expenses
Pajak Final 263,410 3.7% 221,932 3.6% -15.7% 236,897 3.1% 6.7% 334,304 3.3% 41.1% 388,613 3.4% 16.2% 216,789 3.0% -44.2% Final tax
Depreciation and
Depresiasi dan amortisasi 61,361 0.9% 63,793 1.0% 4.0% 55,083 0.7% -13.7% 51,600 0.5% -6.3% 59,291 0.5% 14.9% 31,884 0.4% -46.2%
amortization
EBITDA 2,590,794 36.6% 2,046,060 33.1% -21.0% 2,447,339 32.0% 19.6% 3,756,610 36.7% 53.5% 2,969,459 25.7% -21.0% 2,978,390 40.5% 0.3% EBITDA
Laba Operasi 2,529,433 35.7% 1,982,267 32.1% -21.6% 2,392,257 31.3% 20.7% 3,705,010 36.2% 54.9% 2,910,168 25.2% -21.5% 2,946,507 40.1% 1.2% Operating Profit
Pendapatan keuangan 474,815 6.7% 563,946 9.1% 18.8% 396,056 5.2% -29.8% 335,688 3.3% -15.2% 502,106 4.4% 49.6% 237,336 3.2% -52.7% Finance income
Beban keuangan -1,043,353 -14.7% -1,781,522 -28.8% 70.7% -1,644,706 -21.5% -7.7% -1,667,992 -16.3% 1.4% -1,618,746 -14.0% -3.0% -660,925 -9.0% -59.2% Finance expenses
-
Lain-lain 965,558 13.6% 259,140 4.2% -73.2% 312,664 4.1% 20.7% 26,215 0.3% -91.6% -366,990 -3.2% 13,543 0.2% -103.7% Others
1499.9%
Ekuitas pada laba (rugi) Share in Net Income of
bersih entitas asosiasi dan 246,823 3.5% -527,614 -8.5% -313.8% 90,736 1.2% -117.2% 262,771 2.6% 189.6% 843,199 7.3% 220.9% 127,152 1.7% -84.9% Associated and Joint
ventura bersama Ventures
Laba sebelum pajak 3,173,277 44.8% 496,217 8.0% -84.4% 1,547,006 20.2% 211.8% 2,661,692 26.0% 72.1% 2,269,737 19.7% -14.7% 2,663,614 36.3% 17.4% Profit before tax
Pajak 36,396 0.5% 15,890 0.3% -56.3% 8,166 0.1% -48.6% 4,806 0.0% -41.1% 10,280 0.1% 113.9% 19,557 0.3% 90.2% Tax
Income after effect of
Laba setelah Dampak Business Combination
Transaksi Kombinasi 3,136,881 44.3% 480,326 7.8% -84.7% 1,538,841 20.1% 220.4% 2,656,886 26.0% 72.7% 2,259,457 19.6% -15.0% 2,644,057 36.0% 17.0% Transaction among
Bisnis Enttas Sepengendali Entities Under Common
Control
Pre-acquisition loss arising
Rugi pra-akuisisi dari
from business
dampak transaksi
0.0% 5,932 0.1% n/a 0.0% -100.0% 0.0% n/a 0.0% n/a 0.0% n/a combination transaction
kombinasi bisnis entitas
among entities under
pengendali
common control
Proforma income arising
Laba Proforma dari
from business
Transaksi Kombinasi
-6,805 -0.1% 0.0% -100.0% 0.0% n/a 0.0% n/a 0.0% n/a 0.0% n/a combination transaction
Bisnis Entitas
among entities common
Sepengendali
control
Laba Tahun Berjalan Profit for the year
Pendapatan (Beban) - Other comprehensive
233,089 3.3% 18,470 0.3% -92.1% -9,214 -0.1% -149.9% -250,663 -2.4% 2620.4% 460,549 4.0% 27,971 0.4% -93.9%
komprehensif lainnya 283.7% income (expenses)
Laba komprehensif tahun Comprehensive income
3,363,165 47.5% 504,728 8.2% -85.0% 1,529,627 20.0% 203.1% 2,406,223 23.5% 57.3% 2,720,006 23.6% 13.0% 2,672,028 36.4% -1.8%
berjalan for the year
VALUATION & ADVISORY SERVICES 4-6
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Deskripsi 2019 % 2020 % Δ 2021 % Δ 2022 % Δ 2023 % Δ 2024* % Δ Description
POSISI KEUANGAN FINANCIAL POSITION
Aset Assets
Aset Lancar 24,263,878 44.5% 28,364,293 46.6% 16.9% 28,397,861 46.2% 0.1% 29,586,676 45.5% 4.2% 29,374,819 44.0% -0.7% 27,732,054 40.9% -5.6% Current Assets
Kas dan setara kas 6,864,044 12.6% 10,508,136 17.3% 53.1% 7,766,937 12.6% -26.1% 9,734,419 15.0% 25.3% 9,425,764 14.1% -3.2% 9,428,332 13.9% 0.0% Cash and cash equivalent
Investasi 2,917,382 5.3% 2,919,805 4.8% 0.1% 4,073,952 6.6% 39.5% 2,204,869 3.4% -45.9% 1,382,066 2.1% -37.3% 1,340,075 2.0% -3.0% Investment
Piutang usaha 12,146 0.0% 5,336 0.0% -56.1% 2,621 0.0% -50.9% 181,548 0.3% 6827.8% 261,760 0.4% 44.2% 265,179 0.4% 1.3% Trade account receivables
Investasi sewa neto
Current portion of net
pembiayaan yang akan
168,785 0.3% 133,551 0.2% -20.9% 132,254 0.2% -1.0% 0.0% -100.0% 0.0% n/a 0.0% n/a investment in finance
jatuh tempo dalam waktu
lease
satu tahun
Piutang lain-lain 81,185 0.1% 67,035 0.1% -17.4% 65,837 0.1% -1.8% 66,221 0.1% 0.6% 71,201 0.1% 7.5% 100,055 0.1% 40.5% Other account receivables
Piutang pihak berelasi
non-usaha yang akan Current portion of due
243,550 0.4% 0.0% -100.0% 7,402 0.0% n/a 224,335 0.3% 2930.7% 21,983 0.0% -90.2% 26,525 0.0% 20.7%
jatuh tempo dalam waktu from related parties
satu tahun
Persediaan 10,176,881 18.7% 10,697,403 17.6% 5.1% 11,857,045 19.3% 10.8% 12,609,570 19.4% 6.3% 14,307,594 21.4% 13.5% 14,392,383 21.2% 0.6% Inventories
Uang muka 3,330,712 6.1% 3,484,694 5.7% 4.6% 3,553,303 5.8% 2.0% 3,493,788 5.4% -1.7% 2,945,407 4.4% -15.7% 1,350,249 2.0% -54.2% Advances
Pajak dibayar dimuka 455,421 0.8% 488,728 0.8% 7.3% 786,260 1.3% 60.9% 879,303 1.4% 11.8% 733,938 1.1% -16.5% 618,235 0.9% -15.8% Prepaid taxes
Biaya dibayar dimuka
Current portion of prepaid
yang akan jatuh tempo 13,530 0.0% 59,221 0.1% 337.7% 151,864 0.2% 156.4% 192,237 0.3% 26.6% 224,176 0.3% 16.6% 209,403 0.3% -6.6%
expenses
dalam waktu satu tahun
Aset lain-lain 242 0.0% 386 0.0% 59.4% 386 0.0% 0.0% 386 0.0% 0.0% 929 0.0% 140.8% 1,618 0.0% 74.2% Other assets
Aset Tidak Lancar 30,277,100 55.5% 32,498,633 53.4% 7.3% 33,071,851 53.8% 1.8% 35,412,727 54.5% 7.1% 37,452,830 56.0% 5.8% 40,130,611 59.1% 7.1%
Investasi 440,946 0.8% 1,774,430 2.9% 302.4% 167,398 0.3% -90.6% 187,011 0.3% 11.7% 757,335 1.1% 305.0% 823,876 1.2% 8.8% Investments
Piutang usaha - pihak Trade account receivables
5 0.0% 0.0% -100.0% 0.0% n/a 0.0% n/a 0.0% n/a 0.0% n/a
ketiga - third parties
Piutang lain-lain 21,744 0.0% 19,124 0.0% -12.0% 17,434 0.0% -8.8% 15,373 0.0% -11.8% 12,931 0.0% -15.9% 11,564 0.0% -10.6% Other account receivables
Piutang pihak berelasi
18,573 0.0% 19,840 0.0% 6.8% 41,344 0.1% 108.4% 13,895 0.0% -66.4% 33,827 0.1% 143.4% 30,140 0.0% -10.9% Due from related parties
non-usaha
Investasi dalam saham 7,152,872 13.1% 6,779,597 11.1% -5.2% 6,217,716 10.1% -8.3% 6,743,351 10.4% 8.5% 7,837,385 11.7% 16.2% 7,807,633 11.5% -0.4% Investments in shares
Biaya dibayar dimuka 25,506 0.0% 79,732 0.1% 212.6% 99,195 0.2% 24.4% 136,874 0.2% 38.0% 69,176 0.1% -49.5% 44,506 0.1% -35.7% Prepaid expenses
Tanah yang belum
12,068,737 22.1% 12,428,839 20.4% 3.0% 14,472,137 23.5% 16.4% 15,501,298 23.8% 7.1% 14,051,854 21.0% -9.4% 14,395,521 21.2% 2.4% Land for development
dikembangkan
Aset Tetap 631,541 1.2% 584,619 1.0% -7.4% 530,203 0.9% -9.3% 548,157 0.8% 3.4% 531,686 0.8% -3.0% 536,611 0.8% 0.9% Property and equipment
Properti Investasi 8,251,943 15.1% 8,296,076 13.6% 0.5% 7,957,939 12.9% -4.1% 7,738,300 11.9% -2.8% 9,215,990 13.8% 19.1% 11,288,740 16.6% 22.5% Investment properties
Aset hak-guna 0.0% 15,108 0.0% n/a 4,426 0.0% -70.7% 14,724 0.0% 232.7% 14,675 0.0% -0.3% 10,306 0.0% -29.8% Right-of-use assets
Goodwill 9,303 0.0% 9,303 0.0% 0.0% 9,303 0.0% 0.0% 9,303 0.0% 0.0% 9,303 0.0% 0.0% 9,303 0.0% 0.0% Goodwill
Aset tak berwujud 1,652,226 3.0% 2,488,454 4.1% 50.6% 3,550,937 5.8% 42.7% 4,500,404 6.9% 26.7% 4,914,513 7.4% 9.2% 5,167,475 7.6% 5.1% Intangible assets
Aset lain-lain 3,705 0.0% 3,511 0.0% -5.2% 3,817 0.0% 8.7% 4,036 0.0% 5.7% 4,153 0.0% 2.9% 4,934 0.0% 18.8% Other assets
Total Aset 54,540,978 100.0% 60,862,927 100.0% 11.6% 61,469,712 100.0% 1.0% 64,999,403 100.0% 5.7% 66,827,648 100.0% 2.8% 67,862,665 100.0% 1.5% Total Assets
Liabilitas dan Ekuitas Liabilities and Equity
Liabilitas jangka pendek 6,177,662 11.3% 11,832,682 19.4% 91.5% 10,967,893 17.8% -7.3% 11,332,854 17.4% 3.3% 11,897,714 17.8% 5.0% 12,652,834 18.6% 6.3% Current Liabilities
Utang bank jangka 0.0% 0.0% n/a 0.0% n/a 33,258 0.1% n/a 19,777 0.0% -40.5% 1 0.0% -100.0% Short-term bank loans
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Deskripsi 2019 % 2020 % Δ 2021 % Δ 2022 % Δ 2023 % Δ 2024* % Δ Description
pendek
Utang usaha 695,301 1.3% 933,984 1.5% 34.3% 1,111,568 1.8% 19.0% 901,047 1.4% -18.9% 1,029,789 1.5% 14.3% 1,161,974 1.7% 12.8% Trade account payables
Utang pajak 108,872 0.2% 87,208 0.1% -19.9% 70,749 0.1% -18.9% 77,613 0.1% 9.7% 71,679 0.1% -7.6% 88,753 0.1% 23.8% Taxes payables
Beban akrual 198,810 0.4% 309,912 0.5% 55.9% 245,792 0.4% -20.7% 228,455 0.4% -7.1% 165,004 0.2% -27.8% 166,632 0.2% 1.0% Accrued expenses
Setoran jaminan 235,649 0.4% 264,434 0.4% 12.2% 259,966 0.4% -1.7% 259,485 0.4% -0.2% 269,971 0.4% 4.0% 279,880 0.4% 3.7% Security deposits
Liabilitas kontrak 0.0% 4,138,768 6.8% n/a 6,463,622 10.5% 56.2% 7,683,275 11.8% 18.9% 8,078,261 12.1% 5.1% 6,847,123 10.1% -15.2% Contract liabilities
Uang muka diterima 3,823,018 7.0% 106,730 0.2% -97.2% 117,166 0.2% 9.8% 120,767 0.2% 3.1% 105,206 0.2% -12.9% 113,495 0.2% 7.9% Advances received
Sewa diterima dimuka 270,754 0.5% 212,341 0.3% -21.6% 207,354 0.3% -2.3% 263,374 0.4% 27.0% 329,412 0.5% 25.1% 313,970 0.5% -4.7% Rental advances
Uang muka setoran - Deposit for future stock
25,166 0.0% 16,464 0.0% -34.6% 1,008 0.0% -93.9% 94,859 0.1% 9307.8% 4 0.0% 26,259 0.0% 750142.9%
modal 100.0% subscription
Utang bank jangka Long-term bank loan -
640,664 1.2% 656,250 1.1% 2.4% 2,147,648 3.5% 227.3% 1,432,235 2.2% -33.3% 1,610,127 2.4% 12.4% 1,338,367 2.0% -16.9%
pendek current portion
Liabilitas sewa - jangka Lease liabilities - current
0.0% 9,557 0.0% n/a 4,948 0.0% -48.2% 5,200 0.0% 5.1% 8,172 0.0% 57.1% 6,026 0.0% -26.3%
pendek portion
Utang obligasi - jangka - Bonds payable - current
0.0% 4,846,466 8.0% n/a 0.0% -100.0% 24,973 0.0% n/a 0.0% 2,065,438 3.0% n/a
pendek 100.0% portion
Liabilitas lain-lain 179,429 0.3% 250,569 0.4% 39.6% 338,073 0.5% 34.9% 208,312 0.3% -38.4% 210,313 0.3% 1.0% 244,915 0.4% 16.5% Other liabilities
Liabilitas jangka panjang 14,737,902 27.0% 14,559,142 23.9% -1.2% 14,608,102 23.8% 0.3% 15,621,113 24.0% 6.9% 13,728,348 20.5% -12.1% 11,657,669 17.2% -15.1% Non-current Liabilities
Setoran jaminan 100,222 0.2% 116,236 0.2% 16.0% 122,855 0.2% 5.7% 135,820 0.2% 10.6% 141,887 0.2% 4.5% 151,596 0.2% 6.8% Security deposits
Liabilitas kontrak 0.0% 1,745,837 2.9% n/a 3,659,859 6.0% 109.6% 4,262,203 6.6% 16.5% 2,903,578 4.3% -31.9% 2,358,618 3.5% -18.8% Contract liabilities
Uang muka diterima 840,891 1.5% 132,943 0.2% -84.2% 119,283 0.2% -10.3% 122,450 0.2% 2.7% 7,605 0.0% -93.8% 10,127 0.0% 33.2% Advances received
Sewa diterima dimuka 531,518 1.0% 535,794 0.9% 0.8% 500,955 0.8% -6.5% 310,872 0.5% -37.9% 127,342 0.2% -59.0% 78,699 0.1% -38.2% Rental advances
Liabilitas imbalan kerja Long-term employee
436,518 0.8% 357,268 0.6% -18.2% 300,848 0.5% -15.8% 244,198 0.4% -18.8% 282,901 0.4% 15.8% 295,722 0.4% 4.5%
jangka panjang benefits liability
Taksiran liabilitas untuk
Estimated liabilities for
pengembangan 62,278 0.1% 62,278 0.1% 0.0% 62,278 0.1% 0.0% 62,278 0.1% 0.0% 62,278 0.1% 0.0% 62,278 0.1% 0.0%
future improvements
prasarana
Provisi pelapisan jalan tol 0.0% 0.0% n/a 0.0% n/a 1,040 0.0% n/a 7,768 0.0% 646.8% 12,380 0.0% 59.4% Provision for overlay
Utang bank jangka
4,291,279 7.9% 3,631,250 6.0% -15.4% 1,744,757 2.8% -52.0% 4,775,414 7.3% 173.7% 7,804,137 11.7% 63.4% 8,271,072 12.2% 6.0% Long-term bank loan
panjang
Liabilitas sewa 0.0% 18,139 0.0% n/a 16,427 0.0% -9.4% 34,164 0.1% 108.0% 32,871 0.0% -3.8% 31,010 0.0% -5.7% Lease liabilities
Utang obligasi 8,475,194 15.5% 7,959,396 13.1% -6.1% 8,080,841 13.1% 1.5% 5,672,675 8.7% -29.8% 2,357,980 3.5% -58.4% 386,167 0.6% -83.6% Bonds payable
Total Liabilitas 20,915,564 38.3% 26,391,824 43.4% 26.2% 25,575,995 41.6% -3.1% 26,953,967 41.5% 5.4% 25,626,062 38.3% -4.9% 24,310,503 35.8% -5.1% Total Liabilities
Total Ekuitas 33,625,414 61.7% 34,471,102 56.6% 2.5% 35,893,717 58.4% 4.1% 38,045,436 58.5% 6.0% 41,201,586 61.7% 8.3% 43,552,163 64.2% 5.7% Total Equity
Sumber: BSDE, Laporan keuangan audit tahun 2019 – per 30 Juni 2024 / BSDE, Audited financial statements 2019 – as of 30 June 2024
*30 Juni 2024 / 30 June 2024
**Disetahunkan / Annualized
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Laporan Laba Rugi Income Statement
• Pendapatan BSDE cenderung meningkat dari tahun • BSDE's revenue tended to increase from year to year
ke tahun sejak 2021. Peningkatan paling signifikan since 2021. The most significant increase occurred in
terjadi pada tahun 2022, yang meningkat 34%, 2022, which increased by 34%, influenced by an
dikontribusikan oleh hampir seluruh segmen increase in almost all revenue segments, especially
pendapatan, khususnya pendapatan kontruksi yang construction revenue which increased by 2x and from
meningkat 2x lipat serta dari jasa pengoperasian the newly acquired Serpong-Balaraja Toll Road
Jalan Tol Serpong-Balaraja yang baru diperoleh operating services during the period. Furthermore, in
selama periode tersebut. Selanjutnya, pada tahun 2023, BSDE recorded a significant increase in strata
2023, BSDE mencatatkan peningkatan signifikan title land and building sales revenue from Rp611.5
pada pendapatan penjualan tanah dan bangunan billion to Rp1.07 trillion. As of 30 June 2024, BSDE's
strata title dari Rp611,5 miliar ke Rp1,07 triliun. Per revenue was Rp7.35 trillion, most of which was
30 Juni 2024, pendapatan BSDE adalah sebesar revenue from land and building sales of Rp5.96
Rp7,35 triliun, yang sebagian besar adalah trillion;
pendapatan penjualan tanah dan bangunan sebesar
Rp5,96 triliun.;
• Pada tahun 2023, beban pokok pendapatan BSDE • In 2023, BSDE's cost of revenue increased significantly
meningkat signifikan dari Rp3,41 triliun di tahun from Rp3.41 trillion in 2022 to Rp5.13 trillion, which
2022 ke Rp5,13 triliun, yang dipengaruhi beban was influenced by the cost of land and building sales
penjualan tanah dan bangunan yang meningkat dari which increased from Rp1.88 trillion to Rp3.65 trillion
1,88 triliun ke Rp3,65 triliun sejalan dengan in line with the increment of its revenue. Not only that,
peningkatan pendapatannya. Tidak hanya itu, beban the toll road operating expenses also increased by 4x
pengoperasian jalan tol juga meningkat hingga 4x in 2023, which was influenced by the start of
pada tahun 2023, yang dipengaruhi oleh mulai operation of the Serpong-Balaraja toll. BSDE was able
dioperasikannya Jalan Tol Serpong-Balaraja. BSDE to manage its operating expenses well, as seen from
dapat mengelola beban usahanya dengan baik, the general and administrative expenses and financial
terlihat dari beban umum dan administrasi dan expenses that did not increase significantly, making
beban keuangan yang tidak meningkat signifikan, BSDE continue to record an increase in net profit since
membuat BSDE terus mencatatkan peningkatan laba 2021. As of 30 June 2024, BSDE's net profit was
bersih sejak tahun 2021. Per 30 Juni 2024, laba Rp2.67 trillion.
bersih BSDE adalah sebesar Rp2,67 triilun.
Posisi Keuangan Financial Position
• Aset BSDE cenderung berfluktuasi dari tahun ke • BSDE assets tended to fluctuate from year to year. In
tahun. Pada tahun 2021, aset hak guna BSDE 2021, BSDE's right-of-use assets decreased
menurun signifikan dari Rp15,1 miliar di tahun 2020 significantly from Rp15.1 billion in 2020 to Rp4.4
ke Rp4,4 miliar, dimana penurunan ini disebabkan billion, where this decrease was due to a disposal in
karena adanya pengurangan sewa kendaraan BSDE BSDE's vehicle lease of Rp10.0 billion. BSDE's current
sebesar Rp10, 0 miliar. Piutang pihak berelasi non- portion of due from related parties increased
usaha BSDE meningkat signifikan pada tahun 2022, significantly in 2022, from Rp7.4 billion in 2021 to
dari Rp7,4 miliar di tahun 2021 menjadi Rp224,3 Rp224.3 billion. Based on information in BSDE's
miliar. Berdasarkan informasi pada laporan audited financial report, this increase was due to
keuangan audit BSDE, peningkatan ini disebabkan receivables from Sinarmas Land Limited of Rp173.0
karena adanya piutang dari Sinarmas Land Limited billion. Furthermore, in 2023, BSDE's non-current
sebesar Rp173,0 miliar. Selanjutnya, pada tahun investments increased from Rp187.0 billion in 2022
2023, investasi tidak lancar BSDE meningkat dari to Rp757.3 billion, which was due to BSDE's
Rp187 miliar di tahun 2022 menjadi Rp757,3 miliar, investment in mutual funds in Project Amos Investment
yang disebabkan karena adanya investasi BSDE of Rp447.1 billion and Ascend Global Investment
melakukan investasi reksa dana pada Project Amos Fund SPC - OSP of Rp210.8 billion. As of 30 June
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Investment sebesar Rp447,1 miliar dan Ascend 2024, BSDE's total assets were Rp67.9 trillion;
Global Investment Fund SPC – OSP sebesar Rp210,8
miliar. Per 30 Juni 2024, total aset BSDE adalah
sebesar Rp67,9 triliun;
• Total liabilitas BSDE cenderung berfluktuasi dari • BSDE's total liabilities tend to fluctuate from year to
tahun ke tahun. Pada tahun 2023, uang muka year. In 2023, BSDE's advances received, which is
diterima BSDE, yang merupakan uang dari penyewa, money from tenants, kiosk owners, and consumer
pemilik kios, dan utang titipan konsumen, menurun deposits, decreased from Rp122.5 billion in 2022 to
dari Rp122,5 miliar di tahun 2022 ke Rp7,6 miliar. Rp7.6 billion. Furthermore, as of 30 June 2024, BSDE
Lebih lanjut, per 30 Juni 2024, BSDE mencatatkan recorded a significant increase in its capital deposit
peningkatan yang signifikan pada uang muka down payment, from Rp3.5 million to Rp26.3 billion.
setoran modal nya, dari Rp3,5 juta ke Rp26,3 miliar. As of 30 June 2024, BSDE's total liabilities were
Per 30 Juni 2024, total liabilitas BSDE adalah Rp24,3 Rp24.3 trillion, most of which were contract liabilities
triliun, dimana sebagian besar diantaranya adalah and long-term bank loans;
liabilitas kontrak dan utang bank jangka panjang;
• Total ekuitas BSDE meningkat dari tahun ke tahun. • BSDE's total equity increased from year to year. In
Pada tahun 2020, BSDE meningkatkan modal 2020, BSDE increased its share capital from RP1.9
sahamnya dari Rp1,9 triliun ke Rp2,1 triliun. Per 30 trillion to Rp2.1 trillion. As of 30 June 2024, BSDE's
Juni 2024, total ekuitas BSDE adalah Rp43,5 triliun, total equity was Rp43.5 trillion, the majority of which
dimana sebagian besar diantaranya adalah saldo was retained earnings not yet determined by users of
laba yang belum ditentukan penggunanya sebesar RP29.0 trillion and additional paid-in capital of Rp7.5
Rp29,0 triliun dan tambahan modal disetor sebesar trillion.
