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PT Bumi Serpong Damai Tbk Penilaian Ekuitas PT Suryamas Dutamakmur Tbk Equity Valuation of PT Suryamas Dutamakmur Tbk No. Laporan / No. Report : 00252/2.0012-00/BS/03/0006/1/IX/2024 Tanggal / Date : 25 September 2024
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To : The Board of Directors Ref : RHR00PC2F0224043.0
PT Bumi Serpong Damai Tbk Report No. : 00252/2.0012-00/BS/03/0006/1/IX/2024
Gedung Sinar Mas Land Plaza Lantai 3 Date : 25 September 2024
Jl. BSD Green Office Park
Tangerang, Banten 15345
Penilaian Ekuitas Equity Valuation 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. RHR00PC2F0224043.1 RHR00PC2F0224043.1 dated 11 September 2024, to
tanggal 11 September 2024, untuk memberikan opini form an opinion on Market Value of 91.99% Equity of PT
Nilai Pasar atas 91,99% Ekuitas PT Suryamas Suryamas Dutamakmur Tbk (“SMDM”), in this regard we
Dutamakmur Tbk (“SMDM”), dengan ini menyatakan are pleased to confirm that we have completed our
bahwa kami telah melakukan analisis dan analysis and submit the report to Client and Intended
menyampaikan laporan ini untuk Pemberi Tugas dan User.
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 are registered as a Public Valuer
Publik di Kementerian Keuangan Republik Indonesia in the Ministry of Finance of Republic of Indonesia
dan Otoritas Jasa Keuangan (OJK). and 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 Business,
Pemberi Tugas dan Pengguna Laporan. 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
penanggung jawab penilaian yang mempunyai or person in charge of the valuation who has the
kompetensi untuk melakukan penilaian. competence to conduct such valuation.
2. Pemberi Tugas 2. Client
Pemberi tugas adalah BSDE, dengan uraian sebagai The Client is BSDE, with details as follows:
berikut:
Pembangunan Real Estat Bidang Usaha / Real Estate Development
Business Segment
Gedung Sinar Mas Land Plaza Lantai 3 Sinar Mas Land Plaza Building 3rd Floor
Jl. BSD Green Office Park Alamat / 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. Faks / +62 (21) 6907623
+62 (21) 6907623
Fax No.
www.bsdcity.com Website www.bsdcity.com
3. Pengguna Laporan 3. Intended User
Pengguna laporan adalah The intended users are
a) BSDE dan a) BSDE and
b) Sinarmas Land Limited dengan detail sebagai b) Sinarmas Land Limited with detail as follow.
berikut.
Real Estate Development Bidang Usaha / Real Estate Development
Business Segment
108 Pasir Panjang Road 108 Pasir Panjang Road
#06-00 Golden Agri Plaza Alamat / #06-00 Golden Agri Plaza
Address
Singapore 118535 Singapore 118535
+65 6220 7720 No. Telepon / +65 6220 7720
Phone No.
No. Faks / +65 6590 0887
+65 6590 0887
Fax No.
www.sinarmasland.com Website www.sinarmasland.com
4. Objek Penilaian dan Kepemilikan 4. Subject Business and Ownership
Objek Penilaian adalah 91,99%% ekuitas SMDM Subject Business is 91.99% equity of SMDM which is
yang bergerak di bidang pengembangan properti. engaged in property development sector.
Per tanggal 30 Juni 2024, Perseroan memiliki As of 30 June 2024, the Company has direct and
kepemilikan langsung dan tidak langsung pada indirect ownerships in the following subsidiaries or
entitas anak dan asosiasi sebagai berikut. associates.
Nama Perusahaan / Domisili/ % Kepemilikan / Kegiatan Usaha / Proyek /
Company Name Domicile % of Ownerships Business Activities Project
Investasi dan Real estat /
PT Centranusa Majupermai (“CNMP”)1) Jakarta 100.00% -
Investment 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 -
VALUATION & ADVISORY SERVICES ii
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Nama Perusahaan / Domisili/ % Kepemilikan / Kegiatan Usaha / Proyek /
Company Name Domicile % of Ownerships Business Activities Project
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
Saat ini, SMDM dan entitas anak secara bersama- Currently, SMDM and subsidiaries are jointly
sama mengembangkan perumahan Rancamaya, developing the Rancamaya, Harvest City, and Royal
Harvest City, dan Royal Tajur. Tajur residential estate.
Objek Penilaian yang dimaksud berbadan hukum Subject Business is an incorporated company with
perseroan terbatas yang mana kepemilikannya limited liabilities where its ownership is based on the
didasarkan kepada ketentuan yang diatur secara sah provision stipulated legally in the Establishment Act
dalam Akta Pendirian Objek Penilaian. Hak of the Subject Business. The ownership right of the
kepemilikan atas Objek Penilaian adalah Subject Business is common shares that are majority.
kepemilikan atas saham biasa yang bersifat
mayoritas.
5. Jenis Mata Uang yang Digunakan 5. Applicable Currency
Objek penilaian dinilai dengan menggunakan mata The Subject Business is valued using the Rupiah
uang Rupiah (“IDR” atau “Rp”). Nilai tukar pada currency (“IDR” or “Rp”). The exchange rate as of
tanggal penilaian adalah USD1 = Rp16.421,- (kurs valuation date is USD1 = Rp16,421/- (Bank
tengah Bank Indonesia). Indonesia middle rate).
6. Maksud dan Tujuan Penilaian 6. Purpose and Objective of Valuation
Penilaian ini dimaksudkan untuk memberikan opini This valuation is intended to provide Market Value
Nilai Pasar atas 91,99% ekuitas SMDM untuk tujuan opinion of 91.99% equity of SMDM for proposed
rencana akuisisi. acquisition purpose.
VALUATION & ADVISORY SERVICES iii
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7. Dasar Nilai 7. Basis of Value
Dasar Nilai sesuai tujuan penilaian adalah Nilai The basis of value is Market Value as defined in
Pasar yang didefinisikan sesuai dengan Peraturan accordance with the Republic of Indonesia OJK
OJK Republik Indonesia (“POJK”) No. Regulation (“POJK”) No. 35/POJK.04/2020 as
35/POJK.04/2020 sebagai berikut. follows.
Nilai Pasar Market Value
Nilai Pasar adalah estimasi sejumlah uang yang Market Value is the estimated amount for which an
dapat diperoleh dari hasil penukaran suatu aset atau asset or liability should exchange on the valuation
liabilitas pada Tanggal Penilaian, antara pembeli date between a willing buyer and a willing seller in
yang berminat membeli dengan penjual yang an arm's length transaction, after proper marketing
berminat menjual, dalam suatu transaksi bebas and where the parties had each acted
ikatan, yang pemasarannya dilakukan secara layak, knowledgeably, prudently and without compulsion.
dimana kedua Pihak masing – masing bertindak
atas dasar pemahaman yang dimilikinya, kehati-
hatian, dan tanpa paksaan.
Penilaian tidak memperhitungkan biaya dan pajak Valuation does not take into account any tax liability
atau biaya yang terkait dengan penjualan dan or costs associated with sales and transfer of Subject
pengalihan Objek Penilaian kepada pihak lain. Business to another party.
8. Tanggal Penilaian 8. Date of Valuation
Tanggal penilaian adalah 30 Juni 2024. Date of valuation is 30 June 2024.
9. Tingkat Kedalaman Investigasi 9. Depth of Investigation
Penilaian ini dilakukan dengan batasan investigasi This valuation is conducted with limitation of
sebagai berikut: investigation as follows:
a) Uji tuntas atas laporan keuangan Objek a) Due diligence on the Subject Business financial
Penilaian tidak dilakukan, namun uji tuntas atas statements was not conducted, however the due
aspek keuangan dan perpajakan didasarkan diligence on financial and tax aspect was based
pada uji tuntas yang dilakukan oleh PT KPMG on due diligence conducted by PT KPMG
Siddharta Advisory; Siddharta Advisory;
b) Uji tuntas atas aspek legal Objek Penilaian tidak b) Due diligence on legal documents of the Subject
dilakukan, namun didasarkan pada uji tuntas Business was not conducted, however it was
legal yang dilakukan oleh PT PwC Legal based on legal due diligence conducted by PT
Indonesia; PwC Legal Indonesia;
c) Pengumpulan data dan informasi dari pihak c) The collection of data and information from the
manajemen Perseroan bertujuan untuk Company’s management is to gather required
mendapatkan dokumen kelengkapan analisis complete document for analysis and then
yang dibutuhkan dan selanjutnya diverifikasi subsequently verified by direct interview or e-
melalui wawancara langsung atau email; mail;
d) Terdapat data dan informasi yang relevan, yang d) Relevant data and information are obtained
diambil dari sumber yang layak; from appropriate sources;
e) Penelaahan, perhitungan dan analisis dapat e) The investigation, calculation and analysis have
dilakukan dengan baik tanpa terhalang oleh been done without any hidden information or
informasi yang tersembunyi atau sengaja deliberately hidden.
disembunyikan.
VALUATION & ADVISORY SERVICES iv
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10. Sifat dan Sumber Informasi yang Dapat Diandalkan 10. Nature and Sources of Reliable Information Data
Sifat dan sumber informasi yang relevan namun The relevant unverified information and data could
tidak membutuhkan verifikasi, dapat disetujui untuk be accepted to use as long as the source of the data
digunakan sepanjang sumber data tersebut is published in domestic or international levels. The
dipublikasikan pada tingkat nasional maupun data sources are as follows:
internasional. Sumber data tersebut antara lain:
a) Bank Indonesia; a) Bank Indonesia;
b) Bursa Efek Indonesia; b) Indonesia Stock Exchange;
c) Badan Pusat Statistik; c) Statistics Indonesia;
d) Data riset dari lembaga independen, namun d) Research data from independent institutions, but
tidak terbatas kepada Bloomberg, Penilai not limited to Bloomberg, Penilai Harga Efek
Harga Efek Indonesia (PHEI), International Indonesia (PHEI), International Monetary Fund
Monetary Fund (IMF), Economist Intelligence (IMF), Economist Intelligence Unit (EIU); and
Unit (EIU); dan e) Information from the electronic and printed
e) Informasi dari media elektronik dan media media which are considered representative.
cetak yang dianggap mewakili.
11. Asumsi dan Asumsi Khusus 11. Assumption and Special Assumption
Asumsi Assumption
a. Objek Penilaian diasumsikan sebagai a. The Subject Business is assumed to be a going
perusahaan yang sedang berjalan dan akan concern business and will continue its operations
melanjutkan kegiatan usahanya di masa yang for the foreseeable future;
akan datang;
b. Objek Penilaian diasumsikan telah memenuhi b. The Subject Business is assumed to have
seluruh aspek legal dan perundang-undangan complied with all applicable legal and law
yang berlaku secara umum maupun spesifik matters specific to the industry in order to conduct
terhadap industrinya agar dapat melakukan its operational activities;
kegiatan operasional;
c. Penilaian dilakukan dengan adanya akses untuk c. Valuation was conducted with access to adequate
pelaksanaan investigasi yang memadai; investigation;
d. Laporan keuangan audit yang digunakan d. Audited financial statements that are used as the
sebagai dasar dalam analisis penilaian ini basis of this valuation analysis are assumed to be
diasumsikan akurat dan benar serta tidak ada accurate and correct, also there are no
informasi disembunyikan atau sengaja information that is hidden or intentionally hidden;
disembunyikan;
e. Untuk tujuan penilaian, kami telah dilengkapi e. For the purpose of this valuation, we have relied
data dan informasi, termasuk laporan keuangan on the data and information, including financial
yang dijadikan dasar dalam penilaian ini, yang statements used as the basis of this valuation
disediakan oleh Manajemen Perseroan, serta analysis, provided by the Company
data dan informasi verbal yang diperoleh selama Management, data and verbal information
investigasi, yang mana diasumsikan akurat dan gathered during investigation, which are
benar serta tidak ada informasi disembunyikan assumed to be true and correct, and there is no
atau sengaja disembunyikan; information that is hidden or intentionally hidden.
Asumsi Khusus Special Assumption
f. Kami mengerti bahwa SMDM memiliki f. We understand that SMDM holds shares in PT
penyertaan saham pada PT Bank Muamalat Bank Muamalat Indonesia Tbk and PT Bhakti
Indonesia Tbk dan PT Bhakti Sarana dengan nilai Sarana with a book value of Rp200,000,000/-
buku masing-masing sebesar Rp200.000.000,- and Rp25,000,000/- respectively as of 30 June
VALUATION & ADVISORY SERVICES v
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dan Rp25.000.000,- per 30 Juni 2024. Dalam 2024. In this valuation, we assume that the book
penilaian ini kami berasumsi bahwa nilai buku value of these shares have reflected their Market
penyertaan saham tersebut telah mencerminkan Value as of the valuation date.
Nilai Pasar-nya per tanggal penilaian;
g. Kami mengerti bahwa CNMP, SKI, KBM, PSA, ISP, g. We understand that CNMP, SKI, KBM, PSA, ISP,
dan MS tidak menerbitkan laporan keuangan and MS do not publish audited financial report as
audit per tanggal penilaian. Kami mengerti of valuation date. We also understand that in the
bahwa dalam proses audit atas laporan audit process of SMDM as a group are also
keuangan SMDM secara grup juga termasuk including audit of these entities. In this valuation,
audit atas masing-masing entitas tersebut. Dalam we have assumed the interim financial statement
penilaian ini, kami berasumsi bahwa laporan and consolidated working paper provided by
keuangan interim maupun kertas kerja management for these entities are true, accurate,
konsolidasi yang disediakan oleh manajemen and conform to the standard of financial
untuk entitas tersebut adalah benar, akurat, dan statement reporting hence could be adopted as
sesuai dengan standar penyajian laporan the basis of valuation;
keuangan yang berlaku sehingga dapat
digunakan sebagai dasar penilaian;
12. Persyaratan atas Persetujuan Publikasi 12. Term on Approval for Publication
Laporan penilaian terbuka untuk publik kecuali The valuation report is open to the public unless it
terdapat informasi yang bersifat rahasia, yang dapat contains confidential information that could affect
mempengaruhi operasional perusahaan. the company's operations.
13. Konfirmasi Penilaian Dilakukan Berdasarkan SPI dan 13. Confirmation on Indonesia Valuation Standard and
Peraturan Terkait Related Regulation
Penilaian ini dilakukan sesuai Kode Etik Penilai The valuation was carried out in accordance with the
Indonesia (KEPI) dan Standar Penilaian Indonesia Indonesian Valuer’s Code of Ethics (KEPI) and
(SPI) Edisi VII – 2018 dan SPI 330 Penilaian Bisnis Indonesian Valuation Standards (SPI) VII Edition –
Edisi Revisi serta POJK No. 35/POJK.04/2020 dan 2018, and SPI 330 Business Valuation Revised
Surat Edaran OJK Republik Indonesia (“SEOJK”) No. Edition and POJK No.00 35/POJK.04/2020 and
17/SEOJK.04/2020. OJK Circular Letter of the Republic of Indonesia
(“SEOJK”) 17/SEOJK.04/2020.
14. Pendekatan Penilaian dan Alasan Penggunaannya 14. Valuation Approach and Rationale
Dalam penilaian ini kami menggunakan pendekatan In this valuation we have adopted valuation
sebagai berikut: approach as follows:
Alasan Pendekatan / Approach Rationale
Tidak diterapkan dengan pertimbangan
Not applied with consideration that there are
keterbatasan perusahaan pembanding sejenis Pasar / Market
limited comparable companies for SMDM.
yang sebanding dengan SMDM.
Diterapkan dengan pertimbangan bahwa Applied with consideration that the Subject
Objek Penilaian telah dan sedang beroperasi Business has been and in operation and assumed
Pendapatan / Income
dan diasumsikan akan melanjutkan kegiatan to continue its operation and activities in the future
operasinya di masa yang akan datang. (going concern).
Diterapkan dengan pertimbangan Objek Applied with consideration that the Subject
Aset / Biaya
Penilaian memiliki aset berupa aset real estat Business has significant assets in the form of real
Assets / Cost
dan properti investasi yang signifikan. estate assets and investment properties.
VALUATION & ADVISORY SERVICES vi
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15. Metode Penilaian 15. Valuation Method
Dalam penilaian ini kami menerapkan Metode In this valuation, we have adopted Discounted Cash
Diskonto Arus Kas (“DCF”) untuk Pendekatan Flow Method (“DCF”) for Income Approach and
Pendapatan dan Adjusted Book Value Method Adjusted Book Value Method (“ABVM”) or known as
(“ABVM”) atau dikenal juga sebagai Revised Net Revised Net Asset Value (“RNAV”) for Cost Approach.
Asset Value (“RNAV”) untuk Pendekatan Biaya.
16. Kejadian Penting setelah Tanggal Penilaian 16. Subsequent Event
Dalam penilaian ini, kami tidak mempertimbangkan In this valuation, we do not consider the impact of
peristiwa setelah tanggal penilaian. any subsequent event after the valuation date.
17. Kesimpulan Penilaian 17. Value Conclusion
Dengan mempertimbangkan seluruh informasi yang Having considered all relevant information and the
relevan dan kondisi pasar yang berlaku, kami prevailing market condition, we are on the opinion
berpendapat bahwa Nilai Pasar 91,99% Ekuitas that the Market Value of 91.99% Equity of SMDM as
SMDM per 30 Juni 2024 adalah of 30 June 2024 is
Rp2,551,055,000,000/-
(DUA TRILIUN LIMA RATUS LIMA PULUH SATU MILIAR LIMA PULUH LIMA JUTA RUPIAH)
(TWO TRILLION FIVE HUNDRED FIFTY ONE BILLION FIFTY FIVE MILLION RUPIAHS)
Kami menekankan untuk menggunakan laporan ini We prompt to use this valuation with great caution
dengan penuh kehati-hatian dan memahami seluruh and you have to fully understand that it is subject to
asumsi, batasan, kondisi, komentar dan detail assumptions, limitations, conditions, comments and
keseluruhan bagian laporan yang mendasari opini all parts of this report which are adopted as the basis
nilai dimaksud. for this valuation.
Hormat Kami / Yours Sincerely,
Jakarta, 25 September 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
VALUATION & ADVISORY SERVICES vii
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DAFTAR ISI/
TABLE OF CONTENT
HALAMAN
BAB INFORMASI INFORMATION CHAPTER
/ PAGE
SURAT PENGANTAR i COVERING LETTER
DAFTAR ISI ix TABLE OF CONTENT
PERNYATAAN PENILAI x COMPLIANCE STATEMENT
KONDISI DAN SYARAT PEMBATAS xiii TERMS AND LIMITING CONDITIONS
GLOSARIUM xv GLOSSARY
RINGKASAN EKSEKUTIF xvi EXECUTIVE SUMMARY
1.00 PENDAHULUAN 1–1 INTRODUCTION 1.00
2.00 PROFIL PERUSAHAAN 2–1 COMPANY PROFILE 2.00
3.00 GAMBARAN PASAR 3–1 MARKET OVERVIEW 3.00
4.00 PENDEKATAN PENILAIAN 4–1 VALUATION APPROACH 4.00
5.00 PROSEDUR PENILAIAN 5–1 VALUATION PROCEDURE 5.00
6.00 KESIMPULAN PENILAIAN 6–1 VALUATION CONCLUSION 6.00
LAMPIRAN APPENDIX
L1 – 1 PT CENTRANUSA MAJUPERMAI PT CENTRANUSA MAJUPERMAI L1 – 1
L2 – 1 PT DWIGUNATAMA RINTISPRIMA PT DWIGUNATAMA RINTISPRIMA L2 – 1
L3 – 1 PT DWIKARYA LANGGENGSUKSES PT DWIKARYA LANGGENGSUKSES L3 – 1
L4 – 1 PT KHARISMA BUANA MANDIRI PT KHARISMA BUANA MANDIRI L4 – 1
L5 – 1 PT TAJUR SURYA ABADI PT TAJUR SURYA ABADI L5 – 1
L6 – 1 PT PURI SURYA ABADI PT PURI SURYA ABADI L6 – 1
L7 – 1 PT INTI SARANA PAPAN PT INTI SARANA PAPAN L7 – 1
L8 – 1 PT SAPTAKREASI INDAH PT SAPTAKREASI INDAH L8 – 1
L9 – 1 PT MULTIRAYA SINARINDO PT MULTIRAYA SINARINDO L9 – 1
KERTAS KERJA WORKING PAPER
VALUATION & ADVISORY SERVICES viii
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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 faktual yang dipresentasikan dalam 1. Factual statement presented in this valuation report is
laporan penilaian adalah benar dan sesuai dengan true and correct to the extent of Valuer(s) knowledge.
pemahaman terbaik dari Penilai.
2. Analisis dan kesimpulan hanya dibatasi oleh asumsi 2. Analysis and conclusion are restricted by assumption
dan kondisi yang dilaporkan. and condition which is stated in the report.
3. Penilai tidak mempunyai kepentingan terhadap 3. The Valuer(s) have no interest in Subject Business.
properti yang dinilai.
4. Imbalan jasa Penilai tidak berkaitan dengan hasil 4. Professional fee is not related to the value opinion
penilaian yang dilaporkan. concluded in this report.
5. Penilaian dilakukan dengan memenuhi ketentuan 5. This valuation has been carried out in accordance to
KEPI dan SPI. the KEPI and SPI.
6. Penilai telah memenuhi persyaratan pendidikan 6. The Valuer(s) have already accomplished required
profesional yang ditentukan dan/atau professional education held by Indonesian Society of
diselenggarakan oleh Masyarakat Profesi Penilai Appraisers (MAPPI).
Indonesia (MAPPI).
7. Penilai memiliki pemahaman atas objek penilaian. 7. The Valuer(s) possess adequate knowledge about the
Subject Business.
8. Penilai melakukan investigasi terhadap objek 8. The Valuer(s) have conducted an investigation on the
penilaian. Subject Business.
9. Tidak seorang pun, kecuali yang disebutkan dalam 9. No one, except stated in the valuation report,
laporan penilaian telah menyediakan bantuan involved professionally in the preparation of this
profesional dalam menyiapkan laporan penilaian. report.
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 dan 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 ..........................
Agus Herianto, MAPPI (Cert.)
Register Penilai No. RMK-2017.00945 Penilai Properti /
MAPPI No. 15-T-05897 Property Valuer ...... ....................
VALUATION & ADVISORY SERVICES ix
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Nama / Name Kualifikasi / Qualification Tanda Tangan / Signature
Pemeriksa / Reviewer
Amalaura Dienaulie, MAPPI (Cert.)
Register Penilai No. RMK-2017.00941 Penilai Properti /
MAPPI No. 12-S-03896 Property Valuer ... .......................
Rifki Kurniawan
Register Penilai No. RMK-2017.00944 Penilai Properti /
MAPPI No. 13-T-04517 Property Valuer ...... ....................
Vania Alfrida
Register Penilai No. RMK-2017.00951 Penilai Properti dan Bisnis /
MAPPI No. 16-T-06711 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 ..........................
Jun Cesar Haposan Meha
Register Penilai No. RMK-2017-00950 Penilai Properti /
MAPPI No. 16-T-06693 Property Valuer ... .......................
Dedy Roma Seniawan
Register Penilai No. RMK-2017.00955 Penilai Properti /
MAPPI No. 16-T-06787 Property Valuer .......... ................
Garry Jeremiah Anthony Rey
Register Penilai No. RMK-2020.03217 Penilai Properti /
MAPPI No. 19-T-09352 Property Valuer ..........................
Ilham Yahya
Register Penilai No. RMK-2020.03167 Penilai Properti /
MAPPI No. 19-P-09494 Property Valuer ... .......................
Muhamad Firman Hardiansyah
Register Penilai No. RMK-2021.04037 Penilai Properti /
MAPPI No. 20-P-10314 Property Valuer ........ ..................
VALUATION & ADVISORY SERVICES x
Page 12
Nama / Name Kualifikasi / Qualification Tanda Tangan / Signature
Penilai / Valuer
Erika Saragih
Register Penilai No. RMK-2022.04510 Penilai Properti /
MAPPI No. 22-P-11263 Property Valuer ..........................
Agung Pratama Hidayat
Register Penilai No. RMK-2022.04251 Penilai Properti /
MAPPI No. 22-P-11278 Property Valuer ... .......................
Fransiskus Xaverius Kennedy
Register Penilai No. RMK-2022.04353 Penilai Properti /
MAPPI No. 22-P-11525 Property Valuer ...... ....................
Simon Boyke Meha
Register Penilai No. RMK-2023.04738 Penilai Properti /
MAPPI No. 22-P-11720 Property Valuer ..........................
Aisyah Bianny Rahmanugroho
Register Penilai No. RMK-2023.04734 Penilai Properti /
MAPPI No. 23-P-11891 Property Valuer ........... ...............
Chrysan Easter Bhanuwati
Register Penilai No. RMK-2022.04523 Penilai Properti /
MAPPI No. 22- P-11274 Property Valuer ... .......................
VALUATION & ADVISORY SERVICES xi
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KONDISI DAN SYARAT PEMBATAS/
TERMS AND LIMITING CONDITIONS
Penilaian dan Laporan Penilaian bergantung kepada This Valuation and Report is subject to the following terms
syarat dan kondisi pembatas sebagai berikut: and limiting conditions:
1. Kami mengasumsikan bahwa Perseroan merupakan 1. We have assumed that the Company 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. Perseroan dikelola oleh manajemen yang profesional 2. The Company is managed professionally and
dan kompeten; competently;
3. Penilaian ini dibuat atas dasar semua data dan fakta 3. This Valuation is made based on all the existing data
yang ada serta dilaksanakan sesuai tata cara and facts which will be applied in accordance with the
penilaian dan SPI yang berlaku; applicable procedures of valuation and SPI;
4. Kami mengasumsikan bahwa semua data 4. We have assumed that all supporting evidences,
pendukung, informasi dalam laporan keuangan dan information on financial statement and other
informasi lainnya yang diberikan oleh Perseroan telah information related to the business, given by the
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;
5. Semua tuntutan hukum dan ikatan, jika ada, telah 5. All lawsuits and any liens, if any, have been neglected
diabaikan karena Objek Penilaian dianggap berada since valuation object is considered to be in “free and
dalam kondisi “free and clear” dan dilindungi oleh clear” condition and protected by the valid property
hak milik yang sah; rights;
6. KJPP Rengganis, Hamid & Rekan merupakan penilai 6. 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 Penilaian yang kami nilai, baik assignment now or later and our assignment not
sekarang maupun dikemudian hari, dan tugas kami related to the reported result of the valuation;
untuk melaksanakan penilaian ini tidak tergantung
dari nilai yang dilaporkan;
7. KJPP Rengganis, Hamid & Rekan tidak berkewajiban 7. KJPP Rengganis, Hamid & Rekan has no obligation to
untuk memberikan kesaksian atau hadir didepan give witness nor attend to the court or government
pengadilan atau pejabat pemerintah mengenai official regarding this assignment unless there has
penilaian ini, terkecuali jika telah diadakan been an agreement before.
persetujuan sebelumnya.
8. Terkait dengan kondisi geopolitik yang diikuti dengan 8. 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
penilaian ini dengan tingkat kehati-hatian yang lebih and a higher degree of caution should be attached to
tinggi serta memahami adanya tingkat ketidakpastian our valuation than would normally be the case. Given
yang lebih tinggi dibandingkan dengan kondisi yang the unknown level of impact that geopolitics condition
secara normal berlaku. Disebabkan belum have on the market and the absence or lack of
diketahuinya besaran dampak dari kondisi geopolitik market data to inform or support a quantitative
yang terjadi di pasar dan ketiadaan atau kurangnya estimate, as a precaution we recommend that more
data pasar untuk menginformasikan atau mendukung frequent reviews on the value assessment should be
estimasi kuantitatif, kami menyarankan untuk carried out.
VALUATION & ADVISORY SERVICES xii
Page 14
dilakukannya review/kaji ulang secara berkala
terhadap hasil penilaian ini sebagai tindakan
berjaga-jaga.
9. Perbedaan kondisi yang mungkin terjadi antara 9. Difference condition might occur in between valuation
tanggal penilaian dengan waktu penggunaan hasil date and period of time in exercising the valuation
penilaian, dapat menurunkan relevansi opini nilai result, might reduce relevancy of value opinion to
terhadap kebutuhan pengguna hasil penilaian, intended user(s) needs, caused by difference on data
dikarenakan adanya perbedaan akses data dan access and information, also assumption and
informasi serta asumsi dan analisis penilaian. Apabila valuation analysis. In case, intended user(s) find such
pengguna hasil penilaian menemukan kondisi condition, recommended to assign Valuer(s) to review
tersebut, disarankan untuk menugaskan Penilai the assignments that have been carried out in which if
melakukan reviu terhadap penugasan yang telah it possible and needed, Valuer(s) might be able to
dilaksanakan dan apabila dimungkinkan dan repeat previous valuation procedure, in complete way.
dibutuhkan, Penilai dapat melakukan penilaian ulang The process and procedure have to be outlined in a
dengan mengulang kembali prosedur penilaian yang standalone assignment and disparate from previous
sebelumnya dilakukan, secara lebih lengkap. Proses assignment.
dan prosedur tersebut harus dituangkan dalam
penugasan yang berdiri sendiri dan berbeda dengan
penugasan penilaian sebelumnya.
VALUATION & ADVISORY SERVICES xiii
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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
PT Centranusa Majupermai CNMP PT Centranusa Majupermai
PT Dwigunatama Rintisprima DRP PT Dwigunatama Rintisprima
PT Dwikarya Langgengsukses DLS PT Dwikarya Langgengsukses
PT Kharisma Buana Mandiri KBM PT Kharisma Buana Mandiri
PT Tajur Surya Abadi TSA PT Tajur Surya Abadi
PT Puri Surya Abadi PSA PT Puri Surya Abadi
PT Inti Sarana Papan ISP PT Inti Sarana Papan
PT Saptakreasi Indah SKI PT Saptakreasi Indah
PT Rancamaya Indah Hotel RIH PT Rancamaya Indah Hotel
PT Multiraya Sinarindo MS PT Multiraya Sinarindo
PT Rancamaya Asri Golf and Country RAGC PT Rancamaya Asri Golf and Country
PT Permainusa Megacitra PM PT Permainusa Megacitra
Kode Etik Penilai Indonesia & Standar Penilaian Indonesian Valuer’s Code of Ethics & Indonesian
KEPI & SPI
Indonesia Valuation Standards
Pendapatan sebelum bunga, pajak, depresiasi dan Earnings Before Interest, Tax, Depreciation &
EBITDA
amortisasi Amortization
Diskonto Arus Kas DCF Discounted Cash FLow
Arus Kas Bebas Perusahaan; Pendapatan
Free Cash Flow to Firm; Operating income, less
operasional, dikurangi pajak, ditambah
tax, added with depreciation and other non cash
penyusutan dan beban non kas lainnya, dikurangi FCFF
charges, deducted or added with changes in net
atau ditambah perubahan modal kerja bersih,
working capital, deducted with capital expenditure
dikurangi belanja modal
Adjusted Book Value Method ABVM Adjusted Book Value Method
Discount for Lack of Marketability is an amount or
Diskon likuiditas pasar adalah suatu jumlah atau a certain percentage of which
persentase tertentu yang merupakan pengurang
DLOM is deducted from the value of equity as a
dari nilai suatu ekuitas sebagai cerminan dari
kurangnya likuiditas dari Objek Penilaian reflection of the lack of liquidity of
Subject Business
Rupiah Indonesia IDR Indonesian Rupiah
Dolar Amerika Serikat USD United States Dollar
VALUATION & ADVISORY SERVICES xiv
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RINGKASAN EKSEKUTIF/
EXECUTIVE SUMMARY
Pemberi Tugas /
PT Bumi Serpong Damai Tbk (BSDE) PT Bumi Serpong Damai Tbk (BSDE)
Client
Pengguna Laporan /
BSDE dan Sinarmas Land Limited BSDE and Sinarmas Land Limited
Intended User
BSDE BSDE
Gedung Sinar Mas Land Plaza Lantai 3 Sinar Mas Land Plaza Building 3rd Floor
Jl. BSD Green Office Park Jl. BSD Green Office Park
Tangerang, Banten 15345 Tangerang, Banten 15345
Alamat /
Address
Sinarmas Land Limited Sinarmas Land Limited
108 Pasir Panjang Road 108 Pasir Panjang Road
#06-00 Golden Agri Plaza #06-00 Golden Agri Plaza
Singapore 118535 Singapore 118535
Objek Penilaian /
91,99%% ekuitas SMDM 91.99% equity of SMDM
Subject Business
Bidang Usaha /
Pengembang properti Property development
Business Segment
Perseroan saat ini berusaha di bidang real estat The Company is currently engaged in real estate
berupa penjualan tanah serta tanah dan rumah Profil Objek Penilaian activities including selling of land, land and
tinggal, pengoperasian lapangan golf, country / Subject Business houses, and the operation of the golf course,
club, hotel dan fasilitas resort lainnya di daerah Profile country club, hotel and other resort facilities
Rancamaya, Bogor, Jawa Barat. located in Rancamaya, Bogor, West Java.
Kinerja Keuangan /
(dalam juta Rupiah) Financial Performance (in million Rupiah)
2019 2020 2021 2022 2023 2024*
LABA RUGI INCOME STATEMENT
Pendapatan 569,374 386,541 567,052 566,403 496,498 243,433 Revenue
Biaya Pokok Pendapatan 271,787 193,122 255,791 219,541 206,033 102,465 Cost of Revenue
Laba Kotor 297,588 193,420 311,261 346,862 290,465 140,968 Gross Profit
Beban Penjualan 45,562 32,167 48,837 41,270 46,415 10,777 Selling expenses
Beban umum dan General and administrative
157,658 125,219 131,401 121,891 148,232 59,468
administrasi expenses
Pajak Final 11,281 6,836 10,953 10,991 9,059 4,484 Final Tax
Laba Operasi 83,086 29,198 120,071 172,709 86,760 66,240 Operating Profit
Depreciation and
Depresiasi dan amortisasi 18,567 21,140 13,063 13,077 12,359 3,910
amortization
EBITDA 101,652 50,338 133,134 185,786 99,118 70,151 EBITDA
Pendapatan keuangan 12,272 8,540 8,847 13,173 19,603 51,641 Finance income
Beban keuangan (22,027) (19,235) (9,628) (4,461) (7,616) (1,739) Finance costs
Laba sebelum pajak 73,331 18,503 119,290 181,422 98,747 116,142 Profit before tax
Pajak (37) (204) 1,643 1,625 1,437 - Tax
Laba tahun berjalan 73,368 18,707 117,647 179,797 97,310 116,142 Profit for the year
Pendapatan (Beban) Other comprehensive
(2,186) 6,168 13,864 (9) 1,720 (12,889)
komprehensif lainnya income (expense)
Laba komprehensif tahun Comprehensive income for
71,182 24,875 131,511 179,788 99,029 103,253
berjalan the year
POSISI KEUANGAN FINANCIAL POSITION
Aset Asset
Aset Lancar 914,973 920,069 1,029,231 1,133,347 1,199,949 1,210,009 Current Asset
Kas dan setara kas 92,169 79,593 234,212 289,776 321,778 383,605 Cash and cash equivalent
Piutang usaha 19,035 11,394 6,919 23,603 20,421 22,304 Trade receivable
Piutang lain-lain 1,655 2,063 1,346 3,371 2,033 1,882 Other receivables
Persediaan 2,878 2,059 1,935 2,310 2,479 5,183 Inventory
Aset real estat 783,240 805,205 767,677 792,668 828,033 780,356 Real estate assets
VALUATION & ADVISORY SERVICES xv
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2019 2020 2021 2022 2023 2024*
Uang muka dan beban Advance and prepaid
4,494 4,441 3,663 4,057 8,661 9,330
dibayar di muka expenses
Pajak dibayar di muka 8,819 10,267 11,770 10,487 9,564 6,426 Prepaid taxes
Estimated for claim tax
Estimasi tagihan pajak - - - 6,081 6,081 -
refund
Aset lancar lainnya 2,683 5,047 1,708 993 901 923 Others current asset
Aset Tidak Lancar 2,298,200 2,281,842 2,274,281 2,289,932 2,334,639 2,306,924 Non-Current Asset
Piutang usaha 6,668 4,563 1,726 - - - Trade receivables
Aset real estat 1,946,324 1,948,640 1,927,204 1,928,627 1,982,878 1,995,581 Real estate assets
Aset Tetap 290,638 273,672 263,174 253,410 249,665 248,288 Property and equipment
Properti Investasi 49,466 49,273 76,180 78,736 57,103 58,830 Investment properties
Aset pajak tangguhan 4,879 5,469 4,854 4,276 3,981 3,981 Deferred tax assets
Dana yang dibatasi
- - - 24,657 40,787 - Restricted funds
penggunaannya
Aset tidak lancar lainnya 225 225 1,143 225 225 245 Other non-current assets
Total Aset 3,213,173 3,201,911 3,303,512 3,423,278 3,534,589 3,516,933 Total Asset
Liabilitas dan Ekuitas Liabilities and Equity
Liabilitas jangka pendek 442,631 366,958 433,229 251,773 245,286 198,401 Current liabilities
Utang bank jangka
42,553 3,500 - 30,419 27,507 37,047 Short-term bank loans
pendek
Utang usaha - pihak
11,603 7,945 12,397 12,416 15,893 22,049 Trade payables
ketiga
Utang lain-lain - pihak
18,424 18,431 20,359 26,570 29,632 31,935 Other payabless
ketiga
Utang pajak 6,580 5,813 7,105 6,533 7,110 4,276 Taxes payable
Liabilitas imbalan kerja Short-term employee
2,197 237 229 185 390 -
jangka pendek benefits liability
Uang muka pelanggan 256,130 313,106 358,915 165,769 147,765 96,811 Customer advances
Beban akrual 3,224 7,872 4,744 7,759 7,906 5,791 Accrued expense
Utang bank 100,511 9,298 29,308 2,098 9,083 - Bank loans
Utang lembaga keuangan 1,408 757 171 24 - - Financial institution loans
493
Liabilitas jangka panjang 146,847 186,947 90,767 212,201 230,969 132,564 Non-current liabilities
Utang bank jangka
68,406 106,474 16,780 31,800 59,409 62,525 Long-term bank loans
panjang
Utang lembaga keuangan 953 165 - - - - Financial institution loans
Penyisihan penggantian
Provision for replacement of
peralatan dan 6,719 7,178 7,668 7,220 5,260 3,058
hotel equipment and supplies
perlengkapan hotel
Uang muka pelanggan - - - 119,588 109,228 - Customer advances
Pendapatan bunga
4,435 3,633 2,828 2,020 417 283 Deferred interest income
ditangguhkan
Jaminan keanggotaan golf 8,081 8,949 9,910 9,882 10,221 2,843 Golf membership deposits
Liabilitas imbalan kerja Long-term employee
58,254 60,549 53,580 41,690 46,434 63,857
jangka panjang benefits liabilities
Total Liabilitas 589,478 553,905 523,995 463,974 476,255 330,965 Total Liabilities
Total Ekuitas 2,623,695 2,648,006 2,779,516 2,959,305 3,058,334 3,185,968 Total Equity
*Juni 2024 / June 2024
Sumber: SMDM, laporan keuangan audit (konsolidasian) untuk periode 31 Source: SMDM, audited financial statements (consolidated) for the period 31
Desember yang berakhir pada tahun 2019 – 2023 dan 30 Juni 2024 December for year ended 2019 – 2023 and 30 June 2024
Hak Kepemilikan /
Mayoritas Majority
Ownership Rights
Tujuan Penilaian /
Rencana akuisisi Proposed acquisition
Valuation Purposes
Dasar Nilai /Basis of
Nilai Pasar Market Value
Value
VALUATION & ADVISORY SERVICES xvi
Page 18
• Kami mengerti bahwa SMDM memiliki • We understand that SMDM holds shares in PT
penyertaan saham pada PT Bank Muamalat Bank Muamalat Indonesia Tbk and PT Bhakti
Indonesia Tbk dan PT Bhakti Sarana dengan Sarana with a book value of
nilai buku masing-masing sebesar Rp200,000,000/- and Rp25,000,000/-
Rp200.000.000,- dan Rp25.000.000,- per respectively as of 30 June 2024. In this
30 Juni 2024. Dalam penilaian ini kami valuation, we assume that the book value of
berasumsi bahwa nilai buku penyertaan these shares have reflected their Market Value
saham tersebut telah mencerminkan Nilai as of the valuation date;
Pasar-nya per tanggal penilaian;
• Kami mengerti bahwa CNMP, SKI, KBM, PSA, • We understand that CNMP, SKI, KBM, PSA,
ISP, dan MS tidak menerbitkan laporan ISP, and MS do not publish audited financial
Asumsi Khusus /
keuangan audit per tanggal penilaian. Kami report as of valuation date. We also
Special Assumption
mengerti bahwa dalam proses audit atas understand that in the audit process of SMDM
laporan keuangan SMDM secara grup juga as a group are also including audit of these
termasuk audit atas masing-masing entitas entities. In this valuation, we have assumed
tersebut. Dalam penilaian ini, kami berasumsi the interim financial statement and
bahwa laporan keuangan interim maupun consolidated working paper provided by
kertas kerja konsolidasi yang disediakan oleh management for these entities are true,
manajemen untuk entitas tersebut adalah accurate, and conform to the standard of
benar, akurat, dan sesuai dengan standar financial statement reporting hence could be
penyajian laporan keuangan yang berlaku adopted as the basis of valuation.
sehingga dapat digunakan sebagai dasar
penilaian.
Tanggal Penilaian /
30 Juni 2024 30 June 2024
Date of Valuation
Nilai Tukar /
USD1 = Rp16.421,- (kurs tengah Bank Indonesia) USD1= Rp16,421/- (Bank Indonesia middle rate)
Exchange Rate
Pendekatan Pendapatan dengan Metode DCF dan Pendekatan Penilaian / Income Approach with DCF Method and
Pendekatan Aset dengan ABVM Valuation Approach Asset Approach with ABVM
Rp2.551.055.000.000,- Rp2,551,055,000,000/-
Kesimpulan Penilaian /
(DUA TRILIUN LIMA RATUS LIMA PULUH SATU (TWO TRILLION FIVE HUNDRED FIFTY ONE
Value Conclusion
MILIAR LIMA PULUH LIMA JUTA RUPIAH) BILLION FIFTY FIVE MILLION RUPIAHS)
Ringkasan eksekutif ini hanya digunakan bersama dengan segala asumsi, This executive summary is only used together with all assumptions,
batasan dan dasar penilaian yang dinyatakan di dalam laporan ini dan limitations and basis of valuation that is stated in this report and should
tidak seharusnya dibaca secara terpisah. not be read separately.
VALUATION & ADVISORY SERVICES xvii
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1.0 PENDAHULUAN 1.0 INTRODUCTION
1.1 Ruang Lingkup 1.1 Scope of Work
Lingkup pekerjaan mengacu kepada prosedur penilaian The scope of work refers to valuation procedures that are
yang berlaku secara umum. Secara garis besar lingkup applied generally. The outline of scope of work can be
pekerjaan dapat dijelaskan sebagai berikut. described as follows.
Batasan Limitation
Tujuan Purpose
Identifikasi Masalah / Subject Business
Objek Penilaian
Problem Identification Basis of Value
Dasar Nilai
Tanggal Penilaian Date of Valuation
Pengumpulan Data dan
Wawancara Manajemen /
Data Collection and
Interview
Analisis Data dan
Penilaian / Data Analysis
and Valuation
Menggunakan asumsi Apply appropriate
Estimasi Nilai /
dan pendekatan assumptions and
penilaian yang sesuai
Value Estimation valuation approach
Penulisan Laporan /
Report Writing
1.2 Dasar Informasi 1.2 Basis of Information
SMDM (Rancamaya) SMDM (Rancamaya)
• Laporan keuangan konsolidasian SMDM dengan • SMDM’s consolidated financial statements with the
detail sebagai berikut: details as follows:
Periode/ No. Laporan Keuangan/ Opini/
Date Auditor
Period No. Financial Statement Opinion
00109/2.1051/AU.1/03/0929- KAP Kosasih, Nurdiyaman,
2019 6 March 2020
1/1/III/2020 Mulyadi, Tjahjo & Rekan
00106/2.1051/AU.1/03/1029- KAP Kosasih, Nurdiyaman,
2020 8 March 2021 Wajar tanpa modifikasian/
2/1/III/2021 Mulyadi, Tjahjo & Rekan
Unqualified opinion
00142/2.1051/AU.1/03/1029- KAP Kosasih, Nurdiyaman,
2021 15 March 2022
3/1/III/2022 Mulyadi, Tjahjo & Rekan
00207/2.1051/AU.1/03/0929- KAP Kosasih, Nurdiyaman,
2022 24 March 2023
1/1/III/2023 Mulyadi, Tjahjo & Rekan
VALUATION & ADVISORY SERVICES 1-1
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Periode/ No. Laporan Keuangan/ Opini/
Date Auditor
Period No. Financial Statement Opinion
00270/2.1030/AU.1/03/1169- KAP Amir Abadi Jusuf, Aryanto,
2023 28 March 2024
1/1/III/2024 Mawar & Rekan
• 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 and
2023 dan 30 Juni 2024; 30 June 2024;
• Dokumen SMDM terkait akta pendirian dan • SMDM’s documents related to the deed of
perubahan anggaran dasar dengan detail sebagai establishment and amendments to the articles of
berikut: association with the detail as follows:
Tanggal Terbit /
No Dokumen Legal / Legal Document No. Dokumen / Document
Issuance Date
1. Akta pendirian SMDM / Deed of establishment of SMDM 322 21 September 1989
Keputusan Menteri Kehakiman Republik Indonesia / Decree of the C2-5896 HT.01.01.Th.90 9 October 1990
2.
Minister of Justice of the Republic of Indonesia
Pernyataan keputusan rapat mengenai penyesuaian anggaran dasar 137 14 August 2008
Perseroan Terbatas SMDM / Statement of meeting decisions regarding
3.
adjustments to the articles of association of the SMDM Limited Liability
Company
Keputusan Menteri hukum dan hak asasi manusia Republic Indonesia AHU-73392.AH.01.02.Tahun 2008 14 October 2008
tentang persetujuan akta perubahan anggaran dasar Perseroan /
4. Decree of the Minister of Law and Human Rights of the Republic of
Indonesia regarding approval of the deed of amendment to the
company's articles of association
Akta perubahan anggaran dasar SMDM / Deed of amendment to 127 28 June 2013
5.
SMDM's articles of association
Keputusan Menteri hukum dan hak asasi manusia Republic Indonesia AHU-47984.AH.01.02.Tahun 2013 12 September 2013
tentang persetujuan akta perubahan anggaran dasar Perseroan /
6. Decree of the Minister of Law and Human Rights of the Republic of
Indonesia regarding approval of the deed of amendment to the
company's articles of association
Akta perubahan anggaran dasar SMDM / Deed of amendment to 113 30 September 2013
7.
SMDM's articles of association
Penerimaan pemberitahuan perubahan anggaran dasar SMDM / AHU-AH.01.10-52322 4 December 2013
8.
Receipt of notification of changes to SMDM's articles of association
Akta perubahan anggaran dasar SMDM / Deed of amendment to 26 15 July 2015
9.
SMDM's articles of association
Penerimaan pemberitahuan perubahan anggaran dasar SMDM / AHU-AH.01.03-0956813 13 August 2015
10. Receipt of notification of changes to SMDM's articles of association
Pernyataan keputusan rapat SMDM / Statement of decision of the 48 31 May 2016
11.
SMDM meeting
Penerimaan pemberitahuan perubahan data Perseroan / Receipt of AHU-AH.01.03-0057682 15 June 2016
12.
notification of changes to Company data
Pernyataan keputusan rapat SMDM / Statement of decision of the 34 24 May 2017
13.
SMDM meeting
Penerimaan pemberitahuan perubahan anggaran dasar SMDM / AHU-AH.01.03-0142165 5 June 2017
14.
Receipt of notification of changes to SMDM's articles of association
Pernyataan keputusan rapat SMDM / Statement of decision of the 31 26 July 2019
15.
SMDM meeting
Penerimaan pemberitahuan perubahan data perseroan / Receipt of AHU-AH.01.03-0312974 13 August 2019
16.
notification of changes to Company data
17. Akta berita acara RUPSLB SMDM / Deed of minutes of the SMDM EGMS 2 3 December 2021
Pernyataan keputusan rapat SMDM / Statement of decision of the 44 30 December 2021
18.
SMDM meeting
Penerimaan pemberitahuan perubahan anggaran dasar SMDM / AHU-AH.01.03-0066733 28 January 2022
19.
Receipt of notification of changes to SMDM's articles of association
Penerimaan pemberitahuan perubahan data Perseroan / Receipt of AHU-AH.01.03-0066734 28 January 2022
20.
notification of changes to Company data
VALUATION & ADVISORY SERVICES 1-2
Page 21
Tanggal Terbit /
No Dokumen Legal / Legal Document No. Dokumen / Document
Issuance Date
21. Berita acara RUPSLB SMDM / Minutes of the SMDM EGMS 5 4 January 2023
Keputusan Menteri hukum dan hak asasi manusia Republic Indonesia AHU-0005738.AH.01.02.Tahun 2023 27 January 2023
tentang persetujuan perubahan anggaran dasar SMDM / Decree of the
22.
Minister of Law and Human Rights of the Republic of Indonesia
regarding approval of changes to the SMDM articles of association
• Dokumen SMDM sehubungan dengan perizinan • SMDM’s documents related to licensing with the details
dengan detail sebagai berikut: as follows:
Tanggal Terbit /
No Dokumen Legal / Legal Document No. Dokumen / Document
Issuance Date
Surat keputusan Gubernur Kepala Daerah Tingkat I Jawa Barat tentang 593.82/SK.2367.Pem.Um/90 7 December 1990
persetujuan lokasi dan izin pembebasan tanah seluas ± 250 Ha,
terletak di Desa Kertamaya, Genteng, dan Harjasari kecamatan Ciawi
Kabupaten Daerah Tingkat II Bogor, untuk Pembangunan perumahan
dengan fasilitas KPR-Papan Sejahtera/Rumah Kebun, atas nama SMDM
1. / Decree of the Governor of the Head of the Level I Region of West Java
regarding location approval and permission for land acquisition with
area of ± 250 Ha, located in the villages of Kertamaya, Genteng, and
Harjasari, Ciawi sub-district, Level II Region of Bogor, for the
construction of housing with KPR-Papan Sejahtera/Garden House, in
the name of SMDM
Surat keputusan Gubernur Kepala Daerah Tingkat I Jawa Barat tentang 593.82/SK.965-Pem Um/92 20 June 1992
persetujuan lokasi dan izin pembebasan tanah seluas ± 150 Ha,
terletak di Desa Rancamaya, Kertamaya, dan Bojongkerta kecamatan
Ciawi Kabupaten Daerah Tingkat II Bogor, untuk Pembangunan
perumahan dengan fasilitas KPR-Papan Sejahtera (Perluasan), atas
2. nama SMDM / Decree of the Governor of the Head of the Level I Region
of West Java regarding location approval and permission for land
acquisition with area of ± 150 Ha, located in the villages of
Rancamaya, Kertamaya, and Bojongkerta, Ciawi sub-district, Level II
Region of Bogor, for the construction of housing with KPR-Papan
Sejahtera (Expansion) facilities, in the name of SMDM
Keputusan Kepala Kantor Pertanahan Kabupaten Bogor tentang 460.2/221/IL-R/KPN/94 7 September 1994
perpanjangan izin lokasi seluas ± 150 Ha, terletak di Desa
Rancamaya, Kertamaya, dan Bojongkerta kecamatan Ciawi Kabupaten
Daerah Tingkat II Bogor, untuk Pembangunan perumahan dengan
fasilitas KPR-Papan Sejahtera, atas nama SMDM / Decree of Kepala
3.
Kantor Pertanahan of Bogor Regency regarding the extension of a
location permit with area of ± 150 Ha, located in the villages of
Rancamaya, Kertamaya, and Bojongkerta, Ciawi sub-district, Bogor
Regional Level II Regency, for housing development with KPR-Papan
Sejahtera facilities, in the name of SMDM
Keputusan Kepala Kantor Pertanahan Kotamadya Bogor tentang 11/SK.IL.I/N.F/1996 1 October 1996
pemberian izin lokasi pembangunan perumahan untuk dan atas nama
4. SMDM / Decree of Kepala Kantor Pertanahan of the Bogor Municipal
regarding the permits for housing construction sites for and in the name
of SMDM
Keputusan Kepala Badan Koordinasi Penanaman Modal tentang izin 23/T/PARIWISATA/PU/2009 8 January 2009
5. usaha tetap / Decision of the Head of the Investment Coordinating
Board regarding permanent business permits
Keputusan Walikota Bogor tentang pemberian izin lokasi kepada 648.11.45-269 TAHUN 2013 2 July 2013
SMDM untuk keperluan pembangunan perumahan di atas tanah seluas
± 350.000 m2 yang terletak di kelurahan Rancamaya Kecamatan
6. Bogor Selatan Kota Bogor / Decree of the Mayor of Bogor regarding
the granting of location permits to SMDM for the purposes of housing
construction on land ± 350,000 m2 located in Rancamaya sub-district,
South Bogor District, Bogor City
Surat Pengukuhan Pengusaha Kena Pajak / Taxable Employer PEM-12569/WPJ.22/KP.1003/ 2013 28 October 2014
7.
Confirmation Letter
VALUATION & ADVISORY SERVICES 1-3
Page 22
Tanggal Terbit /
No Dokumen Legal / Legal Document No. Dokumen / Document
Issuance Date
Surat Keterangan domisili SMDM / SMDM domicile certificate 25/27.1BU.1/31.74.02.1001/- 11 August 2016
8.
071.562/e/2016
Surat Keterangan domisili usaha SMDM / SMDM business domicile 500/065-BJK 8 October 2018
9.
certificate
10. Nomor Induk Berusaha (NIB) / Single Business Number (NIB) 8120219091251 15 October 2018
Izin penggunaan pemanfaatan tanah pengembangan pembangunan 648.1-0040-IPPT TAHUN 2019 18 April 2019
11. perumahan / Permit to land use for development of housing
construction
Surat keterangan pemenuhan komitmen (tanda daftar usaha 556-0027-TDUP- Tahun 2019 29 May 2019
12. pariwisata) / Certificate of fulfillment of commitments (tourism business
registration certificate)
Keputusan kepala dinas penanaman modal dan pelayanan terpadu 644-0097-Siteplan Tahun 2019 4 November 2019
satu pintu tentang keputusan revisi pengesahan rencana tapak/siteplan
perluasan pembangunan hotel (R Hotel) / Decree of the head of dinas
13.
penanaman modal dan pelayanan terpadu satu pintu regarding the
decision to revise the ratification of the site plan for the expansion of
hotel development (R Hotel)
Surat Keterangan Bangunan Gedung Laik Fungsi (R Hotel) / Statement 0567/BAP/145/III/2020 Tanggal 12 17 March 2020
14.
letter of Certificate of Occupancy (R Hotel) Januari 2020
15. Sertifikat Laik Fungsi (R Hotel) / Certificate of Occupancy (R Hotel) 503-0003-SLF TAHUN 2020 14 July 2021
Keputusan Kepala Dinas Penanaman Modal dan Pelayanan Terpadu 648.1-0026-SITEPLAN TAHUN 2020 14 May 2020
Satu Pintu tentang keputusan revisi pengesahan rencana tapak/siteplan
Pembangunan perluasan perumahan / Decree of the Head of Kepala
16.
