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20240805_POSA_Tanggapan atas Permintaan Penjelasan Bursa_31691514_lamp2.pdf
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A. Current Operations and Condition of the Company
1. Current condition of the Company's operations
Currently, the malls that have been operating are Ambon City Center, Ponorogo City
Center and Tanjung Pinang City Center. For now, the occupancy rate of each mall is
not yet fully normal as it was before the Covid 19 pandemic due to economic
conditions that are still not fully recovered, especially in the area where the Company's
malls are located. In this condition, the Company has implemented several strategies
to attract both visitors and new tenants and maintain existing tenants. The Company
is also in the process of making improvements to mall facilities to provide
convenience for visitors and tenants in the Company's malls.
2. Development strategy plan that will be carried out by the Company
As of now, the Company is focusing on the development of malls that are already
operating, namely Ambon City Center mall, Ponorogo City Center mall, and Tanjung
Pinang City Center mall, to increase the revenue of each mall while still working on
to operate the Jambi City Center and Lombok City Center malls.
3. The Company's strategy to increase its profitability is:
1) Increase the Company's and subsidiaries' revenue by pursuing commercial
strategies to realize the revenue potential of each shopping center.
2) Organizing events, exhibitions, fairs to increase the number of visitors and
tenants’ revenue, thus the discount or relaxation given to tenants will gradually
decrease.
4. The Company has no plan to expand on new business.
B. Financial Statement as of March 31, 2024
a. Shareholder loans to affiliated parties:
a. Until now the Company is still waiting for the return of funds loaned to shareholders
and Ultimate Beneficial Owner (UBO).
b. As of now, the Company continues to base the answer from the Ultimate Beneficial
Owner (UBO) who promise to make payments, but the current condition cannot be
ascertained to when and how the mechanism of payment of these receivables will
be made.
c. Efforts that have been made by the Company are:
1) Sent a letter to the Ultimate Beneficial Owner (UBO) asking for collection.
2) Asking for a Personal Guarantee (PG) or Acknowledgment of debt to the UBO
of the loan.
3) Registering the loan to PKPU on behalf of the UBO.
4) Visit the Prison where the UBO is detained to meet him in person to ask the
collection of the loan.
The Company will continue to monitor the update of the Ultimate Beneficial
Owner (UBO) case and keep the communication in an effort to ensure that the
receivables can be immediately paid to the Company.
d. The Company cannot ensure the timeline since the collection process of
Shareholders' receivables follows the updates of the case undertaken by Mr. Benny
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Tjokrosaputro as Personal Guarantee (PG) for the receivables, while the updates of
the Ultimate Beneficial Owner (UBO) case is beyond the control of the Company.
e. Until now the Company is still running well and always tries to fulfill the
obligations to regulators.
2. In relation to the Shopping centers operated by the Company:
a. Gross revenue and loss contribution of each shopping center as of March 31,
2024:
Shopping Occupancy Revenue (Rp) COGS (Rp) Gross Profit Margin
Center (%) (Rp) (%)
Name
Ambon 71% 5.104.044.616 4.099.431.096 1.004.613.520 19,68%
City Center
(ACC)
Ponorogo 60% 4.780.602.436 2.741.481.667 2.039.120.769 42,65%
City Center
(PCC)
Tanjung 74% 4.279.358.669 3.937.661.036 341.697.633 7,98%
Pinang City
Center
(TPCC)
b. Organize events, exhibitions, fairs to increase the number of visitors and tenants’
revenue, thus the discount or relaxation given to tenants will gradually decrease.
c. In the event that there is a shopping center of the Company and/or its Subsidiaries
that is still not operating:
1) Currently, BPS and UTA together with PT Bank Sinarmas Tbk. as creditors
of the Company, are communicating with the landowners of Jambi City
Center (JCC) and Lombok City Center (LCC) regarding addendums that must
be made to adjust to the current conditions and legislation in the context of
operating JCC and LCC malls.
2) The Company cannot be sure since there are several parties involved in the
communication process, where each party has different constraints and is
beyond the Company's control.
d. In the case that there are shopping centers that still book gross profits:
1) The efficiency of cost of goods sold is by considering the potential revenue that will
be obtained by the Company for each expense that will be incurred by the Company.