Rp7,5 triliun.
VALUATION & ADVISORY SERVICES 4 - 10
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Arus Kas 2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆ Cash Flows
Cash Flows From Operating
Arus Kas dari Kegiatan Operasi
Activities
Penerimaan kas dari: Cash receipts from:
Pelanggan 8.239.065 27% 6.685.490 21% -19% 10.761.535 33% 61% 11.719.084 33% 9% 10.652.361 28% -9% 5.567.666 14% 5%* Customers
Lain-lain 2.734 0% 286 0% -90% 436 0% 53% 680 0% 56% 747 0% 10% 284 0% -24%* Others
Pembayaran Kas untuk: Cash payments to/for:
- -
Kontraktor (2.463.810) -8% (1.667.262) -5% -32% (2.186.393) -7% 31% (3.431.477) 57% (4.514.644) 32% (2.064.239) -5% -9%* Contractors
10% 12%
Beban umum dan administrasi dan General and administrative and
(1.372.310) -5% (1.337.443) -4% -3% (1.141.436) -3% -15% (1.425.795) -4% 25% (1.567.752) -4% 10% (876.567) -2% 12%*
lain-lain other expenses
Gaji (929.385) -3% (832.943) -3% -10% (777.080) -2% -7% (1.018.893) -3% 31% (1.082.765) -3% 6% (617.173) -2% 14%* Salaries
Beban penjualan (629.285) -2% (602.531) -2% -4% (916.287) -3% 52% (1.296.120) -4% 41% (1.324.421) -4% 2% (623.429) -2% -6%* Selling expenses
Pembayaran untuk pembelian tanah - Payments for acquisitions of land -
(607.997) -2% (553.386) -2% -9% (2.119.004) -6% 283% (1.096.146) -3% -48% (999.699) -3% -9% (494.589) -1% -1%*
bersih net
Pembayaran pajak final (217.389) -1% (223.488) -1% 3% (309.170) -1% 38% (350.580) -1% 13% (317.127) -1% -10% (152.712) 0% -4%* Final income tax paid
Pembayaran pajak penghasilan (4.625) 0% (4.375) 0% -5% (6.914) 0% 58% (9.114) 0% 32% (6.206) 0% -32% (18.650) 0% 501%* Income tax paid
Total Cash Flows From Operating
Total Arus Kas dari Kegiatan Operasi 2.016.998 7% 1.464.349 5% -27% 3.305.687 10% 126% 3.091.638 9% -6% 840.494 2% -73% 720.591 2% 71%*
Activities
Cash Flows From Investing
Arus Kas dari Kegiatan Investasi
Activities
Penerimaan dividen 1.019.178 3% 215.319 1% -79% 188.315 1% -13% 158.386 0% -16% 743.162 2% 369% 254.284 1% -32%* Dividends received
Penerimaan bunga 432.962 1% 563.897 2% 30% 385.068 1% -32% 325.679 1% -15% 490.435 1% 51% 228.260 1% -7%* Interest received
Penerimaan atas pencairan Proceeds from withdrawal of
2.290.206 8% (1.003.574) -3% -144% 556.906 2% -155% 1.687.142 5% 203% 594.917 2% -65% 43.246 0% -85%*
(penempatan) investasi investments
Proceeds from sale of property
Hasil penjualan aset tetap 770 0% 2.157 0% 180% 13.235 0% 513% 2.154 0% -84% 6.904 0% 221% 256 0% -93%*
and equipment
Kenaikan piutang pihak berelasi non- Increase (decrease) in amount due
(88.587) 0% (19.900) 0% -78% (29.400) 0% 48% (187.807) -1% 539% 173.200 0% -192% - 0% -100%*
usaha from a related party
Payment of liabilities arising from
Pembayaran liabilitas atas perolehan
(180) 0% (862) 0% 378% (612) 0% -29% (594) 0% -3% (197) 0% -67% (230) 0% 134%* acquisition of property and
aset tetap
equipment
Payment of liabilities arising from
Pembayaran liabilitas atas perolehan
(452.886) -1% (2.068) 0% -100% (5.806) 0% 181% (3.331) 0% -43% (28.971) 0% 770% (1.308) 0% -91%* acquisition of investment
properti investasi
properties
Acquisitions of property and
Perolehan aset tetap (31.034) 0% (19.829) 0% -36% (16.577) 0% -16% (79.874) 0% 382% (46.621) 0% -42% (28.954) 0% 24%*
equipment
Uang muka investasi dalam saham - 0% - 0% n/a - 0% n/a - 0% n/a (10.183) 0% n/a (64.162) 0% 1160%* Advance paid for investment
Acquisitions of investment
Perolehan properti investasi (353.552) -1% (112.713) 0% -68% (6.606) 0% -94% (118.585) 0% 1695% (530.504) -1% 347% (191.484) 0% -28%*
properties
Pembayaran atas penempatan Payment for placement in
(1.206.173) -4% (108.777) 0% -91% 164.208 0% -251% (425.100) -1% -359% (1.053.751) -3% 148% (284.682) -1% -46%*
investasi dalam saham investment in shares
Pembayaran untuk hak konsesi jalan Payment for toll road concession
(1.447.289) -5% (696.081) -2% -52% (811.473) -2% 17% (907.030) -3% 12% (584.799) -2% -36% (324.937) -1% 11%*
tol rights
Uang muka perolehan properti Advance paid for acquisition of
- 0% - 0% n/a - 0% n/a - 0% n/a (55.455) 0% n/a - 0% -100%*
investasi investment properties
Arus kas keluar bersih pada tanggal Net cash outflow at date of
(61.671) 0% - 0% -100% (68.470) 0% n/a - 0% -100% (13.138) 0% n/a - 0% -100%*
akuisisi entitas anak acquisition of subsidiary
Penempatan investasi (2.070.892) -7% - 0% -100% - 0% n/a - 0% n/a - 0% n/a - 0% n/a Placement in investment
Total Cash Flows From Investing
Total Arus Kas dari Kegiatan Investasi (1.969.149) -7% (1.182.431) -4% -40% 368.787 1% -131% 451.039 1% 22% (315.001) -1% -170% (369.713) -1% 135%*
Activities
Cash Flows From Financing
Arus Kas dari Kegiatan Pendanaan
Activities
Penerimaan utang bank jangka Proceeds from long-term bank
1.750.000 6% 250.000 1% -86% 261.155 1% 4% 4.611.653 13% 1666% 4.693.225 13% 2% 1.082.150 3% -54%*
panjang loans
Penerimaan atas peningkatan modal Proceeds from issuance of shares
29150
saham entitas anak yang menjadi 806 0% 5.257 0% 552% 917 0% -83% 5.367 0% 486% 1.569.958 4% 30.694 0% -96%* of subsidiaries to non-controlling
%
bagian kepentingan nonpengendali interests
Penerimaan utang bank jangka Proceeds from short-term bank
- 0% - 0% n/a - 0% n/a 33.258 0% n/a 24.338 0% -27% 5.774 0% -53%*
pendek loan
VALUATION & ADVISORY SERVICES 4 - 11
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Arus Kas 2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆ Cash Flows
Penerimaan uang muka setoran
Proceeds from deposit for future
modal saham entitas anak yang
6.324 0% 9.298 0% 47% 1.005 0% -89% 94.855 0% 9340% - 0% -100% 26.255 0% n/a stock subscription of subsidiaries
menjadi bagian kepentingan
from non-controlling interests
nonpengendali
Pembayaran untuk: Payments for:
Liabilitas sewa - 0% - 0% n/a (10.630) 0% n/a (10.325) 0% -3% (10.829) 0% 5% (6.060) 0% 12%* Lease liabilities
Cicilan imbalan ijarah - 0% - 0% n/a - 0% n/a (7.433) 0% n/a (14.865) 0% 100% (7.433) 0% 0%* Ijarah installment
Uang muka pengembalian modal Advance payment for return of
disetor entitas anak yang menjadi - 0% - 0% n/a - 0% n/a - 0% n/a - 0% n/a (22.495) 0% n/a capital of non-controlling interest
bagian kepentingan nonpengendali in subsidiaries
Utang bank jangka pendek (250.000) -1% - 0% -100% - 0% n/a - 0% n/a (37.820) 0% n/a (25.550) 0% 35%* Short-term bank loans
Dividen oleh entitas anak yang
Cash dividends to non-controlling
menjadi bagian kepentingan (110.113) 0% (186.238) -1% 69% (124.389) 0% -33% (260.525) -1% 109% (371.922) -1% 43% (283.564) -1% 52%*
interests in subsidiaries
nonpengendal
Bunga (911.367) -3% (1.136.646) -3% 25% (992.055) -3% -13% (758.893) -2% -24% (866.106) -2% 14% (331.407) -1% -23%* Interest
Utang bank jangka panjang (196.580) -1% (894.443) -3% 355% (656.250) -2% -27% (2.296.409) -6% 250% (1.486.610) -4% -35% (886.975) -2% 19%* Long-term bank loans
Pembayaran atas pengembalian
Payment for return of capital of
modal disetor entitas anak yang
- 0% - 0% n/a - 0% n/a - 0% n/a (515.809) -1% n/a - 0% -100%* non-controlling interest in
menjadi bagian kepentingan
subsidiaries
nonpengendali
-
Utang obligasi (1.559.216) -5% - 0% -100% (4.965.400) -15% n/a (4.159.394) -16% (3.272.332) -9% -21% - 0% -100%* Redemption of bonds payable
12%
Utang pihak berelasi non-usaha - 0% - 0% n/a - 0% n/a - 0% n/a (24.132) 0% n/a - 0% -100%* Due to a related party non-trade
Bunga liabilitas sewa (115) 0% (2.968) 0% 2486% - 0% -100% - 0% n/a - 0% n/a - 0% n/a Lease liabilities Interest
Liabilitas sewa (3.403) 0% (12.705) 0% 273% - 0% -100% - 0% n/a - 0% n/a - 0% n/a Lease liabilities
Dana syirkah temporer (6.779) 0% - 0% -100% - 0% n/a - 0% n/a - 0% n/a - 0% n/a Temporary Syirkah fund
Penerimaan utang obligasi dan sukuk Proceeds from issuance of bonds
- 0% 4.044.061 12% n/a - 0% -100% 1.000.000 3% n/a - 0% -100% - 0% n/a
ijarah and sukuk ijarah
Penerimaan atas peningkatan modal
Proceeds from issuance of shares
saham tanpa hak memesan efek - 0% 1.231.789 4% n/a - 0% -100% - 0% n/a - 0% n/a - 0% n/a
without pre-emptive rights
terlebih dahulu
Total Arus Kas dari Kegiatan Total Cash Flows from Financing
(1.280.445) -4% 3.307.403 10% -358% (6.485.647) -20% -296% (1.747.846) -5% -73% (312.904) -1% -82% (418.610) -1% 168%*
Pendanaan Activities
Perubahan Arus Kas (1.283.326) -4% 3.875.998 12% -402% (2.741.199) -8% -171% 1.967.482 6% -172% (308.655) -1% -116% 2.568 0% -102%* Chanes in Cash Flows
Cash and Cash Equivalent -
Kas dan Setara Kas - Awal 8.147.370 27% 6.632.138 20% -19% 10.508.136 32% 58% 7.766.937 22% -26% 9.734.419 26% 25% 9.425.764 23% -3%
Beginning
Cash and Cash Equivalent -
Kas dan Setara Kas - Akhir 6.864.044 23% 10.508.136 32% 53% 7.766.937 23% -26% 9.734.419 27% 25% 9.425.764 25% -3% 9.428.332 23% 0%
Ending
*disetahunkan/annualized
**30 Juni 2024 / 30 June 2024
Laporan Arus Kas Cash Flow Statement
Arus kas dari kegiatan operasi cenderung positif, sementara arus kas dari kegiatan Cash flow from operating activities tended to be positive, while cash flow from investing
investasi tercatat positif pada tahun 2021 dan 2022 seiring dengan penerimaan atas activities was recorded as positive in 2021 and 2022 along with the proceeds from
pencairan (penempatan) investasi. Peningkatan arus kas bersih pada tahun 2020 withdrawal of investments. The net cash flow increment in 2020 was derived by cash
disebabkan oleh arus kas dari kegiatan pendanaan berupa penerimaan utang obligasi flow from financing activities in the form of proceeds from issuance of bonds and sukuk
dan sukuk ijarah, sementara penurunan di tahun 2021 karena adanya pembayaran ijarah, while decrement in 2021 was due to payment of bonds. Cash balance as of 30
utang obligasi. Saldo kas pada 30 Juni 2024, mengalami peningkatan dibandingkan Juni 2024 increased compared to the period of 31 December 2023.
periode 31 Desember 2023.
VALUATION & ADVISORY SERVICES 4 - 12
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Rasio 2019 2020 2021 2022 2023 2024* Ratios
Rasio Likuiditas Liquidity Ratio
Rasio lancar (x) 3.9 2.4 2.6 2.6 2.5 2.2 Current Ratio (x)
Rasio kas (x) 1.1 0.9 0.7 0.9 0.8 0.7 Cash Ratios (x)
Rasio cepat (x) 1.6 1.1 1.1 1.1 0.9 0.9 Quick Ratio (x)
Rasio Profitabilitas Profitability Ratio
Tingkat pengembalian aset (%) 5.7% 0.8% 2.5% 4.1% 3.4% 3.9% Return on Aset (%)
Tingkat pengembalian ekuitas (%) 9.3% 1.4% 4.3% 7.0% 5.5% 6.1% Return on Equity (%)
Margin laba kotor (%) 71.5% 68.8% 61.9% 66.7% 55.6% 66.2% Gross Profit Margin (%)
Margin laba operasi (%) 36.6% 33.1% 32.0% 36.7% 25.7% 40.5% Operating Profit Margin (%)
Margin laba bersih (%) 35.7% 32.1% 31.3% 36.2% 25.2% 40.1% Net Profit Margin (%)
Margin EBITDA (%) 44.2% 7.9% 20.1% 26.0% 19.6% 36.0% EBITDA Margin (%)
Rasio Aktivitas Activity Ratio
Perputaran aset (x) 0.1 0.1 0.1 0.2 0.2 0.2 Asset turnover (x)
Perputaran persediaan (hari) 524.3 631.7 565.4 449.7 452.6 356.5 Inventory turnover (days)
Perputaran piutang usaha (hari) 0.6 0.3 0.1 6.5 8.3 6.6 Account receivables turnover (days)
Perputaran utang usaha (hari) 125.7 176.7 139.2 96.5 73.3 85.2 Account payables turnover (days)
Rasio Solvabilitas Solvency Ratio
Utang terhadap aset (x) 0.1 0.1 0.1 0.1 0.1 0.1 Debt to Asset Ratio (x)
Utang terhadap ekuitas (x) 0.1 0.1 0.1 0.2 0.2 0.2 Debt to Equity Ratio (x)
*30 Juni 2024 / 30 June 2024
**Disetahunkan / Annualized
Rasio Likuiditas Liquidity Ratio
Rasio likuiditas merupakan rasio yang digunakan untuk The liquidity ratio is the ratio used to see the Company's
melihat kemampuan Perseroan dalam melunasi ability to pay off its short-term obligations. BSDE's current
kewajiban jangka pendeknya. Rasio lancar BSDE ratio tended to be above 1x in the last year. However, the
cenderung berada diatas 1x di setiap tahunnya. minimal amount of cash and trade accounts receivable of
Meskipun begitu, minimnya jumlah kas serta piutang BSDE has caused its cash ratio and quick ratio to be
usaha BSDE membuat rasio kas dan rasio cepat nya below 1x since 2023, due to a decrease in the fair value
berada dibawah 1x sejak tahun 2023, dikarenakan of BSDE's short-term investments such as mutual funds.
adanya penurunan nilai wajar pada investasi jangka
pendek BSDE seperti reksa dana.
Rasio Profitabilitas Profitability Ratio
Rasio profitabilitas digunakan untuk melihat kemampuan The profitability ratio is used to see the Company's ability
Perseroan dalam menjalankan kegiatan usahanya untuk to carry out its business activities to generate profits.
menghasilkan keuntungan. Tingkat pengembalian aset BSDE's return on assets and equity was at its lowest point
dan ekuitas BSDE berada pada titik terendah di tahun in 2020, as a result of the COVID-19 pandemic that
2020, sebagai dampak dari pandemi COVID-19 yang affected its operational activities. However, this ratio is
mempengaruhi kegiatan operasionalnya. Meskipun slowly improving, indicating BSDE's better ability to utilize
begitu, rasio ini perlahan membaik, menunjukkan its assets and equity. In addition to the pandemic period,
kemampuan BSDE yang lebih baik dalam memanfaatkan BSDE's profitability ratio tended to decline in 2023, which
aset dan ekuitas nya. Selain selama periode pandemi, was influenced by the high cost of revenue which
rasio profitabilitas BSDE cenderung menurun di tahun increased significantly in that period, influenced by the
2023, yang dipengaruhi oleh tingginya biaya pokok cost of land and buildings sales which increased 2 times
pendapatan yang meningkat signifikan di periode and the cost of toll road operating services which
tersebut, dipengaruhi biaya penjualan tanah dan increased almost 4 times from the previous year.
bangunan yang meningkat 2x lipat serta biaya jasa
pengoperasian jalan tol yang meningkat hampir 4x lipat
dari tahun sebelumnya.
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Rasio Aktivitas Activity Ratio
Rasio aktivitas digunakan untuk melihat kemampuan The activity ratio is used to see the Company's ability to
Perseroan dalam menghasilkan penjualan dengan aset, generate sales with assets, inventories, accounts
persediaan, piutang usaha, dan utang usahanya. receivable, and accounts payable. BSDE's asset and
Perputaran aset dan persediaan BSDE cenderung inventory turnover tended to improve from year to year,
membaik dari tahun ke tahun, menunjukkan indicating the increase of company's capability to convert
kemampuan perusahaan yang semakin baik dalam its inventory into revenue. Furthermore, the improvement
mengkonversi persediaanya menjadi pendapatan. Tidak in the company's activities is also reflected in the decrease
hanya itu, membaiknya aktivitas perusahaan juga in accounts payable turnover to 73 days in 2023.
tercermin pada penurunan perputaran utang usaha Furthermore, BSDE's receivables turnover ratio tended to
hingga menyentuh 73 hari di tahun 2023. Selanjutnya, fluctuate, and reached 7 days as of 30 June 2024, after
rasio perputaran piutang BSDE cenderung berfluktuasi, previously reaching 8 days, indicating BSDE's
dan menyentuh 7 hari per 30 Juni 2024, setelah improvement in its collection process from customers.
sebelumnya mencapai 8 hari, yang menunjukkan
perbaikan BSDE dalam proses penagihannya terhadap
pelanggan.
Rasio Solvabilitas Solvency Ratio
Rasio ini digunakan untuk mengukur kemampuan This ratio is used to measure the Company's ability to
Perseroan dalam menjalankan kegiatan usahanya carry out its business activities by looking at internal and
melihat sumber daya internal dan eksternal. Rendahnya external resources. BSDE's low interest-bearing debt
utang berbunga BSDE membuat rasio utang terhadap makes the debt-to-asset and equity ratios recorded very
aset dan ekuitas tercatat sangat rendah dari tahun ke low from year to year, indicating a low potential for
tahun, mengindikasikan rendahnya potensi gagal bayar, default, as long as BSDE can maintain its income level.
selama BSDE dapat mempertahankan tingkat
pendapatannya.
4.1.10 Rasio Operasional 4.1.10 Operational Risk
Berikut adalah gambaran risiko bisnis yang terkait The following is an overview of business risk that is
dengan BSDE. associated with BSDE.
Risiko yang terkait kondisi makro Risk related to macro conditions
• Risiko kondisi ekonomi • Economic condition risk
Indikator kondisi perekonomian seperti tingkat The indicator of economic condition such as economic
pertumbuhan ekonomi, tingkat inflasi, tingkat suku growth rates, inflation rates, interest rates, and
bunga, dan nilai tukar terhadap mata uang asing. exchange rate against foreign currencies. The
Perlambatan ekonomi akan membuat masyarakat economic slowdown will make the public more careful
menjadi lebih berhati-hati terhadap about their spending, thus driving a decrease BSD’s
pengeluarannya, sehingga mendorong penurunan income. Conversely, a decrease in tax rates and
pendapatan yang dapat diterima BSDE. Sebaliknya, interest rates will encourage the people spending.
penurunan tingkat pajak dan suku bunga akan
mendorong peningkatan pengeluaran masyarakat.
• Risiko stabilitas politik • Political stability risk
Risiko politik adalah bagian penting dari risiko Political risk is a crucial part of risk in the Company's
dalam bisnis Perseroan. Ketidakstabilan politik business. Political instability will indirectly affect
secara tidak langsung akan mempengaruhi kondisi economic conditions which will have an impact on
ekonomi yang akan berdampak pada distribusi product distribution and disruption of the Company's
produk dan terganggunya operasional BSDE. operation.
VALUATION & ADVISORY SERVICES 4 - 14
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Risiko yang terkait dengan bisnis Risk related to business
• Risiko operasional • Operational risk
Risiko operasional merupakan risiko yang terjadi Operational risk is a risk that occurs due to failure to
akibat adanya kegagalan dalam mengeksekusi execute operational processes appropriately and
proses operasional secara tepat dan efektif. Sebagai effectively. As a company engaged in the property
perusahaan yang bergerak di sektor properti, BSDE sector, BSDE is potentially exposed to several
berpotensi terpapar beberapa risiko operasional operational risks including delays in the construction
antara lain keterlambatan proses konstruksi, process, problems with contractors, and project
permasalahan dengan kontraktor, hingga kesalahan management errors. These risks not only affect costs
manajemen proyek. Risiko-risiko ini tidak hanya and expenses, but also can affect the company's
mempengaruhi biaya dan pengeluaran, tetapi juga overall reputation.
dapat mempengaruhi reputasi perusahaan secara
keseluruhan.