Dinas Penanaman Modal dan Pelayanan Terpadu Satu Pintu regarding
the decision to revise the approval of the siteplan for the construction of
housing expansion
• Dokumen SMDM sehubungan dengan perjanjian • SMDM’s documents related to agreements with
dengan pihak ketiga/berelasi dengan detail sebagai third/related parties with the detail as follows:
berikut:
Tanggal Terbit /
No Dokumen Legal / Legal Document No. Dokumen / Document
Issuance Date
Amandemen keempat perjanjian pemeliharaan / the fourth PSI/SDM.G/2012/SKSRP-188 2 January 2016
1.
amendment to maintenance agreemen
Amandemen keempat perjanjian pemeliharaan / the fourth PSI/SDM.J/2012/SKSRP-189 2 January 2016
2.
amendment to maintenance agreemen
Amandemen keempat perjanjian pemeliharaan / the fourth PSI/SDM.R/2012/SKSRP-190 2 January 2016
3.
amendment to maintenance agreemen
Perubahan dan penegasan kembali perjanjian kerjasama pemberian 171/MOU/CSRL/DBR-AR/VI/2017 18 July 2017
fasilitas kredit dengan jaminan Perusahaan / Amendment and
4.
reaffirmation of the cooperation agreement of credit facilities provision
with Company guarantee
Adendum perpanjangan perjanjian kerjasama service / Addendum to 040.04/add.SRV-BSLW/XII/2017 18 December 2017
5.
the extension of the service cooperation agreement
Adendum perpanjangan perjanjian kerjasama service / Addendum to 049.01/add.SRV-BSLW/XII/2017 18 December 2017
6.
the extension of the service cooperation agreement
Perpanjangan terhadap perjanjian perbaikan (service) dan 001/I260/SRV/I/2018 2 January 2018
7.
penggantian suku cadang (spare part)
8. Perubahan perjanjian kredit / Changes to credit agreements 57 17 January 2018
Jangka waktu sewa Komplek Bisnis Sudirman Plaza / Term of lease of 1 January 2019
9.
Sudirman Plaza Business Complex
Perjanjian kerjasama pekerjaan pengangkutan dan pembuangan 002/RLS/LGL-SMDM/I/2019 2 January 2019
sampah perumahan Rancamaya Golf Estate / Cooperation agreement
10.
for the work of transporting and disposing of Rancamaya Golf Estate
housing waste
Adendum perjanjian kerjasama pekerjaan pengangkutan dan 045/RLS/LGL-SMDM/VII/2019 1 July 2019
pembuangan sampah perumahan rancamaya golf estate / Addendum
11.
to the cooperation agreement for the transportation and disposal of
residential waste at the Rancamaya Golf Estate
VALUATION & ADVISORY SERVICES 1-4
Page 23
Tanggal Terbit /
No Dokumen Legal / Legal Document No. Dokumen / Document
Issuance Date
Jangka waktu sewa Komplek Bisnis Sudirman Plaza / Term of lease of 1 January 2020
12.
Sudirman Plaza Business Complex
13. Adendum perjanjian sewa menyewa / Addendum to rental agreement 002/CLG-OPR/I/2020 2 January 2020
Adendum nota kesepahaman tentang kerjasama pembuatan akta 055/LGL-SMDM/V/2020 19 May 2020
notaris & PPAT berikut balik nama project Suryamas Group /
14. Addendum to the memorandum of understanding regarding
cooperation in making notarial deeds & PPAT following the name of the
Suryamas Group project
Adendum peningkatan hak notaris / Addendum to increase notary 100/ADD-SMDM/LGL/X/2021 19 October 2021
15.
rights
Adendum peningkatan hak notaris / Addendum to increase notary 101/ADD-SMDM/LGL/X/2021 19 October 2021
16.
rights
Adendum peningkatan hak notaris / Addendum to increase notary 102/ADD-SMDM/LGL/X/2021 19 October 2021
17.
rights
Adendum I perjanjian pinjam pakai lahan untuk penghijauan lahan di 099/LGL-SMDM/XII/2018 31 December 2021
perumahan Rancamaya Golf Estate / Addendum I to the land loan
18.
agreement for reforestation of land in the Rancamaya Golf Estate
housing
Adendum perjanjian kerja sama penyediaan stefeli dan perlengkapan 001/RGCC/LGL-SMDM/VI/2021 23 May 2022
19. renang / Addendum to the cooperation agreement for the supply of
stefeli and swimming equipment
Adendum II perjanjian sewa menyewa atas ruko di Rancamaya Golf & 093/Busdev/LGL-SMDM/XII/2018 1 July 2022
20. Estate / Addendum II to rental agreement for shophouses at Rancamaya
Golf & Estate
Adendum II perjanjian pinjam pakai tanah dan bangunan KS 01 di 03/RCMY-Pinjam Pakai/LGL/XI/2020 7 November 2022
perumahan Rancamaya Golf Estate / Addendum II to the loan use
21.
agreement for land and building KS 01 in the Rancamaya Golf Estate
housing
Adendum III perjanjian kerja sama pemanfaatan, izin dan 145/MSL/LGL-SMDM/XII/2019 14 November 2022
22. pemeliharaan billboard / Addendum III to the cooperation agreement
on the use, permits and maintenance of billboards
Perjanjian kerjasama Sewa Billboard Ciawi Pasar / Billboard Rental Ref.001/SMDM/MKT/I/2023 18 January 2023
23.
Cooperation Agreement of Ciawi Pasar
24. Perjanjian sewa menyewa / Lease agreement 29 December 2023
• Daftar Perizinan SMDM • SMDM License List
• Occupancy rate dan Average room rate R Hotel tahun • Occupancy rate and Average room rate of R Hotel
2019-2023 2019-2023
• Masterplan luas gross area SMDM per 30 Juni 2024 • Gross area masterplan of SMDM as of 30 June 2024
• Ringkasan harga paket Golf RGCC tahun 2022-2023 • RGCC Golf package price summary in 2022-2023
• Harga meeting room RGCC untuk tahun 2021-2024 • RGCC meeting room price for 2021-2024
• Daftar persediaan Rancamaya per 30 Juni 2024 • Inventory list of Rancamaya as of 30 June 2024
• Tagihan listrik Rancamaya Estate Management periode • Rancamaya Estate Management electricity bill for
Januari 2024 January 2024 period
• Laporan beban utilitas RGCC tahun 2023 • Utility expenses report of RGCC in 2023
• Fact sheet R Hotel Rancamaya Golf & Resort • R Hotel Rancamaya Golf & Resort fact sheet
• Daftar paket promo R Hotel 2024 • Promotion packages list of R Hotel in 2024
• Peta HGB Rancamaya • HGB Map of Rancamaya
• Analisis Pasar Rancamaya Golf Estate • Market Analysis of Rancamaya Golf Estate
• Analisis SWOT Rancamaya Golf Estate & Royal Tajur • SWOT Analysis of Rancamaya Golf Estate & Royal
• Rekapitulasi pembayaran kontraktor dry park Tajur
• Prosedur operasi standar (SOP) tender, pembayaran, • Standard operating procedure (SOP) tender, payment,
pekerjaan tambah kurang, dan penganggaran additional work, and budgeting
• Prosedur operasi standar (SOP) proses Pembangunan • Standard operating procedure (SOP) construction
dan variation order (VO) progress and variation order (VO)
VALUATION & ADVISORY SERVICES 1-5
Page 24
• Prosedur operasi standar (SOP) permohonan SPK • Standard operating procedure (SOP) application for
baru, serah terima lahan, kick off meeting, gambar for new SPK, handover of land, kick off meeting, drawings
construction, persetujuan metode kerja, izin lembur cor for construction, work method approval, overtime
beton, serah terima pertama, serah terima kedua, permit for concrete casting, first handover, second
ceklist, dan site instruction handover, checklist, and site instructions
• Prosedur operasi standar (SOP) pembuatan • Standard operating procedure (SOP) making
masterplan, siteplan, dan desain rencana bangunan masterplan, site plan, and building plan designs
• Laporan penjualan RGE tahun 2018-2019 • RGE’s sales report in 2018-2019
• Laporan penjualan RGE tahun 2021-2022 • RGE’s sales report in 2019-2022
• Laporan penjualan MSL tahun 2020 • MSLs sales report in 2020
• Siteplan dan Denah lantai 1 R Hotel • Site plan and 1st floor plan of R Hotel
• Denah semibasement R Hotel • R Hotel semi-basement floor plan
• Denah lantai 2 R Hotel • R Hotel 2nd floor plan
• Denah lantai 3 R Hotel • R Hotel 3rd floor plan
• Denah lantai 5 R Hotel • R Hotel 5th floor plan
• Denah lantai 6 R Hotel • R Hotel 6th floor plan
• Daftar aset tetap R Hotel • Fixed assets register of R Hotel
• Denah lower ground RGCC • Lower ground plan of RGCC
• Denah upper ground RGCC • Upper ground plan of RGCC
• Daftar aset tetap RGCC • Fixed assets register of RGCC
• Daftar aset tetap Divisi RE • Fixed assets register of RE Division
• Daftar aset tetap Divisi Estate Management • Fixed assets register of Estate Management
CNMP (Holding) CNMP (Holding)
• Dokumen CNMP terkait akta pendirian dan perubahan • CNMP’s documents related to the deed of
anggaran dasar terakhir dengan detail sebagai establishment and latest amendments to the articles of
berikut: association with the detail as follows:
Tanggal Terbit /
No Dokumen Legal / Legal Document No. Dokumen / Document
Issuance Date
1. Akta Pendirian CNMP/ Deed of establisment of CNMP 150 16 June 1992
Keputusan Menteri Kehakiman Republik Indonesia tentang persetujuan
atas akta pendirian PT Centranusa Majupermai / Decree of the Minister
2. 02.13304.HT.01.01-Th 93 8 December 1993
of Justice of the Republic of Indonesia regarding approval of the deed
of establishment of PT Centranusa Majupermai
Pernyataan Keputusan para pemegang saham CNMP / Statement of
3. 64 27 March 2023
Decision of CNMP shareholders
Perjanjian jual beli dan pemindahan hak-hak atas saham / Sale and
4. 65 27 March 2023
purchase agreement and transfer of rights to shares
Penerimaan pemberitahuan perubahan data Perseroan / Receipt of
5. AHU-AH.01.09-0104613 27 March 2023
notification of changes to company data
Penerimaan pemberitahuan perubahan anggaran dasar / Receipt of
6. AHU-AH.01.03-0046371 27 March 2023
notification of changes to the articles of association
DRP (Harvest City) DRP (Harvest City)
• Laporan keuangan konsolidasian DRP dengan detail • DRP’s consolidated financial statements with the details
sebagai berikut: as follows:
Periode/ No. Laporan Keuangan/ Opini/
Date Auditor
Period No. Financial Statement Opinion
00101/2.1051/AU.1/03/0929- KAP Kosasih, Nurdiyaman,
2019 4 March 2020
4/1/III/2020 Mulyadi, Tjahjo & Rekan Wajar tanpa modifikasian/
00127/2.1051/AU.1/03/1029- KAP Kosasih, Nurdiyaman, Unqualified opinion
2020 16 March 2021
1/1/III/2021 Mulyadi, Tjahjo & Rekan
VALUATION & ADVISORY SERVICES 1-6
Page 25
Periode/ No. Laporan Keuangan/ Opini/
Date Auditor
Period No. Financial Statement Opinion
00150/2.1051/AU.1/03/1029- KAP Kosasih, Nurdiyaman,
2021 16 March 2022
2/1/III/2022 Mulyadi, Tjahjo & Rekan
00252/2.1051/AU.1/03/1029- KAP Kosasih, Nurdiyaman,
2022 28 March 2023
3/1/III/2023 Mulyadi, Tjahjo & Rekan
00327/2.1030/AU.1/03/1169- KAP Amir Abadi Jusuf, Aryanto,
2023 26 March 2024
1/1/III/2024 Mawar & Rekan
• Laporan keuangan interim DRP tahun 2019-2022 dan • Interim financial statement of DRP as of 2019-2022
per 30 Juni 2024 and as of 30 June 2024
• Rencana bisnis manajemen Harvest City untuk 2024; • Harvest City management’s business plan for 2024;
• Salinan BPKB dan STNK Harvest Cit • Copy of Vehicle Registration Certificate of Harvest City
• Piutang lain-lain DRP per 30 Juni 2024 • Other receivables of DRP as of 30 June 2024
• Utang usaha DRP per 30 Juni 2024 • Other payables of DRP as of 30 June 2024
• Daftar pinjaman DRP per 30 Juni 2024 • Llist of DRP’s loan as of 30 June 2024
• Biaya dan pajak dibayar dimuka DRP per 30 Juni 2024 • Prepaid expenses and taxes of DRP as of 30 June 2024
• Daftar 1.306 surat pengakuan hak (SPH) di kelurahan • List of 1,306 letters of acknowledgment of rights (SPH)
Cikarageman, Cipenjo, Cipeucang, Gandoang, in the sub-districts of Cikarageman, Cipenjo,
Jatisari, Mekarsari, Muktijaya, dan Ragemanunggal Cipeucang, Gandoang, Jatisari, Mekarsari, Muktijaya
and Ragemanunggal
• Daftar 528 sertifikat hak guna bangunan (SHGB) di • List of 528 building rights title (SHGB) in the sub-
kelurahan Cikarageman, Cileungsi Kidul, Cipenjo, districts of Cikarageman, Cileungsi Kidul, Cipenjo,
Gandoang, Jatisari, Mekarsari, Muktijaya, dan Gandoang, Jatisari, Mekarsari, Muktijaya, and
Ragemanunggal Ragemanunggal
• Pendapatan berulang DRP untuk tahun 2019-2023 • Recurring income of DRP as of 2019-2023
• Analisis SWOT Harvest City • SWOT Analysis of Harvest City
• Tanah yang belum dikembangkan DRP per 30 Juni • Undeveloped land of DRP as of 30 June 2024
2024
• Laba rugi dan neraca konsolidasian DRP untuk tahun • Consolidated income statement and financial position
2018-2023 of DRP for 2018-2023
• Perkiraan belanja modal Harvest City • Estimation of Harvest City capital expenditure
• Daftar kendaraan Harvest City • Harvest City’s vehicle list
• Analisis pesaing Harvest City • Competitor analysis of Harvest City
• Rekapitulasi pembayaran kontraktor dry park • Recapitulation of dry park contractor payments
• Daftar SPPT-PBB Harvest City • Register for SPPT-PBB Harvest City
• Daftar properti investasi Harvest City • List of property investment of Harvest City
• Tagihan listrik DRP (konsolidasian) per 30 Juni 2024 • DRP (consolidated) electricity bill as of 30 June 2024
• Daftar kendaraan DRP dan DLS • List of DRP and DLS vehicles
• Rencana anggaran tahunan konsolidasi Harvest City • Harvest City consolidated annual budget plan 2024
2024
• Target penjualan Harvest City 2024 • Harvest City sales target 2024
• Rencana anggaran biaya cluster RC Harvest CIty • Budget plan of cluster RC of Harvest City
• Biaya pengembangan Harvest City • Development cost of Harvest CIty
• Daftar Bangunan DRP (konsolidasian) per 30 Juni • Building list of DRP (consolidated) as of 30 June 2024
2025
• Gambar harvest box • Harvest box drawing
• Masterplan ilustratif Harvest CIty • Illustrative masterplan of Harvest City
• Jadwal sewa Harvest City • Tenancy schedule of Harvest City
VALUATION & ADVISORY SERVICES 1-7
Page 26
• Aging piutang usaha DRP (konsolidasian) per 30 Juni • DRP’s aging trade receivables (consolidated) as of 30
2024 June 2024
• Aging utang usaha DRP (konsolidasian) per 30 Juni • DRP’s aging trade payables (consolidated) as of 30
2024 June 2024
DLS (Harvest City) DLS (Harvest City)
• Laporan keuangan konsolidasian DLS dengan detail • DLS’s consolidated financial statements with the details
sebagai berikut: as follows:
Periode/ No. Laporan Keuangan/ Opini/
Date Auditor
Period No. Financial Statement Opinion
00098/2.1051/AU.1/03/0929- KAP Kosasih, Nurdiyaman,
2019 3 March 2020
4/1/III/2020 Mulyadi, Tjahjo & Rekan
00122/2.1051/AU.1/03/1029- KAP Kosasih, Nurdiyaman,
2020 15 March 2021
1/1/III/2021 Mulyadi, Tjahjo & Rekan
00151/2.1051/AU.1/03/1029- KAP Kosasih, Nurdiyaman, Wajar tanpa modifikasian/
2021 16 March 2022
2/1/III/2022 Mulyadi, Tjahjo & Rekan Unqualified opinion
00226/2.1051/AU.1/03/1029- KAP Kosasih, Nurdiyaman,
2022 27 March 2023
3/1/III/2023 Mulyadi, Tjahjo & Rekan
00324/2.1030/AU.1/03/1169- KAP Amir Abadi Jusuf, Aryanto,
2023 26 March 2024
1/1/III/2024 Mawar & Rekan
• Laporan keuangan interim DLS tahun 2019-2023 dan • Interim financial statement of DLS as of 2019-2022
per 30 Juni 2024 and as of 30 June 2024
• Piutang lain-lain DLS per 30 Juni 2024 • Other receivables of DLS as of 30 June 2024
• Tanah yang belum dikembangkan DLS per 30 Juni • Undeveloped land of DLS as of 30 June 2024
2024
KBM (Waterjoy – Harvest City) KBM (Waterjoy – Harvest City)
• Laporan keuangan audit KBM dengan detail sebagai • KBM’s audited financial statements with the details as
berikut: follows:
Periode/ No. Laporan Keuangan/ Opini/
Date Auditor
Period No. Financial Statement Opinion
00097/2.1051/AU.1/03/0929- KAP Kosasih, Nurdiyaman,
2019 2 March 2020
4/1/III/2020 Mulyadi, Tjahjo & Rekan
00116/2.1051/AU.1/03/0929- KAP Kosasih, Nurdiyaman, Wajar tanpa modifikasian/
2020 12 March 2021
5/1/III/2021 Mulyadi, Tjahjo & Rekan Unqualified opinion
00115/2.1051/AU.1/03/0929- KAP Kosasih, Nurdiyaman,
2021 8 March 2022
6/1/III/2022 Mulyadi, Tjahjo & Rekan
• Laporan keuangan interim KBM tahun 2022-2023 dan • Interim financial statement of KBM as of 2022-2023
per 30 Juni 2024 and as of 30 June 2024
• Dokumen KBM sehubungan dengan perjanjian • KBM’s documents related to agreements with
dengan pihak ketiga/berelasi dengan detail sebagai third/related parties with the detail as follows:
berikut:
Tanggal Terbit /
No Dokumen Legal / Legal Document No. Dokumen / Document
Date Issue
Perjanjian sewa menyewa antara PT Kharisma Buana Mandiri dengan 006/KBM/IV/2023 11 April 2023
1. PT Fun World Prima / Rental agreement between PT Kharisma Buana
Mandiri and PT Fun World Prima
• Piutang lain-lain KBM per 30 Juni 2024 • Other receivables of KBM as of 30 June 2024
VALUATION & ADVISORY SERVICES 1-8
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TSA (Royal Tajur) TSA (Royal Tajur)
• Laporan keuangan konsolidasian TSA dengan detail • TSA’s consolidated financial statements with the details
sebagai berikut: as follows:
Periode/ No. Laporan Keuangan/ Opini/
Date Auditor
Period No. Financial Statement Opinion
00108/2.1051/AU.1/03/0929- KAP Kosasih, Nurdiyaman,
2019 5 March 2020
4/1/III/2020 Mulyadi, Tjahjo & Rekan
00117/2.1051/AU.1/03/0929- KAP Kosasih, Nurdiyaman,
2020 12 March 2021
5/1/III/2021 Mulyadi, Tjahjo & Rekan
00274/2.1051/AU.1/03/0929- KAP Kosasih, Nurdiyaman, Wajar tanpa modifikasian/
2021 31 March 2022
6/1/III/2022 Mulyadi, Tjahjo & Rekan Unqualified opinion
00704/2.1051/AU.1/03/0929- KAP Kosasih, Nurdiyaman,
2022 28 April 2023
7/1/IV/2023 Mulyadi, Tjahjo & Rekan
00336/2.1030/AU.1/03/1169- KAP Amir Abadi Jusuf, Aryanto,
2023 27 March 2024
1/1/III/2024 Mawar & Rekan
• Dokumen TSA terkait akta pendirian dan perubahan • TSA’s documents related to the deed of establishment
anggaran dasar dengan detail sebagai berikut: and amendments to the articles of association with the
detail as follows:
Tanggal Terbit /
No Dokumen Legal / Legal Document No. Dokumen / Document
Issuance Date
Akta pendirian perseroan terbatas TSA / Deed of establishment of TSA 7 15 August 2011
1.
limited liability company
Keputusan Menteri hukum dan hak asasi manusia Republic Indonesia AHU-49889.AH.01.01.Tahun 2011 13 October 2011
tentang pengesahan badan hukum Perseroan / Decree of the Minister
2.
of Law and Human Rights of the Republic of Indonesia regarding
ratification of the Company's legal entity
Akta keputusan sirkuler para pemegang saham / Deed of circular 17 10 December 2013
3.
decision of shareholders
Penerimaan pemberitahuan perubahan data perseroan / Receipt of AHU-AH.01.10-56072 24 December 2013
4.
notification of changes to Company data
Akta keputusan sirkuler para pemegang saham / Deed of circular 7 24 July 2015
5.
decision of shareholders
Penerimaan pemberitahuan perubahan anggaran dasar TSA / Receipt AHU-AH.01.03-0953302 31 July 2015
6.
of notification of changes to TSA's articles of association
Pernyataan keputusan para pemegang saham TSA / Statement of 26 15 March 2023
7.
decision of TSA shareholders
Penerimaan pemberitahuan perubahan data perseroan / Receipt of AHU-AH.01.09-0101005 16 March 2023
8.
notification of changes to Company data
Penerimaan pemberitahuan perubahan anggaran dasar TSA / Receipt AHU-AH.01.03-0040662 16 March 2023
9.
of notification of changes to TSA's articles of association
• Dokumen TSA sehubungan dengan perizinan dengan • TSA’s documents related to licensing with the detail as
detail sebagai berikut: follows:
Tanggal Terbit /
No Dokumen Legal / Legal Document No. Dokumen / Document
Issuance Date
1. NPWP TSA / TSA’s NPWP 03.114.344.9-404.001 16 July 2012
2. Surat Keterangan domisili TSA / TSA domicile certificate 503/31-Pkn 21 March 2016
Surat Keterangan domisili TSA / TSA domicile certificate 45/27.1BU.1/31.74.02.1001/- 22 August 2016
3.
071.562/e/2016
4. Nomor Induk Berusaha (NIB) / Single Business Number (NIB) 8120200950375 7 September 2018
5. Sertifikat Laik Fungsi / Certificate of Occupancy 503-0012-SLF TAHUN 2021 14 July 2021
Surat Keterangan Bangunan Gedung Laik Fungsi / Statement letter of 1631/BAP/145/VII/2021 Tanggal 3 14 July 2021
6.
Certificate of Occupancy Mei 2021
7. Sertifikat Standar / Standard Certificate 81202009503750002 15 May 2023
Persetujuan kesesuaian kegiatan pemanfaatan ruang untuk kegiatan 15052310213271005 15 May 2023
8. berusaha / Approval of space utilization appropriateness for business
activities
VALUATION & ADVISORY SERVICES 1-9
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Tanggal Terbit /
No Dokumen Legal / Legal Document No. Dokumen / Document
Issuance Date
Persetujuan kesesuaian kegiatan pemanfaatan ruang untuk kegiatan 13072310213271006 13 July 2023
9. berusaha / Approval of space utilization appropriateness for business
activities
• Daftar Perizinan TSA dan PSA; • TSA and PSA License List;
• Peta Royal Tajur • Royal Tajur’s map
• Masterplan luas gross area TSA per 30 Juni 2024 • Gross area masterplan of TSA as of 30 June 2024
• Daftar aset tetap TSA • Fixed assets register of TSA
• Penjualan TSA tahun 2019-2023 • TSA’s sales in 2019-2023
• Penjualan Avebury tahun 2016-2021 • Sales of Avebury in 2016-2021
• Penjualan Dunster tahun 2022-2023 • Sales of Dunster in 2022-2023
• Penjualan Royal Height tahun 2019-2021 • Sales of Royal Height in 2019-2021
• Penjualan Royal Tajur tahun 2012-2021 • Sales of Royal Tajur in 2012-2021
• Penjualan The Bradfield tahun 2014-2021 • Sales of The Bradfield in 2014-2021
• Rekonsiliasi penjualan TSA tahun 2019-2023 • TSA sales reconciliation for 2019-2023
• Peta SHGB Royal Tajur • SHGB map of Royal Tajur
• Analisis Pasar Royal Tajur • Market Analysis of Royal Tajur
PSA (Royal Tajur) PSA (Royal Tajur)
• Dokumen PSA sehubungan dengan perizinan dengan • PSA’s documents related to licensing with the detail as
detail sebagai berikut: follows:
Tanggal Terbit /
No Dokumen Legal / Legal Document No. Dokumen / Document
Issuance Date
Persetujuan kesesuaian kegiatan pemanfaatan ruang untuk kegiatan 14072310213271020 14 July 2023
1. berusaha / Approval of space utilization appropriateness for business
activities
ISP (Rancamaya) ISP (Rancamaya)
• Laporan keuangan konsolidasian ISP dengan detail • ISP’s consolidated financial statements with the details
sebagai berikut: as follows:
Periode/ No. Laporan Keuangan/ Opini/
Date Auditor
Period No. Financial Statement Opinion
00102/2.1051/AU.1/03/0929- KAP Kosasih, Nurdiyaman,
2019 5 March 2020
4/1/III/2020 Mulyadi, Tjahjo & Rekan
00148/2.1051/AU.1/03/0929- KAP Kosasih, Nurdiyaman, Wajar tanpa modifikasian/
2020 19 March 2021
5/1/III/2021 Mulyadi, Tjahjo & Rekan Unqualified opinion
00102/2.1051/AU.1/03/0929- KAP Kosasih, Nurdiyaman,
2021 2 March 2022
6/1/III/2022 Mulyadi, Tjahjo & Rekan
• Akta pendirian dan perubahannya mulai tahun 1989 - • Deed of establishment and its amendments from 1989
2019 - 2019
• NPWP ISP • NPWP of ISP
• SPPT tahun 2022 - 2024 • SPPT in 2022 – 2024
SKI (Holding) SKI (Holding)
• Laporan keuangan interim SKI tahun 2023 dan per 30 • Interim financial statement of SKI as of 2023 and as of
Juni 2024 30 June 2024
VALUATION & ADVISORY SERVICES 1 - 10
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MS (Mahogany) MS (Mahogany)
• Laporan keuangan konsolidasian MS dengan detail • MS’s consolidated financial statements with the details
sebagai berikut: as follows:
Periode/ No. Laporan Keuangan/ Opini/
Date Auditor
Period No. Financial Statement Opinion
00106/2.1051/AU.1/03/0929- KAP Kosasih, Nurdiyaman,
2019 5 March 2020
4/1/III/2020 Mulyadi, Tjahjo & Rekan Wajar tanpa modifikasian/
00149/2.1051/AU.1/03/0929- KAP Kosasih, Nurdiyaman, Unqualified opinion
2020 19 March 2021
5/1/III/2021 Mulyadi, Tjahjo & Rekan
• Dokumen MS sehubungan dengan perizinan dengan • MS’s documents related to licensing with the detail as
detail sebagai berikut: follows:
Tanggal Terbit /
No Dokumen Legal / Legal Document No. Dokumen / Document
Issuance Date
1. NIB / NIB 3110220094379 31 October 2022
• Akta pendirian dan perubahannya mulai tahun 1990 - • Deed of establishment and its amendments from 1990
2022 - 2022
• SPPT tahun 2022 - 2024 • SPPT in 2022 – 2024
• Masterplan Mahogany Residence • Masterplan of Mahogany Residence
• Dokumen perjanjian MS dengan detail sebagai • MS’s agreement documents with details as follows:
berikut:
Tanggal Terbit /
No Dokumen Legal / Legal Document No. Dokumen / Document
Issuance Date
Perjanjian sewa menyewa clubhouse Mahogany / Mahogany clubhouse
1. 017/MSL/LGL-MS/V/2016 2 May 2016
lease agreement
Adendum perjanjian sewa menyewa clubhouse Mahogany / Addendum
2. 001/ADD/MHG-LGL/VIII/2020 12 July 2020
to Mahogany clubhouse lease agreement
Adendum II perjanjian sewa menyewa clubhouse Mahogany /
3. 017/MSL/LGL-MSL/V/2016 20 July 2023
Addendum II to Mahogany clubhouse lease agreement
Umum General
• Data ekonomi makro yang diambil dari berbagai • Macroeconomics data that have been taken from
laporan yang dikeluarkan oleh Bank Indonesia, Biro various report that has been issued by Bank Indonesia,
Pusat Statistik dan data riset dari lembaga independen; Statistics Indonesia, research data from independent
institution;
• Berbagai data pasar dan industri yang dikumpulkan • Various market and industry data collected and
dan diolah oleh KJPP-RHR; processed by KJPP-RHR;
• Laporan Penilaian Aset Rancamaya Golf Estate yang • Asset Valuation report of Rancamaya Golf Estate issued
diterbitkan oleh KJPP Rengganis, Hamid & Rekan No. by KJPP Rengganis, Hamid & Rekan No.
00249/2.0012-00/PI/03/0006/1/IX/2024 tanggal 25 00249/2.0012-00/PI/03/0006/1/IX/2024 dated 25
September 2024; September 2024;
• Laporan Penilaian Aset Harvest City yang diterbitkan • Asset Valuation report of Harvest City issued by KJPP
oleh KJPP Rengganis, Hamid & Rekan No. Rengganis, Hamid & Rekan No. 00248/2.0012-
00248/2.0012-00/PI/03/0006/1/IX/2024 tanggal 25 00/PI/03/0006/1/IX/2024 dated 25 September 2024;
September 2024;
• Laporan Penilaian Aset Royal Tajur Residence yang • Asset Valuation report of Royal Tajur Residence issued
diterbitkan oleh KJPP Rengganis, Hamid & Rekan No. by KJPP Rengganis, Hamid & Rekan No.
00250/2.0012-00/PI/03/0006/1/IX/2024 tanggal 25 00250/2.0012-00/PI/03/0006/1/IX/2024 dated 25
September 2024; September 2024;
VALUATION & ADVISORY SERVICES 1 - 11
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• Laporan Penilaian Aset Tanah dan Bangunan Club • Asset Valuation report of Land and Building Club
House yang diterbitkan oleh KJPP Rengganis, Hamid & House issued by KJPP Rengganis, Hamid & Rekan No.
Rekan No. 00251/2.0012-00/PI/03/0006/1/IX/2024 00251/2.0012-00/PI/03/0006/1/IX/2024 dated 25
tanggal 25 September 2024; September 2024;
• Laporan Financial Due Diligence yang diterbitkan oleh • Financial Due Diligence report issued by PT KPMG
PT KPMG Siddharta Advisory tanggal 15 Agustus Siddharta Advisory dated 15 August 2024;
2024;
• Laporan Tax Due Diligence yang diterbitkan oleh PT • Tax Due Diligence report issued by PT KPMG Siddharta
KPMG Siddharta Advisory tanggal 15 Agustus 2024; Advisory dated 15 August 2024;
• Wawancara dengan dengan manajemen SMDM yang • Interviews with SMDM management represented by
diwakili oleh Bapak Hendri Somadinata sebagai Mr. Hendri So as Accounting, Tax & IT Division Head /
Accounting, Tax & IT Division Head / Corporate Corporate Secretary of SMDM and Mr. Andreas
Secretary SMDM dan Bapak Andreas Sunarso sebagai Sunarso as Accounting and Tax Department Head of
Accounting and Tax Department Head SMDM. SMDM.
VALUATION & ADVISORY SERVICES 1 - 12
Page 31
2.0 PROFIL PERUSAHAAN 2.0 COMPANY PROFILE
2.1 Informasi Ringkas 2.1 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 Perseroan telah mengalami beberapa The Company's articles of association have been
kali perubahan, yang terakhir berdasarkan Akta Notaris amended several times, latest of which was through
No. 2, tanggal 3 Desember 2021 dari Kumala Thahjani Notarial Deed No. 2, dated 3 December 2021 of
Widodo, S.H., M.H., M.Kn, Notaris di Jakarta, mengenai Kumala Thahjani Widodo, S.H., M.H., M.Kn, notary in
perubahan anggaran dasar untuk menyesuaikan dengan Jakarta, regarding the changes in the Company's article
peraturan Otoritas Jasa Keuangan (OJK) Indonesia No. of association to comply with Indonesian Financial
15/POJK.04/2020 dan perubahan pemegang saham Services Authority Regulation No. 15/POJK.04/2020 and
Perseroan. Akta perubahan tersebut telah mendapatkan changes in the Company’s shareholder composition. This
persetujuan dari Menteri Hukum dan Hak Asasi Manusia amendment was approved by the Minister of Law and
Republik Indonesia melalui Surat Keputusan No. AHU- Human Rights of the Republic of Indonesia in its Decision
AH.01.03-0066733 tanggal 28 January 2022. Letter No. AHU-AH.01.03-0066733, dated 28 January
2022.
Perseroan berdomisili di Rancamaya, Bogor, Jawa Barat. The Company is domiciled in Rancamaya, Bogor, West
Kantor pusat Perseroan beralamat di Sudirman Plaza Java. The Company’s head office is located at Sudirman
Business Complex, Plaza Marein Lantai 16, Jalan Plaza Business Complex, Plaza Marein 16th Floor, Jalan
Jenderal Sudirman Kavling 76-78, Jakarta. Perseroan Jenderal Sudirman Kavling 76-78, Jakarta. The
mulai beroperasi komersial pada tahun 1993. Company started its commercial operations in 1993.
2.2 Kegiatan Usaha 2.2 Business Activities
Sesuai dengan pasal 3 Anggaran Dasar, ruang lingkup In accordance with Article 3 of the Company's Articles of
kegiatan usaha Perseroan 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. Perseroan and other infrastructures. The Company started its
mulai beroperasi komersial pada tahun 1993. commercial operations in 1993.
Perseroan saat ini berusaha di bidang real estat berupa The Company 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.
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2.3 Pemegang Saham 2.3 Shareholders
Per tanggal 30 Juni 2024, komposisi pemegang saham As of 30 June 2024, the composition of shareholders and
dan persentase kepemilikan SMDM adalah sebagai percentage of SMDM’s ownership are as follows.
berikut.
Jumlah Saham / Jumlah (Rp)/ Persentase Kepemilikan /
Pemegang Saham Shareholders
No. of Shares Amount (Rp) Percentage of Ownerships
Top Global Limited, Top Global Limited,
4,390,121,595 1,396,047,265,991 91.99%
Singapura Singapura
Masyarakat 382,016,642 121,492,693,375 8.00% Public
Jumlah 4,772,138,237 1,517,539,959,366 100.00% Total
Sumber: SMDM
2.4 Dewan Komisaris dan Direktur 2.4 Board of Commissioners and Directors
Per 30 Juni 2024, susunan dewan komisaris dan direktur As of 30 June 2024, the composition of SMDM’s board of
SMDM sebagai berikut. commissioners and directors are as follow.
Dewan Komisaris Board of Commissioner
Komisaris Utama dan Independen Ramelan President and Independent Commissioner
Komisaris Wing Indrasmoro Commissioner
Direksi Board of Directors
Direktur Utama Henny Kusuma Hendrawan President Director
Direktur Ratna Juwanita Haliman Director
Direktur Aprina Supriani Director
Direktur Henry Zen Halim Director
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2.5 Struktur Organisasi 2.5 Organization Structure
Struktur organisasi SMDM per 30 Juni 2024 adalah sebagai berikut. SMDM organization structure as of 30 June 2024 is as follows.
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)
2.6 Kompensasi kepada Pemegang Saham 2.6 Compensation to Shareholders
Berdasarkan informasi manajemen per 30 Juni 2024, SMDM belum memberikan Based on management information as of 30 June 2024, SMDM have not provided
kompensasi kepada pemegang saham. compensation to shareholders yet.
2.7 Jumlah Karyawan 2.7 Total of Employees
Per 30 Juni 2024, SMDM memiliki 665 karyawan tetap dan karyawan kontrak. As of 30 June 2024, SMDM had 665 permanent and contract employees.
2.8 Asuransi Karyawan Kunci 2.8 Key Employee Insurance
Per 30 Juni 2024, Perseroan tidak memberikan asuransi untuk karyawan kunci. As of 30 June 2024, The Company uses did not give insurance to its key employee.
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2.9 Entitas Anak dan Perusahaan Asosiasi 2.9 Subsidiaries and Associates
Per tanggal 30 Juni 2024, Perseroan memiliki As of 30 June 2024, the Company has direct investment
kepemilikan langsung pada entitas anak dan in the following subsidiaries and associate.
perusahaan asosiasi sebagai berikut.
Nama Perusahaan / Domisili/ % Kepemilikan / Kegiatan Usaha / Proyek /
Company Name Domicile % of Ownerships Business Activities Project
1) Investasi dan Real estat / Investment
PT Centranusa Majupermai (“CNMP”) 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
2.10 Gambaran Aset 2.10 Asset Overview
SMDM beserta entitas anak mengembangkan 3 Proyek SMDM and its subsidiaries are developing 3 housing
Perumahan dengan rincian sebagai berikut. projects with the following details.
Rancamaya Golf Estate Rancamaya Golf Estate
Rancamaya Golf Estate terletak di Jalan Raya Sukabumi, Rancamaya Golf Estate located on Jalan Raya Sukabumi,
Kelurahan Ciawi, Bojongkerta, Harjasari, Rancamaya, Ciawi, Bojongkerta, Harjasari, Rancamaya, Kertamaya,
Kertamaya, and Ciherang Pondok Kecamatan Bogor and Ciherang Pondok Sub District, South Bogor and
Selatan dan Caringin, Kota Bogor dan Kabupaten Bogor, Caringin District, Bogor City and Regency, West Java
Provinsi Jawa Barat, Indonesia. Rincian aset Rancamaya Province, Indonesia. Assets details of Rancamaya Golf
Golf Estate antara lain. Estate is as follows.
No. Objek Penilaian Jenis Aset/ Jumlah Unit Luas Tanah (m2) Luas Bangunan(m2)
No Subject Property Aset Type Total Unit Land Area (sqm) Building Area (sqm)
PT Suryamas Dutamakmur Tbk
Persediaan/ Inventory
Kavling Rumah/
1 228 194,461* -
Residential Lot
2 Rumah/ Landed House 6 1,522* 792
Rumah (Dalam Tahap Pembangunan)/
3 102 10,840* 7,309
Landed Housing (Work in Progress) Aset Non Operasional/
Ruko / Non Operating Asset
4 2 184* 390
Shophouse
Ruko (Dalam Tahap Pembangunan)/
5 22 2,448* 4,868
Shophouse (Work in Progress)
Kavling Komersial/
6 6 58,734* -
Commercial Lot
Aset Tetap/ Fixed Asset
1 Marketing Office Pavillion - 1,796 250
2 Marketing Management Office - 2,213 1,144
Aset Operasional/
3 Maintenance Building - 21,098 1,950
Operating Asset
4 Water Treatment Plant (WTP) - 2,248 364
5 Water Intake - 7,059 65
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No. Objek Penilaian Jenis Aset/ Jumlah Unit Luas Tanah (m2) Luas Bangunan(m2)
No Subject Property Aset Type Total Unit Land Area (sqm) Building Area (sqm)
6 Golf Course and Club House 18 holes 727,570 6,736
131
7 R Hotel 65,675 14,116
kamar/rooms
8 Management Office (Shophouse) - 341 682
Properti Investasi/ Investment Property
Ruko/ Aset Non Operasional/
1 - 902 1,630
Shophouse Non Operating Asset
Lahan Siap Dikembangkan/ Land Ready for Development
1 Proposed Landed House (Burgundy) - 107,530 -
2 Proposed Apartment - 7,191 -
3 Flamboyan (Amalgamated Land) - 32,865 -
Aset Non Operasional/
4 Flamboyan (Scattered Land) - 18,622 -
Non Operating Asset
Tanah Komerisal (View) / Commercial -
5 - 46,543
Land (View)
Tanah Komerisal (Brighten) / -
6 - 15,669
Commercial Land (Brighten)
Lahan Belum Dikembangkan/ Undeveloped Land
Fase 2 (Tanah Bersambungan)/
1 - 829,882 -
2nd Phase (Amalgamated Land)
Fase 2 (Tanah Berpencaran)/
2 - 61,988 -
2nd Phase (Scattered Land) Aset Non Operasional/
Fase 4 (Tanah Bersambungan)/ Non Operating Asset
3 64,380
4th Phase (Amalgamated Land)
Fase 4 (Tanah Berpencaran)/ /
4 45,620
4th Phase (Scattered Land)
PT Inti Sarana Papan
Lahan Belum Dikembangkan/ Undeveloped Land
Fase 3/ Aset Non Operasional/
1 - 273,230 -
3rd Phase Non Operating Asset
Total 2,600,611 40,296
*Luas Bersih / Nett Area
VALUATION & ADVISORY SERVICES 2-5
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Peta Lokasi / Location Map
Legenda:
1. Objek Penilaian / Subject Business
2. Persimpangan Jalan Raya Sukabumi dan Jalan Rancamaya Utama / Intersection between Jalan Raya Sukabumi and Jalan Rancamaya
Utama
3. Terminal Bus Ciawi / Ciawi Bus Terminal
4. Gerbang Tol Ciawi Selatan pada Jalan Tol Bogor-Ciawi-Sukabumi (Bocimi)/ Ciawi Selatan Toll Gate on Bogor-Ciawi-Sukabumi
(Bocimi) Toll Road
5. Stasiun Commuter Line (KRL) Bogor / Bogor Commuter Line Station
6. Bandar Udara Internasional Halim Perdana Kusuma / Halim Perdana Kusuma International Airport
Harvest City Harvest City
Harvest City berlokasi di Jalan Raya Cileungsi-Jonggol, Harvest City, located on Jalan Raya Cileungsi-Jonggol,
Kelurahan Cileungsi Kidul, Desa Cipenjo, Cipeucang, Cileungsi Kidul Sub-District, Cipenjo, Cipeucang,
Mekarsari, Jatisari, Gandoang, Muktijaya, Cikarageman, Mekarsari, Jatisari, Gandoang, Muktijaya, Cikarageman,
Ragemanunggal, Kecamatan Cileungsi, Kecamatan Setu, Ragemanunggal Village, Cileungsi District, Setu District,
Kabupaten Bogor, Kabupaten Bekasi Provinsi Jawa Barat, Bogor Regency, Bekasi Regency, West Java Province,
dan Kabupaten Bogor, Provinsi Jawa Barat, Indonesia. Indonesia with details as follows. Assets details of Harvest
Rincian aset Harvest City antara lain. City is as follows.
No. Objek Penilaian Tipe Aset / Jumlah Unit Luas Tanah (m2) Luas Bangunan (m2)
No Subject Property Asset Type Total Unit Land Area (sqm) Building Area (sqm)
PT Dwigunatama Rintisprima
Tanah Belum Dikembangkan / Undeveloped Land
Tanah HGB Belum Dikembangkan
1 (Bersambungan) / 2,876,181 -
HGB Undeveloped Land (Amalgamated) Aset Non
Tanah HGB Belum Dikembangkan Operasional
2 (Berpencaran) / / Non 212,279 -
HGB Undeveloped Land (Scattered) Operating
Tanah Non-HGB Belum Dikembangkan Asset
3 (Berpencaran) / 1,362,922 -
Non-HGB Undeveloped Land (Scattered)
Persediaan / Inventory
1 Rumah / Landed House Aset Non 96 7,096* 4,490
Operasional
2 Kavling Rumah / Residential Lot / Non 951 88,735* -
VALUATION & ADVISORY SERVICES 2-6
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No. Objek Penilaian Tipe Aset / Jumlah Unit Luas Tanah (m2) Luas Bangunan (m2)
No Subject Property Asset Type Total Unit Land Area (sqm) Building Area (sqm)
3 Kavling Ruko / Shophouse Lot Operating 38 3,306* 2,033
Asset
4 Kavling Komersial / Commercial Lot 9 50,297* -
Kavling Komersial / Commercial Lot
Aset Non
Operasional
Kavling Komersial Jual / Commercials Lot for
1 / Non 104,903* -
Sale
Operating
Asset
Tanah Perumahan Siap Dikembangkan / Housing
Land Ready for Development
Aset Non
Operasional
1 Cluster RB / Non 48,683 -
Operating
Asset
Properti Investasi / Investment Property
1 Alfamidi Aset Non 276* -
2 Foodcourt Sakura Operasional 1,019* 937
/ Non
3 Hobbit Hill Operating 30,000* -
4 Indomaret Asset 410* -
Aset Tetap / Fixed Asset
1 Estate Office Aset 285* 344
Operasional
2 Marketing Office II /Operational 195* 288
Asset
PT Dwikarya Langgengsukses
Tanah Belum Dikembangkan / Undeveloped Land
Tanah HGB Belum Dikembangkan
1 (Bersambungan) / 352,233 -
HGB Undeveloped Land (Amalgamated) Aset Non
Tanah HGB Belum Dikembangkan Operasional
2 (Berpencaran) / / Non 82,014 -
HGB Undeveloped Land (Scattered) Operating
Tanah Non-HGB Belum Dikembangkan Asset
3 (Berpencaran) / 269,461 -
Non-HGB Undeveloped Land (Scattered)
Inventaris / Inventory
1 Rumah / Landed House 2 486* 117
Aset Non
2 Kavling Rumah / Residential Lot 2 75* -
Operasional
3 Ruko / Shophouse / Non 1 80* 96
Kavling Komersial dan Tanah Perumahan Operating
4 Siap Dikembangkan / Commercial lot and Asset 4 44,318*
Housing Land Ready for Development
Kavling Komersial / Commercial Lot
Aset Non
Operasional
Kavling Komersial Sewa / Commercials Lot
1 / Non 572,982* -
for Rent
Operating
Asset
Properti Investasi / Investment Property
1 Cibiuk 2,992* -
2 Festival Oriental 4,929* 2,550
3 Gokart Aset Non 7,200* -
4 Harvest Box Operasional 4,086* 2,057
/ Non
5 KFC Operating 2,270* 350
6 Narma Asset 3,500* -
7 Sarimande 1,473* -
8 Saung Apung 7,300* -
VALUATION & ADVISORY SERVICES 2-7
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No. Objek Penilaian Tipe Aset / Jumlah Unit Luas Tanah (m2) Luas Bangunan (m2)
No Subject Property Asset Type Total Unit Land Area (sqm) Building Area (sqm)
9 Starbucks 1,690* 267
10 Land of Waterjoy 21,527* -
Aset Tetap / Fixed Asset
Kantor Pemasaran dan Rumah Contoh / Aset Non
1 9,744* 1,817
Marketing Office and Showing Units Operasional
2 BLA Office / Non 115* 325
Operating
3 Head Office Office Asset 445* 912
PT Kharisa Buana Mandiri
Aset
Water Joy, Futsal (Trampoline), and Parking Operasional
1 1,600
Lots /Operational
Asset
Total 6,175,506 18,184
*Luas bersih / nett area
** Luas kotor / gross area
Peta Lokasi / Location Map
Legenda:
1. Objek Penilaian / Subject Business
2. Terminal Bus Cileungsi / Cileungsi Bus Terminals
3. Gerbang Tol Nagrak pada Jalan Tol Cimanggis-Cibitung / Nagrak Toll Gate on the Cimanggis-
Cibitung Toll Road
4. Stasiun LRT Harjamukti / Harjamukti LRT Station
5. Bandar Udara Internasional Halim Perdana Kusuma / Halim Perdana Kusuma International Airport
VALUATION & ADVISORY SERVICES 2-8
Page 39
Royal Tajur Residence Royal Tajur Residence
Royal Tajur Residence terletak di Jalan Raya Tajur, Royal Tajur Residence located on Jalan Raya Tajur,
Kelurahan Pakuan dan Muarasari, Kecamatan Bogor Pakuan and Muarasari Sub-District, South Bogor District,
Selatan, Kota Bogor, Provinsi Jawa Barat, Indonesia Bogor City, West Java Province, Indonesia with details as
dengan rincian sebagai berikut. Rincian aset Royal Tajur follows. Assets details of Royal Tajur Residence is as
Residence antara lain. follows.
No. Objek Penilaian Jenis Aset/ Jumlah Unit Luas Tanah (m2) Luas Bangunan (m2)
No Subject Property Asset Types Total Unit Land Area (sqm) Building Area (sqm)
PT Tajur Surya Abadi
Persediaan/ Inventory
Kavling Perumahan/
1 20 5.945* -
Residential Lot
Rumah/ Aset Non
2 11 2.443* 968
Landed House Operasional/
Rumah (dalam tahap pembangunan/ Non Operating
3 55 6.157* 3.567
Landed House (Working in Progress) Asset
Unit Apartemen /
4 18 - 594**
Apartment Unit
Aset Tetap/ Fixed Asset
Galeri Pemasaran / Aset
1 1 225 645
Marketing Gallery Operasional/
Operating
2 Clubhouse 1 6.571 750
Asset
Properti Investasi/ Investment Property
1 Kavling Komersial / Commercial Lot Aset Non 4 224* -
Operasional/
2 Kios Apartemen / Apartment Kiosk Non Operating 7 - 194*
Asset
Lahan siap dikembangkan/ Land Ready for Development
The Dunster Fase 2 /
1 1 68.526 -
The Dunster Phase 2 Aset Non
Komersial 1 / Operasional/ -
2 1 16.648
Commercial 1 Non Operating
Komersial 2 / Asset -
3 1 7.654
Commercial 2
Lahan belum dikembangkan/ Undeveloped Land
Lahan Belum Dikembangkan TSA
1 (Bersambungan) / TSA Undeveloped Aset Non - 71.219 -
Land (Amalgamated) Operasional/
Lahan Belum Dikembangkan TSA Non Operating
2 (Berpencaran) / TSA Undeveloped Land Asset - 15.985 -
(Scattered)
PT Puri Surya Abadi
Lahan belum dikembangkan/ Undeveloped Land
Lahan Belum Dikembangkan PSA
1 (Bersambungan) / PSA Undeveloped Aset Non - 67.601 -
Land (Amalgamated) Operasional/
Lahan Belum Dikembangkan PSA Non Operating
2 (Berpencaran) / PSA Undeveloped Land Asset - 11.222 -
(Scattered)
Total 201.597 6.718
VALUATION & ADVISORY SERVICES 2-9
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Peta Lokasi / Location Map
Legenda:
1. Objek Penilaian / Subject Business
2. Persimpangan Jalan Raya Tajur dan Jalan Royal Tajur Boulevard / Intersection between Jalan Raya Tajur
and Jalan Royal Tajur Boulevard
3. Gerbang Tol Ciawi Selatan pada Jalan Tol Bogor-Ciawi-Sukabumi (Bocimi) / Ciawi Selatan Toll Gate on
Bogor-Ciawi-Sukabumi (Bocimi) Toll Road
4. Terminal Bus Ciawi / Ciawi Bus Terminal
5. Stasiun Commuter Line (KRL) Bogor / Bogor Commuter Line Station
6. Bandar Udara Internasional Halim Perdanakusuma / Halim Perdanakusuma International Airport
2.11 Kinerja Operasional 2.11 Operational Performance
SMDM memiliki 4 bidang usaha utama yang mencakup SMDM has 4 main business fields consisting of real estate
real estat dan properti, pendapatan hotel, pendapatan and property, hotel revenue, golf operations revenue,
operasi golf, dan pendapatan manajemen estat. pada and estate management revenue. in June 2024, real
Juni 2024, pendapatan real estat dan properti estate and property revenue was the largest revenue with
merupakan pendapatan yang paling besar dengan porsi a portion of 73% of total revenue.
sebesar 73% dari total pendapatan.
VALUATION & ADVISORY SERVICES 2 - 10
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Per 30 Juni 2024, SMDM mengembangkan perumahan As of 30 June 2024, SMDM developed Rancamaya
Rancamaya dengan luas pengembangan mencapai housing with a development area of 232.8 ha and a total
232,8 ha dan total persediaan mencapai 366 unit yang inventory of 366 units consisting of 228 residential lots, 6
terdiri dari 228 kavling residensial, 6 landed housing, landed housing, 102 Landed Housing work in progress
102 Landed Housing work in progress (WIP), 2 Ruko, 22 (WIP), 2 Shophouses, 22 shophouses WIP, and 6
Ruko WIP, dan 6 area komersial. commercial areas.
Segmen real estat dan properti mengalami penurunan The real estate and property segment decreased in 2020
signifikan di tahun 2020 sebesar -32% diikuti oleh by -32% followed by hotel revenues of -23% then golf
pendapatan hotel sebesar -23% kemudian operasi golf operations and estate management of -5% and -2%
dan manajemen estat masing-masing sebesar -5% dan - respectively due to COVID-19 pandemic.
2% karena pandemi COVID-19.
Pada tahun 2021 segmen real estat dan properti tumbuh In 2021, the real estate and property segment increased
paling besar sebesar 206%, diikuti pendapatan hotel significantly by 206%, followed by hotel revenue 19%,
sebesar 19%, dan manajemen estat sebesar 0,3%. and estate management 0.3%. The golf operations
Namun segmen pendapatan operasi golf di tahun 2021 revenue segment in 2021 decreased of -0.4%.
mengalami penurunan sebesar -0,4%.
VALUATION & ADVISORY SERVICES 2 - 11
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Pada tahun 2023, pendapatan real estat dan properti In 2023, real estate and property revenue and hotel
dan pendapatan hotel kembali mengalami penurunan revenue decreased again while golf operating revenue
sedangkan pendapatan operasi golf dan pendapatan and estate management revenue increased. In June
manajemen estat mengalami peningkatan. Per Juni 2024, SMDM's revenue reached Rp243.5 billion, it is
2024, Pendapatan SMDM mencapai Rp243,5 miliar dominated by real estate and property revenue
yang didominasi oleh pendapatan real estat dan properti amounting to Rp177.8 billion or 73% of its total revenue.
sebesar Rp177,8 miliar atau sekitar 73% dari total
pendapatan.
