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PT REMALA ABADI Tbk AND SUBSIDIARIES
Consolidated Financial Statements
For the Periode/Years Ended
March 31, 2024 and December 31, 2023
And For the Three-Month Periods ended March 31, 2024 and 2023
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TABLE OF CONTENTS
Page
Board of directors' statement
Consolidated statements of financial position 1-2
Consolidated statements of profit or loss and
other comprehensive income 3
Consolidated statements of changes in equity 4
Consolidated statements of cash flow 5
Notes to the consolidated financial statements 6 - 42
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PT REMALA ABADI Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
March 31, 2024 and December 31, 2023
(Expressed in Rupiah, unless otherwise stated)
Notes March 31, 2024 December 31, 2023
ASSETS
CURRENT ASSETS
Cash 2c,2l,2m,4 5.620.824.567 9.440.496.783
Account receivable
Third parties 2m,5 8.396.395.808 3.494.778.325
Related parties 2i,2m,,5 793.091.798 1.437.366.657
Other receivables - third parties 2m,6 1.089.009.835 1.370.009.835
Inventory 2d,7 22.308.592.958 12.124.390.559
Prepaid expenses 20a 2.291.880.410 -
Advances 2e,8 9.124.566.021 8.069.424.398
Total Current Assets 49.624.361.397 35.936.466.557
NON-CURRENT ASSETS
Deferred tax assets 2k,20d 1.225.295.691 1.225.295.691
Other receivables
Third parties 2m,6 325.488.834 -
Related parties 2i,6 2.731.640.614 3.707.674.348
Investment advance 9 725.000.000 100.000.000
Investment in associated entities 2f 1.076.009.607 456.891.917
Fixed assets 2g,11 89.721.580.759 92.628.290.579
Right-of-use assets 2p,12 12.339.158.763 12.710.736.093
Other non-current assets 2m,10 259.062.930 241.043.430
Total Non-Current Assets 108.403.237.198 111.069.932.058
TOTAL ASSETS 158.027.598.595 147.006.398.615
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PT REMALA ABADI Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
March 31, 2024 and December 31, 2023
(Expressed in Rupiah, unless otherwise stated)
Notes March 31, 2024 December 31, 2023
LIABILITY AND EQUITY
SHORT-TERM LIABILITIES
Short-term bank loan 2m, 13 15.333.004.554 12.602.714.636
Accounts payable - third parties 2m,14 10.525.718.257 15.449.371.731
Accrued expenses 2m,15 4.756.230.971 4.414.848.193
Tax payables 2k,20b 8.760.611.172 7.592.339.670
Long term liabilities
due in one year:
Consumer financing payables 2m,2p,18 3.088.038.345 3.339.189.887
Lease liabilities 2m,2p,17 261.449.765 692.476.700
Total Short Term Liabilities 42.725.053.064 44.090.940.817
LONG TERM LIABILITIES
Other debts
Third parties 2m,16 1.978.126.250 -
Related parties 2i,16 1.587.500.000 2.350.000.000
Long - term liabilities - after minus
the portion due in one year:
Consumer financing payables 2m,2p,18 1.855.537.833 2.223.014.297
Lease liabilities 2m,2p,17 4.148.632.393 4.148.632.393
Employee benefits liabilites 2o,19 2.612.829.682 2.612.829.682
Total Long Term Liabilities 12.182.626.158 11.334.476.372
Total Liabilities 54.907.679.222 55.425.417.189
EQUITY
Equity attributable
to the owners of the parent entity
Share capital 21 55.000.000.000 55.000.000.000
Additional paid-in capital 22 7.271.363.600 7.271.363.600
Retained earning
Appropriated 23 1.000.000.000 1.000.000.000
Unappropriated 23 39.910.676.941 27.996.189.195
Other comprehensive income
Remeasurement of employee benefits 2o,24 (62.121.168) (62.121.168)
Subtotal 103.119.919.373 91.205.431.627
Non-controlling interests 25 - 375.549.799
Total Equity 103.119.919.373 91.580.981.426
TOTAL LIABILITIES AND EQUITY 158.027.598.595 147.006.398.615
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PT REMALA ABADI Tbk AND SUBSIDIARIES
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
Notes March 31, 2024 December 31, 2023
REVENUES 2j,26 58.752.380.980 50.490.865.264
COST OF GOODS SOLD 2j,27 20.682.626.421 27.172.820.308
GROSS PROFIT 38.069.754.559 23.318.044.956
Sales expenses 2j,28 (6.258.345.181) (3.067.163.199)
General and administrative expenses 2j,29 (16.046.114.914) (11.038.021.993)
Financing charges 2j,30 (553.751.547) (19.022.222)
Other income 2j,31 161.851.054 280.872.368
Other expenses 2j,31 (234.505.085) (28.200.490)
PROFIT BEFORE EXPENSES
INCOME TAX 15.138.888.886 9.446.509.420
INCOME TAX BENEFITS (EXPENSE)
Current 2k, 20c (3.439.990.397) (2.365.959.219)
Deferred 2k - -
Income Tax Expense - Net (3.439.990.397) (2.365.959.219)
NET PROFIT 11.698.898.489 7.080.550.201
OTHER COMPREHENSIVE INCOME
Item that will not reclassified to
profit and loss:
Remeasurement of employee benefits - -
Related income taxes - -
Other Comprehensive Income (Loss) - Net - -
NET COMPREHENSIVE PROFIT 11.698.898.489 7.080.550.201
BASIC EARNINGS PER SHARE 2r,32 10,64 14.161,10
Attributable net profit to:
Owner of the parent entity 11.698.898.489 7.080.550.201
Non-controlling interests - -
Total 11.698.898.489 7.080.550.201
Net comprehensive income
attributable to:
Owner of the parent entity 11.698.898.489 7.080.550.201
Non-controlling interests - -
Total 11.698.898.489 7.080.550.201
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PT REMALA ABADI Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
Equity Attributable to Owners of the Parent Entity
Retained Earnings Other
Issued Capital Additional Comprehensive Non-Controlling
and Paid Paid-in Capital Appropriated Unappropriated Income Subtotal Interest Total Equity
Balance January 1,
2023 25.000.000 7.271.363.600 - 61.528.652.207 - 68.825.015.807 - 68.825.015.807
Net profit for the
period/year - - - 7.080.550.201 - 7.080.550.201 - 7.080.550.201
Comprehensive income
others- net - - - - - - - -
Balance March 31,
2023 25.000.000 7.271.363.600 - 68.609.202.408 - 75.905.566.008 - 75.905.566.008
Balance January 1,
2024 55.000.000.000 7.271.363.600 1.000.000.000 27.996.189.195 (62.121.168) 91.205.431.627 375.549.799 91.580.981.426
Net profit for the
period/year - - - 11.698.898.489 - 11.698.898.489 - 11.698.898.489
Other equity
transactions - - - 215.589.257 - 215.589.257 (375.549.799) (159.960.542)
Comprehensive income
others- net - - - - - - - -
Balance March 31,
2024 55.000.000.000 7.271.363.600 1.000.000.000 39.910.676.941 (62.121.168) 103.119.919.373 - 103.119.919.373
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PT REMALA ABADI Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
March 31, 2024 March 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers 41.720.608.349 46.390.097.722
Payment to suppliers (15.758.972.947) (7.509.099.461)
Payments to employees (10.607.809.799) (2.145.447.955)
Payment of other operating expenses (4.629.435.891) (9.961.803.691)
Payment of financing charges (553.751.547) (14.826.137)
Net Cash Flows Obtained from Operating Activities 10.170.638.165 26.758.920.478
CASH FLOWS FROM INVESTMENT ACTIVITIES
Cash receipts (used) to other receivables - third parties (976.033.734) -
Acquisition of fixed assets (986.887.500) (23.594.919.612)
Advance payment (18.256.726.598) (200.000.000)
Addition of right-of-use assets (371.577.330) (1.885.170.000)
Additional down payment for investment (1.244.117.690) -
Net Cash Flows Obtained from Investment Activities (21.835.342.852) (25.680.089.612)
CASH FLOWS FROM FUNDING ACTIVITIES
Receipts of other debts - related parties 1.215.626.250 150.000.000
Payment for:
Short-term bank loan (7.653.943.392) -
Consumer financing debt (618.628.006) (1.252.480.354)
Lease liabilities (431.026.935) (5.188.365.567)
Net Cash Flows Obtained from Funding Activities (7.487.972.083) (6.290.845.921)
NET INCREASE (DECREASE) IN CASH (19.152.676.770) (5.212.015.055)
CASH AT THE BEGINNING OF THE PERIOD 9.440.496.783 13.178.488.169
CASH AT THE END OF THE PERIOD (9.712.179.987) 7.966.473.114
Cash consist of:
Cash 5.620.824.567 8.259.281.878
Overdraft (15.333.004.554) (292.808.764)
Total (9.712.179.987) 7.966.473.114
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
1. GENERAL
a. Establishment of the Company's and General Information
PT Remala Abadi (“Company”) was established in the Republic of Indonesia based on
Notarial Deed No. 5 of Fajra Rizqi Nasution, SH., dated March 15 2004 and has been ratified
by the Minister of Justice and Human Rights of the Republic of Indonesia in Decree No. C-
12023 HT.01.01.TH.2004 dated 13 May 2004 and announced in State Gazette No. 081
Supplement to the Republic of Indonesia State Gazette No. 031462 dated 10 October 2023.
The Company's Articles of Association have undergone several changes, most recently
based on Deed No. 45 dated 15 November 2023 by Notary Elizabeth Karina Leonita, SH.,
M.Kn., Notary in South Jakarta, which has received approval from the Minister of Law and
Human Rights of the Republic of Indonesia in Decree No. AHU-0071258.AH.01.02.TAHUN
2023 dated November 17, 2023 and has been received by the Minister of Law and Human
Rights based on letter No. AHU-AH.01.09-0186388 and letter No. AHU-AH.01.03-0143300
dated November 17, 2023 .