• Risiko kredit • Credit risk
Mayoritas masyarakat ataupun perusahaan memilih The majority of people or companies choose to use
untuk menggunakan jalur kredit untuk membeli credit scheme to buy a property. This behavior can
suatu properti. Perilaku ini dapat membuat BSDE expose BSDE to credit risk, which can potentially occur
terpapar risiko kredit, yang berpotensi terjadi ketika when a company or individual experiences default,
ada perusahaan atau individu yang mengalami which can affect the company's profitability and
gagal bayar, sehingga dapat mempengaruhi liquidity.
profitabilitas dan likuiditas perusahaan.
4.1.11 Rencana Bisnis 4.1.11 Business Plan
Per tanggal penilaian, BSDE berencana untuk tetap As of the valuation date, BSDE plans to continue its
melanjutkan kegiatan bisnis saat ini. current business activities.
4.1.12 SWOT 4.1.12 SWOT
Berikut adalah SWOT dari BSDE. Below is SWOT of BSDE.
Kekuatan / Strength Kelemahan / Weakness
• BSDE merupakan perusahaan properti yang memiliki banyak • Kegiatan operasional perusahaan yang berfokus di
proyek berskala besar / BSDE is a property company that has Indonesia dapat memberikan dampak negatif ketika
many large-scale projects ; perekonomian Indonesia mengalami perlambatan, yang
• BSDE memiliki berbagai portfolio produk, mulai dari tanah, mempengaruhi penurunan harga properti serta pendapatan
perumahan, properti komersial, hotel, area rekreasi, hingga BSDE. / The operational activities of companies focused on
jalan tol / Indonesia can have a negative impact when the Indonesian
BSDE has a diverse product portfolio, ranging from land, economy experiences a slowdown, which affects the decline
housing, commercial property, hotels, recreational areas, to toll in property prices and BSDE's revenue.
roads.
• BSD ditetapkan sebagai Proyek Strategis Nasional (PSN )oleh
pemerintah/
• BSD is designated as National Strategic Projects (PSN)
determined by the government.
Peluang / Opportunity Ancaman / Threat
• Adanya perpanjangan subsidi PPN sampai dengan Desember • Tingginya tingkat persaingan BSDE dengan perusahaan-
2024 / perusahaan properti lainnya, terutama dalam perolehan
The extension on VAT subsidy until December 2024. ; proyek-proyek baru. /
• Pertumbuhan permintaan terkait infrastruktur dan konstruksi The high level of competition between BSDE and other
dapat membuka peluang pengembangan proyek bagi BSDE di property companies, especially in obtaining new projects.
berbagai kota besar selain Jabodetabek / • Ketidakpastian ekonomi global yang dapat berimbas pada
Growth in demand related to infrastructure and construction ekonomi Indonesia. / The uncertainty of global economic
can open up project development opportunities for BSDE in which affects Indonesia economy.
VALUATION & ADVISORY SERVICES 4 - 15
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Kekuatan / Strength Kelemahan / Weakness
various large cities other than Jabodetabek; • Perubahan kebijakan pemerintah terkait pengembangan
• Pertumbuhan permintaan perumahan yang tinggi seiring infrastrukturdan peruntukan lahan / Changes in
dengan peningkatan backlog perumahan / High growth in government policy regarding infrastructure development and
demand for housing in line with the increase in housing land use.
backlog.
4.2 Top Global Limited (“TOP”) 4.2 Top Global Limited (“TOP”)
4.2.1 Informasi Ringkas 4.2.1 Brief Information
TOP merupakan sebuah perusahan swasta yang TOP is a private company incorporated in Singapore on
didirikan di Singapura pada 9 Oktober 1990. 9 October 1980.
4.2.2 Kegiatan Usaha 4.2.2 Scope of Activities
TOP merupakan perusahaan holding investasi. TOP is an investment holding company.
4.2.3 Struktur Kepemilikan dan Pemegang Saham 4.2.3 Ownerships and Shareholders
TOP dimiliki secara penuh oleh SW Investment Holding TOP is wholly owned by SW Investment Holding Pte. Ltd.
Pte. Ltd. (“SWIH”). (“SWIH”).
SWIH adalah perusahaan swasta terbatas yang SWIH is an exempt private company limited incorporated
dikecualikan yang didirikan di Singapura pada tanggal in Singapore on 22 March 2021 and is wholly owned by
22 Maret 2021 dan sepenuhnya dimiliki oleh Sukmawati Sukmawati Widjaja (Oei Siu Hoa).
Widjaja (Oei Siu Hoa).
4.2.4 Dewan Komisaris dan Direksi 4.2.4 Boards of Commissioners and Directors
Pada tanggal 30 Juni 2024, susunan anggota Dewan As of 30 June 2024, the members of Board of
Komisaris dan Direksi TOP adalah sebagai berikut: Commissioners and Directors of TOP are as follows:
Direksi Director
Mimi Yuliana Maeloa
Hano Maeloa
Direktur Directors
Chang Shyre Gwo
Sukmawati Widjaja (Oei Siu Hoa)
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4.3 PT Suryamas Dutamakmur Tbk 4.3 PT Suryamas Dutamakmur Tbk
4.3.1 Informasi Ringkas 4.3.1 Brief Information
SMDM didirikan berdasarkan Akta Notaris No. 322, SMDM was established based on Notarial Deed No. 322,
tanggal 21 September 1989 dari Benny Kristianto, S.H., dated 21 September 1989 of Benny Kristanto, S.H.,
notaris di Jakarta. Akta pendirian tersebut telah disahkan notary in Jakarta. The deed of establishment was
oleh Menteri Kehakiman Republik Indonesia dalam Surat approved by the Minister of Justice of the Republic of
Keputusannya No. C2-5896.HT.01.01.Th.90, tanggal 9 Indonesia in its Decision Letter No. C2-
Oktober 1990, serta telah diumumkan dalam Berita 5896.HT.01.01.Th.90 dated 9 October 1990 and was
Negara Republik Indonesia No. 98, tanggal 7 Desember published in the State Gazette of the Republic of
1990, Tambahan No. 4968. Indonesia No. 98, dated 7 December 1990, Supplement
No. 4968.
Anggaran dasar SMDM telah mengalami beberapa kali SMDM's articles of association have been amended
perubahan, yang terakhir berdasarkan Akta Notaris No. several times, latest of which was through Notarial Deed
2, tanggal 3 Desember 2021 dari Kumala Thahjani No. 2, dated 3 December 2021 of Kumala Thahjani
Widodo, S.H., M.H., M.Kn, Notaris di Jakarta, mengenai Widodo, S.H., M.H., M.Kn, notary in Jakarta, regarding
perubahan anggaran dasar untuk menyesuaikan dengan the changes in the Company's article of association to
peraturan Otoritas Jasa Keuangan (OJK) Indonesia No. comply with Indonesian Financial Services Authority
15/POJK.04/2020 dan perubahan pemegang saham Regulation No. 15/POJK.04/2020 and changes in the
SMDM. Akta perubahan tersebut telah mendapatkan SMDM shareholder composition. This amendment was
persetujuan dari Menteri Hukum dan Hak Asasi Manusia approved by the Minister of Law and Human Rights of the
Republik Indonesia melalui Surat Keputusan No. AHU- Republic of Indonesia in its Decision Letter No. AHU-
AH.01.03-0066733 tanggal 28 January 2022. AH.01.03-0066733, dated 28 January 2022.
SMDM berdomisili di Rancamaya, Bogor, Jawa Barat. SMDM is domiciled in Rancamaya, Bogor, West Java.
Kantor pusat SMDM beralamat di Sudirman Plaza SMDM head office is located at Sudirman Plaza Business
Business Complex, Plaza Marein Lantai 16, Jalan Complex, Plaza Marein 16th Floor, Jalan Jenderal
Jenderal Sudirman Kavling 76-78, Jakarta. SMDM mulai Sudirman Kavling 76-78, Jakarta. SMDM started its
beroperasi komersial pada tahun 1993. commercial operations in 1993.
4.3.2 Kegiatan Usaha 4.3.2 Business Activities
Sesuai dengan pasal 3 Anggaran Dasar, ruang lingkup In accordance with Article 3 of SMDM’s Articles of
kegiatan usaha SMDM meliputi bidang perdagangan Association, the objectives and scope of its activities as
umum, real estat dan bangunan pada umumnya, antara developer is to engage in general trading, construction
lain sebagai developer, pemborong, perencana, and real estate, contractor, planner and executive
penyelenggara pelaksana pembuatan gedung, rumah, contractor of buildings, houses, roads, bridges, runways
jalan, jembatan, landasan dan instalatir. SMDM mulai and other infrastructures. SMDM started its commercial
beroperasi komersial pada tahun 1993. operations in 1993.
SMDM saat ini berusaha di bidang real estat berupa SMDM is currently engaged in real estate activities
penjualan tanah serta tanah dan rumah tinggal, including selling of land, land and houses, and the
pengoperasian lapangan golf, country club, hotel dan operation of the golf course, country club, hotel and
fasilitas resort lainnya di daerah Rancamaya, Bogor, other resort facilities located in Rancamaya, Bogor, West
Jawa Barat. Java.
VALUATION & ADVISORY SERVICES 4 - 17
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4.3.3 Entitas Anak dan Perusahaan Asosiasi 4.3.3 Subsidiaries and Associates
Per tanggal 30 Juni 2024, SMDM memiliki kepemilikan As of 30 June 2024, SMDM has direct investment in the
langsung pada entitas anak dan perusahaan asosiasi following subsidiaries and associate.
sebagai berikut.
Nama Perusahaan / Domisili/ % Kepemilikan / Kegiatan Usaha / Proyek /
Company Name Domicile % of Ownerships Business Activities Project
Investasi dan Real estat / Investment
PT Centranusa Majupermai (“CNMP”)1) Jakarta 100.00% -
and Real estate
PT Tajur Surya Abadi (“TSA”) 1) Jakarta 67.00% Real estat / Real estate Royal Tajur
PT Inti Sarana Papan (“ISP”) 1) Jakarta 100.00% Real estat / Real estate -
PT Saptakreasi Indah (“SKI”) 1)
Jakarta 100.00% Hotel / Hotel -
PT Multiraya Sinarindo (”MS”) 1) Jakarta 100.00% Real estat / Real estate -
PT Puri Surya Abadi (“PSA”) 2)
Jakarta 67.00% Real estat / Real estate Royal Tajur
PT Dwigunatama Rintisprima (“DRP”) 3)
Jakarta 50.00% Real estat / Real estate Harvest City
PT Dwikarya Langgengsukses (“DLS”) 4) Jakarta 50.00% Real estat / Real estate Harvest City
PT Kharisma Buana Mandiri (“KBM”) 5)
Jakarta 50.00% Jasa / Services -
1)
Entitas anak yang dimiliki secara langsung oleh SMDM/ Subsidiaries directly owned by SMDM
2)
Entitas anak yang dimiliki secara langsung oleh TSA/ Subsidiaries directly owned by TSA
3)
Entitas anak yang dimiliki secara langsung oleh CNMP/ Subsidiaries directly owned by CNMP
4)
Entitas anak yang dimiliki secara langsung oleh DRP/ Subsidiaries directly owned by DRP
5)
Entitas anak yang dimiliki secara langsung oleh DLS/ Subsidiaries directly owned by DLS
4.3.4 Struktur Kepemilikan dan Pemegang Saham 4.3.4 Ownerships and Shareholders
Per tanggal 30 Juni 2024, komposisi pemegang saham As of 30 June 2024, the composition of shareholders
dan persentase kepemilikan SMDM adalah sebagai and percentage of SMDM’s ownership are as follows.
berikut.
Total Saham Ditempatkan dan Jumlah (Rp juta)/
Persentase Kepemilikan /
Pemegang Saham Disetor Penuh/ Total Shares Amounts Shareholders
Percentage of Ownerships
Issued and Fully Paid (Rp million)
Top Global Limited, Top Global Limited,
4,390,121,595 91.99% 1,396,047,265,991
Singapura Singapura
Masyarakat 382,016,642 8.00% 121,492,693,375 Public
Jumlah 4,772,138,237 100.00% 1,517,539,959,366 Total
Sumber / Source: SMDM, Laporan keuangan konsolidasian interim per 30 Juni 2024 / SMDM, Interim Consolidated financial statement as of 30 June
2024
VALUATION & ADVISORY SERVICES 4 - 18
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4.3.5 Struktur Organisasi 4.3.5 Organization Structure
Struktur Organisasi SMDM/
SMDM Organization Structure
Audit
Committee
President
Director
Corporate
Secretary
Audit &
Compliance (RE
& Hospitality)
Director Director Director Director COO
Engineering
Business Marketing & Estate Const. & New Finance & Accounting, Tax General
HRD & GA Purchasing Legal & Permit
Development Sales Devision Management Project Budgeting & IT Division Manager RGCC
Division Head Division Head Division Head
Division Head Head Devision Head Development Division Head Head & R Hotel
Div. Head
Accounting Finance
Marketing Landscape & Certification A &C Custodian &
Sales Dept. CS/OS Dept. Estate ECS Infra Dept. ECS Housing HRD Dept. Head HRD Dept. Head Budget Control Corp. Finance Acc & Tax Dept. Purchasing Permit Dept. Corporate Legal Controller Golf Course Club Manager Hotel Manager A & C RE Dept.
Promotion Dept. Estate Keeping EPD Dept. Head ECC Dept. Head EBM Dept. Head IT Dept. Head Legal Retail BLA Dept. Head (Hospitality Buss. Process
Head Head Management Head Dept. Head RE RGCC & R Hotel Dept. Head Dept. Head Head Dept. Head Head & Litigasi Head (RGCC & R Maint. (RGCC) (RGCC) (R Hotel) Head
Head Dept. Head Head RGCC & Hotel) Dept. Head
Dept. Head Hotel)
Sumber / Source: SMDM
VALUATION & ADVISORY SERVICES 4 - 19
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4.3.6 Dewan Komisaris dan Direksi 4.3.6 Boards of Commissioners and Directors
Pada tanggal 30 Juni 2024, susunan anggota Dewan As of 30 June 2024, the members of Board of
Komisaris, Direksi, dan Komite Audit SMDM adalah Commissioners, Directors, Audit Committee of SMDM is
sebagai berikut: as follows:
Dewan Komisaris Board of Commissioner
Komisaris Utama dan Independen Ramelan President and Independent Commissioner
Komisaris Wing Indrasmoro Commissioner
Direksi Director
Direktur Utama Henny Kusuma Hendrawan President Director
Direktur Ratna Juwanita Haliman Director
Aprina Supriani
Henry Zen Halim
Sumber / Source: SMDM.
4.3.7 Kompensasi kepada Pemegang Saham 4.3.7 Compensation to Shareholders
Berdasarkan informasi manajemen per 30 Juni 2024, Based on management information as of 30 June 2024,
SMDM belum memberikan kompensasi kepada SMDM have not provided compensation to shareholders
pemegang saham. yet.
4.3.8 Jumlah Karyawan 4.3.8 Number of Employees
Per 30 Juni 2024, SMDM memiliki 665 karyawan tetap As of 30 June 2024, SMDM had 665 permanent and
dan karyawan kontrak. contract employees.
4.3.9 Asuransi Karyawan Kunci 4.3.9 Insurance for Key Employee
Per 30 Juni 2024, SMDM tidak memberikan asuransi As of 30 June 2024, SMDM did not give insurance to its
untuk karyawan kunci. key employee.
4.3.10 Gambaran Aset 4.3.10 Asset Overview
SMDM beserta entitas anak mengembangkan 3 Proyek SMDM and its subsidiaries are developing 3 housing
Perumahan sebagai berikut. projects as follows.
• Rancamaya Golf Estate di Jalan Raya Sukabumi, • Rancamaya Golf Estate on Jalan Raya Sukabumi,
Bogor. Bogor.
• Harvest City di Jalan Raya Cileungsi-Jonggol, Bogor. • Harvest City on Jalan Raya Cileungsi-Jonggol, Bogor.
• Royal Tajur Residence di Jalan Raya Tajur, Bogor. • Royal Tajur Residence on Jalan Raya Tajur, Bogor.
VALUATION & ADVISORY SERVICES 4 - 20
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4.3.11 Kinerja Keuangan 4.3.11 Financial Performance
(dalam juta Rupiah) (in million Rupiah)
2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆
LABA RUGI INCOME STATEMENT
Pendapatan 569,374 100% 386,541 100% -32% 567,052 100% 47% 566,403 100% 0% 496,498 100% -12% 243,433 100% -2%* Revenue
Biaya Pokok Pendapatan 271,787 48% 193,122 50% -29% 255,791 45% 32% 219,541 39% -14% 206,033 41% -6% 102,465 42% -1%* Cost of Revenue
Laba Kotor 297,588 52% 193,420 50% -35% 311,261 55% 61% 346,862 61% 11% 290,465 59% -16% 140,968 58% -3%* Gross Profit
Beban Penjualan 45,562 8% 32,167 8% -29% 48,837 9% 52% 41,270 7% -15% 46,415 9% 12% 10,777 4% -54%* Selling expenses
Beban umum dan General and administrative
157,658 28% 125,219 32% -21% 131,401 23% 5% 121,891 22% -7% 148,232 30% 22% 59,468 24% -20%*
administrasi expenses
Pajak Final 11,281 2% 6,836 2% -39% 10,953 2% 60% 10,991 2% 0% 9,059 2% -18% 4,484 2% -1%* Final Tax
Laba Operasi 83,086 15% 29,198 8% -65% 120,071 21% 311% 172,709 30% 44% 86,760 17% -50% 66,240 27% 53%* Operating Profit
Depreciation and
Depresiasi dan amortisasi 18,567 3% 21,140 5% 14% 13,063 2% -38% 13,077 2% 0% 12,359 2% -5% 3,910 2% -37%*
amortization
EBITDA 101,652 18% 50,338 13% -50% 133,134 23% 164% 185,786 33% 40% 99,118 20% -47% 70,151 29% 42%* EBITDA
Pendapatan keuangan 12,272 2% 8,540 2% -30% 8,847 2% 4% 13,173 2% 49% 19,603 4% 49% 51,641 21% 427%* Finance income
Beban keuangan (22,027) -4% (19,235) -5% -13% (9,628) -2% -50% (4,461) -1% -54% (7,616) -2% 71% -1,739 -1% -54%* Finance costs
Laba sebelum pajak 73,331 13% 18,503 5% -75% 119,290 21% 545% 181,422 32% 52% 98,747 20% -46% 116,142 48% 135%* Profit before tax
Pajak (37) 0% (204) 0% 452% 1,643 0% -904% 1,625 0% -1% 1,437 0% -12% 0% -100%* Tax
Laba tahun berjalan 73,368 13% 18,707 5% -75% 117,647 21% 529% 179,797 32% 53% 97,310 20% -46% 116,142 48% 139%* Profit for the year
Pendapatan (Beban) Other comprehensive
(2,186) 0% 6,168 2% -382% 13,864 2% 125% (9) 0% -100% 1,720 0% -20028% -12,889 -5% -1599%*
komprehensif lainnya income (expense)
Laba komprehensif tahun Comprehensive income for
71,182 13% 24,875 6% -65% 131,511 23% 429% 179,788 32% 37% 99,029 20% -45% 103,253 42% 109%*
berjalan the year
POSISI KEUANGAN FINANCIAL POSITION
Aset Asset
Aset Lancar 914,973 28% 920,069 29% 1% 1,029,231 31% 12% 1,133,347 33% 10% 1,199,949 34% 6% 1,210,009 34% 7% Current Asset
Kas dan setara kas 92,169 3% 79,593 2% -14% 234,212 7% 194% 289,776 8% 24% 321,778 9% 11% 383,605 11% 32% Cash and cash equivalent
Piutang usaha 19,035 1% 11,394 0% -40% 6,919 0% -39% 23,603 1% 241% 20,421 1% -13% 22,304 1% -6% Trade receivable
Piutang lain-lain 1,655 0% 2,063 0% 25% 1,346 0% -35% 3,371 0% 150% 2,033 0% -40% 1,882 0% -44% Other receivables
Persediaan 2,878 0% 2,059 0% -28% 1,935 0% -6% 2,310 0% 19% 2,479 0% 7% 5,183 0% 124% Inventory
Aset real estat 783,240 24% 805,205 25% 3% 767,677 23% -5% 792,668 23% 3% 828,033 23% 4% 780,356 22% -2% Real estate assets
Uang muka dan beban Advance and prepaid
4,494 0% 4,441 0% -1% 3,663 0% -18% 4,057 0% 11% 8,661 0% 113% 9,330 0% 130%
dibayar di muka expenses
Pajak dibayar di muka 8,819 0% 10,267 0% 16% 11,770 0% 15% 10,487 0% -11% 9,564 0% -9% 6,426 0% -39% Prepaid taxes
Estimated for claim tax
Estimasi tagihan pajak - 0% - 0% n/a - 0% n/a 6,081 0% n/a 6,081 0% 0% 0% -100%
refund
Aset lancar lainnya 2,683 0% 5,047 0% 88% 1,708 0% -66% 993 0% -42% 901 0% -9% 923 0% -7% Others current asset
Aset Tidak Lancar 2,298,200 72% 2,281,842 71% -1% 2,274,281 69% 0% 2,289,932 67% 1% 2,334,639 66% 2% 2,306,924 66% 1% Non-Current Asset
Piutang usaha 6,668 0% 4,563 0% -32% 1,726 0% -62% - 0% -100% - 0% n/a 0% n/a Trade receivables
Aset real estat 1,946,324 61% 1,948,640 61% 0% 1,927,204 58% -1% 1,928,627 56% 0% 1,982,878 56% 3% 1,995,581 57% 3% Real estate assets
VALUATION & ADVISORY SERVICES 4 - 21
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2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆
Aset Tetap 290,638 9% 273,672 9% -6% 263,174 8% -4% 253,410 7% -4% 249,665 7% -1% 248,288 7% -2% Property and equipment
Properti Investasi 49,466 2% 49,273 2% 0% 76,180 2% 55% 78,736 2% 3% 57,103 2% -27% 58,830 2% -25% Investment properties
Aset pajak tangguhan 4,879 0% 5,469 0% 12% 4,854 0% -11% 4,276 0% -12% 3,981 0% -7% 3,981 0% -7% Deferred tax assets
Dana yang dibatasi
- 0% - 0% n/a - 0% n/a 24,657 1% n/a 40,787 1% 65% 0% -100% Restricted funds
penggunaannya
Aset tidak lancar lainnya 225 0% 225 0% 0% 1,143 0% 408% 225 0% -80% 225 0% 0% 245 0% 9% Other non-current assets
Total Aset 3,213,173 100% 3,201,911 100% 0% 3,303,512 100% 3% 3,423,278 100% 4% 3,534,589 100% 3% 3,516,933 100% 3% Total Asset
Liabilitas dan Ekuitas Liabilities and Equity
Liabilitas jangka pendek 442,631 14% 366,958 11% -17% 433,229 13% 18% 251,773 7% -42% 245,286 7% -3% 198,401 6% -21% Current liabilities
Utang bank jangka
42,553 1% 3,500 0% -92% - 0% -100% 30,419 1% n/a 27,507 1% -10% 37,047 1% 22% Short-term bank loans
pendek
Utang usaha - pihak
11,603 0% 7,945 0% -32% 12,397 0% 56% 12,416 0% 0% 15,893 0% 28% 22,049 1% 78% Trade payables
ketiga
Utang lain-lain - pihak
18,424 1% 18,431 1% 0% 20,359 1% 10% 26,570 1% 31% 29,632 1% 12% 31,935 1% 20% Other payables
ketiga
Utang pajak 6,580 0% 5,813 0% -12% 7,105 0% 22% 6,533 0% -8% 7,110 0% 9% 4,276 0% -35% Taxes payable
Liabilitas imbalan kerja Short-term employee
2,197 0% 237 0% -89% 229 0% -3% 185 0% -20% 390 0% 111% 0% -100%
jangka pendek benefits liability
Uang muka pelanggan 256,130 8% 313,106 10% 22% 358,915 11% 15% 165,769 5% -54% 147,765 4% -11% 96,811 3% -42% Customer advances
Beban akrual 3,224 0% 7,872 0% 144% 4,744 0% -40% 7,759 0% 64% 7,906 0% 2% 5,791 0% -25% Accrued expense
Utang bank 100,511 3% 9,298 0% -91% 29,308 1% 215% 2,098 0% -93% 9,083 0% 333% 0% -100% Bank loans
Utang lembaga
1,408 0% 757 0% -46% 171 0% -77% 24 0% -86% - 0% -100% 0% -100% Financial institution loans
keuangan
Pendapatan tangguhan 493 0% n/a Deferred Income
Liabilitas jangka panjang 146,847 5% 186,947 6% 27% 90,767 3% -51% 212,201 6% 134% 230,969 7% 9% 132,564 4% -38% Non-current liabilities
Utang bank jangka
68,406 2% 106,474 3% 56% 16,780 1% -84% 31,800 1% 90% 59,409 2% 87% 62,525 2% 97% Long-term bank loans
panjang
Utang lembaga
953 0% 165 0% -83% - 0% -100% - 0% n/a - 0% n/a 0% n/a Financial institution loans
keuangan
Penyisihan penggantian Provision for replacement of
peralatan dan 6,719 0% 7,178 0% 7% 7,668 0% 7% 7,220 0% -6% 5,260 0% -27% 3,058 0% -58% hotel equipment and
perlengkapan hotel supplies
Uang muka pelanggan - 0% - 0% n/a - 0% n/a 119,588 3% n/a 109,228 3% -9% 0% -100% Customer advances
Pendapatan bunga
4,435 0% 3,633 0% -18% 2,828 0% -22% 2,020 0% -29% 417 0% -79% 283 0% -86% Deferred interest income
ditangguhkan
Jaminan keanggotaan
8,081 0% 8,949 0% 11% 9,910 0% 11% 9,882 0% 0% 10,221 0% 3% 2,843 0% -71% Golf membership deposits
golf
Liabilitas imbalan kerja Long-term employee
58,254 2% 60,549 2% 4% 53,580 2% -12% 41,690 1% -22% 46,434 1% 11% 63,857 2% 53%
jangka panjang benefits liabilities
Total Liabilitas 589,478 18% 553,905 17% -6% 523,995 16% -5% 463,974 14% -11% 476,255 13% 3% 330,965 9% -29% Total Liabilities
Total Ekuitas 2,623,695 82% 2,648,006 83% 1% 2,779,516 84% 5% 2,959,305 86% 6% 3,058,334 87% 3% 3,185,968 91% 8% Total Equity
Sumber: SMDM, laporan keuangan audit (konsolidasian) untuk periode 31 Desember yang berakhir pada tahun 2019 – 2023 dan 30 Juni 2024. / SMDM, audited financial statements (consolidated) for the period 31 December for year ended 2019 – 2023
and 30 June 2024.