VALUATION & ADVISORY SERVICES 2 - 12
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2.14 Kinerja Keuangan 2.12 Financial Performance
Kinerja keuangan SMDM adalah sebagai berikut: The financial performance of SMDM is as follows:
(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
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
VALUATION & ADVISORY SERVICES 2 - 13
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2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆
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 Deffered 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 2 - 14
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Laba Rugi Income Statement
• Pendapatan SMDM mengalami penurunan pada • SMDM's revenue decreased in 2020 then rebounded in
tahun 2020 kemudian meningkat pada tahun 2021 2021 along with decrement and increment in land and
seiring dengan penurunan dan peningkatan pada residential sales, hotels, golf, and estate management.
penjualan tanah dan rumah tinggal, hotel, golf, dan In 2023, SMDM revenue decreased due to decrement
manajemen estat. Pada tahun 2023 pendapatan in land and residential sales and hotel revenue. As of
SMDM mengalami penurunan yang disebabkan oleh 30 June 20224, SMDM recorded revenue of Rp243
penurunan penjualan tanah dan bangunan dan 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-controlling
kepentingan non-pengendali Perseroan. interests of the Company.
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 (%)
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Rasio 2019 2020 2021 2022 2023 2024** Ratios
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 the Company's
melihat kemampuan Perseroan dalam melunasi ability to pay off its short-term obligations. The
kewajiban jangka pendeknya. Rasio lancar, rasio kas, Company's current ratio, cash ratio and quick ratio
dan rasio cepat Perseroan meningkat signifikan pada increased significantly in 2022 due to cash and cash
tahun 2022 karena peningkatan kas dan setara kas. equivalents increment. In 2023, the Company's current
Pada tahun 2023 rasio lancar, rasio kas, dan rasio cepat ratio, cash ratio and quick ratio were above 1x, which
Perseroan berada di atas 1x yang menunjukkan bahwa showed that the Company was able to pay off its short-
Perseroan mampu melunasi kewajiban jangka term liabilities using current assets, cash and receivables
pendeknya menggunakan aset lancar, kas dan piutang or even using cash only.
atau bahkan hanya menggunakan kas.
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 Return on assets (ROA), return on equity (ROE), gross
(ROA), Tingkat pengembalian ekuitas (ROE), marjin laba profit margin, EBITDA margin, operating profit margin
kotor, marjin EBITDA, marjin laba operasi, dan marjin and net profit margin increased significantly in 2021
laba bersih meningkat signifikan pada tahun 2021 since revenue and profit increased and then increased
seiring dengan meningkatnya pendapatan dan laba again in 2022 but decreased in 2023, The Company's
Perseroan dan kembali meningkat di tahun 2022 namun profitability ratios were positive from 2019-2023, which
menurun di tahun 2023. Rasio profitabilitas Perseroan showed that the Company was able to generate profits
bernilai positif dari tahun 2019-2023 yang menunjukkan from its business activities.
bahwa Perseroan mampu menghasilkan laba dari
kegiatan usahanya.
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. Pada receivable, and accounts payable. From 2020 until June
tahun 2020 hingga 30 Juni 2024, perputaran aset 30, 2024, asset turnover relatively remained stable, with
cenderung stabil, dengan penurunan pada tahun 2023 a decline in 2023 and June 2024, indicating that the
dan Juni 2024 yang menunjukkan bahwa kemampuan Company's ability to generate revenue using its assets
Perseroan dalam menghasilkan pendapatan and inventory decreased compared to the previous year.
menggunakan aset dan persediaannya menurun
dibandingkan tahun sebelumnya.
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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 Perseroan yang a decline in the Company’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 the Company was able to collect its
Perseroan 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 the Company took
menunjukkan bahwa Perseroan memerlukan waktu lebih longer to settle its trade payables.
lama dalam melunasi utang usahanya.
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. Rasio utang external resources. The debt to asset ratio (DAR) and debt
terhadap aset (DAR) dan rasio utang terhadap ekuitas to equity ratio (DER) decreased in 2019-2022 as well as
(DER) menurun pada tahun 2019-2022 seiring dengan loan payments and then increased in 2023 which
pembayaran utang kemudian meningkat di tahun 2023 indicated that there was proceeds from loan. In the
yang 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 the Company were funded more
menunjukkan bahwa Perseroan lebih banyak didanai using its equity.
menggunakan ekuitas.
2.15 Risiko Operasional 2.13 Operational Risk
Berikut adalah gambaran risiko bisnis yang terkait The following are an overview of business risk that is
dengan Perseroan. associated with the Company.
Risiko terkait kondisi makro Risk related to macro conditions
• Risiko makroekonomi • Macroeconomic 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 exchange
bunga, dan nilai tukar terhadap mata uang asing. rate against foreign currencies.
• Risiko stabilitas politik • Political stability risk
Risiko politik adalah bagian penting dari risiko dalam Political risk is a crucial part of risk in the Company's
bisnis Perseroan. Ketidakstabilan politik secara tidak business. Political instability will indirectly affect economic
langsung akan mempengaruhi kondisi ekonomi yang conditions which will have an impact on the Company's
akan berdampak pada operasional Perseroan. operations.
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Risiko terkait dengan bisnis Risk related to business
• Risiko Persaingan usaha • Business Competition Risk
Perseroan menghadapi risiko persaingan usaha dari The Company faces the business competition risk from
kompetitor-kompetitor di sekitar lokasi perumahan competitors located in surrounding area of the
Perseroan. Beragamnya konsep yang ditawarkan oleh Company’s residential estate. The variety of concepts
beberapa kompetitor berpotensi mengurangi permintaan offered by several competitors has the potential to reduce
atas produk-produk Perseroan. Untuk memitigasi risiko demand for the Company's products. To mitigate this
ini, Perseroan berusaha selalu mengeluarkan produk risk, the Company strives to always produce innovative
yang inovatif. products.
• Risiko Gugatan Hukum • Lawsuit Risk
Perseroan melakukan pembebasan tanah dari penduduk The Company acquires land from local residents or from
setempat atau dari pihak-pihak lain berdasarkan Surat other parties based on a Location and Right
Ijin Lokasi dan Pembebasan Hak/Pembelian Tanah. Release/Land Purchase Permit. In land acquisition in
Dalam usaha pembebasan tanah di Indonesia tidak Indonesia, it is possible that there will be lawsuit from
tertutup kemungkinan timbulnya gugatan hukum dari third parties. Hence, the Company is aware of the risk of
pihak ketiga. Oleh karena itu, Perseroan menyadari legal claims arising from land acquisition activities
akan adanya risiko timbulnya gugatan hukum dalam carried out even though land acquisition is carried out
kegiatan pembebasan tanah yang dilakukan walaupun carefully.
pembebasan tanah dilakukan dengan hati-hati.
• Risiko Dampak Lingkungan • Environmental Impacts Risk
Sebagai suatu perusahaan yang mengelola perumahan, As a Company that manages housing, the Company is
Perseroan dihadapkan pada masalah limbah baik faced with the issue of waste, both liquid waste and waste
limbah cair maupun limbah yang dihasilkan rumah produced by housing. The Company is aware that if
tangga. Perseroan menyadari apabila limbah rumah household waste is not managed properly, it can cause
tangga tersebut tidak dikelola dengan baik dapat pollution to the residential environment, which can affect
menimbulkan pencemaran terhadap lingkungan public interest in the Company's housing products, which
perumahan sehingga dapat menpengaruhi minat will decrease the Company's revenue.
masyarakat terhadap produk perumahan Perseroan yang
berdampak pada turunnya pendapatan Perseroan.
• Risiko Kebakaran dan Bencana Alam • Fire and Natural Disaster Risk
Perseroan berisiko mengalami terjadinya kebakaran dan The Company has a risk of fires incidence and natural
bencana alam yang dapat mengakibatkan kerugian disasters which might inflict in moral and material losses,
moril dan materiil, baik bagi pemilik bangunan maupun both for the building owner and the Company. To
bagi Perseroan. Untuk memitigasi risiko ini, Perseroan mitigate this risk, the Company can apply non-flammable
dapat menerapkan bahan bangunan yang tidak mudah building materials that still maintain design aesthetics
terbakar dan tetap mempertahankan estetika desain dan and quality.
kualitas.
2.16 Rencana Bisnis 2.14 Business Plan
Berdasarkan informasi manajemen Perseroan, SMDM Based on Company management information, SMDM
memiliki rencana untuk melanjutkan pengembangan planned to continue developing each project.
masing-masing proyek.
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2.17 Analisis SWOT 2.15 SWOT Analysis
Berdasarkan uraian tentang profil dan kondisi, berikut Based on the elaboration about profile and condition, the
adalah analisis SWOT Perseroan. following is SWOT analysis of the Company.
Kekuatan / Strength Kelemahan / Weakness
• Memiliki land bank yang luas sehingga memiliki potensi • Efisiensi pengembangan Rancamaya yang rendah karena
pengembangan yang besar / Having a significant land bank tanah yang berkontur. / Low development efficiency in
will give big opportunity to be developed. Rancamaya due to land contour.
• Progres pengembangan dan penjualan yang relatif lambat
dibandingkan pesaing. / Development and sales progress 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 masih terus dikembangkan • Ancaman ketidakpastian ekonomi global yang berimbas
pemerintah. / The government is continuing to develop pada ekonomi Indonesia. / The threat of global economic
infrastructure. uncertainty will affect Indonesia economy.
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3.0 GAMBARAN PASAR 3.0 MARKET OVERVIEW
3.1 Gambaran Makro Ekonomi Indonesia 3.1 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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3.2 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).
Kota Pontianak saat ini menonjol dengan pertumbuhan Pontianak recorded the highest increase at 4.86% (y-o-
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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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3.3 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.
3.4 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
VALUATION & ADVISORY SERVICES 3 - 17
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4.0 PENDEKATAN PENILAIAN 4.0 VALUATION APPROACH
4.1 Pendekatan Penilaian 4.1 Valuation Approach
Dalam penilaian ini, kami mempertimbangkan untuk In this valuation, we have considered to adopt these
menggunakan pendekatan dan metode berikut. valuation approaches and methods.
Pendekatan/ Metode/ Alasan Penggunaan/
Approach Method Rationale
Tidak diterapkan dengan pertimbangan keterbatasan perusahaan pembanding sejenis yang
Pasar/
n/a sebanding dengan SMDM. /
Market
Not applied with consideration that there are limited comparable companies for SMDM.
Diskonto Arus
Diterapkan dengan pertimbangan bahwa Objek Penilaian telah dan sedang beroperasi dan
Kas /
Pendapatan/ diasumsikan akan melanjutkan kegiatan operasionalnya di masa yang akan datang. /
Discounted
Income Applied with consideration that the Subject Business has been and in operation and it is assumed
Cash Flow
that it will continue its operational activities in the future.
(“DCF”)
Diterapkan dengan pertimbangan Objek Penilaian memiliki aset berupa aset real estat dan
Adjusted Book
Aset / Biaya properti investasi yang signifikan. /
Value Method
Assets / Cost Applied with consideration that the Subject Business has significant assets in form of real estate
(“ABVM”)
assets and investment properties.
Catatan: Notes:
1. Peraturan OJK No. 35/POJK.04/2020 pasal 75 poin a menyatakan metode 1. OJK Regulation No. 35/POJK.04/2020 clause 75 point a states that discounted cash
diskonto arus kas hanya dapat digunakan untuk menilai perusahaan yang telah flow may only be adopted to value a company that has been carrying out operational
melakukan kegiatan operasional selama satu tahun atau lebih, yang mana dalam activities for one year or more, in this case SMDM has been operating for more than
hal ini SMDM telah beroperasi lebih dari satu tahun. one year.
2. Peraturan OJK No. 35/POJK.04/2020 pasal 59 poin a.1 menyatakan metode 2. OJK Regulation No. 35/POJK.04/2020 clause 59 point a.1. states that the Net asset
penyesuaian aset bersih (Adjusted Book Value) wajib digunakan untuk menilai Adjustment (Adjusted Book Value) method must be adopted to value the equity of a
ekuitas suatu perusahaan dimana Nilai Perusahaan sangat bergantung pada nilai company where the company value is highly dependent on the value of fixed assets
aset tetap (a heavy based on fixed assets company) seperti perusahaan real estat, (a heavily based on fixed assets company) such as a real estate company, hence the
sehingga pendekatan aset menjadi wajib untuk diterapkan. Adjusted Book Value asset approach is mandatory to be applied. Adjusted Book Value Method (“ABVM”)
Method (“ABVM”) atau dikenal juga sebagai Revised Net Asset Value (“RNAV”) untuk or known as Revised Net Asset Value (“RNAV”) for Cost Approach
Pendekatan Biaya.
Pendekatan Pendapatan Income Approach
Pendekatan Pendapatan memberikan indikasi nilai Income Approach determines the indicative value by
dengan mengkonversi arus kas masa depan menjadi satu converting the future cash flow to a present value. In
nilai saat ini. Pada Pendekatan Pendapatan, nilai aset Income Approach, the asset value is determined by using
ditentukan dengan referensi kepada pendapatan, arus a reference from income, cash flow or cost saving
kas atau penghematan biaya yang dihasilkan aset. generated from asset. (SPI106.6.3.a).
(SPI106.6.3.a)
Metode Diskonto Arus Kas (“Metode DCF”) Discounted Cash Flow Method (“DCF Method”)
Dengan menggunakan metode DCF, nilai suatu usaha Using the DCF method, the value of a business is estimated
diestimasi dengan menentukan arus kas bersih yang by determining the expected future net cash flows and
diharapkan di masa depan dan mendiskontonya dengan discounting it using an appropriate discount rate that
menggunakan tingkat diskonto yang sesuai yang reflects the risks associated with cash flows.
mencerminkan resiko yang terkait dengan arus kas.
Dalam penilaian ini, kami menggunakan pendekatan In this valuation, we have adopted the FCFF (Free Cash
FCFF (Free Cash Flow to the Firm). FCFF bersih dari Flow to the Firm) approach. FCFF is net of the need for
kebutuhan untuk pengeluaran barang modal, baik untuk capital expenditures, both to maintain current operations
mempertahankan operasional yang sedang berjalan and reserves for replacement, investment, working capital,
maupun percadangan untuk penggantian, investasi, and provision of additional capital outlays for company
modal kerja, dan penyediaan pengeluaran modal growth.
tambahan untuk pertumbuhan perusahaan.
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Laba sebelum bunga dan pajak / Earning before interest and tax
– Pajak / Tax
+ Beban non-kas (depresiasi, amortisasi, dll) / Non-cash charges (depreciation, amortization, etc.)
– Beban sewa aset hak guna / Rental cost for right of use asset
– Investasi Aset Tetap / Investment in fixed assets
– Kenaikan (atau + penurunan) pada modal kerja bersih / Increase (or + decrease) in net working capital
= Arus Kas Bersih Perusahaan / Free Cash Flow to the Firm
Pendekatan Aset / Biaya Asset / Cost Approach
Pendekatan Aset adalah suatu cara dalam mengestimasi Asset Approach is an approach in estimating the value of
nilai dari Objek Penilaian yang ditentukan berdasarkan Subject Business based on its historical financial statement,
laporan keuangan historis Objek Penilaian, dimana where all assets and liabilities are adjusted to their
seluruh aset dan liabilitas disesuaikan menjadi dasar nilai appropriate value.
yang sesuai.
Metode Adjusted Book Value (“ABVM”) Adjusted Book Value Method (“ABVM”)
ABVM adalah nilai estimasi dari ekuitas perusahaan yang ABVM is the estimated value of a company’s equity which
diperoleh dengan mengurangi aset dengan liabilitas, is arrived at by subtracting the asset with the liabilities, after
setelah biaya historis dari aset dan liabilitas disesuaikan the book value of assets and liabilities are adjusted to its
dengan standar Nilai Pasar. Market Value.
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5.0 PROSEDUR PENILAIAN 5.0 VALUATION PROCEDURE
5.1 Premis Nilai yang Digunakan 5.1 Value Premise in Valuation
Dalam penilaian ini kami berasumsi bahwa SMDM In this valuation we have assumed that SMDM is a going
merupakan perusahaan yang sedang berjalan dan tetap concern company that will continue its operation in the
akan melanjutkan kegiatan operasionalnya di masa yang foreseeable future.
akan datang.
5.2 Asumsi dalam Prosedur Penilaian 5.2 Assumptions in Valuation Procedure
• Berdasarkan Peraturan Otoritas Jasa Keuangan • Based on Peraturan Otoritas Jasa Keuangan Republik
Republik Indonesia Nomor 35/POJK.04/2020, Indonesia Nomor 35/POJK.04/2020, the amount
besarnya premi kendali/diskon pengendalian Controlling Premium/Discount for Lack of Control
(Controlling Premium/Discount for Lack of Control – (DLOC) and Discount for Lack of Marketability (DLOM)
DLOC) dan diskon likuiditas pasar (Discount for Lack of are as follow.
Marketability – DLOM) adalah sebagai berikut.
Premi Kendali/Controlling Premium
Diskon Marketabilitas (DLOM)/
Saham Diskon Pengendalian (DLOC)/
Discount for Lack of Marketability (DLOM)
Discount for Lack of Control (DLOC)
Minoritas/Minority 20%-35% 10%-30%
Mayoritas/Majority 20%-35% 0%-20%
• Dalam penilaian ini kami mempertimbangkan diskon • In this valuation, we have considered the discount for
likuiditas pasar (DLOM) sebesar 20% dengan lock of marketability (DLOM) of 20% by considering low
pertimbangan bahwa aktivitas perdagangan saham trading activities of SMDM’s shares in stock exchange as
SMDM yang cukup rendah di bursa serta merupakan well as considering that the Company is engaged in
perusahaan yang bergerak di bidang pengembang property real estate development sector.
properti real estat.
• Kami mengerti bahwa SMDM memiliki penyertaan • We understand that SMDM holds shares in PT Bank
saham pada PT Bank Muamalat Indonesia Tbk dan PT Muamalat Indonesia Tbk and PT Bhakti Sarana with a
Bhakti Sarana dengan nilai buku masing-masing book value of Rp200,000,000/- and Rp25,000,000/-
sebesar Rp200.000.000,- dan Rp25.000.000,- per 30 respectively as of 30 June 2024. In this valuation, we
Juni 2024. Dalam penilaian ini kami berasumsi bahwa assume that the book value of these shares have
nilai buku penyertaan saham tersebut telah reflected their Market Value as of the valuation date.
mencerminkan Nilai Pasar-nya per tanggal penilaian.
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• Kami mengerti bahwa CNMP, SKI, KBM, PSA, ISP, dan • We understand that CNMP, SKI, KBM, PSA, ISP, and MS
MS tidak menerbitkan laporan keuangan audit per do not publish audited financial report as of valuation
tanggal penilaian. Kami mengerti bahwa dalam proses date. We also understand that in the audit process of
audit atas laporan keuangan SMDM secara grup juga SMDM as a group are also including audit of these
termasuk audit atas masing-masing entitas tersebut. entities. In this valuation, we have assumed the interim
Dalam penilaian ini, kami berasumsi bahwa laporan financial statement and consolidated working paper
keuangan interim maupun kertas kerja konsolidasi yang provided by management for these entities are true,
disediakan oleh manajemen untuk entitas tersebut accurate, and conform to the standard of financial
adalah benar, akurat, dan sesuai dengan standar statement reporting hence could be adopted as the
penyajian laporan keuangan yang berlaku sehingga basis of valuation.
dapat digunakan sebagai dasar penilaian.
5.3 Asumsi Umum Prosedur Penilaian – Pendekatan 5.3 General Assumptions on Valuation Procedure –
Pendapatan Income Approach
Asumsi Tingkat Diskonto Assumptions Discount Rate
Tingkat Diskonto Discount Rate
Tingkat diskonto ditentukan dengan menggunakan Biaya The discount rate is determined by using cost of Weighted
Modal rata-rata tertimbang (WACC) dengan rumus Average Cost of Capital (WACC) with formula as follows.
sebagai berikut.
dimana: where:
ke = Biaya Ekuitas ke = Cost of Equity
kd = Biaya Utang kd = Cost of Debt
We = Persentase pendanaan dengan ekuitas We = Percentage of funding from Equity
Wd = Persentase pendanaan dengan hutang Wd = Percentage of funding from Debt
t = Tingkat Pajak penghasilan perusahaan t = Corporate Income Tax
Biaya ekuitas dihitung dengan menggunakan Capital The cost of equity is calculated using Capital Asset Pricing
Asset Pricing Model (CAPM), dengan menggunakan rumus Model (CAPM), with the formula as follows:
sebagai berikut:
𝑘𝑒 = 𝑅𝑓 + (𝛽 × 𝑅𝑃𝑚 )
dimana: where:
Ke = Ekspektasi tingkat pengembalian sekuritas individu Ke = Expected return on individual security
Rf = Tingkat pengembalian sekuritas bebas risiko Rf = Rate of return available on risk-free security
β = Beta β = Beta
RPm = Premi risiko ekuitas RPm = Equity risk premium
Asumsi yang digunakan dalam perhitungan tingkat The assumption adopted in calculating discount rate is as
diskonto adalah sebagai berikut. follows.
Tanpa Pajak / Dengan Pajak Sumber /
Keterangan / Remarks
Without Tax / With Tax Source
Biaya Ekuitas /
Cost of Equity
Tingkat pengembalian obligasi pemerintah Indonesia (30 tahun) - dalam
Rf 7.07% 7.07% mata uang Rupiah/Yield of long-term Indonesia Government Bond (30 PHEI
years) in Rupiah
β 1.23 1.11 Rata-rata beta industri sejenis / Average beta in similar industry Bloomberg
RPm 6.44% 6.44% Premi Risiko Indonesia / Indonesia Risk Premium Damodaran
Specific Risk 5.00% 5.00%
RBDS 1.79% 1.79% Rating Based Default Spread Damodaran
ke 18.20% 17.45%
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Tanpa Pajak / Dengan Pajak Sumber /
Keterangan / Remarks
Without Tax / With Tax Source
Biaya Utang /
Cost of Debt
t* 22.00% Pajak atas penghasilan korporasi / Corporate income tax rate
Rata-rata tingkat suku bunga Kredit Investasi/ Bank
Kd 9.45% 9.45%
Average Interest Rate on Investment Loan Indonesia
kd (1-t) 9.45% 7.37%
WACC
We 56.96% 56.96% Rata-rata porsi ekuitas pasar / Average market portion for equity Bloomberg
Wd 43.04% 43.04% Rata-rata porsi utang pasar / Average market portion for debt Bloomberg
Tingkat Diskonto
14.43% 13.11%
/ Discount Rate
Biaya ekuitas diperhitungkan dengan menggunakan Cost of equity is calculated using the adjusted formula as
rumus yang telah disesuaikan menjadi berikut. follow.
Adjusted Ke = Rf + (β x RPm) - RBDS
RBDS = merupakan risiko tambahan yang timbul karena adanya RBDS = is an additional risk that arises due to differences in the rating of
perbedaan peringkat utang suatu negara terhadap negara a country’s debt to the country with the highest debt rating, which
dengan peringkat utang tertinggi yaitu AAA. Dalam hal ini, RBDS is AAA. In this case, the Indonesia RBDS intended for the
Indonesia yang dimaksudkan dalam perhitungan tingkat diskonto calculation of the discount rate is an additional risk arising from
merupakan risiko tambahan yang timbul karena peringkat utang the Indonesia’s lower debt rating. Risk-free interest and risk
Indonesia yang lebih rendah. Bunga bebas risiko dan premi risiko premium bear the country risk. To avoid double counting in
secara Bersama-sama menanggung risiko dari suatu negara, country’s risk, we have deducted the RBDS from cost of equity.
sehingga untuk mencegah adanya perhitungan ganda terhadap
risiko negara, maka kami mengurangkan RBDS dari biaya ekuitas.
Catatan: Notes:
Perhitungan WACC didasarkan pada tarif pajak efektif yang berlaku. WACC calculation is based on applicable effective tax rate. Figures shown
Angka di atas merupakan ilustrasi untuk WACC dengan dan tanpa pajak. above are illustrations of WACC with and without tax. Taxes on the cost of
Pajak dalam biaya utang diperoleh dari estimasi tarif pajak efektif. debt obtained from estimated effective tax rate.
Beta diperoleh dari rata-rata beta unlevered dari Beta is derived by averaging the un-levered beta of
perusahaan pembanding berikut. comparable companies as follows.
Perusahaan / Company Levered Beta DER Unlevered Beta
PT Agung Podomoro Land Tbk 1.57 331.06% 0.47
PT Alam Sutera Realty Tbk 1.64 252.08% 0.48
PT Bumi Serpong Damai 1.33 60.89% 0.83
PT Ciputra Development Tbk 1.34 38.25% 0.97
PT Summarecon Agung Tbk 1.48 94.16% 0.47
Rata-Rata / Average 1.47 75.55%* 0.70
*Diperoleh dengan membagi total seluruh perusahaan pembanding dengan total ekuitasnya. / Derived by dividing the sum of total debt of all comparable
companies with sum of their total equity.
Sumber : Bloomberg, diolah
Levered beta untuk Perseroan dihitung dengan Levered beta is derived by using the following formula.
menggunakan rumus berikut.
L = U 1 + (DER (1 − T ))
Β without tax= 0.70 (1+(75.55% X (1-0%) = 1,23
Β with tax= 0.70 (1+(75.55% X (1-22%) = 1,11
Inflasi dan Kenaikan UMK Inflation and Minimum Wages Increment
Asumsi inflasi adalah sebagai berikut: Inflation rates are assumed as follows:
Tahun / Year 2024 2025 2026 2027 2028-2056
Inflasi / Inflation* 2.70% 2.80% 3.30% 3.40% 3.00%
PDB / GDP* 5.20% 5.20% 5.20% 5.10% 5.30%
Gaji / Minimum Wages 4.26%** 4.26%** 4.36%** 4.86%** 4.93%**
*Sumber / Source : EIU, June 2024
**diperoleh dari pertumbuhan ekonomi tahun sebelumnya dikali α (0,3) ditambah dengan inflasi atau setara dengan persamaan [inflasi +(GDP * α)]
sesuai PP No. 51 tahun 2023. / obtained from the previous year's GDP multiplied by α (0.3) plus inflation or equal with equation of [inflation +(GDP * α)]
based on PP No. 51 tahun 2023.
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5.4 Pendekatan Pendapatan dengan Metode 5.4 Income Approach with Discounted Cash Flow
Diskonto Arus Kas Method
Dalam metode ini, Nilai Pasar atas Objek Penilaian In this method, Market Value of Subject Business is derived
diperoleh dengan memproyeksi arus kas dimasa yang by projecting the future cash flow and then discounted to
akan datang yang kemudian didiskontokan menjadi nilai the present value.
kini.
• Periode proyeksi dalam penilaian ini adalah dari 1 Juli • The projection period in this valuation is from 1 July
2024 sampai dengan 31 Desember 2056 atau hingga 2024 to 31 December 2056 or the land bank is sold
persediaan tanah habis terjual; out;
• Mata uang yang digunakan dalam penilaian ini • Currency adopted in this valuation is Rupiah.
adalah Rupiah.
5.4.1 Proyeksi Penjualan 5.4.1 Sales Projection
Pendapatan Revenue
Pendapatan SMDM dikategorikan berdasarkan beberapa SMDM revenue is categorized based on several revenue
kategori pendapatan dengan rincian sebagai berikut. categories with the details as follows.
Persediaan Inventory
Kami mengasumsikan periode penjualan dengan rincian We assumed the sales period as follows:
sebagai berikut:
Luas Bangunan
Jumlah unit / Luas Tanah (m2) (m2) Harga/Unit (Rp000.000) Periode Penjualan
Tipe / Type / Building Area
No of Unit /Land Area (sqm) Price/Unit (Rp000,000) / Sales Period
(sqm)
Kavling Rumah View Golf/Golf View
192 150 – 7,553 - 832 – 27,572 2024 - 2035
Residential Lot
Kavling Rumah /Residential Lot 36 72 – 2,908 - 604 – 15,046 2024 - 2032
Perumahan/ Landed Housing
Rumah / Housing 6 84 – 548 43 - 252 846 – 4,011 2024
Perumahan (dalam masa Pembangunan/ Landed Housing (Working on Progress)
Rumah Progress 0%/Housing progress
81 84 – 170 - 983 – 1,875 2024 – 2025
0%
Rumah Progress 51-68%/Housing
21 84 – 165 43 - 100 900 – 1,748 2024 - 2025
progress 51-68%
Ruko / Shophouse
Ruko/ Shophouse 2 92 195 2,542 2024
Perumahan (dalam masa Pembangunan/ Landed Housing (Working on Progress)
Rumah Progress 0%/Housing progress
18 96 – 180 192 - 360 2,522 – 4,729 2024 - 2028
0%
Rumah Progress 51-68%/Housing
4 92 – 128 195 2,542 – 2,736 2025 - 2026
progress 51-68%
Kavling Komersial/ Commercial Lot
Kavling / Lot 6 2,512 – 22,308 17,224 – 105,353 2028 - 2032
Perkiraan harga jual rumah diperoleh dari analisis The estimated sales price is arrived by making comparison
perbandingan penjualan properti sejenis dan kami analysis to sales prices of similar property and we have
memperkirakan kenaikan harga jual sebagai berikut: assumed that the price growth as follows:
Tipe / Type Kenaikan Harga / Price Increment
Kavling Rumah View Golf/Golf View Residential Lot 1.39% - 2.78%
Rumah dan Kavling Rumah/ Housing and Residential Lot 1.71% - 3.41%
Ruko/ Shophouse 2.89% - 5.79%
Kavling Komersial/ Commercial Lot 1.39% - 2.78%
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Realisasi penjualan kotor per tahun didapatkan dari Actual gross sales per year comes from multiplying the
perkalian jumlah unit terjual dengan proyeksi harga jual number of sold units with the projection of selling price
unit. unit.
Rencana Apartmen Proposed Apartment
Kami mengasumsikan periode penjualan dan harga jual We assumed the sales period and selling price as
dengan rincian sebagai berikut: follows:
Jumlah Unit / Luas Bangunan (m2) / Harga Jual (Rp) / Periode Penjualan /
Tower
Number of Units Building Area (sqm) Selling Price (Rp) Sales Period
Tower A 265 24 - 54 431 – 1,071 2030 - 2033
Tower B 378 24 - 54 431 – 1,071 2026 - 2030
Estimasi harga jual diperoleh dengan melakukan analisis The estimated sales price is arrived by making comparison
perbandingan dengan harga jual properti sejenis dan analysis to sales prices of similar property and we have
kami mengasumsikan kenaikan harga berkisar antara assumed that the prices growth are ranging between 4.3%
4,3% to 5,3%. to 5.3%.
Penjualan kotor aktual per tahun diperoleh dengan Actual gross sales per year is derived by multiplying the
mengalikan jumlah unit yang terjual dengan proyeksi number of sold units with the projection of selling price
harga jual unit. unit.
Pendapatan penjualan kotor dikurangi dengan biaya The gross sales revenue is deducted by the following
sebagai berikut: expense:
- Biaya penjualan sebesar 5% dari total pendapatan; - Cost of sales is about 5% from total revenue;
- PBB meningkat sesuai inflasi; - Property tax increased by inflation;
- Biaya overhead sebesar 2% dari total pendapatan; - Overhead is about 2% from total revenue;
- Biaya konstruksi dari bangunan sebesar Rp7,771,000 - The construction cost of the building is Rp7,771,000
per m2, basemen sebesar Rp5,553,000 per m2 dan per sqm, basement is Rp5,553,000 per sqm, and
biaya bangunan parkir adalah Rp4,378,000 per m2; parking building is Rp4,378,000 per sqm;
Tanah Untuk Pengembangan - Komersial Lot View Land For Development - Commercial Lot View
Kami mengasumsikan periode penjualan untuk 15 unit We assumed the sales period for 15 unit commercial lot
kavling komersial adalah pada tahun 2027 – 2034. are in year 2027 – 2034.
Perkiraan harga jual rumah diperoleh dari analisa The estimated sales price is arrived by making comparison
perbandingan penjualan properti sejenis dan kami analysis to sales prices of similar property and we have
mengasumsikan kenaikan harga berkisar antara 1,39% - assumed that the prices growth are ranging between
2,78%. 1.39% - 2.78%.
Realisasi penjualan kotor per tahun didapatkan dari Actual gross sales per year comes from multiplying the
perkalian jumlah unit terjual dengan proyeksi harga jual number of sold units with the projection of selling price
unit. unit.
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Tanah Yang Belum Dikembangkan – tanah Undevelopment Land - Amalgamated Land
bersambungan
Kami mengasumsikan periode penjualan dengan rincian We assumed the sales period as follow:
sebagai berikut:
Luas Tanah Luas Bangunan
Periode
Deskripsi Tipe Pengembangan Jumlah Unit (m2) (m2) Harga/Unit (Rp)
Penjualan /
/ Description / Development Type /No. of Unit /Land Area / Building Area Price/Unit (Rp) Sales Period
(sqm) (sqm)
Tanah HGB Belum Dikembangkan (Pengembangan Perumahan) / HGB Undevelopment Land (Residential Development)
Menengah-Menengah /
2,432 82 38 525,012,992 2031 – 2050
Tanah Bersambungan R2 Middle-Middle
/ Amalgamated Land R2 Menengah-Atas /
1,107 120 90 1,485,363,613 2032 - 2050
Middle-Up
Tanah Bersambungan R4 Menengah-Menengah /
314 82 38 456,702,590 2051 - 2053
/ Amalgamated Land R4 Middle-Middle
Perkiraan harga jual rumah diperoleh dari analisis The estimated sales price is derived by making comparison
perbandingan penjualan properti sejenis dan kami analysis to sales prices of similar property and we have
memperkirakan kenaikan harga jual sebagai berikut: assumed that the price growth as follows:
Tipe / Type Kenaikan Harga/ Price Increment
Perumahan Menengah-Menengah / Middle-Middle Residential 3.11% - 6.22%
Perumahan Menengah-Atas / Middle-Up Residential 1.71% - 3.41%
Realisasi penjualan kotor per tahun didapatkan dari Actual gross sales per year comes from multiplying the
perkalian jumlah unit terjual dengan proyeksi harga jual number of sold units with the projection of selling price
unit. unit.
Hotel Hotel
Asumsi Hotel Hotel Assumption
- Jumlah hari operasional adalah 365 hari (dari 1 - The operational day is 365 days (from 1 January until
Januari hingga 31 Desember); 31 December);
- Jumlah kamar tersedia adalah 131 kamar - The number of rooms available is 131 rooms
- Proyeksi tingkat hunian (AOR) dan harga kamar rata- - The average occupancy rate (AOR) and average room
rata (ARR) dilakukan dengan menganalisis kinerja rate (ARR) projection is arrived by making analysis on
historikal, kondisi pasar dan para pesaingnya, historical performance, market condition and its
khususnya hotel bintang 4 di area Kota Bogor; competitors, especially for 4-star hotels in Bogor City;
- Pada tahun 2024, asumsi ARR hotel adalah sebesar - In year 2024, the ARR is assumed of about
Rp1.330.000,-; Rp1,330,000/-;
Kenaikan ARR dan proyeksi tingkat hunian diasumsikan The ARR and AOR projection is assumed as follow:
sebagai berikut:
Kenaikan ARR / Increment of ARR Tingkat Hunian / AOR
2.1% - 4.1% 44.7% - 70.6%
Proyeksi penerimaan untuk departemen kamar diperoleh The revenue projection from the room department is
dengan mengalikan jumlah malam kamar terhuni dengan derived by multiplying the number of occupied rooms with
harga kamar rata-rata untuk tahun tersebut. Sedangkan the ARR for the year. The revenue from food and beverage
penghasilan untuk departemen food and beverage dan departments and other departments is by analyzing the
departemen lainnya adalah dengan menganalisis percentage of revenue from those departments to total
persentase dari penerimaan departemen-departemen revenues from historical data and the average of similar
tersebut terhadap total pendapatan dari data historis dan hotels.
rata-rata hotel-hotel sejenis.
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Deskripsi Asumsi / Assumption Description
Kamar ARR x AOR x 365 hari/ARR x AOR x 365 days Room
F&B 56,8% dari pendapa3tan kamar/56,8% from room revenue F&B
Lain-lain 2,7% dari pendapatan kamar/2.7% from room revenue Other Operating Departments
Pendapatan dari tiap departemen dikurangi dengan biaya The income of each operating department is deducted with
departemen untuk memperoleh profit departemen. its related department cost to obtain the departmental
Proyeksi biaya per departemen diperoleh berdasarkan profit. The projection of costs per department is calculated
data historis yang diperoleh dari Perusahaan dan hotel based on historical data from the Company and
sejenis, yaitu dengan menganalisis rasio biaya comparable hotels by analyzing the ratio of department
departemen terhadap pendapatan departemen. cost to department revenue. This cost calculation is also
Perhitungan biaya ini juga digolongkan menjadi biaya classified to fixed costs and variable costs. Fixed costs are
tetap dan biaya variabel. Biaya tetap adalah biaya yang costs that tend to remain and are unaffected by occupancy
cenderung tetap dan tidak terpengaruh oleh tingkat rates, while variable costs tend to vary following occupancy
hunian, sedangkan biaya variabel cenderung bervariasi rates.
mengikuti tingkat hunian.
Golf Course Golf Course
Asumsi Golf Golf Assumption
Penerapan Pendekatan Pendapatan dalam penilaian ini We have used Income Approach with Discounted Cash
berdasarkan pada asumsi sebagai berikut : Flow method by using the following procedures:
- Jumlah hari operasional adalah 365 hari (dari 1 - The operational day is 365 days (from 1 January
Januari hingga 31 Desember); until 31 December);
- Jumlah hole tersedia adalah 18 holes; - The number of hole is 18 holes;
- Proyeksi green fee dan round dilakukan dengan - The green fee and number of rounds projection is
menganalisis kondisi pasar dan para pesaingnya, derived by making analysis on market condition
khususnya golf di sekitar Kota Bogor; and its competitors, especially for golf in the
surrounding of Bogor City;
- Pada tahun pertama, asumsi green fee adalah - In year 1, the green fee is assumed of about
sebesar Rp429.000,- dan asumsi round sebesar Rp429,000,- and the number of round is assumed
35.875; of about 35,875
Proyeksi tersebut dapat dilihat pada tabel berikut: The projection can be seen in the following table:
Kenaikan Green Fee /Increment of Green Fee Jumlah round / Number of rounds
3.0% - 4.9% 32,967
*1 July-31 December 2024
Pendapatan diproyeksikan berdasarkan asumsi di bawah The revenues are projected based on the assumptions
ini: below:
Deskripsi Asumsi / Assumption Description
Golf Operation Golf Operation
Green Fee Multiplying of green fee and number of round Green Fee
Caddy Fee 42.4% from green fee revenue Caddy Fee
Golf Cart Fee 45.0% from green fee revenue Golf Cart Fee
Other Income Golf Operation 4.0% from green fee revenue Other Income Golf Operation
Merchandise 4.6% from green fee revenue Merchandise
Event Operation Event Operation
Caddy Fee 17.6% from green fee revenue Caddy Fee
Golf Cart Fee 18.5% from green fee revenue Golf Cart Fee
F&B event 15.8% from green fee revenue F&B event
Other Income Golf Operation 2.1% from green fee revenue Other Income Golf Operation
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Deskripsi Asumsi / Assumption Description
Membership Membership
Golf Membership 5.2% from operation and event revenue Golf Membership
Annual Fee 39.7% from operation and event revenue Annual Fee
Golf Transfer Fee, Delegate Fee & Other 5.0% from operation and event revenue Golf Transfer Fee, Delegate Fee & Other
Driving Range & Lesson 0.9% from operation and event revenue Driving Range & Lesson
Other Income 0.3% from operation and event revenue Other Income
Athletic Income 1.9% from operation and event revenue Athletic Income
F&B Income 16.7% from operation and event revenue F&B Income
Other Income F&B 3.0% from operation and event revenue Other Income F&B
5.4.2 Beban Pokok Pendapatan 5.4.2 Cost of Revenue
Beban pokok pendapatan diasumsikan sebagai berikut. Cost of revenue is assumed as follows.
Beban Pokok Pendapatan/ Cost of Revenue
Beban pokok tanah dan rumah tinggal / 5,2% - 28,2% dari penjualan tanah dan rumah tinggal/
Cost of land and residential house 5.2% - 28.2% from sales of land and residential house
37,8% – 53,5% dari pendapatan operasi golf /
Beban operasi golf / Golf operation cost
37.8% - 53.5% from golf operation revenue
34,8% - 47,1% dari pendapatan operasi hotel /
Beban operasi hotel / Hotel operation cost
34.8% - 47.1% from hotel operation revenue
71,3% dari pendapatan estat manajemen /
Estat manajemen / Estate management
71.3% from estate management revenue
5.4.3 Beban Usaha 5.4.3 Operating Expense
Beban umum dan administrasi General and administration expenses
Biaya-biaya operasional yang dibebankan sebagai beban The operating expenses charged to general and
umum dan administrasi terdiri atas: administration expenses consist of:
Deskripsi Asumsi / Assumption Description
5% dari pendapatan penjualan tanah dan rumah tinggal /
Biaya penjualan Cost of sales
5% of Land and residential house sales revenue
2% dari pendapatan penjualan tanah dan rumah tinggal /
Overhead Overhead
2% of Land and residential house sales revenue
Perjamuan dan sumbangan Entertainment and donation
Sewa Rental
Perjalanan dinas dan transportasi Transportation and travel
Pemeliharaan dan perbaikan Repairs and maintenance
Listrik, air dan telepon Electricity, water and telephone
Jasa konsultan Consultant fees
Asuransi
Kenaikan berdasarkan inflasi / Increased by inflation
Insurance
Perlengkapan kantor Office supplies
Iuran Subscriptions
Penyisihan penggantian peralatan dan Provision for replacement of hote
perlengkapan hotel equipment and supplies
Pendidikan, latihan, seragam dan Education, training, uniform and
rekruitmen recruitment
Imbalan kerja Employee benefits
Lain-lain Others
5.4.4 Depresiasi 5.4.4 Depreciation
Depresiasi dan Amortisasi Depreciation and Amortization
Asumsi umur ekonomis untuk aset yang didepresiasikan Economic life of assets that is depreciated and amortized
dan diamortisasikan adalah sebagai berikut. are assumed as follows.
Akun (tahun / years) Account
Bangunan 15 – 20 Buildings
Kendaraan 4 Vehicles
Perabotan dan peralatan kantor 4–8 Office furniture and equipment
Peralatan golf dan country club 4–8 Golf and country club equipment
Perabotan dan peralatan hotel 4 Office furniture and equipment
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5.4.5 Pajak Penghasilan 5.4.5 Income Tax
Pajak penghasilan final diasumsikan sebesar 2.5% dari Final income tax is assumed 2.5% on the transfer of land
pengalihan tanah dan bangunan serta pendapatan pajak and buildings and non final income tax of 22% from
non final sebesar 22% dari pendapatan kena pajak untuk taxable income for tax year 2024 and onwards.
tahun pajak 2024 dan seterusnya.
5.4.6 Nilai Akhir dan Tingkat Pertumbuhan 5.4.6 Terminal Value and Growth Rate
Dalam penilaian ini, kami mengasumsikan periode In this valuation, we assumed that the projection period
proyeksi dimulai dari 1 Juli 2024 sampai dengan 31 from 1 July 2024 until 31 December 2056.
Desember 2056.
Nilai akhir diperoleh menggunakan estimasi nilai tanah The terminal value was obtained by estimated land value
untuk lapangan golf dan Hotel R. Estimasi nilai tanah of the golf course and Hotel R. Land value estimation was
diperoleh dengan mengasumsikan indikasi nilai tanah determined by assuming the indicative land value of each
masing-masing properti mengalami peningkatan sebesar property to increase by 3% annually.
3% per tahun.
5.4.7 Perhitungan Nilai Ekuitas 5.4.7 Calculation of Equity Value
Jumlah nilai kini arus kas bersih (termasuk nilai akhirnya) The sum of present value of the net cash flows (including
merupakan indikasi nilai perusahaan dari operasinya. the terminal value) indicates the value of the Company
Nilai Ekuitas SMDM diperoleh dari nilai operasional from its operation. The Value of SMDM Equity is derived
dengan menambahkan nilai aset non operasional. from such values by adding the value non-operating
assets.
Deskripsi (Rp) Description
Kas dan setara kas 287,935,323,418 Cash and cash equivalent
Piutang pihak berelasi 504,072,856 Due From Related Parties
Investasi Saham 1,323,740,680,777 Stock Investments
Dana Dibatasi Penggunaannya 18,157,740,005 Restricted funds
Properti Investasi 12,573,000,000 Investment property
Tanah berlebih - Hotel 101,125,000,000 Excess Land - Hotel
Tanah berpencar Scattered Land
Flamboyan (Scattered Land) 18,520,000,000 Flamboyan (Scattered Land)
Commercial Lot (Brighten) 90,050,000,000 Commercial Lot (Brighten)
Phase 2 290,277,000,000 Phase 2
Phase 4 31,597,000,000 Phase 4
Total 2,174,479,817,056 Total
Indikasi Nilai Pasar 91,99% Ekuitas SMDM adalah The indicative Market Value of 91.99% Equity of SMDM is
sebagai berikut: as follows:
(dalam Rupiah) (in Rupiah)
Indikasi Nilai Pasar dari Operasi 1,057,577,381,632 Indicative of the Market Value of Operations
Aset Non-operasi 2,173,723,196,451 Non-operating assets
Utang dalam Struktur Kapital (61,226,912,281)* Debt in Capital Structure
Indikasi Nilai Pasar (100,00%) 3,170,073,665,803 Indicative of Market Value (100,00%)
Indikasi Nilai Pasar (91,99%) 2,916,304,634,698 Indicative of Market Value (91,99%)
DLOM (20,00%) 583,260,926,940 DLOM (20,00%)
Indikasi Nilai Pasar 2,333,043,707,758 Indicative Market Value
Indikasi Nilai Pasar (Dibulatkan) 2,333,044,000,000 Indicative Market Value (Rounded)
*Penyesuaian atas uji tuntas keuangan, perpajakan dan legal. / financial, tax, and legal due diligence adjustment
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Berdasarkan analisis DCF, kami berpendapat bahwa After analyzing DCF Method, we are of the opinion that
Indikasi Nilai Pasar dari 91,99% Ekuitas SMDM per 30 the Indicative Market Value of 91.99% Equity as of 30 June
Juni 2024 adalah Rp2.333.044.000.000,- 2024 is Rp2,333,044,000,000/-
5.5 Pendekatan Aset dengan Metode Adjusted Book 5.5 Asset Approach with Adjusted Book Value Method
Value Method
• Dalam metode ini, Nilai Pasar diperoleh dengan • In this method, Market Value is obtained by adjusting
menyesuaikan nilai buku aset dalam posisi keuangan the book value of the asset in financial position to the
menjadi Nilai Pasar aset tersebut. Berikut adalah Market Value of the asset. The following is an
penyesuaian terhadap nilai buku dalam posisi adjustment to the book value in the Company's
keuangan Perseroan. financial position.
(dalam Rupiah) (in Rupiah)
Sebelum Penyesuaian1) Penyesuaian Setelah Penyesuaian
Deskripsi Description
/ Before Adjusment1) / Adjustment / After Adjustment
ASET ASSET
Aset Lancar Current Asset
Kas dan setara kas 287,935,323,418 - 287,935,323,418 Cash and cash equivalent
Piutang usaha jangka
20,855,462,182 - 20,855,462,182 Trade receivable
pendek
Piutang lain-lain 698,152,010 - 698,152,010 Other receivables
Persediaan2) 5,183,064,709 (5,183,064,709) -2) Inventory2)
Uang muka dan beban Advance and prepaid
5,071,825,833 - 5,071,825,833
dibayar di muka expenses
Pajak dibayar di muka 3,314,671,932 - 3,314,671,932 Prepaid taxes
Piutang pihak berelasi 504,072,856 - 504,072,856 Due From Related Parties
Total Aset Lancar 323,562,572,939 (5,183,064,709) 318,379,508,231 Total Current Asset
Aset Tidak Lancar Non-Current Asset
Aset real estat 833,860,536,442 912,338,463,558 1,746,199,000,000 Real estate assets
Aset Tetap 221,652,900,680 350,125,699,320 571,778,600,000 Property and equipment
Properti Investasi 2,761,450,139 9,811,549,861 12,573,000,000 Investment properties
Aset pajak tangguhan 3,748,268,789 - 3,748,268,789 Deferred tax assets
Dana yang dibatasi
18,157,740,005 - 18,157,740,005 Restricted funds
penggunaannya
Stock Investments 1,031,866,466,047 291,117,594,125 1,322,984,060,172 Stock Investments
Other Asset 871,140,180 - 871,140,180 Other Asset
Total Aset Tidak Lancar 2,112,918,502,282 1,563,393,306,864 3,676,311,809,147 Total Non-Current Asset
TOTAL ASET 2,436,481,075,222 1,558,210,242,156 3,994,691,317,377 Total Asset
LIABILITAS DAN EKUITAS Liabilities and Equity
Liabilitas Liabilities
Liabilitas Jangka Pendek Current liabilities
Utang usaha 6,069,640,732 - 6,069,640,732 Trade payables
Utang lain-lain 19,103,971,432 - 19,103,971,432 Other payabless
Utang pajak 10,614,881,113 - 10,614,881,113 Taxes payable
Uang muka pelanggan 61,694,468,266 - 61,694,468,266 Customer advances
Beban akrual 8,484,946,124 - 8,484,946,124 Accrued expense
Deferred Income 492,560,000 - 492,560,000 Deferred Income
Total Liabilitas Jangka
106,460,467,667 - 106,460,467,667 Total Current liabilities
Pendek
Liabilitas Jangka Panjang Non-current liabilities
Penyisihan penggantian Provision for replacement
peralatan dan 3,057,609,602 - 3,057,609,602 of hotel equipment and
perlengkapan hotel supplies
Pendapatan bunga
282,644,937 - 282,644,937 Deferred interest income
ditangguhkan
Jaminan keanggotaan
2,842,790,474 - 2,842,790,474 Golf membership deposits
golf
Liabilitas imbalan kerja Long-term employee
58,291,075,965 - 58,291,075,965
jangka panjang benefits liabilities
Total Liabilitas Jangka
64,474,120,978 - 64,474,120,978 Total Non-current liabilities
Panjang
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Sebelum Penyesuaian1) Penyesuaian Setelah Penyesuaian
Deskripsi Description
/ Before Adjusment1) / Adjustment / After Adjustment
Total Liabilitas 170,934,588,645 - 170,934,588,645 Total Liabilities
Ekuitas Equity
Modal saham 1,517,539,959,366 - 1,517,539,959,366 Share capital
Tambahan modal
2,248,288,685 - 2,248,288,685 Additional paid in capital
disetor
Uang muka pemesanan Share subscription
3,979,097,469 - 3,979,097,469
saham advances
Saldo laba 741,779,141,179 - 741,779,141,179 Retained earnings
Selisih atas penilaian
Revaluation surplus on
kembali aset dan 1,558,210,242,156 1,558,210,242,156
assets and liabilities
liabilitas
Total Ekuitas 2,265,546,486,699 1,558,210,242,156 3,823,756,728,855 Total Equity
TOTAL LIABILITAS DAN
2,436,481,075,344 1,558,210,242,156 3,994,691,317,500 Total Liabilities and Equity
EKUITAS
Indicative Market Value of
Indikasi Nilai Pasar Ekuitas 3,762,529,816,575
Equity (100.00%)
Indikasi Nilai Pasar Ekuitas Indicative Market Value of
3,461,333,804,521
(91,99%) Equity (91.99%)
Indikasi Nilai Pasar Ekuitas Indicative Market Value of
2,769,067,043,617
(DLOM 20,00%) Equity (DLOM 20.00%)
Indikasi Nilai Pasar Ekuitas Indicative Market Value of
2,769,067,000,000
(rounded) Equity (rounded)
Catatan: Notes:
1) Laporan posisi keuangan SMDM induk saja 1) Financial Position of SMDM parent only
2) Penyesuaian atas indikasi Nilai Pasar persediaan SMDM dinyatakan sebagai satu 2) Adjustment of indicative Market Value of SMDM’s inventory is stated as a unity with
kesatuan dengan aset real estate-nya. its real estate assets.
Penyesuaian Adjustments
Penyesuaian dilakukan terhadap aset real estat, aset tetap, Adjustments are made to the real estate assets, fixed
properti investasi dan investasi saham menjadi Nilai Pasar assets, investment properties, and stock investment to its
dengan detil sebagai berikut. Market Value with the details as follow.
Nilai Buku/ Nilai Pasar/
Deskripsi Book Value Market Value Description
(Rp 000,000) (Rp 000,000)
Investasi Saham Stock Investments
Bank Muamalat Indonesia *)
200 200 Bank Muamalat Indonesia*)
PT Bhakti Sarana *)
25 25 PT Bhakti Sarana*)
PT Saptakreasi Indah 9,072 11,085 PT Saptakreasi Indah
PT Multiraya Sinarindo 3,134 11,553 PT Multiraya Sinarindo
PT Inti Sarana Papan 18,369 56,577 PT Inti Sarana Papan
PT Centranusa Majupermai 816,268 1,025,197 PT Centranusa Majupermai
PT Tajur Surya Abadi 184,787 218,330 PT Tajur Surya Abadi
PT Puri Surya Abadi 11 17 PT Puri Surya Abadi
Total Investasi Saham 1,031,866 1,322,984 Total Stock Investments
Aset Tetap 224,056 571,779 Fixed Assets
Properti Investasi 2,816 12,573 Investment Property
Aset real estat 833,861 1,746,199 Real estate asset
Total 2,092,600 3,653,535 Total
Catatan: Notes:
*) Nilai buku penyertaan saham pada PT Bhakti Sarana dan Bank Muamalat Indonesia *) Book value of stock investment in PT Bhakti Sarana dan Bank Muamalat Indonesia
diasumsikan telah mencerminkan Nilai Pasar-nya per tanggal penilaian. assumed to reflect their Market Value as of the valuation date.
Berdasarkan analisis yang dilakukan menggunakan Based on the analysis carried out using the Asset
Pendekatan Aset, maka kami berpendapat bahwa Nilai Approach, we are of the opinion that the Market Value of
Pasar dari 91,99% ekuitas SMDM per 30 Juni 2024 91.99% equity of SMDM as of 30 June 2024 is
adalah Rp2.769.067.000.000,-. Rp2,769,067,000,000/-.
