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PT Sumber Mas Konstruksi Tbk Interim Financial Statements As of June 30, 2024 And for the six months period ended
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PT SUMBER MAS KONSTRUKSI Tbk
TABLE OF CONTENT
Page
Directors’ Statement on the Responsibility for the Financial Statements of
PT Sumber Mas Kosntruksi Tbk - For the six month period ended June 30, 2024
FINANCIAL STATEMENTS - For the six month period ended June 30, 2024
Statements of Financial Position 1
Statements of Profit or Loss and Other Comprehensive Income 3
Statements of Changes in Equity 4
Statements of Cash Flows 5
Notes to Financial Statements 6
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PT SUMBER MAS KONSTRUKSI Tbk
Interim Statement of Financial Position
As of June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
December 31,
June 30, 2024 Notes 2023
ASSETS
CURRENT ASSETS
Cash and banks 75,176,460,441 4,17 66,195,116,804
Trade recievables 88,769,477,550 5,17 67,161,060,703
Advances 33,755,687,701 6 72,792,075,715
Total Current Assets 197,701,625,692 206,148,253,222
NONCURRENT ASSETS
Property and equipment - net of
accumulated depreciation of
Rp9,976,099,650 on June 30, 2024
and Rp9,385,824,231 on
December 31, 2023 8,862,606,900 7,13 1,064,232,319
Intangible assets - net of amortization
of Rp272,620,521 on June 30,
2024, and Rp195,633,854 on
December 31, 2023 511,539,479 479,526,146
Total Noncurrent Assets 9,374,146,379 1,543,758,465
TOTAL ASSETS 207,075,772,071 207,692,011,687
See accompanying notes to financial statements which are an integral part of the financial statements.
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PT SUMBER MAS KONSTRUKSI Tbk
Interim Statement of Financial Position
As of June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
December 31,
June 30, 2024 Notes 2023
LIABILITIES AND EQUITY
LIABILITIES
CURRENT LIABILITIES
Other payables 626,500,000 17 -
Taxes payables 1,637,135,049 8a 2,494,521,859
Current maturities of long-term for
liabilities purchase of fixed assets 89,560,000 17 111,950,000
Total Current Liabilities 2,353,195,049 2,606,471,859
NONCURRENT LIABILITIES
Long-term liabilities for purchase of
fixed assets - net of current
maturities - 17 44,780,000
Employee benefit liabilities 782,559,844 782,559,844
Total Noncurrent Liabilities 782,559,844 827,339,844
TOTAL LIABILITIES 3,135,754,893 3,433,811,703
EQUITY
Share capital - par value
Rp100 per share Authorized
capital - 4,000,000,000 shares
Issued and fully paid capital -
1,253,000,000 shares 125,300,000,000 10 125,300,000,000
Additional paid-in capital 38,214,800,000 1c 38,214,800,000
Retained earnings
Appropriated 300,000,000 200,000,000
Unappropriated 40,125,217,178 40,543,399,984
TOTAL EQUITY 203,940,017,178 204,258,199,984
TOTAL LIABILITIES AND EQUITY 207,075,772,071 207,692,011,687
See accompanying notes to financial statements which are an integral part of the financial statements.
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PT SUMBER MAS KONSTRUKSI Tbk
Statements of Profit or Loss and Other Comprehensive Income
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
June 30, 2024 Catatan June 30, 2023
REVENUES 44,629,995,371 11 77,200,555,713
COST OF REVENUES 39,036,388,014 12 61,760,444,571
GROSS PROFIT 5,593,607,357 15,440,111,142
General and administrative Expenses 5,550,074,320 13 7,511,921,285
OPERATING INCOME 43,533,037 7,928,189,857
OTHER INCOME (EXPENSE)
Others - net 264,784,157 146,245,473
INCOME BEFORE
INCOME TAX EXPENSE 308,317,194 8,074,435,330
INCOME TAX EXPENSE - 8b -
NET INCOME FOR THE YEAR 308,317,194 8,074,435,330
OTHER COMPREHENSIVE INCOME
(EXPENSE)
Item that will not be reclassified to profit
or loss:
Employee benefits - -
TOTAL COMPREHENSIVE INCOME 308,317,194 8,074,435,330
EARNINGS PER SHARE 0.25 14 6.96
See accompanying notes to financial statements which are an integral part of the financial statements.
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PT SUMBER MAS KONSTRUKSI Tbk
Statements of Changes in Equity
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
Retained Earnings
Issued and Fully Additional
Notes Paid Capital Paid-In Capital Unappropriated Appropriated Total Equity
Balance Januari 1, 2023 125,300,000,000 38,214,800,000 31,901,916,560 100,000,000 195,516,716,560
Dividend - - (1,253,000,000) - (1,253,000,000 )
Establishment of a general reserve 10 - - (100,000,000) 100,000,000 -
Profit for the year - - 9,701,148,481 - 9,701,148,481
Other comprehensive expenses - - 293,334,943 - 293,334,943
Balance December 31, 2023 125,300,000,000 38,214,800,000 40,543,399,984 200,000,000 204,258,199,984
Establishment of a general reserve 10 - - (100,000,000) 100,000,000 -
Dividend 10 - - (626,500,000) - (626,500,000 )
Profit for the year - - 308,317,194 - 308,317,194
Balance June 30, 2024 125,300,000,000 38,214,800,000 40,125,217,178 300,000,000 203,940,017,178
See accompanying notes to financial statements which are an integral part of the financial statements.
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PT SUMBER MAS KONSTRUKSI Tbk
Statements of Cash Flows
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
June 30, 2024 June 30, 2023
CASH FLOWS FROM
OPERATING ACTIVITIES
Cash receipts from customers 21,606,363,539 38,427,839,932
Cash payment to suppliers - (30,446,125,051 )
Cash payment to employee (2,394,310,379 ) (2,140,442,460 )
Cash payment to income taxes (624,866,702 ) (3,699,401,039 )
Other operational activities (1,041,022,821 ) 1,451,594,833
Net Cash Provided by
Operating Activities 17,546,163,637 3,593,466,215
CASH FLOWS FOR
INVESTING ACTIVITIES
Acquisition of fixed assets (8,388,650,000 ) (89,000,000 )
Acquisition of integible assets (109,000,000 ) (41,637,000 )
Net Cash Used in Investing Activities (8,497,650,000 ) (130,637,000 )
CASH FLOWS FROM FINANCING
ACTIVITIES
Liabilities purchase of fixed assets (67,170,000 ) (67,170,000 )
NET INCREASE IN CASH AND BANKS 8,981,343,637 3,395,659,215
CASH AND BANKS AT BEGINNING OF
THE YEAR 66,195,116,804 112,475,650,908
CASH AND BANKS AT END OF THE
PERIOD 75,176,460,441 115,871,310,123
See accompanying notes to financial statements which are an integral part of the financial statements.
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PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
1. General
a. Establishment and General Information
PT Sumber Mas Konstruksi Tbk (the "Company") was established under the name of
PT Rubenindo Artha Subur based on Notarial Deed of E. Sianipar, S.H., No. 07, dated February 4,
1981. This deed was approved by the Minister of Justice and Laws of Republic of Indonesia through
his decision letter No. Y.A.5/256/10 dated May 16, 1981. The Company’s name has been changed
from PT Rubenindo Artha Subur into PT Sumber Mas Konstruksi by Notarial Deed of Bliamto
Silitonga, S.H. No. 28, dated February 14, 2020. These amendments were approved by the Minister
of Laws and Human Rights of Republic of Indonesia through his decision letter
No. AHU-0009280.AH.01.10 dated February 27, 2020.