*disetahunkan/annualized
**30 Juni 2024 / 30 June 2024
VALUATION & ADVISORY SERVICES 4 - 22
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Laporan Laba Rugi Income Statement
• Pendapatan SMDM mengalami penurunan pada • SMDM's revenue decreased in 2020 then rebounded
tahun 2020 kemudian meningkat pada tahun 2021 in 2021 along with decrement and increment in land
seiring dengan penurunan dan peningkatan pada and residential sales, hotels, golf, and estate
penjualan tanah dan rumah tinggal, hotel, golf, dan management. In 2023, SMDM revenue decreased
manajemen estat. Pada tahun 2023 pendapatan due to a decrease in land and residential sales and
SMDM mengalami penurunan yang disebabkan oleh hotel revenue. As of 30 June 20224, SMDM recorded
penurunan penjualan tanah dan bangunan dan revenue of Rp243 billion;
pendapatan hotel. Per 30 Juni 2024, SMDM
mencatatkan pendapatan sebesar Rp243 milliar;
• Pada tahun 2022, laba kotor meningkat meskipun • In 2022, gross profit increased although the revenue
pendapatan menurun, hal ini disebabkan oleh decreased, this is due to cost of land and residential
penurunan pada beban pokok tanah dan rumah houses decrement. Gross profit increased in 2023 as
tinggal. Laba kotor meningkat di tahun 2023 seiring well as revenue increment. As of 30 June 20224,
dengan peningkatan pendapatan. Per 30 Juni 2024, SMDM recorded gross profit of Rp140 billion.
SMDM mencatatkan laba kotor sebesar Rp140
milliar.
• Laba operasi meningkat di tahun 2022 seiring • Operating profit increased in 2022 since gross profit
dengan meningkatnya laba kotor dan menurunnya increased and general and administrative expenses
beban umum dan administrasi. Per 30 Juni 2024, decreased. As of 30 June 20224, SMDM recorded
SMDM mencatatkan laba operasi sebesar Rp66 operating profit of Rp66 billion.
milliar.
• Laba bersih meningkat di tahun 2022 seiring dengan • Net profit increased in 2022 in line with operating
peningkatan laba operasi dan pendapatan lain-lain profit and other income increment and finance cost
serta penurunan beban keuangan. decrement.
Posisi Keuangan Financial Position
• Total aset SMDM meningkat dengan CAGR 2,4% dari • SMDM's total assets increased with a CAGR of 2.4%
tahun 2019-2023. Per 30 Juni 2024, komposisi yang from 2019-2023. As of 30 June 2024, a significant
signifikan adalah aset real estat yang mencapai composition was real estate assets which reached
79,5% dari total aset SMDM. 79.5% of SMDM's total assets.
• SMDM mencatatkan penurunan total liabilitas dari • SMDM recorded a decrement in total liabilities from
tahun 2019-2022 yang disebabkan oleh pembayaran 2019-2022 which was caused by payment of bank
utang bank selama periode 2019-2022 dan debt during the 2019-2022 period and a decrease in
penurunan uang muka pelanggan pada tahun 2022. customer advances in 2022. Total liabilities increased
Total liabilitas meningkat pada tahun 2023 seiring in 2023 was in line with loan withdrawal.
dengan penerimaan utang bank.
• Total ekuitas meningkat dari tahun 2019 – 2023 • Total equity increased from 2019 – 2023 in line with
seiring dengan meningkatnya saldo laba dan the increment in retained earnings and non-
kepentingan non-pengendali SMDM. controlling interests of SMDM.
VALUATION & ADVISORY SERVICES 4 - 23
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Arus Kas 2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆ Cash Flows
Arus Kas dari Kegiatan Operasi Cash Flows from Operating Activities
Penerimaan kas dari pelanggan 538,197 17% 455,439 14% -15% 621,240 19% 36% 479,725 14% -23% 472,992 13% -1% 278,820 8% 18%* Cash receipts from customers
Pembayaran kas kepada Pemasok, karyawan Cash paid to supplier employees
(492,898) -15% (344,674) -11% -30% (370,831) -11% 8% (401,020) -12% 8% (447,218) -13% 12% (251,923) -7% 13%*
dan lainnya and others
Pembayaran beban keuangan (19,347) -1% (18,062) -1% -7% (8,677) 0% -52% (3,656) 0% -58% (7,616) 0% 108% (4,466) 0% 17%* Payment of finance charges
Pembayaran pajak penghasilan dan tagihan Payment of income tax and tax
(10,493) 0% (9,427) 0% -10% (13,229) 0% 40% (17,271) -1% 31% (8,995) 0% -48% (6,753) 0% 50%*
pajak penalties
Penerimaan bunga 2,323 0% 2,327 0% 0% 1,998 0% -14% 8,100 0% 306% 11,865 0% 46% 5,718 0% -4%* Interest received
Penempatan dana yang dibatasi
- 0% - 0% n/a - 0% n/a (23,508) -1% n/a (16,130) 0% -31% 8,353 0% -204%* Received of restricted fund
penggunaannya
Penerimaan dari restitusi pajak penghasilan - 0% - 0% n/a - 0% n/a - 0% n/a - 0% n/a 1,981 0% n/a Received of income tax restitution
Total Cash Flows from Operating
Total Arus Kas dari Kegiatan Operasi 17,781 1% 85,603 3% 381% 230,501 7% 169% 42,370 1% -82% 4,899 0% -88% 31,729 1% 1195%*
Activities
Arus Kas dari Kegiatan Investasi Cash Flows From Investing Activities
Perolehan properti investasi (8,475) 0% (984) 0% -88% (29) 0% -97% (2,928) 0% 9914% (939) 0% -68% (817) 0% 74%* Acquisitions of investment properties
Acquisitions of property and
Perolehan aset tetap (6,331) 0% (2,993) 0% -53% (1,918) 0% -36% (1,961) 0% 2% (3,615) 0% 84% (4,064) 0% 125%*
equipment
Penjualan aset tetap 34 0% - 0% -100% - 0% n/a - 0% n/a - 0% n/a 920 0% n/a Proceed from sale of fixed assets
Total Cash Flows from Investing
Total Arus Kas dari Kegiatan Investasi (14,772) 0% (3,977) 0% -73% (1,948) 0% -51% (4,889) 0% 151% (4,554) 0% -7% (3,961) 0% 74%*
Activities
Arus Kas dari Kegiatan Pendanaan Cash Flows From Financing Activities
Penerimaan utang bank jangka panjang 46,794 1% 10,818 0% -77% 24,407 1% 126% 61,382 2% 151% 34,594 1% -44% 27,113 1% 57%* Proceeds from long-term bank loans
Penerimaan (pembayaran) utang bank jangka Proceeds (payment) from short-term
- 0% 3,500 0% n/a (3,500) 0% -200% 30,419 1% -969% - 0% -100% 70,647 2% n/a
pendek bank loans
Pembayaran utang bank jangka panjang (46,525) -1% (63,962) -2% 37% (94,091) -3% 47% (73,572) -2% -22% - 0% -100% (33,080) -1% n/a Payment of long-term bank loans
Pembayaran utang lembaga keuangan (1,266) 0% (1,440) 0% 14% (750) 0% -48% (147) 0% -80% (24) 0% -83% - 0% -100%* Payment of financial institution loans
Pembayaran dari aset pengampunan pajak - 0% (565) 0% n/a - 0% -100% - 0% n/a - 0% n/a - 0% n/a Payment from tax amnesty
Pembayaran utang bank jangka pendek - 0% - 0% n/a - 0% n/a - 0% n/a (2,912) 0% n/a (61,107) -2% 4097%* Payment of short-term bank loans
Total Cash Flows from Financing
Total Arus Kas dari Kegiatan Pendanaan (998) 0% (51,649) -2% 5077% (73,934) -2% 43% 18,082 1% -124% 31,658 1% 75% 3,572 0% -77%*
Activities
Perubahan Arus Kas 2,012 0% 29,977 1% 1390% 154,619 5% 416% 55,563 2% -64% 32,003 1% -42% 31,340 1% 96%* Chanes in Cash Flows
Cash and Cash Equivalent -
Kas dan Setara Kas - Awal 47,605 1% 49,616 2% 4% 79,593 2% 60% 234,212 7% 194% 289,776 8% 24% 321,778 9% 11%
Beginning
Kas dan Setara Kas - Akhir 49,616 2% 79,593 2% 60% 234,212 7% 194% 289,776 8% 24% 321,778 9% 11% 353,118 10% 10% Cash and Cash Equivalent - Ending
*disetahunkan/annualized
**30 Juni 2024 / 30 June 2024
Laporan Arus Kas Cash Flow Statement
Arus kas dari kegiatan operasi cenderung positif, sementara arus kas dari kegiatan Cash flow from operating activities tended to be positive, while cash flow from investing
investasi tercatat negatif karena perolehan aset tetap dan properti investasi. Peningkatan activities was recorded as negative due to the acquisition of fixed assets and investment
arus kas bersih pada tahun 2021 disebabkan oleh arus kas dari kegiatan operasi properties. The increase in net cash flow in 2021 was due to cash flow from operating
berupa penerimaan kas dari pelanggan, sementara penurunan pada periode 2022- activities in the form of cash receipts from customers, while the decrease in the 2022-
2023 seiring dengan menurunnya penerimaan kas dari pelanggan. Saldo kas pada 30 2023 period was in line with the decrease in cash receipts from customer. Cash balance
Juni 2024, mengalami peningkatan dibandingkan periode 31 Desember 2023. as of 30 June 2024, increased compared to the period of 31 December 2023.
VALUATION & ADVISORY SERVICES 4 - 24
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Rasio 2019 2020 2021 2022 2023 2024** Ratios
Rasio Likuiditas Liquidity Ratio
Rasio lancar (x) 2.07 2.51 2.38 4.50 4.89 6.10 Current Ratio (x)
Rasio kas (x) 0.21 0.22 0.54 1.15 1.31 1.93 Cash Ratios (x)
Rasio cepat (x) 0.25 0.25 0.56 1.24 1.40 2.05 Quick Ratio (x)
Rasio Profitabilitas Profitability Ratio
Tingkat pengembalian aset (%) 2.28% 0.58% 3.56% 5.25% 2.75% n/a Return on Asset (%)
Tingkat pengembalian ekuitas (%) 2.80% 0.71% 4.23% 6.08% 3.18% n/a Return on Equity (%)
Margin laba kotor (%) 52.27% 50.04% 54.89% 61.24% 58.50% 57.91% Gross Profit Margin (%)
Margin EBITDA (%) 17.85% 13.02% 23.48% 32.80% 19.96% 28.82% EBITDA Margin (%)
Margin laba operasi (%) 14.59% 7.55% 21.17% 30.49% 17.47% 27.21% Operating Profit Margin (%)
Margin laba bersih (%) 12.89% 4.84% 20.75% 31.74% 19.60% 47.71% Net Profit Margin (%)
Rasio Aktivitas Activity Ratio
Perputaran aset (x) 0.18 0.12 0.17 0.17 0.14 0.14* Asset turnover (x)
Perputaran persediaan (hari) 1.84 1.95 1.25 1.49 1.82 3.88 Inventory turnover (days)
Perputaran piutang usaha (hari) 12.20 10.79 4.45 15.21 15.01 16.68 Account receivables turnover (days)
Perputaran utang usaha (hari) 15.58 15.06 17.69 20.64 28.15 39.16 Account payables turnover (days)
Rasio Solvabilitas Solvency Ratio
Utang terhadap aset (x) 0.05 0.04 0.01 0.01 0.02 0.02 Debt to Asset Ratio (x)
Utang terhadap ekuitas (x) 0.07 0.04 0.02 0.01 0.02 0.02 Debt to Equity Ratio (x)
*disetahunkan/annualized
**Juni 2024 / June 2024
Rasio Likuiditas Liquidity Ratio
Rasio likuiditas merupakan rasio yang digunakan untuk The liquidity ratio is the ratio used to see SMDM’s ability
melihat kemampuan SMDM dalam melunasi kewajiban to pay off its short-term obligations. SMDM's current ratio,
jangka pendeknya. Rasio lancar, rasio kas, dan rasio cash ratio and quick ratio increased significantly in 2022
cepat SMDM meningkat signifikan pada tahun 2022 due to cash and cash equivalents increment. In 2023,
karena peningkatan kas dan setara kas. Pada tahun SMDM's current ratio, cash ratio and quick ratio were
2023 rasio lancar, rasio kas, dan rasio cepat SMDM above 1x, which showed that SMDM was able to pay off
berada di atas 1x yang menunjukkan bahwa SMDM its short-term liabilities using current assets, cash and
mampu melunasi kewajiban jangka pendeknya receivables or even using cash only.
menggunakan aset lancar, kas dan piutang atau bahkan
hanya menggunakan kas.
Rasio Profitabilitas Profitability Ratio
Rasio profitabilitas digunakan untuk melihat kemampuan The profitability ratio is used to see SMDM's ability to
SMDM dalam menjalankan kegiatan usahanya untuk carry out its business activities to generate profits. Return
menghasilkan keuntungan. Tingkat pengembalian aset on assets (ROA), return on equity (ROE), gross profit
(ROA), Tingkat pengembalian ekuitas (ROE), marjin laba margin, EBITDA margin, operating profit margin and net
kotor, marjin EBITDA, marjin laba operasi, dan marjin profit margin increased significantly in 2021 since
laba bersih meningkat signifikan pada tahun 2021 revenue and profit increased and then increased again in
seiring dengan meningkatnya pendapatan dan laba 2022 but decreased in 2023, SMDM’s profitability ratios
SMDM dan kembali meningkat di tahun 2022 namun were positive from 2019-2023, which showed that
menurun di tahun 2023. Rasio profitabilitas SMDM SMDM was able to generate profits from its business
bernilai positif dari tahun 2019-2023 yang menunjukkan activities.
bahwa SMDM mampu menghasilkan laba dari kegiatan
usahanya.
Rasio Aktivitas Activity Ratio
Rasio aktivitas digunakan untuk melihat kemampuan The activity ratio is used to see SMDM's ability to generate
SMDM dalam menghasilkan penjualan dengan aset, sales with assets, inventories, accounts receivable, and
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persediaan, piutang usaha, dan utang usahanya. Pada accounts payable. From 2020 until June 30, 2024, asset
tahun 2020 hingga 30 Juni 2024, perputaran aset turnover relatively remained stable, with a decline in
cenderung stabil, dengan penurunan pada tahun 2023 2023 and June 2024, indicating that SMDM's ability to
dan Juni 2024 yang menunjukkan bahwa kemampuan generate revenue using its assets and inventory
SMDM dalam menghasilkan pendapatan menggunakan decreased compared to the previous year.
aset dan persediaannya menurun dibandingkan tahun
sebelumnya.
Perputaran persediaan cenderung berfluktuatif dengan Inventory turnover showed fluctuations, with a decrease in
penurunan pada tahun 2021 dan 2022 seiring dengan 2021 and 2022, in line with an increase in revenue and
kenaikan pendapatan dan persediaan SMDM yang a decline in SMDM’s inventory.
menurun.
Perputaran piutang meningkat pada tahun 2019 seiring Account receivables turnover increased in 2019 in line
dengan peningkatan piutang kemudian menurun pada with receivables increment, then decreased in 2020-2021
tahun 2020-2021 dan kembali meningkat di tahun 2022 and increased again in 2022 as well as receivables
seiring dengan meningkatnya piutang. Pada tahun 2023, increment. In 2023, receivables turnover decreased,
perputaran piutang menurun yang menunjukkan bahwa which showed that SMDM was able to collect its
SMDM mampu menagih piutangnya lebih cepat receivables faster than in 2022.
dibandingkan tahun 2022.
Pada tahun 2020, perputaran utang mengalami In 2020 account payable turnover decreased due to a
penurunan seiring dengan penurunan beban pokok decline in the cost of revenue and accounts payable.
pendapatan dan utang usaha. Pada tahun 2021-Juni From 2021 to June 2024, account payable turnover
2024 perputaran utang terus meningkat yang continued to increase, indicating that SMDM took longer
menunjukkan bahwa SMDM memerlukan waktu lebih to settle its trade payables.
lama dalam melunasi utang usahanya.
Rasio Solvabilitas Solvency Ratio
Rasio ini digunakan untuk mengukur kemampuan SMDM This ratio is used to measure SMDM's ability to carry out
dalam menjalankan kegiatan usahanya melihat sumber its business activities by looking at internal and external
daya internal dan eksternal. Rasio utang terhadap aset resources. The debt to asset ratio (DAR) and debt to
(DAR) dan rasio utang terhadap ekuitas (DER) menurun equity ratio (DER) decreased in 2019-2022 as well as
pada tahun 2019-2022 seiring dengan pembayaran loan payments and then increased in 2023 which
utang kemudian meningkat di tahun 2023 yang indicated that there was proceeds from loan. In the
menunjukkan terdapat penambahan utang. Pada 2019-2023 period, the DAR and DER values were in the
periode 2019-2023, nilai DAR dan DER berada di range of 0.01x-0.05x (DAR) and 0.01x-0.07x (DER),
rentang 0,01x-0,05x (DAR) dan 0,01x-0,07x (DER) yang which indicated that SMDM were funded more using its
menunjukkan bahwa SMDM lebih banyak didanai equity.
menggunakan ekuitas.
4.3.12 Rasio Operasional 4.3.12 Operational Risk
Berikut adalah gambaran risiko bisnis yang terkait The following is an overview of business risk that is
dengan SMDM. associated with SMDM.
Risiko yang terkait kondisi makro Risk related to macro conditions
• Risiko kondisi ekonomi • Economic condition risk
Indikator kondisi perekonomian seperti tingkat The indicator of economic condition such as economic
pertumbuhan ekonomi, tingkat inflasi, tingkat suku growth rates, inflation rates, interest rates, and
bunga, dan nilai tukar terhadap mata uang asing. exchange rate against foreign currencies.
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• Risiko stabilitas politik • Political stability risk
Risiko politik adalah bagian penting dari risiko Political risk is a crucial part of risk in SMDM's
dalam bisnis SMDM. Ketidakstabilan politik secara business. Political instability will indirectly affect
tidak langsung akan mempengaruhi kondisi economic conditions which will have an impact on
ekonomi yang akan berdampak pada operasional SMDM's operations.
SMDM.
Risiko yang terkait dengan bisnis Risk related to business
• Risiko persaingan bisnis • Business competition risk
SMDM menghadapi risiko persaingan usaha dari SMDM faces the business competition risk from
kompetitor-kompetitor di sekitar lokasi perumahan competitors located in surrounding area of SMDM’s
SMDM. Beragamnya konsep yang ditawarkan oleh residential estate. The variety of concepts offered by
beberapa kompetitor berpotensi mengurangi several competitors has the potential to reduce
permintaan atas produk-produk SMDM. Untuk demand for SMDM's products. To mitigate this risk,
memitigasi risiko ini, SMDM berusaha selalu SMDM strives to always produce innovative products.
mengeluarkan produk yang inovatif.
• Risiko gugatan hukum • Lawsuit risk
SMDM melakukan pembebasan tanah dari SMDM acquires land from local residents or from
penduduk setempat atau dari pihak-pihak lain other parties based on a Location and Right
berdasarkan Surat Ijin Lokasi dan Pembebasan Release/Land Purchase Permit. In land acquisition in
Hak/Pembelian Tanah. Dalam usaha pembebasan Indonesia, it is possible that there will be lawsuit from
tanah di Indonesia tidak tertutup kemungkinan third parties. Hence, SMDM is aware of the risk of
timbulnya gugatan hukum dari pihak ketiga. Oleh legal claims arising from land acquisition activities
karena itu, SMDM menyadari akan adanya risiko carried out even though land acquisition is carried out
timbulnya gugatan hukum dalam kegiatan carefully.
pembebasan tanah yang dilakukan walaupun
pembebasan tanah dilakukan dengan hati-hati.
• Risiko Dampak Lingkungan • Environmental Impacts risk
Sebagai suatu perusahaan yang mengelola As a Company that manages housing, SMDM is faced
perumahan, SMDM dihadapkan pada masalah with the issue of waste, both liquid waste and waste
limbah baik limbah cair maupun limbah yang produced by housing. SMDM is aware that if
dihasilkan rumah tangga. SMDM menyadari apabila household waste is not managed properly, it can
limbah rumah tangga tersebut tidak dikelola dengan cause pollution to the residential environment, which
baik dapat menimbulkan pencemaran terhadap can affect public interest in SMDM's housing products,
lingkungan perumahan sehingga dapat which will decrease SMDM's revenue.
menpengaruhi minat masyarakat terhadap produk
perumahan SMDM yang berdampak pada turunnya
pendapatan SMDM.