5.6 Rekonsiliasi Nilai 5.6 Value Reconciliation
Dalam menentukan Nilai Pasar Objek Penilaian kami In determining the Market Value of the Appraisal Object,
telah melakukan rekonsiliasi terhadap dua pendekatan. we have reconciled two approaches. The weighted
VALUATION & ADVISORY SERVICES 5 - 11
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Rata-rata tertimbang dari masing-masing pendekatan average of each approach and method has taken into
dan metode telah mempertimbangkan relevansi masing- account the relevance of each approach, the reliability of
masing pendekatan, keandalan kuantitas dan kualitas the quantity and quality of the available data and the
data yang tersedia serta analisis dari metode yang analysis of the methods used. In this assessment, we have
digunakan. Dalam penilaian ini, kami telah assumed the weights of each approach as follows.
mengasumsikan bobot dari masing-masing pendekatan
sebagai berikut.
(dalam Rupiah) (in Rupiah)
Pendekatan Pendapatan / Pendekatan Aset / Indikasi Nilai Pasar /
Income Approach – DCF Asset Approach – ABVM Indicative Market Value
Indikasi Nilai 100% Ekuitas /
3,170,073,665,803 3,762,529,816,575
Indicative Value of 100% Equity
Indikasi Nilai 91,99% Ekuitas /
2,916,304,634,698 3,461,333,804,521
Indicative Value of 91.99% Equity
DLOM 20% (583,260,926,940) (692,266,760,904)
Indikasi Nilai 91.99% Ekuitas Setelah DLOM /
2,333,043,707,758 2,769,067,043,617
Indicative Value of 91.99% Equity after DLOM
Bobot / Weight 50.00% 50.00%
Indikasi Nilai setelah Pembobotan /
1,166,521,853,879 1,384,533,521,808
Indicative Value after Weighting
Indikasi Nilai Pasar Ekuitas /
2,551,055,375,688
Indicative Market Value of Equity
Indikasi Nilai Pasar Ekuitas (rounded) /
2,551,055,000,000
Indicative Market Value of Equity (rounded)
Catatan: Notes:
1. Peraturan OJK No. 35/POJK.04/2020 pasal 75 poin a menyatakan metode 1. OJK Regulation No. 35/POJK.04/2020 clause 75 point a states that discounted cash
diskonto arus kas hanya dapat digunakan untuk menilai perusahaan yang telah flow may only be adopted to value a company that has been carrying out operational
melakukan kegiatan operasional selama satu tahun atau lebih, yang mana dalam activities for one year or more, in this case SMDM has been operating for more than
hal ini SMDM telah beroperasi lebih dari satu tahun. one year.
2. Peraturan OJK No. 35/POJK.04/2020 pasal 59 poin a.1 menyatakan metode 2. OJK Regulation No. 35/POJK.04/2020 clause 59 point a.1. states that the Net asset
penyesuaian aset bersih wajib digunakan untuk menilai ekuitas suatu perusahaan Adjustment (Adjusted Book Value) method must be adopted to value the equity of a
dimana Nilai Perusahaan sangat bergantung pada nilai aset tetap (a heavy based company where the company value is highly dependent on the value of fixed assets
on fixed assets company) seperti perusahaan real estat, sehingga pendekatan aset (a heavily based on fixed assets company) such as a real estate company, hence the
menjadi wajib untuk diterapkan. asset approach is mandatory to be applied.
Pada rekonsiliasi indikasi nilai, Pendekatan Aset diberi In the reconciliation of value indications, the Asset
bobot yang sama dengan Pendekatan Pendapatan Approach is given the same weight as the Income
dengan pertimbangan bahwa Perseroan memiliki nilai Approach with the consideration that the Company has
aset yang signifikan serta Perseroan telah dan sedang significant asset value as well as the Company has been
beroperasi yang diasumsikan akan terus melanjutkan and is in operation which assumed to continue its
kegiatan operasinya di masa yang akan datang. operation activities in the future (going concern).
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6.0 KESIMPULAN PENILAIAN 6.0 VALUATION CONCLUSION
Dengan mempertimbangkan seluruh informasi yang Having considered all relevant information and the
relevan dan kondisi pasar yang berlaku, kami prevailing market condition, we are on the opinion that
berpendapat bahwa Nilai Pasar 91,99% Ekuitas SMDM the Market Value of 91.99% Equity of SMDM as of 30
per 30 Juni 2024 adalah June 2024 is
Rp2,551,055,000,000/-
(DUA TRILIUN LIMA RATUS LIMA PULUH SATU MILIAR LIMA PULUH LIMA JUTA RUPIAH)
(TWO TRILLION FIVE HUNDRED FIFTY ONE BILLION FIFTY FIVE MILLION RUPIAHS-)
Kami menekankan untuk menggunakan laporan ini We prompt to use this valuation 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 detail assumptions, limitations, conditions, comments and all
keseluruhan bagian laporan yang mendasari opini nilai parts of this report which are adopted as the basis for this
dimaksud. valuation.
Hormat Kami / Yours Sincerely,
Jakarta, 25 September 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
VALUATION & ADVISORY SERVICES 6-1
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LAMPIRAN APPENDICES
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Lampiran 1 PT Centranusa Majupermai Appendix 1 PT Centranusa Majupermai
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L.1 PT Centranusa Majupermai L.1 PT Centranusa Majupermai
A. Objek Penilaian A. Subject Business
Objek Penilaian adalah ekuitas PT Centranusa Subject Business is equity of PT Centranusa Majupermai
Majupermai (“CNMP”) sebesar (“CNMP”) which is
• 98,95% yang dimiliki oleh SMDM, dan • 98.95% owned by SMDM, and
• 1,05% yang dimiliki oleh SKI. • 1.05% owned by SKI.
Detail informasi CNMP adalah sebagai berikut: Details of CNMP’s information is as follows:
Kegiatan Usaha /
Investasi dan Real estat Investment and Real Estate
Business Activities
Plaza Marein Lt. 16, Sudirman Plaza Business Alamat / Marein Plaza 16th floor, Sudirman Plaza
Complex, Jl. Jend. Sudirman Kav. 76-78 Business Complex, Jl. Jend. Sudirman Kav.
Address
Jakarta 12910 Indonesia 76-78 Jakarta 12910 Indonesia
Kepemilikan /
98,95% dan 1,05% 98.95% and 1.05%
Ownerships
Hak Kepemilikan /
Mayoritas Majority
Ownerships Rights
B. Informasi Ringkas B. Brief Information
CNMP merupakan perusahaan induk yang telah CNMP is a holding company that started operations in
beroperasi sejak 1997 dan berdomisili di Jakarta. Per 30 1997 and is domiciled at Jakarta. As of 30 June 2024,
Juni 2024, CNMP beroperasi sebagai perusahaan induk CNMP operated holding company with direct ownerships
dengan kepemilikan langsung dari DRP dan DLS yang in DRP and DLS which is developing the Harvest City
mengembangkan perumahan Harvest City housing complex and its facilities.
dan fasilitasnya.
C. Kegiatan Usaha C. Scope of Activities
CNMP merupakan perusahaan induk investasi. CNMP is engage in investment holding company.
D. Struktur Kepemilikan dan Pemegang Saham D. Ownerships Structure and Shareholders
Per tanggal 30 Juni 2024, komposisi pemegang saham As of 30 June 2024, the composition of shareholders and
dan persentase kepemilikan CNMP adalah sebagai percentage of CNMP’s ownership are as follows.
berikut.
Jumlah Saham / Jumlah (Rp)/ Persentase Kepemilikan /
Pemegang Saham Shareholders
No. of Shares Amount (Rp) Percentage of Ownerships
PT Suryamas Dutamakmur 708,935 708,935,000,000 98.95% PT Suryamas Dutamakmur
PT Saptakreasi Indah 7,500 7,500,000,000 1.05% PT Saptakreasi Indah
Jumlah 716,435 716,435,000,000 100.00% Total
Sumber: CNMP
E. Struktur Organisasi E. Organizational Structure
CNMP tidak memiliki struktur organisasi karena CNMP does not have organizational structure due to its
kedudukannya sebagai perusahaan sub-holding yang position as a non-operating sub-holding company.
tidak beroperasi.
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F. Dewan Komisaris dan Direksi F. Boards of Commissioners and Directors
Per 30 Juni 2024, susunan dewan komisaris dan direktur As of 30 June 2024, the composition of CNMP’s board of
CNMP sebagai berikut. commissioners and directors are as follow.
Dewan Komisaris Board of Commissioner
Komisaris Fifi Julia Maeloa Commissioner
Komisaris Henry Zen Halim Commisioner
Direksi Board of Directors
Direktur Ratna Juwanita Haliman Director
Direktur Henny Kusuma Hendrawan Director
G. Kompensasi Pemegang Saham G. Shareholder Compensation
Berdasarkan informasi manajemen, per 30 Juni 2024 Based on management information, as of 30 June 2024
CNMP belum memberikan kompensasi kepada CNMP has not provided compensation to shareholders
pemegang saham. yet.
H. Entitas Anak H. Subsidiaries and Investment
CNMP memiliki kepemilikan saham di entitas anak dan CNMP has share ownership and direct investment in the
penyertaan langsung sebagai berikut. following subsidiaries.
Nilai Buku Investasi (Rp)/ Persentase Kepemilikan /
Perusahaan Shareholders
Investment Book Value (Rp) Percentage of Ownerships
PT Dwigunatama Rintisprima 817,517,724,047 50.00% PT Dwigunatama Rintisprima
PT Dwikarya Langgengsukses 1,000,000 0.0002% PT Dwikarya Langgengsukses
I. Jumlah Karyawan I. Number of employees
CNMP tidak memiliki karyawan karena kedudukannya CNMP does not have any employee due to its position as
sebagai sub-holding yang tidak beroperasi per tanggal a non-operating sub-holding company as of valuation
penilaian. date.
J. Asuransi Karyawan Kunci J. Insurance for Key Employee
CNMP tidak memberikan asuransi untuk karyawan kunci. CNMP does not give insurance to its key employee.
K. Informasi Perpajakan K. Taxation Information
Sebagai badan usaha yang berdomisili di Indonesia, As business entity that domiciled in Indonesia, CNMP is
CNMP dikenakan pajak penghasilan badan adalah taxed by corporate income tax rate of 22% from taxable
sebesar 22% dari penghasilan kena pajak. income.
L. Gambaran Produk L. Product Overview
CNMP tidak memproduksi dan menjual produk maupun CNMP does not produce and sell any product nor provide
menyediakan jasa karena kedudukannya sebagai any service due to its position as a non-operating sub-
perusahaan sub-holding yang tidak beroperasi. holding company.
M. Kinerja Operasional M. Operational Performance
CNMP tidak memiliki kinerja operasi historis karena CNMP does not have any operational performance due to
kedudukannya sebagai perusahaan holding/sub-holding its position as a non-operating holding/sub-holding
yang tidak beroperasi. company.
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N. Kinerja Keuangan N. Financial Performance
(Dalam jutaan Rupiah) (In million Rupiah)
2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆
INCOME
LABA RUGI
STATEMENT
Pendapatan 257,348 100% 145,453 100% (43%) 144,063 100% (1%) 146,568 100% 2% 80,565 100% (45%) 93,490 100% 132%* Revenue
Biaya Pokok
98,030 38% 58,893 40% (40%) 60,862 42% 3% 59,243 40% (3%) 42,244 52% (29%) 39,568 42% 87%* Cost of revenue
Pendapatan
Laba Kotor 159,318 62% 86,559 60% (46%) 83,201 58% (4%) 87,325 60% 5% 38,322 48% (56%) 53,922 58% 181%* Gross Profit
Beban Penjualan 28,057 11% 19,352 13% (31%) 30,477 21% 57% 17,265 12% (43%) 16,264 20% (6%) 10,273 11% 26%* Selling expenses
General and
Beban umum dan
30,428 12% 24,877 17% (18%) 27,121 19% 9% 28,901 20% 7% 32,257 40% 12% 17,158 18% 6%* administrative
administrasi
expenses
Pajak Final 6,542 3% 3,731 3% (43%) 3,762 3% 1% 3,888 3% 3% 2,237 3% (42%) 2,424 3% 117%* Final tax
Laba Operasi 94,291 37% 38,599 27% (59%) 21,842 15% (43%) 37,272 25% 71% (12,437) (15%) (133%) 24,067 26% (487%)* Operating Profit
Depresiasi dan Depreciation and
3,057 1% 3,328 2% 9% 3,059 2% (8%) 3,012 2% (2%) 2,559 3% (15%) 1,333 1% 4%*
amortisasi amortisation
EBITDA 97,348 38% 41,927 29% (57%) 24,901 17% (41%) 40,284 27% 62% (9,878) (12%) (125%) 25,400 27% (614%)* EBITDA
Pendapatan
2,761 1% 1,981 1% (28%) 2,107 1% 6% 2,460 2% 17% 402 0% (84%) 127 0% (37%)* Finance income
keuangan
Beban keuangan (12,301) (5%) (11,093) (8%) (10%) (9,314) (6%) (16%) (4,489) (3%) (52%) (6,853) (9%) 53% (4,469) (5%) 30%* Finance cost
Kepentingan non Non controlling
(41,982) (16%) (15,180) (10%) (64%) (8,142) (6%) (46%) (18,870) (13%) 132% 9,342 12% (150%) (10,390) (11%) (322%)*
pengendali interests
Laba sebelum pajak 42,768 17% 14,306 10% (67%) 6,493 5% (55%) 16,373 11% 152% (9,546) (12%) (158%) 9,335 10% (296%)* Profit before tax
Pajak 160 0% 119 0% (26%) 93 0% (22%) 56 0% (40%) 28 0% (49%) - - (100%)* Tax
Laba tahun berjalan 42,608 17% 14,187 10% (67%) 6,400 4% (55%) 16,317 11% 155% (9,575) (12%) (159%) 9,335 10% (295%)* Profit for the year
Other
Pendapatan (Beban)
(650) (0%) 966 1% (249%) 1,699 1% 76% 2,546 2% 50% 226 0% (91%) 1,055 1% 832%* Comprehensive
komprehensif lainnya
Income (expenses)
Laba komprehensif Comprehensive
41,958 16% 15,153 10% (64%) 8,099 6% (47%) 18,863 13% 133% (9,348) (12%) (150%) 10,390 11% (322%)*
tahun berjalan income for the year
FINANCIAL
POSISI KEUANGAN
POSITION
Aset Asset
Aset Lancar 1,666,082 96% 1,666,144 97% 0% 1,640,116 95% (2%) 1,646,464 95% 0% 15,336 1% (99%) 13,268 1% (13%) Current Asset
Cash and cash
Kas dan setara kas 17,735 1% 14,300 1% (19%) 17,692 1% 24% 8,270 0% (53%) 7,788 0% (6%) 8,856 1% 14%
equivalent
Piutang usaha 8 0% 66 0% 720% - - (100%) - - n/a - - n/a - - n/a Trade receivables
Piutang lain - lain 380 0% 788 0% 107% 193 0% (76%) 322 0% 67% 377 0% 17% 351 0% (7%) Other receivables
Beban dibayar
455 0% 240 0% (47%) 395 0% 65% 383 0% (3%) 2,505 0% 554% 970 0% (61%) Prepaid expenses
dimuka
Pajak dibayar
3,255 0% 2,432 0% (25%) 3,252 0% 34% 2,077 0% (36%) 2,198 0% 6% 1,578 0% (28%) Prepaid taxes
dimuka
Uang muka
2,660 0% 3,237 0% 22% 2,305 0% (29%) 2,040 0% (12%) 1,620 0% (21%) 1,513 0% (7%) Advance payments
pembayaran
Aset real estat 1,640,732 95% 1,644,226 95% 0% 1,615,423 94% (2%) 1,633,356 94% 1% 847 0% (100%) - - (100%) Real estate assets
Aset lainnya 856 0% 856 0% - 856 0% - 16 0% (98%) - - (100%) - - n/a Other assets
Aset Tidak Lancar 60,966 4% 59,943 3% (2%) 84,713 5% 41% 86,183 5% 2% 1,748,354 99% 1929% 1,753,511 99% 0% Non-current asset
Aset real estat - - - - n/a - - n/a - - n/a 1,691,620 96% n/a 1,696,226 96% 0% Real estate assets
Aset Tetap 16,688 1% 15,743 1% (6%) 13,417 1% (15%) 12,064 1% (10%) 11,556 1% (4%) 12,693 1% 10% Fixed asset
Properti Investasi 44,025 3% 44,041 3% 0% 71,161 4% 62% 73,930 4% 4% 45,148 3% (39%) 44,540 3% (1%) Investment property
Aset lainnya - - - - n/a - - n/a - - n/a 30 0% n/a 51 0% 73% Other assets
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2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆
Aset tidak
253 0% 159 0% (37%) 135 0% (15%) 188 0% 39% - - (100%) - - n/a Intangible assets
berwujud
Total Aset 1,727,048 100% 1,726,087 100% (0%) 1,724,829 100% (0%) 1,732,648 100% 0% 1,763,689 100% 2% 1,766,778 100% 0% Total Asset
Liabilitas dan Ekuitas Liability and Equity
Liabilitas jangka
170,918 10% 139,809 8% (18%) 122,962 7% (12%) 95,693 6% (22%) 76,590 4% (20%) 65,384 4% (15%) Current Liabilities
pendek
Pinjaman bank 87,281 5% 90,511 5% 4% 46,173 3% (49%) 64,317 4% 39% 27,507 2% (57%) 37,047 2% 35% Bank loans
Utang usaha ke Trade payable to
6,964 0% 5,379 0% (23%) 8,749 1% 63% 8,375 0% (4%) 12,449 1% 49% 10,193 1% (18%)
pihak ketiga third party
Utang lain lain 1,827 0% 1,241 0% (32%) 2,192 0% 77% 2,325 0% 6% 2,571 0% 11% 355 0% (86%) Other payable
Pinjaman ke pihak Due to related
- - - - n/a - - n/a - - n/a 171 0% n/a 171 0% -
berelasi parties
Utang pajak 1,396 0% 325 0% (77%) 418 0% 29% 350 0% (16%) 458 0% 31% 239 0% (48%) Tax payable
Beban akrual 132 0% 1,519 0% 1055% 459 0% (70%) 3,047 0% 564% 1,798 0% (41%) 1,539 0% (14%) Accrued expenses
Uang muka
73,319 4% 40,834 2% (44%) 64,971 4% 59% 17,279 1% (73%) 31,636 2% 83% 15,841 1% (50%) Advances received
diterima
Liabilitas jangka Non-current
7,376 0% 7,461 0% 1% 6,809 0% (9%) 4,164 0% (39%) 72,999 4% 1653% 66,513 4% (9%)
panjang Liabilities
Pinjaman bank 416 0% 85 0% (79%) - - (100%) - - n/a 68,492 4% n/a 62,525 4% (9%) Bank loans
Liabilitas imbalan Employee benefit
6,905 0% 7,295 0% 6% 6,690 0% (8%) 3,994 0% (40%) 4,507 0% 13% 3,989 0% (11%)
kerja liabilities
Pinjaman ke pihak Due to related
55 0% 80 0% 45% 119 0% 48% 171 0% 44% - - (100%) - - n/a
berelasi parties
Total Liabilitas 178,294 10% 147,270 9% (17%) 129,771 8% (12%) 99,857 6% (23%) 149,589 8% 50% 131,897 7% (12%) Total Liabilities
Total Ekuitas 1,548,754 90% 1,578,817 91% 2% 1,595,058 92% 1% 1,632,791 94% 2% 1,614,101 92% (1%) 1,634,881 93% 1% Total Equity
Sumber: CNMP, kertas kerja audit untuk periode 31 Desember yang berakhir pada tahun 2019 – 2023 dan 30 Juni 2024 / Source: CNMP, worksheet auditor for the period 31 December for year ended 2019 – 2023 and 30 June 2024
**per 30 Juni 2024 / as of 30 June 2024
Rasio 2019 2020 2021 2022 2023 2024** Ratios
Rasio Likuiditas Liquidity Ratio
Rasio Lancar (x) 9.75 11.92 13.34 17.21 0.20 0.20 Current Ratio (x)
Rasio Kas (x) 0.10 0.10 0.14 0.09 0.10 0.14 Cash Ratio (x)
Rasio Cepat (x) 0.11 0.11 0.15 0.09 0.11 0.14 Quick Ratio (x)
Rasio Profitabilitas Profitability Ratio
Tingkat Pengembalian Aset (ROA) 2.47% 0.82% 0.37% 0.94% -0.54% n/a Return on Aset (ROA)
Tingkat Pengembalian Ekuitas (ROE) 2.75% 0.90% 0.40% 1.00% -0.59% n/a Return on Equity (ROE)
Margin Laba Kotor 61.91% 59.51% 57.75% 59.58% 47.57% 57.68% Gross Profit Margin
Margin EBITDA 37.83% 28.83% 17.28% 27.48% -12.26% 27.17% EBITDA Margin
Margin Laba Operasi 36.64% 26.54% 15.16% 25.43% -15.44% 25.74% Operating Profit Margin
Margin Laba Bersih 16.56% 9.75% 4.44% 11.13% -11.88% 9.98% Net Profit Margin
Rasio Aktivitas Activity Ratio
Perputaran Aset (x) 0.15 0.08 0.08 0.08 0.05 0.11* Asset turnover (x)
Perputaran Persediaan (days) 2,327.08 4,137.34 4,092.86 4,067.56 7,667.71 3,338.39 Inventory turnover (days)
Perputaran Piutang Usaha (days) 0.55 2.15 0.49 0.80 1.71 0.69 Receivables turnover (days)
Perputaran Utang Usaha (days) 25.93 33.43 52.47 51.60 107.57 47.40 Payables turnover (days)
Rasio Solvabilitas Solvency Ratio
Rasio Utang terhadap Aset (DAR) 0.05 0.05 0.03 0.04 0.05 0.06 Debt to Aset Ratio (DAR)
Rasio Utang terhadap Ekuitas (DER) 0.06 0.06 0.03 0.04 0.06 0.06 Debt to Equity Ratio (DER)
* disetahunkan/ annualized
** per 30 Juni 2024/ as of 30 June 2024
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O. Risiko Usaha O. Business Risk
CNMP memiliki risiko yang serupa dengan SMDM yang CNMP has similar risk to SMDM, which can refer to the
dapat merujuk pada laporan utama. main report
P. Rencana Usaha P. Business Plan
CNMP tidak memiliki rencana usaha karena CNMP does not have any business plans due to its position
kedudukannya sebagai perusahaan sub-holding yang as a non-operating sub-holding company.
tidak beroperasi.
Q. Prosedur Penilaian Q. Valuation Procedure
Q.1 Pendekatan Aset menggunakan Metode Penyesuaian Q.1 Asset Approach using Adjusted Book Value Method
Nilai Buku
Dalam metode ini, Nilai Pasar diperoleh dengan In this method, Market Value is obtained by adjusting the
menyesuaikan nilai buku aset dalam posisi keuangan book value of the asset in financial position to the Market
menjadi Nilai Pasar. Berikut adalah penyesuaian terhadap Value of the asset. The following is an adjustment to the
nilai buku dalam posisi keuangan Perseroan. book value in the Company's financial position.
(dalam Rupiah) (in Rupiah)
Sebelum Penyesuaian / Penyesuaian / Setelah Penyesuaian /
Before Adjustment Adjustment After Adjustment
ASET ASSET
Aset Lancar Current Asset
Kas dan setara kas 14,945,694 - 14,945,694 Cash and cash equivalent
Total Aset Lancar 14,945,694 - 14,945,694 Total Current Asset
Aset Tidak Lancar Non-current asset
Investasi 817,518,724,047 218,691,746,342 1,036,210,470,388 Investment
Total Aset Tidak Lancar 817,518,724,047 218,691,746,342 1,036,210,470,388 Total Non-current asset
TOTAL ASET 817,533,669,740 218,691,746,342 1,036,225,416,082 TOTAL ASSET
LIABILITAS DAN EKUITAS LIABILITY AND EQUITY
Liabilitas Liability
Liabilitas Jangka Pendek Current Liabilities
Pinjaman ke pihak berelasi 170,500,000 - 170,500,000 Due to related parties
Total Liabilitas Jangka Pendek 170,500,000 - 170,500,000 Total Current Liabilities
Total Liabilitas 170,500,000 - 170,500,000 Total Liabilities
Ekuitas Equity
Modal saham 716,435,000,000 - 716,435,000,000 Capital Stock
Saldo laba 100,928,169,740 - 100,928,169,740 Retained earnings
Selisih atas penilaian kembali Difference on asset and liabilities
218,691,746,342 218,691,746,342
aset dan liabilitas revaluation
Total Ekuitas 817,363,169,740 218,691,746,342 1,036,054,916,082
TOTAL LIABILITAS DAN EKUITAS 817,533,669,740 218,691,746,342 1,036,225,416,082 TOTAL LIABILITY AND EQUITY
Indikasi Nilai Pasar Ekuitas Indicative Market Value
1,036,042,916,082
(100,00%) (100.00%)
Indikasi Nilai Pasar Ekuitas
1,036,043,000,000 Indicative Market Value (rounded)
(dibulatkan)
Indikasi Nilai Pasar Ekuitas – Indicative Market Value – owned
1,025,197,100,522
dimiliki oleh SMDM (98,95%) by SMDM (98.95%)
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Sebelum Penyesuaian / Penyesuaian / Setelah Penyesuaian /
Before Adjustment Adjustment After Adjustment
Indikasi Nilai Pasar Ekuitas - Indicative Market Value – owned
10,845,815,560
dimiliki SKI (1,05%) by SKI (1.05%)
Penyesuaian Adjustment
Dalam menerapkan ABVM, kami hanya melakukan In applying the ABVM, we only made an adjustment on the
penyesuaian terhadap investasi saham entitas asosiasi long-term investment in shares of associates.
perusahaan.
(dalam Rupiah) (in Rupiah)
Nilai Buku / Nilai Pasar/
Book Value Market Value
Investasi pada PT Dwikarya Langgengsukses1) 1,000,000 2,336,067 Investment in PT Dwikarya Langgengsukses1)
Investasi pada PT Dwigunatama Rintisprima 2)
817,517,724,047 1,036,208,134,321 Investment in PT Dwigunatama Rintisprima2)
Total 817,518,724,047 1,036,210,470,388 Total
Catatan: Notes:
1) Detail penjelasan dan penilaian atas akun ini terdapat pada lampiran L3 1) Details of explanation and valuation of this account may refer to Appendix L3
2) Detail penjelasan dan penilaian atas akun ini terdapat pada lampiran L2 2) Details of explanation and valuation of this account may refer to Appendix L2
Setelah melakukan analisis ABVM, kami berpendapat After analyzing the ABVM, we are on the opinion that the
bahwa indikasi Nilai Pasar 100% ekuitas CNMP per 30 indicative Market Value of 100% Equity of CNMP as of 30
Juni 2024 adalah Rp1.036.043.000.000,-*). June 2024 is Rp1,036,043,000,000/-*).
*) Indikasi Nilai Pasar di atas berupa indikasi dan kesatuan dalam penilaian SMDM *) This Indicative Market Value is in the form of an indication and as a unit in SMDM’s
yang tidak dapat digunakan untuk kepentingan penilaian lain. valuation which cannot be used for other valuation purposes.
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Lampiran 2 PT Dwigunatama Rintisprima Appendix 2 PT Dwigunatama Rintisprima
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L.2 PT Dwigunatama Rintisprima L.2 PT Dwigunatama Rintisprima
A. Objek Penilaian A. Subject Business
Objek Penilaian adalah 50,00% ekuitas PT Dwigunatama Subject Business is 50.00% equity of PT Dwigunatama
Rintisprima (“DRP”) dengan informasi sebagai berikut: Rintisprima (“DRP”) with information as follows:
Kegiatan Usaha /
Pembangunan perumahan Housing construction
Business Activities
Plaza Marein Lt. 16, Sudirman Plaza Business Alamat / Marein Plaza 16th floor, Sudirman Plaza
Complex, Jl. Jend. Sudirman Kav. 76-78 Business Complex, Jl. Jend. Sudirman Kav.
Address
Jakarta 12910 Indonesia 76-78 Jakarta 12910 Indonesia
Kepemilikan /
50,00% 50.00%
Ownerships
Hak Kepemilikan /
Mayoritas Majority
Ownerships Rights
B. Informasi Ringkas B. Brief Information
DRP didirikan berdasarkan Akta Notaris No. 150, tanggal DRP was established based on Notarial Deed No. 150,
21 April 1989 dari Darsono Purnomosidi, S.H., notaris di dated 21 April 1989 of Darsono Purnomosidi, S.H., notary
Jakarta. Anggaran Dasar ini telah disahkan oleh Menteri in Jakarta. The Deed of Establishment was approved by
Hukum dan Hak Asasi Manusia Republik Indonesia dalam the Ministry of Law and Human Rights of the Republic of
Surat Keputusan No. C2-1489.HT.01.01.Th.90, tanggal Indonesia in its Decision Letter No. C2-
17 Maret 1990, dan telah dimuat dan diumumkan dalam 1489.HT.01.01.Th.90, dated 17 March 1990 and was
Berita Negara Republik Indonesia No. 74 tanggal 15 published in State Gazette of the Republic of Indonesia
September 1992, Tambahan No.4537. Anggaran Dasar No.74, dated 15 September 1992, Supplement No.4537.
Perusahaan telah beberapa kali mengalami perubahan, The Company’s Articles of Association have been
yang terakhir dinyatakan dalam akta No. 353, tanggal 29 amended several times, most recently through Notarial
Desember 2017 dari Nurlisa Uke Desy, S.H., M.Kn., Deed No. 353, dated 29 December 2017 of Nurlisa Uke
notaris di Jakarta mengenai peningkatan jumlah modal Desy, S.H., M.Kn., notary in Jakarta, regarding the
ditempatkan dan disetor penuh. Perusahaan beralamat di increase in issued and fully paid share capital. The
Jl. Harvest City Boulevard Blok RD-XVII No. 2-6, Cileungsi Company is located at Jl. Harvest City Boulevard Blok RD-
- Bogor. XVII No. 2-6, Cileungsi - Bogor.
C. Kegiatan Usaha C. Scope of Activities
Sesuai dengan pasal 3 Anggaran Dasar, ruang lingkup In accordance with Article 3 of the Company’s Articles of
kegiatan usaha Perusahaan meliputi pembangunan Association, the scope of its activities is to engage in
perumahan. Perusahaan mulai beroperasi komersial housing construction. The Company started its commercial
pada tahun 1994. operations in 1994.
D. Struktur Kepemilikan dan Pemegang Saham D. Ownerships Structure and Shareholders
Per tanggal 30 Juni 2024, komposisi pemegang saham As of 30 June 2024, the composition of shareholders and
dan persentase kepemilikan DRP adalah sebagai berikut. percentage of DRP’s ownership are as follows.
Jumlah Saham / Jumlah (Rp)/ Persentase Kepemilikan /
Pemegang Saham Shareholders
No. of Shares Amount (Rp) Percentage of Ownerships
PT Centranusa Majupermai 659,618 659,618,000,000 50.00% PT Centranusa Majupermai
PT Grahaduta Putrajaya 329,809 329,809,000,000 25.00% PT Grahaduta Putrajaya
PT Intan Buana Mandir 329,809 329,809,000,000 25.00% PT Intan Buana Mandir
Jumlah 1,319,236 1,319,236,000,000 100.00% Total
Sumber: DRP
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E. Struktur Organisasi E. Organizational Structure
Struktur organisasi DRP per 30 Juni 2024 adalah sebagai berikut. DRP organization structure as of 30 June 2024 is as follows.
Struktur Organisasi DRP (Harvest City) /
DRP Organization Structure (Harvest City)
Commissioners Shareholder
Corporate Support Function
Corporate Support
Boardof directors (Finance, Accounting, Purchasing, Shareholder Representative
Function (HRD & GA)
IT)
Chief Executive Officer
Personal Assistant
Kadiv Business Development & Kadiv Finance, Accounting,
Kadiv Engineering Construction Dir. Sales & Marketing
Planning Purchasing, IT
GM Sales &
Marketing
Kadept.
Township
Kadept. Estate Kadept. Quality Kadept. ECS Kadept. ECS & Kadept. EPD & Kadet. Kadept. HRD & Kadept. Legal & Land
Kadept. ECC Business Kadept. IT
Management Control Housing Infra EUD Marketing GA Perizinan Acquisition
Development &
Commercial
Adm. Sales &
Admin Admin Adm. Marketing
Agent
Kabag. Sales
Kabag. Housing Kabag. Agent Kabag. Acc. & Kabag. Budget
Kabag. ECC Site Manager Kabag. MEP Kabag. Sales Adm. Kabag. Finance Kabag. BLA
Design Coordinator Tax Control
Coordinator
SPV SPV SPV Sr. Staff
SPV Cust. Koord. Koord.
Maintenance Maintenance Maintenance SPV Handover SPV Security SPV QC SPV Housing SPV ME SPV Marketing Perizinan & SPV Tax
Relation Adm Lapangan
Landscape MEP Build. Infra Tanah
Adm. Legal & Adm. Adm.
Staff Landscape Staff ME Staff Staff CS Staff Cost Control Staff Surveyor Staff Infra Drafter Staff BD Sales Executive Staff Design Graphic Staff HRD Staff GA Staff Acc. Staff A/P Adm. Finance BPHTB Staff Purchasing Surveyor
Staff Legal Umum Pertanahan
Social Media Operasional
Hardware & Software/
Staff Support IT
Jaringan Programming
Promotion
Adm. Support
Juru Ukur
Pertanahan
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F. Dewan Komisaris dan Direksi F. Boards of Commissioners and Directors
Per 30 Juni 2024, susunan dewan komisaris dan direktur As of 30 June 2024, the composition of DRP’s board of
DRP sebagai berikut. commissioners and directors are as follow.
Dewan Komisaris Board of Commissioner
Komisaris Utama Fifi Julia Maeloa President Commissioner
Wakil Komisaris Utama Ir. Herman Soedarsono Vice President Commissioner
Komisaris Aprina Supriani Commisioner
Komisaris Wing Indrasmoro Commisioner
Komisaris Ferdinand Aryanto Commisioner
Komisaris Jannie Andajani Commisioner
Direksi Board of Directors
Direktur Utama Ir. Sentot Sudaryono President Director
Wakil Direktur Utama Ratna Juwanita Haliman Vice President Director
Direktur Henny Kusuma Hendrawan Director
Direktur Henry Zen Halim Director
Direktur Ricky Christanto Director
Direktur Ali Munanda Soedarsono Director
G. Kompensasi Pemegang Saham G. Shareholder Compensation
Berdasarkan informasi manajemen, per 30 Juni 2024 DRP Based on management information, as of 30 June 2024
belum memberikan kompensasi kepada pemegang DRP has not provided compensation to shareholders yet.
saham.
H. Entitas Anak H. Subsidiaries
DRP memiliki kepemilikan saham di entitas anak sebagai DRP has share ownership in the following subsidiaries.
berikut.
Nilai Buku Investasi (Rp)/ Persentase Kepemilikan /
Perusahaan Shareholders
Investment Book Value (Rp) Percentage of Ownerships
PT Dwikarya Langgengsukses 503,913,467,981 99.99% PT Dwikarya Langgengsukses
PT Kharisma Buana Mandiri 1,000,000 0.01% PT Kharisma Buana Mandiri
I. Jumlah Karyawan I. Number of employees
Per 30 Juni 2024, DRP memiliki 35 karyawan tetap dan 78 As of 30 June 2024, DRP had 35 permanent employees and
karyawan kontrak. 78 contract employees.
J. Asuransi Karyawan Kunci J. Insurance for Key Employee
DRP tidak memberikan asuransi untuk karyawan kunci. DRP did not give insurance to its key employee.
K. Informasi Perpajakan K. Taxation Information
Sebagai badan usaha yang berdomisili di Indonesia, DRP As business entity that domiciled in Indonesia, DRP is taxed
dikenakan pajak penghasilan badan adalah sebesar 22% by corporate income tax rate of 22% from taxable income.
dari penghasilan kena pajak. DRP juga dikenakan tarif DRP is also applied with final tax rate of 10% for building
pajak final sebesar 10% atas sewa bangunan dan 2,5% rentals and 2.5% for land and building sales.
atas penjualan tanah dan bangunan.
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L. Gambaran Aset L. Asset Overview
Harvest City Harvest City
Harvest City berlokasi di Jalan Raya Cileungsi-Jonggol, Harvest City, located on Jalan Raya Cileungsi-Jonggol,
yang mencakup 2 kabupaten yakni Bogor dan Bekasi. which cover 2 regencies Bogor and Bekasi. Assets details
Rincian aset Harvest City antara lain. of Harvest City is as follows.
Objek Penilaian / Jumlah Unit/ Luas Tanah (m2) Luas Bangunan (m2)
No. Tipe Aset / Asset Type
Subject Property Total Unit Land Area (sqm) Building Area (sqm)
Tanah Belum Dikembangkan / Undeveloped Land
Tanah HGB Belum Dikembangkan (Bersambungan)/
1 2,876,181 -
HGB Undeveloped Land (Amalgamated)
Tanah HGB Belum Dikembangkan (Berpencaran)/ Aset Non Operasional /
2 212,279 -
HGB Undeveloped Land (Scattered) Non Operating Asset
Tanah Non-HGB Belum Dikembangkan (Berpencaran)/
3 1,362,922 -
Non-HGB Undeveloped Land (Scattered)
Persediaan / Inventory
1 Rumah / Landed House Aset Non Operasional / 96 7,096* 4,490
Non Operating Asset
2 Kavling Rumah / Residential Lot 951 88,735* -
3 Kavling Ruko / Shophouse Lot 38 3,306* 2,033
4 Kavling Komersial / Commercial Lot 9 50,297* -
Kavling Komersial / Commercial Lot
Aset Non Operasional /
1 Kavling Komersial Jual / Commercials Lot for Sale 104,903* -
Non Operating Asset
Tanah Perumahan Siap Dikembangkan / Housing Land Ready for Development
Aset Non Operasional /
1 Cluster RB 48,683 -
Non Operating Asset
Properti Investasi / Investment Property
1 Alfamidi 276* -
2 Foodcourt Sakura Aset Non Operasional / 1,019* 937
3 Hobbit Hill Non Operating Asset 30,000* -
4 Indomaret 410* -
Aset Tetap / Fixed Asset
1 Estate Office Aset Operasional / 285* 344
2 Marketing Office II Operational Asset 195* 288
*Luas Bersih / Nett Area
Peta Lokasi / Location Map
Legenda / Legend:
1. Harvest City / Harvest City
2. Terminal Bus Cileungsi / Cileungsi Bus Terminals
3. Gerbang Tol Nagrak pada Jalan Tol Cimanggis-Cibitung / Nagrak Toll Gate on the Cimanggis-Cibitung Toll Road
4. Stasiun LRT Harjamukti / Harjamukti LRT Station
5. Bandar Udara Internasional Halim Perdana Kusuma / Halim Perdana Kusuma International Airport
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M. Kinerja Operasional M. Operational Performance
Penjualan Unit Harvest City Unit Sold of Harvest City
Tahun / Jumlah Unit / Jumlah Unit Ruko / Total Jumlah Unit Rumah / Total Luas Tanah (m2) /
Year Total Unit Unit of Shophouse Total Unit of Landed house Total Land Area (sqm)
2008 671 8 663 57,939
2009 567 4 563 54,880
2010 1,146 48 1,098 102,076
2011 874 6 868 85,938
2012 757 1 756 70,751
2013 511 2 509 54,144
2014 406 0 406 44,180
2015 366 6 360 36,389
2016 455 4 451 41,903
2017 472 15 457 49,288
2018 401 16 385 35,307
2019 300 20 280 28,107
2020 197 15 182 19,123
2021 238 17 221 21,209
2022 134 5 129 9,770
2023 196 26 170 16,092
Total 7,691 193 7,498 727,096
Detail Penyewa Tenancy Details
Pada saat inspeksi, kami menemukan bahwa bangunan As of inspection, we found that the investment properties
properti investasi digunakan oleh penyewa sebagai building was occupied by tenants and used as restaurants.
restoran. Daftar penyewa dan rata-rata sewa kontraktual The list of tenants and average contractual rent are as
adalah sebagai berikut: follows:
Luas (m2) / Jangka Sewa (Tahun) / Bagi Hasil / Nilai Sewa (per tahun) /
No Kategori / Category
Area (sqm) Lease Term (Year) Profit Sharing Rental Rate (per year)
1 Foodcourt Sakura 1,019 11 - 12,000,000
2 Hobbit Hill 30,000 35 - 110,000,000
3 Indomaret - Sakura 410 5 - 50,000,000
4 Alfamidi 276 10 - 58,000,000
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N. Kinerja Keuangan N. Financial Performance
(Dalam jutaan Rupiah) (In million Rupiah)
2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆
INCOME
LABA RUGI
STATEMENT
Pendapatan 257,348 100% 145,453 100% (43%) 144,063 100% (1%) 146,568 100% 2% 78,346 100% (47%) 93,490 100% 139%* Revenue
Biaya pokok pendapatan 98,030 38% 58,893 40% (40%) 60,862 42% 3% 59,243 40% (3%) 42,244 54% (29%) 39,568 42% 87%* Cost of revenue
Laba Kotor 159,318 62% 86,559 60% (46%) 83,201 58% (4%) 87,325 60% 5% 36,102 46% (59%) 53,922 58% 199%* Gross Profit
Beban penjualan 28,057 11% 19,352 13% (31%) 30,477 21% 57% 17,265 12% (43%) 16,264 21% (6%) 10,272 11% 26%* Selling expenses
General and
Beban umum dan
30,404 12% 24,850 17% (18%) 27,078 19% 9% 28,895 20% 7% 32,251 41% 12% 17,158 18% 6%* administrative
administrasi
expenses
Pajak final 6,542 3% 3,731 3% (43%) 3,762 3% 1% 3,888 3% 3% 2,237 3% (42%) 2,424 3% 117%* Final tax
Laba Operasi 94,315 37% 38,626 27% (59%) 21,885 15% (43%) 37,278 25% 70% (14,650) (19%) (139%) 24,067 26% (429%)* Operating Profit
Depreciation and
Depresiasi dan amortisasi 3,057 1% 3,341 2% 9% 3,059 2% (8%) 3,020 2% (1%) 2,797 4% (7%) 1,333 1% (5%)*
amortisation
EBITDA 97,372 38% 41,967 29% (57%) 24,944 17% (41%) 40,298 27% 62% (11,853) (15%) (129%) 25,401 27% (529%)* EBITDA
Pendapatan keuangan 2,554 1% 1,702 1% (33%) 1,668 1% (2%) 1,950 1% 17% 2,226 3% 14% 127 0% (89%)* Finance income
Beban keuangan (12,094) (5%) (10,815) (7%) (11%) (8,875) (6%) (18%) (3,979) (3%) (55%) (6,457) (8%) 62% (4,469) (5%) 38%* Finance cost
Laba sebelum pajak 84,775 33% 29,514 20% (65%) 14,678 10% (50%) 35,250 24% 140% (18,882) (24%) (154%) 19,725 21% (309%)* Profit before tax
Pajak 160 0% 119 0% (26%) 93 0% (22%) 56 0% (40%) 28 0% (49%) - - (100%)* Tax
Laba tahun berjalan 84,615 33% 29,395 20% (65%) 14,585 10% (50%) 35,194 24% 141% (18,910) (24%) (154%) 19,725 21% (309%)* Profit for the year
Other
Pendapatan (Beban)
(650) (0%) 966 1% (249%) 1,699 1% 76% 2,546 2% 50% 226 0% (91%) 1,055 1% 832%* Comprehensive
komprehensif lainnya
Income (expenses)
Comprehensive
Laba komprehensif tahun
83,965 33% 30,360 21% (64%) 16,284 11% (46%) 37,740 26% 132% (18,684) (24%) (150%) 20,780 22% (322%)* income for the
berjalan
year
FINANCIAL
POSISI KEUANGAN
POSITION
Aset Asset
Aset Lancar 158,548 9% 147,304 9% (7%) 135,735 8% (8%) 141,613 8% 4% 154,561 9% 9% 13,304 1% (91%) Current Asset
Cash and cash
Kas dan setara kas 17,720 1% 14,295 1% (19%) 17,690 1% 24% 8,249 0% (53%) 7,773 0% (6%) 8,841 1% 14%
equivalent
Piutang usaha 8 0% 66 0% 720% 48 0% (28%) - - (100%) - - n/a - - n/a Trade receivables
Piutang lain-lain 380 0% 788 0% 107% 145 0% (82%) 322 0% 122% 377 0% 17% 351 0% (7%) Other receivables
Aset real estat 133,213 8% 125,391 7% (6%) 111,043 6% (11%) 128,527 7% 16% 139,210 8% 8% - - (100%) Real estate assets
Uang muka dan beban Advance and
3,115 0% 3,477 0% 12% 2,701 0% (22%) 2,423 0% (10%) 4,973 0% 105% 2,483 0% (50%)
dibayar di muka Prepaid expenses
Pajak dibayar di muka 3,255 0% 2,432 0% (25%) 3,252 0% 34% 2,077 0% (36%) 2,198 0% 6% 1,578 0% (28%) Prepaid taxes
Aset lancar lainnya 856 0% 856 0% (0%) 856 0% - 16 0% (98%) 30 0% 83% 51 0% 73% Other assets
Aset Tidak Lancar 1,568,486 91% 1,578,778 91% 1% 1,589,092 92% 1% 1,591,013 92% 0% 1,609,113 91% 1% 1,753,459 99% 9% Non-current asset
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2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆
Aset real estat 1,507,519 87% 1,518,835 88% 1% 1,504,379 87% (1%) 1,504,830 87% 0% 1,552,410 88% 3% 1,696,226 96% 9% Real estate asset
Aset Tetap 16,941 1% 15,902 1% (6%) 13,552 1% (15%) 12,253 1% (10%) 11,556 1% (6%) 12,693 1% 10% Fixed asset
Investment
Properti Investasi 44,025 3% 44,041 3% 0% 71,161 4% 62% 73,930 4% 4% 45,148 3% (39%) 44,540 3% (1%)
property
Total Aset 1,727,033 100% 1,726,081 100% (0%) 1,724,827 100% (0%) 1,732,626 100% 0% 1,763,674 100% 2% 1,766,763 100% 0% Total Asset
Liabilitas dan Ekuitas Liability and Equity
Liabilitas jangka pendek 167,736 10% 49,604 3% (70%) 106,157 6% 114% 61,795 4% (42%) 85,502 5% 38% 65,214 4% (24%) Current Liabilities
Utang usaha 6,964 0% 5,379 0% (23%) 8,749 1% 63% 8,375 0% (4%) 12,449 1% 49% 10,193 1% (18%) Trade payable
Utang lain-lain 1,827 0% 2,106 0% 15% 2,192 0% 4% 2,325 0% 6% 2,571 0% 11% 355 0% (86%) Other payable
Beban akrual 110 0% 629 0% 474% 435 0% (31%) 3,047 0% 601% 1,798 0% (41%) 1,539 0% (14%) Accrued expenses
Utang pajak 1,396 0% 325 0% (77%) 417 0% 28% 350 0% (16%) 458 0% 31% 239 0% (48%) Tax payable
Advances
Uang muka pelanggan 73,319 4% 40,834 2% (44%) 64,971 4% 59% 17,279 1% (73%) 31,636 2% 83% 15,841 1% (50%)
received
Utang bank jangka pendek 83,594 5% - - (100%) 29,308 2% n/a 30,419 2% 4% 36,590 2% 20% 37,047 2% 1% Bank loan
Financial
Utang lembaga keuangan 528 0% 330 0% (37%) 85 0% (74%) - - (100%) - - n/a - - n/a
institution loans
Non-current
Liabilitas jangka panjang 10,481 1% 97,561 6% 831% 23,470 1% (76%) 37,892 2% 61% 63,916 4% 69% 66,513 4% 4%
Liabilities
Utang bank 3,160 0% 90,180 5% 2754% 16,780 1% (81%) 33,898 2% 102% 59,409 3% 75% 62,525 4% 5% Bank loan
Financial
Utang lembaga keuangan 416 0% 85 0% (79%) - - (100%) - - n/a - - n/a - - n/a
institution loans
Employee benefit
Liabilitas imbalan kerja 6,905 0% 7,295 0% 6% 6,690 0% (8%) 3,994 0% (40%) 4,507 0% 13% 3,989 0% (11%)
liabilities
Total Liabilitas 178,217 10% 147,165 9% (17%) 129,627 8% (12%) 99,686 6% (23%) 149,418 8% 50% 131,727 7% (12%) Total Liabilities
Total Ekuitas 1,548,816 90% 1,578,917 91% 2% 1,595,200 92% 1% 1,632,940 94% 2% 1,614,256 92% (1%) 1,635,036 93% 1% Total Equity
Sumber: DRP, laporan keuangan audit (konsolidasian) untuk periode 31 Desember yang berakhir pada tahun 2019 – 2023 dan 30 Juni 2024 / Source: DRP, audited financial statements (consolidated) for the period 31 December for year ended 2019
– 2023 and 30 June 2024
* disetahunkan/ annualized
** per 30 Juni 2024/ as of 30 June 2024
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Rasio 2019 2020 2021 2022 2023 2024** Ratios
Rasio Likuiditas Liquidity Ratio
Rasio Lancar (x) 0.95 2.97 1.28 2.29 1.81 0.20 Current Ratio (x)
Rasio Kas (x) 0.11 0.29 0.17 0.13 0.09 0.14 Cash Ratio (x)
Rasio Cepat (x) 0.11 0.31 0.17 0.14 0.10 0.14 Quick Ratio (x)
Rasio Profitabilitas Profitability Ratio
Tingkat Pengembalian Aset (ROA) 4.90% 1.70% 0.85% 2.03% -1.07% n/a Return on Aset (ROA)
Tingkat Pengembalian Ekuitas (ROE) 5.46% 1.86% 0.91% 2.16% -1.17% n/a Return on Equity (ROE)
Margin Laba Kotor 61.91% 59.51% 57.75% 59.58% 46.08% 57.68% Gross Profit Margin
Margin EBITDA 37.84% 28.85% 17.31% 27.49% -15.13% 27.17% EBITDA Margin
Margin Laba Operasi 36.65% 26.56% 15.19% 25.43% -18.70% 25.74% Operating Profit Margin
Margin Laba Bersih 32.88% 20.21% 10.12% 24.01% -24.14% 21.10% Net Profit Margin
Rasio Aktivitas Activity Ratio
Perputaran Aset (x) 0.15 0.08 0.08 0.08 0.04 0.11* Asset turnover (x)
Perputaran Persediaan (days) 2,327.08 4,137.34 4,092.86 4,067.56 7,880.96 3,338.39 Inventory turnover (days)
Perputaran Piutang Usaha (days) 0.55 2.15 0.49 0.80 1.75 0.69 Receivables turnover (days)
Perputaran Utang Usaha (days) 25.93 33.43 52.47 51.60 107.57 47.40 Payables turnover (days)
Rasio Solvabilitas Solvency Ratio
Rasio Utang terhadap Aset (DAR) 0.05 0.05 0.03 0.02 0.04 0.06 Debt to Aset Ratio (DAR)
Rasio Utang terhadap Ekuitas (DER) 0.06 0.06 0.03 0.02 0.04 0.06 Debt to Equity Ratio (DER)
* disetahunkan/ annualized
** per 30 Juni 2024/ as of 30 June 2024
O. Risiko Usaha O. Business Risk
DRP memiliki risiko yang serupa dengan SMDM yang DRP has similar risk to SMDM, which can refer to the main
dapat merujuk pada laporan utama. report
P. Rencana Usaha P. Business Plan
Berdasarkan informasi manajemen, DRP memiliki Based on management information, DRP plans to continue
rencana untuk melanjutkan pengembangan proyeknya. in developing their project.
Q. Prosedur Penilaian Q. Valuation Procedure
Q.1 Pendekatan Pendapatan menggunakan Metode Q.1 Income Approach using Discounted Cash Flow
Diskonto Arus Kas Method
Proyeksi Keuangan Financial Projection
Proyeksi keuangan didasarkan pada historikal laporan Financial projection is based on historical financial
keuangan, prediksi pertumbuhan industri, dan rencana statement, prediction of industry growth, and DRP business
bisnis DRP. plan.