The Company’s Articles of Association have been amended several times, the latest was covered
by the Notarial Deed No. 15 dated January 12, 2022 of Leolin Jayayanti S.H., M.KN., concerning
the changes in the composition of the Company's shareholders. These amendments were approved
by the Minister of Laws and Human Rights of Republic of Indonesia through his decision letter No.
AHU-AH.01.03-0023884 dated January 12, 2022.
According to Article 3 of the Articles of Association, the scope of the Company's operational
activities is in the fields of Road Civil Building Construction, Office Building Construction and Civil
Building Construction of Bridges, Toll Road, Flyovers and Underpasses.
The Company is located in Graha Mustika Ratu 5th floor, Jalan Gatot Subroto Nomor 74-75,
Kelurahan Menteng Dalam, Kecamatan Tebet, Jakarta Selatan.
Now, the Company is engaged in construction projects in the North Sumatra and Jambi areas.
The company started its commercial operations in 2017.
The Company's direct parent entity is PT Vina Nauli Jordania, the majority of whose shares are
owned by Intan Magdalena.
b. Board of Commissioners, Directors and Employees
The composition of the Company’s board of commissioners and directors as of June 30, 2024 and
December 31, 2023 are as follows:
Board of Commissioners Directors
President Commissioner : Intan Magdalena President Director : Budi Aris P
Commissioner : Untung Surono Director : Amaldin
Commissioner Independent : Monang Tua Sitanggang
The composition of the Company’s audit committee as of June 30, 2024 and December 31, 2023
are as follows:
Chairman : Monang Tua Sitanggang, SE, SH
Member : Rinaldi Vivenda, SE, CPAI, CPA
Member : Steven Dimas, SE
As at June 30, 2024 and December 31, 2023, the Corporate Secretary of the Company is Budi Aris.
As at June 30, 2024 and December 31, 2023, the Head of Internal Audit of the Company is
Sobirin, SE.
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PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
c. Public Offering of the Company’s Shares
On February 25, 2022, the Company obtained effective notification from the Financial Services
Authority (OJK) its letter No. S-33/D.04/2022 to conduct an initial public offering via the Indonesian
Stock Exchange (IDX) of 250.000.000 shares with par value of Rp100 per share, at an offering price
of Rp264 per share. The Company has listed all of its shares totaling Rp2.785.200.000 in the
Indonesia Stock Exchange (IDX) on March 9, 2022.
On June 30, 2024 and December 31, 2023, all shares of the Company have been listed on the IDX.
d. Completion of the Financial Statements
The financial statements of PT Sumber Mas Konstruksi Tbk for the year ended June 30, 2024
were completed and authorized for issuance July 30, 2024 by the Company’s Directors who are
responsible for the preparation and presentation of the financial statements.
2. Material Accounting Policy Information
a. Basis of Financial Statetments Preparation and Measurement
The financial statements have been prepared and presented in accordance with Indonesian
Financial Accounting Standards (“SAK”), which comprise the statements and interpretations
issued by the Board of Financial Accounting Standards of the Indonesian Institute of Accountants
(“DSAK”) and Regulation No. VIII.G.7 regarding “Presentation and Disclosures of Public
Companies’ Financial Statements”. Such financial statements are an English translation of the
Company’s statutory report in Indonesia.
The Company has prepared the financial statements on the basis that it will continue to operate
as a going concern.
The measurement basis used is the historical cost, except for certain accounts which are
measured on the basis described in the related accounting policies. The financial statements,
except for the statements of cash flows, are prepared under the accrual basis of accounting.
The statement of cash flows is prepared based on the direct method by classifying cash flows on
the basis of operating, investing, and financing activities.
The accounting policies adopted in the preparation of the financial statements are consistent with
those made in the preparation of the Company’s financial statements for the year ended
December 31, 2023, except for the adoption of several amended SAKs. As disclosed further in
the relevant succeeding Notes, several amended and published accounting standards were
adopted effective January 1, 2024.
The presentation currency used in the preparation of the financial statements is the Indonesian
Rupiah, which is the Company’s functional currency.
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PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
b. Current and Non-current Classification
The Company presents assets and liabilities in the statement of financial position based on
current/non-current classification. An asset is current when it is:
i) expected to be realized or intended to be sold or consumed in the normal operating cycle,
ii) held primarily for the purpose of trading,
iii) expected to be realized within 12 months after the reporting period, or cash or cash
equivalent unless restricted from being exchanged or used to settle a liability for at least 12
months after the reporting period.
All other assets are classified as non-current.
A liability is current when it is:
i) expected to be settled in the normal operating cycle,
ii) held primarily for the purpose of trading,
iii) due to be settled within 12 months after the reporting period, or
iv) there is no unconditional right to defer the settlement of the liability for at least 12 months
after the reporting period.
All other liabilities are classified as non-current.
c. Cash and Banks
Cash consists of cash on hand and in banks. Cash equivalents are short-term, highly liquid
investments that are readily convertible to known amounts of cash with original maturities of three
(3) months or less from the date of placements, and which are not used as collateral and are not
restricted.
Restricted cash and cash equivalents which will be used to pay currently maturing obligations are
presented as “restricted cash equivalents” under the current assets section of the statements of
financial position.
d. Financial Instruments
The Company classifies financial instruments into financial assets and financial liabilities. A financial
instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.
Financial Assets
Financial assets are classified, at initial recognition, and subsequently measured at (i) amortized
cost, (ii) fair value through profit or loss (FVTPL), or (iii) fair value through other comprehensive
income (FVOCI).
i. Financial assets at amortized cost
A financial asset shall be measured at amortized cost if both of the following conditions are
met:
• The financial asset is held within a business model with the objective to hold financial
assets in order to collect contractual cash flows; and
• The contractual terms of the financial asset give rise on specified dates to cash flows that
are solely payments of principal and interest on the principal amount outstanding.
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PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
Financial assets at amortized cost is measured at initial amount minus the principal
repayments, plus or minus the cumulative amortization using the effective interest method of
any difference between that initial amount and the maturity amount, adjusted for allowance for
impairment.
As at June 30, 2024 and December 31, 2023, the Company’s cash and banks, trade
receivables, other current asset, and other non-current asset are included in this category.
Financial Liabilities and Equity Instruments
Financial liabilities and equity instruments of the Company are classified according to the
substance of the contractual arrangements entered into and the definitions of a financial liability
and equity instrument.
i. Financial Liabilities
The Company classifies its financial liabilities, at initial recognition, as: (i) financial liabilities
measured at amortized cost, or (ii) financial liabilities at FVTPL.
All financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings, inclusive of directly attributable transaction costs and subsequently measured
at amortized cost using the effective interest rate method. The amortization of the
effective interest rate is included in finance costs in profit or loss.
• Financial liabilities at amortized cost
Financial liabilities at amortized cost are measured at initial amount minus the principal
repayments, plus or minus the cumulative amortization using the effective interest method
of any difference between that initial amount and the maturity amount.
As at June 30, 2024 and December 31, 2023, the Company’s other payables and financial
institution loans are included in this category.
ii. Equity Instruments
An equity instrument is any contract that evidences a residual interest in the assets of an
entity after deducting all of its liabilities. Equity instruments are recorded at the proceeds
received, net of direct issue costs.
Effective Interest Method
Effective interest method is a method of calculating the amortized cost of a financial liability and of
allocating interest expense over the relevant period. The effective interest rate is the rate that
exactly discounts estimated future cash payments (including all fees and points paid or received
that form an integral part of the effective interest rate, transaction costs and other premiums or
discounts) through the expected life of the financial liability, or (where appropriate) a shorter
period to the net carrying amount on initial recognition.
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PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
Offsetting of Financial Instruments
Financial assets and financial liabilities are offset and the net amount reported in the statements
of financial position if, and only if, there is a currently enforceable legal right to offset the
recognized amounts and there is an intention to settle on a net basis, or to realize the assets and
settle the liabilities simultaneously.