According to Article 3 of the Company's Articles of Association, the Company operates in the
trade and services sector, namely trading computers and computer equipment, software and
internet service providers. Currently, the Company operates in the internet service provider
sector. The Company started its commercial business activities in 2004. The Company's
domicile is at Graha Mustika Ratu Fl. GF, Jl. Gatot Subroto No.74 - 75, South Jakarta, while
the operational locations or marketing offices are in 3 (three) locations spread across Central
Jakarta, East Jakarta and Bekasi.
The controlling shareholder of the Company is Verah Wahyudi Singgih Wong.
b. Boards of Commissioners and Directors, Audit Committee, and Employees
The composition of the Company's Board of Commissioners and Directors as of March 31,
2024 is as follows:
March 31, 2024
Board Commissioners
The Main Commissioner : Verah Wahyudi Singgih Wong
Independent Commissioner : Ahmad Alamsyah Saragih, SE
Directors
President Director : Richard Kartawijaya
Director of Finance : Samuel Adi Mulia
The composition of the Company's Audit Committee as of March 31, 2024 is as follows:
March 31, 2024
Chairman : Ahkmad Alamsyah Saragih, SE
Member : Sudarmana
Member : Sundara Ichsan
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
1. GENERAL (contined)
b. Boards of Commissioners and Directors, Audit Committee, and Employees (continued)
The Company's key management personnel consist of the Board of Commissioners and
Directors.
As of March 31, 2024, the Company and Subsidiaries (hereinafter collectively referred to as
the (“Group”) had 360 permanent employees.
c. Subsidiary Entity Structure
As of March 31, 2024 the Company has Subsidiaries with direct ownership as follows:
PT PC 24 Cyber Indonesia
The Company established PT PC 24 Cyber Indonesia (“PC 24”) based on Notarial Deed No.
2 by Anita Munaf, SH., dated January 6 2006 and has been ratified by the Minister of Law
and Human Rights of the Republic of Indonesia in Decree No. C-02103 HT.01.01.TH.2006
dated 24 January 2006. The Articles of Association of PC 24 have undergone several
changes, most recently based on Notarial Deed No. 4 dated 10 June 2020 by Rpiansyah
Rizal, SH, M.Kn., regarding additions to the aims and objectives of business activities. This
change has been approved by the Minister of Law and Human Rights in Decree No. AHU-
0040319.AH.01. 02. TAHUN 2020 dated June 13 2020.
PC 24 is engaged in cable telecommunications, computer programming activities, electrical
and other telecommunications network construction, as well as wholesale and retail trade,
namely trade in computers and computer equipment, as well as software. PC 24's domicile is
in Bekasi City , West Java. Currently, PC 24 operates in the internet service provider sector
and started its commercial business activities in 2006.
The Company share ownership in PC 24 is 99%. PC 24's total assets before elimination on
March 31, 2024 amounted to Rp29.505.786.696.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION
a. Basis of Preparation of the Consolidated Financial Statements
The consolidated financial statements have been prepared and presented in accordance with
Financial Accounting Standards (“SAK”), which comprise the Statements (“PSAK”) and
Interpretations (“ISAK”) issued by the Board of Financial Accounting Standards of the
Indonesian Institute of Accountants and the Board of Syariah Accounting Standards of the
Indonesian Institute of Accountants, and regulations of capital market regulator.
The accounting policies applied in the preparation of these consolidated financial statements
are consistent with the accounting policies applied in the preparation of the Group’
consolidated financial statements for the year ended December 31, 2023.
The consolidated financial statements, except for the consolidated statements of cash flows,
have been prepared on an accrual basis of accounting using the historical cost concept,
except for certain accounts that are measured on the other bases as described in the related
accounting policies.
The consolidated statements of cash flows are prepared using the direct method, and
classified into operating, investing and financing activities.
Amendments to standards issued and effective for the financial year at or after January 1,
2023 which do not have material impact on the consolidated financial statement are as
follows:
• Amendment to PSAK No. 1, “Presentation of Financial Statements” regarding liabilities
classified as short-term or long-term, as well as disclosure of accounting policies.
• Amendment to PSAK No. 16, “Fixed Assets”.
• Amendment to PSAK No. 25, “Accounting Policies, Changes in Accounting Estimates
and Errors” regarding the definition of accounting estimates.
• Amendment to PSAK No. 46, “Income Taxes” regarding deferred taxes related to assets
and liabilities arising from single transactions.
b. Principles of Consolidation
The Group applies PSAK No. 65 “Consolidated Financial Statements”. The consolidated
financial statements combine all Subsidiaries controlled by the Company. Control is obtained
when the Company (investor) is exposed to or has rights to variable returns from its
involvement with the investee and has the ability to influence those returns through its power
over the investee .
Thus, an investor controls an investee if, and only if, the investor owns all of the following:
(a) power over the investee;
(b) exposure or rights to variable returns from its involvement with the investee ; and
(c) the ability to use its power over the investee to influence the amount of the investor's
returns.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
b. Principles of Consolidation (continued)
Consolidation of an investee begins on the date the investor obtains control of the investee
and ends when the investor loses control of the investee.
Non-controlling interest represents the portion of profit or loss and net assets that is not
attributable to the parent entity and is presented separately in the consolidated statement of
profit or loss and other comprehensive income and equity in the consolidated statement of
financial position, separated from equity attributable to the parent entity.
All comprehensive income is attributable to the owners of the parent entity and to non-
controlling interests even if this results in non-controlling interests having a deficit balance.
Changes in the parent entity's ownership interest in a subsidiary that do not result in a loss of
control are recorded as equity transactions, where the carrying amounts of controlling and
non-controlling interests are adjusted to reflect changes in their relative shares of the
subsidiary. The difference between the amount of non-controlling interest adjusted and the
fair value of the consideration given or received is recognized directly in equity and attributed
to the owners of the parent entity.
All material account balances and transactions between consolidated entities have been
eliminated.
If a parent entity loses control of a subsidiary, then the parent entity:
(a) derecognize the assets (including any goodwill ) and liabilities of the former subsidiary
from the consolidated statement of financial position.
(b) recognize the remaining investment in the former subsidiary at its fair value at the date
of loss of control, and then record the remaining investment and any amounts owed by
or to the former subsidiary. The fair value is considered to be the fair value on initial
recognition of the financial asset or, if appropriate, the cost on initial recognition of the
investment in the associate.
(c) recognize a gain or loss related to the loss of control that is attributable to the former
controlling interest.
c. Cash and bank
Cash consists of cash and bank balances, and is not used as collateral or restricted in use.
d. Inventories
The Group applies PSAK No. 14 “Inventory”. Inventories are stated at the lower of cost or net
realizable value. Net realizable value is the estimated selling price in normal business
activities minus estimated completion costs and estimated costs required for the sale.
Cost is determined using the First In, First Out method. Provision for obsolete inventory is
determined based on the results of a review of the condition of inventories at the end of the
reporting period.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
e. Prepaid expenses
Prepaid expenses are amortized over their useful lives using the straight-line method.
f. Investment in Associated Entities
The Group applies PSAK No. 15 “Investment in associates and joint ventures”. An associated
entity is an entity over which the Group has significant influence and is not a subsidiary or
participating part in a joint venture. Ownership, directly or indirectly, of 20% or more of an
investee's voting rights is considered ownership of significant influence, unless it can be
clearly proven to the contrary.
Investments in associates are accounted for using the equity method, where they are initially
recognized at cost. Furthermore, the Group's share of the profit or loss of the associate, after
any necessary adjustments for the effects of uniform accounting policies and elimination of
profits or losses resulting from transactions between the Group and the associate, will
increase or decrease the carrying amount of the investment and be recognized as profit or
loss of the Group. Receipt of distributions from associates reduces the carrying amount of the
investment.
Adjustments to the carrying amount are also required if there is a change in the proportion of
the Group's share of the associated entity arising from other comprehensive income of the
associated entity. The Group's share of such changes is recognized in other comprehensive
income of the Group.
Goodwill related to the acquisition of an associate is included in the carrying amount of the
investment. If there is negative goodwill , then the amount is recognized in profit or loss.
Goodwill is not amortized and is tested for impairment annually.
If the carrying value of an investment has reached zero, further losses will be recognized only
if the Group has a commitment to provide funding assistance or guarantee the obligations of
the associated entity concerned.
If an investment in an associate becomes an investment in a joint venture or vice versa, then
the entity continued to apply the equity method and did not remeasure the remaining interest.
Changes in investment value caused by changes in the value of equity in the associated
entity arising from capital transactions in the associated entity with third parties are
recognized as other comprehensive income and will be recognized as income or expense
when the investment in question is disposed of.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
g. Fixed assets
The Group applies PSAK No. 16 “Fixed Assets”. The Group has chosen to use the cost
model as its fixed asset measurement accounting policy. Depreciation is calculated using the
straight-line method over the useful life of the asset. The estimated useful life of fixed assets
is as follows:
Estimated Useful Life Percentage
Building 20 years 5%
Vehicle 8 years 12,5%
Office equipment 4 and 8 years 25% and 12,5%
Network infrastructure 8 years 12,5%
The useful lives of fixed assets and depreciation methods are reviewed and adjusted, as
appropriate, at the end of each reporting period.
Land is stated at cost and is not depreciated.
ISAK No. 25, “Land Rights”, stipulates that the costs of legal processing of land rights in the
form of Business Use Rights (“HGU”), Building Use Rights (“HGB”) and Use Rights (“HP”)
when land is first acquired are recognized as part of the land acquisition cost in the “Fixed
Assets” account and is not amortized. Meanwhile, processing costs for the extension or legal
renewal of land rights in the form of HGU, HGB and HP are recognized as part of the
"Deferred Expenses - Net" account in the consolidated statement of financial position and are
amortized over the shorter of the legal life and economic life of the land.