Persediaan dan Tanah untuk Pengembangan Inventory and Land for Development
Detail unit dan periode penjualan adalah sebagai berikut: Details of unit and sale period are as follows:
Luas Tanah Luas Bangunan
Harga/Unit Periode
Deskripsi Tipe Pengembangan Jumlah Unit (m2) (m2)
(Rp000.000) Penjualan /
/ Description / Development Type /No. of Unit /Land Area / Building Area
Price/Unit (Rp000,000) Sales Period
(sqm) (sqm)
Tanah HGB Belum Dikembangkan (Pengembangan Perumahan) / HGB Undevelopment Land (Residential Development)
Klaster G / Menengah-Menengah /
1,486 60 – 108 30 – 42 385 – 636 2029 – 2032
Cluster G Middle-Middle
Klaster KLPVT / Menengah-Atas /
427 84 – 98 77 – 129 1,014 – 1,438 2032 – 2040
Cluster KLPVT Middle-Up
Klaster SF / Menengah-Menengah /
330 60 – 108 30 – 42 385 – 636 2040 – 2041
Cluster SF Middle-Middle
Tanah Bersambungan 4 / Menengah-Menengah /
776 60 – 108 30 – 42 385 – 636 2045 – 2046
Amalgamated Land 4 Middle-Middle
Tanah Bersambungan 5 / Menengah-Atas /
865 84 – 98 77 – 129 1,014 – 1,438 2046 – 2048
Amalgamated Land 5 Middle-Up
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Luas Tanah Luas Bangunan
Harga/Unit Periode
Deskripsi Tipe Pengembangan Jumlah Unit (m2) (m2)
(Rp000.000) Penjualan /
/ Description / Development Type /No. of Unit /Land Area / Building Area
Price/Unit (Rp000,000) Sales Period
(sqm) (sqm)
Tanah Bersambungan 6 / Menengah-Menengah /
269 60 – 108 30 – 42 385 – 636 2048 – 2049
Amalgamated Land 6 Middle-Middle
Tanah Bersambungan 7 / Menengah-Atas /
129 84 – 98 77 – 129 1,014 – 1,438 2048 – 2049
Amalgamated Land 7 Middle-Up
Tanah Bersambungan 8 / Menengah-Atas /
274 84 – 98 77 – 129 1,014 – 1,438 2049 – 2050
Amalgamated Land 8 Middle-Up
Tanah Bersambungan 9 / Menengah-Atas /
358 60 – 108 30 – 42 385 – 636 2049 – 2050
Amalgamated Land 9 Middle-Up
Tanah Bersambungan 10 Menengah-Menengah /
122 60 – 108 30 – 42 385 – 636 2050 – 2051
/ Amalgamated Land 10 Middle-Middle
Tanah Bersambungan 11 Menengah-Atas /
212 84 – 98 77 – 129 1,014 – 1,438 2050 – 2051
/ Amalgamated Land 11 Middle-Up
Tanah Bersambungan 12 Menengah-Menengah /
1,684 60 – 108 30 – 42 385 – 636 2050 – 2054
/ Amalgamated Land 12 Middle-Middle
Tanah Bersambungan 13 Menengah-Atas /
31 84 – 98 77 – 129 1,014 – 1,438 2054 – 2055
/ Amalgamated Land 13 Middle-Up
Tanah Bersambungan 14 Menengah-Menengah /
4,510 60 – 108 30 – 42 385 – 636 2054 – 2064
/ Amalgamated Land 14 Middle-Middle
Tanah Bersambungan 15 Menengah-Menengah /
84 60 – 108 30 – 42 385 – 636 2064 – 2065
/ Amalgamated Land 15 Middle-Middle
Tanah Bersambungan 16 Menengah-Menengah /
132 60 – 108 30 – 42 385 – 636 2065 – 2066
/ Amalgamated Land 16 Middle-Middle
Tanah Bersambungan 17 Menengah-Menengah /
44 60 – 108 30 – 42 385 – 636 2065 – 2066
/ Amalgamated Land 17 Middle-Middle
Tanah Bersambungan 18 Menengah-Menengah /
271 60 – 108 30 – 42 385 – 636 2065 – 2066
/ Amalgamated Land 18 Middle-Middle
Persediaan (Telah Dikembangkan) / Inventory (Developed)
Rumah / Landed House 96 60 – 112 23 – 142 339 – 1,048 2024
Kavling Rumah /
951 48 – 292 - 130 – 1,237 2024 – 2028
Kavling for Landed House
Kavling Ruko /
38 45 – 182 35 – 72 695 – 1,430 2024 – 2025
Kavling for Shophouse
Persediaan (Belum Dikembangkan) / Inventory (Undeveloped)
Bulevar OF / Ruko Menengah-Menengah
40 54 – 76 49 – 60 941 – 1,152 2026 – 2027
Boulevard OF / Middle-Middle Shophouse
Bulevar OG / Ruko Menengah-Menengah
49 54 – 76 49 – 60 941 – 1,152 2027 – 2028
Boulevard OG / Middle-Middle Shophouse
Bulevar OH / Ruko Menengah-Menengah
73 54 – 76 49 – 60 941 – 1,152 2028 – 2029
Boulevard OH / Middle-Middle Shophouse
Bulevar OI / Ruko Menengah-Menengah
4 54 49 941 2029
Boulevard OI / Middle-Middle Shophouse
Bulevar OJ / Ruko Menengah-Menengah
78 54 – 76 49 – 60 941 – 1,152 2029 – 2030
Boulevard OJ / Middle-Middle Shophouse
Ruko Menengah-Menengah
QA / QA 335 54 – 76 49 – 60 941 – 1,152 2032 – 2036
/ Middle-Middle Shophouse
Ruko Menengah-Menengah
QC / QC 209 54 – 76 49 – 60 941 – 1,152 2036 – 2039
/ Middle-Middle Shophouse
Bulevar OA / Ruko Menengah-Menengah
72 54 – 76 49 – 60 941 – 1,152 2031 – 2032
Boulevard OA / Middle-Middle Shophouse
Bulevar OB / Ruko Menengah-Menengah
52 54 – 76 49 – 60 941 – 1,152 2031 – 2032
Boulevard OB / Middle-Middle Shophouse
Kavling Komersial / Commercial Lot
Bulevar O (sisi selatan) / Ruko Menengah-Menengah
435 54 – 76 49 – 60 973 – 1,192 2039 - 2045
Boulevard O (south side) / Middle-Middle Shophouse
Ruko Menengah-Menengah
Bulevar S / Boulevard S 651 54 – 76 49 – 60 946 – 1,158 2045 - 2055
/ Middle-Middle Shophouse
Tanah Perumahan Siap Dikembangkan / Housing Land Ready for Development
Perumahan Menengah-
Tanah Klaster RB / Cluster
Atas / Middle-Up 335 84 – 98 77 – 129 1,014 – 1,438 2029 – 2030
RB Land
Residential
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Properti Investasi Investment Property
Pendapatan Pendapatan
Prosedur proyeksi properti investasi adalah sebagai The investment property projection procedure is as
berikut: follows:
• Proyeksi arus kas dilakukan untuk jangka waktu 10 • The cash flow is projected in 10 years starting 2024 until
tahun dimulai tahun 2024 sampai dengan tahun 2033; 2033;
• Kami telah membuat estimasi harga sewa berdasarkan • We have made an estimation on base rental based on
sewa kontrak aktual dan proyeksi sewa pasar sebagai actual contractual rent and projected market rent as
berikut; follows;
Luas Tanah (m2) / Harga sewa tahunan / Yearly rental rate (Rp) Kenaikan per tahun Harga Jual /
Deskripsi / Description
NLA (sqm) Kontrak / Contract 1) Pasar / Market / Yearly increment Selling Price (Rp)2)
Food Court Sakura 1,019 72,466,405 150,000,000 2.35% 2,496,000,000
Eco Village (Hobbit Hill) 30,000 110,000,000 4,585,000,000 2.35% 8,868,000,000
Indomaret - Sakura 410 10,000,000 60,000,000 2.35% 271,322,000,000
Alfamidi 276 58,000,000 42,000,000 2.35% 3,568,000,000
Catatan:
1) Harga sewa kontrak tahunan adalah didasarkan pada harga yang dibayarkan oleh penyewa pada tahun 2024 / Yearly contract rental rate is based on rate to
be paid by the lessee in year 2024.
2) Asumsi harga jual di akhir periode proyeksi di tahun 2033 / Selling price assumption at the end of projection period in year 2033.
Beban Pokok Pendapatan Cost of Revenue
Beban pokok pendapatan diasumsikan sebagai berikut. Cost of revenue is assumed as follows.
Beban Pokok Pendapatan/ Cost of Revenue Beban Pokok Pendapatan/ Cost of Revenue
Beban pokok tanah dan rumah tinggal / 4,0% – 42,8% dari penjualan tanah dan rumah tinggal/
Cost of land and residential house 4.0% – 42.8% from sales of land and residential house
Estate Keeping & Maintenance / 1,96% – 24,9% dari total pendapatan /
Estate Keeping & Maintenance 1.96% – 24.9% from total revenue
Beban Usaha Operating Cost
Biaya-biaya operasional yang dibebankan sebagai beban The operating expenses charged to general and
umum dan administrasi terdiri atas: administration expenses consist of:
Deskripsi Asumsi / Assumption Description
5% dari pendapatan penjualan tanah dan rumah tinggal /
Biaya penjualan Cost of sales
5% of land and residential house sales revenue
2% dari pendapatan penjualan tanah dan rumah tinggal /
Overhead Overhead
2% of land and residential house sales revenue
Kenaikan berdasarkan upah minimum / Increased by minimum
Gaji dan tunjangan Salary and benefit
wages
Perjamuan dan sumbangan Entertainment and donation
Perizinan Permits
Transportasi Transportation
Pemeliharaan dan perbaikan Repairs and maintenance
Kenaikan berdasarkan inflasi / Increased by inflation
Listrik, air dan telepon Electricity, water and telephone
Perlengkapan kantor Office supplies
Imbalan kerja Employee benefits
Lain-lain Others
Depresiasi dan Amortisasi Depreciation and Amortization
Asumsi umur ekonomis untuk aset yang didepresiasikan Economic life of assets that is depreciated and amortized
dan diamortisasikan adalah sebagai berikut. are assumed as follows.
Akun (tahun / years) Account
Bangunan 20 Buildings
Kendaraan 4 Vehicle
Peralatan kantor 4 Office equipment
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Akun (tahun / years) Account
Komputer 4 Computer
Perangkat lunak 4 Software
Pinjaman Loan
Per 30 Juni 2024, DRP memiliki pinjaman dengan rincian As of 30 June 2024, DRP has loan with detail as follows.
sebagai sebagai berikut.
Nominal (Rp)/ Suku bunga (per tahun) /
Deksripsi Description
Amount (Rp) Interest rate (per annum)
Pinjaman ke Bank BTN 37,046,854,512 9.00% Loan to Bank BTN
Pinjaman ke Bank Panin 26,884,000,000 8.00% Loan to Bank Panin
Pinjaman ke Bank Panin 26,832,004,835 6.00% Loan to Bank Panin
Pinjaman ke Bank Maybank 8,808,658,583 8.50% Loan to Bank Maybank
Nilai Akhir dan Tingkat Pertumbuhan Terminal Value and Growth Rate
Dalam penilaian ini, kami mengasumsikan periode In this valuation, we assumed that the projection period
proyeksi dimulai dari 1 Juli 2024 sampai dengan 31 from 1 July 2024 until 31 December 2067.
Desember 2067.
Perhitungan Nilai Ekuitas Calculation of Equity Value
Jumlah nilai kini arus kas bersih (termasuk nilai akhirnya) The sum of present value of the net cash flows (including
merupakan indikasi nilai perusahaan dari operasinya. the terminal value) indicates the value of DRP from its
Nilai Ekuitas DRP diperoleh dari Nilai Ekuitas dengan operation. The Value of DRP Equity is derived from such
menambahkan nilai saldo kas dan aset non operasional. values by adding the value of cash and non-operating
assets.
Rincian nilai kas dan aset non operasional adalah sebagai The value of cash and non-operating assets are described
berikut: below:
Deskripsi (Rp 000) Description
Kas dan Setara Kas 8,179,910 Cash and bank balances
Investasi pada PT Dwikarya Langgengsukses1) 1,239,281,027 Investment in PT Dwikarya Langgengsukses1)
Investasi pada PT Kharisma Buana Mandiri1) 260 Investment in PT Kharisma Buana Mandiri1)
Tanah Berpencaran 70,497,675 Scattered Land
Tanah Non-HGB belum dikembangkan 147,451,000 Non-HGB Undevelopment Land
Total 1,465,409,872 Total
Catatan: Notes:
1) Detail penjelasan dan penilaian atas akun ini terdapat pada lampiran L3 dan 1) Details of explanation and valuation of these account may refer to Appendix L3
L4 and L4
Rincian utang dalam struktur kapital adalah sebagai Details of debt in capital structure is as follow:
berikut:
Deskripsi (Rp 000) Description
Pinjaman Bank 99,571,518 Borrowings
FTLDD Adjustment 8,519,088 FTLDD Adjustment
Total 108,090,606 Total
Indikasi Nilai Pasar 50,00% Ekuitas DRP adalah sebagai The indicative Market Value of 50.00% Equity of DRP is as
berikut: follows:
Deskripsi (Rp 000) Description
Indikasi Nilai Pasar dari Operasi 1,395,133,309 Indicative Market Value From Operating
Kas dan Aset non-Operasional 1,465,409,872 Cash and Non-Operating Assets
Utang dalam Struktur Kapital (108,090,606) Debt in Capital Structure
Indikasi Nilai Pasar Ekuitas (100%) 2,752,452,575 Indicative Market Value of Equity (100%)
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Deskripsi (Rp 000) Description
Indikasi Nilai Pasar Ekuitas (50,00%) 1,376,226,288 Indicative Market Value of Equity (50.00%)
Diskon Pengendalian (25,00%) (344,056,572) Discount for lack of control (25.00%)
Indicative Market Value of Equity (after DLOC
Indikasi Nilai Pasar Ekuitas (setelah DLOC 25.00%) 1,032,169,716
25.00%)
Indikasi Nilai Pasar Ekuitas (dibulatkan) 1,032,170,000 Indicative Market Value of Equity (rounded)
Setelah melakukan analisis DCF, kami berpendapat After analyzing the DCF method, we are on the opinion that
bahwa indikasi Nilai Pasar dari 50,00% Ekuitas DRP per the indicative Market Value of 50.00% Equity of DRP as of
30 Juni 2024 adalah Rp1.032.170.000.000,-*). 30 June 2024 is Rp1,032,170,000,000/-*).
*) Indikasi Nilai Pasar di atas berupa indikasi dan kesatuan dalam penilaian SMDM *) This Indicative Market Value is in the form of an indication and as a unit in SMDM’s
yang tidak dapat digunakan untuk kepentingan penilaian lain. valuation which cannot be used for other valuation purposes.
Q.2 Pendekatan Aset menggunakan Metode Penyesuaian Q.2 Asset Approach using Adjusted Book Value Method
Nilai Buku
Dalam metode ini, Nilai Pasar diperoleh dengan In this method, Market Value is obtained by adjusting the
menyesuaikan nilai buku aset dalam posisi keuangan book value of the asset in financial position to the Market
menjadi Nilai Pasar. Berikut adalah penyesuaian terhadap Value of the asset. The following is an adjustment to the
nilai buku dalam posisi keuangan Perseroan. book value in the Company's financial position.
(dalam Rupiah) (in Rupiah)
Sebelum Penyesuaian / Penyesuaian / Setelah Penyesuaian /
Before Adjustment Adjustment After Adjustment
ASET ASSET
Aset Lancar Current Asset
Kas dan setara kas 8,179,909,950 - 8,179,909,950 Cash and cash equivalent
Piutang lain-lain 83,291,367 - 83,291,367 Trade receivables
Uang muka dan beban
2,431,771,160 - 2,431,771,160 Advance and Prepaid expenses
dibayar di muka
Pajak dibayar di muka 1,345,720,736 - 1,345,720,736 Prepaid taxes
Piutang pihak berelasi 2,068,997,303 - 2,068,997,303 Receivables from related parties
Total Aset Lancar 14,109,690,516 - 14,109,690,516 Total Current Asset
Aset Tidak Lancar Non-current asset
Aset real estat 1,235,602,323,806 295,911,676,194 1,531,514,000,000 Real estate asset
Aset Tetap 2,572,724,665 2,452,275,335 5,025,000,000 Fixed asset
Properti Investasi 7,046,322,561 113,743,677,439 120,790,000,000 Investment property
Investasi pada entitas asosiasi 503,914,467,981 735,366,818,626 1,239,281,286,607 Investment in associate
Total Aset Tidak Lancar 1,749,135,839,014 1,147,474,447,593 2,896,610,286,607 Total Non-current asset
TOTAL ASET 1,763,245,529,529 1,147,474,447,593 2,910,719,977,122 TOTAL ASSET
LIABILITAS DAN EKUITAS LIABILITY AND EQUITY
Liabilitas Liability
Liabilitas Jangka Pendek Current Liabilities
Utang usaha 10,147,737,471 - 10,147,737,471 Trade payable
Utang lain-lain 310,045,714 - 310,045,714 Other payable
Beban akrual 1,349,181,577 - 1,349,181,577 Accrued expenses
Utang pajak 229,111,705 - 229,111,705 Tax payable
Uang muka pelanggan 12,613,728,186 - 12,613,728,186 Advances received
Utang bank jangka pendek 37,046,854,512 - 37,046,854,512 Short term bank loan
Total Liabilitas Jangka Pendek 61,696,659,165 - 61,696,659,165 Total Current Liabilities
Liabilitas Jangka Panjang Non Current Liabilities
Utang bank jangka panjang 62,524,663,418 - 62,524,663,418 Long term bank loan
Liabilitas imbalan kerja 3,988,758,834 - 3,988,758,834 Employee benefit liabilities
Total Liabilitas Jangka Panjang 66,513,422,252 - 66,513,422,252 Total Non Current Liabilities
Total Liabilitas 128,210,081,416 - 128,210,081,416 Total Liabilities
Ekuitas Equity
Modal saham 1,319,236,000,000 - 1,319,236,000,000 Capital Stock
Tambahan modal disetor -302,612,324 - -302,612,324 Additional paid-in capital
Saldo laba 316,102,060,436 - 316,102,060,436 Retained earnings
Selisih atas penilaian kembali Difference on asset and liabilities
1,147,474,447,593 1,147,474,447,593
aset dan liabilitas revaluation
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Sebelum Penyesuaian / Penyesuaian / Setelah Penyesuaian /
Before Adjustment Adjustment After Adjustment
Total Ekuitas 1,635,035,448,112 1,147,474,447,593 2,782,509,895,705 Total Equity
TOTAL LIABILITAS DAN EKUITAS 1,763,245,529,528 1,147,474,447,593 2,910,719,977,122 TOTAL LIABILITY AND EQUITY
Indikasi Nilai Pasar Ekuitas 2,773,990,807,986 Indicative Market Value
Indikasi Nilai Pasar Ekuitas
1,386,995,403,993 Indicative Market Value (50.00%
(50,00%)
Diskon Pengendalian (25,00%) (346,748,850,998) Discount for lack of control (25.00%)
Indikasi Nilai Pasar Ekuitas Indicative Market Value of Equity (after
1,040,246,552,995
(setelah DLOC 25.00%) DLOC 25.00%)
Indikasi Nilai Pasar Ekuitas
1,040,247,000,000 Indicative Market Value (rounded)
(dibulatkan)
Penyesuaian Adjustment
Dalam menerapkan metode ABVM, kami melakukan In applying the ABVM method, we made adjustment on the
penyesuaian terhadap investasi saham entitas asosiasi, long term investment in shares, fixed asset, investment
aset tetap, properti investasi, dan aset real estat properties, and real estate asset of company.
perusahaan.
(dalam ribuan Rupiah) (in thousand Rupiah)
Nilai Buku/ Nilai Pasar/
Deskripsi Book Value Market Value Description
(Rp 000) (Rp 000)
Investasi Saham Stock Investments
PT Dwikarya Langgengsukses 503,913,468 1,239,281,027 PT Dwikarya Langgengsukses
PT Kharisma Buana Mandiri 1,000 260 PT Kharisma Buana Mandiri
Total Investasi Saham 503,914,468 1,239,281,287 Total Stock Investments
Aset Tetap 2,572,725 5,025,000 Fixed Assets
Properti Investasi 7,046,323 120,790,000 Investment Property
Aset real estat 1,235,602,324 1,531,514,000 Real estate asset
Total 1,749,135,839 2,896,610,287 Total
Berdasarkan analisis yang dilakukan menggunakan Based on the analysis carried out using the Asset Approach,
Pendekatan Aset, maka kami berpendapat bahwa Nilai we are of the opinion that the Market Value of 50% equity
Pasar dari 50% ekuitas DRP per 30 Juni 2024 adalah of DRP as of 30 June 2024 is Rp1,040,247,000,000/-*).
Rp1.040.247.000.000,- *).
*) Indikasi Nilai Pasar di atas berupa indikasi dan kesatuan dalam penilaian SMDM *) This Indicative Market Value is in the form of an indication and as a unit in SMDM’s
yang tidak dapat digunakan untuk kepentingan penilaian lain. valuation which cannot be used for other valuation purposes.
Q.3 Rekonsiliasi Nilai Q.3 Value Reconsilitation
(dalam Rupiah, kecuali dinyatakan lain) (in Rupiah, except stated otherwise)
Indikasi Nilai / Bobot / Nilai Pasar / Market
Metode Method
Indicative Value Weight Value
Pendekatan Pendapatan – DCF 1,032,169,715,648 50% 516,084,857,824 Income Approach – DCF
Pendekatan Aset/Biaya – ABVM 1,040,246,552,995 50% 520,123,276,497 Cost/Asset Approach – ABVM
Nilai Pasar Ekuitas (50,00%) 1,036,208,134,321 Market Value of Equity (50.00%)
Nilai Pasar Ekuitas (Dibulatkan)*) 1,036,208,000,000 Market Value of Equity (rounded)*)
*) Indikasi Nilai Pasar ini berupa indikasi dan kesatuan dalam penilaian SMDM yang *) This Indicative Market Value is in the form of an indication and as a unit in SMDM’s
tidak dapat digunakan untuk kepentingan penilaian lain. Indikasi Nilai Pasar ini belum valuation which cannot be used for other valuation purposes. This Indicative Market
mempertimbangkan adanya diskon likuiditas pasar. Value has not taken into account of discount for lack of marketability.
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Lampiran 3 PT Dwikarya Langgengsukses Appendix 3 PT Dwikarya Langgengsukses
Page 105
L.3 PT Dwikarya Langgengsukses L.3 PT Dwikarya Langgengsukses
A. Objek Penilaian A. Subject Business
Objek Penilaian adalah ekuitas PT Dwikarya Subject Business is equity of PT Dwikarya Langgengsukses
Langgengsukses (“DLS”) sebesar: (“DLS”) as follows:
• 99,99% yang dimiliki oleh DRP • 99.99% owned by DRP
• 0,01% yang dimiliki oleh CNMP • 0.01% owned by CNMP
Detail informasi DLS adalah sebagai berikut: DLS information details is as follows:
Kegiatan Usaha /
Pembangunan perumahan Housing construction
Business Activities
Jl. Harvest City Boulevard Blok RD-XVII No. 2- Alamat / Jl. Harvest City Boulevard Blok RD-XVII No. 2-
6, Cileungsi - Bogor. Address 6, Cileungsi - Bogor.
Kepemilikan /
99,99% dan 0,01% 99.99% and 0.01%
Ownerships
Hak Kepemilikan /
Mayoritas Majority
Ownerships Rights
B. Informasi Ringkas B. Brief Information
DLS didirikan berdasarkan Akta No. 88 tanggal 17 April DLS was established based on Notarial Deed No. 88 dated
1989 dari Darsono Purnomosidi, S.H., notaris di Jakarta. 17 April 1989, of Darsono Purnomosidi, S.H., a public
Akta pendirian ini disahkan oleh Menteri Hukum dan Hak notary in Jakarta. The Deed of Establishment was
Asasi Manusia Republik Indonesia dalam Surat Keputusan approved by the Ministry of Law and Human Rights of the
No. C2. 10893.HT.01.01.TH89. Tahun 1989 tanggal 29 Republic of Indonesia in its Decision Letter No. C2.
November 1989 serta diumumkan dalam Berita Negara 10893.HT.01.01.TH89. Tahun 1989 dated 29 November
Republik Indonesia No. 74 tanggal 15 September 1992, 1989, and was published in State Gazette No. 74 dated
Tambahan No. 4535. Anggaran Dasar Perusahaan telah 15 September 1992, Supplement No. 4535. The
beberapa kali mengalami perubahan. Perubahan terakhir Company’s Articles of Association have been amended
diaktakan dengan akta No. 382 tanggal 23 Desember several times. The most recent amendment is through
2019 dari Nurlisa Uke Desy, S.H., M.Kn., notaris di Bogor, Notarial Deed No. 382 dated 23 December 2019, of
terkait peningkatan modal ditempatkan dan disetor Nurlisa Uke Desy, S.H., M.Kn., a public notary in Bogor,
penuh. concerning the increase of issued and fully paid capital.
Perusahaan berdomisili di Jl. Harvest City Boulevard Blok The Company is domiciled at Jl. Harvest City Boulevard
RD-XVII No. 2-6, Cileungsi - Bogor. Blok RD-XVII No. 2-6, Cileungsi - Bogor.
C. Kegiatan Usaha C. Scope of Activities
Sesuai dengan pasal 3 Anggaran Dasar, ruang lingkup In accordance with Article 3 of the Company’s Articles of
kegiatan usaha Perusahaan meliputi pembangunan Association, the scope of its activities is to engage in
perumahan. Perusahaan mulai beroperasi komersial housing construction. The Company started its commercial
pada tahun 1994. operations in 1994.
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D. Struktur Kepemilikan dan Pemegang Saham D. Ownerships Structure and Shareholders
Per tanggal 30 Juni 2024, komposisi pemegang saham As of 30 June 2024, the composition of shareholders and
dan persentase kepemilikan DLS adalah sebagai berikut. percentage of DLS’s ownership are as follows.
Jumlah Saham / Jumlah (Rp)/ Persentase Kepemilikan /
Pemegang Saham Shareholders
No. of Shares Amount (Rp) Percentage of Ownerships
PT Dwigunatama Rintisprima 530,499 530,499,000,000 100.00% PT Dwigunatama Rintisprima
PT Centranusa Majupermai 1 1,000,000 0.00% PT Centranusa Majupermai
Jumlah 530,500 530,500,000,000 100.00% Total
Sumber: DLS
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E. Struktur Organisasi E. Organizational Structure
Struktur organisasi DLS per 30 Juni 2024 adalah sebagai berikut. DLS organization structure as of 30 June 2024 is as follows.
Struktur Organisasi DLS (Harvest City) /
DLS Organization Structure (Harvest City)
Commissioners Shareholder
Corporate Support Function
Corporate Support
Boardof directors (Finance, Accounting, Purchasing, Shareholder Representative
Function (HRD & GA)
IT)
Chief Executive Officer
Personal Assistant
Kadiv Business Development & Kadiv Finance, Accounting,
Kadiv Engineering Construction Dir. Sales & Marketing
Planning Purchasing, IT
GM Sales &
Marketing
Kadept.
Township
Kadept. Estate Kadept. Quality Kadept. ECS Kadept. ECS & Kadept. EPD & Kadet. Kadept. HRD & Kadept. Legal & Land
Kadept. ECC Business Kadept. IT
Management Control Housing Infra EUD Marketing GA Perizinan Acquisition
Development &
Commercial
Adm. Sales &
Admin Admin Adm. Marketing
Agent
Kabag. Sales
Kabag. Housing Kabag. Agent Kabag. Acc. & Kabag. Budget
Kabag. ECC Site Manager Kabag. MEP Kabag. Sales Adm. Kabag. Finance Kabag. BLA
Design Coordinator Tax Control
Coordinator
SPV SPV SPV Sr. Staff
SPV Cust. Koord. Koord.
Maintenance Maintenance Maintenance SPV Handover SPV Security SPV QC SPV Housing SPV ME SPV Marketing Perizinan & SPV Tax
Relation Adm Lapangan
Landscape MEP Build. Infra Tanah
Adm. Legal & Adm. Adm.
Staff Landscape Staff ME Staff Staff CS Staff Cost Control Staff Surveyor Staff Infra Drafter Staff BD Sales Executive Staff Design Graphic Staff HRD Staff GA Staff Acc. Staff A/P Adm. Finance BPHTB Staff Purchasing Surveyor
Staff Legal Umum Pertanahan
Social Media Operasional
Hardware & Software/
Staff Support IT
Jaringan Programming
Promotion
Adm. Support
Juru Ukur
Pertanahan
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F. Dewan Komisaris dan Direksi F. Boards of Commissioners and Directors
Per 30 Juni 2024, susunan dewan komisaris dan direktur As of 30 June 2024, the composition of DLS’s board of
DLS sebagai berikut. commissioners and directors are as follow.
Dewan Komisaris Board of Commissioner
Komisaris Utama Fifi Julia Maeloa President Commissioner
Wakil Komisaris Utama Ir. Herman Soedarsono Vice President Commissioner
Komisaris Ferdinand Aryanto Commisioner
Komisaris Aprina Supriani Commisioner
Komisaris Wing Indrasmoro Commisioner
Komisaris Jannie Andajani Commisioner
Direksi Board of Directors
Direktur Utama Ir. Sentot Sudaryono President Director
Wakil Direktur Utama Ratna Juwanita Haliman Vice President Director
Direktur Ali Munanda Soedarsono Director
Direktur Henny Kusuma Hendrawan Director
Direktur Ricky Christanto Director
Direktur Henry Zen Halim Director
G. Kompensasi Pemegang Saham G. Shareholder Compensation
Berdasarkan informasi manajemen, per 30 Juni 2024 DLS Based on management information, as of 30 June 2024
belum memberikan kompensasi kepada pemegang DLS has not provided compensation to shareholders yet.
saham.
H. Entitas Anak H. Subsidiaries
DLS memiliki kepemilikan saham pada PT Kharisma DLS has share ownership of 99.99% in PT Kharisma Buana
Buana Mandiri (“KBM”) sebesar 99,99%. Mandiri (“KBM”).
I. Jumlah Karyawan I. Number of employees
Per 30 Juni 2024, DLS tidak memiliki karyawan. As of 30 June 2024, DLS had no employees.
J. Asuransi Karyawan Kunci J. Insurance for Key Employee
DLS tidak memberikan asuransi untuk karyawan kunci. DLS did not give insurance to its key employee.
K. Informasi Perpajakan K. Taxation Information
Sebagai badan usaha yang berdomisili di Indonesia, DLS As business entity that domiciled in Indonesia, DLS is taxed
dikenakan pajak penghasilan badan adalah sebesar 22% by corporate income tax rate of 22% from taxable income.
dari penghasilan kena pajak. DLS juga dikenakan tarif DLS is also applied with final tax rate of 10% for building
pajak final sebesar 10% atas sewa bangunan dan 2,5% rentals and 2.5% for land and building sales.
atas penjualan tanah dan bangunan.
L. Gambaran Aset L. Asset Overview
Harvest City Harvest City
Harvest City berlokasi di Jalan Raya Cileungsi-Jonggol, Harvest City, located on Jalan Raya Cileungsi-Jonggol,
Kelurahan Cileungsi Kidul, Desa Cipenjo, Cipeucang, Cileungsi Kidul Sub-District, Cipenjo, Cipeucang,
Mekarsari, Jatisari, Gandoang, Muktijaya, Cikarageman, Mekarsari, Jatisari, Gandoang, Muktijaya, Cikarageman,
Ragemanunggal, Kecamatan Cileungsi, Kecamatan Setu, Ragemanunggal Village, Cileungsi District, Setu District,
Kabupaten Bogor, Kabupaten Bekasi Provinsi Jawa Barat, Bogor Regency, Bekasi Regency, West Java Province,
dan Kabupaten Bogor, Provinsi Jawa Barat, Indonesia. Indonesia with details as follows. Assets details of Harvest
Rincian aset Harvest City antara lain. City is as follows.
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No. Objek Penilaian Jumlah Unit Luas Tanah (m2) Luas Bangunan (m2)
Tipe Aset / Asset Type
No Subject Property Total Unit Land Area (sqm) Building Area (sqm)
Tanah Belum Dikembangkan / Undeveloped Land
Tanah HGB Belum Dikembangkan (Bersambungan) /
1 352,233 -
HGB Undeveloped Land (Amalgamated)
Tanah HGB Belum Dikembangkan (Berpencaran) /
2 Aset Non Operasional 82,014 -
HGB Undeveloped Land (Scattered)
/ Non Operating Asset
Tanah Non-HGB Belum Dikembangkan
3 (Berpencaran) / 269,461 -
Non-HGB Undeveloped Land (Scattered)
Inventaris / Inventory
1 Rumah / Landed House 2 486* 117
2 Kavling Rumah / Residential Lot 2 75* -
3 Ruko / Shophouse Aset Non Operasional 1 80* 96
/ Non Operating Asset
Kavling Komersial dan Tanah Perumahan Siap
4 Dikembangkan / Commercial lot and Housing Land 4 44,318*
Ready for Development
Kavling Komersial / Commercial Lot
Aset Non Operasional
1 Kavling Komersial Sewa / Commercials Lot for Rent 572,982* -
/ Non Operating Asset
Properti Investasi / Investment Property
1 Cibiuk 2,992* -
2 Festival Oriental 4,929* 2,550
3 Gokart 7,200* -
4 Harvest Box 4,086* 2,057
5 KFC Aset Non Operasional 2,270* 350
6 Narma / Non Operating Asset 3,500* -
7 Sarimande 1,473* -
8 Saung Apung 7,300* -
9 Starbucks 1,690* 267
10 Land of Waterjoy 21,527* -
Aset Tetap / Fixed Asset
Kantor Pemasaran dan Rumah Contoh / Marketing
1 9,744* 1,817
Office and Showing Units Aset Non Operasional
2 BLA Office / Non Operating Asset 115* 325
3 Head Office 445* 912
Peta Lokasi / Location Map
Legenda / Legend :
1. Harvest City / Harvest City
2. Terminal Bus Cileungsi / Cileungsi Bus Terminals
3. Gerbang Tol Nagrak pada Jalan Tol Cimanggis-Cibitung / Nagrak Toll Gate on the Cimanggis-Cibitung Toll Road
4. Stasiun LRT Harjamukti / Harjamukti LRT Station
5. Bandar Udara Internasional Halim Perdana Kusuma / Halim Perdana Kusuma International Airport
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M. Kinerja Operasional M. Operational Performance
Penjualan Unit Harvest City Unit Sold of Harvest City
Tahun / Jumlah Unit / Jumlah Unit Ruko / Total Jumlah Unit Rumah / Total Luas Tanah (m2) /
Year Total Unit Unit of Shophouse Total Unit of Landed house Total Land Area (sqm)
2008 671 8 663 57,939
2009 567 4 563 54,880
2010 1,146 48 1,098 102,076
2011 874 6 868 85,938
2012 757 1 756 70,751
2013 511 2 509 54,144
2014 406 0 406 44,180
2015 366 6 360 36,389
2016 455 4 451 41,903
2017 472 15 457 49,288
2018 401 16 385 35,307
2019 300 20 280 28,107
2020 197 15 182 19,123
2021 238 17 221 21,209
2022 134 5 129 9,770
2023 196 26 170 16,092
Total 7,691 193 7,498 727,096
Detail Penyewa Tenancy Details
Pada saat inspeksi, kami menemukan bahwa bangunan As of inspection, we found that the investment properties
properti investasi digunakan oleh penyewa sebagai building was occupied by tenants and used as restaurants.
restoran. Daftar penyewa dan rata-rata sewa kontraktual The list of tenants and average contractual rent are as
adalah sebagai berikut: follows:
Luas (m2) / Jangka Sewa (Tahun) / Bagi Hasil / Nilai Sewa(per tahun) /
No Kategori / Category
Area (sqm) Lease Term (Year) Profit Sharing Rental Rate (per year)
Bulanan / Monthly
1 KFC 2,270 20 6%
2 Waterjoy - Funworld 6,557 10 20%
3 Gokart 7,200 6 20%
4 Starbucks 1,690 10 8%
5 Festival oriental & Harvest Box 19,514 10 20%
Tahunan / Yearly
1 Narma 3,500 10 250,000,000
2 Rotbak 88 - MO 615 15 20,000,000
3 Rotbak 88 - Sakura 12 3 5,000,000
4 Sarimande 1,473 10 73,650,000
5 Saung Apung 7,300 10 132,000,000
6 Cibiuk 2,992 10 224,400,000
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N. Kinerja Keuangan N. Financial Performance
(Dalam jutaan Rupiah) (In million Rupiah)
2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆
INCOME
LABA RUGI
STATEMENT
Pendapatan 7,808 100% 4,540 100% (42%) 2,963 100% (35%) 554 100% (81%) 8,340 100% 1404% 892 100% (79%)* Revenue
Biaya Pokok Pendapatan 4,481 57% 2,744 60% (39%) 2,231 75% (19%) 887 160% (60%) 4,564 55% 415% - - (100%)* Cost of revenue
Laba Kotor 3,327 43% 1,796 40% (46%) 732 25% (59%) (332) (60%) (145%) 3,776 45% (1236%) 892 100% (53%)* Gross Profit
Beban Penjualan 398 5% 605 13% 52% 285 10% (53%) 40 7% (86%) 140 2% 247% - - (100%)* Selling expenses
General and
Beban umum dan
2,308 30% 3,452 76% 50% 3,251 110% (6%) 3,205 578% (1%) 3,429 41% 7% 1,731 194% 1%* administrative
administrasi
expenses
Pajak final 280 4% 178 4% (37%) 180 6% 1% 200 36% 11% 367 4% 84% 89 10% (51%)* Final tax
Laba Operasi 341 4% (2,438) (54%) (815%) (2,984) (101%) 22% (3,777) (681%) 27% (160) (2%) (96%) (929) (104%) 1059%* Operating Profit
Depreciation and
Depresiasi dan amortisasi 1,834 23% 1,937 43% 6% 1,872 63% (3%) 1,845 333% (1%) 1,940 23% 5% 998 112% 3%*
amortisation
EBITDA 2,175 28% (501) (11%) (123%) (1,112) (38%) 122% (1,932) (348%) 74% 1,779 21% (192%) 70 8% (92%)* EBITDA
Pendapatan keuangan 512 7% 615 14% 20% 778 26% 27% 1,507 272% 94% 1,820 22% 21% 13 1% (99%)* Finance income
Laba sebelum pajak 853 11% (1,823) (40%) (314%) (2,206) (74%) 21% (2,269) (409%) 3% 1,659 20% (173%) (915) (103%) (210%)* Profit before tax
Pajak 5 0% 19 0% 261% 13 0% (30%) 7 1% (47%) 28 0% 309% - - (100%)* Tax
Laba tahun berjalan 848 11% (1,842) (41%) (317%) (2,219) (75%) 20% (2,276) (411%) 3% 1,631 20% (172%) (915) (103%) (212%)* Profit for the year
Other
Pendapatan (Beban)
- - - - n/a - - n/a - - n/a - - n/a - - n/a* Comprehensive
komprehensif lainnya
Income (expenses)
Laba komprehensif tahun Comprehensive
848 11% (1,842) (41%) (317%) (2,219) (75%) 20% (2,276) (411%) 3% 1,631 20% (172%) (915) (103%) (212%)*
berjalan income for the year
FINANCIAL
POSISI KEUANGAN
POSITION
Aset Asset
Aset Lancar 52,974 10% 50,346 10% (5%) 32,248 6% (36%) 32,661 6% 1% 31,107 6% (5%) 30,197 6% (3%) Current Asset
Cash and cash
Kas dan setara kas 5,573 1% 1,034 0% (81%) 551 0% (47%) 542 0% (2%) 444 0% (18%) 661 0% 49%
equivalent
Piutang usaha - - 58 0% n/a 48 0% (18%) 44 0% (8%) 134 0% 208% - - (100%) Trade receivables
Piutang lain-lain 142 0% 138 0% (3%) - - (100%) 113 0% n/a 129 0% 14% 268 0% 108% Other receivables
Due from related
Piutang pihak berelasi - - 2,184 0% n/a 859 0% (61%) 156 0% (82%) 196 0% 26% - - (100%)
party
Aset real estat 46,371 9% 44,619 8% (4%) 30,182 6% (32%) 30,190 6% 0% 29,250 6% (3%) 28,934 6% (1%) Real estate assets
Uang muka dan beban Advance and Prepaid
277 0% 1,696 0% 512% 53 0% (97%) 848 0% 1490% 752 0% (11%) 51 0% (93%)
dibayar di muka expenses
Pajak dibayar di muka 594 0% 601 0% 1% 539 0% (10%) 753 0% 40% 171 0% (77%) 232 0% 36% Prepaid taxes
Aset lancar lainnya 16 0% 16 0% - 16 0% - 16 0% - 30 0% 83% 51 0% 73% Other assets
Aset Tidak Lancar 474,731 90% 476,129 90% 0% 486,699 94% 2% 488,839 94% 0% 477,363 94% (2%) 479,304 94% 0% Non-current asset
Aset real estat 426,301 81% 429,221 82% 1% 413,561 80% (4%) 413,638 79% 0% 430,431 85% 4% 431,690 85% 0% Real estate asset
Aset Tetap 12,337 2% 11,335 2% (8%) 10,332 2% (9%) 9,382 2% (9%) 8,934 2% (5%) 10,120 2% 13% Fixed asset
Properti Investasi 36,093 7% 35,573 7% (1%) 62,806 12% 77% 65,819 13% 5% 37,997 7% (42%) 37,494 7% (1%) Investment property
Total Aset 527,705 100% 526,475 100% (0%) 518,948 100% (1%) 521,500 100% 0% 508,469 100% (2%) 509,501 100% 0% Total Asset
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2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆
Liabilitas dan Ekuitas Liability and Equity
Liabilitas jangka pendek 21,670 4% 22,780 4% 5% 17,471 3% (23%) 18,300 4% 5% 3,638 1% (80%) 3,517 1% (3%) Current Liabilities
Utang usaha 172 0% 92 0% (46%) 193 0% 108% 481 0% 150% 271 0% (44%) 46 0% (83%) Trade payable
Utang lain-lain 873 0% 954 0% 9% 837 0% (12%) 670 0% (20%) 470 0% (30%) 45 0% (90%) Other payable
Utang pajak 96 0% 22 0% (77%) 22 0% (1%) 27 0% 21% 43 0% 60% 10 0% (78%) Tax payable
Beban akrual 108 0% 309 0% 186% 229 0% (26%) 944 0% 312% 215 0% (77%) 190 0% (12%) Accrued expenses
Uang muka pelanggan 20,422 4% 21,403 4% 5% 16,191 3% (24%) 16,179 3% (0%) 2,640 1% (84%) 3,227 1% 22% Advances received
Non-current
Liabilitas jangka panjang 388 0% - - (100%) - - n/a - - n/a - - n/a 2,069 0% n/a
Liabilities
Utang pihak berelasi 388 0% - - (100%) - - n/a - - n/a - - n/a 2,069 0% n/a Due to related party
Total Liabilitas 22,058 4% 22,780 4% 3% 17,471 3% (23%) 18,300 4% 5% 3,638 1% (80%) 5,586 1% 54% Total Liabilities
Total Ekuitas 505,647 96% 503,695 96% (0%) 501,476 97% (0%) 503,200 96% 0% 504,831 99% 0% 503,915 99% (0%) Total Equity
Sumber: DLS, laporan keuangan audit (konsolidasian) untuk periode 31 Desember yang berakhir pada tahun 2019 – 2023 dan 30 Juni 2024 / Source: DLS, audited financial statements (consolidated) for the period 31 December for year ended 2019
– 2023 and 30 June 2024
* disetahunkan/ annualized
** per 30 Juni 2024/ as of 30 June 2024
Rasio 2019 2020 2021 2022 2023 2024** Ratios
Rasio Likuiditas Liquidity Ratio
Rasio Lancar (x) 2.44 2.21 1.85 1.78 8.55 8.59 Current Ratio (x)
Rasio Kas (x) 0.26 0.05 0.03 0.03 0.12 0.19 Cash Ratio (x)
Rasio Cepat (x) 0.26 0.05 0.03 0.03 0.16 0.19 Quick Ratio (x)
Rasio Profitabilitas Profitability Ratio
Tingkat Pengembalian Aset (ROA) 0.16% -0.35% -0.43% -0.44% 0.32% n/a Return on Aset (ROA)
Tingkat Pengembalian Ekuitas (ROE) 0.17% -0.37% -0.44% -0.45% 0.32% n/a Return on Equity (ROE)
Margin Laba Kotor 42.61% 39.56% 24.70% -59.94% 45.28% 100.00% Gross Profit Margin
Margin EBITDA 27.86% -11.04% -37.52% -348.49% 21.33% 7.83% EBITDA Margin
Margin Laba Operasi 4.37% -53.70% -100.70% -681.16% -1.92% -104.15% Operating Profit Margin
Margin Laba Bersih 10.86% -40.57% -74.89% -410.54% 19.56% -102.67% Net Profit Margin
Rasio Aktivitas Activity Ratio
Perputaran Aset (x) 0.01 0.01 0.01 0.00 0.02 0.00* Asset turnover (x)
Perputaran Persediaan (days) 22,096.24 38,198.27 54,658.59 292,159.82 20,118.00 95,057.28 Inventory turnover (days)
Perputaran Piutang Usaha (days) 6.66 15.75 5.85 103.09 11.53 55.31 Receivables turnover (days)
Perputaran Utang Usaha (days) 14.01 12.33 31.49 197.92 21.64 n/a Payables turnover (days)
Rasio Solvabilitas Solvency Ratio
Rasio Utang terhadap Aset (DAR) n/a n/a n/a n/a n/a n/a Debt to Aset Ratio (DAR)
Rasio Utang terhadap Ekuitas (DER) n/a n/a n/a n/a n/a n/a Debt to Equity Ratio (DER)
* disetahunkan/ annualized
** per 30 Juni 2024/ as of 30 June 2024
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O. Risiko Usaha O. Business Risk
DLS memiliki risiko yang serupa dengan SMDM yang DLS has similar risk to SMDM, which can refer to the main
dapat merujuk pada laporan utama. report
P. Rencana Usaha P. Business Plan
Berdasarkan informasi manajemen, DLS memiliki rencana Based on management information, DLS plans to continue
untuk melanjutkan pengembangan proyeknya. in developing their project.
Q. Prosedur Penilaian Q. Valuation Procedure
Q.1 Pendekatan Pendapatan menggunakan Metode Q.1 Income Approach using Discounted Cash Flow
Diskonto Arus Kas Method
Proyeksi Keuangan Financial Projection
Proyeksi keuangan didasarkan pada historikal laporan Financial projection is based on historical financial
keuangan, prediksi pertumbuhan industri, dan rencana statement, prediction of industry growth, and DLS business
bisnis DLS. plan.
Persediaan dan Tanah untuk Pengembangan Inventory and Land for Development
Detail unit dan periode penjualan adalah sebagai berikut: Details of unit and sale period are as follows:
Luas Bangunan
Harga/Unit Periode
Deskripsi Tipe Pengembangan Jumlah Unit Luas Tanah (m2) (m2)
(Rp000.000) Penjualan /
/ Description / Development Type /No. of Unit /Land Area (sqm) / Building Area
Price/Unit (Rp000,000) Sales Period
(sqm)
Tanah HGB Belum Dikembangkan (Pengembangan Perumahan) / HGB Undevelopment Land (Residential Development)
Tanah Bersambungan 1 Menengah-Atas /
61 84 – 98 77 – 129 1,049 – 1,497 2040 – 2041
/ Amalgamated Land 1 Middle-Up
Tanah Bersambungan 2 Menengah-Atas /
107 84 – 98 77 – 129 1,049 – 1,497 2040 – 2041
/ Amalgamated Land 2 Middle-Up
Tanah Bersambungan 3 Menengah-Atas /
1,519 84 – 98 77 – 129 1,049 – 1,497 2041 – 2044
Amalgamated Land 3/ Middle-Up
Persediaan (Telah Dikembangkan) / Inventory (Developed)
Rumah / Landed House 2 233 – 253 52 – 65 811 – 817 2026 – 2027
Kavling Rumah /
Kavling for Landed 2 31 – 44 - 80 - 114 2026 – 2027
House
Ruko / Shophouse 1 80 96 1,191 2026
Persediaan (Belum Dikembangkan) / Inventory (Undeveloped)
Rumah Menengah-
Menengah / Middle-
Cluster EA / Cluster EA 226 60 – 108 30 – 42 395 – 650 2029 – 2030
Middle Landed
Residential
Ruko Menengah-
Bulevar EA / Boulevard
Menengah / Middle- 91 54 – 76 49 – 60 1,000 – 1,225 2055 – 2057
EA
Middle Shophouse
Ruko Menengah-
Bulevar EB / Boulevard
Menengah / Middle- 86 54 – 76 49 – 60 1,000 – 1,225 2057 – 2058
EB
Middle Shophouse
Ruko Menengah-
Bulevar F / Boulevard F Menengah / Middle- 189 54 – 76 49 – 60 1,000 – 1,225 2058 – 2062
Middle Shophouse
Kavling Komersial / Commercial Lot
Area Komersial 1 /
25 16,000 – 17,000 5,869 – 11,738 2027 – 2028
Commercial Area 1
Area Komersial 2 /
11 6,000 – 8,000 5,869 – 11,738 2028
Commercial Area 2
Area Komersial 3 /
39 26,000 5,869 – 11,738 2029 – 2030
Commercial Area 3
Area Komersial 4 /
28 18,000 – 19,000 5,655 – 11,311 2030 – 2031
Commercial Area 4
Area Komersial 5 /
46 30,000 – 31,000 5,655 – 11,311 2031 – 2032
Commercial Area 5
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Luas Bangunan
Harga/Unit Periode
Deskripsi Tipe Pengembangan Jumlah Unit Luas Tanah (m2) (m2)
(Rp000.000) Penjualan /
/ Description / Development Type /No. of Unit /Land Area (sqm) / Building Area
Price/Unit (Rp000,000) Sales Period
(sqm)
Area Komersial 6 /
95 63,000 – 64,000 5,655 – 11,311 2032 - 2034
Commercial Area 6
Properti Investasi Investment Property
Pendapatan Pendapatan
Prosedur proyeksi properti investasi adalah sebagai The investment property projection procedure is as
berikut: follows:
• Proyeksi arus kas dilakukan untuk jangka waktu 38 • The cash flow is projected in 38 years starting 2024 until
tahun dimulai tahun 2024 sampai dengan tahun 2055; 2055;
• Kami telah membuat estimasi harga sewa berdasarkan • We have made an estimation on base rental based on
sewa kontrak aktual dan proyeksi sewa pasar sebagai actual contractual rent and projected market rent as
berikut; follows;
Luas Tanah (m2) / Harga sewa tahunan / Yearly rental rate (Rp) Kenaikan per tahun Harga Jual /
Deskripsi / Description
NLA (sqm) Kontrak / Contract 1) Pasar / Market / Yearly increment Selling Price (Rp)2)
Cibiuk 2,992 224,000,000 475,000,000 2.35% 30,707,000,000
Festival oriental 4,929 41,000,000 753,000,000 2.35% 44,578,000,000
Gokart 7,200 84,000,000 1,100,000,000 2.35% 65,117,000,000
Harvest Box 4,086 25,000,000 648,000,000 2.35% 38,349,000,000
KFC 2,270 565,000,000 360,000,000 2.35% 29,130,000,000
Narma 3,500 250,000,000 555,000,000 2.35% 87,807,000,000
Sarimande 1,473 74,000,000 234,000,000 2.35% 16,531,000,000
Saung Apung 7,300 200,000,000 1,116,000,000 2.35% 66,022,000,000
Starbucks 1,690 214,000,000 268,000,000 2.35% 15,861,000,000
Water Joy + Futsal
21,527 51,000,000 3,290,000,000 2.35% 194,692,000,000
(Trampoline) +Parkir
Catatan:
1) Harga sewa kontrak tahunan adalah didasarkan pada harga yang dibayarkan oleh penyewa pada tahun 2024 / Yearly contract rental rate is based on rate to
be paid by the lessee in year 2024.
2) Asumsi harga jual di akhir periode masa sewa / Selling price assumption at the end of rent period.
Beban Pokok Pendapatan Cost of Revenue
Beban pokok pendapatan diasumsikan sebagai berikut. Cost of revenue is assumed as follows.
(dalam jutaan Rupiah) (in million Rupiah)
Beban Pokok Pendapatan/ Cost of Revenue Beban Pokok Pendapatan/ Cost of Revenue
Beban pokok tanah dan rumah tinggal / 1,2% – 42,4% dari penjualan tanah dan rumah tinggal/
Cost of land and residential house 1.2% – 42.4% from sales of land and residential house
Beban Usaha Operating Cost
Biaya-biaya operasional yang dibebankan sebagai beban The operating expenses charged to general and
umum dan administrasi terdiri atas: administration expenses consist of:
Deskripsi Asumsi / Assumption Description
5% dari pendapatan penjualan tanah dan rumah tinggal /
Biaya penjualan Cost of sales
5% of land and residential house sales revenue
2% dari pendapatan penjualan tanah dan rumah tinggal /
Overhead Overhead
2% of land and residential house sales revenue
Transportasi Transportation
Komunikasi Communication
Pemeliharaan dan perbaikan Repairs and maintenance
Alat tulis & perlengkapan Kenaikan berdasarkan inflasi / Increased by inflation Stationery & supplies
Lisensi, perizinan, dan imbalan
Licence, permit & prof. Fee
profesional
Asuransi Insurance
Administrasi Bank Bank Administration
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Depresiasi dan Amortisasi Depreciation and Amortization
Asumsi umur ekonomis untuk aset yang didepresiasikan Economic life of assets that is depreciated and amortized
dan diamortisasikan adalah sebagai berikut. are assumed as follows.
Akun (tahun / years) Account
Bangunan 20 Buildings
Kendaraan 4 Vehicle
Peralatan kantor 4 Office equipment
Komputer 4 Computer
Perangkat lunak 4 Software
Nilai Akhir dan Tingkat Pertumbuhan Terminal Value and Growth Rate
Dalam penilaian ini, kami mengasumsikan periode In this valuation, we assumed that the projection period
proyeksi dimulai dari 1 Juli 2024 sampai dengan 31 from 1 July 2024 until 31 December 2061.
Desember 2061.
Perhitungan Nilai Ekuitas Calculation of Equity Value
Jumlah nilai kini arus kas bersih (termasuk nilai akhirnya) The sum of present value of the net cash flows (including
merupakan indikasi nilai perusahaan dari operasinya. the terminal value) indicates the value of DLS from its
Nilai Ekuitas DLS diperoleh dari Nilai Ekuitas dengan operation. The Value of DLS Equity is derived from such
menambahkan nilai saldo kas dan aset non operasional. values by adding the value of cash and non-operating
assets.
Rincian nilai kas dan aset non operasional adalah sebagai The value of cash and non-operating assets are described
berikut: below:
Deskripsi (Rp 000) Description
Kas dan Setara Kas 421,279 Cash and bank balances
Investasi pada PT Kharisma Buana Mandiri1) 2,838,248 Investment in PT Kharisma Buana Mandiri1)
Tanah Berpencaran 27,236,780 Scattered Land
Tanah Non-HGB belum dikembangkan 29,152,000 Non-HGB Undevelopment Land
Total 59,648,307 Total
Catatan: Notes:
1) Detail penjelasan dan penilaian atas akun ini terdapat pada lampiran L4 1) Details of explanation and valuation of these account may refer to Appendix L4
Rincian utang dalam struktur kapital adalah sebagai Details of debt in capital structure is as follow:
berikut:
Deskripsi (Rp 000) Description
Pinjaman Bank 21,000 Borrowings
FTLDD Adjustment 2,068,997 FTLDD Adjustment
Total 2,089,997 Total
Indikasi Nilai Pasar 100,00% Ekuitas DLS adalah sebagai The indicative Market Value of 100.00% Equity of DLS is
berikut: as follows:
Deskripsi (Rp 000) Description
Indikasi Nilai Pasar dari Operasi 1,118,422,810 Indicative Market Value From Operating
Kas dan Aset non-Operasional 59,648,307 Cash and Non-Operating Assets
Utang dalam Struktur Kapital (2,089,997) Debt in Capital Structure
Indikasi Nilai Pasar Ekuitas (100%) 1,175,981,119 Indicative Market Value of Equity (100%)
Indikasi Nilai Pasar Ekuitas (dibulatkan) 1,175,981,000 Indicative Market Value of Equity (rounded)
Setelah melakukan analisis DCF, kami berpendapat After analyzing the DCF method, we are on the opinion that
bahwa indikasi Nilai Pasar dari 100,00% Ekuitas DLS per the indicative Market Value of 100.00% Equity of DLS as of
30 Juni 2024 adalah Rp1.175.981.000.000,-*). 30 June 2024 is Rp1,175,981,000,000/-*).
*) Indikasi Nilai Pasar di atas berupa indikasi dan kesatuan dalam penilaian SMDM *) This Indicative Market Value is in the form of an indication and as a unit in SMDM’s
yang tidak dapat digunakan untuk kepentingan penilaian lain. valuation which cannot be used for other valuation purposes.