Reclassifications of Financial Assets
The Company reclassifies its financial assets when, and only when, the Company changes its
business model for managing financial assets. While, any financial liabilities shall not be
reclassified.
Impairment of Financial Assets
Because the Company’s trade receivables and contract assets do not contain significant financing
component, the Company applies a simplified approach in calculating ECL. Therefore, the
Company does not track changes in credit risk, but instead recognizes a loss allowance based on
lifetime ECL at each reporting date. The Company established a provision matrix that is based on
its historical credit loss experience, adjusted for forward-looking factors specific to the debtors
and the economic environment.
The Company considers a financial asset in default when contractual payments are 360 days
past due. However, in certain cases, the Company may also consider a financial asset to be in
default when internal or external information indicates that the Company is unlikely to receive the
outstanding contractual amounts in full before taking into account any credit enhancements held
by the Company. Trade receivables is written off when there is low possibility of recovering the
contractual cash flow, after all collection efforts have been done and have been fully provided for
allowance.
Derecognition of Financial Assets and Financial Liabilities
i. Financial Assets
Financial asset (or, where applicable, a part of a financial asset or part of a group of similar
financial assets) is derecognized when:
• the contractual rights to receive cash flows from the financial asset have expired;
• the Company retains the right to receive cash flows from the asset, but has assumed
a contractual obligation to pay them in full without material delay to a third party under
a “pass-through” arrangement; or
• the Company has transferred its rights to receive cash flows from the asset and either
(i) has transferred substantially all the risks and rewards of the asset, or (ii) has neither
transferred nor retained substantially all the risks and rewards of the asset but has
transferred control of the asset.
When the Company has transferred its rights to receive cash flows from an asset or has
entered into a pass-through arrangement and has neither transferred nor retained
substantially all of the risks and rewards of the asset nor transferred control of the asset, the
asset is recognized to the extent of the Company’s continuing involvement in the asset.
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PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
Continuing involvement that takes the form of a guarantee over the transferred asset is
measured at the lower of the original carrying amount of the asset and the maximum amount
of consideration that the Company could be required to repay.
In that case, the Company also recognizes an associated liability. The transferred assets and
the associated liability are measured on a basis that reflects the rights and obligations that the
Company has retained.
On derecognition of a financial asset measured at amortized cost, the difference between the
asset’s carrying amount and the sum of the consideration received, and receivable is
recognized in profit or loss.
ii. Financial Liabilities
A financial liability is derecognized when the obligation specified in the contract is discharged
or cancelled or expired. The difference between the carrying amount of the financial liability
derecognized and the consideration paid and payable is recognized in profit or loss.
When an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified,
such an exchange or modification is treated as a derecognition of the original liability and the
recognition of a new liability, and the difference in the respective carrying amounts is
recognized in profit or loss.
e. Fair Value Measurement
The fair value measurement is based on the presumption that the transaction to sell the asset or
transfer the liability takes place either:
in the principal market for the asset or liability or;
in the absence of a principal market, in the most advantageous market for the asset or liability.
The Company must have access to the principal or the most advantageous market at the
measurement date.
The fair value of an asset or liability is measured using the assumptions that market participants
would use when pricing the asset or liability, assuming that market participants act in their best
economic interest.
A fair value measurement of a non-financial asset takes into account a market participant's ability to
generate economic benefits by using the asset in its highest and best use or by selling it to another
market participant that would use the asset in its highest and best use.
When the Company uses valuation techniques, it maximizes the use of relevant observable inputs
and minimizes the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorized within the fair value hierarchy as follows:
• Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
• Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable;
• Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.
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PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
For assets and liabilities that are recognized in the financial statements on a recurring basis,
the Company determines whether transfers have occurred between levels in the hierarchy by
re-assessing categorization at the end of each reporting period.
f. Property and equipment
Property and equipment are stated at cost less accumulated depreciation and any impairment
loss. Such a cost includes the cost of replacing part of the property and equipment when the cost
is incurred, if the recognition criteria are met. Likewise, when a major inspection is performed, its
cost is recognized in the carrying amount of the assets as a replacement if the recognition criteria
are met. All other repairs and maintenance costs that do not meet the recognition criteria are
recognized in profit or loss as incurred.
Depreciation is computed using double declining for machineries and equipment, vehicles, golf
supplies, and office supplies over the estimated useful lives of the assets as follows:
Tahun
Project Equipment 4
Office Equipment 4
Vehicles 4
The carrying value of property and equipment is derecognized upon disposal or when no future
economic benefits are expected from its use. When property and equipment are sold or retired, the
cost, accumulated depreciation and any impairment losses are eliminated from the accounts. Any
gain or loss arising on derecognition of the property and equipment is charged to profit or loss in the
year the assets are derecognized.
The asset’s residual values, if any, useful lives and depreciation method are reviewed and adjusted
if appropriate, at each financial year end.
g. Impairment of Non-financial Assets
The Company assesses at each reporting period whether there is an indication that an asset may
be impaired. If any such indication exists, or when annual impairment testing for an asset is
required, the Company makes an estimate of the asset’s recoverable amount.
An asset’s recoverable amount is the higher of the asset’s or its cash-generating unit’s fair value
less costs to sell and its value in use, and is determined for an individual asset, unless the asset
does not generate cash inflows that are largely independent of those from other assets or groups of
assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is
considered impaired and is written down to its recoverable amount and an impairment loss is
recognized immediately in profit or loss, unless the relevant asset is carried at revalued amount, in
which the impairment loss is treated as a revaluation decrease.
In assessing the value in use, the estimated net future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market assessments of the time value of
money and the risks specific to the asset. In determining fair value less costs to sell, recent market
transactions are taken into account, if available. If no such transactions can be identified, an
appropriate valuation model is used to determine the fair value of the assets. These calculations are
corroborated by valuation multiples or other available fair value indicators.
An assessment is made at each annual reporting period as to whether there is any indication that
previously recognized impairment losses recognized for an asset may no longer exist or may have
decreased. If such indication exists, the recoverable amount is estimated.
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PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
A previously recognized impairment loss for an asset is reversed only if there has been a change in
the assumptions used to determine the asset’s recoverable amount since the last impairment loss
was recognized. If that is the case, the carrying amount of the asset is increased to its recoverable
amount. The reversal is limited so that the carrying amount of the asset does not exceed its
recoverable amount, nor exceeds the carrying amount that would have been determined, net of
depreciation, had no impairment loss been recognized for the asset in prior years. Reversal of an
impairment loss is recognized in the statement of profit and loss and other comprehensive income.
After such a reversal, the depreciation charge on the said asset is adjusted in future periods to
allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its
remaining useful life.
h. Revenue and Expense Recognition
Revenue is measured based on the consideration to which the Company expects to be entitled in a
contract with a customer and excludes amounts collected on behalf of third parties. The Company
recognizes revenue when it transfers control of a product or service to a customer.
The Company has generally concluded that it is the principal in its revenue contracts because it
typically controls the goods or services before transferring them to the customer.
Revenue from contracts with customers
The company implements PSAK No. 72 which requires revenue recognition to fulfill the following
5 analysis steps:
• Step 1: Identify the contract(s) with a customer
• Step 2: Identify the performance obligations in the contract
• Step 3: Determine the transaction price
• Step 4: Allocate the transaction price to the performance obligations in the contract
• Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation.
A performance obligation may be satisfied at the following:
a. A point in time (typically for promises to transfer goods to a customer); or
b. Over time (typically for promises to transfer services to a customer). For a performance
obligation satisfied over time, the Cmpany selects an appropriate measure of progress to
determine the amount of revenue that should be recognized as the performance obligation is
satisfied.