Repair and maintenance expenses are charged to profit or loss when incurred; Significant
replacement or inspection costs are capitalized when incurred and when it is probable that
future economic benefits relating to the asset will flow to the Group, and the cost of the asset
can be measured reliably. Fixed assets are derecognized when they are disposed of or when
no future economic benefits are expected from their use or disposal. Gains or losses arising
from derecognition of an asset are included in profit or loss in the period the asset is
derecognised.
h. Decrease in the Value of Non-Financial Assets
The Group applies PSAK No. 48 “Impairment of Asset Value”. At the end of each reporting
period, the Group assesses whether there are indications that assets are impaired. If there is
such an indication, the Group estimates the recoverable amount of the asset. The
recoverable amount of an asset or cash- generating unit is the higher of its fair value less
costs of disposal and its value in use. If the recoverable amount of an asset is less than its
carrying amount, then the carrying amount of the asset is reduced in value to its recoverable
amount. An impairment loss is recognized immediately in profit or loss.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
h. Decrease in the Value of Non-Financial Assets (continued)
A reversal of an impairment loss for a non-financial asset is recognized if, and only if, there
has been a change in the estimates used in determining the asset's recoverable amount
since the last impairment test was recognized. Reversal of an impairment loss is recognized
immediately in profit or loss, unless the asset is presented at a revalued amount.
i. Transactions with Related Parties
The Group discloses transactions with related parties based on PSAK No. 7 “Related Party
Disclosures”. A party is considered related to the Group if:
1) The person or immediate family member has a relationship with the reporting entity if the
person:
(i) has control or joint control over the reporting entity;
(ii) has significant influence over the reporting entity; or
(iii) key management personnel of the reporting entity or the reporting entity's parent
entity.
2) An entity is related to the reporting entity if it fulfills one of the following:
(i) The entity and the reporting entity are members of the same business group
(meaning the parent entity, subsidiary entity and subsequent subsidiaries are
related to another entity).
(ii) One entity is an associated entity or joint venture of another entity (or an
associated entity or joint venture that is a member of a business group, of which
the other entity is a member).
(iii) Both entities are joint ventures of the same third party.
(iv) One entity is a joint venture of a third entity and the other entity is an associate
entity of the third entity.
(v) The entity is a post-employment benefits program for employee benefits from one
of the reporting entities or an entity related to the reporting entity. If the reporting
entity is the entity that organizes the program, then the sponsoring entity is also
related to the reporting entity.
(vi) Entities controlled or jointly controlled by the person identified in number (1).
(vii) The person identified in item (1)(i) has significant influence over the entity or key
management personnel of the entity (or the parent entity of the entity).
(viii) The entity, or a member of a group of which the entity is part, provides key
personal management services to the reporting entity or to the parent entity of the
reporting entity.
All significant transactions with related parties are disclosed in the notes to the consolidated
financial statements.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
j. Revenues and Expenses Recognition
The Group recognizes revenues in accordance with PSAK No. 72, “Revenue from Contracts
with Customers”, by performing transaction analysis through the five steps of revenue
recognition model as follows:
1) Identifying contracts with customers, where the Group records contracts with customers
only if all of the following criteria are met:
• The contract has been agreed to by the parties to the contract.
• The Group can identify the rights of the parties and payment terms for the goods to
be transferred.
• The contract has commercial substance.
• It is likely that the Group will receive compensation for the goods transferred.
2) Identify performance obligations in the contract.
3) Determine the transaction price.
4) Allocate the transaction price to each performance obligation.
5) Recognize revenue when performance obligations have been fulfilled (at a certain time
or over time).
Expenses are recognized when they occur ( accrual basis ).
k. Income tax
The Group applies PSAK No. 46 “Income Tax”. Current tax expense is determined based on
the estimated
Income tax in the current period's profit and loss consists of current and deferred taxes.
Income tax is recognized in profit or loss, except for transactions related to transactions
recognized directly in equity or other comprehensive income, in which case it is recognized in
equity or other comprehensive income.
Current tax assets and current tax liabilities are offset if, and only if, the entity has a legally
enforceable right to offset the recognized amounts; and has the intention to settle on a net
basis, or realize the asset and settle the liability simultaneously.
Deferred tax assets and liabilities are recognized for temporary differences between assets
and liabilities for commercial purposes and for tax purposes at each reporting date. Deferred
tax assets are recognized for all deductible temporary differences to the extent that it is
probable that the deductible temporary differences can be utilized to reduce fiscal profit in the
future. Future tax benefits, such as unused fiscal loss balances, are recognized to the extent
that it is probable that the tax benefits will be realized.
Deferred tax assets and liabilities are measured at the tax rates that are expected to be used
in the period when the asset is realized or when the liability is settled based on the tax rates
(and tax regulations) that are in effect or substantially enacted at the end of the reporting
period.
13
Page 17
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
k. Income tax (continued)
Deferred tax assets and deferred tax liabilities are offset if, and only if, the entity has the legal
right to offset current tax assets against current tax liabilities, and deferred tax assets and
deferred tax liabilities relate to income taxes imposed by tax authorities on taxable entity, the
same or a different taxable entity that intends to recover current tax assets and liabilities on a
net basis, or realize assets and settle liabilities simultaneously, in any future period in which a
significant amount of deferred tax assets or liabilities is expected to be settled or restored.
Changes to tax obligations are recognized when the tax assessment is received and/or, if the
Group submits an objection and/or appeal, when the decision on the objection and/or appeal
has been determined.
l. Transactions and Balances in Foreign Currency
The Group applies PSAK No. 10 "Effect of Changes in Foreign Exchange Rates".
Transactions in foreign currency are translated into functional currency at the exchange rate
in effect at the time the transaction is made. At the end of the reporting period, monetary
assets and liabilities denominated in foreign currency are adjusted into the functional currency
using the middle rate determined by Bank Indonesia on the last date of banking transactions
in that period. Gains or losses arising from exchange rate adjustments or settlement of
monetary assets and liabilities in foreign currencies are credited or charged to profit or loss
for the current period.
The closing exchange rate used on March 31, 2024 against 1USD is amounted Rp15.853.
m. Financial instruments
The Group applies PSAK No. 71 “Financial Instruments”. The Group recognizes financial
assets and liabilities in the consolidated statement of financial position if, and only if, the
Group is a party to the contractual provisions of the financial instrument.
1. Financial assets
The Group classifies its financial assets in the following categories:
• measured at amortized cost; and
• measured at fair value through other comprehensive income or measured through
profit or loss.
This classification depends on the Group's business model and cash flow contractual
requirements.
14
Page 18
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
m. Financial instruments (continued)
1. Financial assets (continued)
a) Financial assets are measured at amortized cost
This classification applies to debt instruments that are managed in a business
model held for cash flow and have cash flows that meet the criteria “solely from
principal and interest payments”.
At initial recognition, trade receivables that do not have a significant funding
component are recognized at the transaction price. Other financial assets are
initially recognized at fair value less related transaction costs. These financial
assets are then measured at amortized cost using the effective interest rate
method. Gains or losses on retirement or modification of financial assets carried at
amortized cost are recognized in profit or loss.
b) Financial assets are measured at fair value through other comprehensive income
This classification applies to the following financial assets:
(i) Debt instruments managed with a business model that aims to own financial
assets in order to obtain contractual cash flows and sell and where the cash
flows meet the criteria "solely from principal and interest payments".
Changes in the fair value of these financial assets are recorded in other
comprehensive income, except for the recognition of impairment gains or
losses, interest income (including transaction costs using the effective interest
rate method), gains or losses arising from derecognition, and gains or losses
from foreign exchange differences are recognized on profit and loss.
When a financial asset is derecognised, the cumulative fair value gain or loss
previously recognized in other comprehensive income is reclassified to profit
or loss.
(ii) Equity investments for which the Group has irrevocably elected to present fair
value gains and losses from revaluation in other comprehensive income..
Options may be based on individual investments, however, they do not apply
to equity investments held for trading. Fair value gains or losses from
revaluation of equity investments, including the foreign exchange component,
are recognized in other comprehensive income. When an equity investment is
derecognised, fair value gains or losses previously recognized in other
comprehensive income are not reclassified to profit or loss. Dividends are
recognized in profit or loss when the right to receive payment has been
established.
15
Page 19
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
m. Financial instruments (continued)
1. Financial assets (continued)
c) Financial assets are measured at fair value through profit or loss
This classification applies to the following financial assets, where in all cases
transaction costs are charged to profit or loss:
(i) Debt instruments that do not have amortized cost or fair value through other
comprehensive income criteria. Fair value gains or losses will then be
recorded in profit or loss.
(ii) Equity investments held for trading or for which other comprehensive income
options do not apply. Fair value gains or losses and related dividend income
are recognized in profit or loss.
A financial asset is derecognized when the contractual rights to cash flows from the
financial asset have expired or have been transferred and the Group has transferred
substantially all the risks and rewards of ownership of the asset. Upon derecognition of a
financial asset, the difference between the carrying amount and the consideration
received is recognized in profit or loss.
Decrease in the Value of Financial Assets
A review of expected future credit losses is required for: debt instruments measured at
amortized cost or measured at fair value through other comprehensive income and trade
receivables that do not provide an unconditional right to receive consideration.
The Group recognizes a provision for impairment losses for expected credit losses on
financial assets measured at amortized cost. Provision for impairment losses on trade
receivables is measured at an amount equal to the expected credit loss over its life.
Lifetime expected credit loss is the expected credit loss resulting from all possible
default events over the expected life of a financial instrument.