• Risiko Kebakaran dan Bencana Alam • Fire and Natural Disaster risk
SMDM berisiko mengalami terjadinya kebakaran SMDM has a risk of fires incidence and natural
dan bencana alam yang dapat mengakibatkan disasters which might inflict in moral and material
kerugian moril dan materiil, baik bagi pemilik losses, both for the building owner and SMDM. To
bangunan maupun bagi SMDM. Untuk memitigasi mitigate this risk, SMDM can apply non-flammable
risiko ini, SMDM dapat menerapkan bahan building materials that still maintain design aesthetics
bangunan yang tidak mudah terbakar dan tetap and quality.
mempertahankan estetika desain dan kualitas.
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4.3.13 Rencana Bisnis 4.3.13 Business Plan
Berdasarkan informasi manajemen, SMDM memiliki Based on management information, SMDM planned to
rencana untuk melanjutkan pengembangan masing- continue developing each project.
masing proyek.
4.3.14 SWOT 4.3.14 SWOT
Berikut adalah SWOT dari SMDM. Below is SWOT of SMDM.
Kekuatan / Strength Kelemahan / Weakness
• Memiliki land bank yang luas sehingga memiliki potensi • Efisiensi pengembangan Rancamaya yang rendah karena
pengembangan yang besar / Having quite significant land tanah yang berkontur. / Low development efficiency in
bank in good prospective locations which will bring huge Rancamaya due to land contour.
development opportunity. • Progres pengembangan dan penjualan perumahan milik
SMDM yang relatif lambat dibandingkan pesaing. /
Development and sales progress of SMDM’s projects are
slower compared to competitors.
Peluang / Opportunity Ancaman / Threat
• Kebijakan pemerintah seperti program subsidi PPN. / • Masuknya kompetitor baru di pasar. / The new competitors
Government policies such as VAT subsidy program. are coming to the market.
• Pembangunan infrastruktur (terutama jalan tol) masih terus • Ancaman ketidakpastian ekonomi global yang berimbas
dikembangkan pemerintah. / The government is continuing to pada ekonomi Indonesia. / The threat of global economic
develop infrastructure (especially toll roads). uncertainty will affect Indonesia economy.
• Perubahan kebijakan pemerintah terkait pengembangan
infrastrukturdan peruntukan lahan / Changes in
government policy regarding infrastructure development and
land use
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5.0 GAMBARAN PASAR 5.0 MARKET OVERVIEW
5.1 Gambaran Makro Ekonomi Indonesia 5.1 Macro Economy Overview of Indonesia
Produk Domestik Bruto (PDB) Gross Domestic Product (GDP)
Ekonomi Indonesia pada triwulan ke-2 tahun 2024 (TW2 The Indonesian economy in the second quarter of 2024
2024) tumbuh sebesar 5,05% (y-o-y) dengan total nilai (Q2 2024) grew by 5.05% (y-o-y) with total GDP value of
PDB mencapai Rp3.231 triliun. Pertumbuhan tersebut Rp3,231 trillion. The growth was supported by all sectors
didukung oleh semua sektor yang menggambarkan which reflects a stable and increasing domestic economy.
ekonomi domestik yang stabil dan cenderung meningkat. Higher House Hold Consumption (HH Consumption)
Konsumsi Rumah Tangga (Konsumsi RT) yang sedikit growth also supported the economy in line with an
lebih tinggi juga turut mendukung pertumbuhan ekonomi increase in public mobility with a steady purchasing
sejalan dengan meningkatnya mobilisasi masyarakat power.
dengan daya beli yang stabil.
Pertumbuhan ekonomi ini didukung khususnya oleh The economic growth was supported especially from the
sektor Industri Pengolahan yang secara konsisten Manufacturing Industry sector which consistently
berkontribusi paling banyak terhadap PDB dengan contributed the most to GDP and increased by 3.95% (y-
poertumbuhan sekitar 3,95% (y-o-y). Indeks PMI o-y). Bank Indonesia stated that the Manufacturing PMI in
Manufaktur dari Bank Indonesia pada TW2 2024 tercatat Q2 2024 was recorded at 51.97, marking a continues
sebesar 51,97 yang berarti mengalami ekspansi yang expansion since Q4 2021 indicating that manufacturing
berkelanjutan sejak TW4 2021 dan memberikan indikasi industries continue to grow but in a slower pace. The
bahwa industri pengolahan terus tumbuh walaupun slower Manufacturing Industry growth was indicated by
melambat. Melambatnya pertumbuhan Industri the S&P Global PMI for Indonesia which decrease from
Pengolahan ditandai dengan turunnya S&P Global PMI 54.2 in March 2024 to 50.7 in June 2024.
Indonesia dari 54,2 pada Maret 2024 menjadi 50,7
pada Juni 2024.
Deskripsi Q1 24 Q2 24 Description
PDB (Rp triliun) 3,113 3,231 GDP (Rp trillion)
Pertumbuhan (q-o-q) -0.83% 3.79% Growth (q-o-q)
Pertumbuhan (y-o-y) 5.11% 5.05% Growth (y-o-y)
Sektor-sektor yang memberikan kontribusi terbesar yaitu Major contributing sectors, namely the Manufacturing
sektor Industri Pengolahan, sektor Perdagangan dan Industry sector, the Trading sector and the Agriculture
sektor Agrikultur terus tumbuh positif secara tahunan. sector, continued to have a positive yearly growth. The
Ketiga sektor tersebut menyumbangkan sekitar 45,28% above three sectors contributed around 45.28% to the
kepada PDB. GDP.
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Secara triwulanan, ekonomi tumbuh sekitar 3,79% (q-o- In a quarterly basis, the economy grew by around 3.79%
q), jauh lebih tinggi jika dibandingkan dengan triwulan (q-o-q), significantly higher if compared with the previous
sebelumnya yang terkontraksi sebesar 0,83% (q-o-q). quarter which contracted by 0.83% (q-o-q).
Berdasarkan pengeluaran, Konsumsi RT melanjutkan Based on expenditure, the household HH consumption
pertumbuhannya pada TW2 2024 dan tercatat tumbuh continues to grow in Q2 2024 by around 4.93% (y-o-y)
sekitar 4,93% (y-o-y) secara tahunan, sedikit lebih tinggi on an annual basis, slightly higher if compared to the
jika dibandingkan dengan pertumbuhan pada TW1 growth in Q1 2024. HH consumption, which contributed
2024. Konsumsi RT yang berkontribusi sekitar 54,5% approximately 54.5% to the GDP, increased on a
kepada PDB, secara triwulanan naik kurang lebih quarterly basis by approximately 3.12% (q-o-q) and was
sebesar 3,12% (q-o-q) yang berarti secara signifikan jauh significantly higher if compared to the previous quarter
lebih tinggi jika dibandingkan dengan triwulan which had an increase of 0.64% (q-o-q).
sebelumnya yang hanya tumbuh sekitar 0,64% (q-o-q).
Sektor Q1 24 Q2 24 Sector
Tertinggi Manufacturing Industry Manufacturing Industry Highest
Nilai (Rp triliun) 638.6 640.5 Value (Rp trillion)
Pertumbuhan Tertinggi Government Administration Accomodation and F&B Highest Growth
Pertumbuhan (y-o-y) 18.88% 10.17% Growth (y-o-y)
Semua sektor mencatatkan pertumbuhan positif dimana All sectors recorded a positive annual growth with the
sektor Akomodasi, Makan & Minum mencatatkan Accommodation and F&B sector recorded the highest
pertumbuhan tahunan tertinggi yaitu sekitar 10,17% (y- growth of about 10.17% (y-o-y) while the Manufacturing
o-y) sementara sektor Industri Pengolahan tetap menjadi Industry sector contributed the most to the total GDP at
sektor dengan kontribusi terbesar kepada total PDB around 19.82%. This is the first time that the
dengan porsi mencapai sekitar 19,82%. Ini merupakan Manufacturing Industry contributed less than 20% to
pertama kalinya sektor Industri Pengolahan berkontribusi GDP.
lebih kecil dari 20% kepada PDB.
Secara geografis, provinsi-provinsi di pulau Maluku dan Geographically, provinces in Maluku and Papua Island
Papua mencatatkan pertumbuhan ekonomi tertinggi jika recorded the highest growth if compared to other islands
dibandingkan dengan provinsi di pulau lainnya pada in Q2 2024 of approximately 8.45% (y-o-y). Java Island,
TW2 2024 dengan tingkat pertumbuhan sebesar 8,45% a major contributor to GDP at approximately 57.04%,
(y-o-y). Ekonomi Pulau Jawa, yang memberikan grew by about 4.92% (y-o-y).
kontribusi terbesar kepada PDB (57,04%), tumbuh sekitar
4,92% (y-o-y).
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IHSG dan Nilai Tukar JCI and Property Index
Deskripsi Q1 24 Q2 24 Description
IHSG 7,288.81 7,063.58 JCI
Pertumbuhan (q-o-q) 0.22% -3.09% Growth (q-o-q)
Pertumbuhan (y-o-y) 7.11% 6.03% Growth (y-o-y)
Indeks Sahan Properti 664.13 591.85 Property Index
Pertumbuhan (q-o-q) -7.01% -10.88% Growth (q-o-q)
Pertumbuhan (y-o-y) Q1 24 Q2 24 Growth (y-o-y)
Indeks Harga Saham Gabungan (IHSG) pada akhir TW2 Jakarta Composite Index (JCI) at the end of Q2 2024
2024 tutup pada level 7.063,58. IHSG pada TW2 2024 was closed at 7,063.58. JCI in Q2 2024 increased by
naik sekitar 6,03% (y-o-y) jika dibandingkan dengan approximately 6.03% (y-o-y) if compared to Q2 2023 but
TW2 2023 namun turun secara triwulanan sekitar 3,09% decreased on a quarterly basis by about 3.09% (q-o-q).
(q-o-q).
Indeks Saham Properti secara triwulanan turun kurang Property stock index on a quarterly basis decreased by
lebih sebesar 10,88% (q-o-q) dan secara tahunan sekitar about 10.88% (q-o-q) and by approximately 18.60% (y-
18,60% (y-o-y) jika dibandingkan dengan TW1 2024 o-y) on an annual basis if compared to Q2 2023.
Transaksi dari investor asing selama TW2 2024 Transaction from foreign investors during Q2 2024
mencatatkan net jual sekitar Rp35,77 triliun, jauh lebih recorded a net sell of about Rp35.77 trillion, lower if
rendah jika dibandingkan dengan triwulan sebelumnya compared to the previous quarter which recorded a net
yang mencatatkan net beli sebesar Rp26,28 triliun. buy of around Rp26.28 trillion.
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Nilai Tukar Exchange Rate
Nilai tukar mata uang Rupiah terhadap Dolar AS pada The IDR exchange rate against the USD in Q2 2024
TW2 2024 terdepresiasi secara triwulanan sekitar 3,28% depreciated quarterly by approximately 3.28% (q-o-q)
(q-o-q) dan secara tahunan sebesar 9,29% (y-o-y). Nilai and annually by 9.29% (y-o-y). The IDR exchange rate
tukar Rupiah mengalamai depresiasi sejak bulan April depreciated since April 2024 and closed at Rp16,394 per
2024 dan tutup pada Rp16.394 per Dolar AS pada akhir USD at the end of Q2 2024. The still relatively high
TW2 2024. Ketidakpastian kondisi finansial global yang uncertainty in the global financial market contributed to
masih terjadi memberikan dampak terhadap pelemahan the weakening of Rupiah towards the US Dollar. The 23-
nilai Rupiah terhadap Dolar AS. Tingkat Suku Bunga AS year high US Federal Fund Rate (FFR) at 5.5%,
atau yang lebih dikenal dengan US Federal Fund Rate unchanged since July 2023, also contributed to the
(FFR) tidak berubah sejak bulan Juli 2023 yaitu sebesar depreciation of Rupiah Exchange rate.
5,5% dan merupakan yang tertinggi selama 23 tahun
terakhir. Hal ini juga berkontribusi kepada depresiasi
nilai tukar Rupiah.
Tingkat Inflasi dan Suku Bunga BI Inflation Rate and BI Rate
Tingkat inflasi Indonesia pada akhir TW2 2024 tercatat Inflation rate at the end of Q2 2024 was recorded at
sebesar 2,51% (y-o-y), lebih rendah jika dibandingkan about 2.51% (y-o-y), lower if compared to the previous
dengan triwulan sebelumnya yang tercatat sebesar quarter with an inflation rate of 3.05% (y-o-y). Inflation
3,05% (y-o-y). Tingkat inflasi terus berada di bawah 5% rate continued to be lower than 5% (y-o-y) since March
(y-o-y) sejak bulan Maret 2023. 2023.
Pada TW2 2024, Bank Indonesia (BI) menaikkan BI 7 In Q2 2024, Bank Indonesia (BI) increased the BI 7 Day
Day (Reverse) Repo Rate menjadi 6,25% pada bulan April (Reverse) Repo Rate to 6.25% on April 2024, where
2024 yang sebelumnya tidak berubah pada level 6% previously was unchanged at 6.00% since October 2023.
sejak bulan Oktober 2023. Kebijakan tersebut diyakini The decision is considered to be effective in strengthening
efektif dalam upaya memperkuat dan menstabilkan nilai and stabilising Rupiah in the midst of global uncertainty
Rupiah pada kondisi ketidakpastian global serta upaya and to manage inflation within the range of 1.5% - 3.5%
untuk mengelola inflasi tetap pada rentang 1,5% - 3,5% in 2024
pada tahun 2024.
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Investasi Investment
Pada TW2 2024, total investasi di Indonesia naik sekitar In Q2 2024, total investment in Indonesia increased by
22,5% (y-o-y). Total investasi mencapai sekitar Rp428,4 about 22.5% (y-o-y). Total investment reached
tirliun dimana sekitar 50,7% berasal dari Penanaman approximately Rp428.4 trillion, around 50.7% of which
Modal Asing (PMA). Meningkatnya keyakinan investor came from the Foreign Direct Investment (FDI). The
domestik maupun asing terhadap pertumbuhan ekonomi increasing confidence from domestic and foreign
yang stabil menjadi faktor utama dalam pertumbuhan investors towards the stable economic growth is the main
investasi pada triwulan ini namun mendapatkan factor of investment growth in this quarter but faces
persaingan dari negara Thailand, Vietnam dan negara- competition from Thailand, Vietnam and other ASEAN
negara ASEAN lainnya dalam mendapatkan investasi countries in attracting FDI inflows.
dari PMA.
Secara sektoral, Industri Logam berhasil mencatatkan In terms of sector, the Metal Industry sector recorded the
investasi tertinggi pada TW2 2024 yaitu mencapai Rp74 highest investment in Q2 2024, reaching Rp74 trillion
triliun and berkontribusi sekitar 17,3% dari seluruh and contributed about 17.3% of the total investment in
Investasi di Indonesia yang didukung oleh produksi Indonesia, triggered by the smelter production of nickel,
smelter untuk nikel, tembaga, bauksit dan timah, diikuti copper, bauxite and tin, followed by the Mining sector
oleh sektor Pertambangan yang berkontribusi sekitar which contributed around 10.6%. In terms of location, the
10.6%. Berdasarkan lokasi, Provinsi Jawa Barat Province of West Java received the highest investment in
menerima investasi paling banyak pada TW2 2024 yaitu Q2 2024 at Rp63.7 trillion or about 14.7% of the total
sekitar Rp63,7 triliun atau sekitar 14,7% dari total investment in Indonesia.
investasi di Indonesia.
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Outlook Outlook
Ekonomi Indonesia diprediksi akan tumbuh melambat The economy of Indonesia is expected to grow in a
pada TW3 2024 dimana sektor Industri Pengolahan slower pace in Q3 2024 as the Manufacturing Industry
yang selalu menjadi kontributor terbesar kepada PDB sector which contributed the most to the economy tends
cenderung turun, baik secara porisi kontribusinya to decline, both its contribution and growth. Export is
maupun pertumbuhannya. Ekspor diprediksi akan predicted to be stable especially if there will be no
cenderung stabil dengan catatan tidak ada eskalasi escalation in the geopolitical issue of Russia–Ukraine and
ketegangan yang terjadi terhadap isu geopolitik Rusia– war in Gaza.
Ukraina dan perang di Gaza.
Dengan berkurangnya penerimaan pajak pemerintah As tax revenue decline if compared to the same period in
jika dibandingkan dengan periode yang sama pada 2023, the Government is predicted to issue more
tahun 2023, pemerintah diprediksi akan menerbitkan Government Debt Securities to fund the National Budget,
lebih banyak Surat Utang Negara (SUN) untuk thus increasing the country risk of Indonesia.
membiaya APBN sehingga akan meningkatkan country
risk Indonesia.
Tingkat inflasi pada TW3 2024 diperkirakan akan Inflation rate in Q3 2024 is predicted to be at the range
berada sekitar 2% - 2,5% (y-o-y). Sumber inflasi terbesar of 2% - 2.5% (y-o-y). The inflation mostly generated from
berasal dari inflasi Pangan sementara harga pangan the Volatile Food inflation and food prices tends to
cenderung turun jika dibandingkan dengan tahun lalu decrease compare to last year and yearly deflation was
sementara deflasi tercatat terjadi sejak bulan April 2024. recorded since April 2024. The national inflation rate
Target inflasi nasional pada tahun 2024 ditetapkan target for 2024 is set at 1.5% - 3.5%.
sebesar 1,5% - 3,5%.
Pemerintah Indonesia memproyeksikan pertumbuhan The government of Indonesia has projected a 4.7% -
ekonomi akan berda pada kisaran 4,7% - 5,5% pada 5.5% economic growth range in 2024. Several world
tahun 2024. Beberapa institusi internasional institutions also predicted that Indonesia’s economic
memprediksikan ekonomi Indonesia akan tumbuh pada growth in 2024 will be in the range of 5% to 5.1%.
kisaran 5% - 5,1%.
Prediksi ekonomi Indonesia 2024 (Per Februari 2024) Indonesia Economy Forecast 2024 (as of February 2024)
(dalam %, y-o-y) (in %, y-o-y)
2024 2024
Lembaga Institution
(as of May 2024) (as of August 2024)
Pemerintah Indonesia (BI) 4.7% - 5.5% 4.7% - 5.5% Govt. of Indonesia (BI)
OECD 5.1% 5.1% OECD
Asian Development Bank 5.0% 5.0% Asian Development Bank
Bank Dunia 4.9% 5.0% World Bank
International Monetary Fund 5.0% 5.0% International Monetary Fund
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5.2 Gambaran Pasar Perumahan Jabodetabek- 3.2 Jabodetabek-Banten Landed Housing
Banten
Pasokan Supply
Perkembangan positif datang dari rumah tapak Positive sign of landed houses in the Jabodetabek-Banten
Jabodetabek-Banten yang terbukti dari pasokan rumah Region was confirmed with the increase of the current
tapak yang tersedia pada TW1 2024 mencapai 262.364 supply of landed houses 262,364 units. There has been
unit, dengan peningkatan sekitar 1,64% (q-o-q) dan a slight increase of around 1.64% (q-o-q) and an annual
secara tahunan naik sekitar 9,74% (y-o-y). Tren increase of 9.74% (y-o-y). Upward trend showed as a
peningkatan ini kembali menggambarkan pasar positif positive market growth in Q1 2024, with the addition of
di TW1 2024, dengan adanya penambahan sebesar 4,243 units by the end of the period.
4.243 unit pada akhir periode.
By location, Bekasi take a lead with the highest addition
Berdasarkan pembagian lokasi, Bekasi memimpin posisi of approximately 2,004 units followed by Tangerang
pertama penambahan pasokan tertinggi yaitu sekitar (1,027 unit), Bogor (1,016 unit), Depok (114 unit),
2.004 unit diikuti Tangerang (1.027 unit), Bogor (1.016 Jakarta (82 unit).
unit), Depok (114 unit) dan Jakarta (82 unit).
Deskripsi/Description TW4 23/Q4 23 TW1 24/Q1 24
Total Pasokan (unit) / Total Supply (units) 258,121 262,364
Pertumbuhan (q-o-q) /Growth (q-o-q) 1.87% 1.64%
Pertumbuhan (y-o-y) / Growth (y-o-y) 9.75% 9.74%
Permintaan Demand
Berdasarkan hasil survei Bank Indonesia (BI) pada TW1 Bank Indonesia (BI) Survey shows that in Q1 2024,
2024 mencatatkan peningkatan penjualan sekitar landed housing sales recorded an increase of
12,89% (q-o-q). Seluruh tipe rumah tercatat memiliki tren approximately 12.89% (q-o-q). All type of houses
positif, rumah tipe kecil naik sebesar 15,29% (q-o-q), recorded a positive growth. The small type house grew
rumah tipe menengah sekitar 12,21% (q-o-q) dan rumah by 15.29% (q-o-q), medium type house by 12.21% (q-o-
tipe besar sekitar 5,14% (q-o-q). q) and large type house by 5.14% (q-o-q).
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Penjualan tahunan pada TW1 2024 terlihat kembali The annual sales in Q1 2024 experienced an increase by
mengalami peningkatan sekitar 31,16% (y-o-y). Seluruh approximately 31.16% (y-o-y) as all type of houses
tipe rumah tercatat mengalami kenaikan, rumah tipe increased. Small type houses increased by 37.84% (y-o-
kecil tercatat sebesar 37,84% (y-o-y), rumah tipe sedang y), medium type house increased by 13.57% (y-o-y) and
sebebsar 13,57% (y-o-y) dan rumah tipe besar sebesar large type house increased by 48.51% (y-o-y). The
48,51% (y-o-y). Adanya pembukaan lokasi perumahan opening of new landed housing areas with more
baru yang lebih strategis memicu minat pembelian strategic location has triggered new consumer to buy
konsumen baru. landed house.
Hasil survey BI menunjukan sebanyak 76,25% konsumen BI survey results showed that majority of consumers
memilih KPR sebagai fasilitas utama dalam melakukan amounted to 76.25% still prefer to use mortgage (KPR) as
transaksi pembelian properti residensial terutama pada the main financing option to purchase landed houses,
rumah tipe kecil dan sedang. Proporsi konsumen yang primarily in small and medium type houses. The
memilih skema pembayaran tunai bertahap turun proportion of cash instalment has decreased to 16.59%
menjadi 16,59%. Sementara itu, skema pembayaran while purchase by hard cash was unchanged at 7.17%.
tunai sedikit mengalami kenaikan menjadi 7,17%.
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Tipe/Type TW4 23/Q4 23 TW1 24/Q1 24
KPR/Mortgage 75.89% 76.25%
Tunai Bertahap/Instalment 17.24% 16.59%
Tunai/Hard Cash 6.87% 7.17%
Kredit Properti Property Loan
Berbanding terbalik dengan peningkatan harga properti, Contrast with the increasing property prices, housing
pertumbuhan kredit properti untuk KPR dan Kredit mortgage slightly decrease by 5.34% to 6.79% (y-o-y).
Pemilikan Apartemen (KPA) turun sebesar 5,34% menjadi Construction loan decreased this quarter to -2.00% (y-o-
6,79% (y-o-y). Kredit konstruksi tercatat kembali y) and real estate loan slightly increase to 10.97% (y-o-
mengalami penurunan menjadi -2,00% (y-o-y) y).
sedangkan kredit real estat mengalami sedikit
peningkatan menjadi 10,97% (y-o-y).