Payment of the transaction price is different for each contract. A contract asset is recognized once
the consideration paid by customer is less than the balance of performance obligation which has
been satisfied. A contract liability is recognized once the consideration paid by the customer is more
than the balance of performance obligation which has been satisfied. Contract assets are presented
under "Trade receivables" and contract liabilities are presented under " Deffered income from
customers”.
Revenues are usually recognized at the point of handover of the goods or services to the customer,
which is completed by a handover document (BAST) that signed by both parties.
Expenses
Expenses are recognized when incurred (accrual basis).
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PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
i. Employee Benefits
Short-term Employee Benefits
Short-term employee benefits are employee benefits which are due for payment within twelve
months after the reporting period and recognized when the employees have rendered this related
service. Liabilities are recognized when the employee renders services to the Company where all
changes in the carrying amount of the liability are recognized in profit or loss.
Defined Benefit Plan
The Company recognized unfunded employee benefits liability in accordance with Government
Regulation Number 35 Year 2021 (PP 35/2021) that implement the provisions of Government
Regulation in Lieu of Law (“Perppu”) No. 2/2022 on Job Creation. Perppu Cipta Kerja 2/2022 has
been enacted into law on March 31, 2023, based on Law No.6 of 2023.
Pension costs under the Company’s defined benefit pension plans are determined by periodic
actuarial calculation using the projected unit credit method and applying the assumptions on
discount rate, return on plan assets and annual rate of increase in compensation.
Remeasurement, comprising actuarial gains and losses, is reflected immediately in the statements
of financial position with a charge or credit recognized in other comprehensive income in the period
in which they occur in order for the net pension liability recognized in the statements of financial
position to reflect the full value of the plan deficit.
Past service cost is recognized in profit or loss when the plan amendment or curtailment occurs, or
when the Company recognizes related restructuring costs or termination benefits, if earlier.
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset.
Defined benefit costs are categorized as follows:
• Service cost (including current service cost, past service cost, as well as gains and losses on
curtailments and settlements)
• Net interest expense or income
• Remeasurement
The Company presents the first two components of defined benefit costs in profit or loss.
Curtailment gains and losses are accounted for as past service costs.
The retirement benefit obligation recognized in the statements of financial position represents the
actual deficit in the Company’s defined benefit plans.
j. Income Taxes
Income tax expense comprises current and deferred tax. Income tax expense is recognized in profit
or loss except to the extent that it relates to items recognized outside profit or loss, either in other
comprehensive income or directly in equity.
Current Tax
Current tax expense is calculated using tax rates that have been enacted or substantively enacted
at end of the reporting period and is provided based on the estimated taxable income for the year.
Management periodically evaluates positions taken in tax returns with respect to situations in which
applicable tax regulation is subject to interpretation. It establishes provision where appropriate on
the basis of amounts expected to be paid to the tax authorities.
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PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
Underpayment or overpayment of corporate income tax are presented as part of current income tax
expense in the statements of profit or loss and other comprehensive income.
Amendments to tax obligations are recorded when a tax assessment letter is received. If the
Company files an appeal, the Company considers whether it is probable that a taxation authority will
accept the appeal and reflect its effect on the Company’s tax obligations.
Final Tax
Income from the Company's construction services is subject to final tax of 2,65%.
Differences in the carrying value of assets or liabilities associated with the final tax is not recognized
as deferred tax assets or liabilities.
Current income tax expense in accordance with revenue subjected to final income tax is recognized
proportionally with the accounting income recognized during the year. The difference between the
final tax paid and the final tax expense in the statements of profit or loss and other comprehensive
income is recognized as prepaid tax or tax payable.
k. Segment Information
Operating segments are identified on the basis of internal reports about components of the
Company that are regularly reviewed by the chief operating decision maker in order to allocate
resources to the segments and to assess their performances.
An operating segment is a component of an entity:
• that engages in business activities from which it may earn revenues and incurred expenses
(including revenues and expenses relating to the transactions with other components of the
same entity);
• whose operating results are reviewed regularly by the entity’s chief operating decision maker to
make decision about resources to be allocated to the segments and assess its performance;
and
• for which discrete financial information is available.
Information reported to the chief operating decision maker for the purpose of resource allocation
and assessment of performance is more specifically focused on the category of each product.
Segment revenue, expenses, results, assets and liabilities include items directly attributable to a
segment as well as those that can be allocated on a reasonable basis to that segment. They are
determined before intragroup balances and transactions are eliminated as part of the process.
l. Basic Earnings per Share
Basic earnings per share are calculated by dividing net profit for the year by the weighted average
number of ordinary shares outstanding during the year.
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PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
3. Management Use of Estimates, Judgments, and Assumptions
In the application of the Company’s accounting policies, which are described in Note 2 to the financial
statements, management is required to make estimates, judgments, and assumptions about the
carrying amounts of assets and liabilities that are not readily apparent from other sources. The
estimates and assumptions are based on historical experience and other factors that are considered
to be relevant.
Management believes that the following represent a summary of the significant estimates, judgments,
and assumptions made that affected certain reported amounts and disclosures in the financial
statements:
Judgments
The following judgments are made by management in the process of applying the Company’s
accounting policies that have the most significant effects on the amounts recognized in the financial
statements:
Going Concern
The Company’s management has made an assessment of the Company’s ability to continue as a
going concern and is satisfied that the Company has the resources to continue in business for the
foreseeable future. Furthermore, the management is not aware of any material uncertainties that may
cast significant doubt upon the Company’s ability to continue as a going concern. Therefore, the
financial statements continue to be prepared on the going concern basis.
Functional Currency
The functional currencies of the Company are the currency of the primary economic environment in
which each entity operates. It is the currency that mainly influences the revenue and cost of rendering
services. Based on the Company’s management assessment, Company’s functional currency is in
Rupiah.
Classification of Financial Assets and Financial Liabilities
The Company determines the classifications of certain assets and liabilities as financial assets and
financial liabilities by judging if they meet the criteria set forth in PSAK 71. Accordingly, the financial
assets and financial liabilities are accounted for in accordance with the Company’s accounting
policies disclosed in Note 2.
Determining the Lease Term of Contracts with Renewal and Termination Options - Company as
Lessee
The Company determines the lease term as the non-cancellable term of the lease, together with any
periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any
periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.
The Company applies judgment in evaluating whether it is reasonably certain whether or not to
exercise the option to renew or terminate the lease. For lease contracts with extension or termination
options, management need to estimate the lease term which requires consideration of all facts and
circumstances that creates an economic incentive to exercise an extension option or not to exercise
termination options, including any expected changes in facts and circumstances from commencement
date until the exercise date of the options. Extension options (or periods after termination options) are
only included in lease terms if the Company is reasonably certain to exercise the extension options or
not to exercise the termination options. If a significant event or a significant change in circumstances
occurs which affects this assessment and that is within the control of the lessee, the above
assessment will be reviewed.
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Page 20
PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
Determining the Timing of Satisfaction of Performance Obligations
The Company recognizes revenue from the sale of real estate at a point in time when all of the
following conditions are fulfilled:
• The Company has transferred significant risks and rewards of ownership of the real estate to the
buyer;
• The Company no longer retains managerial involvement or effective control over the real estate
sold;
• The amount of revenue can be measured reliably;
• It is probable that the economic benefits associated with the transaction will flow to the Company;
and
• The costs incurred or to be incurred in connection with the sale transaction can be measured
reliably
Sales are usually recognized during the handover of the assets, which is evidenced by a handover
letter.
Estimates and Assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the
reporting date that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial period are disclosed below. The Company based its
assumptions and estimates on parameters available when the financial statements were prepared.