When determining whether the credit risk of a financial asset has increased significantly
since initial recognition and when estimating expected credit losses, the Group considers
relevant information that is reasonable and verifiable and available without undue
expense or effort. It includes quantitative and qualitative information and analysis, based
on the Group's historical experience and credit assessments and includes forward-
looking information.
The Group considers a financial asset to be in default when a customer is unable to pay
its credit obligations to the Group in full. The maximum period considered when
estimating expected credit losses is the maximum contractual period over which the
Group is exposed to credit risk.
16
Page 20
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
m. Financial instruments (continued)
1. Financial assets (continued)
Decrease in the Value of Financial Assets (continued)
Expected credit loss is a probability-weighted estimate of credit loss. Credit losses are
measured as the present value of all cash receipt shortfalls (i.e. the difference between
the cash flows owed from an entity under the contract and the cash flows it is expected
to receive). Expected credit losses are discounted at the effective interest rate of the
financial asset.
2. Financial Liabilities
At initial recognition, the Group measures financial liabilities at fair value plus or minus
transaction costs directly related to the acquisition or issuance of the financial liability.
The Group classifies all its financial liabilities into the category of financial liabilities
measured at amortized cost.
After initial recognition, financial liabilities are subsequently measured at amortized cost
using the effective interest rate method. Gains or losses are recognized in profit or loss
when the financial liability is derecognized or impaired, and through the amortization
process.
The Group excludes financial liabilities from its consolidated statement of financial
position if, and only if, the obligations specified in the contract are discharged or
canceled or expire. The difference between the carrying amount of financial liabilities
that expire or are transferred to another party, and the consideration paid, including non-
cash assets transferred or liabilities assumed is recognized in profit or loss.
3. Offsetting of Financial Instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
consolidated statement of financial position if, and only if, they currently have a legally
enforceable right to set off the recognized amount and there is an intention to settle it on
a net basis, or to realize the asset and settle its obligations simultaneously.
n. Fair Value Measurement
The Group applies PSAK No. 68 “Fair Value Measurement”. The fair value of financial
instruments traded in an active market at each reporting date is determined by reference to
market price quotations or securities dealer price quotations (bid price for buy positions and
ask price for sell positions), excluding any deductions for transaction costs.
For financial instruments that do not have an active market, fair value is determined using
valuation techniques. Valuation techniques include the use of recent market transactions
carried out fairly by willing and understanding parties ( recent arm's length market
transactions ), the use of recent fair values of other instruments that are substantially the
same, discounted cash flow analysis, or other valuation models.
17
Page 21
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
o. Employee Benefits
Short term employee benefits
Short-term employee benefits are compensation provided by the Group such as salaries,
allowances, bonuses and pension benefit payments, which are recognized when they are
owed to employees.
Post-employment benefits
On February 2 2021, the Government promulgated and enforced Government Regulation no.
35 of 2021 (PP 35/2021) to implement the provisions of Article 81 and Article 185(b) of
Law no. 11/2020 concerning Job Creation, which aims to create as many job opportunities as
possible for the Indonesian people equally, in order to fulfill a decent life. PP 35/2021
regulates outsourcing agreements, working time, rest time and termination of employment,
which can affect the minimum compensation benefits that must be paid to employees. PSAK
No. 24 requires entities to use the “ Projected Unit Credit ” method to determine the present
value of defined benefit obligations, related current service costs and past service costs.
When the Group has a surplus under its defined benefit plan, the Group measures its defined
benefit assets at the lower of the defined benefit plan surplus and the asset ceiling
determined using a discount rate.
The Group recognizes the cost component of defined benefits, unless SAK requires or
permits such costs as asset acquisition costs, as follows:
(a) service costs in profit and loss;
(b) net interest on net defined benefit liabilities (assets) in profit or loss; and
(c) remeasurement of the net defined benefit liability (asset) in other comprehensive
income.
Remeasurement of the net defined benefit liability (asset) recognized in other comprehensive
income is not reclassified to profit or loss in the following period. However, the Group may
transfer the amount recognized as other comprehensive income to other items in equity.
Net interest is calculated by applying the discount rate to the net defined benefit liability or
asset. Service costs consist of current service costs and past service costs, curtailment gains
and losses and non-routine settlements, if any. Net interest expense or income, and service
costs are recognized in profit or loss.
The Group recognizes past service costs as an expense at the earlier of the date when the
plan amendment or curtailment occurs and when the Group recognizes the related
restructuring costs or severance pay. The Group recognizes gains or losses on settlement of
defined benefit plans when settlement occurs.
A curtailment occurs when the Group significantly reduces the number of employees covered
by a plan, or changes the terms of a defined benefit plan so that a significant element of the
future service of current employees will no longer be eligible for benefits, or will be eligible
only for reduced benefits.
18
Page 22
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
p. Lease
The Group applies PSAK No. 73, “Lease”.
Group as tenant
The Group applies a single recognition and measurement approach for all leases, except for
short-term leases and leases of low-value assets. The Group recognizes a lease liability to
make lease payments and a right-of-use asset representing the right to use the underlying
asset.
Right-of-use assets
Right-of-use assets are measured at cost, less accumulated depreciation and impairment.
The cost of a right-of-use asset includes the measured amount of the lease liability, initial
direct costs incurred by the lessee, and lease payments made on or before the
commencement date, less any rental incentives received. Right-of-use assets are
depreciated over the shorter of the useful life of the right-of-use asset or the lease term.
Lease liabilities
Lease liabilities are measured at the present value of outstanding rental payments. Each
rental payment is allocated between the portion of the liability settlement and the finance
costs. Lease liabilities are presented as long-term liabilities except for the portion due in 12
months or less which is presented as short-term liabilities. The interest element in finance
costs is charged to profit or loss over the lease term resulting in a constant interest rate on
the balance of the liability.
The Group does not recognize right-of-use assets and lease liabilities for:
• short-term rentals that have a lease term of 12 months or less; or
• leases whose assets are of low value. Payments made for the lease are charged to profit
or loss on a straight-line basis over the lease term.
Group as lessor
If the Group has assets that are leased under a finance lease, the present value of the lease
payments is recognized as a receivable. The difference between the gross receivables value
and the present value of the receivables is recognized as deferred finance lease income.
Rental income is recognized over the lease term using the net investment method which
reflects a constant periodic rate of return.
If an asset is leased under an operating lease, the asset is presented in the statement of
financial position according to the nature of the asset. Rental income is recognized as income
on a straight-line basis over the lease term.
19
Page 23
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
q. Segment Information
The Group applies PSAK No. 5 “Operating Segments”. The Group discloses information that
enables users of financial statements to evaluate the nature and financial impact of business
activities and uses a “management approach” in presenting segment information using the
same basis as internal reporting. Operating segments are reported in a manner consistent
with internal reporting submitted to operational decision makers. In this case, the operational
decision maker who makes strategic decisions is the Board of Directors.
r. Profit or Loss per Share
The Group applies PSAK No. 56 “Earnings per Share”. Basic earnings or loss per share is
calculated by dividing the profit or loss attributable to ordinary shareholders of the parent
entity, by the weighted average number of ordinary shares outstanding, in a period.
3. IMPORTANT ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of consolidated financial statements, in accordance with Indonesian Financial
Accounting Standards, requires management to make estimates and judgments that affect the
amounts reported in the consolidated financial statements. Due to the inherent uncertainty in
making estimates, actual results reported in the future may differ from the amounts estimated.
The Group bases its estimates and judgments on the parameters available at the time the
consolidated financial statements were prepared. The situation regarding future developments
may change due to market changes or circumstances beyond the Group's control. Such changes
are reflected in the relevant considerations at the time they occur.
The following estimates and judgments made by management in the context of applying the
Group's accounting policies have the most significant influence on the amounts recognized in the
consolidated financial statements:
Classification of financial assets and financial liabilities
The Group determines the classification of certain assets and liabilities as financial assets and
financial liabilities by considering whether the definitions set out in PSAK No. 71 fulfilled. Thus,
financial assets and financial liabilities are recognized in accordance with the Group's accounting
policies as disclosed in Note 2.
Determining the fair value and calculation of financial instruments
The Group records certain financial assets and liabilities at fair value through profit or loss and at
amortized cost, which requires the use of accounting estimates. While the significant components
of fair value measurements and assumptions used in the calculation of amortized cost are
determined using verifiable objective evidence, the fair value or amortization amounts may differ if
the Group uses different valuation methodologies or assumptions. These changes may directly
affect the Group's profit and loss.
20
Page 24
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
3. IMPORTANT ACCOUNTING ESTIMATES AND JUDGMENTS (continued)
Assess the recoverable amount of non-financial assets
Allowance for decline in market value and obsolescence of inventory is estimated based on
available facts and situations, including but not limited to, physical condition of inventory held,
market selling price, estimated completion costs and estimated costs incurred for sales. The
allowance is re-evaluated and adjusted if additional information becomes available that affects the
estimated amount.
The recoverable amount of fixed assets is based on estimates and assumptions specifically
regarding market prospects and cash flows related to the assets. Estimates of future cash flows
include estimates regarding future income. Any changes in these estimates may have a material
impact on the measurement of the recoverable amount and could result in adjustments to the
recorded allowance for impairment.
Provision for impairment losses on receivables
The Group evaluates certain receivable accounts for which it is aware that certain customers are
unable to meet their financial obligations. In such cases, the Group uses judgment, based on
available facts and circumstances, including but not limited to, the length of the relationship with
the customer and the credit status of the customer based on available third party credit records
and known market factors, to record specific provisions. on customers towards the amount owed in
order to reduce the amount of receivables that the Group is expected to receive. This specific
allowance is re-evaluated and adjusted if additional information received affects the amount of the
allowance for impairment of receivables.
Determine the depreciation method and estimate the useful life of fixed assets
The cost of fixed assets is depreciated using the straight-line method based on their estimated
useful lives. Management estimates the useful life of fixed assets of 4 years to 20 years. These
are the age expectations generally applied in the industries in which the Group conducts business.