2) The Company will obtain gross profit by increasing the Company's revenue, both
revenue for malls that are already operating and for malls that are not yet operating.
As for the malls that are not yet operating, the Company is still waiting for the
completion of discussion related to the addendum plan of the cooperation agreement
with the land owner and Bank Sinarmas.
3. In relation to the hotel operated by the Company.
a. Occupancy rate of the Company's hotels as of March 31, 2024: 56.86%.
b. Strengthening the marketing strategy to be more active in offering to various
parties or agencies, promoting in various hotel search applications, and rotating
the GM Hotel regularly to refresh hotel management.
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c. The Company's strategy in streamlining cost of goods sold is to take into account
the effect of each cost expenditure on hotel revenue.
4. In relation to the Company's accounts receivable as of March 31, 2024:
a. The term of payment for the settlement of the Company's trade receivables is 30
days since the invoice is issued, and the realization is following the provisions
except during the Covid 19 pandemic.
b. The high level of third party accounts receivable with a maturity of more than 90
days is due to tenants who have closed due to the Covid 19 pandemic. The
receivables are still in the process of collection.
c. In addition to trade receivables that are reserved for impairment of trade
receivables, the Company still believes that the trade receivables will be collected.
d. Details of customers that contribute to the Company's allowance for impairment
of trade receivables:
Name of Party Gross Value of Impairment Net Age of
Receivables Receivable Receivables
Value (Month)
PT. Cinemaxx Global Pasific 2.283.968.649 2.283.968.649 - > 12 Months
PT Talenta Packaging Industri 140.298.246 59.749.005 80.549.241 > 12 Months
PT. Brunbrun Retailindo Sejahtera 32.340.000 32.340.000 - > 12 Months
Mauren M Picauly 20.240.000 20.240.000 - > 12 Months
Felly Viriya Satya 10.000.000 10.000.000 - > 12 Months
Sutarto 10.000.000 10.000.000 - > 12 Months
PT. Pilofice 10.000.000 10.000.000 - > 12 Months
PT. Totirani Megah Sakti 10.000.000 10.000.000 - > 12 Months
PT. Vara Sujana Adhi Paramita 10.000.000 10.000.000 - > 12 Months
Lain-lain (dibawah 10.000.000) 332.008.612 332.008.612 -
Total 2.858.855.507 2.778.306.266 80.549.241
e. The Company will continue to make efforts to collect receivables from each party
and there is no plan to write off the receivables.
f. The Company still do communication efforts to each party to ensure that the
receivables will be collected.
5. In relation to the Company's other receivables as of March 31, 2024:
a. Transaction background of other receivables to the 6 largest parties:
- Receivables to PT Patut Patuh Patju occurred when the construction of Lombok
City Center had not yet been carried out, at that time according to the joint
operation agreement the condition of the land of the object of cooperation was
in a clear and clean condition while there were still buildings and rice field. The
Company provided the receivables to PT Patut Patuh Patju to compensate for
the buildings and rice field which actually the responsibility of PT Patut Patuh
Patju. The Company take into consideration that if the transaction is not carried
out, it will hold up the construction of Lombok City Center.
- Receivable to PT Matahari Putra Prima Tbk. is a debt owed by the previous
shareholders to PT Matahari Putra Prima Tbk. with certain agreements that
require the Company to repay the loan, the Company does not know exactly
why the transaction was carried out. Therefore, until now the Company has not
yet decided the treatment of the repayment.
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- Receivable from PT Sentosa Harum Merdeka (SHM) was incurred for tenant
service charges when it was still a party to the mall management of the
Company's shopping center. The receivable was the last period before the mall
management agreement between the Company and SHM ended.
- Receivable from Mr. Budi Widia Prakoso arising from the sale of shares of PT
Sentosa Harum Merdeka, which was previously part of the Company.
- Receivables from PT Blacksteel Properties represents receivables for
overpayment of construction services of Tanjungpinang City Center shopping
center. The receivables is a tax invoice that has not been submitted to the
Company.