Existing circumstances and assumptions about future developments may change due to market
changes on circumstances arising beyond the control of the Company. Such changes are reflected in
the assumptions when they occur.
Fair Value of Financial Assets and Financial iabilities
The Company carries certain financial assets and financial liabilities at fair values, and the disclosure
requires the use of estimates. Significant component of fair value measurement is determined based
on verifiable objective evidence, while timing and amount of changes in fair value might differ due to
different valuation method used.
The fair value of financial assets and liabilities are set out in Note 17.
Estimated Useful Lives of Property and Equipment
The costs of property and equipment are depreciated on a straight-line basis over their estimated
useful lives. Management estimates the useful lives of these property and equipment to be within 4.
The useful life of each item of the Company’s property and equipment is estimated based on the
period over which the asset is expected to be available for use. Such estimation is based on internal
technical evaluation and experience with similar assets. The estimated useful life of each asset is
reviewed periodically and updated if expectations differ from previous estimates due to physical wear
and tear, technical or commercial obsolescence and legal or other limits on the use of the asset. It is
possible, however, that future results of operations could be materially affected by changes in the
amounts and timing of recorded expenses brought about by changes in the factors mentioned above.
A change in the estimated useful life of any item of property and equipment and for investment
properties would affect the recorded depreciation and amortization expense, respectively, and
decrease in the carrying values of these assets.
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PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
Impairment of Nonfinancial Assets
An impairment exists when the carrying value of an asset or cash generating unit exceeds its
recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair
value less costs to sell calculation is based on available data from binding sales transactions in an
arm’s length transaction of similar assets or observable market prices less incremental costs for
disposing of the asset. The value in use calculation is based on a discounted cash flow model. The
cash flows are derived from the budget for the next five years and do not include restructuring
activities that the Company is not yet committed to or significant future investments that will enhance
the asset’s performance of the cash generating unit being tested. The recoverable amount is most
sensitive to the discount rate used for the discounted cash flow model as well as the expected future
cash inflows and the growth rate used for extrapolation purposes.
Management believes that there is no indication of potensial impairment in values of nonfinancial
assets as of June 30, 2024 and December 31, 2023.
Employee Benefits
The determination of the long-term employee benefits is dependent on the selection of certain
assumptions used by actuary in calculating such amounts. Those assumptions are described in
Note 9 and include, among others, rate of salary increase, and discount rate which is determined after
giving consideration to interest rates of high-quality corporate bonds that are denominated in the
currency in which the benefits are to be paid and have terms of maturity approximating the terms of
the related employee benefits liability. Actual results that differ from the Company’s assumptions are
charged to other comprehensive income and therefore, generally affect the recognized other
comprehensive income and recorded obligation in such future periods. While it is believed that the
Company’s assumptions are reasonable and appropriate, significant differences in actual experience
or significant changes in assumptions may materially affect the amount of long-term employee
benefits liabilities.
Income Tax
Significant judgment is involved in determining the provision for corporate income tax. There are
certain transactions and computation for which the ultimate tax determination is uncertain during the
ordinary course of business. The Group recognizes liabilities for expected corporate income tax
issues based on estimates of whether additional corporate income tax will be due. Further details are
disclosed in Note 8.
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Page 22
PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
4. Cash and Banks
Cash and banks consist of:
June 30, 2024 December 31, 2023
Cash
Rupiah 10,000,000 10,000,000
Bank
Rupiah
PT Bank CIMB Niaga Tbk 74,977,801,797 65,988,324,808
PT Bank Central Asia Tbk 49,906,055 67,166,096
Dolar Amerika Serikat
PT Bank CIMB Niaga Tbk 138,752,589 129,625,900
Subtotal 75,166,460,441 66,185,116,804
Total 75,176,460,441 66,195,116,804
As at June 30, 2024 and December 31, 2023, there were no restricted cash and banks and no
placement in related parties.
5. Trade Receivables
As at June 30, 2024 and December 31, 2023, this account represents receivables from customer in
Rupiah currency with details as follow:
June 30, 2024 December 31, 2023
PT Ulung Jaya Perkasa 14,655,022,471 7,017,141,773
PT Putra Tanjung Permai 13,015,015,015 -
PT Tumbuh Jaya Santosa 9,943,416,778 9,943,416,778
PT Graha Loka Pangestu 9,924,442,343 -
PT Djambi Waras Jujuhan 8,729,388,005 8,729,388,005
PT Sea Asih Lines 8,092,132,621 8,092,132,621
PT Anekapura Multikarta 8,037,777,831 8,037,777,831
PT Kuala Jaya Samudra 5,721,747,858 -
PT Sejahtera Mandiri Sawit 5,610,162,330 5,610,162,330
PT Dian Wira Putra 5,040,372,298 -
Kesatuan Nelayan Tradisional Indonesia - 9,924,305,559
PT Kuala Jaya Samudra - 6,237,773,486
PT Indonesia Asahan Alumunium - 1,866,112,050
PT Citra Buana Pasta - 1,702,850,270
Total 88,769,477,550 67,161,060,703
The details of trade receivables based on the aging of receivables are as follows:
June 30, 2024 December 31, 2023
Not due 48,356,599,985 57,236,755,144
Past due:
1 - 90 days - 9,924,305,559
91 - 180 days 40,412,877,565 -
Total 88,769,477,550 67,161,060,703
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Page 23
PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
Based on the review of the condition of the trade receivables at year end of 2024 and 2023, the
Company's management believes that the allowance for impairment in value is adequate to cover
possible losses in the future.
6. Advances
As at June 30, 2024 and December 31, 2023, this account represents project advances payments on
projects being carried out by the Company.
Advances are advances given to third parties for suppliers of materials and workers wages in
connection with project work.
7. Property And Equipment
The details of the Company’s property and equipment are as follows:
June 30, 2024
Beginning Balance Additions Deductions Ending Balance
Cost
Direct owenership
Project equipment 9,585,143,000 7,150,000,000 - 16,735,143,000
Office equipment 327,230,550 - - 327,230,550
Vehicles 537,683,000 1,238,650,000 - 1,776,333,000
Total 10,450,056,550 4,438,650,000 - 14,888,706,550
Accumulated Depreciation
Direct owenership
Project equipment 8,989,943,956 523,065,044 - 9,513,009,000
Office equipment 171,845,692 - - 171,845,692
Vehicles 224,034,583 67,210,375 - 291,244,958
Total 9,385,824,231 590,275,419 - 9,976,099,650
Net Book Value 1,064,232,319 8,862,606,900
December 31, 2023
Beginning Balance Additions Deductions Ending Balance
Cost
Direct owenership
Project equipment 9,585,143,000 - - 9,585,143,000
Office equipment 277,960,700 49,269,850 - 327,230,550
Vehicles 537,683,000 - - 537,683,000
Total 10,400,786,700 49,269,850 - 10,450,056,550
Accumulated Depreciation
Direct owenership
Project equipment 6,616,361,331 2,373,582,625 - 8,989,943,956
Office equipment 99,355,517 72,490,175 - 171,845,692
Vehicles 89,613,833 134,420,750 - 224,034,583
Total 6,805,330,681 2,580,493,550 - 9,385,824,231
Net Book Value 3,595,456,019 1,064,232,319
Depreciation expenses for the period ended June 30, 2024, and December 31, 2023 were charged to
general and administrative expenses amounting to Rp590,275,419 and Rp2,580,493,550,
respectively (Note 13).
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Page 24
PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
As of June 30, 2024, and December 31, 2023, the Company's vehicles are used as collateral for
liabilities for purchase of Property and equipment that by the Company.
As of June 30, 2024 and December 31, 2023, the Company's vehicles were insured with a coverage
amount of Rp428,100,000.
Based on review of the Property and equipment, the Company’s management believes that there are
no situation or circumtances that indicate impairment of Property and equipment.