Changes in usage levels and technological developments may affect the useful life and residual
value of assets, and therefore future depreciation charges may be revised.
Estimated employee benefits expenses and liabilities
Determining the liability and expense for Group employee benefits depends on the selection of
assumptions used in calculating such amounts. These assumptions include, among others,
discount rates, salary increase rates, resignation rates, disability rates, retirement age and
mortality rates. Actual results that differ from the Group's assumptions are immediately recognized
in profit or loss when they occur. While the Group believes that these assumptions are reasonable
and appropriate, significant differences in actual results or significant changes in the Group's
assumptions could materially affect employee benefits liabilities and expenses.
21
Page 25
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
3. IMPORTANT ACCOUNTING ESTIMATES AND JUDGMENTS (continued)
Determining income tax
Significant considerations are made in determining the provision for corporate income tax. There
are certain transactions and calculations where the final tax determination is uncertain during
normal business activities. In certain situations, the Group cannot determine the exact amount of
its current or future tax liabilities due to audit processes by tax authorities. The Group recognizes a
liability for expected corporate income tax based on its estimate of whether additional corporate
income tax will be due.
Deferred tax assets are recognized when it is probable that taxable profit will be available.
Significant estimates by management are required in determining the amount of deferred tax
assets that can be recognized, based on the timing of use and level of taxable profit and future tax
planning strategies. However, there is no certainty that the Group will generate sufficient taxable
profit to allow the use of part or all of the deferred tax assets.
4. CASH
March 31, 2024 December 31, 2023
Cash
Rupiah 21.172.714 25.152.325
Cash in bank
Rupiah
PT Bank Central Asia Tbk 4.563.420.432 3.830.354.965
PT Bank Rakyat Indonesia (Persero) Tbk 688.840.926 511.860.186
PT Bank Mandiri (Persero) Tbk 292.025.765 4.975.468.882
PT Bank DKI 30.492.607 -
PT Bank Permata Tbk 872.500 1.067.500
US Dollar
PT Bank Central Asia Tbk 23.999.623 96.592.925
Subtotal 5.599.651.853 9.415.344.458
Total 5.620.824.567 9.440.496.783
22
Page 26
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
5. ACCOUNT RECEIVABLE
March 31, 2024 December 31, 2023
Third parties
Dinas Komunikasi, Informatika dan
Statistik Provinsi DKI Jakarta 3.458.100.543 -
PT. COMTRONICS SYSTEMS 700.176.455 461.626.710
BPKAD Maluku Utara 445.790.323 -
PT Jaringan Fiber Indonesia 289.060.991 -
CV. BINA MANUNGGAL SEJATI 210.582.956 300.505.499
Others (under Rp200 million) 4.418.850.055 3.858.811.631
Total Third Parties 9.522.561.323 4.620.943.840
Allowance for losses on
impairment (1.126.165.515) (1.126.165.516)
Third Parties - Net 8.396.395.808 3.494.778.324
Related Parties 2.160.647.283 2.804.922.142
Allowance for losses on
impairment (1.367.555.485) (1.367.555.485)
Related Parties - Net 793.091.798 1.437.366.657
Total 9.189.487.606 4.932.144.981
6. OTHER RECEIVABLES
March 31, 2024 December 31, 2023
a. Current assets
Third Parties
PT Netco Trans Nusa 650.000.000 900.000.000
PT Jangkar Putra Indonesia 262.000.000 307.000.000
Others (under Rp100 million) 177.009.835 163.009.835
Total 1.089.009.835 1.370.009.835
23
Page 27
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
6. OTHER RECEIVABLES (continued)
March 31, 2024 December 31, 2023
b. Non-current assets
Third Parties
PT Fajar Mitra Krida 250.000.000 250.000.000
PT Fiber Teknologi Indonesia 73.492.261 73.492.261
Others (under Rp100 million) 464.971.758 139.482.924
Total Third Parties 788.464.019 462.975.185
Allowance for losses on
impairment (462.975.185) (462.975.185)
Third Parties - Net 325.488.834 -
March 31, 2024 December 31, 2023
b. Non-current assets (continued)
Related Parties
PT Fiber Media Indonesia 2.731.640.614 3.707.674.348
Total Related Parties 2.731.640.614 3.707.674.348
Total 3.057.129.448 3.707.674.348
PT Fajar Mitra Krida receivables are loans provided without interest, collateral and payment terms.
On March 31, 2024, the entire value of these receivables has been provided for impairment.
Receivables from PT Fiber Media Indonesia (FMI) are loans provided without collateral and bear
interest of 10.5% with a loan repayment period of up to October 2024. On March 31, 2024, the
balance of FMI's receivables is presented as current assets.
7. INVENTORY
March 31, 2024 December 31, 2023
Cables and pole 22.308.592.958 12.124.390.559
Total 22.308.592.958 12.124.390.559
Based on management's evaluation, an allowance for losses on decline in inventory value is not
necessary because there is no obsolete inventory.
The Group has insured inventory in one package with fixed assets.
24
Page 28
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
8. PREPAID EXPENSES AND ADVANCES
March 31, 2024 December 31, 2023
Prepaid expenses
Rent 459.301.490 192.617.270
Insurance 168.989.173 150.491.104
Others 973.125.000 -
Total 1.601.415.663 343.108.374
Advances
Professional services 801.641.024 801.641.024
Purchase 6.721.509.334 6.924.675.000
Total 7.523.150.358 7.726.316.024
Total 9.124.566.021 8.069.424.398
Prepaid rent represents the rental of buildings and land for the placement of the Company's
telecommunications network equipment.
Advances for professional services represent advances for supporting professional services paid
by the Company in connection with the Company planned Initial Public Offering of Shares.
9. INVESTMENT IN ASSOCIATED ENTITIES
March 31, 2024 December 31, 2023
PT Sentra Inovasi Prima 700.000.000 100.000.000
PT Fiber Media Indonesia 25.000.000 -
Total 725.000.000 100.000.000
10. OTHER NON-CURRENT ASSETS
March 31, 2024 December 31, 2023
Deposit 259.062.930 241.043.430
Total 259.062.930 241.043.430
This account represents a security deposit for the rental of office space at Graha Mustika Ratu
based on a rental contract with PT Mustika Ratu Center .
25
Page 29
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
11. FIXED ASSETS
Balance as of Balance as of
Januari 1, 2024 Addition Deduction March 31, 2024
Acquisition Costs
Direct
ownership
Land 1.712.570.000 - - 1.712.570.000
Building 9.132.671.642 254.000.000 - 9.386.671.642
Vehicle 16.909.971.632 - - 16.909.971.632
Office equipment 6.082.877.290 - - 6.082.877.290
Network
infrastructure 115.098.348.971 355.000.000 - 115.453.348.971
Subtotal 148.936.439.535 609.000.000 - 149.545.439.535
Assets in
progress
Building 647.500.000 377.887.500 - 1.025.387.500
Total acquisition
cost 149.583.939.535 986.887.500 - 150.570.827.035
Accumulated
depreciation
Direct
ownership
Building 1.427.684.651 119.336.976 - 1.547.021.627
Vehicle 5.808.457.197 478.837.564 - 6.287.294.761
Office equipment 3.453.949.624 483.584.814 - 3.937.534.438
Network
infrastructure 46.265.557.484 2.811.837.966 - 49.077.395.450
Total accumulated
depreciation 56.955.648.956 3.893.597.320 - 60.849.246.276
Carrying Amount 92.628.290.579 89.721.580.759
Balance as of Balance as of
Januari 1, 2023 Addition Deduction December 31, 2023
Acquisition Costs
Direct
ownership
Land 358.520.000 1.354.050.000 - 1.712.570.000
Building 2.504.064.000 6.628.607.642 - 9.132.671.642
Vehicle 9.031.666.775 7.878.304.857 - 16.909.971.632
Office equipment 3.568.236.849 2.514.640.441 - 6.082.877.290
Network
infrastructure 84.438.417.976 30.659.930.995 - 115.098.348.971
Subtotal 99.900.905.600 49.035.533.935 - 148.936.439.535
26
Page 30
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
11. FIXED ASSETS (continued)
Balance as of Balance as of
Januari 1, 2023 Addition Deduction December 31, 2023
Acquisition Costs
Assets in
progress
Building - 647.500.000 - 647.500.000
Total acquisition
cost 99.900.905.600 49.683.033.935 - 149.583.939.535
Accumulated
depreciation
Direct
ownership
Building 1.084.423.267 343.261.384 - 1.427.684.651
Vehicle 4.347.373.446 1.461.083.751 - 5.808.457.197
Office equipment 2.531.730.303 922.219.321 - 3.453.949.624
Network
infrastructure 35.270.947.048 10.994.610.436 - 46.265.557.484
Total accumulated
depreciation 43.234.474.064 13.721.174.892 - 56.955.648.956
Carrying Amount 56.666.431.536 92.628.290.579
As of March 31, 2024 and December 31, 2023, there are no fixed assets that are not in temporary
use and that have been retired from active use.
On December 31, 2023, the addition of fixed assets in the form of land and buildings, with a total
of Rp 8,167,657,642, is an addition to (i) the purchase of land and buildings by the Company from
Christian Nugroho, a third party, worth Rp 1,800,000,000 based on Sale and Purchase Deed No.