Total kredit properti tercatat mengalami penurunan The total property loan recorded a slightly decreased by
sekitar 1,51% (q-o-q) dengan nilai total kredit sebesar approximately 1.51% (q-o-q) with a total value of
Rp1.263,3 miliar. KPR dan KPA berkontribusi paling Rp1,263.3 billion. Housing mortgage contributed the
tinggi yaitu sebesar 53,06% dari total kredit properti, most, amounted to 53.06% from the total property
diikuti kredit konstruksi sebesar 30,37% dan kredit real loans, followed by construction loan (30.37%) and real
estate sebesar 16,57%. estate loan (16.57%).
Total Kredit Properti (Rp miliar)/Total Property Loan (Rp Billion) 1,282.7 1,263.3
Pertumbuhan (q-o-q)/Growth (q-o-q) 1.77% -1.51%
Pertumbuhan (y-o-y)/Growth (y-o-y) 7.92% 4.59%
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Indeks Harga Properti Residensial (IHPR) Residential Price Index (RPI)
Kenaikan Indeks Harga Properti Residensial (IHPR) Increment of Residential Price Index (RPI) caused by the
disebabkan oleh inflasi subkelompok pemeliharaan, inflation of the Maintenance, Renovation and Housing
perbaikan dan keamanan tempat tinggal sejak Security Sub-Group since December 2023.
Desember 2023.
Secara triwulanan, IHPR dari semua tipe rumah di On a quarterly basis, RPI from all house types in
Jabotabek-Banten tumbuh sekitar 0,74% (q-o-q), dan Jabodetabek-Banten grew by 0.74% (q-o-q) and an
secara tahunan meningkat sebesar 2,97% (y-o-y) annual increase of 2.97% (y-o-y). RPI growth for small
dibandingkan dengan periode sebelumnya. IHPR untuk type houses increase at around 0.62% (q-o-q) and
rumah tipe kecil meningkat sekitar 0,62% (q-o-q) dan anually increase by 2.59% (y-o-y), medium type houses
secara tahunan naik sebesar 2,59% (y-o-y), rumah tipe had the same growth as the previous quarter by about
sedang juga meningkat sebesar 0,49% (q-o-q) atau naik 0.49% (q-o-q) or increase by 2.07% (y-o-y). Meanwhile,
2,07% (y-o-y), sementara pertumbuhan rumah tipe besar the growth of large type houses recorded at 0.30% (q-o-
tercatat juga mengalami peningkatan sebesar 0,30% (q- q) or 2.25% (y-o-y).
o-q) dan sebesar 2,25% (y-o-y).
Deskripsi/ TW4 23/ TW1 24/
Description Q4 23 Q1 24
IHPR Jabodetabek – Banten/RPI Jabodetabek - Banten 108,70 109,50
Pertumbuhan (q-o-q)/Growth (q-o-q) 0.74% 0.74%
Pertumbuhan (y-o-y)/Growth (y-o-y) 2.56% 2.97%
IHPR 18 kota di Indonesia/ RPI 18 city in Indonesia 108,15 108.76
Pertumbuhan (q-o-q)/Growth (q-o-q) 0.25% 0.57%
Pertumbuhan (y-o-y)/Growth (y-o-y) 1.74% 1.89%
Secara tahunan, IHPR di Jabodetabek-Banten mengalami On a yearly basis, RPI in Jabodetabek-Banten grew by
pertumbuhan sebesar 2,97% (y-o-y), sedikit lebih tinggi 2.97% (y-o-y) which was higher if compared to the
dari pertumbuhan IHPR Indonesia yang tercatat sebesar national RPI at 1.89% (y-o-y). The highest price growth
1,89% (y-o-y). Pertumbuhan tertinggi IHPR di in Jabodetabek came from the small type houses which
Jabodetabek dialami oleh tipe rumah kecil yaitu sebesar recorded at 2.59% (y-o-y), followed by the medium type
2,59% (y-o-y) diikuti oleh tipe rumah sedang dan tipe and large type houses grew by about 2.07% (y-o-y) and
rumah besar yang masing-masing tumbuh sebesar 2.25% (y-o-y) respectively.
2,07% (y-o-y) dan 2,25% (y-o-y).
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Kota Pontianak saat ini menonjol dengan pertumbuhan Pontianak recorded the highest increase at 4.86% (y-o-
paling besar yakni 4,68% (y-o-y) sementara y), while the lowest was recorded in Pekanbaru at -
pertumbuhan IHPR terendah terjadi di Pekanbaru dengan 0.13% (y-o-y).
pertumbuhan sekitar -0,13% (y-o-y).
Outlook Outlook
Melihat sajian data atas perkembangan properti Looking at the data on landed housing development, it
residensial, pada TW2 2024 diprediksikan akan terus is predicted that in Q2 2024 prices will increase higher
mengalami peningkatan harga yang lebih tinggi than Q1 2024. Growth of workers salary does not
dibandingkan TW1 2024. Peningkatan upah pekerja match with landed houses prices may become obstacles
yang tidak sebanding dengan peningkatan harga to future sales. However, the Government plan of VAT
properti dapat menjadi hambatan penjualan yang harus increase to 12%, opens up the possibility of sales
menjadi catatan pada masa yang akan datang. Adanya increase during the tax-free subsidiary in this quarter.
rencana kenaikan PPN kedepannya menjadi 12% sangat
dimungkinkan meningkatkan penjualan selama masa
subsidi bebas pajak pada periode ini.
Melihat data pasokan rumah tapak di Jabodetabek- By the data of landed houses supply in Jabodetabek-
Banten, arah pengembangan rumah tapak masih tetap Banten, location of landed housing development will
didominasi pada kawasan-kawasan penyangga DKI still in the outskirt area of DKI Jakarta such as South
Jakarta seperti Tangerang Selatan, Kota Bogor, Tangerang, Bogor City, Bogor Regency, Bekasi City,
Kabupaten Bogor, Kota Bekasi, Kabupaten Bekasi, Bekasi Regency, South Jakarta (bordered by Depok) and
Jakarta Selatan (perbatasan dengan Depok) dan Jakarta East Jakarta (bordered by Bekasi). The significant
Timur (perbatasan dengan Bekasi). Adanya perbedaan difference of land price between the peripheral area
harga tanah yang cukup signifikan pada kawasan and city centre cause location of residential areas to
periphery dengan pusat kota menyebabkan tingkat spread. Therefore, future residential development will
penyebaran lokasi hunian cukup tinggi. Sehingga pada likely be located further from the city centre to manage
masa yang akan datang dimungkinkan arah affordability. difference of land price between the
pengembangan hunian akan semakin menjauh dari peripheral area and city centre cause location of
pusat kota, agar harga yang ditawarkan akan lebih residential areas to spread. Therefore, future residential
terjangkau. development will likely be located further from the city
centre to manage affordability.
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5.3 Gambaran Pasar Hotel Kota Bogor 3.3 Bogor City Hotel Market Review
Pasokan Supply
Jumlah pasokan kumulatif hotel eksisting di Kota Bogor The cumulative supply of existing hotel rooms in Bogor
sampai dengan TW1 2024 tercatat sebanyak 2.845 City until Q1 2024 is recorded at 2,845 rooms. Of the
kamar. Dari jumlah tersebut, sebesar 51% atau 1.452 total supply, 51% or 1,452 rooms are 4-star hotels, 28%
kamar adalah hotel bintang-4, 28% atau 793 kamar or 793 rooms are 3-star hotels, and 21% or 600 rooms
berasal dari hotel bintang-3 dan 21% atau 600 kamar are budget hotels. The latest addition of hotel rooms in
hotel budget. Penambahan kamar hotel terakhir di tahun 2023 came from Luminor Hotel Padjadjaran Bogor by
2023 berasal dari Luminor Hotel Padjadjaran Bogor by WH which is a 4-star hotel, with a total of 153 rooms.
WH yang merupakan hotel bintang-4 dengan jumlah
kamar 153 kamar.
Tingkat Hunian Take Up
Tingkat hunian hotel berbintang di Kota Bogor rata-rata The occupancy rate of starred hotels in Bogor City
mencapai sekitar 54,04%. Tingkat hunian untuk hotel averages around 54.04%. The occupancy rates for
budget sebesar 55,71%, hotel bintang-3 sebesar budget hotels are at 55.71%, 3-star hotels at 50.41%,
50,41%, dan 56,00% untuk hotel bintang-4. and 4-star hotels at 56.00%.
Rata-rata tingkat hunian hotel berbintang di Bogor pada On average, the occupancy rate of star-rated hotels in
TW1 2024 mengalami penurunan dikarenakan oleh Bogor in Q1 2024 experienced a decrease due to
kondisi pengurangan kegiatan MICE dari instansi reduced MICE activities from both government and
pemerintah dan swasta selama bulan puasa. private institutions during the fasting month.
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Rata-Rata Tarif Kamar (ARR) Average Room Rate (ARR)
Rata-rata tarif kamar hotel berbintang di Kota Bogor The average room rate for star-rated hotels in Bogor City
mencapai Rp434.400/malam. Tarif kamar untuk hotel reaches Rp434,400 per night. The room rates for budget
budget sebesar Rp301.000/malam, hotel bintang-3 hotels are at Rp301,000 per night, Rp458,000 per night
sebesar Rp458.000 dan sebesar Rp544.000 untuk hotel for 3-star hotels, and Rp544,000 per night for 4-star
bintang-4. hotels.
Prediksi Pasar Outlook
Sepanjang tahun 2024 tidak terdapat proyek There will be no new hotel construction throughout 2024.
pembangunan hotel yang mulai dibangun. Diharapkan Hotel operators are expected to adjust their room rates
pengelola usaha perhotelan melakukan penyesuaian and create attractive packages to attract more guest in
harga, juga membuat paket-paket yang menjadi daya order to boost hotel occupancy in Bogor City in Q2 2024
tarik pengunjung, sehingga mendongkrak okupansi hotel and the next quarters.
di Kota Bogor pada TW2 2024 dan triwulan-triwulan
berikutnya.
Gambaran Pasar Kondominium Bogor 2024 Bogor Condominium Market Review 2024
Pasokan Supply
Kondominium di Bogor hanya terdiri dari kelas Condominium in Bogor consists only of middle-class
Menengah. Total pasokan kumulatif kondominium units. The total cumulative supply of existing
eksisting di Bogor sampai dengan TW1 2024 tercatat condominiums in Bogor until Q1 2024 amounted to
sebesar 3.148 unit. Penambahan pasokan terakhir 3,148 units. The last supply addition occurred in 2022
terjadi pada tahun 2022 yang berasal dari Royal which came from Royal Heights Tajur located in Royal
Heights Tajur yang berlokasi di Royal Tajur Residence Tajur Residence totalling 348 units.
sebanyak 348 unit.
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Tingkat Penjualan Take Up
Tingkat penjualan kondominium eksisting di Bogor pada The sales rate of existing condominiums in Bogor in Q1
TW1 2024 tercatat sekitar 94%. Tingkat penjualan 2024 was recorded at approximately 69%. The highest
tertinggi terjadi pada Sentul Tower dan JP Apartment sales rate was observed at Sentul Tower and JP
yang sudah terjual 100%. Apartment, both of which have achieved 100% sales.
Harga Jual Selling Price
Rata-rata harga jual kondominium kelas menengah di The average selling price of middle-class condominiums
Bogor mencapai Rp20.155.000/m2. in Bogor reached Rp20,155,000/sqm.
Sentul Tower type studio dengan luas 20,2 m2 At Sentul Tower, the studio type with an area of 20.2 sqm
merupakan unit termurah, sedangkan type 3BR dengan is the most affordable unit, whereas the 3-bedroom type
luas 69 m2 di Bogor Icon merupakan unit termahal. with an area of 69 sqm at Bogor Icon is the most
expensive unit."
Harga Jual/unit (Rp juta) Tipe/
Selling Price/unit (Rp million) Type
302 – 493 Studio
429 - 514 1BR
641 – 1.062 2BR
>1.600 3BR
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Prediksi Pasar Outlook
Pada tahun 2024 tidak terdapat proyek kondominium In 2024, there were no condominium projects that
yang akan mulai dibangun. Pasokan tambahan akan commenced construction. Additional supply will be
ada di tahun 2026 yang berasal dari Grand Central available in 2026 from Grand Central Bogor,
Bogor sebanyak 833-unit yang merupakan consisting of 833 units of transit-oriented development
kondominium TOD yang terletak persis di samping (TOD) condominiums located right next to the Bogor
stasiun commuter line, Bogor. commuter line station.
Kedepan nilai jual kondominium diprediksi belum In the future, condominium resale values are
mengalami kenaikan yang berarti. predicted not to experience significant increases.
5.4 Profil Lapangan Golf Indonesia 3.4 Profile of Golf Courses in Indonesia
Pada tahun 2023, terdapat 55 lapangan golf yang In 2023, there are 55 golf courses registered as members
terdaftar sebagai Anggota Asosiasi Pemilik Lapangan of the Indonesian Golf Course Owners Association
Golf Indonesia (“APLGI”). Berdasarkan distribusinya, ("APLGI"). Based on their distribution, the majority of
mayoritas anggota APLGI berlokasi di wilayah Jawa, APLGI members are located in the Java region, followed
diikuti Sumatera, dan Bali by Sumatra and Bali.
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Di wilayah Jabodetabek, mayoritas anggota APLGI In the Jabodetabek area, the majority of APLGI members
berada di Provinsi DKI Jakarta dengan 9 lapangan golf are located in the Province of DKI Jakarta with 9 golf
diikuti Kabupaten Bogor dengan 8 lapangan golf, courses, followed by Bogor Regency with 8 golf courses,
Tangerang 7 lapangan golf dan Kota Depok 4 lapangan Tangerang with 7 golf courses, and Depok City with 4
golf. golf courses.
Berikut adalah sebaran anggota APLGI di wilayah The following is the distribution of APLGI members in the
Jabodetabek. Jabodetabek area.
Sumber: Google Earth
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Tahun Jumlah Jumlah Panjang
No. Nama Lapangan Golf Alamat Lokasi
Beroperasi Hole Par Lapangan
DKI Jakarta
Jalan Trembesi Blk. D3-D4,
1 Bandar Golf Kemayoran 1997 Jakarta Utara 18 holes Par 72 5.508
Kota Bandar Naru
Damai Indah Golf - Pantai
2 1993 Jalan Marina Raya No. 7 Jakarta Utara 18 holes Par 72 6.048
Indah Kapuk
3 Senayan National Golf Club 1968 Jalan Asia Afrika Pintu IX Jakarta Pusat 18 holes Par 69 5.135
Jalan Metro Pondok Indah
4 Pondok Indah Padang Golf 1976 Jakarta Selatan 18 holes Par 72 6.623
No, 16
Padang Golf Matoa
5 1995 Jalan Moh Kahfi I Km 7 Jakarta Selatan 18 holes Par 72 6.450
Nasional
Jalan Rawamangun Muka
6 Jakarta Golf Club 1950 Jakarta Timur 18 holes Par 71 5.372
Raya
Jalan Squadron Halim
7 Padang Golf Halim 1971 Jakarta Timur 18 holes Par 36 6.048
Perdanakusuma
8 Royale Jakarta Golf Club 2008 Jalan Raya Halim Tiga Jakarta Timur 27 holes Par 72/36 10.023
9 Padang Golf Cilangkap 2002 Jalan Raya Mabes TNI Jakarta Timur 18 holes Par 72 5.170
Bogor
Gunung Geulis Golf &
10 1992 Jalan Pasir Angin Kabupaten Bogor 36 holes Par 72 12.140
Country Club
Jalan Golf Estate Bogor
11 Klub Golf Bogor Raya 1997 Kabupaten Bogor 18 holes Par 72 6.320
Raya
12 Klub Golf Lido 1994 Jalan Raya Bogor No.Km 21 Kabupaten Bogor 18 holes Par 72 6.579
13 Palm Hill Golf Resort 1992 Jalan Sentul Raya Kabupaten Bogor 18 holes Par 72 6.500
Permata Sentul Golf &
14 1994 Jalan Desa Leuwinutug Kabupaten Bogor 18 holes Par 71 5.829
Country Club
Rainbow Hills & The Jalan Padang Golf Bukit
15 1995 Kabupaten Bogor 27 holes Par 72 9.461
Mountain View Golf Course Pelangi
16 Sentul Highlands Golf Club 1997 Jalan Sumur Batu Kabupaten Bogor 18 holes Par 72 6.538
Riverside Golf & Country
1994 Jalan Bukit Golf Riverside Kabupaten Bogor 18 holes Par 72 6.259
17 Club
Depok
18 Padang Golf Pangkalan Jati 1979 Jalan Jati Indah Raya No 1 Kota Depok 18 holes Par 72 5.885
Emeralda Golf & Country
19 1994 Jalan Cimanggis Boulevard Kota Depok 27 holes Par 72/36 9.775
Club
Jagorawi Golf & Country Par
20 1979 Jalan Raya Karangan Kota Depok 45 holes 6029/6322/
Club 72/72/36
2965
Sawangan Golf & Country Jalan Sawangan Lama
21 1973 Kota Depok 18 holes Par 72 6.429
Club No.KM 34
Tangerang
Soewarna Business Park,
22 Cengkareng Golf Club 1999 Kota Tangerang 18 holes Par 72 6.326
Block G Lot 1-2
Jalan Modern Golf Raya No.
23 Modern Golf & Country Club 1995 Kota Tangerang 18 holes Par 72 6.311
99, Kota Modern Klp. Indah
Kabupaten
24 Takara Golf Resort 1994 Jalan Tigaraksa Tenjo No.42 18 holes Par 72 6.070
Tangerang
Kedaton Golf & Country Kabupaten
25 1995 Jalan Otonomi Cikupa 18 holes Par 72 6.401
Club Tangerang
Kabupaten
26 Imperial Klub Golf 1997 Jalan Pulau Golf No.2700 18 holes Par 72 6.163
Tangerang
Damai Indah Golf - Bumi Kota Tangerang
27 1992 Jalan Bukit Golf 1 18 holes Par 72 6.545
Serpong Damai Selatan
Pondok Cabe Golf & Jalan Pd. Cabe Golf, Pd. Kota Tangerang
28 1989 18 holes Par 72 6.260
Country Club Cabe Udik Selatan
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6.0 ANALISIS KEWAJARAN RENCANA 6.0 FAIRNESS ANALYSIS ON
TRANSAKSI PROPOSED TRANSACTION
Analisis kewajaran atas Rencana Transaksi dilakukan Fairness analysis on Proposed Transaction is conducted by
dengan melakukan analisis terhadap Transaksi, analisis analysing the Proposed Transaction, qualitative analysis
kualitatif atas manfaat Rencana Transaksi, analisis on the benefit of the Proposed Transaction, quantitative
kuantitatif dan kewajaran atas Rencana Transaksi. analysis and fairness on the Proposed Transaction.
6.1 Transaksi 6.1 Transaction
6.1.1 Latar Belakang 6.1.1 Background
Sejalan dengan strategi BSDE untuk mempertahankan Aligning with BSDE's strategy to maintain its performance
kinerjanya dengan meningkatkan cadangan lahan yang by replenishing the landbank for development, BSDE plans
dapat dikembangkan, BSDE berencana untuk to acquire SMDM to strengthen its existing development
mengakuisisi SMDM untuk memperkuat portofolio portfolio by diversifying its geographic presence and
pengembangan yang telah ada saat ini dengan market penetration.
mendiversifikasi keberadaaan geografis dan penetrasi
pasar.
6.1.2 Tujuan dan Manfaat Rencana Transaksi 6.1.2 Purpose and Benefit of the Proposed Transaction
BSDE mempertimbangkan hal-hal berikut dalam BSDE has considered several aspects in the Proposed
melakukan Rencana Transaksi yaitu: Transaction as follow.
• SMDM secara grup memiliki cadangan tanah yang • SMDM as a group has extensive land bank which show
luas menunjukkan potensi untuk dapat dikembangkan potential for future development;
di masa yang akan datang;
• Cadangan tanah yang dimiliki SMDM dapat • SMDM’s landbank may help BSDE to diversify its
membantu BSDE untuk mendiversifikasi area development areas geographically, which is
pengembangannya secara geografis, yang secara strategically located close to toll road access.
strategis berada dekat dengan akses jalan tol.
Rencana Transaksi bertujuan memperkuat portofolio The Proposed Transaction aims to strengthen the existing
pengembangan BSDE yang telah ada saat ini dengan development portfolio by diversifying BSDE’s geographic
mendiversifikasi keberadaan geografis dan penetrasi presence and market penetration.
pasar BSDE.
6.2 Analisis Kuantitatif dan Kualitatif yang Terkait 6.2 Quantitative and Qualitative Analysis related to
dengan Rencana Transaksi the Proposed Transaction
6.2.1 Analisis Kuantitatif 6.2.1 Quantitative Analysis
Analisis kuantitatif dilakukan berdasarkan analisis The quantitative analysis is done based on the analysis of
terhadap laporan keuangan sebelum Transaksi dan the financial statements prior to the Transaction and after
setelah Rencana Transaksi. the Proposed Transaction.
Analisis informasi keuangan konsolidasian kombinasi Analysis of BSDE pro-forma combined consolidated
proforma BSDE per 30 Juni 2024 dengan asumsi obligasi financial information as of 30 June 2024 bonds was issued
diterbitkan pada tanggal 30 Juni 2024, sebagaimana on 30 June 2024, as provided by management.
disampaikan oleh manajemen.