8. Taxation
a. Taxes payable
Taxes payable consists of:
June 30, 2024 December 31, 2023
Income Taxes:
Article 21 21,002,733 645,869,435
Value Added Tax 1,616,132,316 1,848,652,424
Total 1,637,135,049 2,494,521,859
b. Current Tax
A reconciliation between profit before income tax expense, as shown in the statements of profit or
loss and other comprehensive income, and estimated taxable income of the Company for the
years ended June 30, 2024 and December 31, 2023 are as follows:
June 30, 2024 December 31, 2023
Profit before income tax expense as
shown in the statements of profit
or loss and other comprehensive
income 158,317,194 9,701,148,481
Permanent difference
Income subject to final tax (158,317,194 ) (9,701,148,481 )
Taxable income - -
The Company has reported the estimated taxable income for 2023 as mentioned above in their
SPT that has been submitted to KPP. However, management of the Company is aware that there
could be corrections from KPP.
9. Employee Benefits
The Company provides benefits for its employees who has reached the retirement age of 55 based
on prevailing labor laws in Indonesia. The employee benefits liability is unfunded.
As at June 30, 2024 and December 31, 2023, the Company recognized employee benefits based on
the calculation of KKA Nurichwan, independent actuary, in its reports dated March 20, 2024,
respectively using the projected unit credit method, with the following principal assumptions:
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Page 25
PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
2024 2023
Discount rate 6,84% 6,84%
Future salary increases 9,00% 9,00%
Mortality rate TMI IV-2019 TMI IV-2019
Retirement age 55 year 55 year
Reconciliation of the amount of employee benefits liabilities presented in the statements of financial
position is as follows:
2024 2023
Beginning balance 782,559,844 845,825,980
Current period employee benefits expense - 230,068,807
Actuarial loss recognized in other
comprehensive income - (293,334,943)
Ending balance 782,559,844 782,559,844
Sensitivity analysis
Impact on employee benefits liabilities
Change in Increase in Decrease in
assumption assumption assumption
Discount rate 1.00% (66,297,295 ) 75,282,235
Salary increase rate 1.00% 72,980,560 (65,628,156)
The management of the Company has reviewed the assumptions used and agreed that these
assumptions are adequate. Management believes that the liability for employee benefits is sufficient
to cover the Company’s liability for its employee benefits.
As at June 30, 2024 dan Desember 31, 2023, the expected maturity analysis of discounted
employee benefits are as follows:
Present Value of Obligations
Future Service Year 2023
<1 year 68,334,725
>1 years 777,491,255
Total 845,825,980
As at June 30, 2024 dan December 31 2023, the weighted average duration of employee benefits
liabilities is 19,62 years, respectively.
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Page 26
PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
10. Share Capital
As at June 30, 2024, based on administrative records managed by PT Bima Registra, Securities
Administration Bureau, the composition of shareholders and their percentage of ownership are as
follows:
Percentage of
Shareholders Number of Shares Ownership Total
Authorized 4,000,000,000 400,000,000,000
Issued and fully paid capital
PT Vina Nauli Jordania 703,000,000 56.11% 70,300,000,000
Public (each below 5%) 550,000,000 43.89% 55,000,000,000
Total 1,253,000,000 100% 125,300,000,000
As at December 31, 2023, based on administrative records managed by PT Bima Registra,
Securities Administration Bureau, the composition of shareholders and their percentage of ownership
are as follows:
Percentage of
Shareholders Number of Shares Ownership Total
Authorized 4,000,000,000 400,000,000,000
Issued and fully paid capital
PT Vina Nauli Jordania 703,000,000 56.11% 70,300,000,000
Phillip Securities Pte Ltd 196,288,700 15.67% 19,628,870,000
Public (each below 5%) 353,711,300 28.22% 35,371,130,000
Total 1,253,000,000 100% 125,300,000,000
In the General Meeting of Shareholders held on June 24 2024, the shareholders agreed to establish
additional general reserves of Rp100,000,000 and distribute cash dividends of Rp626,500,000 on the
Company's operating results for 2023 which were paid off on July 22, 2024.
In the General Meeting of Shareholders which was held on June 15, 2023 and was declared by
Notarial Deed Leolin Jayayanti, S.H., No. 24 on the same date, the shareholders have agreed to
establish additional general reserves of Rp100,000,000 and distribute cash dividends of
Rp1,253,000,000 on the Company's operating results for 2022 which were paid off on July 17, 2023.
11. Sales
As of June 30, 2024 and 2023, this account represents revenues from projects providing construction
services.
On June 30, 2024 and 2023, there was no sales transactions to related parties.
Details of third party customers with transactions of more than 10% of total revenue in the period
ending June 30, 2024 and 2023 are as follows:
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Page 27
PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
Percentage to total sales
June 30, 2024 June 30, 2023 June 30, 2024 June 30,2023
PT Ulung Jaya Perkasa 13,525,632,184 - 30.31% -
PT Putra Tanjung Permai 12,012,012,012 12,539,894,609 26.91% 16.24%
PT Graha Loka Pangestu 9,159,614,530 - 20.53% -
PT Kuala Jaya Samudra 5,280,800,976 - 11.83% -
PT Dian Wira Putra 4,651,935,669 - 10.42% -
Kesatuan Nelayan
Tradisional Indonesia - 28,230,600,000 - 36.57%
PT Bintang Perkasa Jaya - 11,071,624,737 - 14.34%
PT Sinar Galuh Pratama - 9,273,898,585 - 12.01%
Jumlah 44,629,995,371 61,116,017,931 100.00% 79.17%
12. Cost Of Sales
As of June 30, 2024 and 2023, this account represents payments to suppliers for the purchase of
materials and wages for project workers.
Suppliers with transaction values of more than 10% are as follows:
June 30, 2024 June 30, 2023
CV Karya Bangunan 8,700,000,000 -
CV Panglong Sukses Selalu 7,000,000,000 -
Kesatuan Nelayan Tradisional Indonesia - 19,196,808,000
13. General and Administrative Expenses
This account consists of:
June 30, 2024 June 30, 2023
Salaries and benefits 2,520,326,715 2,362,864,475
Final tax expense 1,182,694,877 2,045,814,726
Depreciation of property and equipment (Note 7) 590,275,419 1,268,840,775
Marketing 278,763,120 489,354,733
Rent 214,500,000 214,500,000
Electricity, water and telephone 192,623,182 183,952,112
Transportation and accommodation 161,526,378 206,826,427
Professional fees 112,162,740 137,277,335
Others (each below Rp100,000,000) 297,201,889 602,490,702
Total 5,550,074,320 7,511,921,285
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PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
14. Basic Earnings (Loss) Per Share
Earnings per share is calculated by dividing the profit for the year attributable to the owners of the
Company by the weighted average number of fully issued ordinary shares outstanding in the relevant
year, as follows:
Net income current Weighted average
year attributable to number of ordinary
the owners of share outstanding
the Company Earnings per share
June 30, 2023 8,074,435,330 1,160,636,872 6.96
June 30, 2024 308,317,193 1,253,000,000 0.25
15. Segment Information
The Company classifies and evaluates its business activities based on the type of business, mainly
consisting of:
Java
Non-Java
Management monitors the operating results of each type of business above separately for the
purpose of making decisions regarding resource allocation and performance evaluation. Therefore,
the determination of the Company's segments is consistent with the classification above. Segment
performance is evaluated based on operating profit or loss and is measured consistently with the
operating profit or loss in the financial statements.