33 dated 31 March 2023 with a land and building area of 235 m 2 located in Cikopo Village,
Bungursari District, Purwakarta Regency, West Java Province, with Building Use Rights Certificate
(SHGB) No. 0336/Cikopo; (ii) purchase of land and buildings by the Company from Anton Bingah
Kuntarjo, a third party, worth Rp 2,850,000,000 based on Deed of Sale and Purchase No. 33 dated
10 August 2023 with a land area of 95 m 2 located on Jalan Howitzer No. 9B RT 008 RW 006
Sumur Batu Village, Kemayoran District, DKI Jakarta Province, with SHGB No. 3201/Stone Wells;
(iii) purchase of land by the Company from Sudiro, a third party, worth Rp 550,000,000 based on
Deed of Sale and Purchase Agreement No. 2 dated 29 August 2023 with a land area of 910 m 2
located in Galala Village, North Oba District, Tidore Islands City, North Maluku Province, with
Certificate of Ownership (SHM) No. 162/Galala in the name of Sudiro; (iv) purchase of land and
buildings by PC 24 from PT Alindatama Saktib Rother, a third party, worth Rp 850,000,000 based
on Sale and Purchase Deed No. 19 dated 21 February 2023 with a land and building area of 135
m 2 located in Sukasari Village, Serang Baru District, Bekasi Regency, West Java Province, with
SHGB No. 5878/Sukasari; and (v) costs related to the acquisition of the land and buildings
mentioned above and office renovations amounting to Rp 2,117,657,642. The additional land and
building assets are intended for the Group's operational offices.
27
Page 31
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
11. FIXED ASSETS (continued)
On September 21 2023, the Group insured inventory and fixed assets, in the form of wifi network
infrastructure and buildings, on an all-risk basis with PT Asuransi Bina Dana Arta Tbk, a third
party, with a total insurance value of Rp38,226,433,824 with the insurance period starting
September 18, 2023 to September 18, 2024.
Management believes that the insurance amount is sufficient to cover possible losses on the
insured assets.
Based on management's evaluation, there are no events or changes in circumstances that indicate
an impairment in the value of fixed assets.
12. RIGHT-OF-USE ASSETS
Balance as of Balance as of
Januari 1, 2024 Addition Deduction March 31, 2024
Acquisition Costs
Office room 5.188.365.567 - - 5.188.365.567
Network cable 5.419.201.000 - - 5.419.201.000
land and
building 4.960.728.888 - - 4.960.728.888
Total acquisition
cost 15.568.295.455 - - 15.568.295.455
Accumulated
depreciation
Office room 347.256.474 371.577.330 - 718.833.804
land and
building 2.510.302.888 - - 2.510.302.888
Total accumulated
depreciation 2.857.559.362 371.577.330 - 3.229.136.692
Carrying Amount 12.710.736.093 12.339.158.763
Balance as of Balance as of
Januari 1, 2023 Addition Deduction December 31, 2023
Acquisition Costs
Office room - 5.188.365.567 - 5.188.365.567
Network cable - 5.419.201.000 - 5.419.201.000
land and
building 3.075.558.888 1.885.170.000 - 4.960.728.888
Total acquisition
cost 3.075.558.888 12.492.736.567 - 15.568.295.455
28
Page 32
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
12. RIGHT-OF-USE ASSETS (continued)
Saldo Saldo
1 Januari 2023 Penambahan Pengurangan 31 Desember 2023
Accumulated
depreciation
Office room - 347.256.474 - 347.256.474
land and
building 1.039.445.277 1.470.857.611 - 2.510.302.888
Total accumulated
depreciation 1.039.445.277 1.818.114.085 - 2.857.559.362
Carrying Amount 2.036.113.611 12.710.736.093
Right-of-use assets in the form of office space based on a rental agreement with PT Mustika Ratu
Center.
13. BANK LOAN
March 31, 2024 December 31, 2023
PT Bank Central Asia Tbk 13.229.897.198 10.543.051.223
PT Bank OCBC NISP Tbk 2.103.107.356 2.059.663.413
Total 15.333.004.554 12.602.714.636
PT Bank OCBC NISP Tbk
On June 27 2023, PT PC 24 Cyber Indonesia (“PC 24”) signed a Loan Agreement with PT Bank
OCBC NISP Tbk (“OCBC”) as stated in Loan Agreement Deed No. 158 where OCBC approved
the provision of a Current Account Credit Facility (“KRK”) to PC 24 with a maximum credit amount
of Rp6,000,000,000 to be used for working capital needs. The term of the agreement is one year
from the date of signing the loan agreement with a credit interest rate of 8.25%.
Collateral for credit facilities from OCBC is as follows:
a. A plot of land measuring 63 m 2 located on Jalan Petojo VIY I No. 22 RT.002/006, Cideng
Village, Gambir District, Central Jakarta with SHM No. 1512/Cideng in the name of Budi
Aditya Erna Mulyanto.
b. A plot of land measuring 66 m 2 located in Sukasari Village, Tangerang District, Banten with
SHM No. 4330/Sukasari in the name of Budi Aditya Erna Mulyanto.
c. A plot of land measuring 54 m 2 located at RT.017/06, Pasirsari Village, South Cikarang
District, Bekasi, West Java with SHM No. 4482/Pasirsari in the name of Budi Aditya Erna
Mulyanto.
d. A plot of land measuring 135 m 2 located in Kav. A.1-1, Sukasari Village, Serang Baru
District, Bekasi, West Java with SHM No. 05878/Sukasari in the name of Budi Aditya Erna
Mulyanto.
29
Page 33
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
13. BANK LOAN (continued)
PT Bank OCBC NISP Tbk (continued)
Based on the agreement, PC 24 is not permitted to carry out the following activities without prior
written approval from OCBC, among others, as follows:
a. Make changes to the composition of shareholders and controlling parties (directly or
indirectly), as well as the composition of the board of directors and board of commissioners.
b. Liquidate or dissolve the Company or be involved in a merger, acquisition, consolidation
and/or joint venture with another company.
c. Reduce the Company's paid-in capital.
d. Pay dividends in any way to shareholders.
e. Make payments on subordinated shareholder or guarantor loans.
PC24 has received a waiver from OCBC regarding points a to d above in Letter No.
02/EXT/EMB/I/2024 dated 18 January 2024 with the provisions for points a to c with written
approval from OCBC, while for point d, prior notification is required to be submitted to OCBC.
PT Bank Central Asia Tbk
On November 15, 2019, the Company signed a Credit Agreement with PT Bank Central Asia Tbk
(“BCA”) as stated in Credit Agreement No. 03496/PK/SLK/2019 where BCA approved the
provision of a Local Credit Facility (Current Account) to the Company with a maximum credit
amount of Rp10,000,000,000 to be used for working capital needs with an agreement term of one
year starting from November 19, 2019 – November 19, 2020 and the credit interest rate is 10.50%.
This agreement has been extended and amended several times, most recently based on
Amendment to Credit Agreement No. 00231/PPK/KML/2022 dated December 16, 2022 where the
maximum credit amount is Rp11,000,000,000 and matures on November 19, 2023 with an interest
rate on the credit facility of 11.00% per year.
On November 15, 2023, the Company obtained an extension of the term for using the credit facility
from PT Bank Central Asia Tbk which matures until November 19, 2024.
Guarantees for credit facilities from BCA are as follows:
a. A plot of land measuring 68 m 2 located in Ruko Canadian Kota Wisata Blok CB.D No. 22,
Limusnunggal Village, Cileungsi District, Bogor Regency, West Java with Certificate of
Ownership (SHM) No. 3733/Limusnunggal in the name of Verah Wahyudi S Wong.
b. A plot of land measuring 50 m 2 located in Ruko Boston Kota Wisata Blok RK 2 No. 25,
Ciangsana Village, Gunung Putri District, Bogor Regency, West Java with Building Use
Rights Certificate (SHGB) No. 10369/Ciangsana in the name of Verah Wahyudi S Wong.
c. A plot of land measuring 58 m 2 located on Jalan Raya Tapos No. 50 RT.02 RW.12, Tapos
Village, Tapos District, Depok City, West Java with SHM No. 3209/Tapos in the name of Budi
Aditya Erna Mulyanto.
d. A plot of land measuring 56 m 2 located on Jalan KH Mansyur, Gondrong Village, Cipondoh
District, Tangerang City, Banten with SHM No. 1842/Gondrong in the name of Budi Aditya
Erna Mulyanto.
30
Page 34
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
13. BANK LOAN (continued)
PT Bank Central Asia Tbk (continued)
e. 2 plots of land located on Jalan Raden Fattah, West Sudimara Village, Ciledug District,
Tangerang City, Banten with SHM No. 3403/West Sudimara covering an area of 32 m 2 and
SHM No. 3408/West Sudimara covering an area of 5 m 2 , both of which are in the name of
Budi Aditya Erna Mulyanto.
f. A plot of land measuring 175 m 2 located at Ruko Jalan Raya Cinere Blok M No. 26, Cinere
Village, Limo District, Depok City, West Java with SHM No. 4050/Cinere in the name of Budi
Aditya Erna Mulyanto.
g. A plot of land measuring 128 m 2 located in the Ottawa Cluster Tourism City Housing Block
UC 2 No. 3, Limusnunggal Village, Cileungsi District, Bogor City, West Java with SHM No.
4553/Limusnunggal in the name of Budi Aditya Erna Mulyanto.
h. A plot of land measuring 2,095 m 2 located on Jalan Purnawarman, Kp. Lebak Sirna RT.001
RW.07, Ciampea Village, Ciampea District, Bogor City, West Java with SHM No.
442/Ciampea in the name of Budi Aditya Erna Mulyanto.
i. A plot of land measuring 150 m 2 located at Ruko Jln. Wibawa Mukti II No. 3C RT.01 RW.07,
Jatiasih Village, Jatiasih District, Bekasi City, West Java with SHM No. 8215/Jatiasih in the
name of Budi Aditya Erna Mulyanto.
j. A plot of land measuring 180 m 2 located in the Coastesville Cluster Tourism City Housing
Block SC 5 No. 35, Ciangsana Village, Gunung Putri District, Bogor Regency, West Java with
SHM No. 7377/Ciangsana in the name of Budi Aditya Erna Mulyanto.