- Receivables from PT Tanah Subur Emas is a receivable for projects financed by
the Company at the beginning of the Company's establishment, the receivables
have been reserved for impairment allowance.
b. Each party to the transaction has a different level of urgency but if the transaction
is not carried out it will disrupt operations.
c. The date of the agreement, the term of the loan, and the repayment scheme of the
loan to each party.
- PT Patut Patuh Patju: based on four debt and credit agreements between PT
Bliss Pembangunan Sejahtera (Subsidiary of the Company) and PT Patut Patuh
Patju dated January 8, 2018 which stated that the Company provided loans to
PT Patut Patuh Patju amounting to Rp1,000,000,000, Rp2,700,000,000,
Rp50,000,000, and Rp148,200,000. The payment of these receivables is by
compensation for the profit sharing rights of Lombok City Center shopping
center to PT Patut Patuh Patju.
- PT Matahari Putra Prima Tbk: Based on the refund agreement of the expansion
security deposit at Ambon City Center dated July 30, 2019, that the payment of
the shareholder's debt is by compensating the payment of PT Matahari Putra
Prima Tbk's rental bill at Ambon City Center shopping center.
- PT Blacksteel Properties: Receivable for overpayment of tax invoices that have
not been submitted.
- PT Tanah Subur Emas: Transactional.
d. Background and explanation regarding the value of other receivables to PT Patut
Patuh Patju, PT Blacksteel Properties, Mr. Budi Widia Prakoso and PT Tanah Subur
Emas whose value has not changed significantly from December 31, 2021 to March
31, 2024.
- PT Patut Patuh Patju: Due to the Lombok City Center shopping center that has
not yet operated, there is no profit sharing that can be compensated for the
settlement of other receivables.
- PT Blacksteel Properties, Mr. Budi Widia Prakoso, and PT Tanah Subur Emas
cannot be contacted at the moment.
e. Other receivables from PT Blacksteel Properties, Mr. Budi Widia Prakoso, and PT
Tanah Subur Emas were subject to allowance for impairment due to the parties
could not be contacted until now so that the payment of other receivables could not
be ascertained. Provision for impairment allowance was made for PT Matahari
Putra Prima Tbk. since there was no clarity on the party that should make payment
for the allocation of PT Matahari Putra Prima Tbk. lease payments to other
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receivables. For PT Patut Patuh Patju, there is still communication. Payment
mechanism is when the Lombok City Center mall operates.
f. Details of customers that contribute to the Company's allowance for impairment of
other receivables:
Name of Party Gross Value of Impairment Net Receivable Age of
Receivables Value Receivables
(Month)
PT Patut Patuh Patju 3.298.234.816 - 3.298.234.816 > 12 bulan
PT Matahari Putra Prima Tbk 4.276.738.919 4.276.738.919 - > 12 bulan
PT Sentosa Harum Merdeka 3.820.058.430 3.820.058.430 - > 12 bulan
Tuan Budi Widia Prakoso 998.800.000 998.800.000 - > 12 bulan
PT Blacksteel Properties 3.222.308.254 3.222.308.254 - > 12 bulan
PT Tanah Subur Emas 507.015.385 507.015.385 - > 12 bulan
Lain-lain 1.263.838.676 642.577.578 621.261.098 < 12 bulan
Total 17.386.994.480 13.467.498.566 3.919.495.914
1) The Company makes provision for impairment due to the possibility of
uncollectible other receivables, but the Company does not write off the other
receivables since the Company has the rights to collect the receivables.
2) The Company has made best efforts in terms of communication and policies to
ensure that the receivables are collectible.
6. In relation to the Company's advances as of March 31, 2024:
a. The background of the advance payment transaction to PT Ardha Nusa Utama is
for the maintenance project of the Company's mall for a certain period of time in
accordance with the cooperation agreement, while in reality there is no realization
of maintenance carried out by PT Ardha Nusa Utama from the beginning of the
cooperation until now.
b. The Company made a provision for impairment of advances on renovations to PT
Ardha Nusa Utama with consideration of the auditor's assessment of the realization
of PT Ardha Nusa Utama's cooperation.
c. Until now, the Company is still experiencing difficulties in contacting PT Ardha
Nusa Utama and therefore the Company has made a provision for impairment of
advances due to the uncertainty of the realization of the obligations stated in the
Cooperation agreement.
d. The Company has extended the cooperation contract in 2021 to 6 years to give time
to PT Ardha Nusa Utama to realize the renovation cooperation of the Company's
shopping center.