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Q.2 Pendekatan Aset menggunakan Metode Penyesuaian Q.2 Asset Approach using Adjusted Book Value Method
Nilai Buku
Dalam metode ini, Nilai Pasar diperoleh dengan In this method, Market Value is obtained by adjusting the
menyesuaikan nilai buku aset dalam posisi keuangan book value of the asset in financial position to the Market
menjadi Nilai Pasar. Berikut adalah penyesuaian terhadap Value of the asset. The following is an adjustment to the
nilai buku dalam posisi keuangan Perseroan. book value in the Company's financial position.
(dalam Rupiah) (in Rupiah)
Sebelum Penyesuaian / Penyesuaian / Setelah Penyesuaian /
Before Adjustment Adjustment After Adjustment
ASET ASSET
Aset Lancar Current Asset
Kas dan setara kas 421,279,246 - 421,279,246 Cash and cash equivalent
Pajak dibayar dimuka 232,280,246 - 232,280,246 Prepaid taxes
Biaya dibayar dimuka 31,355,786 - 31,355,786 Prepaid expenses
Uang muka 14,132,347 - 14,132,347 Advance
Piutang pihak berelasi 1,934,706,230 - 1,934,706,230 AR Due to Related party
Piutang lainnya 169,938,642 - 169,938,642 Other receivables
Total Aset Lancar 2,803,692,497 - 2,803,692,497 Total Current Asset
Aset Tidak Lancar Non-current asset
Investasi jangka panjang 3,349,750,803 -511,503,071 2,838,247,731 Long term investment
Properti investasi 37,493,521,561 172,178,478,440 209,672,000,000 Investment property
Aset Tetap 4,987,671,089 46,588,328,911 51,576,000,000 Fixed asset
Aset real estat 460,624,165,758 580,436,834,242 1,041,061,000,000 Real estate asset
Aset lainnya 51,376,819 - 51,376,819 Other asset
Total Aset Tidak Lancar 506,506,486,029 798,692,138,521 1,305,198,624,550 Total Non-current asset
TOTAL ASET 509,310,178,526 798,692,138,521 1,308,002,317,047 TOTAL ASSET
LIABILITAS DAN EKUITAS LIABILITY AND EQUITY
Liabilitas Liability
Liabilitas Jangka Pendek Current Liabilities
Utang usaha 39,518,749 - 39,518,749 Trade payable
Utang pajak 8,861,917 - 8,861,917 Tax payable
Beban akrual 184,687,590 - 184,687,590 Accrued expenses
Utang lain-lain 45,000,000 - 45,000,000 Other payable
Uang muka penjualan 3,048,644,987 - 3,048,644,987 Advance received
Utang ke pihak berelasi 2,068,997,303 - 2,068,997,303 Due to related parties
Total Liabilitas Jangka Pendek 5,395,710,546 - 5,395,710,546 Total Current Liabilities
Total Liabilitas 5,395,710,546 - 5,395,710,546 Total Liabilities
Ekuitas Equity
Modal saham 530,500,000,000 530,500,000,000 Capital Stock
Laba ditahan -26,585,532,020 -26,585,532,020 Retained earnings
Selisih atas penilaian kembali aset Difference on asset and liabilities
798,692,138,521 798,692,138,521
dan liabilitas revaluation
Total Ekuitas 503,914,467,980 798,692,138,521 1,302,606,606,501 Total Equity
TOTAL LIABILITAS DAN EKUITAS 509,310,178,526 798,692,138,521 1,308,002,317,047 TOTAL LIABILITY AND EQUITY
Indikasi Nilai Pasar Ekuitas (100,00%) 1,302,585,606,501 Indicative Market Value (100.00%)
Indikasi Nilai Pasar Ekuitas
1,302,586,000,000 Indicative Market Value (rounded)
(dibulatkan)
Penyesuaian Adjustment
Dalam menerapkan metode ABVM, kami melakukan In applying the ABVM method, we made adjustment on the
penyesuaian terhadap investasi saham entitas asosiasi, long term investment in shares, fixed asset, investment
properties, and real estate asset of company.
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aset tetap, properti investasi, dan aset real estat
perusahaan.
(dalam Rupiah) (in Rupiah)
Nilai Buku/ Nilai Pasar/
Deskripsi Book Value Market Value Description
(Rp 000) (Rp 000)
Investasi Saham Stock Investments
PT Kharisma Buana Mandiri 3,349,751 2,838,248 PT Kharisma Buana Mandiri
Total Investasi Saham 3,349,751 2,838,248 Total Stock Investments
Aset Tetap 4,987,671 51,576,000 Fixed Assets
Properti Investasi 37,493,522 209,672,000 Investment Property
Aset real estat 460,624,166 1,041,061,000 Real estate asset
Total 506,455,109 1,305,147,248 Total
Berdasarkan analisis yang dilakukan menggunakan Based on the analysis carried out using the Asset Approach,
Pendekatan Aset, maka kami berpendapat bahwa Nilai we are of the opinion that the Market Value of 100% equity
Pasar dari 100% ekuitas DLS per 30 Juni 2024 adalah of DLS as of 30 June 2024 is Rp1,302,586,000,000/-*).
Rp1.302.586.000.000,- *).
*) Indikasi Nilai Pasar di atas berupa indikasi dan kesatuan dalam penilaian SMDM *) This Indicative Market Value is in the form of an indication and as a unit in SMDM’s
yang tidak dapat digunakan untuk kepentingan penilaian lain. valuation which cannot be used for other valuation purposes.
Q.3 Rekonsiliasi Nilai Q.3 Value Reconsilitation
(dalam Rupiah, kecuali dinyatakan lain) (in Rupiah, except stated otherwise)
Indikasi Nilai / Bobot / Nilai Pasar / Market
Metode Method
Indicative Value Weight Value
Pendekatan Pendapatan – DCF 1,175,981,119,471 50% 587,990,559,735 Income Approach – DCF
Pendekatan Aset/Biaya – ABVM 1,302,585,606,501 50% 651,292,803,250 Cost/Asset Approach – ABVM
Nilai Pasar Ekuitas (100,00%) 1,239,283,362,986 Market Value of Equity (100.00%)
Nilai Pasar Ekuitas (Dibulatkan) *)
1,239,283,000,000 Market Value of Equity (rounded)*)
Indikasi Nilai Pasar Ekuitas – dimiliki Indicative Market Value – owned by DRP
1,239,281,026,919
oleh DRP (99,99%) (99.99%)
Indikasi Nilai Pasar Ekuitas - dimiliki Indicative Market Value – owned by
2,336,067
CNMP (0,01%) CNMP (0.01%)
*) Indikasi Nilai Pasar ini berupa indikasi dan kesatuan dalam penilaian SMDM yang *) This Indicative Market Value is in the form of an indication and as a unit in SMDM’s
tidak dapat digunakan untuk kepentingan penilaian lain. Indikasi Nilai Pasar ini belum valuation which cannot be used for other valuation purposes. This Indicative Market
mempertimbangkan adanya diskon likuiditas pasar. Value has not taken into account of discount for lack of marketability.
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Lampiran 4 PT Kharisma Buana Mandiri Appendix 4 PT Kharisma Buana Mandiri
Page 119
L.4 PT Kharisma Buana Mandiri L.4 PT Kharisma Buana Mandiri
A. Objek Penilaian A. Subject Business
Objek Penilaian adalah ekuitas PT Kharisma Buana Subject Business is equity of PT Kharisma Buana Mandiri
Mandiri (“KBM”) sebesar: (“KBM”) as follows:
• 99,99% yang dimiliki oleh DLS • 99.99% owned by DLS
• 0,01% yang dimiliki oleh DRP • 0.01% owned by DRP
Detail informasi KBM adalah sebagai berikut: KBM information details is as follows:
Kegiatan Usaha /
Jasa Services
Business Activities
Plaza Marein Lt. 16, Sudirman Plaza Business Alamat / Marein Plaza 16th floor, Sudirman Plaza
Complex, Jl. Jend. Sudirman Kav. 76-78 Business Complex, Jl. Jend. Sudirman Kav.
Address
Jakarta 12910 Indonesia 76-78 Jakarta 12910 Indonesia
Kepemilikan /
99,99% dan 0,01% 99.99% and 0.01%
Ownerships
Hak Kepemilikan /
Mayoritas Majority
Ownerships Rights
B. Informasi Ringkas B. Brief Information
KBM didirikan berdasarkan Akta Notaris No. 02, tanggal KBM was established based on Notarial Deed No. 02,
24 November 2006 dari Rahyu Minarti, S.H., notaris di dated 24 November 2006 of Rahyu Minarti, S.H., notary
Depok. Akta pendirian tersebut telah disahkan oleh in Depok. The deed of establishment was approved by the
Menteri Hukum dan Hak Asasi Manusia Republik Minister of Law and Human RIghts of the Republic of
Indonesia dalam Surat Keputusannya No. W8-00003 Indonesia in its Decision Letter No. W8-00003 HT.01.01-
HT.01.01-TH.2007, tanggal 2 Januari 2007. TH.2007 dated 2 January 2007.
Anggaran dasar KBM telah mengalami beberapa kali KBM's articles of association have been amended several
perubahan, yang terakhir berdasarkan Akta Notaris No. times, latest of which was through Notarial Deed No. 54,
54, tanggal 29 Desember 2023 dari Rina Novriyanti, S.H., dated 29 December 2023 of Rina Novriyanti, S.H., M.Kn,
M.Kn, Notaris di Karawang, mengenai peningkatan notary in Karawang, regarding the increase in issued and
modal ditempatkan dan disetor. Akta perubahan tersebut paid-up capital. This amendment has been received by the
telah diterima oleh Menteri Hukum dan Hak Asasi Minister of Law and Human Rights of the Republic of
Manusia Republik Indonesia melalui Surat No. AHU- Indonesia through Letter No. AHU-AH.01.03-0024001
AH.01.03-0024001 tanggal 26 Januari 2024. dated 26 January 2024.
Kantor pusat KBM beralamat di Sudirman Plaza Business KBM’s head office is located at Sudirman Plaza Business
Complex, Plaza Marein Lantai 16, Jalan Jenderal Complex, Marein Plaza 16th Floor, Jalan Jenderal
Sudirman Kavling 76-78, Jakarta. Perseroan mulai Sudirman Kavling 76-78, Jakarta. The Company started
beroperasi komersial pada tahun 1993. its commercial operation in 1993.
C. Kegiatan Usaha C. Scope of Activities
KBM bergerak di bidang jasa dan memiliki bangunan KBM is engaged in the service sector and owns the
waterjoy Harvest City yang dikelola oleh pihak ketiga. Waterjoy Harvest City building which is managed by a
third party.
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D. Struktur Kepemilikan dan Pemegang Saham D. Ownerships Structure and Shareholders
Per tanggal 30 Juni 2024, komposisi pemegang saham As of 30 June 2024, the composition of shareholders and
dan persentase kepemilikan KBM adalah sebagai berikut. percentage of KBM’s ownership are as follows.
Jumlah Saham / Jumlah (Rp)/ Persentase Kepemilikan /
Pemegang Saham Shareholders
No. of Shares Amount (Rp) Percentage of Ownerships
PT Dwikarya Langgengsukses 18,699 18,699,000,000 99.99% PT Dwikarya Langgengsukses
PT Dwigunatama Rintisprima 1 1,000,000 0.01% PT Dwigunatama Rintisprima
Jumlah 18,700 18,700,000,000 100.00% Total
Sumber: KBM
E. Struktur Organisasi E. Organizational Structure
Struktur organisasi KBM per 30 Juni 2024 adalah sebagai KBM organization structure as of 30 June 2024 is as
berikut. follows.
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Struktur Organisasi KBM (Harvest City) /
KBM Organization Structure (Harveset City)
Commissioners Shareholder
Corporate Support Function
Corporate Support
Boardof directors (Finance, Accounting, Purchasing, Shareholder Representative
Function (HRD & GA)
IT)
Chief Executive Officer
Personal Assistant
Kadiv Business Development & Kadiv Finance, Accounting,
Kadiv Engineering Construction Dir. Sales & Marketing
Planning Purchasing, IT
GM Sales &
Marketing
Kadept.
Township
Kadept. Estate Kadept. Quality Kadept. ECS Kadept. ECS & Kadept. EPD & Kadet. Kadept. HRD & Kadept. Legal & Land
Kadept. ECC Business Kadept. IT
Management Control Housing Infra EUD Marketing GA Perizinan Acquisition
Development &
Commercial
Adm. Sales &
Admin Admin Adm. Marketing
Agent
Kabag. Sales
Kabag. Housing Kabag. Agent Kabag. Acc. & Kabag. Budget
Kabag. ECC Site Manager Kabag. MEP Kabag. Sales Adm. Kabag. Finance Kabag. BLA
Design Coordinator Tax Control
Coordinator
SPV SPV SPV Sr. Staff
SPV Cust. Koord. Koord.
Maintenance Maintenance Maintenance SPV Handover SPV Security SPV QC SPV Housing SPV ME SPV Marketing Perizinan & SPV Tax
Relation Adm Lapangan
Landscape MEP Build. Infra Tanah
Adm. Legal & Adm. Adm.
Staff Landscape Staff ME Staff Staff CS Staff Cost Control Staff Surveyor Staff Infra Drafter Staff BD Sales Executive Staff Design Graphic Staff HRD Staff GA Staff Acc. Staff A/P Adm. Finance BPHTB Staff Purchasing Surveyor
Staff Legal Umum Pertanahan
Social Media Operasional
Hardware & Software/
Staff Support IT
Jaringan Programming
Promotion
Adm. Support
Juru Ukur
Pertanahan
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F. Dewan Komisaris dan Direksi F. Boards of Commissioners and Directors
Per 30 Juni 2024, susunan dewan komisaris dan direktur As of 30 June 2024, the composition of KBM’s board of
KBM sebagai berikut. commissioners and directors are as follow.
Dewan Komisaris Board of Commissioner
Komisaris Utama Fifi Julia Maeloa President Commissioner
Wakil Komisaris Utama Ir. Herman Soedarsono Vice President Commissioner
Komisaris Aprina Supriani Commisioner
Komisaris Wing Indrasmoro Commisioner
Komisaris Ferdinand Aryanto Commisioner
Komisaris Jannie Andajani Commisioner
Direksi Board of Directors
Direktur Utama Ir. Sentot Sudaryono President Director
Wakil Direktur Utama Ratna Juwanita Haliman Vice President Director
Direktur Henny Kusuma Hendrawan Director
Direktur Henry Zen Halim Director
Direktur Ricky Christanto Director
Direktur Ali Munanda Soedarsono Director
G. Kompensasi Pemegang Saham G. Shareholder Compensation
Berdasarkan informasi manajemen, per 30 Juni 2024 Based on management information, as of 30 June 2024
KBM belum memberikan kompensasi kepada pemegang KBM has not provided compensation to shareholders yet.
saham.
H. Entitas Anak H. Subsidiaries
Per 30 Juni 2024, KBM tidak memiliki penyertaan As of 30 June 2024, KBM did not have ownership in
kepemilikan pada entitas anak atau perusahaan asosiasi. subsidiaries or associated companies.
I. Jumlah Karyawan I. Number of employees
Per 30 Juni 2024, KBM memiliki 6 karyawan tetap dan 3 As of 30 June 2024, KBM had 6 permanent employees
karyawan kontrak. and 3 contract employees.
J. Asuransi Karyawan Kunci J. Insurance for Key Employee
KBM tidak memberikan asuransi untuk karyawan kunci. KBM does not give insurance to its key employee.
K. Asuransi Karyawan Kunci K. Insurance for Key Employee
Berdasarkan informasi manajemen, KBM tidak Based on Management’s information, KBM doesn’t use
memberikan jasa asuransi untuk karyawan kunci. any insurance service for key employee.
L. Informasi Perpajakan L. Taxation Information
Sebagai badan usaha yang berdomisili di Indonesia, KBM As business entity that domiciled in Indonesia, KBM is taxed
dikenakan pajak penghasilan badan adalah sebesar 22% by corporate income tax rate of 22% from taxable income.
dari penghasilan kena pajak.
M. Gambaran Aset M. Asset Overview
KBM memiliki bangunan water joy dengan luas bangunan ± KBM has a water joy building with a building area of ± 1,600 m2
2
1.600 m sebagai berikut. as follows.
Bangunan Building
Item Keterangan
Item Description
Luas Bangunan Kotor ±1.600 meter persegi
Gross Building Area ±1,600 square meters
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Item Keterangan
Item Description
Jumlah Lantai 1-lantai
Number of Storey 1-storey
Tahun selesai dibangun 2011
Year of Completed 2011
Tahun Renovasi n/a
Year of Renovation
Konstruksi Struktur beton bertulang
Construction Reinforced concrete structure
Pondasi Beton plat setempat
Foundation Reinforced concrete foundation
Konstruksi Atap n/a
Roof Construction
Penutup Atap Dak beton
Roof Covering Concrete slab
Langit-langit Gypsum rangka hollow dicat
Ceiling Gypsum board on hollow steel frame
Dinding Luar Bata hebel dicat dan diplester
Exterior Wall/façade Light brick masonry plastered and finished with paint
Dinding Dalam Bata hebel dicat dan diplester
Interior Wall Light brick masonry plastered and finished with paint
Pintu Panel kaca rangka alumunium
Door Glass panel on aluminum frame
Jendela Panel kaca rangka alumunium
Window Glass panel on aluminum frame
Tangga n/a
Stairs
Lantai Keramik 30x30 cm
Floor Ceramic 30x30 cm
Kondisi Cukup
Condition Fair
Sarana Pelengkap Site Improvement
Deskripsi/ Kuantitas/ Bahan/
Description Quantity Material
Kolam Beton Bertulang/
Semi Olympic Pool 393 sqm
Reinforced Concrete Pool
Kolam Beton Bertulang/
Fun Pool 655 sqm
Reinforced Concrete Pool
Jalan/ Road 5,262 sqm Paving Blok/ Paving Block
Drainase/ Drainage 155 m Beton/ Concrete
Peta Lokasi / Location Map
Legenda / Legend:
1. Harvest City / Harvest City
2. Terminal Bus Cileungsi / Cileungsi Bus Terminal
3. Gerbang Tol Nagrak pada Jalan Tol Cimanggis-Cibitung / Nagrak Toll Gate on the Cimanggis-Cibitung Toll Road
4. Stasiun LRT Harjamukti / Harjamukti LRT Station
5. Bandar Udara Internasional Halim Perdana Kusuma / Halim Perdana Kusuma International Airport
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N. Kinerja Operasional N. Operational Performance
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O. Kinerja Keuangan O. Financial Performance
(Dalam jutaan Rupiah) (In million Rupiah)
2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆
LABA RUGI INCOME STATEMENT
Pendapatan 674 100% 202 100% (70%) 252 100% 25% 554 100% 120% 757 100% 37% 297 100% (22%)* Revenue
Biaya Pokok Pendapatan 722 107% 654 324% (9%) 613 243% (6%) 25 5% (96%) 17 2% (33%) - - (100%)* Cost of revenue
Laba Kotor (48) (7%) (452) (224%) 846% (361) (143%) (20%) 529 95% (247%) 740 98% 40% 297 100% (20%)* Gross Profit
Beban Penjualan - - - - n/a - - n/a - - n/a - - n/a - - n/a Selling expenses
Beban umum dan General and
91 13% 1,519 752% 1575% 1,487 590% (2%) 2,014 363% 35% 2,096 277% 4% 654 220% (38%)*
administrasi administrative expenses
Pajak Final 67 10% 20 10% (70%) 25 10% 25% 55 10% 120% 76 10% 37% 30 10% (22%)* Final tax
Laba Operasi (206) (31%) (1,991) (985%) 867% (1,873) (743%) (6%) (1,540) (278%) (18%) (1,431) (189%) (7%) (387) (130%) (46%)* Operating Profit
Depreciation and
Depresiasi dan amortisasi 722 107% 654 324% (9%) 613 243% (6%) - - (100%) - - n/a - - n/a
amortisation
EBITDA 516 77% (1,337) (662%) (359%) (1,260) (500%) (6%) (1,540) (278%) 22% (1,431) (189%) (7%) (387) (130%) (46%)* EBITDA
Pendapatan (beban) lain-
2 0% 1 1% (38%) 0% (69%) 0% (60%) (2) (0%) (1141%) 0% (110%)* Finance income
lain
Laba sebelum pajak (204) (30%) (1,989) (985%) 877% (1,873) (742%) (6%) (1,540) (278%) (18%) (1,433) (189%) (7%) (387) (130%) (46%)* Profit before tax
Pajak - - - - n/a - - n/a - - n/a - - n/a - - n/a Tax
Laba tahun berjalan (204) (30%) (1,989) (985%) 877% (1,873) (742%) (6%) (1,540) (278%) (18%) (1,433) (189%) (7%) (387) (130%) (46%)* Profit for the year
Pendapatan (Beban) Other Comprehensive
- - - - n/a - - n/a - - n/a - - n/a - - n/a
komprehensif lainnya Income (expenses)
Laba komprehensif tahun Comprehensive income
(204) (30%) (1,989) (985%) 877% (1,873) (742%) (6%) (1,540) (278%) (18%) (1,433) (189%) (7%) (387) (130%) (46%)*
berjalan for the year
POSISI KEUANGAN FINANCIAL POSITION
Aset Asset
Aset Lancar 960 14% 182 3% (81%) 61 1% (67%) 208 5% 241% 195 5% (6%) 343 6% 76% Current Asset
Kas dan Setara Kas 960 14% 111 2% (88%) 13 0% (88%) 164 4% 1126% 60 2% (63%) 239 4% 297% Cash and cash equivalent
Piutang Usaha - - 58 1% n/a 48 1% (18%) 44 1% (8%) 134 3% 208% 98 2% (27%) Trade receivables
Uang Muka dan Beban Advance and prepaid
- - 13 0% n/a - - (100%) - - n/a - - n/a 6 0% n/a
Dibayar Dimuka expense
Aset Tidak Lancar 6,112 86% 5,458 97% (11%) 4,845 99% (11%) 4,279 95% (12%) 3,728 95% (13%) 5,133 94% 38% Non-current asset
Aset Tetap 6,112 86% 5,458 97% (11%) 4,845 99% (11%) 4,279 95% (12%) 3,728 95% (13%) 5,133 94% 38% Fixed asset
Total Aset 7,072 100% 5,640 100% (20%) 4,906 100% (13%) 4,487 100% (9%) 3,923 100% (13%) 5,476 100% 40% Total Asset
Liabilitas dan Ekuitas Liability and Equity
Liabilitas jangka pendek 190 3% 757 13% 299% 196 4% (74%) 317 7% 62% 185 5% (42%) 2,125 39% 1049% Current Liabilities
Utang Usaha 58 1% 59 1% 3% 58 1% (2%) 6 0% (89%) 2 0% (65%) 6 0% 175% Trade Payable
Beban Akrual 108 2% 112 2% 4% 109 2% (3%) 109 2% 0% 3 0% (97%) 5 0% 60% Accrued Expense
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2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆
Pendapatan Diterima
22 0% 22 0% - 22 0% - - - (100%) - - n/a 179 3% n/a Advance Revenue
Dimuka
Utang Pihak Berelasi - - 560 10% n/a - - (100%) - - n/a - - n/a - - n/a Due To Related Parties
Utang Pajak 2 0% 4 0% 99% 7 0% 85% 7 0% 1% 1 0% (83%) 1 0% (43%) Tax Payable
Deposit Sewa - - - - n/a - - n/a 129 3% n/a 179 5% 39% - - (100%) Rent Deposit
Utang Pemegang Saham - - - - n/a - - n/a 67 1% n/a - - (100%) 1,935 35% n/a Shareholder Loan
Total Liabilitas 190 3% 757 13% 299% 196 4% (74%) 317 7% 62% 185 5% (42%) 2,125 39% 1049% Total Liability
Total Ekuitas 6,882 97% 4,883 87% (29%) 4,710 96% (4%) 4,170 93% (11%) 3,738 95% (10%) 3,351 61% (10%) Total Equity
Sumber: KBM, Laporan keuangan audit untuk periode 31 Desember yang berakhir pada tahun 2019 – 2021 dan laporan keuangan tidak diaudit tahun 2022-2023
Source: KBM, audited financial statements for the period 31 December for year ended 2019 – 2021 and unaudited financial statement for 2022-2023
* disetahunkan/ annualized
** per 30 Juni 2024/ as of 30 June 2024
Rasio 2019 2020 2021 2022 2023 2024** Ratios
Rasio Likuiditas Liquidity Ratio
Rasio Lancar (x) 5.07 0.24 0.31 0.66 1.05 0.16 Current Ratio (x)
Rasio Kas (x) 5.07 0.15 0.07 0.52 0.33 0.11 Cash Ratio (x)
Rasio Cepat (x) 5.07 0.22 0.31 0.66 1.05 0.16 Quick Ratio (x)
Rasio Profitabilitas Profitability Ratio
Tingkat Pengembalian Aset (ROA) -2.88% -35.27% -38.18% -34.32% -36.53% n/a Return on Aset (ROA)
Tingkat Pengembalian Ekuitas (ROE) -2.96% -40.74% -39.77% -36.92% -38.34% n/a Return on Equity (ROE)
Margin Laba Kotor -7.08% -223.54% -143.07% 95.43% 97.75% 100.00% Gross Profit Margin
Margin EBITDA 76.55% -661.69% -499.53% -277.73% -188.98% -130.47% EBITDA Margin
Margin Laba Operasi -30.54% -985.24% -742.60% -277.73% -188.98% -130.47% Operating Profit Margin
Margin Laba Bersih -30.21% -984.55% -742.43% -277.70% -189.22% -130.44% Net Profit Margin
Rasio Aktivitas Activity Ratio
Perputaran Aset (x) 0.10 0.04 0.05 0.12 0.19 0.11* Asset turnover (x)
Perputaran Persediaan (days) n/a n/a n/a n/a n/a n/a Inventory turnover (days)
Perputaran Piutang Usaha (days) n/a 104.37 68.74 28.75 64.78 60.85 Receivables turnover (days)
Perputaran Utang Usaha (days) 29.27 33.24 34.72 88.27 46.75 n/a Payables turnover (days)
Rasio Solvabilitas Solvency Ratio
Rasio Utang terhadap Aset (DAR) n/a n/a n/a n/a n/a n/a Debt to Aset Ratio (DAR)
Rasio Utang terhadap Ekuitas (DER) n/a n/a n/a n/a n/a n/a Debt to Equity Ratio (DER)
* disetahunkan/ annualized
** per 30 Juni 2024/ as of 30 June 2024
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P. Risiko Usaha P. Business Risk
KBM memiliki risiko yang serupa dengan SMDM yang KBM has similar risk to SMDM, which can refer to the main
dapat merujuk pada laporan utama. report
Q. Rencana Usaha Q. Business Plan
Berdasarkan informasi manajemen Perseroan, KBM Based on Company management information, KBM
memiliki rencana untuk melanjutkan pengelolaan planned to continue its business activities in operating the
Waterjoy melalui pihak ketiga. Waterjoy.
R. Prosedur Penilaian R. Valuation Procedure
R.1 Pendekatan Pendapatan menggunakan Metode R.1 Income Approach using Discounted Cash Flow
Diskonto Arus Kas Method
Pendapatan Revenue
Pendapatan KBM berasal dari bagi hasil atas KBM's revenue is derived from profit sharing from operating
pengoperasian waterjoy yang meliputi penjualan tiket, the Waterjoy which includes ticket sales, food and beverage
penjualan makanan dan minuman, dan trampolin. sales, and trampoline.
Penjualan Tiket Ticket Sales
Pendapatan penjualan tiket menerapkan skema bagi hasil Ticket sales revenue applies a profit sharing scheme with
dengan porsi 20% dari pendapatan setelah pajak untuk a portion of 20% of after-tax revenue for KBM. Details of
KBM. Rincian proyeksi penjualan tiket dan rata-rata harga ticket sales and average price per ticket projection are as
per tiket adalah sebagai berikut. follows.
Deskripsi / Description July – December 2024 Pertumbuhan / Growth
Volume 57,241 13.25%
Harga rata-rata per tiket / Average Price per ticket 29,317 Kenaikan berdasarkan inflasi / Increased by inflation
Makanan dan Minuman Food and beverages
Proyeksi pendapatan makanan dan minuman didasarkan Food and beverage revenue projections are based on a
pada rasio historis terhadap penjualan tiket (13,9%) historical ratio to ticket sales (13.9%) with a 25% profit
dengan bagi hasil 25% dari pendapatan setelah pajak sharing of after-tax revenue for KBM.
untuk KBM.
Trampolin Trampoline
Proyeksi pendapatan trampolin didasarkan pada rasio Trampoline revenue projections are based on a historical
historis terhadap penjualan tiket (2%) dengan bagi hasil ratio to ticket sales (2%) with a 20% profit sharing of after-
20% dari pendapatan setelah pajak untuk KBM. tax revenue for KBM.
Beban Usaha Operating Cost
Biaya-biaya operasional yang dibebankan sebagai beban The operating expenses charged to general and
umum dan administrasi terdiri atas: administration expenses consist of:
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Deskripsi Asumsi / Assumption Description
Kenaikan berdasarkan upah minimum / Increased by minimum
Gaji dan tunjangan Salary and benefit
wages
Tenaga Ahli Experts
Administrasi Bank Bank Administration
Kenaikan berdasarkan inflasi / Increased by inflation
Transportasi Transportation
Asuransi Insurance
Depresiasi dan Amortisasi Depreciation and Amortization
Asumsi umur ekonomis untuk aset yang didepresiasikan Economic life of assets that is depreciated and amortized
dan diamortisasikan adalah sebagai berikut. are assumed as follows.
Akun (tahun / years) Account
Bangunan 20 Buildings
Kendaraan 4 Vehicle
Peralatan kantor 4 Office equipment
Komputer 4 Computer
Perangkat lunak 4 Software
Pinjaman Loan
Per 30 Juni 2024, KBM memiliki pinjaman dengan rincian As of 30 June 2024, KBM has loan with detail as follows.
sebagai sebagai berikut.
Deksripsi Nominal (Rp) / Amount (Rp) Description
Utang kepada pemegang saham 1,934,706,230 Shareholder Loan
Nilai Akhir dan Tingkat Pertumbuhan Terminal Value and Growth Rate
Dalam penilaian ini, kami mengasumsikan periode In this valuation, we assumed that the projection period
proyeksi dimulai dari 1 Juli 2024 sampai dengan 31 from 1 July 2024 until 31 December 2032.
Desember 2032.
Perhitungan Nilai Ekuitas Calculation of Equity Value
Jumlah nilai kini arus kas bersih (termasuk nilai akhirnya) The sum of present value of the net cash flows (including
merupakan indikasi nilai perusahaan dari operasinya. the terminal value) indicates the value of KBM from its
Nilai Ekuitas KBM diperoleh dari Nilai Ekuitas dengan operation. The Value of KBM Equity is derived from such
menambahkan nilai saldo kas dan aset non operasional. values by adding the value of cash and non-operating
assets.
Rincian nilai kas dan aset non operasional adalah sebagai The value of cash and non-operating assets are described
berikut: below:
Deskripsi (Rp 000) Description
Kas dan Setara Kas 239,383,570 Cash and bank balances
Total 239,383,570 Total
Rincian utang dalam struktur kapital adalah sebagai Details of debt in capital structure is as follow:
berikut:
Deskripsi (Rp 000) Description
Utang Kepada Pemegang Saham 1,934,706,230 Shareholder Loan
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Deskripsi (Rp 000) Description
FTLDD Adjustment 11,000,000 FTLDD Adjustment
Total 1,945,706,230 Total
Indikasi Nilai Pasar 100,00% Ekuitas KBM adalah sebagai The indicative Market Value of 100.00% Equity of KBM is
berikut: as follows:
Deskripsi (Rp) Description
Indikasi Nilai Pasar dari Operasi 2,526,965,669 Indicative Market Value From Operating
Kas dan Aset non-Operasional 239,383,570 Cash and Non-Operating Assets
Utang dalam Struktur Kapital (1,945,706,230) Debt in Capital Structure
Indikasi Nilai Pasar Ekuitas (100%) 820,643,009 Indicative Market Value of Equity (100%)
Indikasi Nilai Pasar Ekuitas (dibulatkan) 821,000,000 Indicative Market Value of Equity (rounded)
Setelah melakukan analisis DCF, kami berpendapat After analyzing the DCF method, we are on the opinion that
bahwa indikasi Nilai Pasar dari 100,00% Ekuitas KBM per the indicative Market Value of 100.00% Equity of KBM as of
30 Juni 2024 adalah Rp821.000.000,-*). 30 June 2024 is Rp821,000,000/-*).
*) Indikasi Nilai Pasar di atas berupa indikasi dan kesatuan dalam penilaian SMDM *) This Indicative Market Value is in the form of an indication and as a unit in SMDM’s
yang tidak dapat digunakan untuk kepentingan penilaian lain. valuation which cannot be used for other valuation purposes.
R.2 Pendekatan Aset menggunakan Metode Penyesuaian R.2 Asset Approach using Adjusted Book Value Method
Nilai Buku
Dalam metode ini, Nilai Pasar diperoleh dengan In this method, Market Value is obtained by adjusting the
menyesuaikan nilai buku aset dalam posisi keuangan book value of the asset in financial position to the Market
menjadi Nilai Pasar. Berikut adalah penyesuaian terhadap Value of the asset. The following is an adjustment to the
nilai buku dalam posisi keuangan Perseroan. book value in the Company's financial position.
(dalam Rupiah) (in Rupiah)
Sebelum Penyesuaian / Penyesuaian / Setelah Penyesuaian /
Before Adjustment Adjustment After Adjustment
ASET ASSET
Aset Lancar Current Asset
Kas dan setara kas 239,383,570 - 239,383,570 Cash and cash equivalent
Piutang usaha 98,070,038 - 98,070,038 Account receivables
Uang Muka dan beban
5,609,806 - 5,609,806 Advance and prepaid expense
dibayar dimuka
Total Aset Lancar 343,063,414 - 343,063,414 Total Current Asset
Aset Tidak Lancar Non-current asset
Aset Tetap 5,132,594,773 1,516,405,227 6,649,000,000 Fixed asset
Total Aset Tidak Lancar 5,132,594,773 1,516,405,227 6,649,000,000 Total Non-current asset
TOTAL ASET 5,475,658,187 1,516,405,227 6,992,063,414 TOTAL ASSET
LIABILITAS DAN EKUITAS LIABILITY AND EQUITY
Liabilitas Liability
Liabilitas Jangka Pendek Current Liabilities
Utang usaha 5,995,308 - 5,995,308 Due to related parties
Beban akrual 5,051,844 - 5,051,844 Accrued expense
Pendapatan diterima dimuka 178,500,000 - 178,500,000 Advance received
Utang pajak 654,006 - 654,006 Tax payable
Utang kepada pemegang
1,934,706,230 - 1,934,706,230 Due to shareholder
saham
Total Liabilitas Jangka Pendek 2,124,907,388 - 2,124,907,388 Total Current Liabilities
Total Liabilitas 2,124,907,388 - 2,124,907,388 Total Liabilities
Ekuitas Equity
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Sebelum Penyesuaian / Penyesuaian / Setelah Penyesuaian /
Before Adjustment Adjustment After Adjustment
Modal saham 18,700,000,000 - 18,700,000,000 Capital Stock
Defisit (15,349,249,201) - (15,349,249,201) Deficit
Selisih atas penilaian kembali Difference on asset and liabilities
1,516,405,227 1,516,405,227
aset dan liabilitas revaluation
Total Ekuitas 3,350,750,799 1,516,405,227 4,867,156,026
TOTAL LIABILITAS DAN EKUITAS 5,475,658,187 1,516,405,227 6,992,063,414 TOTAL LIABILITY AND EQUITY
Indikasi Nilai Pasar Ekuitas
4,856,156,026 Indicative Market Value (100.00%)
(100,00%)
Indikasi Nilai Pasar Ekuitas
4,856,000,000 Indicative Market Value (rounded)
(dibulatkan)
Penyesuaian Adjustment
Dalam menerapkan ABVM, kami hanya melakukan In applying the ABVM, we only made an adjustment on the
penyesuaian terhadap aset tetap perusahaan. company fixed asset.
(dalam Rupiah) (in Rupiah)
Nilai Buku / Book Value Nilai Pasar / Market Value
Aset tetap 5,132,594,773 6,649,000,000 Fixed Asset
Total 5,132,594,773 6,649,000,000 Total
Berdasarkan analisis yang dilakukan menggunakan Based on the analysis carried out using the Asset Approach,
Pendekatan Aset, maka kami berpendapat bahwa Nilai we are of the opinion that the Market Value of 100% equity
Pasar dari 100% ekuitas KBM per 30 Juni 2024 adalah of KBM as of 30 June 2024 is Rp4,856,000,000/-*).
Rp4.856.000.000,- *).
*) Indikasi Nilai Pasar di atas berupa indikasi dan kesatuan dalam penilaian SMDM *) This Indicative Market Value is in the form of an indication and as a unit in SMDM’s
yang tidak dapat digunakan untuk kepentingan penilaian lain. valuation which cannot be used for other valuation purposes.
R.3 Rekonsiliasi Nilai R.3 Value Reconsilitation
(dalam Rupiah, kecuali dinyatakan lain) (in Rupiah, except stated otherwise)
Indikasi Nilai / Bobot / Nilai Pasar / Market
Metode Method
Indicative Value Weight Value
Pendekatan Pendapatan – DCF 820,643,009 50% 410,321,504 Income Approach – DCF
Pendekatan Aset/Biaya – ABVM 4,856,156,026 50% 2,428,078,013 Cost/Asset Approach – ABVM
Nilai Pasar Ekuitas (100,00%) 2,838,399,517 Market Value of Equity (100.00%)
Nilai Pasar Ekuitas (Dibulatkan)*) 2,838,000,000 Market Value of Equity (rounded)*)
Indikasi Nilai Pasar Ekuitas – dimiliki Indicative Market Value – owned by DLS
2,838,247,731
oleh DLS (99,99%) (99.99%)
Indikasi Nilai Pasar Ekuitas - dimiliki Indicative Market Value – owned by DRP
151,786
DRP (0,01%) (0.01%)
*) Indikasi Nilai Pasar ini berupa indikasi dan kesatuan dalam penilaian SMDM yang *) This Indicative Market Value is in the form of an indication and as a unit in SMDM’s
tidak dapat digunakan untuk kepentingan penilaian lain. Indikasi Nilai Pasar ini belum valuation which cannot be used for other valuation purposes. This Indicative Market
mempertimbangkan adanya diskon likuiditas pasar. Value has not taken into account of discount for lack of marketability.
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Lampiran 5 PT Tajur Surya Abadi Appendix 5 PT Tajur Surya Abadi
Page 132
L.5 PT Tajur Surya Abadi L.5 PT Tajur Surya Abadi
A. Objek Penilaian A. Subject Business
Objek Penilaian adalah 67,00% ekuitas PT Tajur Surya Subject Business is 67.00% equity of PT Tajur Surya Abadi
Abadi (“TSA”) dengan informasi sebagai berikut: (“TSA”) with information as follows:
Kegiatan Usaha /
Investasi dan Real estat Investment and Real Estate
Business Activities
Sudirman Plaza Business Complex, Plaza Alamat / Sudirman Plaza Business Complex, Marein
Marein Lantai 16, Jalan Jenderal Sudirman Plaza16th Floor, Jalan Jenderal Sudirman
Address
Kavling 76-78, Jakarta. Kavling 76-78, Jakarta.
Kepemilikan /
67,00% 67.00%
Ownerships
Hak Kepemilikan /
Mayoritas Majority
Ownerships Rights
B. Informasi Ringkas B. Brief Information
TSA didirikan berdasarkan Akta Notaris No. 6, tanggal 15 TSA was established based on Notarial Deed No. 6, dated
Agustus 2011 dari Soeleman Odang, S.H., notaris di 15 August 2011 of Soeleman Odang, S.H., notary in
Jakarta. Akta pendirian tersebut telah disahkan oleh Jakarta. The Deed of Establishment was approved by the
Menteri Kehakiman Republik Indonesia melalui Surat Ministry of Justice of the Republic of Indonesia in its
Keputusan No. AHU- 49889.AH.01.01.TH.2011, tanggal Decision Letter No. AHU49889.AH.01.01.TH.2011, dated
13 Oktober 2011, serta telah diumumkan dalam Berita 13 October 2011, and was published in State Gazette of
Negara Republik Indonesia No. 92, tanggal 16 November the Republic of Indonesia No. 92, dated 16 November
2012, Tambahan No. 70843. 2012, Supplement No. 70843.
Anggaran Dasar Perusahaan Perusahaan telah The Company’s Articles of Association have been
mengalami beberapa kali perubahan, yang terakhir amended several times, latest of which was through
berdasarkan Akta Notaris No. 07, tanggal 11 Maret 2019 Notarial Deed No. 07, dated 11 March 2019 of Lanawaty
dari Lanawaty Darmadi, SH., M.M.,M.Kn, Notaris di Darmadi, SH., M.M.,M.Kn., notary in Jakarta regarding
Jakarta, mengenai perubahan susunan Dewan Komisaris the changes in the Company’s Boards of Commissioners
dan Direksi Perusahaan. Akta perubahan tersebut telah and Directors. This amendment has been approved by the
mendapatkan persetujuan dari Menteri Hukum dan Hak Ministry of Justice and Human Rights of the Republic of
Asasi Manusia Republik Indonesia melalui Surat Indonesia in its Decision Letter No. AHU-AH.01.03-
Keputusan No. AHU-AH.01.03- 0142546, tanggal 12 0142546, dated 12 March 2019.
Maret 2019.
C. Kegiatan Usaha C. Scope of Activities
Perusahaan saat ini berusaha di bidang real estat berupa The Company is currently engaged in real estate activities,
penjualan tanah serta tanah dan rumah. Saat ini, including selling of land and residential houses. Currently,
Perusahaan memiliki proyek perumahan “Royal Tajur” the Company has a housing project “Royal Tajur” and
dan memiliki proyek apartemen “Royal Height” yang apartment project “Royal Height” located in Tajur, Bogor.
berlokasi di Tajur, Bogor.
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D. Struktur Kepemilikan dan Pemegang Saham D. Ownerships Structure and Shareholders
Per tanggal 30 Juni 2024, komposisi pemegang saham As of 30 June 2024, the composition of shareholders and
dan persentase kepemilikan TSA adalah sebagai berikut. percentage of TSA’s ownership are as follows.
Jumlah Saham / Jumlah (Rp)/ Persentase Kepemilikan /
Pemegang Saham Shareholders
No. of Shares Amount (Rp) Percentage of Ownerships
PT Suryamas Dutamakmur 53,600 53,600,000,000 67.00% PT Suryamas Dutamakmur
PT Kencana Megah Persada 26,400 26,400,000,000 33.00% PT Kencana Megah Persada
Jumlah 80,000 80,000,000,000 100.00% Total
Sumber: TSA
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E. Struktur Organisasi E. Organizational Structure
Struktur organisasi TSA per 30 Juni 2024 adalah sebagai berikut. TSA organization structure as of 30 June 2024 is as follows.
Commissioners Shareholder
Board of directors
Chief Operating
Officer
Chief Operating Officer Chief Operating Officer
Kadiv Bus.Dev. & Kadiv Kadiv Kadiv Bus.Dev. & Kadiv Accounting,
Kadiv Sales Kadiv Finance Kadiv Legal & Permit General Manager Kadiv Engineering
Marketing Purchasing ACC. & IT Marketing Tax & IT
Kadept Finance & Coorporate Support
CSF EPD Jr. Kadept. ECS
Accounting Functions
Kadept Sales
CSF Purchasing
Adm. Project/
Engineering
Sales Admin
Kabag. IT Business Marketing & Jr. Sales Kabag. ECS
Kabag Finance Kabag Estate Kabag EBM Kabag. EPD Kabag. ECC Kabag. Infra Low Rise
Programmer Development Promotion Manager Housing
SPV
Marketing Landscape & SPV ECS Surveyor Site
SPV OS Admin ECC SPV Infra SPV MEP
Admin Estate Housing Construction
Keeping
Pengawasan EPD Skill Worker
Business Finance Adm. Legal &
Keamanaan & GA Purchasing Marketing Team Sales Cashier Accounting Tax Retail Foreman Landed Low Rise SPV Landed SPV Apart (Drafter Arsitek ECC
Development Accounting Doc Control
Lingkungan Infra)
Apart Landed EBM EBM
Sumber : TSA
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F. Dewan Komisaris dan Direksi F. Boards of Commissioners and Directors
Per 30 Juni 2024, susunan dewan komisaris dan direktur As of 30 June 2024, the composition of TSA’s board of
TSA sebagai berikut. commissioners and directors are as follow.
Dewan Komisaris Board of Commissioner
Komisaris Utama Fifi Julia Maeloa President Commissioner
Komisaris Nandar Gunawan Commisioner
Komisaris Rachmat Gunawan Subrata Commisioner
Komisaris Aprina Supriani Commisioner
Direksi Board of Directors
Direktur Utama Henny Kusuma Hendrawan President Director
Direktur Ir. Hengky Setiawan Director
Direktur Ratna Juwanita Haliman Director
Direktur Henry Zen Halim Director
G. Kompensasi Pemegang Saham G. Shareholder Compensation
Berdasarkan informasi manajemen, per 30 Juni 2024 TSA Based on management information, as of 30 June 2024
belum memberikan kompensasi kepada pemegang TSA has not provided compensation to shareholders yet.
saham.
H. Entitas Anak H. Subsidiaries
TSA memiliki kepemilikan saham pada PT Puri Surya TSA has share ownership of 99.96% in PT Puri Surya Abadi
Abadi (“PSA”) sebesar 99,96%. (“PSA”).
I. Jumlah Karyawan I. Number of employees
Per 30 Juni 2024, TSA memiliki 19 orang karyawan tetap. As of 30 June 2024, TSA have 19 permanent employees.
J. Asuransi Karyawan Kunci J. Insurance for Key Employee
TSA memberikan BPJS ketenagakerjaan untuk karyawan TSA uses BPJS ketenagakerjaan for key employee.
kunci.
K. Informasi Perpajakan K. Taxation Information
Pajak penghasilan final diasumsikan sebesar 2.5% dari Final income tax is assumed 2.5% on the transfer of land
pengalihan tanah dan bangunan serta pendapatan pajak and buildings and non final income tax of 22% from
non final sebesar 22% dari pendapatan kena pajak. taxable income.
L. Gambaran Aset L. Asset Overview
Royal Tajur Residence Royal Tajur Residence
Royal Tajur Residence terletak di Jalan Raya Tajur, Royal Tajur Residence located at Jalan Raya Tajur, Pakuan
Kelurahan Pakuan, Kecamatan Bogor Selatan, Kota Sub District, Bogor Selatan District, Bogor City, West Java
Bogor, Provinsi Jawa Barat, Indonesia. Rincian aset Royal Province, Indonesia. Assets details of Royal Tajur Residence
Tajur Residence antara lain. is as follows.
No. Objek Penilaian/ Jenis Aset/ Jumlah Unit Luas Tanah (m2) Luas Bangunan (m2)
Subject Property Asset Types Total Unit Land Area (sqm) Building Area (sqm)
PT Tajur Surya Abadi
Persediaan/ Inventory
Kavling Perumahan/
1 20 5.945* -
Residential Lot
Rumah/
2 11 2.443* 968
Landed House Aset Non Operasional/
Rumah (dalam tahap Non Operating Asset
pembangunan/
3 55 6.157* 3.567
Landed House (Working in
Progress)
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No. Objek Penilaian/ Jenis Aset/ Jumlah Unit Luas Tanah (m2) Luas Bangunan (m2)
Subject Property Asset Types Total Unit Land Area (sqm) Building Area (sqm)
Unit Apartemen /
4 18 - 594**
Apartment Unit
Aset Tetap/ Fixed Asset
Galeri Pemasaran /
1 Aset Operasional/ 1 225 645
Marketing Gallery
Operating Asset
2 Clubhouse 1 6.571 750
Properti Investasi/ Investment Property
Kavling Komersial / Commercial
1 Aset Non Operasional/ 4 224* -
Lot
Non Operating Asset
2 Kios Apartemen / Apartment Kiosk 7 - 194*
Lahan siap dikembangkan/ Land Ready for Development
The Dunster Fase 2 /
1 1 67.274 -
The Dunster Phase 2
Komersial 1 / Aset Non Operasional/ -
2 1 16.648
Commercial 1 Non Operating Asset
Komersial 2 / -
3 1 7.654
Commercial 2
Lahan belum dikembangkan/ Undeveloped Land
Lahan belum dikembangkan TSA/
1 - 71.219 -
TSA Undeveloped Land
Aset Non Operasional/
Lahan Belum Dikembangkan TSA
Non Operating Asset
2 (Berpencaran) / TSA Undeveloped - 15.985 -
Land (Scattered)
*Luas Bersih / Net Area
**Semi Gross Area (SGA)
Peta Lokasi / Location Map
Sumber/Source: Google Earth
Legenda / Legend:
1. Objek Penilaian / Subject Business
2. Persimpangan Jalan Raya Tajur dan Jalan Royal Tajur Boulevard / Intersection between Jalan Raya Tajur and Jalan Royal Tajur Boulevard
3. Gerbang Tol Ciawi Selatan pada Jalan Tol Bogor-Ciawi-Sukabumi (Bocimi) / Ciawi Selatan Toll Gate on Bogor-Ciawi-Sukabumi (Bocimi)
Toll Road
4. Terminal Bus Ciawi / Ciawi Bus Terminal
5. Stasiun Commuter Line (KRL) Bogor / Bogor Commuter Line Station
6. Bandar Udara Internasional Halim Perdana Kusuma / Halim Perdana Kusuma International Airport
M. Kinerja Operasional M. Operational Performance
Historikal penjualan Objek Penilaian periode 2014 – Historical sales of the Subject Property during 2014 – 2023
2023 adalah sebagai berikut: is as follows:
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Tahun / Year Unit Terjual / Sold Unit
Rumah dan Kavling/
Apartemen/ Apartment
Landed Residential and Residential Lot
2014 35 -
2015 48 -
2016 53 -
2017 65 -
2018 45 34
2019 47 15
2020 40 16
2021 30 18
2022 22 36
2023 55 36
2024 (Ytd. June 2024) 44 14
TOTAL 484 169
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N. Kinerja Keuangan N. Financial Performance
(Dalam jutaan Rupiah) (In million Rupiah)
2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆
LABA RUGI INCOME STATEMENT
Pendapatan 87,607 100% 63,898 100% -27% 110,150 100% 72% 34,844 100% -68% 46,674 100% 34% 115,371 100% 394%* Revenue
Biaya Pokok
51,080 58% 34,887 55% -32% 61,932 56% 78% 22,685 65% -63% 16,364 35% -28% 53,254 46% 551%* Cost of revenue
Pendapatan
Laba Kotor 36,527 42% 29,012 45% -21% 48,218 44% 66% 12,158 35% -75% 30,309 65% 149% 62,116 54% 310%* Gross Profit
Beban Penjualan 6,182 7% 3,857 6% -38% 8,961 8% 132% 8,894 26% -1% 15,057 32% 69% 13,420 12% 78%* Selling expenses
Beban umum dan General and
9,682 11% 8,525 13% -12% 9,241 8% 8% 9,341 27% 1% 10,059 22% 8% 5,462 5% 9%*
administrasi administrative expenses
Pajak Final 2,304 3% 1,557 2% -32% 2,459 2% 58% 796 2% -68% 1,156 2% 45% 2,845 2% 392%* Final tax
Depresiasi dan
469 1% 327 1% -30% 254 0% -22% 163 0% -36% 113 0% -31% 310 0% 449%* Operating Profit
amortisasi
Depreciation and
EBITDA 18,828 21% 15,399 24% -18% 27,812 25% 81% -6,710 -19% -124% 4,150 9% -162% 40,698 35% 1861%*
amortisation
Laba Operasi 18,359 21% 15,072 24% -18% 27,558 25% 83% -6,873 -20% -125% 4,037 9% -159% 40,389 35% 1901%* EBITDA
Pendapatan
0% 0% n/a 0% n/a 0% n/a 0% n/a 0% n/a Finance income
keuangan
Beban keuangan -1,516 -2% -1,279 -2% -16% -182 0% -86% -20 0% -89% -20 0% -1% -11 0% 13%* Finance cost
Non controlling
Lain-lain 1,914 2% 903 1% -53% 212 0% -77% 1,351 4% 538% 3,680 8% 173% 1,681 1% -9%*
interests
Laba sebelum pajak 18,757 21% 14,696 23% -22% 27,587 25% 88% -5,542 -16% -120% 7,698 16% -239% 42,058 36% 993%* Profit before tax
Pajak 12 0% 67 0% 446% 62 0% -6% 43 0% -31% 42 0% -3% 0% -100%* Tax
Laba tahun berjalan 18,745 21% 14,630 23% -22% 27,525 25% 88% -5,585 -16% -120% 7,656 16% -237% 42,058 36% 999%* Profit for the year
Pendapatan (Beban) Other Comprehensive
77 0% -39 0% -150% 408 0% -1154% -717 -2% -276% 30 0% -104% 177 0% 1094%*
komprehensif lainnya Income (expenses)
Laba komprehensif Comprehensive income
18,822 21% 14,591 23% -22% 27,933 25% 91% -6,302 -18% -123% 7,686 16% -222% 42,235 37% 999%*
tahun berjalan for the year
POSISI KEUANGAN FINANCIAL POSITION
Aset Asset
Aset Lancar 114,295 41% 120,537 43% 5% 106,317 40% -12% 123,121 42% 16% 154,651 45% 26% 76,966 25% -50% Current Asset
Kas dan setara Cash and cash
24,213 9% 19,758 7% -18% 33,050 12% 67% 30,546 11% -8% 49,964 15% 64% 69,472 22% 39%
kas equivalent
Piutang usaha 3,979 1% 1,975 1% -50% 1,652 1% -16% 1,171 0% -29% 9,924 3% 748% 1,448 0% -85% Trade receivables
Piutang lain-lain 679 0% 755 0% 11% 743 0% -2% 685 0% -8% 729 0% 6% 569 0% -22% Other receivables
Persediaan 0% 14 0% n/a 1 0% -95% 7 0% 884% 0% -100% 0% n/a Inventory
Aset real estat 83,426 30% 96,339 34% 15% 69,681 26% -28% 88,516 31% 27% 89,515 26% 1% 0% -100% Real estate assets
Uang muka dan
Prepaid expenses and
beban dibayar di 62 0% 46 0% -27% 136 0% 197% 264 0% 94% 1,289 0% 388% 1,751 1% 36%
advance payments
muka
Pajak penghasilan
final dibayar di 1,627 1% 1,649 1% 1% 1,053 0% -36% 1,932 1% 83% 3,229 1% 67% 3,726 1% 15% Prepaid expenses
muka
Aset lancar
307 0% 0% -100% 0% n/a 0% n/a 0% n/a 0% n/a Other assets
lainnya
Aset Tidak Lancar 165,989 59% 162,739 57% -2% 158,723 60% -2% 166,579 58% 5% 185,871 55% 12% 232,121 75% 25% Non-current asset
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2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆
Piutang usaha
trade receivables -
jangka panjang - 3,802 1% 3,205 1% -16% 74 0% -98% 0% -100% 0% n/a 0% n/a
third parties
pihak ketiga
Aset real estat 161,539 58% 155,772 55% -4% 157,467 59% 1% 149,095 51% -5% 155,036 46% 4% 218,686 71% 41% Real estate assets
Aset Tetap 648 0% 433 0% -33% 264 0% -39% 141 0% -47% 3,728 1% 2542% 3,617 1% -3% Fixed asset
Properti Investasi 0% 0% n/a 0% n/a 0% n/a 7,364 2% n/a 9,818 3% 33% Investment property
Dana yang
dibatasi 0% 0% n/a 0% n/a 17,343 6% n/a 19,743 6% 14% 0% -100% Restricted funds
penggunaannya
Aset tidak lancar
0% 3,329 1% n/a 918 0% -72% 0% -100% 0% n/a 0% n/a Other assets
lainnya
Total Aset 280,283 100% 283,276 100% 1% 265,040 100% -6% 289,700 100% 9% 340,521 100% 18% 309,087 100% -9% Total Asset
Liabilitas dan Ekuitas Liability and Equity
Liabilitas jangka
75,361 27% 68,730 24% -9% 31,290 12% -54% 62,562 22% 100% 89,813 26% 44% 31,698 10% -65% Current Liabilities
pendek
Utang bank
0% 0% n/a 0% n/a 0% n/a 0% n/a 0% n/a Bank loans short term
jangka pendek
Utang usaha - Trade payable - third
1,992 1% 538 0% -73% 833 0% 55% 535 0% -36% 0% -100% 8,643 3% n/a
pihak ketiga party
Utang lain-lain - Other payable - third
6,494 2% 5,986 2% -8% 1,894 1% -68% 2,030 1% 7% 3,431 1% 69% 6,473 2% 89%
pihak ketiga party
Utang pajak 739 0% 603 0% -18% 638 0% 6% 616 0% -3% 2,444 1% 296% 395 0% -84% Tax payable
Beban akrual 101 0% 133 0% 32% 315 0% 136% 260 0% -18% 230 0% -11% 93 0% -60% Accrued expenses
Uang muka
65,953 24% 61,444 22% -7% 27,609 10% -55% 59,121 20% 114% 83,709 25% 42% 16,096 5% -81% Customer Advances
pelanggan
Bagian utang
lembaga
keuangan jangka Current maturities of
panjang yang 81 0% 25 0% -70% 0% -100% 0% n/a 0% n/a 0% n/a long-term financial
jatuh tempo institution loan
dalam waktu satu
tahun
Liabilitas jangka
15,153 5% 10,286 4% -32% 1,557 1% -85% 1,247 0% -20% 17,131 5% 1273% 1,577 1% -91% Non-current Liabilities
panjang
Utang bank 14,025 5% 8,703 3% -38% 0% -100% 0% n/a 0% n/a 0% n/a Bank loans
Utang lembaga Financial institution
25 0% 0% -100% 0% n/a 0% n/a 0% n/a 0% n/a
keuangan loan
Liabilitas imbalan Employee benefit
1,031 0% 1,509 1% 46% 1,484 1% -2% 1,247 0% -16% 1,509 0% 21% 1,577 1% 5%
kerja liabilities
Utang pihak
73 0% 73 0% 0% 73 0% 0% 0% -100% 24 0% n/a 0% -100% Due to related parties
berelasi
Uang muka
0% 0% n/a 0% n/a 0% n/a 15,599 5% n/a 0% -100% Customer Advances
pelanggan
Total Liabilitas 90,515 32% 79,016 28% -13% 32,847 12% -58% 63,809 22% 94% 106,944 31% 68% 33,275 11% -69% Total Liabilities
Total Ekuitas 189,769 68% 204,260 72% 8% 232,193 88% 14% 225,891 78% -3% 233,577 69% 3% 275,812 89% 18% Total Equity
Sumber: TSA laporan keuangan audit untuk periode 31 Desember yang berakhir pada tahun 2019 – 2023 dan 30 Juni 2024
Source: TSA audited financial statements for the period 31 December for year ended 2019 – 2023 and 30 June 2024
* disetahunkan/ annualized
** per 30 Juni 2024/ as of 30 June 2024
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Rasio 2019 2020 2021 2022 2023 2024** Ratios
Rasio Likuiditas Liquidity Ratio
Rasio Lancar (x) 1.52 1.75 3.40 1.97 1.72 2.43 Current Ratio (x)
Rasio Kas (x) 0.32 0.29 1.06 0.49 0.56 2.19 Cash Ratio (x)
Rasio Cepat (x) 0.37 0.32 1.11 0.51 0.67 2.24 Quick Ratio (x)
Rasio Profitabilitas Profitability Ratio
Tingkat Pengembalian Aset
6.69% 5.16% 10.39% -1.93% 2.25% n/a Return on Aset (ROA)
(ROA)
Tingkat Pengembalian
9.88% 7.16% 11.85% -2.47% 3.28% n/a Return on Equity (ROE)
Ekuitas (ROE)
Margin Laba Kotor 41.69% 45.40% 43.77% 34.89% 64.94% 53.84% Gross Profit Margin
Margin EBITDA 21.49% 24.10% 25.25% -19.26% 8.89% 35.28% EBITDA Margin
Margin Laba Operasi 20.96% 23.59% 25.02% -19.73% 8.65% 35.01% Operating Profit Margin
Margin Laba Bersih 21.40% 22.90% 24.99% -16.03% 16.40% 36.45% Net Profit Margin
Rasio Aktivitas Activity Ratio
Perputaran Aset (x) 0.31 0.23 0.42 0.12 0.14 0.75* Asset turnover (x)
Perputaran Persediaan
347.58 551.90 230.90 927.31 700.03 n/a Inventory turnover (days)
(days)
Perputaran Piutang Usaha
16.58 11.31 5.47 12.27 77.61 2.28 Receivables turnover (days)
(days)
Perputaran Utang Usaha
14.24 5.65 4.91 8.60 n/a 29.54 Payables turnover (days)
(days)
Rasio Solvabilitas Solvency Ratio
Rasio Utang terhadap Aset
0.05 0.03 n/a n/a n/a n/a Debt to Aset Ratio (DAR)
(DAR)
Rasio Utang terhadap
0.07 0.04 n/a n/a n/a n/a Debt to Equity Ratio (DER)
Ekuitas (DER)
* disetahunkan/ annualized
** per 30 Juni 2024/ as of 30 June 2024
O. Risiko Usaha O. Business Risk
TSA memiliki risiko yang serupa dengan SMDM yang TSA has similar risk to SMDM, which can refer to the main
dapat merujuk pada laporan utama. report
P. Rencana Usaha P. Business Plan
Berdasarkan informasi manajemen, TSA memiliki rencana Based on management information, TSA plans to continue
untuk melanjutkan pengembangan proyeknya. in developing their project.