Based on the agreement, the Company is not permitted to carry out the following activities without
prior written approval from BCA, namely:
a. obtain new loans/credit from other parties and/or commit themselves as guarantors in any
form and under any name and/or pledge assets to other parties.
b. lend money, including but not limited to affiliated companies, except for carrying out daily
business.
c. make investments, investments or open new businesses outside the Company core business.
d. carrying out consolidation, merger, takeover, dissolution/liquidation, as well as changing
institutional status, articles of association, composition of directors and board of
commissioners and shareholders and distributing dividends.
The company has received a waiver from BCA regarding the above matter in Letter No.
00479/SLK/2023 dated May 8, 2023 and Letter No. 00793/SLK/2023 dated July 21, 2023.
14. ACCOUNT PAYABLES
March 31, 2024 December 31, 2023
PT AFC Dinamika Indonesia 1.949.900.000 2.909.976.000
PT Mustika Ratu Centre 460.780.183 -
PT Multidata Rancana Prima 355.210.000 -
Others (under Rp300 milion) 7.759.828.074 12.539.395.731
Total 10.525.718.257 15.449.371.731
All business debts are denominated in Rupiah. The Group does not provide guarantees for its
debts to suppliers.
31
Page 35
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
15. ACCRUAL EXPENSES
March 31, 2024 December 31, 2023
Operational Right Fee (BHP)
and Universal Service Obligations (USO) 1.049.833.043 3.454.650.381
Wages 2.087.238.006 960.197.812
Insurance 658.962.110 -
Others 960.197.812 -
Jumlah 4.756.230.971 4.414.848.193
16. OTHER PAYABLES
March 31, 2024 December 31, 2023
Third Parties
Others 1.978.126.250 -
Subtotal 1.978.126.250 -
Related Parties
PT Sumber Data Indonesia 1.237.500.000 -
PT Jaringan Fiber Indonesia - 1.650.000.000
Shareholders 350.000.000 700.000.000
Subtotal 1.587.500.000 2.350.000.000
Total 3.565.626.250 2.350.000.000
All other debts are denominated in Rupiah.
The debt to PT Sumber Data Indonesia (SDI) is an interest-free loan received by the Company
from SDI with a loan repayment period starting from August 15, 2023 – November 15, 2023 with
total installments of Rp 550,000,000 per month. On November 16, 2023, the loan repayment
period has been extended until December 10, 2024 with total installments of Rp137,500,000 per
month starting January 10, 2024.
17. LEASE LIABILITIES
The Group entered into several lease agreements relating to the rental of office space. The rental
agreement has a fixed term from 3 months to 56 months, but can have an extension option. The
lease agreement does not provide any conditions, but the leased asset cannot be used as
collateral for a loan. The Group entered into an office space rental agreement with PT Mustika
Ratu Center as follows:
32
Page 36
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
17. LEASE LIABILITIES (continued)
a. On May 13, 2022, the Company signed a Lease Agreement with PT Mustika Ratu Center for
office space. This agreement has been amended several times, most recently on July 24,
2023 where the Company rented office space on the Ground Floor covering an area of
388.18 m 2 with a rental period of 4 years 8 months from September 15, 2023 to June 12,
2028.
b. On November 7, 2022, the Company signed a Lease Agreement with PT Mustika Ratu
Center for office space. This agreement has been amended several times, most recently on
August 31, 2023 where the Company rented office space on the Annex Floor covering an
area of 147.5 m 2 with a rental period of 3 months from October 1, 2023 to January 1, 2024.
c. On February 21, 2011 and June 8, 2015, the Company signed a Lease Agreement with PT
Mustika Ratu Center for office space. This agreement has been amended several times, most
recently on January 27, 2023 and June 12, 2023 where the Company rented office space on
the Annex Floor with a total area of
171.36 m 2 with a rental period of 3 months from June 15, 2023 to September 14, 2023.
Furthermore, on September 22 2023, the Company signed an addendum to the rental
agreement whereby the area of the office space rented was reduced to 59.23 m 2 effective
from September 15, 2023 until December 31, 2023.
d. On November 7, 2022, PT PC 24 Cyber Indonesia signed a Lease Agreement with PT
Mustika Ratu Center for office space. This agreement has been amended several times, most
recently on August 31, 2023 where PT PC 24 Cyber Indonesia rented office space on the
Annex Floor with an area of 73.28 m 2 with a rental period of 3 months from October 1, 2023
to January 1, 2024 .
Future minimum rental payments are as follows:
March 31, 2024 December 31, 2023
Present value of minimum payment 4.410.082.158 4.841.109.093
The due part is in
one year's time (261.449.765) (692.476.700)
Long Term Section 4.148.632.393 4.148.632.393
The amount of implicit incremental interest used is 6%.
18. CONSUMER FINANCING PAYABLE
The present value of the minimum lease payments is as follows:
March 31, 2024 December 31, 2023
Present value of minimum payment 4.943.576.178 5.562.204.184
The due part is in
one year's time (3.088.038.345) (3.339.189.887)
Long Term Section 1.855.537.833 2.223.014.297
33
Page 37
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
18. CONSUMER FINANCING PAYABLE (continued)
34
Page 38
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
19. EMPLOYEE BENEFITS LIABILITIES
The calculation of employee benefits liabilities uses the "Projected Unit Credit" method by
considering the following assumptions:
March 31, 2024 December 31, 2023
Doscount rate 7,22% 7,22%
Salary increase rate 6,00% 6,00%
Mortality table TMI IV TMI IV
Retirement age 55 years old 55 years old
Movements in employee benefits liabilities are as follows:
March 31, 2024 December 31, 2023
Beginning of the period/year 2.612.829.682 2.019.863.286
Expenses recognized on the report:
Profit and loss - 526.066.294
Other comprehensive income - 66.900.102
End of Period/Year Balance 2.612.829.682 2.612.829.682
20. TAXATION
a. Prepaid tax
March 31, 2024 December 31, 2023
Value added tax 19.717.500 -
Income tax:
Article 21 17.749.722 -
Article 22 500.000 -
Article 23 556.247.055 -
Article 25 1.697.666.133 -
Total 2.291.880.410 -
b. Tax payable
March 31, 2024 December 31, 2023
Value added tax 1.620.541.284 939.415.389
Income tax:
Article 4 (2) 12.458.958 44.972.907
Article 21 - 641.621.953
Article 23 65.588.140 75.727.470
Article 25 480.235.006 480.235.004
Article 29 6.581.787.784 5.410.366.947
Total 8.760.611.172 7.592.339.670
35
Page 39
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
20. TAXATION (continued)
c. Benefits (expenses) of income tax
March 31, 2024 March 31, 2023
Current
Company (2.992.483.472) (2.035.680.578)
Subsidiaries (447.506.925) (330.278.641)
Total (3.439.990.397) (2.365.959.219)
The reconciliation between profit before income tax as shown in the consolidated statements
of profit or loss and other comprehensive income and the Company's estimated taxable
income for the three-month periods ended March 31, 2024 and 2023 is as follows:
March 31, 2024 March 31, 2023
Profit before income tax expense
according to the income statement
and consolidated other
comprehensive income 15.138.888.886 9.446.509.420
profit before tax of of subsidiaries
and eliminations (2.035.268.873) (1.391.658.575)
Profit before income tax - 13.103.620.013 8.054.850.845
Company
Permanent difference 498.577.586 1.198.242.693
Temporary difference - -
Taxable Profits - Company 13.602.197.599 9.253.093.538
Income Tax Expense - Current 2.992.483.472 2.035.680.578
d. Deferred tax
Credited to Other
Balance as of Charged to Comprehensive Balance as of
Januari 1, 2024 Profit or Loss Income March 31, 2024
Company
Employee benefits 396.472.843 - - 396.472.843
Provision for impairment
of value receivables 323.631.476 - - 323.631.476
Subsidiaries
Employee benefits 178.349.687 - - 178.349.687
Provision for impairment
of value receivables 326.841.685 - - 326.841.685
Total Deferred Tax Assets 1.225.295.691 - - 1.225.295.691
36
Page 40
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
20. TAXATION (continued)
d. Deferred tax (continued)
Credited to Other
Balance as of Charged to Comprehensive Balance as of
Januari 1, 2024 Profit or Loss Income March 31, 2024
Company
Employee benefits 300.040.091 83.237.525 13.195.227 396.472.843
Provision for impairment
of value receivables 137.163.309 186.468.167 - 323.631.476
Subsidiaries
Employee benefits 144.329.832 32.497.059 1.522.796 178.349.687
Provision for impairment
of value receivables 428.430.776 (101.589.091) - 326.841.685
Total Deferred Tax Assets 1.009.964.008 200.613.660 14.718.023 1.225.295.691
21. CAPITAL STOCK
Number of
Issued and Paid Percentage
Shares Ownership Total
Verah Wahyudi Singgih Wong 1.056.000.000 96% 52.800.000.000
Jimmi Anka 44.000.000 4% 2.200.000.000
Total 1.100.000.000 100% 55.000.000.000
Based on Deed no. 132 dated August 30, 2023 by Elizabeth Karina Leonita, SH., M.Kn., Notary in
South Jakarta, which has received approval from the Minister of Law and Human Rights of the
Republic of Indonesia in Decree No. AHU-0051661.AH.01. 02.TAHUN 2023 dated August 31,
2023, the shareholders approved an increase in authorized capital from Rp50,000,000 to
Rp220,000,000,000 and an increase in the Company's issued and paid-up capital from
Rp25,000,000 to Rp55,000,000,000. an increase in the Company issued and paid-up capital
amounting to Rp54,975,000,000 through the distribution of share dividends and shares and paid-
up in full by the shareholders in accordance with their portion of ownership so that the composition
of the Company share ownership is as follows:
(a) Verah Wahyudi Singgih Wong amounting to Rp52,800,000,000 or 528,000 shares.