7. In relation to the Company's investment properties as of March 31, 2024:
a. Details of investment property under construction as of March 31, 2024
Project name Amount
Mall JCC 373.583.621.742
Improvements in PCC 151.880.000
TPCC ceiling repair 742.636.824
ACC Upper Ground (UG) floor repair 791.813.254
Others 138.267.708
Total 375.408.219.528
b. Progress and completion target of each investment property under construction:
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Project name Amount Progress Target
Mall JCC 373.583.621.742 95% Not yet determined
Improvements in PCC 151.880.000 95% Sep-24
TPCC ceiling repair 742.636.824 95% Sep-24
ACC Upper Ground (UG) floor repair 791.813.254 95% Sep-24
Others 138.267.708
Total 375.408.219.528
c. Background of The Company has set a substantial amount of impairment loss on
investment property as of March 31, 2024, amounting to Rp301.27 billion:
All malls owned by the Company have been appraised to determine the fair value
of each mall whom conducted by an independent appraiser appointed by the
Company. Based on the results of the appraiser, the fair value of Jambi City Center
(JCC) and Lombok City Center (LCC) malls are below the acquisition value
recorded by the Company. Therefore, impairment of JCC and LCC malls must be
carried out to adjust to the fair value resulting from the valuation.
d. Details of impaired investment properties as of March 31, 2024:
Investment Property
Investment Property Value
Property Details Value
- Gross (net of accumulated Impairment
Investment -
depreciation)
Net
Mall Lombok City Center 303.565.673.939 97.151.134.887 206.414.539.052
Mall Jambi City Center 378.583.621.742 204.119.558.277 174.464.063.465
Total 682.149.295.681 301.270.693.164 380.878.602.517
8. In relation with the Company's accounts payable as of March 31, 2024:
a. Term of Payment for settlement of the Company's trade payables is 30 days to 45
days.
b. Details of third party trade payables by age:
31/Mar/24
Not due yet 1.312.002.644
Due date:
Less than 30 days 740.290.682
31 - 60 days 679.694.742
61 - 90 days 228.759.201
More than 90 days 4.628.608.950
Jumlah 7.589.356.219
Relate to the existence of trade payables that have an age of more than 90 days
occurs since there are conditions that are not in accordance with the provisions or
agreements in cooperation with suppliers.
c. Relate to trade payables to PT Harafiel Tri Jaya and PT Blacksteel Properties,
whose value has not changed since 2020:
The cause of debt to PT Harafiel Tri Jaya has not changed because it is still related
to trade receivables to PT Cinemaxx Global Pacific that have not been paid
according to the agreement which will be used as payment to PT Harafiel Tri Jaya
as the contractor for the construction of cinema studios at the JCC. While the cause
of debt to PT Blacksteel Properties has not changed since it is in accordance with
the provisions that will be paid when the JCC operates.
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d. The Company will be committed to immediately settle the matured trade payables
because until now the Company has maintained cooperation and communication to
ensure that the cooperation will continue smoothly.
9. In relation to the Company's accrued expenses as of 31 March 2024:
a. Repayment scheme for accrued expenses, especially those from interest expense
amounting to Rp427.76 billion:
For interest expense on loans to Bank CIMB Niaga, the Company will pay interest
expense after the financial condition of the Company's subsidiary, PT Tanjung
Pinang Sakti (TPS) has improved and is sufficient to pay principal and interest on
loans, for now TPS only pays the principal derived from rental income.
For interest expense on loan to Bank Sinarmas, the Company will pay the interest
expense after the LCC and JCC shopping centers are commercially operated.
b. The due date of the repayment of such interest expense, as well as the source of
funds to be used by the Company to repay such interest expense, including the
readiness of such funds.