Q. Prosedur Penilaian Q. Valuation Procedure
Q.1 Pendekatan Pendapatan menggunakan Metode Q.1 Income Approach using Discounted Cash Flow
Diskonto Arus Kas Method
Proyeksi Keuangan Financial Projection
Proyeksi keuangan didasarkan pada historikal laporan Financial projection is based on historical financial
keuangan, prediksi pertumbuhan industri, dan rencana statement, prediction of industry growth, and TSA business
bisnis TSA. plan.
Pendapatan Revenue
Pendapatan TSA dikategorikan berdasarkan beberapa TSA revenue is categorized based on several revenue
kategori pendapatan dengan rincian sebagai berikut. categories with the details as follows.
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Persediaan Inventory
Periode penjualan diasumsikan sebagai berikut: Sales period is assumed as follows:
Luas Bangunan
Harga/Unit Periode
Deskripsi Tipe Pengembangan Jumlah Unit Luas Tanah (m2) (m2)
(Rp000.000) Penjualan /
/ Description / Development Type /No. of Unit /Land Area (sqm) / Building Area
Price/Unit (Rp000,000) Sales Period
(sqm)
Tanah HGB Belum Dikembangkan (Pengembangan Perumahan) / HGB Undevelopment Land (Residential Development)
Kavling Perumahan/
20 140 – 526 981 – 3,686 2024 – 2028
Residential Lot
Rumah /
11 84 – 298 62 – 132 1,021 – 2,932 2024
Landed House
Rumah (dalam masa
Pembangunan) / Landed
55 84 – 296 33 – 140 819 – 3,051 2024 – 2025
House (Working on
Progress)
Unit Apartemen/
18 24 – 42 393 – 661 2024
Apartment Unit
Kavling komersial (Rencana Ruko) / Commercial Lot (Proposed Shophouse)
Dunster A / Dunster A 208 84 – 359 38 – 110 854 – 3,171 2024 – 2027
Dunster B / Dunster B 83 84 – 200 69 – 94 1,070 – 2,057 2028 – 2029
Persediaan (Belum Dikembangkan) / Inventory (Undeveloped)
Komersial 1 / Commercial
130 161 1,834 – 2,120 2025 – 2032
1
Komersial 2 / Commercial
64 161 1,834 – 2,120 2024 – 2031
2
Tanah belum Dikembangkan - Tanah Bersambungan / Undevelopment Land - Amalgamated Land
Tanah Bersambungan 1 /
159 84 38 – 69 854 – 1,070 2030 – 2034
Amalgamated Land 1
Tanah Bersambungan 2/
63 84 38 – 69 854 – 1,070 2030 – 2033
Amalgamated Land 2
Tanah Bersambungan 3 /
158 84 38 – 69 854 – 1,070 2033 – 2035
Amalgamated Land 3
Tanah Bersambungan 4 /
12 72 – 120 56 – 90 895 – 1,468 2030 – 2032
Amalgamated Land 4
Beban Pokok Pendapatan Cost of Revenue
Beban pokok pendapatan diasumsikan sebagai berikut. Cost of revenue is assumed as follows.
Beban Pokok Pendapatan/ Cost of Revenue Beban Pokok Pendapatan/ Cost of Revenue
Beban pokok tanah dan rumah tinggal / 26,9% – 49,9% dari penjualan tanah dan rumah tinggal/
Cost of land and residential house 26.9% – 49.9% from sales of land and residential house
Beban pokok apartemen / 25,5% – 36,9% dari penjualan apartemen /
Cost of apartment 25.5% – 36.9% from sales of apartment
Beban pokok estat manajemen / 87,1% dari pendapatan estat manajemen /
Cost of management estate 87.1% from management estate revenue
Beban Usaha Operating Expenses
Biaya-biaya operasional TSA terdiri atas: TSA operational expenses consist of:
Deskripsi Asumsi / Assumption Description
5% dari pendapatan penjualan tanah dan rumah tinggal /
Biaya penjualan Cost of sales
5% of Land and residential house sales revenue
2% dari pendapatan penjualan tanah dan rumah tinggal /
Overhead Overhead
2% of Land and residential house sales revenue
Perjamuan dan sumbangan Entertainment and donation
Gaji dan tunjangan Salaries and benefits
Jasa profesional Kenaikan berdasarkan inflasi Increased by inflation Profesional fees
Listrik, air dan telepon Electricity, water and telephone
Pemeliharaan dan perbaikan Repairs and maintenance
Imbalan kerja Employee benefits
Lain-lain Others
Perlengkapan kantor Office supplies
Kenaikan berdasarkan inflasi Increased by inflation
Transportasi Transportation
Perizinan Licensing
Asuransi Insurance
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Deskripsi Asumsi / Assumption Description
Pendidikan, pelatihan, seragam, dan Education, training, uniform and
rekrutmen recruitment
Depresiasi dan Amortisasi Depreciation and Amortization
Asumsi umur ekonomis untuk aset yang didepresiasikan Economic life of assets that is depreciated and amortized
dan diamortisasikan adalah sebagai berikut. are assumed as follows.
Akun (tahun / years) Account
Kendaraan 4 Vehicle
Perabotan dan peralatan kantor 4 Office furniture and fixtures
Nilai Akhir dan Tingkat Pertumbuhan Terminal Value and Growth Rate
Dalam penilaian ini, kami mengasumsikan periode In this valuation, we assumed that the projection period
proyeksi dimulai dari 1 Januari 2024 sampai dengan 31 from 1 January 2024 until 31 December 2036.
Desember 2036.
Perhitungan Nilai Ekuitas Calculation of Equity Value
Jumlah nilai kini arus kas bersih (termasuk nilai akhirnya) The sum of present value of the net cash flows (including
merupakan indikasi nilai perusahaan dari operasinya. the terminal value) indicates the value of TSA from its
Nilai Ekuitas TSA diperoleh dari Nilai Ekuitas dengan operation. The Value of TSA Equity is derived from such
menambahkan nilai saldo kas dan aset non operasional. values by adding the value of cash and non-operating
assets.
Rincian nilai kas dan aset non operasional adalah sebagai The value of cash and non-operating assets are described
berikut: below:
Deskripsi (Rp) Description
Kas dan setara kas 53,654,606,166 Cash and cash equivalents
Properti Investasi 3,659,000,000 Investment Property
Tanah berpencar 11,659,084,278 Scatter Land
Investasi Saham - PSA 39,463,300,956 Stock Investment- PSA
Total 108,435,991,400 Total
Catatan: Notes:
1) Detail penjelasan dan penilaian atas akun ini terdapat pada lampiran L6 1) Details of explanation and valuation of these account may refer to Appendix L6
Indikasi Nilai Pasar 67,00% Ekuitas TSA adalah sebagai The indicative Market Value of 67.00% Equity of TSA is as
berikut: follows:
Deskripsi (Rp) Description
Indikasi Nilai Pasar dari Operasi 331,907,311,774 Indicative Market Value From Operating
Kas dan Aset non-Operasional 108,435,991,400 Cash and Non-Operating Assets
Utang dalam Struktur Kapital (3,969,000,000) Debt in Capital Structure
Indikasi Nilai Pasar Ekuitas (100%) 436,374,303,174 Indicative Market Value of Equity (100%)
Indikasi Nilai Pasar Ekuitas (67,00%) 292,370,783,127 Indicative Market Value of Equity (67.00%)
DLOC (25,00%) (73,092,695,782) DLOC (25,00%)
Indikasi Nilai Pasar Ekuitas 219,278,087,345 Indicative Market Value of Equity
Indikasi Nilai Pasar Ekuitas (dibulatkan) 219,278,000,000 Indicative Market Value of Equity (rounded)
Setelah melakukan analisis DCF, kami berpendapat After analyzing the DCF method, we are on the opinion that
bahwa indikasi Nilai Pasar dari 67,00% Ekuitas TSA per the indicative Market Value of 67.00% Equity of TSA as of
30 Juni 2024 adalah Rp219.278.000.000,- 30 June 2024 is Rp219,278,000,000/-
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Q.2 Pendekatan Aset menggunakan Metode Penyesuaian Q.2 Asset Approach using Adjusted Book Value Method
Nilai Buku
Dalam metode ini, Nilai Pasar diperoleh dengan In this method, Market Value is obtained by adjusting the
menyesuaikan nilai buku aset dalam posisi keuangan book value of the asset in financial position to the Market
menjadi Nilai Pasar. Berikut adalah penyesuaian terhadap Value of the asset. The following is an adjustment to the
nilai buku dalam posisi keuangan Perseroan. book value in the Company's financial position.
(dalam Rupiah) (in Rupiah)
Sebelum
Penyesuaian / Setelah Penyesuaian /
Penyesuaian/
Adjustment After Adjustment
Before Adjustment
ASET Asset
Aset Lancar Current Asset
Kas dan setara kas 53,654,606,166 53,654,606,166 Cash and cash equivalent
Piutang usaha 5,285,099,164 5,285,099,164 Trade receivables
Piutang lain-lain 569,090,282 569,090,282 Other receivables
Uang muka dan beban Prepaid expenses and
1,739,682,735 1,739,682,735
dibayar di muka advance payments
Pajak penghasilan final
3,726,175,383 3,726,175,383 Prepaid expenses
dibayar di muka
Total Aset Lancar 64,974,653,730 - 64,974,653,730 Total Current Asset
Aset Tidak Lancar Non-current asset
Piutang usaha jangka trade receivables - third
- -
panjang - pihak ketiga parties
Aset real estat jangka
190,049,205,896 141,264,794,104 331,314,000,000 Real estate assets
panjang
Aset Tetap 3,617,054,256 10,976,945,744 14,594,000,000 Fixed asset
Properti Investasi 9,817,590,254 -6,158,590,254 3,659,000,000 Investment property
Kas yang dibatasi
15,816,416,186 15,816,416,186 Restricted funds
penggunaannya
Investasi 24,777,866,892 14,685,434,064 39,463,300,956 Investment
Total Aset Tidak Lancar 244,078,133,484 160,768,583,658 404,846,717,142 Total Non-current asset
TOTAL ASET 309,052,787,214 160,768,583,658 469,821,370,872 TOTAL ASSET
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY
Liabilitas Liabilities
Liabilitas Jangka Pendek Current liabilities
Utang usaha 8,642,632,426 8,642,632,426 Trade payable
Utang lain-lain - pihak
6,031,491,351 6,031,491,351 Other payable - third party
ketiga
Utang pajak 394,913,330 394,913,330 Tax payable
Beban akrual 93,120,202 93,120,202 Accrued expenses
Uang muka pelanggan 16,512,941,125 16,512,941,125 Customer Advances
Liabilitas Jangka Panjang 31,675,098,434 - 31,675,098,434 Non-current Liabilities
Liabilitas imbalan kerja 1,576,766,990 1,576,766,990 Employee benefit liabilities
Total Liabilitas Jangka Panjang 1,576,766,990 - 1,576,766,990 Total Liabilities
Total Liabilitas 33,251,865,424 - 33,251,865,424 Total Equity
Ekuitas
Modal saham 80,000,000,000 80,000,000,000 Share capital
Saldo laba 195,800,921,790 195,800,921,790 Retained earnings
Selisih atas penilaian Revaluation surplus on assets
160,768,583,658 160,768,583,658
kembali aset dan liabilitas and liabilities
Total Ekuitas 275,800,921,790 160,768,583,658 436,569,505,448 Total Equity
TOTAL LIABILITAS DAN
309,052,787,214 160,768,583,658 469,821,370,872 Total Liabilities and Equity
EKUITAS
Indikasi Nilai Pasar Ekuitas Indicative Market Value of
432,600,505,448
(100,00%) Equity (100.00%)
Indikasi Nilai Pasar Ekuitas Indicative Market Value of
289,842,338,650
(67,00%) Equity (67.00%)
Indikasi Nilai Pasar Ekuitas Indicative Market Value of
217,381,753,988
(DLOC 25,00%) Equity (DLOC 25.00%)
Indikasi Nilai Pasar Ekuitas Indicative Market Value of
217,382,000,000
(dibulatkan) Equity (rounded)
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Penyesuaian Adjustments
Penyesuaian dilakukan terhadap aset real estat, aset tetap, Adjustments are made to the real estate assets, fixed assets,
properti investasi dan investasi saham menjadi Nilai Pasar investment properties, and stock investment to its Market
dengan detil sebagai berikut. Value with the details as follow.
(dalam Rupiah) (in Rupiah)
Nilai Buku/ Nilai Pasar/
Book Value Market Value
(Rp) (Rp)
Total Investasi Saham 24,777,866,892 39,463,300,956 Total Stock Investments
Aset Tetap 3,617,054,256 14,594,000,000 Fixed Assets
Properti Investasi 9,817,580,254 3,659,000,000 Investment Property
Aset real estat 190,049,205,896 331,314,000,000 Real estate asset
Total 228,261,707,298 389,030,300,956 Total
Berdasarkan analisis yang dilakukan menggunakan Based on the analysis carried out using the Asset Approach,
Pendekatan Aset, maka kami berpendapat bahwa Nilai we are of the opinion that the Market Value of 67.00%
Pasar dari 67,00% ekuitas TSA per 30 Juni 2024 adalah equity of TSA as of 30 Juni 2024 is Rp217,382,000,000/-.
Rp217.382.000.000,-.
Q.3 Rekonsiliasi Nilai Q.3 Value Reconciliation
(dalam Rupiah) (in Rupiah)
Indikasi Nilai / Indikasi Nilai Pasar /
Bobot /
Pendekatan – Metode Indicative Value Indicative Market Value Approach – Method
Weight
(Rp) (Rp)
Pendekatan Pendapatan – DCF 219,278,087,345 50% 109,639,043,672 Income Approach – DCF
Pendekatan Aset – ABVM 217,381,753,988 50% 108,690,876,994 Asset Approach – ABVM
Indikasi Nilai Pasar 218,329,920,666 Indicative Market Market Value
Indikasi Nilai Pasar (Dibulatkan) 218,330,000,000 Indicative Market Value (Rounded)
*) Indikasi Nilai Pasar ini berupa indikasi dan kesatuan dalam penilaian SMDM yang *) This Indicative Market Value is in the form of an indication and as a unit in SMDM’s
tidak dapat digunakan untuk kepentingan penilaian lain. Indikasi Nilai Pasar ini belum valuation which cannot be used for other valuation purposes. This Indicative Market
mempertimbangkan adanya diskon likuiditas pasar. Value has not taken into account of discount for lack of marketability.
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Lampiran 6 PT Puri Surya Abadi Appendix 6 PT Puri Surya Abadi
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L.6 PT Puri Surya Abadi L.6 PT Puri Surya Abadi
A. Objek Penilaian A. Subject Business
Objek Penilaian adalah ekuitas PT Puri Surya Abadi Subject Business is equity of PT Puri Surya Abadi (“PSA”) as
(“PSA”) sebesar: follows:
• 99,96% yang dimiliki oleh TSA • 99.96% owned by TSA
• 0,04% yang dimiliki oleh SMDM • 0.04% owned by SMDM
Detail informasi PSA adalah sebagai berikut: PSA information details is as follows:
Kegiatan Usaha /
Investasi dan Real estat Investment and Real Estate
Business Activities
Sudirman Plaza Business Complex, Plaza Alamat / Sudirman Plaza Business Complex, Plaza
Marein Lantai 16, Jalan Jenderal Sudirman Marein 16th Floor, Jalan Jenderal Sudirman
Address
Kavling 76-78, Jakarta. Kavling 76-78, Jakarta.
Kepemilikan /
99,96% dan 0,04% 99.96% and 0.04%
Ownerships
Hak Kepemilikan /
Mayoritas Majority
Ownerships Rights
B. Informasi Ringkas B. Brief Information
PSA didirikan berdasarkan Akta Notaris No. 1, tanggal 3 PSA was established based on Notarial Deed No. 1, dated
November 2011 dari Soeleman Odang, S.H., notaris di 3 November 2011 of Soeleman Odang, S.H., notary in
Jakarta. Akta pendirian tersebut telah disahkan oleh Jakarta. The Deed of Establishment was approved by the
Menteri Hukum dan Hak Asasi Manusia Republik Minister of Law and Human RIghts of the Republic of
Indonesia melalui Surat Keputusan No. AHU- Indonesia in its Decision Letter No. AHU-
56385.AH.01.01.Tahun 2011, tanggal 18 November 56385.AH.01.01.Tahun 2011, dated 18 November
2011. 2011.
Anggaran dasar PSA telah mengalami beberapa kali PSA's articles of association have been amended several
perubahan, yang terakhir berdasarkan Akta Notaris No. times, latest of which was through Notarial Deed No. 44,
44, tanggal 5 Agustus 2022 dari Samsuri, S.H., M.Kn, dated 5 August 2022 of Samsuri, S.H., M.Kn, notary in
Notaris di Bogor, mengenai persetujuan dan penegasan Bogor, regarding changes in objectives and business
kembali maksud dan tujuan serta kegiatan usaha PSA. activities of PSA. This amendment has been approved by
Akta perubahan tersebut telah disetujui oleh Menteri the Minister of Law and Human Rights of the Republic of
Hukum dan Hak Asasi Manusia Republik Indonesia Indonesia in its Decision Letter No. AHU-
melalui Surat Keputusan No. AHU- 0055527.AH.01.02.Tahun 2022 dated 6 August 2022.
0055527.AH.01.02.Tahun 2022 tanggal 6 Agustus 2022.
PSA merupakan anak Perusahaan TSA yang memiliki PSA is a subsidiary of TSA, own scattered land and
tanah berpencar dan tanah yang belum dikembangkan undeveloped land with areas of 11,222 m² and 78,832
dengan luas masing-masing sebesar 11.222 m2 dan m², respectively.
78.832 m2.
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C. Kegiatan Usaha C. Scope of Activities
Perseroan berusaha di bidang real estat berupa penjualan The Company is currently engaged in real estate activities,
tanah serta tanah dan rumah di daerah Tajur, Bogor, including selling of land and residential houses located in
Jawa Barat. Namun per tanggal penilaian PSA belum Tajur, Bogor, West Java. But, as of valuation date PSA has
beroperasi. not yet commenced operation.
D. Struktur Kepemilikan dan Pemegang Saham D. Ownerships Structure and Shareholders
Per tanggal 30 Juni 2024, komposisi pemegang saham As of 30 June 2024, the composition of shareholders and
dan persentase kepemilikan PSA adalah sebagai berikut. percentage of PSA’s ownership are as follows.
Jumlah Saham / Jumlah (Rp)/ Persentase Kepemilikan /
Pemegang Saham Shareholders
No. of Shares Amount (Rp) Percentage of Ownerships
PT Tajur Surya Abadi 24,989 24,989,000,000 99.96% PT Tajur Surya Abadi
PT Suryamas Dutamakmur 11 11,000,000 0.04% PT Suryamas Dutamakmur
Jumlah 25,000 25,000,000,000 100.00% Total
Sumber: PSA
E. Struktur Organisasi E. Organizational Structure
Per 30 Juni 2024 PSA belum beroperasi. As of 30 June 2024, PSA has not yet commenced
operations.
F. Dewan Komisaris dan Direksi F. Boards of Commissioners and Directors
Per 30 Juni 2024, susunan dewan komisaris dan direktur As of 30 June 2024, the composition of PSA’s board of
PSA sebagai berikut. commissioners and directors are as follow.
Dewan Komisaris Board of Commissioner
Komisaris Utama Kenneth Lian President Commissioner
Komisaris Henny Kusuma Hendrawan Commisioner
Komisaris Ir. Hengky Setiawan Commisioner
Komisaris Ratna Juwanita Haliman Commisioner
Direksi Board of Directors
Direktur Utama Fifi Julia Maeloa President Director
Direktur Nandar Gunawan Director
Direktur Rachmat Gunawan Subrata Director
G. Kompensasi Pemegang Saham G. Shareholder Compensation
Per 30 Juni 2024 PSA belum beroperasi. As of 30 June 2024, PSA has not yet commenced
operations.
H. Entitas Anak H. Subsidiaries
Per 30 Juni 2024 PSA tidak memiliki entitas anak. PSA has share ownership in the following subsidiaries.
I. Jumlah Karyawan I. Number of employees
Per 30 Juni 2024 PSA belum beroperasi. As of 30 June 2024, PSA has not yet commenced
operations.
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J. Asuransi Karyawan Kunci J. Insurance for Key Employee
Per 30 Juni 2024 PSA belum beroperasi. As of 30 June 2024, PSA has not yet commenced
operations.
K. Informasi Perpajakan K. Taxation Information
Pajak penghasilan final diasumsikan sebesar 2.5% dari Final income tax is assumed 2.5% on the transfer of land
pengalihan tanah dan bangunan serta pendapatan pajak and buildings and non final income tax of 22% from
non final sebesar 22% dari pendapatan kena pajak. taxable income.
L. Gambaran Aset L. Asset Overview
Royal Tajur Residence Royal Tajur Residence
Royal Tajur Residence terletak di Jalan Raya Tajur, Royal Tajur Residence located at Jalan Raya Tajur, Pakuan
Kelurahan Pakuan, Kecamatan Bogor Selatan, Kota Sub District, Bogor Selatan District, Bogor City, West Java
Bogor, Provinsi Jawa Barat, Indonesia. Rincian aset Royal Province, Indonesia. Assets details of Royal Tajur Residence
Tajur Residence antara lain. is as follows.
No. Objek Penilaian Jumlah Unit Luas Tanah m2) Luas Bangunan (m2)
No Subject Property Total Unit Land Area (sqm) Building Area (sqm)
PT Puri Surya Abadi
Lahan belum dikembangkan/ Undeveloped Land
Lahan belum dikembangkan PSA/
1 - 78.823 -
PSA Undeveloped Land
M. Kinerja Operasional M. Operational Performance
Per 30 Juni 2024 PSA belum beroperasi. As of 30 June 2024, PSA has not yet commenced
operations.
N. Kinerja Keuangan N. Financial Performance
(Dalam ribuan Rupiah) (In thousand Rupiah)
2021 % 2022 % ∆ 2023 % ∆ 2024** % ∆
INCOME
LABA RUGI
STATEMENT
Pendapatan n/a n/a n/a n/a n/a n/a n/a Revenue
Biaya Pokok
n/a n/a n/a n/a n/a n/a n/a Cost of revenue
Pendapatan
Laba Kotor n/a n/a n/a n/a n/a n/a n/a Gross Profit
Beban Penjualan n/a n/a n/a n/a n/a n/a n/a Selling expenses
General and
Beban umum
22,930 n/a 3,270 n/a -86% 600 n/a -82% 300 n/a 0% administrative
dan administrasi
expenses
Lain-lain n/a n/a n/a n/a n/a n/a n/a Final tax
Depresiasi dan
n/a n/a n/a n/a n/a n/a n/a Operating Profit
amortisasi
Depreciation and
EBITDA -22,930 n/a -3,270 n/a -86% -600 n/a -82% -300 n/a 0%
amortisation
Laba Operasi -22,930 n/a -3,270 n/a -86% -600 n/a -82% -300 n/a 0% EBITDA
Pendapatan
n/a n/a n/a n/a n/a n/a n/a Finance income
keuangan
Beban keuangan n/a n/a n/a n/a n/a n/a n/a Finance cost
Non controlling
Lain-lain n/a n/a n/a -304 n/a n/a n/a -100%
interests
Laba sebelum
-22,930 n/a -3,270 n/a -86% -904 n/a -72% -300 n/a 0% Profit before tax
pajak
Pajak n/a n/a n/a n/a n/a n/a n/a Tax
Laba tahun
-22,930 n/a -3,270 n/a -86% -904 n/a -72% -300 n/a 0% Profit for the year
berjalan
VALUATION & ADVISORY SERVICES L6 - 3
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2021 % 2022 % ∆ 2023 % ∆ 2024** % ∆
Pendapatan
Other
(Beban)
408,250 n/a n/a -100% n/a n/a n/a n/a Comprehensive
komprehensif
Income (expenses)
lainnya
Laba Comprehensive
komprehensif 385,320 n/a -3,270 n/a -101% -904 n/a -72% -300 n/a 0% income for the
tahun berjalan year
POSISI FINANCIAL
KEUANGAN POSITION
Aset Asset
Aset Lancar 2,064 0% 1,995 0% -3% 1,395 0% -30% 1,095 0% -22% Current Asset
Kas dan setara Cash and cash
2,064 0% 1,995 0% -3% 1,395 0% -30% 1,095 0% -22%
kas equivalent
Aset real estat 0% 0% n/a 0% n/a 0% n/a Real estate assets
Aset Tidak Lancar 28,038,860 100% 28,816,197 100% 3% 28,546,128 100% -1% 28,637,194 100% 0% Non-current asset
Land for Land for
28,038,860 100% 28,816,197 100% 3% 28,546,128 100% -1% 28,637,194 100% 0%
development development
Total Aset 28,040,924 100% 28,818,192 100% 3% 28,547,523 100% -1% 28,637,194 100% 0% Total Asset
Liabilitas dan
Liability and Equity
Ekuitas
Liabilitas jangka
3,258,584 12% 4,039,121 14% 24% 3,769,356 13% -7% 3,860,422 13% 2% Current Liabilities
pendek
Utang lain-lain Other payable -
0% 23,664 0% n/a 0% -100% 23,664 0% n/a
- pihak ketiga third party
Beban akrual 43,664 0% 0% -100% 0% n/a Accrued expenses
Utang ke pihak Debt from related
3,214,920 11% 4,015,457 14% 25% 3,769,356 13% -6% 3,836,758 13% 2%
berelasi parties
Total Liabilitas 3,258,584 12% 4,039,121 14% 24% 3,769,356 13% -7% 3,860,422 13% 2% Total Liabilities
Total Ekuitas 24,782,340 88% 24,779,071 86% 0% 24,778,167 87% 0% 24,777,867 87% 0% Total Equity
Sumber: PSA, kertas kerja laporan keuangan untuk periode 31 Desember yang berakhir pada tahun 2021 – 2023 dan 30 Juni 2024 / Source: PSA, audited financial
statements worksheet for the period 31 December for year ended 2021– 2023 and 30 June 2024
* disetahunkan/ annualized
** per 30 Juni 2024/ as of 30 June 2024
Rasio 2021 2022 2023 2024* Ratios
Rasio Likuiditas Liquidity Ratio
Rasio Lancar (x) 0.00 0.00 0.00 0.00 Current Ratio (x)
Rasio Kas (x) 0.00 0.00 0.00 0.00 Cash Ratio (x)
Rasio Cepat (x) 0.00 0.00 0.00 0.00 Quick Ratio (x)
Rasio Profitabilitas Profitability Ratio
Tingkat Pengembalian Aset (ROA) -0.08% -0.01% 0.00% n/a Return on Aset (ROA)
Tingkat Pengembalian Ekuitas (ROE) -0.09% -0.01% 0.00% n/a Return on Equity (ROE)
Margin Laba Kotor n/a n/a n/a n/a Gross Profit Margin
Margin EBITDA n/a n/a n/a n/a EBITDA Margin
Margin Laba Operasi n/a n/a n/a n/a Operating Profit Margin
Margin Laba Bersih n/a n/a n/a n/a Net Profit Margin
Rasio Aktivitas Activity Ratio
Perputaran Aset (x) n/a n/a n/a n/a Asset turnover (x)
Perputaran Persediaan (days) n/a n/a n/a n/a Inventory turnover (days)
Perputaran Piutang Usaha (days) n/a n/a n/a n/a Receivables turnover (days)
Perputaran Utang Usaha (days) n/a n/a n/a n/a Payables turnover (days)
Rasio Solvabilitas Solvency Ratio
Rasio Utang terhadap Aset (DAR) 0.11 0.14 0.13 0.13 Debt to Aset Ratio (DAR)
Rasio Utang terhadap Ekuitas (DER) 0.13 0.16 0.15 0.15 Debt to Equity Ratio (DER)
Sumber: PSA, kertas kerja laporan keuangan audit untuk periode 31 Desember yang berakhir pada tahun 2021 – 2023 dan 30 Juni 2024 / Source: PSA audited
financial statements worksheet for the period 31 December for year ended 20121– 2023 and 30 June 2024
* per 30 Juni 2024/ as of 30 June 2024
O. Risiko Usaha O. Business Risk
PSA memiliki risiko yang serupa dengan SMDM yang PSA has similar risk to SMDM, which can refer to the main
dapat merujuk pada laporan utama. report.
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P. Rencana Usaha P. Business Plan
Berdasarkan informasi manajemen, PSA memiliki rencana Based on management information, PSA plans to continue
untuk melanjutkan pengembangan proyeknya. in developing their project.
Q. Prosedur Penilaian Q. Valuation Procedure
Q.1 Pendekatan Aset menggunakan Metode Penyesuaian Q.1 Asset Approach using Adjusted Book Value Method
Nilai Buku
Dalam metode ini, Nilai Pasar diperoleh dengan In this method, Market Value is obtained by adjusting the
menyesuaikan nilai buku aset dalam posisi keuangan book value of the asset in financial position to the Market
menjadi Nilai Pasar. Berikut adalah penyesuaian terhadap Value of the asset. The following is an adjustment to the
nilai buku dalam posisi keuangan Perseroan. book value in the Company's financial position.
(dalam Rupiah) (in Rupiah)
Sebelum
Penyesuaian / Setelah Penyesuaian /
Penyesuaian/
Adjustment After Adjustment
Before Adjustment
ASET Asset
Aset Lancar Current Asset
Kas dan setara kas 1,094,636 1,094,636 Cash and cash equivalent
Aset real estat Real estate assets
Total Aset Lancar 1,094,636 - 1,094,636 Total Current Asset
Aset Tidak Lancar Non-current asset
Utang lain-lain - pihak
28,637,194,440 14,702,805,560 43,340,000,000 Other Payable – third parties
ketiga
Beban akrual - Accrued expenses
Utang ke pihak berelasi - Due to related parties
Total Aset Tidak Lancar 28,637,194,440 14,702,805,560 43,340,000,000 Total Non-current asset
TOTAL ASET 28,638,289,076 14,702,805,560 43,341,094,636 TOTAL ASSET
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY
Liabilitas Liabilities
Liabilitas Jangka Pendek Current liabilities
Utang lain-lain - pihak
23,663,893 23,663,893 Other payable - third party
ketiga
Beban akrual - - Accrued expenses
Utang ke pihak berelasi 3,836,758,291 3,836,758,291 Debt from related parties
Liabilitas Jangka Panjang 3,860,422,184 - 3,860,422,184 Non-current Liabilities
Total Liabilitas Jangka Panjang Total Liabilities
Total Liabilitas 3,860,422,184 - 3,860,422,184 Total Equity
Ekuitas
Modal saham 25,000,000,000 25,000,000,000 Share capital
Saldo laba -222,133,108 -222,133,108 Retained earnings
Selisih atas penilaian Revaluation surplus on assets
14,702,805,560 14,702,805,560
kembali aset dan liabilitas and liabilities
Total Ekuitas 24,777,866,892 14,702,805,560 39,480,672,452 Total Equity
TOTAL LIABILITAS DAN
28,638,289,076 14,702,805,560 43,341,094,636 Total Liabilities and Equity
EKUITAS
Indikasi Nilai Pasar Ekuitas
39,480,672,452 Indicative Market Value (100.00%)
(100,00%)
Indikasi Nilai Pasar Ekuitas
39,481,000,000 Indicative Market Value (rounded)
(dibulatkan)
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Sebelum
Penyesuaian / Setelah Penyesuaian /
Penyesuaian/
Adjustment After Adjustment
Before Adjustment
Indikasi Nilai Pasar Ekuitas – Indicative Market Value of
39,463,300,956
dimiliki oleh TSA (99,96%) Equity – owned by TSA(99.96%)
Indicative Market Value of
Indikasi Nilai Pasar Ekuitas –
17,371,496 Equity – owned by SMDM
dimiliki oleh SMDM (0,04%)
(0.04%)
Penyesuaian Adjustments
Penyesuaian dilakukan terhadap aset real estat menjadi Adjustments are made to the real estate assets to its Market
Nilai Pasar dengan detil sebagai berikut. Value with the details as follow.
(dalam Rupiah) (in Rupiah)
Nilai Buku/ Nilai Pasar/
Book Value Market Value
(Rp) (Rp)
Aset real estat 28,637,194,440 43,340,000,000 Real estate asset
Total 28,637,194,440 43,340,000,000 Total
Berdasarkan analisis yang dilakukan menggunakan Based on the analysis carried out using the Asset Approach,
Pendekatan Aset, maka kami berpendapat bahwa Nilai we are of the opinion that the Market Value of 100% equity
Pasar dari 100% ekuitas PSA per 30 Juni 2024 adalah of PSA as of 30 June 2024 is Rp39,481,000,000/-*).
Rp39.481.000.000,-*).
*) Indikasi Nilai Pasar di atas berupa indikasi dan kesatuan dalam penilaian SMDM *) This Indicative Market Value is in the form of an indication and as a unit in SMDM’s
yang tidak dapat digunakan untuk kepentingan penilaian lain. valuation which cannot be used for other valuation purposes.
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Lampiran 7 PT Inti Sarana Papan Appendix 7 PT Inti Sarana Papan
Page 153
L.7 PT Inti Sarana Papan L.7 PT Inti Sarana Papan
A. Objek Penilaian A. Subject Business
Objek Penilaian adalah ekuitas PT Inti Sarana Papan Subject Business is equity of PT Inti Sarana Papan (“ISP”)
(“ISP”) sebesar: as follows:
• 99,99% yang dimiliki oleh SMDM • 99.99% owned by SMDM
• 0,01% yang dimiliki oleh SKI • 0.01% owned by SKI
Detail informasi ISP adalah sebagai berikut: ISP information details is as follows:
Kegiatan Usaha /
Real estat Real Estate
Business Activities
Plaza Marein Lt. 16, Sudirman Plaza Business Alamat / Plaza Marein Lt. 16, Sudirman Plaza Business
Complex, Jl. Jend. Sudirman Kav. 76-78 Complex, Jl. Jend. Sudirman Kav. 76-78
Address
Jakarta 12910 Indonesia Jakarta 12910 Indonesia
Kepemilikan /
99,99% dan 0,01% 99.99% and 0.01%
Ownerships
Hak Kepemilikan /
Mayoritas Majority
Ownerships Rights
B. Informasi Ringkas B. Brief Information
ISP didirikan berdasarkan Akta Notaris No. 32, tanggal 2 ISP was established based on Notarial Deed No. 32, dated
Agustus 1989 dari Benny Kristanto, S.H., notaris di Jakarta 2 August 1989 from Benny Kristanto, S.H., notary in
dengan nama PT Suryamas Nusakita. Akta pendirian Jakarta under the name of PT Suryamas Nusakita. The
tersebut telah disahkan oleh Menteri Kehakiman Republik deed of establishment was approved by the Minister of
Indonesia dalam Surat Keputusannya No. C2-17.546 Justice of the Republic of Indonesia in his Decree No. C2-
HT.01.01.Th.94, tanggal 30 November 1994. PT 17.546 HT.01.01.Th.94, dated 30 November 1994. PT
Suryamas Nusakita berganti nama menjadi ISP pada Suryamas Nusakita changed its name to ISP in 1996 based
tahun 1996 berdasarkan Akta Risalah Rapat PT Suryamas on the Deed of Minutes of Meeting of PT Suryamas
Nusakita No 6 Tanggal 29 Mei 1996. Nusakita No. 6 dated 29 May 1996.
Anggaran Dasar ISP telah beberapa kali mengalami ISPs Articles of Association have been amended several
perubahan, yang terakhir dinyatakan dalam akta No. 21, times, most recently through Notarial Deed No. 21, dated
tanggal 26 November 2018 dari Lanawaty Darmadi, S.H., 26 December 2018 of Lanawaty Darmadi, S.H., M.Kn.,
M.Kn., notaris di Kabupaten Tangerang mengenai notary in Tangerang Regency, regarding the reduction in
penurunan jumlah modal ditempatkan dan disetor penuh. the amount of issued and fully paid share capital. This
Akta perubahan tersebut telah disetujui oleh Menteri amendment has been approved by the Minister of Law and
Hukum dan Hak Asasi Manusia Republik Indonesia Human Rights of the Republic of Indonesia in its Decision
melalui Surat Keputusan No. AHU- Letter No. AHU-0033405.AH.01.02.Tahun 2018 dated
0033405.AH.01.02.Tahun 2018 tanggal 14 Januari 14 January 2019.
2019.
Kantor pusat Perseroan beralamat di Sudirman Plaza The Company’s head office is located at Sudirman Plaza
Business Complex, Plaza Marein Lantai 16, Jalan Jenderal Business Complex, Plaza Marein 16th Floor, Jalan
Sudirman Kavling 76-78, Jakarta. Perseroan mulai Jenderal Sudirman Kavling 76-78, Jakarta. The Company
beroperasi komersial pada tahun 1993. started its commercial operations in 1993.
C. Kegiatan Usaha C. Scope of Activities
Per 30 Juni 2024, Perseroan belum beroperasi secara As of 30 June 2024, the Company had not yet operated
komersial. commercially.
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D. Struktur Kepemilikan dan Pemegang Saham D. Ownerships Structure and Shareholders
Per tanggal 30 Juni 2024, komposisi pemegang saham As of 30 June 2024, the composition of shareholders and
dan persentase kepemilikan ISP adalah sebagai berikut. percentage of ISP’s ownership are as follows.
Jumlah Saham / Jumlah (Rp)/ Persentase Kepemilikan /
Pemegang Saham Shareholders
No. of Shares Amount (Rp) Percentage of Ownerships
PT Suryamas Dutamakmur 17,850 17,850,000,000 99.99% PT Suryamas Dutamakmur
PT Saptakreasi Indah 1 1,000,000 0.01% PT Saptakreasi Indah
Jumlah 17,851 17,851,000,000 100.00% Total
Sumber: ISP
E. Struktur Organisasi E. Organizational Structure
Per 30 Juni 2024, ISP masih belum beroperasi dan tidak As of December 31, 2023, ISP has not operated yet and
memiliki struktur organisasi. has no organizational structure.
F. Dewan Komisaris dan Direksi F. Boards of Commissioners and Directors
Per 30 Juni 2024, susunan dewan komisaris dan direktur As of 30 June 2024, the composition of ISP’s board of
ISP sebagai berikut. commissioners and directors are as follow.
Dewan Komisaris Board of Commissioner
Komisaris Utama Fifi Julia Maeloa President Commissioner
Komisaris Ratna Juwanita Haliman Commisioner
Direksi Board of Directors
Direktur Utama Kenneth Lian President Director
Direktur Henny Kusuma Hendrawan Director
Direktur Wing Indrasmoro Director
G. Kompensasi Pemegang Saham G. Shareholder Compensation
Berdasarkan informasi manajemen, per 30 Juni 2024 ISP Based on management information, as of 30 June 2024
belum memberikan kompensasi kepada pemegang ISP has not provided compensation to shareholders yet.
saham.
H. Entitas Anak H. Subsidiaries
Per 30 Juni 2024, ISP tidak memiliki penyertaan As of 30 June 2024, ISP did not have ownership in
kepemilikan pada entitas anak atau perusahaan asosiasi. subsidiaries or associated companies.
I. Jumlah Karyawan I. Number of employees
Per 30 Juni 2024, ISP tidak memiliki karyawan. As of 30 June 2024, ISP had no employees.
J. Asuransi Karyawan Kunci J. Insurance for Key Employee
ISP tidak memberikan asuransi untuk karyawan kunci. ISP did not give insurance to its key employee.
K. Informasi Perpajakan K. Taxation Information
Sebagai badan usaha yang berdomisili di Indonesia, ISP As business entity that domiciled in Indonesia, ISP is taxed
dikenakan pajak penghasilan badan adalah sebesar 22% by corporate income tax rate of 22% from taxable income.
dari penghasilan kena pajak.
L. Gambaran Aset L. Asset Overview
ISP memiliki tanah berpencaran di Rancamaya seluas 273.230 ISP has land with total area 273,230 m2 in Rancamaya.
2
m.
M. Kinerja Operasional M. Operational Performance
ISP merupakan perusahaan yang belum beroperasi. ISP is a dormant company.
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N. Kinerja Keuangan N. Financial Performance
(Dalam ribuan Rupiah) (In thousand Rupiah)
2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆
INCOME
LABA RUGI
STATEMENT
Pendapatan 666,703 100% 200 100% (100%) 1,680 100% 740% 2,980 100% 77% - n/a (100%) 770 100% n/a Revenue
Biaya Pokok Cost of
40,769 6% - - (100%) - - n/a - - n/a - n/a n/a - - n/a
Pendapatan revenue
Laba Kotor 625,934 94% 200 100% (100%) 1,680 100% 740% 2,980 100% 77% - n/a (100%) 770 100% n/a Gross Profit
Beban umum General and
dan 45,904 7% 20,506 10253% (55%) 22,243 1324% 8% 9,779 328% (56%) 35,853 n/a 267% 250 32% (99%)* administrative
administrasi expenses
Operating
Laba Operasi 580,030 87% (20,306) (10153%) (104%) (20,563) (1224%) 1% (6,799) (228%) (67%) (35,853) n/a 427% 520 68% (103%)*
Profit
Depresiasi - - - - n/a - - n/a - - n/a - n/a n/a - - n/a Depreciation
EBITDA 580,030 87% (20,306) (10153%) (104%) (20,563) (1224%) 1% (6,799) (228%) (67%) (35,853) n/a 427% 520 68% (103%)* EBITDA
Pendapatan Finance
565 0% 2,341 1170% 315% 1,818 108% (22%) 905 30% (50%) 739 n/a (18%) 399 52% 8%*
keuangan income
Beban
- - (148) (74%) n/a - - (100%) (205) (7%) n/a (500) n/a 143% - - (100%)* Finance cost
keuangan
Laba
Profit before
sebelum 580,594 87% (18,113) (9057%) (103%) (18,745) (1116%) 3% (6,099) (205%) (67%) (35,614) n/a 484% 919 119% (105%)*
tax
pajak
Pajak - - - - n/a - - n/a - - n/a - n/a n/a - - n/a Tax
Laba tahun Profit for the
580,594 87% (18,113) (9057%) (103%) (18,745) (1116%) 3% (6,099) (205%) (67%) (35,614) n/a 484% 919 119% (105%)*
berjalan year
Pendapatan Other
(Beban) Comprehensi
- - - - n/a - - n/a - - n/a - n/a n/a - - n/a
komprehensif ve Income
lainnya (expenses)
Laba
Comprehensi
komprehensif
580,594 87% (18,113) (9057%) (103%) (18,745) (1116%) 3% (6,099) (205%) (67%) (35,614) n/a 484% 919 119% (105%)* ve income for
tahun
the year
berjalan
POSISI FINANCIAL
KEUANGAN POSITION
Aset Asset
Aset Lancar 613,222 3% 562,055 3% (8%) 497,788 3% (11%) 443,734 2% (11%) 397,248 2% (10%) 398,167 2% 0% Current Asset
Cash and
Kas dan
610,322 3% 557,405 3% (9%) 491,138 3% (12%) 443,734 2% (10%) 397,220 2% (10%) 398,139 2% 0% cash
setara kas
equivalent
Uang muka - - - - n/a - - n/a - - n/a 28 0% n/a 28 0% - Advance
Pajak
dibayar 2,900 0% 4,650 0% 60% 6,650 0% 43% - - (100%) - - n/a - - n/a Prepaid tax
dimuka
Aset Tidak Non-current
17,721,232 97% 17,756,786 97% 0% 17,802,308 97% 0% 17,841,162 98% 0% 17,841,162 98% - 17,841,162 98% -
Lancar asset
Aset real Real estate
17,721,232 97% 17,756,786 97% 0% 17,802,308 97% 0% 17,841,162 98% 0% 17,841,162 98% - 17,841,162 98% -
estat asset
Total Aset 18,334,455 100% 18,318,841 100% (0%) 18,300,096 100% (0%) 18,284,896 100% (0%) 18,238,411 100% (0%) 18,239,330 100% 0% Total Asset
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2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆
Liabilitas dan Liability and
Ekuitas Equity
Liabilitas
Current
jangka 17,500 0% 20,000 0% 14% 20,000 0% - - - (100%) 28 0% n/a 28 0% -
Liabilities
pendek
Utang Pajak - - - - n/a 400 0% n/a - - (100%) - - n/a - - n/a Tax payable
Beban Accrued
17,500 0% 20,000 0% 14% 19,600 0% (2%) - - (100%) - - n/a - - n/a
akrual expenses
Utang ke Due to
pihak - - - - n/a - - n/a - - n/a 28 0% n/a 28 0% - related
berelasi parties
Liabilitas
Non-current
jangka - - - - n/a - - n/a 10,900 0% n/a - - (100%) - - n/a
Liabilities
panjang
Utang ke Due to
pihak - - - - n/a - - n/a 10,900 0% n/a - - (100%) - - n/a related
berelasi parties
Total Total
17,500 0% 20,000 0% 14% 20,000 0% - 10,900 0% (46%) 28 0% (100%) 28 0% -
Liabilitas Liabilities
Total Ekuitas 18,316,955 100% 18,298,841 100% (0%) 18,280,096 100% (0%) 18,273,996 100% (0%) 18,238,382 100% (0%) 18,239,301 100% 0% Total Equity
Sumber: ISP, kertas kerja auditor untuk periode 31 Desember yang berakhir pada tahun 2019 – 2023 dan 30 Juni 2024 / Source: ISP, worksheet auditor for the period 31 December for year ended 2019 – 2023 and 30 June 2024
* disetahunkan/ annualized
** per 30 Juni 2024/ as of 30 June 2024
Rasio 2019 2020 2021 2022 2023 2024** Ratios
Rasio Likuiditas Liquidity Ratio
Rasio Lancar (x) 35.04 28.10 24.89 n/a 14,100.83 14,133.44 Current Ratio (x)
Rasio Kas (x) 34.88 27.87 24.56 n/a 14,099.83 14,132.44 Cash Ratio (x)
Rasio Cepat (x) 34.88 27.87 24.56 n/a 14,100.83 14,133.44 Quick Ratio (x)
Rasio Profitabilitas Profitability Ratio
Tingkat Pengembalian Aset (ROA) 3.17% -0.10% -0.10% -0.03% -0.20% n/a Return on Aset (ROA)
Tingkat Pengembalian Ekuitas (ROE) 3.17% -0.10% -0.10% -0.03% -0.20% n/a Return on Equity (ROE)
Margin Laba Kotor 93.88% 100.00% 100.00% 100.00% n/a 100.00% Gross Profit Margin
Margin EBITDA 87.00% -10153.00% -1223.98% -228.15% n/a 67.53% EBITDA Margin
Margin Laba Operasi 87.00% -10153.00% -1223.98% -228.15% n/a 67.53% Operating Profit Margin
Margin Laba Bersih 87.08% -9056.74% -1115.79% -204.68% n/a 119.34% Net Profit Margin
Rasio Aktivitas Activity Ratio
Perputaran Aset (x) 0.04 0.00 0.00 0.00 n/a 0.00* Asset turnover (x)
Perputaran Persediaan (days) n/a n/a n/a n/a n/a n/a Inventory turnover (days)
Perputaran Piutang Usaha (days) n/a n/a n/a n/a n/a n/a Receivables turnover (days)
Perputaran Utang Usaha (days) n/a n/a n/a n/a n/a n/a Payables turnover (days)
Rasio Solvabilitas Solvency Ratio
Rasio Utang terhadap Aset (DAR) n/a n/a n/a n/a n/a n/a Debt to Aset Ratio (DAR)
Rasio Utang terhadap Ekuitas (DER) n/a n/a n/a n/a n/a n/a Debt to Equity Ratio (DER)
* disetahunkan/ annualized
** per 30 Juni 2024/ as of 30 June 2024
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O. Risiko Usaha O. Business Risk
ISP memiliki risiko yang serupa dengan SMDM yang dapat ISP has similar risk to SMDM, which can refer to the main
merujuk pada laporan utama. report
P. Rencana Usaha P. Business Plan
Berdasarkan informasi manajemen Perseroan, ISP akan Based on Company management information, ISP
mengembangkan tanah pada fase 3. planned to develop the land on 3rd phase..