June 30, 2024
Java Non Java Jumlah
Sales - 44,629,995,371 44,629,995,371
Cost of sales - (39,036,388,014 ) (39,036,388,014 )
Gross profit - 5,593,607,357 5,593,607,357
Operating expenses - (5,550,074,320 ) (5,550,074,320 )
OPERATING INCOME - 43,533,037 43,533,037
Others - net - 264,784,157 264,784,157
Income before income
tax expense - 308,317,194 308,317,194
Income tax expense -
Other comprehensive income -
Total comprehensive income 308,317,194
Assets and liabilities
Segment of assets - 207,075,772,071 207,075,772,071
Segment of liabilities - 3,135,754,893 3,135,754,893
Acquistion of fixed assets - 8,388,650,000 8,388,650,000
Depreciation - 590,275,419 590,275,419
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PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
June 30, 2023
Java Non Java Jumlah
Sales - 77,200,555,713 77,200,555,713
Cost of sales - (61,760,444,571) (61,760,444,571 )
Gross profit - 15,440,111,142 15,440,111,142
Operating expenses - (7,511,921,285 ) (7,511,921,285 )
Operating Income - 7,928,189,857 7,928,189,857
Others - net - 146,245,473 146,245,473
Income before income
tax expenses - 8,074,435,330 8,074,435,330
Income tax expense -
Other comprehensive income -
Total Comprehensive Income 8,074,435,330
Assets and liabilities
Segment of asset - 209,637,252,819 209,637,252,819
Segment of liabilities - 7,299,100,929 7,299,100,929
Acquistion of fixed assets - 41,637,000 41,637,000
Depreciation - 1,268,840,775 1,268,840,775
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Page 30
PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
16. Significant Agreements
Sales
Kesatuan Nelayan Tradisional Indonesia
On April 11 2022, in accordance with agreement No.01/PERUM/SMK-KNTI/BB/IV/2022, the Company
collaborated with the Indonesian Traditional Fishermen's Association. The agreed scope of work
includes the construction of the KNTI Kuala Tanjung housing complex - North Sumatra. This
agreement ends after work and payment have been completed 100% per work item.
PT Putra Tanjung Permai
On March 31, 2023, in accordance with agreement No.008/KT-GDKT-II/PTM-SMK/III/2023, the
Company entered into a collaboration with PT Putra Tanjung Permai. The agreed scope of work
includes the construction of the Kuala Tanjung building and office phase 2. This agreement is valid for
2 years starting from March 31 2023 to March 31, 2025.
PT Bintang Perkasa Jaya
On June 6, 2022, in accordance with agreement Number.SPK 023-KT.INF/BPJ-SMK/VI/2022, the
Company entered into a collaboration with PT Bintang Perkasa Jaya. The agreed scope of work
includes construction of warehouses and supporting infrastructure for PT Bintang Perkasa Jaya. This
agreement is valid for 3 years starting from June 6, 2022 to June 6, 2025.
PT Sinar Galuh Pratama
On April 4, 2023, in accordance with agreement No.SPK.III/SGP-SMK/IV/2023, the Company entered
into a collaboration with PT Sinar Galuh Pratama. The agreed scope of work includes construction of
warehouses and supporting facilities.
PT Kuala Jaya Samudra
On May 13, 2022, the Company entered into a collaboration with PT Kuala Jaya Samudra. The
agreed scope of work includes construction of the PT Kuala Jaya Samudra warehouse.
PT Ulung Jaya Perkasa
On May 20, 2022, in accordance with agreement No.21/UJP-GUD/SMK-SUB CON GUD/V/2022, the
Company entered into a collaboration with PT Ulung Jaya Perkasa. The agreed scope of work
includes warehouse construction work.
.
- 27 -
Page 31
PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
17. Financial Instruments
The table below is a comparison by class of the carrying amounts and fair value of the Company’s
financial instruments that are carried in the financial statements as of June 30, 2024 dan
December 31, 2023:
June 30, 2024
Carrying amount Fair value
Financial assets
Cash and banks 75,176,460,441 75,176,460,441
Trade receivables 88,769,477,550 88,769,477,550
Total 163,945,937,991 163,945,937,991
Financial liabilities
Other payables 626,500,000 626,500,000
Liabilities for purchase of fixed assets 89,560,000 89,560,000
Total 716,060,000 716,060,000
Desember 31, 2023
Carrying amount Fair value
Financial assets
Cash and banks 66,195,116,804 66,195,116,804
Trade receivables 67,161,060,703 69,260,577,501
Total 133,356,177,507 135,455,694,305
Financial liabilities
Liabilities for purchase of fixed assets 156,730,000 156,730,000
Berikut ini adalah metode dan asumsi yang digunakan untuk menentukan nilai wajar:
1. Cash and banks, trade receivables and other payables approximate their carrying values due to
their short-term nature.
2. The carrying value of financial liabilities in the form of liabilities for purchase of fixed assets is
determined using discounted cash flows based on the effective interest rate.
18. Financial Risk Management Objectives And Policies
In its daily business activities, the Company is exposed to risks. The main risks faced by the Company
arising from their financial instruments are credit risk, market risk (i.e. interest rate risk) and liquidity
risk. The core function of the Company’s risk management is to identify all key risks for the Company,
measure these risks and manage the risk positions in accordance with its policies and Company’s risk
appetite. The Company regularly reviews their risk management policies and systems to reflect
changes in markets, products and best market practice.
Risk management is the responsibility of the Directors, supported by the Financial Risk Management
Committee (the “Committee”). The Committee, comprising the Finance Controller of each subsidiary, is
led by the Chief Financial Officer. The Directors have the responsibility to determine the basic
principles of the Company’s risk management as well as principles covering specific areas, such as
credit risk, foreign exchange risk, interest rate risk and liquidity risk.
- 28 -
Page 32
PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
The Company uses various methods to measure risk to which it is exposed. These methods include
sensitivity analysis in the case of interest rate, foreign exchange and other price risks and aging
analysis for credit risk.
Meanwhile, the Committee has a responsibility to assist the Board of Directors in ensuring that risk
management has been implemented in accordance with these principles.
Credit Risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating
activities and from its financing activities including deposits with banks, foreign exchange transactions
and other financial instruments.
The following table illustrates the Company’s credit exposure at their carrying amounts (without taking
into account any collateral held or other credit enhancements), which is categorized by major
operations.
June 30, 2024
Neither past due Past due Total
Cash and bank 75,176,460,441 - 75,176,460,441
Trade receivables 88,769,477,550 - 88,769,477,550
Total 163,945,937,991 - 163,945,937,991
The Company do business only with recognized credible third parties. The Company's policy is that all
customers who wish to trade on credit terms need to go through credit verification procedures. In
addition, the amount of receivables is monitored continuously to reduce the risk of impairment of
receivables.
Credit risk also arises from deposits in banks and financial institutions. For mitigate credit risk, the
Company placed cash on a trusted financial institution.
Liquidity Risk
Liquidity risk is the risk that the Company is unable to meet its obligations when due. The management
evaluates and monitors cash - in flows and cash - out flows to ensure the availability of funds to settle
the due obligation. Generally, fund needed to settle the current and long-term liabilities is obtained
from sales activities to customers.
The tables below summarize the maturity profile of the Company’s financial liabilities based on
undiscounted contractual payments as of June 30, 2024 dan December 31, 2023:
June 30, 2024
<1 year >1 years Total
Liabilities for purchase of fixed
assets 89,560,000 - 89,560,000
December 31, 2023
<1 year >1 years Total
Liabilities for purchase of fixed
assets 111,950,000 44,780,000 156,730,000
- 29 -
Page 33
PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
Capital Management
The primary objective of capital management of the Company is to ensure the maintenance of strong
credit rating and healthy capital ratios to support the business and to maximize return for
shareholders.
The Company manages its capital structure and makes adjustments to it, in light of changes in
economic conditions. To maintain or adjust the capital structure, the Company may adjust the
dividend payment to shareholders. No changes were made in the objectives, policies or processes
during the periods presented.