In accordance with the provisions of the bank credit agreement, the interest accrual
presented is due but since financial conditions has not possible for payment, the
payment will adjust to the Company's financial condition. This condition has been
known and communicated with each bank.
c. In the event that there is no ability of the Company to pay off the interest expense
at maturity, to explain the efforts that have been and will be made by the Company,
in order to avoid potential legal problems in the future.
The Company has communicated to each bank regarding the Company's current
financial condition and the bank has made efforts to assist in its position as a creditor
to immediately operate the JCC and LCC malls.
d. The Company and each bank have established good and open communication in
order to resolve the Company's financial condition which is expected to settle the
Company's obligations to each Bank. To date, there are no discussions regarding
legal steps that will be taken to resolve the condition.
10. In relation to the Company's Bank Debt, there are bank debts that will mature in less
than 1 year amounting to Rp567.43 billion:
a. Details of bank loans of the Company and its subsidiaries
Banking Debt Holding Entities Debt Values Due Date
Short Term
PT Bank Sinarmas Tbk PT Bliss Pembangunan Sejahtera 262.214.801.944 November 26th, 2020
PT Bank Sinarmas Tbk PT Utama Teguh Abadi 252.684.042.688 March 20th, 2025
PT Bank CIMB Niaga Tbk PT Tanjung Pinang Sakti 86.537.862.644 August 3rd, 2022
Long Term
PT Bank Sinarmas Tbk PT Utama Teguh Abadi 34.010.722.940 February 28th, 2026
b. The repayment scheme of the bank debt.
Currently, Bank CIMB supervises by controlling the income of the Company's
subsidiary, PT Tanjung Pinang Sakti (TPS) where all income from tenants will go
to Bank CIMB Niaga's account. For income other than rental income, TPS will
submit disbursements to the operational account which will be used for operational
payments, while for rental income will be used for principal loan payments. For the
loan to Bank Sinarmas, the Company will repay the bank loan after the LCC and
JCC malls are commercially operated.
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c. In the event that there is an option to convert bank debt into shares of the Company
and/or its Subsidiaries.
The option of converting bank debt into shares of the Company and/or its
Subsidiaries is one of the options that will be carried out in settling bank debt to
Bank Sinarmas by converting bank debt into temporary capital investment until the
Company can settle bank debt.
d. The readiness of funds of the Company and its subsidiaries in order to repay the
bank debt.
The funds that will be used to repay the bank debt will come from the operations of
the LCC and JCC malls once they are operational and TCC's commercial conditions
return to normal.
e. The Company and each bank have established good and open communication in
order to resolve the Company's financial condition which is expected to settle the
Company's obligations to each Bank. Until now, there is no discussion regarding
legal steps that will be taken to resolve the condition.
11. The Company does not have any corporate action plans in the next 12 months.
12. There are no other important information/events that are material and may affect the
Company's survival and may affect the Company's share price.
Names mentioned 24 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT. Cinemaxx Global Pasific
p.3
unresolved
org
PT Talenta Packaging Industri
p.3
unresolved
org
PT. Brunbrun Retailindo Sejahtera
p.3
unresolved
org
PT. Pilofice
p.3
unresolved
org
PT. Totirani Megah Sakti
p.3
unresolved
org
PT. Vara Sujana Adhi Paramita
p.3
unresolved
org
PT Patut Patuh Patju
p.3 ×11
unresolved
org
PT Sentosa Harum Merdeka
p.4 ×3
unresolved
person
Budi Widia Prakoso
p.4 ×5
unresolved
org
PT Blacksteel Properties
p.4 ×8
unresolved
org
PT Tanah Subur Emas
p.4 ×6
unresolved
org
PT Bliss Pembangunan Sejahtera
p.4 ×2
unresolved
org
PT Matahari Putra Prima Tbk's
p.4
unresolved
org
PT Ardha Nusa Utama
p.5 ×5
unresolved
org
PT Ardha Nusa Utama's
p.5
unresolved
org
PT Harafiel Tri Jaya
p.6 ×3
unresolved
org
PT Cinemaxx Global Pacific
p.6
unresolved
org
PT Tanjung Pinang Sakti
p.7 ×3
unresolved
org
PT Utama Teguh Abadi
p.7 ×2
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