Q. Prosedur Penilaian Q. Valuation Procedure
Q.1 Pendekatan Aset menggunakan Metode Penyesuaian Q.1 Asset Approach using Adjusted Book Value Method
Nilai Buku
Dalam metode ini, Nilai Pasar diperoleh dengan In this method, Market Value is obtained by adjusting the
menyesuaikan nilai buku aset dalam posisi keuangan book value of the asset in financial position to the Market
menjadi Nilai Pasar. Berikut adalah penyesuaian terhadap Value of the asset. The following is an adjustment to the
nilai buku dalam posisi keuangan Perseroan. book value in the Company's financial position.
(dalam Rupiah) (in Rupiah)
Sebelum Penyesuaian / Penyesuaian / Setelah Penyesuaian /
Before Adjustment Adjustment After Adjustment
ASET ASSET
Aset Lancar Current Asset
Kas dan setara kas 398,139,199 398,139,199 Cash and cash equivalent
Uang muka 28,172 28,172 Advance
Total Aset Lancar 398,167,371 - 398,167,371 Total Current Asset
Aset Tidak Lancar Non-current asset
Aset real estat 17,841,162,135 38,340,837,865 56,182,000,000 Real estate asset
Total Aset Tidak Lancar 17,841,162,135 38,340,837,865 56,182,000,000 Total Non-current asset
TOTAL ASET 18,239,329,506 38,340,837,865 56,580,167,371 TOTAL ASSET
LIABILITAS DAN EKUITAS LIABILITY AND EQUITY
Liabilitas Liability
Liabilitas Jangka Pendek Current Liabilities
Utang ke pihak berelasi 28,172 28,172 Due to related parties
Total Liabilitas Jangka Pendek 28,172 - 28,172 Total Current Liabilities
Total Liabilitas 28,172 - 28,172 Total Liabilities
Ekuitas Equity
Modal saham 17,851,000,000 17,851,000,000 Capital Stock
Saldo laba 388,301,334 388,301,334 Retained earnisgs
Selisih atas penilaian kembali Difference on asset and liabilities
38,340,837,865 38,340,837,865
aset dan liabilitas revaluation
Total Ekuitas 18,239,301,334 38,340,837,865 56,580,139,199
TOTAL LIABILITAS DAN EKUITAS 18,239,329,506 38,340,837,865 56,580,167,371 TOTAL LIABILITY AND EQUITY
Indikasi Nilai Pasar Ekuitas
56,580,139,199 Indicative Market Value (100.00%)
(100,00%)
Indikasi Nilai Pasar Ekuitas
56,580,000,000 Indicative Market Value (rounded)
(dibulatkan)
Indikasi Nilai Pasar Ekuitas – Indicative Market Value – owned
56,576,969,621
dimiliki oleh SMDM (99,99%) by SMDM (99.99%)
Indikasi Nilai Pasar Ekuitas - Indicative Market Value – owned
3,169,578
dimiliki SKI (0,01%) by SKI (0.01%)
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Penyesuaian Adjustment
Penyesuaian dilakukan terhadap aset real estat menjadi Adjustments are made to the real estate assets to its Market
Nilai Pasar dengan detil sebagai berikut. Value with the details as follow.
(dalam Rupiah) (in Rupiah)
Nilai Buku / Nilai Pasar/
Book Value Market Value
Aset real estat 17,841,162,135 56,182,000,000 Real estate asset
Total 17,841,162,135 56,182,000,000 Total
Berdasarkan analisis yang dilakukan menggunakan Based on the analysis carried out using the Asset Approach,
Pendekatan Aset, maka kami berpendapat bahwa Nilai we are of the opinion that the Market Value of 100% equity
Pasar dari 100% ekuitas ISP per 30 Juni 2024 adalah of ISP as of 30 June 2024 is Rp56,580,000,000/-*).
Rp56.580.000.000,- *).
*) Indikasi Nilai Pasar di atas berupa indikasi dan kesatuan dalam penilaian SMDM *) This Indicative Market Value is in the form of an indication and as a unit in SMDM’s
yang tidak dapat digunakan untuk kepentingan penilaian lain. valuation which cannot be used for other valuation purposes.
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Lampiran 8 PT Saptakreasi Indah Appendix 8 PT Saptakreasi Indah
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L.8 PT Saptakreasi Indah L.8 PT Saptakreasi Indah
A. Objek Penilaian A. Subject Business
Objek Penilaian adalah ekuitas PT Saptakreasi Indah Subject Business is equity of PT Saptakreasi Indah (“SKI”)
(“SKI”) sebesar: as follows:
• 99,99% yang dimiliki oleh SMDM • 99.99% owned by SMDM
• 0,01% yang dimiliki oleh MS • 0.01% owned by MS
Detail informasi SKI adalah sebagai berikut: SKI information details is as follows:
Kegiatan Usaha /
Hotel Hotel
Business Activities
Plaza Marein Lt. 16, Sudirman Plaza Business Alamat / Plaza Marein Lt. 16, Sudirman Plaza Business
Complex, Jl. Jend. Sudirman Kav. 76-78 Complex, Jl. Jend. Sudirman Kav. 76-78
Address
Jakarta 12910 Indonesia Jakarta 12910 Indonesia
Kepemilikan /
99,99% dan 0,01% 99.99% and 0.01%
Ownerships
Hak Kepemilikan /
Mayoritas Majority
Ownerships Rights
B. Informasi Ringkas B. Brief Information
SKI didirikan berdasarkan Akta Notaris No. 18, tanggal 6 SKI was established based on Notarial Deed No. 18, dated
Januari 1992 dari Endrawila Parmata, S.H., notaris di 6 January 1992 from Endrawila Parmata, S.H., notary in
Jakarta Barat. Akta pendirian tersebut telah disahkan oleh West Jakarta. The deed of establishment was approved by
Menteri Kehakiman Republik Indonesia dalam Surat the Minister of Justice of the Republic of Indonesia in his
Keputusannya No. C2-3756 HT.01.01.Th92, tanggal 7 Decree No. C2-3756 HT.01.01.Th92, dated 7 May 1992.
Mei 1992.
Anggaran Dasar SKI telah beberapa kali mengalami ISPs Articles of Association have been amended several
perubahan, yang terakhir dinyatakan dalam akta No. 63, times, most recently through Notarial Deed No. 21, dated
tanggal 27 Maret 2023 dari Lanawaty Darmadi, S.H., 26 December 2018 of Lanawaty Darmadi, S.H., M.Kn.,
M.Kn., notaris di Jakarta mengenai perjanjian jual beli notary in Jakarta, regarding sale and purchase agreement
dan pemindahan hak-hak atas saham. Akta perubahan and transfer of shares rights. This amendment has been
tersebut telah diterima oleh Menteri Hukum dan Hak Asasi received by the Minister of Law and Human Rights of the
Manusia Republik Indonesia melalui Surat No. AHU- Republic of Indonesia in its Letter No. AHU-AH.01.03-
AH.01.03-0045441 tanggal 27 Maret 2023. 0045441 dated 27 March 2023.
Kantor pusat Perseroan beralamat di Sudirman Plaza The Company’s head office is located at Sudirman Plaza
Business Complex, Plaza Marein Lantai 16, Jalan Jenderal Business Complex, Plaza Marein 16th Floor, Jalan
Sudirman Kavling 76-78, Jakarta. Perseroan mulai Jenderal Sudirman Kavling 76-78, Jakarta. The Company
beroperasi komersial pada tahun 1993. started its commercial operations in 1993.
C. Kegiatan Usaha C. Scope of Activities
Berdasarkan informasi laporan keuangan audit SMDM Based on information of SMDM's audited financial
per 30 Juni 2024, SKI bergerak di bidang usaha hotel statement as of 30 June 2024, SKI is engaged in the hotel
yang telah beroperasi sejak tahun 1994. business which has been operating since 1994.
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D. Struktur Kepemilikan dan Pemegang Saham D. Ownerships Structure and Shareholders
Per tanggal 30 Juni 2024, komposisi pemegang saham As of 30 June 2024, the composition of shareholders and
dan persentase kepemilikan SKI adalah sebagai berikut. percentage of SKI’s ownership are as follows.
Jumlah Saham / Jumlah (Rp)/ Persentase Kepemilikan /
Pemegang Saham Shareholders
No. of Shares Amount (Rp) Percentage of Ownerships
PT Suryamas Dutamakmur 8,356 8,356,000,000 99.99% PT Suryamas Dutamakmur
PT Multiraya Sinarindo 1 1,000,000 0.01% PT Multiraya Sinarindo
Jumlah 8,3561 8,357,000,000 100.00% Total
Sumber: SKI
E. Struktur Organisasi E. Organizational Structure
Per 30 Juni 2024, SKI belum beroperasi dan tidak memiliki As of December 31, 2023, SKI has not operated and has
struktur organisasi. no organizational structure.
F. Dewan Komisaris dan Direksi F. Boards of Commissioners and Directors
Per 30 Juni 2024, susunan dewan komisaris dan direktur As of 30 June 2024, the composition of SKI’s board of
SKI sebagai berikut. commissioners and directors are as follow.
Dewan Komisaris Board of Commissioner
Komisaris Fifi Julia Maeloa Commissioner
Komisaris Henry Zen Halim Commisioner
Direksi Board of Directors
Direktur Ratna Juwanita Haliman Director
Direktur Henny Kusuma Hendrawan Director
G. Kompensasi Pemegang Saham G. Shareholder Compensation
Berdasarkan informasi manajemen, per 30 Juni 2024 SKI Based on management information, as of 30 June 2024
belum memberikan kompensasi kepada pemegang SKI has not provided compensation to shareholders yet.
saham.
H. Entitas Anak H. Subsidiaries
SKI memiliki kepemilikan saham di entitas anak sebagai SKI has share ownership in the following subsidiaries.
berikut.
Nilai Buku Investasi (Rp)/ Persentase Kepemilikan /
Perusahaan Shareholders
Investment Book Value (Rp) Percentage of Ownerships
PT Centranusa Majupermai 8,811,861,820 1.04% PT Centranusa Majupermai
PT Multiraya Sinarindo 11,000,000 0.08% PT Multiraya Sinarindo
PT Inti Sarana Papan 1,000,000 0.01% PT Inti Sarana Papan
Jumlah 8,823,861,820 Total
I. Jumlah Karyawan I. Number of employees
Per 30 Juni 2024, SKI tidak memiliki karyawan. As of 30 June 2024, SKI had no employees.
J. Asuransi Karyawan Kunci J. Insurance for Key Employee
SKI tidak memberikan asuransi untuk karyawan kunci. SKI did not give insurance to its key employee.
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K. Informasi Perpajakan K. Taxation Information
Sebagai badan usaha yang berdomisili di Indonesia, SKI As business entity that domiciled in Indonesia, SKI is taxed
dikenakan pajak penghasilan badan adalah sebesar 22% by corporate income tax rate of 22% from taxable income.
dari penghasilan kena pajak.
L. Gambaran Aset L. Asset Overview
Berdasarkan informasi manajemen, SKI tidak memilki aset Based on management information, SKI does not have
tetap, properti investasi atau aset real estat. fixed assets, investment properties or real estate assets.
M. Kinerja Operasional M. Operational Performance
SKI merupakan perusahaan yang belum beroperasi. SKI is a dormant company.
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N. Kinerja Keuangan N. Financial Performance
(Dalam ribuan Rupiah) (In thousand Rupiah)
2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆
LABA RUGI INCOME STATEMENT
Pendapatan - n/a - n/a n/a - n/a n/a - n/a n/a - n/a n/a - n/a n/a Revenue
Biaya Pokok Pendapatan - n/a - n/a n/a - n/a n/a - n/a n/a - n/a n/a - n/a n/a Cost of revenue
Laba Kotor - n/a - n/a n/a - n/a n/a - n/a n/a - n/a n/a - n/a n/a Gross Profit
Beban umum dan General and
44,204 n/a 24,974 n/a (44%) 18,156 n/a (27%) 13,357 n/a (26%) 7,023 n/a (47%) 300 n/a (91%)*
administrasi administrative expenses
Laba Operasi (44,204) n/a (24,974) n/a (44%) (18,156) n/a (27%) (13,357) n/a (26%) (7,023) n/a (47%) (300) n/a (91%)* Operating Profit
Depresiasi dan amortisasi - n/a - n/a n/a - n/a n/a - n/a n/a - n/a n/a - n/a n/a Depreciation
EBITDA (44,204) n/a (24,974) n/a (44%) (18,156) n/a (27%) (13,357) n/a (26%) (7,023) n/a (47%) (300) n/a (91%)* EBITDA
Pendapatan (beban) lain-
11,914 n/a 9,874 n/a (17%) 6,013 n/a (39%) 7,275 n/a 21% (3,591) n/a (149%) 3,470 n/a (293%)* Other Income (expense)
lain
Laba sebelum pajak (32,290) n/a (15,100) n/a (53%) (12,143) n/a (20%) (6,082) n/a (50%) (10,614) n/a 75% 3,170 n/a (160%)* Profit before tax
Pajak - n/a - n/a n/a - n/a n/a - n/a n/a - n/a n/a - n/a n/a Tax
Laba tahun berjalan (32,290) n/a (15,100) n/a (53%) (12,143) n/a (20%) (6,082) n/a (50%) (10,614) n/a 75% 3,170 n/a (160%)* Profit for the year
Pendapatan (Beban) Other Comprehensive
- n/a - n/a n/a - n/a n/a - n/a n/a - n/a n/a - n/a n/a
komprehensif lainnya Income (expenses)
Laba komprehensif tahun Comprehensive income
(32,290) n/a (15,100) n/a (53%) (12,143) n/a (20%) (6,082) n/a (50%) (10,614) n/a 75% 3,170 n/a (160%)*
berjalan for the year
POSISI KEUANGAN FINANCIAL POSITION
Aset Asset
Aset Lancar 307,490 3% 272,890 3% (11%) 240,748 3% (12%) 234,779 3% (2%) 224,052 2% (5%) 227,222 3% 1% Current Asset
Cash & Cash Equivalents 307,191 3% 272,663 3% (11%) 240,748 3% (12%) 234,656 3% (3%) 223,930 2% (5%) 227,099 3% 1% Cash and cash equivalent
Piutang lain-lain 299 0% 228 0% (24%) - - (100%) 123 0% n/a 123 0% 0% 123 0% - Other Receivables
Aset Tidak Lancar 8,840,862 97% 8,840,862 97% - 8,840,862 97% - 8,840,862 97% - 8,840,862 98% (0%) 8,846,169 97% 0% Non-current asset
Investasi 8,840,862 97% 8,840,862 97% - 8,840,862 97% - 8,840,862 97% - 8,840,862 98% (0%) 8,846,169 97% 0% Investment
Total Aset 9,148,352 100% 9,113,752 100% (0%) 9,081,610 100% (0%) 9,075,640 100% (0%) 9,064,914 100% (0%) 9,073,391 100% 0% Total Asset
Liabilitas dan Ekuitas Liability and Equity
Liabilitas jangka pendek 39,500 0% 20,000 0% (49%) - - (100%) 112 0% n/a - - (100%) - - n/a Current Liabilities
Utang pajak - - - - n/a - - n/a 112 0% n/a - - (100%) - - n/a Tax payable
Beban akrual 39,500 0% 20,000 0% (49%) - - (100%) - - n/a - - n/a - - n/a Accrued expenses
Total Liabilitas 39,500 0% 20,000 0% (49%) - - (100%) 112 0% n/a - - (100%) - - n/a Total Liabilities
Total Ekuitas 9,108,852 100% 9,093,752 100% (0%) 9,081,610 100% (0%) 9,075,528 100% (0%) 9,064,914 100% (0%) 9,073,391 100% 0% Total Equity
Sumber: SKI, kertas kerja auditor untuk periode 31 Desember yang berakhir pada tahun 2019 – 2023 and 30 Juni 2024 / Source: SKI, worksheet auditor for the period 31 December for year ended 2019 – 2023 and 30 June 2024
* disetahunkan/ annualized
** per 30 Juni 2024/ as of 30 June 2024
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Rasio 2019 2020 2021 2022 2023 2024** Ratios
Rasio Likuiditas Liquidity Ratio
Rasio Lancar (x) 7.78 13.64 n/a 2,087.11 n/a n/a Current Ratio (x)
Rasio Kas (x) 7.78 13.63 n/a 2,086.02 n/a n/a Cash Ratio (x)
Rasio Cepat (x) 7.78 13.64 n/a 2,087.11 n/a n/a Quick Ratio (x)
Rasio Profitabilitas Profitability Ratio
Tingkat Pengembalian Aset (ROA) -0.35% -0.17% -0.13% -0.07% -0.12% n/a Return on Aset (ROA)
Tingkat Pengembalian Ekuitas (ROE) -0.35% -0.17% -0.13% -0.07% -0.12% n/a Return on Equity (ROE)
Margin Laba Kotor n/a n/a n/a n/a n/a n/a Gross Profit Margin
Margin EBITDA n/a n/a n/a n/a n/a n/a EBITDA Margin
Margin Laba Operasi n/a n/a n/a n/a n/a n/a Operating Profit Margin
Margin Laba Bersih n/a n/a n/a n/a n/a n/a Net Profit Margin
Rasio Aktivitas Activity Ratio
Perputaran Aset (x) n/a n/a n/a n/a n/a n/a Asset turnover (x)
Perputaran Persediaan (days) n/a n/a n/a n/a n/a n/a Inventory turnover (days)
Perputaran Piutang Usaha (days) n/a n/a n/a n/a n/a n/a Receivables turnover (days)
Perputaran Utang Usaha (days) n/a n/a n/a n/a n/a n/a Payables turnover (days)
Rasio Solvabilitas Solvency Ratio
Rasio Utang terhadap Aset (DAR) n/a n/a n/a n/a n/a n/a Debt to Aset Ratio (DAR)
Rasio Utang terhadap Ekuitas (DER) n/a n/a n/a n/a n/a n/a Debt to Equity Ratio (DER)
* disetahunkan/ annualized
** per 30 Juni 2024/ as of 30 June 2024
O. Risiko Usaha O. Business Risk
SKI memiliki risiko yang serupa dengan SMDM yang dapat SKI has similar risk to SMDM, which can refer to the main
merujuk pada laporan utama. report
P. Rencana Usaha P. Business Plan
Berdasarkan informasi manajemen Perseroan, SKI akan Based on Company management information, SKI will
tetap sebagai Perusahaan induk (Holding Company). remain as Holding Company.
Q. Prosedur Penilaian Q. Valuation Procedure
Q.1 Pendekatan Aset menggunakan Metode Penyesuaian Q.1 Asset Approach using Adjusted Book Value Method
Nilai Buku
Dalam metode ini, Nilai Pasar diperoleh dengan In this method, Market Value is obtained by adjusting the
menyesuaikan nilai buku aset dalam posisi keuangan book value of the asset in financial position to the Market
menjadi Nilai Pasar. Berikut adalah penyesuaian terhadap Value of the asset. The following is an adjustment to the
nilai buku dalam posisi keuangan Perseroan. book value in the Company's financial position.
(dalam Rupiah) (in Rupiah)
Sebelum Penyesuaian / Penyesuaian / Setelah Penyesuaian /
Before Adjustment Adjustment After Adjustment
ASET ASSET
Aset Lancar Current Asset
Kas dan setara kas 227,099,377 227,099,377 Cash and cash equivalent
Piutang lain-lain 122,788 122,788 Other receivable
Total Aset Lancar 227,222,165 - 227,222,165 Total Current Asset
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Sebelum Penyesuaian / Penyesuaian / Setelah Penyesuaian /
Before Adjustment Adjustment After Adjustment
Aset Tidak Lancar Non-current asset
Investasi 8,823,861,820 2,034,918,542 10,858,780,362 Investment
Total Aset Tidak Lancar 8,823,861,820 2,034,918,542 10,858,780,362 Total Non-current asset
TOTAL ASET 9,051,083,985 2,034,918,542 11,086,002,527 TOTAL ASSET
LIABILITAS DAN EKUITAS LIABILITY AND EQUITY
Liabilitas Liability
Total Liabilitas Total Liabilities
Ekuitas Equity
Modal saham 8,357,000,000 8,357,000,000 Capital Stock
Saldo laba 18,615,156,845 18,615,156,845 Retained earnisgs
Selisih Transaksi Restrukturisasi Differences in Controlling Entity
(17,921,072,860) (17,921,072,860)
Entitas Pengenda Restructuring Transactions
Selisih atas penilaian kembali Difference on asset and liabilities
2,034,918,542 2,034,918,542
aset dan liabilitas revaluation
Total Ekuitas 9,051,083,985 2,034,918,542 11,086,002,527
TOTAL LIABILITAS DAN EKUITAS 9,051,083,985 2,034,918,542 11,086,002,527 TOTAL LIABILITY AND EQUITY
Indikasi Nilai Pasar Ekuitas
11,086,002,527 Indicative Market Value (100.00%)
(100,00%)
Indikasi Nilai Pasar Ekuitas
11,086,000,000 Indicative Market Value (rounded)
(dibulatkan)
Indikasi Nilai Pasar Ekuitas – Indicative Market Value of Equity
11,084,675,974
dimiliki oleh SMDM (99,99%) – owned by SMDM (99.99%)
Indikasi Nilai Pasar Ekuitas – Indicative Market Value of Equity
1,326,553
dimiliki oleh RAGC (0,01%) – owned by RAGC (0.01%)
Penyesuaian Adjustment
Dalam menerapkan ABVM, kami hanya melakukan In applying the ABVM, we only made an adjustment on the
penyesuaian terhadap investasi saham entitas asosiasi long-term investment in shares of associates.
perusahaan.
(dalam Rupiah) (in Rupiah)
Nilai Buku / Nilai Pasar/
Book Value Market Value
Investasi Investment
PT Centranusa Majupermai 8,811,861,820 10,845,815,560 PT Centranusa Majupermai
PT Multiraya Sinarindo 11,000,000 9,795,224 PT Multiraya Sinarindo
PT Inti Sarana Papan 1,000,000 3,169,578 PT Inti Sarana Papan
Jumlah 8,823,861,820 10,858,780,362 Total
Berdasarkan analisis yang dilakukan menggunakan Based on the analysis carried out using the Asset Approach,
Pendekatan Aset, maka kami berpendapat bahwa Nilai we are of the opinion that the Market Value of 100% equity
Pasar dari 100% ekuitas SKI per 30 Juni 2024 adalah of SKI as of 30 June 2024 is Rp11,086,000,000/-*).
Rp11.086.000.000,- *).
*) Indikasi Nilai Pasar di atas berupa indikasi dan kesatuan dalam penilaian SMDM *) This Indicative Market Value is in the form of an indication and as a unit in SMDM’s
yang tidak dapat digunakan untuk kepentingan penilaian lain. valuation which cannot be used for other valuation purposes.
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Lampiran 9 PT Multiraya Sinarindo Appendix 9 PT Multiraya Sinarindo
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L.9 PT Multiraya Sinarindo L.9 PT Multiraya Sinarindo
A. Objek Penilaian A. Subject Business
Objek Penilaian adalah ekuitas PT Multiraya Sinarindo Subject Business is equity of PT Multiraya Sinarindo (“MS”)
(“MS”) sebesar: as follows:
• 99,92% yang dimiliki oleh SMDM • 99.92% owned by SMDM
• 0,08% yang dimiliki oleh SKI • 0.08% owned by SKI
Detail informasi MS adalah sebagai berikut: MS information details is as follows:
Kegiatan Usaha /
Real estat Real Estate
Business Activities
Plaza Marein Lt. 16, Sudirman Plaza Business Alamat / Plaza Marein Lt. 16, Sudirman Plaza Business
Complex, Jl. Jend. Sudirman Kav. 76-78 Complex, Jl. Jend. Sudirman Kav. 76-78
Address
Jakarta 12910 Indonesia Jakarta 12910 Indonesia
Kepemilikan /
100,00% 100.00%
Ownerships
Hak Kepemilikan /
Mayoritas Majority
Ownerships Rights
B. Informasi Ringkas B. Brief Information
MS didirikan berdasarkan Akta Notaris No. 115, tanggal MS was established based on Notarial Deed No. 32, dated
8 Agustus 1990 dari Benny Kristanto, S.H., notaris di 2 August 1989 from Benny Kristanto, S.H., notary in
Jakarta. Anggaran dasar MS telah mengalami beberapa Jakarta. MS's articles of association have been amended
kali perubahan, yang terakhir berdasarkan Akta Notaris several times, latest of which was through Notarial Deed
No. 6, tanggal 28 September 2022 dari Miranto Rahma No. 6, dated 28 September 2022 of Miranto Rahma Putra,
Putra, S.H., M.Kn, Notaris di Kepulauan Seribu, mengenai S.H., M.Kn, notary in Kepulauan Seribu, regarding
perubahan maksud dan tujuan serta kegiatan usaha. Akta changes in objectives and business activities. This
perubahan tersebut telah disetujui oleh Menteri Hukum amendment has been approved by the Minister of Law and
dan Hak Asasi Manusia Republik Indonesia melalui Surat Human Rights of the Republic of Indonesia in its Decision
Keputusan No. AHU-0074994.AH.01.02.Tahun 2022 Letter No. AHU-0074994.AH.01.02.Tahun 2022 dated
tanggal 17 Oktober 2022. 17 October 2022.
Kantor pusat Perseroan beralamat di Sudirman Plaza The Company’s head office is located at Sudirman Plaza
Business Complex, Plaza Marein Lantai 16, Jalan Jenderal Business Complex, Plaza Marein 16th Floor, Jalan
Sudirman Kavling 76-78, Jakarta. Perseroan mulai Jenderal Sudirman Kavling 76-78, Jakarta. The Company
beroperasi komersial pada tahun 1993. started its commercial operations in 1993.
C. Kegiatan Usaha C. Scope of Activities
Berdasarkan informasi laporan keuangan audit SMDM Based on information of SMDM's audited financial
per 30 Juni 2024, MS bergerak di bidang usaha real estat statement as of 30 June 2024, MS is engaged in the real
yang telah beroperasi sejak tahun 2004. estate business which has been operating since 2004.
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D. Struktur Kepemilikan dan Pemegang Saham D. Ownerships Structure and Shareholders
Per tanggal 30 Juni 2024, komposisi pemegang saham As of 30 June 2024, the composition of shareholders and
dan persentase kepemilikan MS adalah sebagai berikut. percentage of MS’s ownership are as follows.
Jumlah Saham / Jumlah (Rp)/ Persentase Kepemilikan /
Pemegang Saham Shareholders
No. of Shares Amount (Rp) Percentage of Ownerships
PT Suryamas Dutamakmur 12,974 12,974,000,000 99.92% PT Suryamas Dutamakmur
PT Saptakreasi Indah 11 11,000,000 0.08% PT Saptakreasi Indah
Jumlah 12,985 12,985,000,000 100.00% Total
Sumber: MS
E. Struktur Organisasi E. Organizational Structure
Per 30 Juni 2024, MS tidak memiliki struktur organisasi. As of December 31, 2023, MS has no organizational
structure.
F. Dewan Komisaris dan Direksi F. Boards of Commissioners and Directors
Per 30 Juni 2024, susunan dewan komisaris dan direktur As of 30 June 2024, the composition of MS’s board of
MS sebagai berikut. commissioners and directors are as follow.
Dewan Komisaris Board of Commissioner
Komisaris Utama Fifi Julia Maeloa President Commissioner
Komisaris Ratna Juwanita Haliman Commisioner
Direksi Board of Directors
Direktur Utama Kenneth Lian President Director
Direktur Henny Kusuma Hendrawan Director
Direktur Wing Indrasmoro Director
G. Kompensasi Pemegang Saham G. Shareholder Compensation
Berdasarkan informasi manajemen, per 30 Juni 2024 MS Based on management information, as of 30 June 2024
belum memberikan kompensasi kepada pemegang MS has not provided compensation to shareholders yet.
saham.
H. Penyertaan Saham H. Subsidiaries
MS memiliki penyertaan saham pada PT Saptakreasi MS has investment in PT Saptakreasi Indah (“SKI”) of
Indah (“SKI”) sebesar 0.01%. 0.01%.
I. Jumlah Karyawan I. Number of employees
Per 30 Juni 2024, MS tidak memiliki karyawan. As of 30 June 2024, MS had no employees.
J. Asuransi Karyawan Kunci J. Insurance for Key Employee
MS tidak memberikan asuransi untuk karyawan kunci. MS did not give insurance to its key employee.
K. Asuransi Karyawan Kunci K. Insurance for Key Employee
MS tidak memberikan asuransi untuk karyawan kunci. MS did not give insurance to its key employee.
L. Informasi Perpajakan L. Taxation Information
Sebagai badan usaha yang berdomisili di Indonesia, MS As business entity that domiciled in Indonesia, MS is taxed
dikenakan pajak final sebesar 10% dari penghasilan kena by final tax rate of 10% from taxable income.
pajak.
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M. Gambaran Aset M. Asset Overview
Club House Mahogany Residence berada di Kawasan Club House Mahogany Residence is located in Mahogany
Perumahan Mahogany Residence, Jalan Mahogany Residence, Jalan Mahogany Residence, Harjamukti Sub
Residence, Kelurahan Harjamukti, Kecamatan Cimanggis, District, Cimanggis District, Depok City, West Java
Kota Depok, Provinsi Jawa Barat, Indonesia. Club House Province, Indonesia. It is located on the east side of Trans
Mahogany Residence terletak di sebelah timur Trans Studio Mall Cibubur and Jalan Mahogany Residence.
Studio Mall Cibubur dan Jalan Mahogany Residence. Assets details of Club House Mahogany Residence is as
Rincian aset Club House Mahogany Residence antara lain. follows.
Bangunan Building
Item Keterangan
Item Description
Luas Bangunan Kotor ± 422 meter persegi
Gross Building Area ± 422 square meters
Jumlah Lantai 2-lantai bangunan
Number of Storey 2-storey building
Tahun selesai dibangun 2007/
Year of Completed 2007
Konstruksi Portal beton bertulang/
Construction Reinforced concrete portal
Pondasi Pondasi beton bertulang/
Foundation Reinforced concrete foundation
Konstruksi Atap Dak Beton dan rangka baja untuk bangunan lantai 2/
Roof Construction Reinforced concrete slab and steel frame for building 2nd Floor
Penutup Atap Spandek zinkalum/
Roof Covering Spandex zinkalum
Langit-langit Gipsum dengan rangka hollowg/
Ceiling Gypsum for hollow frame
Dinding Luar Bata Hebel diplester kemudian dicat /
Exterior Wall/façade Hebel plastered and finished with paint
Dinding Dalam Bata Hebel diplester kemudian dicat /
Interior Wall Hebel plastered and finished with paint
Pintu Panel kaca dengan rangka alumunium /
Door Glass panel on aluminum frame
Jendela Panel kaca dengan rangka alumunium /
Window Glass panel on aluminum frame
Tangga Tangga beton bertulang/
Stairs Reinforced concrete stairs
Lantai Homogenious Tile 60x60cm/
Floor Homogenious Tile 60x60cm
Kondisi Cukup/
Condition Fair
Sarana Pelengkap Site Improvement
Deskripsi/ Kuantitas/ Bahan/
Description Quantity Material
Jalan/ Road 605 sqm Perkerasan Paving/ Paving pavement
Pagar Keliling/ Fence 215 m Beton pracetak/ Precast concrete
Lapangan Tennis / Front Fence 592 m Beton/ Concrete
Kolam renang/ Swiming Pool 243 sqm Beton dan keramik/ Concrete and ceramic
Status Hunian Occupancy Status
Pada saat inspeksi, kami menemukan bahwa bangunan As of inspection, we found that the building was occupied
tersebut digunakan sebagai cafe. and utilized as cafe.
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Peta Lokasi / Location Map
Sumber/Source: Google Earth
Legenda / Legend:
1. Objek Penilaian / Subject Property
2. Stasiun LRT Harjamukti / Harjamukti LRT Station
3. Gerbang Tol Cibubur 2 / Cibubur 2 Toll Gate
4. Gerbang Tol Jatikarya 2 / Jatikarya 2 Toll Gate
5. Bandar Udara Internasional Halim Perdanakusuma / Halim Perdanakusuma International Airport
6. Bandar Udara Internasional Soekarno-Hatta / Soekarno-Hatta Internaional Airport
N. Kinerja Operasional N. Operational Performance
MS merupakan perusahaan yang belum beroperasi. MS is a dormant company.
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O. Kinerja Keuangan O. Financial Performance
(Dalam jutaan Rupiah) (In million Rupiah)
2019 % 2020 % ∆ 2021 % ∆ 2022 % ∆ 2023 % ∆ 2024** % ∆
LABA RUGI INCOME STATEMENT
Pendapatan 61 100% 36 100% (42%) 116 100% 225% 82 100% (29%) 82 100% - 41 100% - Revenue
Biaya Pokok Pendapatan - - - - n/a - - n/a - - n/a - - n/a - - n/a Cost of revenue
Laba Kotor 61 100% 36 100% (42%) 116 100% 225% 82 100% (29%) 82 100% - 41 100% - Gross Profit
General and administrative
Beban umum dan administrasi 136 223% 133 374% (2%) 110 95% (17%) 112 136% 1% 122 149% 9% 54 132% (11%)*
expenses
Pajak Final 6 10% 4 10% (42%) - - (100%) 8 10% n/a 14 18% 77% - - (100%)* Final Tax
Laba Operasi (81) (133%) (101) (284%) 24% 6 5% (106%) (38) (46%) (766%) (55) (67%) 44% (13) (32%) (52%)* Operating Profit
Depresiasi dan amortisasi 106 173% 106 297% - 106 91% - 106 129% - 106 129% 0% 53 129% (0%)* Depreciation
EBITDA 24 40% 5 13% (81%) 111 96% 2324% 68 83% (39%) 51 63% (24%) 40 97% 55%* EBITDA
Pendapatan (beban) lain-lain 1% 0% (75%) 0% 12% 59 72% 55702% (2) (2%) (103%) 1% (137%)* Other income (expense)
Laba sebelum pajak (81) (132%) (101) (284%) 25% 6 5% (106%) 21 26% 265% (56) (69%) (365%) (13) (32%) (54%)* Profit before tax
Pajak - - - - n/a - - n/a - - n/a - - n/a - - n/a Tax
Laba tahun berjalan (81) (132%) (101) (284%) 25% 6 5% (106%) 21 26% 265% (56) (69%) (365%) (13) (32%) (54%)* Profit for the year
Pendapatan (Beban) komprehensif Other Comprehensive Income
- - - - n/a - - n/a - - n/a - - n/a - - n/a
lainnya (expenses)
Laba komprehensif tahun berjalan (81) (132%) (101) (284%) 25% 6 5% (106%) 21 26% 265% (56) (69%) (365%) (13) (32%) (54%)* Comprehensive income for the year
POSISI KEUANGAN FINANCIAL POSITION
Aset Asset
Aset Lancar 80 3% 38 2% (52%) 283 12% 641% 204 9% (28%) 307 14% 51% 306 14% (0%) Current Asset
Kas dan setara kas 71 3% 38 2% (47%) 222 9% 481% 132 6% (40%) 286 13% 117% 282 13% (2%) Cash & Cash Equivalents
Piutang usaha - - - - n/a 57 2% n/a 57 3% - - - (100%) - - n/a Trade receivables
Beban dibayar dimuka 5 0% - - (100%) - - n/a - - n/a 21 1% n/a 24 1% 18% Prepaid expenses
Pajak dibayar dimuka 4 0% - - (100%) 4 0% n/a 14 1% 299% - - (100%) - - n/a Prepaid taxes
Aset Tidak Lancar 2,298 97% 2,197 98% (4%) 2,091 88% (5%) 1,985 91% (5%) 1,880 86% (5%) 1,827 86% (3%) Non Current Asset
Aset Tetap 2,298 97% 2,197 98% (4%) - - (100%) - - n/a - - n/a - - n/a Fixed asset
Properti Investasi - - - - n/a 2,091 88% n/a 1,985 91% (5%) 1,880 86% (5%) 1,827 86% (3%) Investment property
Total Aset 2,378 100% 2,235 100% (6%) 2,374 100% 6% 2,189 100% (8%) 2,187 100% (0%) 2,133 100% (2%) Total Asset
Liabilitas dan Ekuitas Liability and Equity
Liabilitas jangka pendek 506 21% 465 21% (8%) 175 7% (62%) 392 18% 124% 446 20% 14% 405 19% (9%) Current Liabilities
Utang lain-lain 465 20% 463 21% (0%) 20 1% (96%) 20 1% - 30 1% 50% 30 1% - Other payable
Utang ke pihak berelasi - - - - n/a - - n/a 250 11% n/a 250 11% - 250 12% - Due to related parties
Uang muka diterima 41 2% 2 0% (95%) 149 6% 7771% 122 6% (18%) 166 8% 36% 125 6% (25%) Advance received
Utang pajak - - - - n/a 6 0% n/a - - (100%) - - n/a - - n/a Tax payable
Liabilitas jangka panjang - - - - n/a 423 18% n/a - - (100%) - - n/a - - n/a Npn Current Liabilities
Utang ke pihak berelasi - - - - n/a 423 18% n/a - - (100%) - - n/a - - n/a Due to related parties
Total Liabilitas 506 21% 465 21% (8%) 598 25% 29% 392 18% (34%) 446 20% 14% 405 19% (9%) Total Liabilities
Total Ekuitas 1,871 79% 1,770 79% (5%) 1,776 75% 0% 1,797 82% 1% 1,741 80% (3%) 1,728 81% (1%) Total Equity
Sumber: MS, kerats kerja auditor untuk periode 31 Desember yang berakhir pada tahun 2019 – 2023 dan 30 Juni 2024 / Source: MS, worksheet auditor for the period 31 December for year ended 2019 – 2023 and 30 June 2024
* disetahunkan/ annualized
** per 30 Juni 2024/ as of 30 June 2024
VALUATION & ADVISORY SERVICES L9 - 5
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Rasio 2019 2020 2021 2022 2023 2024** Ratios
Rasio Likuiditas Liquidity Ratio
Rasio Lancar (x) 0.16 0.08 1.62 0.52 0.69 0.76 Current Ratio (x)
Rasio Kas (x) 0.14 0.08 1.27 0.34 0.64 0.70 Cash Ratio (x)
Rasio Cepat (x) 0.14 0.08 1.60 0.48 0.64 0.70 Quick Ratio (x)
Rasio Profitabilitas Profitability Ratio
Tingkat Pengembalian Aset (ROA) -3.40% -4.52% 0.24% 0.97% -2.57% n/a Return on Aset (ROA)
Tingkat Pengembalian Ekuitas (ROE) -4.33% -5.71% 0.33% 1.18% -3.23% n/a Return on Equity (ROE)
Margin Laba Kotor 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% Gross Profit Margin
Margin EBITDA 39.99% 12.90% 96.17% 82.77% 62.51% 97.04% EBITDA Margin
Margin Laba Operasi -133.07% -283.77% 4.92% -46.49% -66.75% -32.22% Operating Profit Margin
Margin Laba Bersih -132.45% -283.51% 5.02% 25.94% -68.63% -31.52% Net Profit Margin
Rasio Aktivitas Activity Ratio
Perputaran Aset (x) 0.03 0.02 0.05 0.04 0.04 0.04* Asset turnover (x)
Perputaran Persediaan (days) n/a n/a n/a n/a n/a n/a Inventory turnover (days)
Perputaran Piutang Usaha (days) n/a n/a 180.64 255.91 n/a n/a Receivables turnover (days)
Perputaran Utang Usaha (days) n/a n/a n/a n/a n/a n/a Payables turnover (days)
Rasio Solvabilitas Solvency Ratio
Rasio Utang terhadap Aset (DAR) n/a n/a n/a n/a n/a n/a Debt to Aset Ratio (DAR)
Rasio Utang terhadap Ekuitas (DER) n/a n/a n/a n/a n/a n/a Debt to Equity Ratio (DER)
* disetahunkan/ annualized
** per 30 Juni 2024/ as of 30 June 2024
P. Risiko Usaha P. Business Risk
MS memiliki risiko yang serupa dengan SMDM yang dapat MS has similar risk to SMDM, which can refer to the main
merujuk pada laporan utama. report
Q. Rencana Usaha Q. Business Plan
Berdasarkan informasi manajemen Perseroan, MS Based on Company management information, MS
memiliki rencana untuk tetap menyewakan dan planned to keep renting out and managing its investment
mengelola properti investasinya. property.
R. Prosedur Penilaian R. Valuation Procedure
R.1 Pendekatan Aset menggunakan Metode Penyesuaian R.1 Asset Approach using Adjusted Book Value Method
Nilai Buku
Dalam metode ini, Nilai Pasar diperoleh dengan In this method, Market Value is obtained by adjusting the
menyesuaikan nilai buku aset dalam posisi keuangan book value of the asset in financial position to the Market
menjadi Nilai Pasar. Berikut adalah penyesuaian terhadap Value of the asset. The following is an adjustment to the
nilai buku dalam posisi keuangan Perseroan. book value in the Company's financial position.
(dalam Rupiah) (in Rupiah)
Sebelum Penyesuaian / Penyesuaian / Setelah Penyesuaian /
Before Adjustment Adjustment After Adjustment
ASET ASSET
Aset Lancar Current Asset
Kas dan setara kas 281,785,968 - 281,785,968 Cash and cash equivalent
Beban dibayar dimuka 24,454,590 - 24,454,590 Prepaid expenses
Total Aset Lancar 306,240,558 - 306,240,558 Total Current Asset
Aset Tidak Lancar Non-current asset
Properti Investasi 1,826,785,805 9,833,283,465 11,660,069,270 Investment Property
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Sebelum Penyesuaian / Penyesuaian / Setelah Penyesuaian /
Before Adjustment Adjustment After Adjustment
Penyertaan saham pada SKI 1,326,553 1,326,553 Investment in SKI
Total Aset Tidak Lancar 1,826,785,805 9,834,610,018 11,661,395,823 Total Non-current asset
TOTAL ASET 2,133,026,363 9,834,610,018 11,967,636,381 TOTAL ASSET
LIABILITAS DAN EKUITAS LIABILITY AND EQUITY
Liabilitas Liability
Liabilitas Jangka Pendek Current Liabilities
Utang lainnya 30,000,000 - 30,000,000 Other payable
Utang ke pihak berelasi 250,000,000 - 250,000,000 Due to related parties
Uang muka diterima 124,819,265 - 124,819,265 Advance received
Total Liabilitas Jangka Pendek 404,819,265 - 404,819,265 Total Current Liabilities
Total Liabilitas 404,819,265 - 404,819,265 Total Liabilities
Ekuitas Equity
Modal saham 12,985,000,000 - 12,985,000,000 Capital Stock
Saldo laba (11,256,792,901) - (11,256,792,901) Retained earnisgs
Selisih atas penilaian kembali Difference on asset and liabilities
9,834,610,018 9,834,610,018
aset dan liabilitas revaluation
Total Ekuitas 1,728,207,099
TOTAL LIABILITAS DAN EKUITAS 2,133,026,364 9,834,610,018 11,562,817,117 TOTAL LIABILITY AND EQUITY
Indikasi Nilai Pasar Ekuitas 11,562,817,117 Indicative Market Value
Indikasi Nilai Pasar Ekuitas
11,563,000,000 Indicative Market Value (rounded)
(dibulatkan)
Indikasi Nilai Pasar Ekuitas – Indicative Market Value – owned
11,553,021,893
dimiliki oleh SMDM (99,92%) by SMDM (99.92%)
Indikasi Nilai Pasar Ekuitas - Indicative Market Value – owned
9,795,224
dimiliki SKI (0,08%) by SKI (0.08%)
Penyesuaian Adjustment
Dalam menerapkan ABVM, kami hanya melakukan In applying the ABVM, we only made an adjustment on the
penyesuaian terhadap investasi saham entitas asosiasi long-term investment in shares of associates.
perusahaan.
(dalam Rupiah) (in Rupiah)
Nilai Buku / Nilai Pasar/
Book Value Market Value
Tanah 1,125,007,177 10,904,000,000 Land
Bangunan 701,778,628 756,069,270 Building
Kepemilikan pada SKI 1,326,553 Ownership in SKI
Total 1,826,785,805 11,661,395,823 Total
Setelah melakukan analisis ABVM, kami berpendapat After analyzing the ABVM method, we are on the opinion
bahwa indikasi Nilai Pasar 100,00% ekuitas MS per 30 that the indicative Market Value of 100.00% Equity of MS
Juni 2024 adalah Rp11.563.000.000,- *). as of 30 June 2024 is Rp11,563,000,000/-*).
*) Indikasi Nilai Pasar di atas berupa indikasi dan kesatuan dalam penilaian SMDM *) This Indicative Market Value is in the form of an indication and as a unit in SMDM’s
yang tidak dapat digunakan untuk kepentingan penilaian lain. valuation which cannot be used for other valuation purposes.
VALUATION & ADVISORY SERVICES L9 - 7
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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
Names mentioned 157 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Dutamakmur Tbk
p.2
unresolved
org
KJPP Rengganis
p.2 ×14
unresolved
org
Hamid & Rekan
p.2 ×13
unresolved
org
Kementerian Keuangan Republik Indonesia
p.2
unresolved
org
Ministry of Finance of Republic of Indonesia dan Otoritas Jasa Keuangan
p.2
unresolved
org
Financial Services Authority
p.2
unresolved
org
KJPP RHR
p.2
unresolved
org
Domicile
· Company Name
p.3 ×3
unresolved
org
PT Centranusa Majupermai
p.3 ×14
unresolved
org
PT Tajur Surya Abadi
p.3 ×11
unresolved
org
PT Inti Sarana Papan
p.3 ×10
unresolved
org
PT Saptakreasi Indah
p.3 ×15
unresolved
org
PT Multiraya Sinarindo
p.4 ×12
unresolved
org
PT Puri Surya Abadi
p.4 ×7
unresolved
org
PT Dwigunatama Rintisprima
p.4 ×11
unresolved
org
PT Dwikarya Langgengsukses
p.4 ×12
unresolved
org
PT Kharisma Buana Mandiri
p.4 ×10
unresolved
org
Bank Indonesia
p.4 ×13
unresolved
org
PT KPMG
p.5 ×2
unresolved
org
PT KPMG Siddharta Advisory
p.5 ×2
unresolved
org
PT PwC Legal
p.5
unresolved
org
Indonesia Stock Exchange
p.6
unresolved
org
Pusat Statistik
p.6
unresolved
org
PT Bank Muamalat
p.6 ×2
unresolved
org
Bank Muamalat Indonesia Tbk
p.6 ×10
unresolved
org
Bhakti Indonesia Tbk
p.6 ×4
unresolved
org
PT Bhakti Sarana
p.6 ×7
unresolved
org
Rekan Rengganis Kartomo
p.8 ×2
unresolved
person
Rengganis Kartomo, MAPPI (Cert.), FRICS
· Pemimpin Rekan – Penilai Properti dan Usaha
p.8 ×2
unresolved
person
Job Captain Rengganis Kartomo
p.10
unresolved
person
Reviewer Vivien Heriyanthi
p.10
unresolved
person
Agus Herianto
p.10
unresolved
person
Reviewer Amalaura Dienaulie
p.11
unresolved
org
PT Rancamaya Indah Hotel
p.15 ×2
unresolved
org
PT Rancamaya Asri Golf
p.15 ×2
unresolved
org
PT Permainusa Megacitra
p.15
unresolved
org
PT Permainusa Megacitra Kode Etik Penilai Indonesia
p.15
unresolved
org
Tjahjo & Rekan
p.19 ×24
unresolved
org
Mawar & Rekan
p.20 ×4
unresolved
org
Menteri Kehakiman Republik Indonesia
p.20 ×4
unresolved
org
Minister of Justice
p.20 ×2
unresolved
org
SMDM Limited
p.20
unresolved
org
Minister of Law and Human Rights
p.20 ×3
unresolved
org
Koordinasi Penanaman Modal
p.21
unresolved
org
PT Fun World Prima
p.26 ×2
unresolved
org
PT KPMG Siddharta KPMG Siddharta Advisory
p.30
unresolved
person
Hendri Somadinata
p.30
unresolved
person
Hendri So
p.30
unresolved
person
Andreas Secretary SMDM
p.30
unresolved
person
Andreas Sunarso
p.30
unresolved
person
Benny Kristianto
p.31
unresolved
person
Benny Kristanto
p.31
unresolved
person
Widodo
p.31
unresolved
person
Kumala Thahjani Widodo
p.31
unresolved
org
Menteri Hukum dan Hak Asasi Manusia
p.31
unresolved
org
Minister of Law
p.31
unresolved
org
Ownerships Top Global Limited
p.32
unresolved
—
Singapura
p.32
unresolved
—
Per 30 Juni 2024, susunan
p.32 ×5
unresolved
person
Wing Indrasmoro
· Komisaris
p.32 ×6
unresolved
person
Ratna Juwanita Haliman
· Direktur
p.32 ×13
unresolved
org
VALUATION & ADVISORY SERVICES
p.32 ×5
unresolved
person
COO
· Director
p.33
unresolved
org
PT Inti Sarana Papan Lahan Belum Dikembangkan
p.35
unresolved
org
PT Dwigunatama Rintisprima Tanah Belum Dikembangkan
p.36
unresolved
org
PT Dwikarya Langgengsukses Tanah Belum Dikembangkan
p.37
unresolved
org
PT Kharisa Buana Mandiri Aset Water Joy
p.38
unresolved
org
PT Tajur Surya Abadi Persediaan
p.39 ×2
unresolved
org
PT Puri Surya Abadi Lahan
p.39
unresolved
org
Bank International Monetary Fund
p.55
unresolved
org
Muamalat Indonesia Tbk
p.69
unresolved
org
Bank Kd
p.71
unresolved
org
PT Puri Surya Abadi Total Investasi Saham
p.79
unresolved
org
PT Centranusa Majupermai Appendix
p.83
unresolved
org
PT Centranusa Majupermai A.
p.84
unresolved
org
PT Centranusa Majupermai Majupermai
p.84
unresolved
—
kedudukannya sebagai perusahaan sub-holding
p.84
unresolved
person
Fifi Julia Maeloa
· Komisaris
p.85 ×9
unresolved
—
Percentage of Ownerships
p.85 ×2
unresolved
org
PT Dwikarya Langgengsukses I.
p.85
unresolved
org
a non-operating sub-holding company as of valuation
p.85
unresolved
org
CNMP does not give insurance to its key employee.
p.85
unresolved
—
K. Taxation Information
p.85 ×2
unresolved
org
As business entity that domiciled in Indonesia, CNMP is
p.85
unresolved
—
taxed by
p.85
unresolved
org
PT Dwigunatama Rintisprima Appendix
p.90
unresolved
person
Ir. Herman Soedarsono
· Wakil Komisaris Utama
p.93 ×8
unresolved
person
Jannie Andajani
· Komisaris
p.93 ×3
unresolved
person
Ir. Sentot Sudaryono
· Direktur Utama
p.93 ×5
unresolved
person
Ricky Christanto
· Direktur
p.93 ×3
unresolved
person
Ali Munanda Soedarsono
· Direktur
p.93 ×3
unresolved
person
H. Subsidiaries DRP
p.93
unresolved
org
PT Kharisma Buana Mandiri I.
p.93
unresolved
—
78 contract employees.
p.93
unresolved
org
DRP did not give insurance to its key employee.
p.93
unresolved
org
As business entity that domiciled in Indonesia, DRP is taxed
p.93
unresolved
org
PT Dwikarya Langgengsukses Appendix
p.104
unresolved
person
H. Subsidiaries DLS
p.108
unresolved
org
PT Kharisma Buana Buana Mandiri
p.108
unresolved
org
PT Kharisma Buana Mandiri Appendix
p.118
unresolved
org
PT Tajur Surya Abadi A.
p.132
unresolved
org
PT Tajur Surya
p.132
unresolved
org
PT Tajur Surya Abadi Abadi
p.132
unresolved
person
Soeleman Odang
p.132 ×2
unresolved
org
Ministry of Justice
p.132
unresolved
person
Lanawaty Darmadi
p.132
unresolved
person
Darmadi
p.132
unresolved
org
Menteri Hukum dan Hak
p.132
unresolved
org
Ministry of Justice and Human Rights
p.132
unresolved
person
Nandar Gunawan
· Komisaris
p.135 ×2
unresolved
person
Rachmat Gunawan Subrata
· Komisaris
p.135 ×2
unresolved
person
Ir. Hengky Setiawan
· Direktur
p.135 ×3
unresolved
person
H. Subsidiaries TSA
p.135
unresolved
org
PT Puri Surya
p.135
unresolved
org
PT Puri Surya Abadi Abadi
p.135
unresolved
—
Per 30 Juni 2024 PSA belum beroperasi.
p.147 ×3
unresolved
—
PSA sebagai berikut.
p.147
unresolved
—
G. Kompensasi
p.147 ×4
unresolved
—
ISP sebagai berikut.
p.154
unresolved
org
manajemen, per 30 Juni 2024 ISP
p.154
unresolved
—
belum memberikan kompensasi
p.154 ×3
unresolved
org
ISP tidak memberikan asuransi untuk karyawan kunci.
p.154
unresolved
org
Sebagai badan usaha yang berdomisili di Indonesia, ISP
p.154
unresolved
—
dikenakan pajak penghasilan badan adalah sebesar 22%
p.154
unresolved
—
ISP merupakan perusahaan yang belum beroperasi.
p.154
unresolved
—
SKI sebagai berikut.
p.161
unresolved
org
manajemen, per 30 Juni 2024 SKI
p.161
unresolved
person
H. Subsidiaries SKI
p.161
unresolved
org
SKI did not give insurance to its key employee.
p.161
unresolved
org
manajemen, per 30 Juni 2024 MS
p.168
unresolved
person
H. Penyertaan
p.168
unresolved
person
H. Subsidiaries MS
p.168
unresolved
person
MS memiliki penyertaan saham pada PT Saptakreasi
p.168
unresolved
org
PT Saptakreasi
p.168
unresolved
—
Indah (“SKI”) sebesar 0.01%.
p.168
unresolved
person
Per 30 Juni 2024, MS tidak memiliki karyawan.
p.168
unresolved
org
Sebagai badan usaha yang berdomisili di Indonesia, MS
p.168
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 0.091
15908 ms
12 Sep 2026 22:56
Raw output
{'appraiser_exempt': None,
'appraiser_name': '',
'assets': [],
'currency': None,
'fact_type': '',
'issuer_name': '',
'kind': 'CONFLICT',
'kjpp_name': '',
'letter_number': '',
'object_text': '',
'object_truncated': False,
'parties': [],
'pct_of_equity': None,
'reference_period': '',
'requires_rups': None,
'rups_date': None,
'ticker': '',
'transaction_date': None,
'valuation_date': None,
'value': None}