(b) Jimmi Anka amounting to Rp2,200,000,000 or 22,000 shares.
Based on Deed no. 45 dated November 15, 2023 by Notary Elizabeth Karina Leonita, SH., M.Kn.,
Notary in South Jakarta, which has received approval from the Minister of Law and Human
Rights of the Republic of Indonesia in Decree No. AHU-0071258.AH.01.02.TAHUN 2023 dated
November 17, 2023 and has been received by the Minister of Law and Human Rights based on
letter No. AHU-AH.01.09-0186388 and letter No. AHU-AH.01.03-0143300 on November 17, 2023
respectively, the shareholders took decisions, including the following:
37
Page 41
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
21. CAPITAL STOCK (continued)
• Approved the change in the Company status from a closed company to a public company.
•
Approve the Company plan to conduct an Initial Public Offering (IPO) by issuing shares in the
Company's savings/portfolio and offering/selling new shares to be issued from the portfolio
through an IPO to the public, in a maximum amount of 275,000,000 or a maximum of 20% of
the issued and paid-up capital after the IPO with a nominal value of Rp50 per share.
• Approve to list all of the Company shares, after holding the IPO, for shares offered and sold
to the public through the Capital Market, as well as shares owned by shareholders (other than
public shareholders) of the Company, on the Indonesian Stock Exchange, and agree to
register Company shares are in Collective Custody which is carried out in accordance with
applicable laws and regulations in the Indonesian Capital Market sector.
• Approved the determination of the controlling shareholder of the Company in order to comply
with the provisions of Article 85 of the Financial Services Authority Regulation Number
3/POJK.04/2021 concerning the Implementation of Capital Market Activities, namely Verah
Wahyudi Singgih Wong as the party controlling the Company based on the applicable laws
and regulations in the field Capital market.
• Approved the change in nominal value per share from previously Rp 100,000 to Rp 50
per share.
22. ADDITIONAL PAID-IN CAPITAL
In 2016, the Company participated in the tax amnesty program. The company received a Tax
Amnesty Certificate (SKPP) on October 12, 2016. The reported tax amnesty assets amounted to
Rp 7,271,363,600. and no tax liabilities were reported. The difference between tax amnesty assets
and tax amnesty liabilities is recorded as part of the "Additional Paid-in Capital" account amounting
to Rp7,271,363,600. The amount of ransom paid by the Company under the tax amnesty program
was Rp145,427,272.
23. RETAINED EARNINGS
March 31, 2024 December 31, 2023
Appropriated
Balance at beginning of the period/year 1.000.000.000 -
Reserve - 1.000.000.000
Balance at the end of the period/year 1.000.000.000 1.000.000.000
38
Page 42
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
23. RETAINED EARNINGS (continued)
March 31, 2024 December 31, 2023
Unappropriated
Balance at beginning of the period/year 28.996.189.195 57.838.171.482
Dividend distribution - (54.975.000.000)
Reserve (1.000.000.000) (1.000.000.000)
Subsidiaries profit 215.589.257 -
Profit for the period/year 11.698.898.489 26.133.017.713
Balance at the end of the period/year 39.910.676.941 27.996.189.195
Total 40.910.676.941 28.996.189.195
24. OTHER COMPREHENSIVE INCOME
This account consists of:
March 31, 2024 December 31, 2023
Balance at beginning of the period/year (62.121.168) (9.993.078)
Other comprehensive profit (loss)
current period/year - (52.128.090)
Balance at the end of the period/year (62.121.168) (62.121.168)
Addition to other comprehensive income consists of actuarial gains (losses) on the remeasurement
of employee benefits liabilities and related income taxes attributable to owners of the parent entity.
25. NON-CONTROLLING INTERESTS
This account consists of:
March 31, 2024 December 31, 2023
Balance at beginning of the period/year 375.549.799 165.160.955
Acquisition of subsidiaries - 185.000.000
Share of net profit from subsidiaries - 25.442.834
Other comprehensive income sectiion
from subsidiary entities (375.549.799) (53.990)
Balance at the end of the period/year - 375.549.799
39
Page 43
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
26. REVENUE
This Account consists of:
March 31, 2024 March 31, 2023
Telecommunications revenue 56.608.702.954 49.443.841.227
Non-telecommunications income 2.143.678.026 1.047.024.037
Total 58.752.380.980 50.490.865.264
There is no revenue from any one customer that exceeds 10% of total consolidated revenue.
27. COST OF GOODS SOLD
This Account consists of:
March 31, 2024 March 31, 2023
Repair and maintenance 7.470.522.135 2.776.563.426
Depreciation 2.798.982.967 1.964.556.452
Rent equipment 2.322.052.367 5.893.944.293
Unloading fee 2.118.333.333 -
Material load 2.084.199.069 14.727.178.740
BHP Universal Service Obligation (USO) and
BHP Radio Station License (ISR) 1.002.507.648 205.541.122
Operational expenses 2.886.028.902 1.605.036.275
Total 20.682.626.421 27.172.820.308
There are no purchases from one supplier that exceed 10% of total consolidated revenue.
28. SALES EXPENSES
This Account consists of:
March 31, 2024 March 31, 2023
Commission 5.966.700.085 2.763.349.316
Marketing 282.683.029 299.264.599
Advertisement 8.562.067 4.549.284
Banquet 400.000 -
Total 6.258.345.181 3.067.163.199
40
Page 44
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
29. GENERAL AND ADMINISTRATIVE EXPENSES
This Account consists of:
March 31, 2024 March 31, 2023
Salary, wages, bonuses and benefits 10.607.809.799 5.830.066.836
Professional service 1.299.337.359 375.800.000
Depreciation of fixed and right-of-use assets 1.225.466.086 734.926.122
Safety and hygiene 661.097.925 -
Office supplies 632.723.512 93.642.539
Fuel, tolls and parking 526.405.198 379.996.796
utility 472.043.387 989.426.550
Repair and maintenance 247.206.178 438.677.949
Legality and licensing 91.696.886 -
Expedition 70.710.941 21.900.000
Retribution 56.500.000 78.310.000
Rent 10.500.000 790.555.424
Tax expenses - 1.226.091.159
Others (under Rp50 million) 144.617.643 78.628.618
Total 16.046.114.914 11.038.021.992
30. FINANCIAL CHARGES
This Account consists of:
March 31, 2024 March 31, 2023
Interest on bank loan 337.473.868 14.826.137
Affiliate loan interest 100.000.000 -
Interest on consumer financing
debt 98.842.095 -
Privisions and administration 17.435.584 4.196.085
Total 553.751.547 19.022.222
31. OTHER INCOME (EXPENSES)
This Account consists of:
March 31, 2024 March 31, 2023
Other Income
Bank interest 22.671.493 24.092.471
exchange rate difference 386.797 -
Affiliate interest income - 131.934.485
Others (under Rp100 million) 138.792.764 124.845.412
Subtotal 161.851.054 280.872.368
41
Page 45
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Three-Month Periods Ended March 31, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
31. OTHER INCOME (EXPENSES) (continued)
March 31, 2024 March 31, 2023
Other expense
Tax penalties and fines (228.536.688) -
Losses on exchange rate differences (3.821.730) -
Others (under Rp100 million) (2.146.667) (28.200.490)
Subtotal (234.505.085) (28.200.490)
Total (72.654.031) 252.671.878
32. EARNINGS PER SHARES
March 31, 2024 March 31, 2023
Attributable net profit
to the owners of the parent entity 11.698.898.489 7.080.550.201
Weighted average sum
outstanding shares 1.100.000.000 500.000
Net Earnings per Share 10,64 14.161,10
33. EVENTS AFTER THE REPORTING PERIOD
On April 26, 2024, the Company received an effective statement from the Financial Services
Authority (OJK) in letter No. S-58/D.04/2024 to conduct an Initial Public Offering of 275,000,000
shares with a nominal value of Rp50 per share with an offering price of Rp188 per share. On May
7, 2024, these shares were listed on the Indonesia Stock Exchange.
42
Names mentioned 42 people and organisations named in the text · linked when the evidence is strong
unresolved
org
REMALA ABADI Tbk
p.1 ×87
unresolved
person
Fajra Rizqi Nasution
p.9
unresolved
org
Minister of Justice and Human Rights
p.9
unresolved
person
Notary Elizabeth Karina Leonita
· Notaris
p.9 ×4
unresolved
org
Minister of Law
p.9
unresolved
org
Minister of Law and Human Rights
p.9 ×6
unresolved
person
Ahkmad Alamsyah Saragih
p.9
unresolved
org
PT PC
p.10 ×5
unresolved
person
Anita Munaf
p.10
unresolved
person
Rpiansyah Rizal
p.10
unresolved
org
Bank Indonesia
p.17
unresolved
org
PT Bank DKI
p.25
unresolved
org
PT. COMTRONICS SYSTEMS
p.26
unresolved
org
PT Jaringan Fiber Indonesia
p.26 ×2
unresolved
org
PT Netco Trans Nusa
p.26
unresolved
org
PT Jangkar Putra Indonesia
p.26
unresolved
org
PT Fajar Mitra Krida
p.27 ×2
unresolved
org
PT Fiber Teknologi Indonesia
p.27
unresolved
org
PT Fiber Media Indonesia
p.27 ×3
unresolved
org
PT Sentra Inovasi Prima
p.28
unresolved
org
PT Mustika Ratu Center
p.28 ×7
unresolved
org
PT Alindatama Saktib Rother
p.30
unresolved
person
KH Mansyur
p.33
unresolved
org
PT AFC Dinamika Indonesia
p.34
unresolved
org
PT Mustika Ratu Centre
p.34
unresolved
org
PT Multidata Rancana Prima
p.34
unresolved
—
Subtotal
p.35
unresolved
org
Financial Services Authority
p.41 ×2
unresolved
org
Indonesia Stock Exchange
p.45
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