VALUATION & ADVISORY SERVICES 6-1
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PT Bumi Serpong Damai Tbk
Laporan Laba Rugi dan Penghasilan Komprehensif Lain Konsolidasian Proforma yang Tidak Diaudit /
Unaudited Pro Forma Consolidated Statement of Profit or Loss and Other Comprehensive Income
Sebelum dan Setelah Transaksi (Proforma) / Before and After Transaction (Proforma)
Per 30 Juni 2024 / As of 30 June 2024
dalam Rupiah / in Rupiahs
Sebelum Rencana Setelah Rencana
Transaksi / Penyesuaian Proforma / Transaksi /
Deskripsi Descrription
Before Proposed Pro Forma Adjustment After Proposed
Transaction Transaction
Penjualan neto 7,346,632,958,817 7,346,632,958,817 Net sales
Beban pokok penjualan 2,482,811,597,847 2,482,811,597,847 Cost of Goods Sold
Laba bruto 4,863,821,360,970 - 4,863,821,360,970 Gross profit
Beban usaha Operating expenses
Biaya penjualan 826,516,788,976 826,516,788,976 Selling expenses
General and administrative
Biaya umum dan administrasi 874,009,202,639 874,009,202,639
expenses
Pajak final 216,788,688,645 216,788,688,645 Final tax
Total beban usaha 2,946,506,680,710 - 2,946,506,680,710 Total operating expenses
Laba usaha 826,516,788,976 826,516,788,976 Operating income
Penghasilan (beban) lainnya (410,045,015,424) 1,598,631,673,407 1,188,586,657,983 Oher income (charges)
Ekuitas pada laba bersih entitas Equity in the net income of
127,152,461,067 127,152,461,067
asosiasi dan ventura bersama associates and joint ventures
Laba sebelum beban pajak
2,663,614,126,353 1,598,631,673,407 4,262,245,799,760 Income before tax
penghasilan
Beban pajak penghasilan 19,556,715,171 19,556,715,171 Income tax expense
Laba periode berjalan 2,644,057,411,182 1,598,631,673,407 4,242,689,084,589 Income for the period
Other comprehensive income
Laba (rugi) komprehensif lainnya 27,970,551,296 27,970,551,296
(losses)
Total laba komprehensif periode Total comprehensive income for
2,672,027,962,478 1,598,631,673,407 4,270,659,635,885
berjalan the period
Pendapatan untuk periode yang Income for the period
dapat diatribusikan kepada: attributable to:
Equity holders of the parent
Pemegang ekuitas entitas induk 2,333,050,432,801 1,598,631,673,407 3,931,682,106,208
entity
Non-controlling interests 311,006,978,381 311,006,978,381 Non-controlling interests
Total 2,644,057,411,182 1,598,631,673,407 4,242,689,084,589 Total
Total laba komprehensif untuk
Total comprehensive income for
periode berjalan yang dapat
the period attributable to:
diatribusikan kepada:
Equity holders of the parent
Pemegang ekuitas entitas induk 2,360,984,800,779 1,598,631,673,407 3,959,616,474,186
entity
Non-controlling interests 311,043,161,699 311,043,161,699 Non-controlling interests
Total 2,672,027,962,478 1,598,631,673,407 4,270,659,635,885 Total
VALUATION & ADVISORY SERVICES 6-2
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PT Bumi Serpong Damai Tbk
Laporan Posisi Keuangan Konsolidasian Proforma yang Tidak Diaudit /
Unaudited Pro Forma Consolidated Statement of Financial Position
Sebelum dan Setelah Transaksi (Proforma) / Before and After Transaction (Proforma)
Per 30 Juni 2024 / As of 30 June 2024
dalam Rupiah / in Rupiahs
Deskripsi Historis BSD Grup Historis SMDM Grup Penyesuaian proforma Proforma BSD Grup Description
ASET ASSET
Aset Lancar Current Asset
Kas dan setara kas 9,428,332,290,823 353,118,467,220 (1,239,802,075,000) 8,541,648,683,043 Cash and cash equivalent
Investasi 1,340,075,463,508 1,340,075,463,508 Investment
Piutang usaha - bersih - Trade account receivables - net
Pihak berelasi 12,927,043,735 12,927,043,735 Related parties
Pihak ketiga 252,251,883,710 22,303,803,055 274,555,686,765 Third parties
Piutang lain-lain bersih 100,054,642,831 1,622,209,811 101,676,852,642 Other account receivables
Piutang pihak berelasi non-usaha - Current portion of due from related
26,524,504,304 26,524,504,304
bersih parties
Persediaan 14,392,382,845,937 766,871,861,173 1,945,635,203,536 17,104,889,910,646 Inventories
Uang muka 1,350,249,091,097 9,329,860,429 1,359,578,951,526 Advances
Pajak dibayar dimuka 618,235,211,488 6,011,466,228 624,246,677,716 Prepaid taxes
Bayar dibayar dimuka yang akan
209,403,284,036 209,403,284,036 Current portion of prepaid expenses
jatuh tempo dalam waktu satu tahun
Aset lain-lain 1,618,185,551 922,516,999 2,540,702,550 Other assets
Total Aset Lancar 27,732,054,447,020 1,160,180,184,915 705,833,128,536 29,598,067,760,471 Total Current Asset
Aset Tidak Lancar Noncurrent Asset
Investasi 823,876,356,885 32,209,256,192 856,085,613,077 Investments
Piutang lain-lain - bersih 11,563,986,018 11,563,986,018 Other account receivables
Piutang pihak berelasi non-usaha - Trade account receivables from
30,140,117,397 30,140,117,397
bersih related parties (non-trade) - net
Investasi dalam saham 7,807,633,124,566 7,807,633,124,566 Investments in shares
Bayar dibayar dimuka - setelah
dikurangi bagian yang akan jatuh 44,506,391,191 44,506,391,191 Prepaid expenses
tempo dalam waktu satu tahun
Tanah yang belum dikembangkan 14,395,521,468,478 2,010,184,468,360 32,101,531,640 16,437,807,468,478 Land for development
Aset tetap - bersih 536,611,207,752 248,288,011,976 428,865,857,287 1,213,765,077,015 Property and equipment
Properti investasi - bersih 11,288,740,444,491 58,829,741,937 287,864,258,063 11,635,434,444,491 Investment properties
Aset hak-guna - bersih 10,306,470,126 10,306,470,126 Right-of-use assets
Goodwill 9,302,932,297 9,302,932,297 Goodwill
Aset pajak tangguhan 3,748,268,789 3,748,268,789 Deferred tax asset
Aset tak berwujud - bersih 5,167,474,583,887 5,167,474,583,887 Intangible assets
Aset lain-lain 4,933,892,035 225,000,000 5,158,892,035 Other assets
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Deskripsi Historis BSD Grup Historis SMDM Grup Penyesuaian proforma Proforma BSD Grup Description
Total Aset Tidak Lancar 40,130,610,975,123 2,353,484,747,254 748,831,646,990 43,232,927,369,367 Total Noncurrent Asset
Total Aset 67,862,665,422,143 3,513,664,932,169 1,454,664,775,526 72,830,995,129,838 Total Asset
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY
Liabilitas Liabilities
Liabilitas Jangka Pendek Current Liabilities
Utang bank jangka pendek 943,291 37,046,854,512 37,047,797,803 Short-term bank loans
Utang usaha - Trade account payables
Pihak berelasi 7,915,943,620 7,915,943,620 Related parties
Pihak ketiga 1,154,058,185,795 24,905,524,686 1,178,963,710,481 Third parties
Utang pajak 88,752,942,641 8,641,040,000 97,393,982,641 Taxes payables
Beban akrual 166,631,548,909 9,849,160,900 176,480,709,809 Accrued expenses
Setoran jaminan 279,880,376,422 279,880,376,422 Security deposits
Liabilitas kontrak 6,847,123,192,932 85,034,652,047 6,932,157,844,979 Contract liabilities
Uang muka diterima 113,495,367,907 113,495,367,907 Advances received
Sewa diterima dimuka 313,969,571,284 313,969,571,284 Rental advances
Uang muka setoran modal 26,258,500,370 26,258,500,370 Deposit for future stock subscription
Liabilitas imbalan kerja jangka
266,019,719 266,019,719 Short-term employee benefits liabilitiy
pendek
Utang bank jangka pendek 1,338,367,376,130 28,748,214,138 1,367,115,590,268 Long-term bank loan - current portion
Liabilitas sewa - jangka pendek 6,026,329,090 6,026,329,090 Lease liabilities - current portion
Utang obligasi - jangka pendek 2,065,438,248,224 2,065,438,248,224 Bonds payable - current portion
Liabilitas lain-lain 244,915,327,770 28,712,425,511 1,121,144,150,326 1,394,771,903,607 Other liabilities
Total Liabilitas Jangka Pendek 12,652,833,854,385 223,203,891,513 1,121,144,150,326 13,997,181,896,224 Total Current Liabilities
Liabilitas Jangka Panjang Noncurrent Liabilities
Setoran jaminan 151,595,525,578 2,842,790,474 154,438,316,052 Security deposits
Liabilitas kontrak 2,358,617,748,013 6,462,756,757 2,365,080,504,770 Contract liabilities
Uang muka diterima 10,127,471,847 10,127,471,847 Advances received
Sewa diterima dimuka 78,698,662,213 78,698,662,213 Rental advances
Liabilitas imbalan kerja jangka
295,722,382,963 63,856,601,789 359,578,984,752 Long-term employee benefits liabilitiy
panjang - bersih
Taksiran liabilitas untuk Estimated liabilities for future
62,278,400,000 62,278,400,000
pengembangan prasarana improvements
Provisi pelapisan jalan tol 12,379,942,270 12,379,942,270 Provision for overlay
Penyisihan penggantian peralatan Provision for the replacement of hotel
3,057,609,602 3,057,609,602
dan perlengkapan hotel equipment and supplies
Utang bank jangka panjang 8,271,071,770,760 33,776,449,280 8,304,848,220,040 Long-term bank loan
Liabilitas sewa 31,010,286,002 31,010,286,002 Lease liabilities
Utang obligasi 386,166,814,789 386,166,814,789 Bonds payable
Liabilitas lain-lain 282,644,937 282,644,937 Other liabilities
Total Liabilitas Jangka Panjang 11,657,669,004,435 110,278,852,839 - 11,767,947,857,274 Total Noncurrent Liabilities
Total Liabilitas 24,310,502,858,820 333,482,744,352 1,121,144,150,326 25,765,129,753,498 Total Liabilities
Modal Saham 2,117,136,581,200 1,517,539,959,366 (1,517,539,959,366) 2,117,136,581,200 Capital Stock
VALUATION & ADVISORY SERVICES 6-4
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Deskripsi Historis BSD Grup Historis SMDM Grup Penyesuaian proforma Proforma BSD Grup Description
Tambahan modal disetor 7,462,973,542,508 2,248,288,685 (2,248,288,685) 7,462,973,542,508 Additional paid-in capital
Saham treasuri (288,001,650,093) (288,001,650,093) Treasury shares
Advance payment for share
Uang muka pemesanan saham 3,979,097,469 (3,979,097,469) -
subscription
Ekuitas pada perubahan ekuitas Share in other changes in equity of an
459,993,195 459,993,195
lainnya dari entitas asosiasi associate
Difference in value arising from
Selisih nilai transaksi dengan
332,884,075,702 332,884,075,702 transactions with non-controlling
kepentingan nonpengendali
interests
Selisih penjabaran mata uang asing 42,235,830,251 42,235,830,251 Translation adjustment
Ekuitas pada keuntungan belum
Share in unrealized gain on increase
direalisasi atas kenaikan nilai 89,430,513,867 89,430,513,867
in fair value
investasi
Saldo laba - Retained earnings
Ditentukan penggunaannnya 51,812,873,217 51,812,873,217 Appropriated
Belum ditentukan pengunaannya 29,054,240,360,753 740,776,960,309 857,854,713,098 30,652,872,034,160 Unappropriated
Kepentingan nonpengendali 4,688,990,442,723 915,637,881,988 999,433,257,622 6,604,061,582,333 Non-controlling interests
Total Ekuitas 43,552,162,563,323 3,180,182,187,817 333,520,625,200 47,065,865,376,340 Total Equity
TOTAL LIABILITAS DAN EKUITAS 67,862,665,422,143 3,513,664,932,169 1,454,664,775,526 72,830,995,129,838 TOTAL LIABILITIES AND EQUITY
VALUATION & ADVISORY SERVICES 6-5
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Informasi keuangan proforma konsolidasian disusun The pro-forma consolidated financial information is
menggunakan asumsi-asumsi dasar sebagai berikut. prepared using the following basic assumptions.
a. Rencana Transaksi diasumsikan terjadi pada tanggal a. The Proposed Transaction is assumed to occur on 30
30 Juni 2024; June 2024;
b. Nilai tukar per 1 SGD pada tanggal 30 Juni 2024 b. The exchange rate per 1SGD on 30 June 2024 is
diasumsikan sebesar Rp12.095,63. Pembayaran assumed to be Rp12,095.63. The payment of
sebesar SGD102.500.000 diasumsikan telah SGD102,500,000 is assumed to have been paid on
dilakukan pada tanggal 30 Juni 2024, sedangkan 30 June 2024, while the remaining SGD92,690,017
sisanya sebesar SGD92.690.017 akan dilakukan tidak will be paid no later than 12 months since the
lebih dari 12 bulan sejak Perjanjian Pembelian Saham Conditional Sale of Share Purchase Agreement was
Bersyarat disetujui. Pembayaran dilakukan dengan approved. The payment will be paid using BSDEs
menggunakan kas internal BSDE. internal cash.
c. Rencana Transaksi dilakukan dengan menggunakan c. The Proposed Transaction is accounted using the
metode akuisisi bisnis. Untuk tujuan informasi business acquisition method. For the purpose of this
keuangan proforma ini, nilai wajar aset teridentifikasi proforma financial information, the fair value of
SMDM berupa persediaan, tanah yang belum SMDM's identifiable assets in the form of inventory,
dikembangkan, aset tetap, dan properti investasi undeveloped land, fixed assets, and investment
adalah sebesar Rp5.764.481.000.000 per 30 Juni properties is Rp5,764,481,000,000 as of 30 Juni
2024. 2024.
d. Tidak ada transaksi lain selain Rencana Transaksi. d. There are no other transactions other than the
Proposed Transaction.
e. Penyesuaian proforma belum memperhitungkan e. The proforma adjustments do not take into account
dampak perpajakan dan biaya lain-lain yang timbul the impact of taxation and other costs arising in
sehubungan dengan Rencana Transaksi. connection with the Proposed Transaction.
Perbandingan Rasio Keuangan Sebelum dan Sesudah Comparison on Financial Ratio Before and After
Transaksi Transaction
Sebelum Rencana Setelah Rencana
Transaksi / Transaksi /
Rasio Ratios
Before Proposed After Proposed
Transaction Transaction
Tingkat pengembalian aset (ROA) 3.90% 5.83% Return on Asset (ROA)
Tingkat pengembalian ekuitas (ROE) 6.071% 9.014% Return on Equity (ROE)
Marjin laba kotor 66.205% 66.205% Gross Profit Margin
Marjin laba operasi 40.107% 40.107% Operating Profit Margin
Marjin laba bersih 35.990% 57.750% Net Profit Margin
Total Debt to Assets Ratio 0.14 0.13 Total Debt to Assets Ratio
Total Debt to Equity Ratio 0.22 0.21 Total Debt to Equity Ratio
Net Debt to Equity Ratio 0.004 0.02 Net Debt to Equity Ratio
Berdasarkan analisis informasi keuangan konsolidasian Based on analysis of BSDE pro-forma combined
kombinasi proforma BSDE per 30 Juni 2024, ROA dan consolidated financial information as of 30 June 2024,
ROE mengalami peningkatan dari 3,90% dan 6,07% ROA and ROE increased from 3.90% and 6.07% to 5.83%
masing-masing menjadi 5,83% and 9,01%. Sementara and 9.01% respectively. While net profit margin increased
margin laba Bersih mengalami peningkatan 22% karena by 22% since BSDE recorded other income of Rp1.59
mencatatkan penghasilan lain-lain sebesar Rp1,59 triliun. trillion.
VALUATION & ADVISORY SERVICES 6-6
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Rasio utang terhadap aset (DAR), rasio utang terhadap Debt to asset ratio (DAR), debt to equity ratio (DER), and
ekuitas (DER), dan rasio utang bersih terhadap ekuitas net debt to equity ratio decreased due to the increase in
mengalami penurunan seiring dengan peningkatan total total assets and total equity.
aset dan total ekuitas Perseroan.
Rasio Keuangan Perusahaan Properti dan Real Estat yang Financial Ratios of Property and Real Estate Companies
Terdaftar di Bursa Efek Registered on Stock Exchange
Berikut adalah analisi kinerja BSDE dibandingkan dengan The following is analysis on BSDE’s performance
perusahaan pembanding dengan kapitalisasi pasar dan compared to companies with comparable market
pendapatan yang sebanding. capitalization and revenue.
Sebelum Rencana Setelah Rencana
Transaksi / Transaksi / Minimum / Rata-Rata / Maksimum /
Rasio Ratios
Before Proposed After Proposed Minimum Average Maximum
Transaction Transaction
Tingkat pengembalian
3.90% 5.83% -0.09% 1.71% 3.35% Return on Asset (ROA)
aset (ROA)
Tingkat pengembalian
6.07% 9.01% -0.17% 3.11% 6.92% Return on Equity (ROE)
ekuitas (ROE)
Marjin laba kotor 66.20% 66.20% 30.94% 49.51% 57.52% Gross Profit Margin
Marjin laba operasi 40.11% 40.11% 15.04% 32.50% 39.80% Operating Profit Margin
Marjin laba bersih 35.99% 57.75% -2.04% 32.73% 72.82% Net Profit Margin
Debt to Asset Ratio (DAR) 14.16% 13.28% 0.03% 17.92% 30.32% Debt to Asset Ratio (DAR)
Debt to Equity Ratio (DER) 22.06% 20.55% 0.04% 36.10% 67.55% Debt to Equity Ratio (DER)
Net Debt to Equity Ratio 0.42% 2.40% -29.77% 11.12% 50.23% Net Debt to Equity Ratio
ROA, ROE, margin laba kotor, margin laba operasi, dan ROA, ROE, gross profit margin, operating profit margin,
margin laba bersih BSDE setelah Rencana Transaksi and net profit margin of BSDE after the Proposed
tercatat berada di atas maksimum pasar yang Transaction are recorded higher than the maximum ratio,
menunjukkan bahwa kemampuan BSDE untuk it indicates that BSDE’s ability to generate profits was
menghasilkan laba lebih tinggi dibandingkan pasar. DAR, higher than the market. DAR, DER, and net debt to equity
DER, dan rasio utang bersih terhadap ekuitas tercatat di ratio are recorded below the market average, indicating
bawah rata-rata pasar yang menunjukkan bahwa tingkat that BSDE’s solvency level is lower than the market average
solvabilitas BSDE lebih rendah dibandingkan rata-rata itself.
pasar.
VALUATION & ADVISORY SERVICES 6-7
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Analisis Inkremental Incremental Analysis
Analisis proyeksi Laporan Keuangan Konsolidasi BSDE sebelum dan setelah Rencana Analysis of BSDE’s Consolidated Financial Statements projection before and after the
Transaksi sebagaimana ditunjukkan pada bagian di bawah telah disusun oleh Proposed Transaction as shown in the section below has been prepared by management
manajemen berdasarkan prinsip akuntansi yang berlaku umum di Indonesia. based on accounting principles generally accepted in Indonesia.
Laba Rugi Income Statement
(dalam juta Rupiah) (in million Rupiahs)
Deskripsi 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Description
Penjualan Sales
Sebelum Rencana Transaksi 11,868 12,386 12,484 12,625 13,516 15,059 16,037 18,548 18,865 20,004 21,537 Before Proposed Transaction
Setelah Rencana Transaksi 12,329 12,865 12,985 13,151 14,066 15,629 16,626 19,168 19,516 20,685 22,242 After Proposed Transaction
Perbedaan 3.89% 3.86% 4.01% 4.17% 4.07% 3.78% 3.68% 3.34% 3.46% 3.40% 3.27% Difference
Beban Pokok Penjualan Cost of Goods Sold
Sebelum Rencana Transaksi 3,874 4,254 4,119 4,073 4,206 4,742 4,891 5,954 5,735 6,112 6,527 Before Proposed Transaction
Setelah Rencana Transaksi 4,082 4,465 4,319 4,310 4,421 4,964 5,145 6,233 6,029 6,377 6,823 After Proposed Transaction
Perbedaan 5.36% 4.95% 4.86% 5.82% 5.10% 4.68% 5.18% 4.69% 5.12% 4.34% 4.54% Difference
Laba Kotor Gross Profit
Sebelum Rencana Transaksi 7,994 8,132 8,365 8,552 9,309 10,318 11,146 12,595 13,129 13,892 15,010 Before Proposed Transaction
Setelah Rencana Transaksi 8,247 8,400 8,666 8,842 9,645 10,665 11,482 12,935 13,488 14,307 15,419 After Proposed Transaction
Perbedaan 3.18% 3.29% 3.59% 3.39% 3.61% 3.37% 3.02% 2.71% 2.73% 2.99% 2.72% Difference
Beban Operasional Operating Expenses
Sebelum Rencana Transaksi 3,244 3,410 3,525 3,620 3,836 4,164 4,423 4,895 5,082 5,387 5,754 Before Proposed Transaction
Setelah Rencana Transaksi 3,411 3,568 3,675 3,784 4,034 4,380 4,612 5,106 5,323 5,619 6,001 After Proposed Transaction
Perbedaan 5.12% 4.63% 4.26% 4.51% 5.17% 5.20% 4.27% 4.31% 4.75% 4.30% 4.29% Difference
Laba Operasi Income from Operations
Sebelum Rencana Transaksi 4,749 4,722 4,841 4,932 5,473 6,154 6,723 7,700 8,048 8,505 9,256 Before Proposed Transaction
Setelah Rencana Transaksi 4,837 4,832 4,991 5,058 5,611 6,285 6,870 7,830 8,165 8,688 9,418 After Proposed Transaction
Perbedaan 1.85% 2.33% 3.10% 2.56% 2.51% 2.13% 2.19% 1.69% 1.46% 2.16% 1.75% Difference
Pendapatan (Beban) Lain-
Other Income (Expenses)
Lain
Sebelum Rencana Transaksi 163 455 729 674 862 961 1,262 1,464 1,684 2,005 2,393 Before Proposed Transaction
Setelah Rencana Transaksi 163 455 729 674 862 961 1,262 1,464 1,684 2,005 2,393 After Proposed Transaction
Perbedaan 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Difference
Laba Sebelum Pajak Net Profit Before Tax
Sebelum Rencana Transaksi 4,912 5,177 5,570 5,605 6,336 7,115 7,984 9,164 9,732 10,510 11,648 Before Proposed Transaction
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Deskripsi 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Description
Setelah Rencana Transaksi 5,000 5,287 5,720 5,732 6,473 7,246 8,132 9,294 9,849 10,694 11,810 After Proposed Transaction
Perbedaan 1.78% 2.13% 2.70% 2.25% 2.17% 1.84% 1.85% 1.42% 1.21% 1.75% 1.39% Difference
Laba Tahun Berjalan Income for the Year
Sebelum Rencana Transaksi 4,569 4,803 5,182 5,212 5,912 6,643 7,478 8,591 9,138 9,876 10,968 Before Proposed Transaction
Setelah Rencana Transaksi 4,655 4,911 5,330 5,337 6,048 6,773 7,623 8,719 9,254 10,058 11,129 After Proposed Transaction
Perbedaan 1.89% 2.26% 2.87% 2.40% 2.30% 1.95% 1.95% 1.49% 1.26% 1.84% 1.46% Difference
Manajemen BSDE memproyeksikan setelah Rencana Transaksi, pendapatan BSDE’s management projects that After Proposed Transaction, consolidated revenue will
konsolidasian akan menghasilkan pendapatan yang lebih tinggi dengan rata-rata sekitar generate higher income with an average at 3.72% per year, driven by revenue growth
3,72% per tahun, yang disebabkan oleh pertumbuhan pendapatan BSD City, maupun 3 from BSD City and three housing projects from SMDM (Rancamaya Golf Estate, Harvest
proyek perumahaan dari SMDM (Rancamaya Golf Estate, Harvest City, dan Royal Tajur City, and Royal Tajur Residence).
Residence).
Sejalan dengan proyeksi pendapatan konsolidasian, laba bersih BSDE juga diasumsikan In line with the consolidated revenue projections, BSDE’s net profit is also assumed to
mengalami kenaikan setelah Rencana Transaksi dibandingkan dengan proyeksi laba increase After Proposed Transaction compared to the projected net profit Before Proposed
bersih sebelum Rencana Transaksi. Transaction.