The Company’s policy is to maintain a healthy capital structure in order to secure access to finance at
a reasonable cost.
As generally accepted practice, the Company evaluates its capital structure through debt-to-equity
ratio (gearing ratio), which is calculated as net liabilities divided by total capital. Net liabilities is total
liabilities as presented in the statement of financial position less cash and bank. Whereas, total equity
is all components of equity in the statements of financial position. As of June 30, 2024 and
December 31, 2023, the ratio calculation are as follows:
June 30, 2024 December 31, 2023
Total liabilities 3,135,754,893 3,433,811,703
Less cash and cash bank 75,176,460,441 66,195,116,804
Net liabilities (72,040,705,548) (62,761,305,101)
Total equity 203,940,017,178 204,258,199,984
Debt to equity ratio (0.35) (031)
19. Supplementary Information for Cash Flows
For the six month period as of June 30, 2024, the Company's non-cash transaction was an increase in
other payable through dividends of Rp626.500.000.
20. New Financial Accounting Standards
Changes to PSAK
Adopted in 2023
The application of the following revised financial accounting standards, which are effective from
January 1, 2023 and relevant to the Company, and had no material effect on the amounts reported in
the financial statements:
Amendments to PSAK 1, “Presentation of Financial Statements”: Disclosure of Accounting Policies
that Change the Term “Significant” to “Material” and Provide Explanations of Material Accounting
Policies
This amendment provides guidance and examples to help entities apply materiality judgments to
accounting policy disclosures. The amendment aims to help entities provide accounting policy
disclosures that are more useful by replacing the requirement for entities to disclose their
‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies
and adding guidance on how entities apply the concept of materiality in making decisions about
accounting policy disclosures.
- 30 -
Page 34
PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
Amendments to PSAK 25, “Accounting Policies, Changes in Accounting Estimates and Errors:
Definition of Accounting Estimates
The amendment introduces a definition of ‘accounting estimates’ and clarify the distinction
between changes in accounting estimates and changes in accounting policies and the correction of
errors. Also, they clarify how entities use measurement techniques and inputs to develop
accounting estimates.
Issued but not yet effective
Amendments to financial accounting standards issued that are mandatory for the financial year
beginning or after:
Januariy 1, 2024
Amendments to PSAK 1, “Presentation of Financial Statements”: Non-current Liabilities with
Covenants
This amendment clarifies that only covenants with which entities must comply on or before the
reporting date will affect a liability’s classification as current or non-current.
Entities apply retrospectively amendments to PSAK 1 (October 2020) regarding the classification
of a liability as current or non-current for financial reporting starting on or after January 1, 2024 in
accordance with PSAK 25. If entities apply the amendments to PSAK 1 (October 2020) in a period
that is earlier after the issuance of the amendment to PSAK 1 (December 2022) regarding non-
current liabilities with covenants, entities also apply the amendment to PSAK 1 (December 2022)
in that period. If entities apply the amendments to PSAK 1 (October 2020) for the previous period,
the entity shall disclose this fact.
Amendments to PSAK 1, “Presentation of Financial Statements”: Classification of Liabilities as
Current or Non-current
The narrow-scope amendments to PSAK 1, “Presentation of Financial Statements” clarify that
liabilities are classified as either current or non-current, depending on the rights that exist at the
end of the reporting period. Classification is unaffected by the expectations of the entity or events
after the reporting date (e.g the receipt of a waiver or a breach of covenant). The amendments also
clarify what PSAK 1 means when it refers to the ‘settlement’ of a liability.
The amendments could affect the classification of liabilities, particularly for entities that previously
considered management’s intentions to determine classification and for some liabilities that can be
converted into equity.
- 31 -
Page 35
PT SUMBER MAS KONSTRUKSI Tbk
Notes to Interim Financial Statements
And for the six months ended June 30, 2024
(Figures are Presented in Rupiah, unless Otherwise Stated)
Amendments to PSAK 2 and PSAK 60: Supplier Finance Arrangements
These amendments clarify the characteristics of supplier finance arrangements and require
additional disclosure of such arrangements. The disclosure requirements in the amendments are
intended to assist users of financial statements in understanding the effects of supplier finance
arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk.
These amendements will be effective for the annual reporting periods beginning on or after
January 1, 2024. Early adoption is permitted, but will need to be disclosed. These amendements
are not expected to have a material impact on the Company’s financial statements.
Amendments to PSAK 73, “Leases”: Lease Liabilities in Sale-and-leaseback Transactions
This amendment specifies the requirements that a seller-lessee uses in measuring the lease
liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize
any amount of the gain or loss that relates to the right of use it retains.
Changes in the Numbering of PSAK and ISAK in Indonesian Financial Accounting Standards
In line with the endorsement of the Indonesian Financial Reporting Standards Framework on
December 12, 2022, DSAK has also authorized changes to the numbering of Statements of
Financial Accounting Standards (“PSAK”) and Interpretations of Financial Accounting Standards
(“ISAK”) in Indonesian Financial Accounting Standards.
The change is to differentiate the numbering of PSAK and ISAK that refer to International Financial
Reporting Standards (IFRS) (beginning with numbers 1 and 2) and those that do not refer to IFRS
(beginning with numbers 3 and 4).
As at the date of authorization of these financial statements, the Company is still evaluating the
potential impact of the above amendments to PSAKs and has not yet determined the related effects
on the financial statements.
********
- 32 -
Names mentioned 45 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Sumber Mas Kosntruksi Tbk
p.2 ×2
unresolved
org
PT Rubenindo Artha Subur
p.9 ×2
unresolved
person
E. Sianipar
p.9
unresolved
org
Minister of Justice and Laws of Republic of Indonesia
p.9
unresolved
person
Bliamto Silitonga
p.9
unresolved
org
Minister of Laws and Human Rights of Republic of Indonesia
p.9
unresolved
person
Rinaldi Vivenda
· Member
p.9
unresolved
person
CPAI
p.9
unresolved
person
Steven Dimas
· Member
p.9
unresolved
person
Sobirin
p.9
unresolved
org
Financial Services Authority
p.10
unresolved
org
Indonesia Stock Exchange
p.10
unresolved
org
PT Ulung Jaya Perkasa
p.22 ×3
unresolved
org
PT Putra Tanjung Permai
p.22 ×3
unresolved
org
PT Tumbuh Jaya Santosa
p.22
unresolved
org
PT Graha Loka Pangestu
p.22 ×2
unresolved
org
PT Djambi Waras Jujuhan
p.22
unresolved
org
PT Sea Asih Lines
p.22
unresolved
org
PT Anekapura Multikarta
p.22
unresolved
org
PT Kuala Jaya Samudra
p.22 ×5
unresolved
org
PT Sejahtera Mandiri Sawit
p.22
unresolved
org
PT Dian Wira Putra
p.22 ×2
unresolved
org
PT Indonesia Asahan Alumunium
p.22
unresolved
org
PT Citra Buana Pasta
p.22
unresolved
org
PT Bima Registra
p.26 ×2
unresolved
person
Notarial Deed Leolin Jayayanti
p.26
unresolved
org
PT Bintang Perkasa Jaya
p.27 ×2
unresolved
org
PT Sinar Galuh Pratama
p.27 ×2
unresolved
org
PT Putra Tanjung Permai On
p.30
unresolved
org
PT Bintang Perkasa Jaya On
p.30
unresolved
org
PT Bintang Perkasa Jaya. This
p.30
unresolved
org
PT Sinar Galuh Pratama On
p.30
unresolved
org
PT Kuala Jaya Samudra On
p.30
unresolved
org
PT Ulung Jaya Perkasa On
p.30
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