Posisi Keuangan Financial Position
(dalam juta Rupiah) (in million Rupiahs)
Deskripsi 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Description
Total Aset Total Assets
Sebelum Rencana Transaksi 68,799 69,075 73,021 77,743 84,515 92,176 101,002 110,204 120,867 132,890 146,126 Before Proposed Transaction
Setelah Rencana Transaksi 70,931 71,258 75,324 80,149 87,036 94,824 103,807 113,152 123,947 136,167 149,576 After Proposed Transaction
Perbedaan 3.10% 3.16% 3.15% 3.09% 2.98% 2.87% 2.78% 2.68% 2.55% 2.47% 2.36% Difference
Total Liabilitas Total Labilities
Sebelum Rencana Transaksi 23,435 19,121 18,108 17,860 18,964 20,258 21,919 22,881 24,810 27,388 30,122 Before Proposed Transaction
Setelah Rencana Transaksi 23,948 19,587 18,552 18,290 19,385 20,682 22,346 23,330 25,283 27,874 30,624 After Proposed Transaction
Perbedaan 2.19% 2.44% 2.45% 2.41% 2.22% 2.09% 1.95% 1.96% 1.91% 1.77% 1.67% Difference
Total Ekuitas Total Equity
Sebelum Rencana Transaksi 45,364 49,954 54,913 59,883 65,551 71,918 79,084 87,323 96,057 105,502 116,004 Before Proposed Transaction
Setelah Rencana Transaksi 46,983 51,672 56,773 61,859 67,652 74,142 81,460 89,822 98,664 108,294 118,952 After Proposed Transaction
Perbedaan 3.57% 3.44% 3.39% 3.30% 3.20% 3.09% 3.01% 2.86% 2.71% 2.65% 2.54% Difference
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Berdasarkan proyeksi manajemen total aset, liabilitas dan ekuitas konsolidasian BSDE Based on management’s projections, BSDE’s total consolidated assets, liabilities, and
setelah Rencana Transaksi mengalami peningkatan dengan rata-rata masing-masing equity After Proposed Transaction are expected to increase with an average annual growth
peningkatan sebesar 2,84%, 2,10% dan 3,07% secara berurutan per tahunnya. of 2.84%, 2.10%, and 3.07%, respectively.
Penilaian Arus Kas Cash Flow Assessment
(dalam juta Rupiah) (in million Rupiahs)
Deskripsi 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Description
Cash from operating
Kas dari aktivitas operasi
activities
Before Proposed
Sebelum Rencana Transaksi 848 2,580 3,020 4,228 5,190 3,092 3,799 3,853 5,250 6,224 7,041
Transaction
Setelah Rencana Transaksi 960 2,706 3,171 4,366 5,341 3,242 3,957 4,007 5,403 6,423 7,230 After Proposed Transaction
Perbedaan 13.23% 4.86% 5.00% 3.26% 2.92% 4.85% 4.17% 3.99% 2.92% 3.19% 2.69% Difference
Cash from investing
Kas dari aktivitas investasi
activities
Before Proposed
Sebelum Rencana Transaksi (699) (565) (1,402) (1,390) (618) (799) (555) (266) 297 579 925
Transaction
Setelah Rencana Transaksi (701) (567) (1,405) (1,393) (621) (802) (559) (269) 293 575 921 After Proposed Transaction
Perbedaan 0.18% 0.51% 0.22% 0.23% 0.55% 0.43% 0.64% 1.39% -1.30% -0.69% -0.45% Difference
Kas dari aktivitas Cash from financing
pendanaan activities
Before Proposed
Sebelum Rencana Transaksi (1,468) (3,958) (2,016) (2,388) (1,408) (1,146) (761) (695) (805) (836) (851)
Transaction
Setelah Rencana Transaksi (1,415) (4,025) (2,057) (2,423) (1,441) (1,158) (761) (695) (805) (836) (851) After Proposed Transaction
Perbedaan -3.64% 1.68% 2.01% 1.48% 2.35% 1.07% 0.00% 0.00% 0.00% 0.00% 0.00% Difference
Arus kas bersih Net cash flow
Before Proposed
Sebelum Rencana Transaksi (1,320) (1,942) (399) 451 3,163 1,147 2,483 2,892 4,742 5,968 7,115
Transaction
Setelah Rencana Transaksi (1,155) (1,886) (291) 550 3,278 1,281 2,637 3,042 4,891 6,163 7,301 After Proposed Transaction
Perbedaan -12.45% -2.88% -26.96% 22.04% 3.64% 11.69% 6.24% 5.19% 3.16% 3.26% 2.60% Difference
Berdasarkan proyeksi manajemen arus kas bersih konsolidasian BSDE setelah Rencana Based on management’s projections, BSDE’s consolidated net cash flow is expected to
Transaksi mengalami kenaikan meskipun masih tercatat negatif dalam tiga tahun awal increase After Proposed Transaction, although it will still be recorded as negative in the
proyeksi karena tingginya aktivitas pendanaan. Dengan Rencana Transaksi yang first three years of the projection due to high funding activities. With Proposed Transaction,
dilakukan BSDE mampu meningkatkan arus kas bersih berkisar sekitar 2,6% hingga BSDE is able to improve net cash flow by approximately 2.6% to 22.04% compared to
22,04% dibandingkan dengan sebelum Rencana Transaksi. Before Proposed Transaction.
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Analisis Kontribusi Nilai Tambah Added Value Contribution Analysis
Analisis kontribusi nilai tambah diasumsikan berdasarkan Added Value Contribution Analysis is assumed based on
keuntungan atas Rencana Transaksi dengan benefit from Proposed Transaction by considering the
mempertimbangkan estimasi keuntungan yang akan estimated profit to be obtained after considering all assets
diperoleh setelah mempertimbangkan seluruh aset dan and liabilities including incurred acquisition cost in the
liabilitas termasuk biaya akuisisi yang dikeluarkan dalam Proposed Transaction as follows.
Rencana Transaksi adalah sebagai berikut.
(dalam Rupiah)
Aset Assets
Kas dan setara kas 353,118,467,220 Cash and equivalent
Persediaan 2,712,507,064,709 Inventory
Tanah yang belum dikembangkan 2,042,286,000,000 Undeveloped land
Aset tetap 677,153,869,263 Fixed assets
Properti investasi 346,694,000,000 Investment Property
Aset lain-lain 76,372,381,503 Other Assets
Jumlah aset 6,208,131,782,695 Total assets
Liabilitas (333,482,744,352) Liabilities
Jumlah aset bersih teridentifikasi 5,874,649,038,343 Total identified net assets
Kepentingan non-pengendali (1,915,071,139,610) Non-controlling interest
Imbalan atas pembelian (2,360,946,225,326) Purchase price
Keuntungan dari akuisisi saham 1,598,631,673,407 Profit form share acquisition
Sumber : Proforma laporan keuangan BSDE per 30 Juni 2024 Source: BSDE’s proforma financial statement as of 30 June 2024
Analisis Biaya atau Pendapatan yang Relevan Relevant Cost and Revenue Analysis
Seluruh analisis biaya atau pendapatan yang dianggap All relevant cost and revenue analysis have been disclosed
relevan telah disampaikan pada analisis di atas, sehingga on analysis above, hence there is no more other relevant
tidak ada analisis atas biaya atau pendapatan relevan lain cost and revenue analysis, and information required to be
lagi yang perlu diungkapkan. disclosed.
Informasi non keuangan Non-financial information
Seluruh informasi non keuangan yang dianggap relevan All relevant financial information has been disclosed on
telah disampaikan pada analisis di atas, sehingga tidak analysis above, hence there is no more other non-financial
ada informasi non keuangan yang perlu diungkapkan. information required to be disclosed.
Prosedur Pengambilan Keputusan oleh Perusahaan Decision Making Procedures by the Company
BSDE telah membandingkan beberapa perusahaan yang BSDE has compared several companies that have the
berpotensi untuk diakuisisi. Dengan mempertimbangkan potential to be acquired. By considering the development
luas pengembangan dan lokasi, maka BSDE memilih area and location, BSDE has chosen SMDM as the entity
SMDM sebagai entitas yang akan diakuisisi. to be acquired.
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Analisis Sensitivitas Sensitivity Analysis
(dalam juta Rupiah) (in million Rupiahs)
Deskripsi 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Description
Pendapatan Revenue
Naik 5% 12.353 12.889 13.010 13.178 14.094 15.657 16.656 19.199 19.549 20.719 22.277 Increased By 5%
Tetap 12.329 12.865 12.985 13.151 14.066 15.629 16.626 19.168 19.516 20.685 22.242 Constant
Turun 5% 12.306 12.841 12.960 13.125 14.039 15.600 16.597 19.137 19.484 20.650 22.207 Decreased By 5%
Laba Kotor Gross Profit
Naik 5% 8.260 8.413 8.681 8.856 9.662 10.682 11.498 12.953 13.506 14.328 15.440 Increased By 5%
Tetap 8.247 8.400 8.666 8.842 9.645 10.665 11.482 12.935 13.488 14.307 15.419 Constant
Turun 5% 8.235 8.387 8.651 8.827 9.628 10.647 11.465 12.918 13.470 14.286 15.399 Decreased By 5%
Laba Operasi Operating Profit
Naik 5% 4.841 4.838 4.998 5.065 5.618 6.291 6.877 7.836 8.171 8.698 9.426 Increased By 5%
Tetap 4.837 4.832 4.991 5.058 5.611 6.285 6.870 7.830 8.165 8.688 9.418 Constant
Turun 5% 4.832 4.827 4.983 5.052 5.604 6.278 6.863 7.823 8.159 8.679 9.410 Decreased By 5%
Laba Tahun Berjalan Income for the Period
Naik 5% 4.660 4.917 5.338 5.343 6.055 6.779 7.631 8.726 9.260 10.067 11.137 Increased By 5%
Tetap 4.655 4.911 5.330 5.337 6.048 6.773 7.623 8.719 9.254 10.058 11.129 Constant
Turun 5% 4.651 4.906 5.323 5.331 6.041 6.766 7.616 8.713 9.248 10.049 11.121 Decreased By 5%
Berdasarkan tabel di atas, penurunan maupun kenaikan bagian laba (rugi) SMDM Based on the above table, the decrease and increase in SMDM business by 5% will not
sebesar 5% tidak terlalu mempengaruhi kinerja operasional BSDE secara umum. significantly affect the operational performance of BSDE in general.
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Analisis Kelayakan Investasi Investment Feasibility Analysis
Untuk menguji sensitivitas kelayakan atas Rencana Transaksi, kami juga melakukan To examine the feasibility sensitivity of Proposed Transaction, we also review several
pengecekan terhadap beberapa parameter kelayakan seperti Net Present Value (NPV), feasibility parameters such as Net Present Value (NPV), Internal Rate of Return (IRR),
Internal Rate of Return (IRR), Payback Period dan Benefit Cost Ratio. Payback Period, and Benefit Cost Ratio.
2024 2025 2026 2027 2028 2029 2030 - 2039 2040 - 2049 2050 - 2055
Investasi -1.239.802 -1.121.144 - - - - - - - Investment
Pendapatan 41.508 145.916 248.462 363.324 413.023 529.058 5.251.561 4.522.427 2.728.073 Income
Belanja Modal -1.285 -2.869 -3.023 -3.232 -3.376 -3.432 -40.211 -49.474 -41.188 Capex
Arus kas bebas -1.199.580 -978.097 245.439 360.092 409.647 525.626 5.211.350 4.472.953 2.686.885 Free cash flow
Tingkat diskonto 18,01% 18,02% 18,03% 18,02% 18,04% 18,08% 18,04% 17,95% 18,01% Disc. Rate
Faktor diskonto 0,92 0,78 0,66 0,56 0,47 0,40 0,20 0,03 0,01 Disc. Factor
Present value of free cash
Nilai kini arus kas bebas -1.104.262 -762.924 162.202 201.631 194.330 211.166 1.039.908 147.386 24.183
flow
NPV (dalam juta Rupiah) 114.279 NPV (in million Rupiah)
IRR 18,99% IRR
Payback Period 6 tahun 8 bulan Payback Period
BCR 6,43 BCR
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Analisis Faktor Lain yang Revelan Other Relevant Factor Analysis
Seluruh faktor yang dianggap relevan telah disampaikan All relevant factors have been disclosed on analysis above,
pada analisis di atas, sehingga tidak ada lagi faktor lain hence there is no more other relevant factors required to
yang dianggap relevan yang perlu diungkapkan. be disclosed.
6.2.2 Analisis Kualitatif 6.2.2 Qualitative Analysis
Analisis kewajaran terhadap Transaksi dilakukan dengan Fairness analysis of the Transaction is done by analyzing
menganalisis manfaat Transaksi berupa penerbitan the benefits of the Transaction in the form of bond
obligasi. issuance.
Perkiraan manfaat, tantangan dan potensi risiko dari Estimated benefit, challenges and potential risks of the
Transaksi: Transaction:
Manfaat atas Rencana Transaksi: Benefit of Proposed Transaction
Rencana Transaksi akan memperkuat portofolio The Proposed Transaction will strengthen BSD’s existing
pengembangan yang telah ada saat ini dengan development portfolio by diversifying its geographic
mendiversifikasi keberadaan secara geografis dan presence and market penetration.
penetrasi pasar.
Tantangan atas Rencana Transaksi: Challenges on Proposed Transaction
Tantangan atas Rencana Transaksi adalah menyelaraskan Challenge on Proposed Transaction is to align SMDM’s
rencana pengembangan jangka panjang SMDM dengan long-term development plan with BSDE’s long-term
rencana pertumbuhan jangka panjang BSDE. growth plan.
Risiko atas Rencana Transaksi Risk on Proposed Transaction
• Manfaat atas Rencana Transaski tidak sesuai dengan • Benefit from Proposed Transaction do not match to
ekspektasi manajemen; management expectation;
• Dibutuhkan waktu yang lebih lama untuk mensinergikan • Required longer period to synergize SMDM and BSDE’s
rencana bisnis dan pengembangan SMDM dan BSDE. development and business plan.
6.3 Analisis Kewajaran atas Nilai Rencana 6.3 Fairness Analysis on Value of the Proposed
Transaksi Transaction
Analisis kewajaran Rencana Transaksi dilakukan dengan Fairness analysis of the Proposed Transaction is done by
membandingkan nilai Rencana Transaksi yang disebutkan comparing the Proposed Transaction value mentioned in
dalam ringkasan Perjanjian Jual Beli Bersyarat pada the summary of Conditional Shares Purchase Agreement
keterbukaan informasi Sinarmas Land Limited, antara in Sinarmas Land Limited information disclosure, between
BSDE dan TOP per tanggal 31 Juli 2024 dan Nilai Pasar BSDE and TOP dated 31 July 2024 and Market Value of
atas 91,99% ekuitas SMDM pada Laporan Penilaian per 91.99% equity of SMDM in Valuation Report as of 30 June
30 Juni 2024. 2024.
Berdasarkan laporan penilaian No. 00252/2.0012- Based on the valuation report No. 00252/2.0012-
00/BS/03/0006/1/IX/2024 tanggal 25 September 2024, 00/BS/03/0006/1/IX/2024 dated 25 September 2024,
KJPP-RHR berpendapat bahwa Nilai Pasar atas 91,99% KJPP-RHR is on the opinion that the Market Value of
ekuitas SMDM per 30 Juni 2024 adalah sebesar 91.99% equity of SMDM as of 30 June 2024 is
Rp2.551.055.000.000/- (Dua Triliun Lima Ratus Lima Rp2,551,055,000,000/- (Two Trillion Five Hundred Fifty
Puluh Satu Miliar Lima Puluh Lima Juta Rupiah) atau setara One Billion Fifty Five Million Rupiahs) or equal to
dengan SGD210.907.162,- (Dua Ratus Sepuluh Juta SGD210,907,162/- (Two Hundred Ten Million Nine
Sembilan Ratus Tujuh Ribu Seratus Enam Puluh Dua Dolar Hundred Seven Thousand One Hundred Sixty Two
Singapura). (SGD1 = Rp12.095,63) Singapore Dollars). (SGD1 = Rp12,095.63)
VALUATION & ADVISORY SERVICES 6 - 14
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Berdasarkan Perjanjian Jual Beli Bersyarat antara BSDE Based on the Conditional Shares Purchase Agreement
sebagai pembeli dan TOP sebagai penjual, Harga between BSDE as buyer and TOP as seller, Purchase price
Pembelian (“Nilai Rencana Transaksi”) adalah of Proposed Transaction (“Proposed Transaction Value”) is
SGD195.190.017/- (Seratus Sembilan Puluh Lima Juta SGD195,190,017/- (One Hundred Ninety Five Million
Seratus Sembilan Puluh Ribu Tujuh Belas Dolar One Hundred Ninety Thousand Seventeen Singapore
Singapura). Dollars).
Berdasarkan analisis di atas, nilai Rencana Transaksi Based on the analysis above, the value of the Proposed
adalah 7,45% lebih rendah dari Nilai Pasar Objek Transaction is 7.45% lower than the Market Value of
Transaksi, sehingga Rencana Transaksi dapat dikatakan Subject Transaction, therefore the Proposed Transaction
wajar karena masih dalam deviasi maksimum 7,5% dari can be considered fair as it is still within the maximum
Nilai Pasar Wajar Objek Transaksi (batas maksimum yang deviation of 7.5% from the Fair Market Value of the Subject
dinyatakan dalam Peraturan Otoritas Jasa Keuangan Transaction (maximum limit set forth in Peraturan Otoritas
Republik Indonesia No. 35 /POJK.04/2020 tentang Jasa Keuangan Republik Indonesia Nomor 35
Pedoman untuk Penilaian dan Laporan Penilaian Bisnis di /POJK.04/2020 regarding Guidelines for Business
Pasar Modal). Valuation and Reporting in Capital Market).
6.4 Pendapat Kewajaran atas Transaksi 6.4 Fairness Opinion of the Transaction
Berdasarkan analisis kewajaran atas Rencana Transaksi Having considered fairness analysis on the Proposed
yang dilakukan meliputi analisis terhadap Rencana Transaction covering Proposed Transaction analysis,
Transaksi, analisis kualitatif dan kuantitatif, analisis atas quantitative and qualitative analysis, fairness of Proposed
kewajaran nilai Rencana Transaksi, dan analisis atas Transaction value analysis and analysis on relevant factors,
faktor-faktor yang relevan, maka kami berpendapat we are on the opinion that the overall Proposed
bahwa secara keseluruhan Rencana Transaksi adalah Transaction is fair.
wajar.
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7.0 KESIMPULAN 7.0 CONCLUSION
Berdasarkan analisis kewajaran atas Rencana Transaksi Having considered fairness analysis on Proposed
yang dilakukan meliputi analisis terhadap Rencana Transaction covering Proposed Transaction analysis,
Transaksi, analisis kualitatif dan kuantitatif, analisis atas quantitative and qualitative analysis, fairness of Proposed
kewajaran nilai Rencana Transaksi, dan analisis atas Transaction value analysis and analysis on relevant
faktor-faktor yang relevan, maka kami berpendapat factors, we are on the opinion that the overall Proposed
bahwa secara keseluruhan Rencana Transaksi adalah Transaction is fair.
wajar.
Kami menekankan untuk menggunakan laporan ini We prompt to use this report with great caution and you
dengan penuh kehati-hatian dan memahami seluruh have to fully understand that it is subject to assumptions,
asumsi, batasan, kondisi, komentar dan detil keseluruhan limitations, conditions, comments and all parts of this
bagian laporan yang mendasari opini dimaksud. report which are adopted as the basis for this analysis.
Hormat Kami / Your Sincerely,
Jakarta, 23 October 2024
KJPP Rengganis, Hamid & Rekan
Rengganis Kartomo, MAPPI (Cert.), FRICS
Pemimpin Rekan – Penilai Properti dan Usaha
Managing Partner – Property and Business Valuer
Izin Penilai Publik / Licensed Valuer No. PB-1.08.00006
MAPPI No. 95-S-00632
STTD OJK No. STTD.PPB-16/PJ-1/PM.02/2023
VALUATION & ADVISORY SERVICES 7-1
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Main Office: Menara Kuningan 8th Floor Jalan HR. Rasuna Said Blok X-7 Kav. 5, Jakarta 12940 Phone: +62-21 3001 6002 Fax: +62-21 3001 6003 Email: kjpp.rhp@rhp-valuation.com Our Offices: Medan (P) | Yogyakarta (P) | Surabaya (P) | Bali (P) | Makassar (P) | Semarang (P) | Jakarta (P) | Batam (P) | Mataram (P) | Bandung (P) www.rhr.co.id
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PT Laksya Prima Lestari
p.24
unresolved
org
PT Bumi Karawang Damai
p.24
unresolved
org
PT Sinar Usaha Marga
p.24
unresolved
org
PT Simas Tunggal Centre
p.26 ×2
unresolved
org
PT Metropolitan Transcities
p.26 ×2
unresolved
org
PT Aneka Karya Amarta
p.26 ×2
unresolved
org
PT Pembangunan Jaya
p.26 ×2
unresolved
org
PT Bhineka Karya Pratama
p.26 ×2
unresolved
org
PT Anangga Pertiwi Megah
p.26 ×2
unresolved
org
PT Nirmala Indah Sakti
p.26 ×2
unresolved
org
PT Apta Citra Universal
p.26 ×2
unresolved
org
PT Serasi Niaga Sakti
p.26
unresolved
org
PT Serasi Niaga Sakti Masyarakat
p.26
unresolved
person
Teky Mailoa
· Presiden Komisaris
p.26 ×2
unresolved
person
Yoseph Fransiscus Bonang
· Komisaris
p.26
unresolved
person
Fransiscus Xaverius Ridwan Darmali
· Presiden Direktur
p.26 ×2
unresolved
person
Michael Jackson Purwanto Widjaja
· Wakil Presiden Direktur
p.26 ×3
unresolved
person
Lie Jani Harjanto
· Direktur
p.26
unresolved
person
Monik William
· Direktur
p.26
unresolved
person
Ir. Siswanto Adisaputro
· Direktur
p.26
unresolved
org
SW Investment Holding Pte. Ltd. Pte. Ltd.
p.38
unresolved
person
Benny Kristanto
p.39
unresolved
org
Menteri Kehakiman Republik Indonesia
p.39
unresolved
person
Kumala Thahjani Widodo
p.39
unresolved
person
Widodo
p.39
unresolved
org
Menteri Hukum dan Hak Asasi Manusia
p.39
unresolved
org
Minister of Law and Human Rights
p.39
unresolved
org
Domicile
· Company Name
p.40
unresolved
org
PT Centranusa Majupermai
p.40
unresolved
org
PT Tajur Surya Abadi
p.40
unresolved
org
PT Inti Sarana Papan
p.40
unresolved
org
PT Saptakreasi Indah
p.40
unresolved
org
PT Multiraya Sinarindo
p.40
unresolved
org
PT Puri Surya Abadi
p.40
unresolved
org
PT Dwigunatama Rintisprima
p.40
unresolved
org
PT Dwikarya Langgengsukses
p.40
unresolved
org
PT Kharisma Buana Mandiri
p.40
unresolved
person
COO
· Director
p.41
unresolved
person
Wing Indrasmoro
· Komisaris
p.42
unresolved
person
Ratna Juwanita Haliman
· Direktur
p.42
unresolved
org
Bank International Monetary Fund
p.56
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
Rule parser
Needs review
confidence 0.455
6325 ms
12 Sep 2026 22:56
Raw output
{'appraiser_exempt': None,
'appraiser_name': '',
'assets': [{'area_sqm': None,
'category': 'OTHER',
'description': 'deviation of 7.5% from the Fair Market Value of '
'the Subject (batas maksimum yang'}],
'currency': None,
'fact_type': '',
'issuer_name': '',
'kind': 'CONFLICT',
'kjpp_name': '',
'letter_number': '',
'object_text': 'deviation of 7.5% from the Fair Market Value of the Subject '
'(batas maksimum yang',
'object_truncated': True,
'parties': [],
'pct_of_equity': None,
'reference_period': '',
'requires_rups': None,
'rups_date': None,
'ticker': '',
'transaction_date': None,
'valuation_date': None,
'value': '2'}