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Report RA Consolidated June 30 2024.pdf
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Page 1
PT REMALA ABADI Tbk AND SUBSIDIARIES
Interim Financial Report
June 30, 2024 (Unaudited) and December 31, 2023 (Audited)
And For the Six-Month Period Ended June 30, 2024 (Unaudited)
(With Comparative Figures for the Six-Month Period Ended June 30, 2023 (Audited))
Page 2
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 - 48
Page 3
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PT REMALA ABADI Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
June 30, 2024 and December 31, 2023
(Expressed in Rupiah, unless otherwise stated)
Notes June 30, 2024 December 31, 2023
ASSETS
CURRENT ASSETS
Cash 2c,2l,2m,4,34 15.455.919.461 9.440.496.783
Account receivable
Third parties 2m,5,34 12.002.392.807 3.494.778.325
Related parties 2i,2m,5,33,34 850.724.653 1.437.366.657
Other receivables
Third parties 2m,6,34 380.009.835 1.370.009.835
Prepaid expenses 2k,20a 64.980.388 -
Inventory 2d,7 29.191.451.594 12.124.390.559
Advances 2e,8 14.227.129.728 8.069.424.398
Total Current Assets 72.172.608.466 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,6,34 79.108.834 -
Related parties 2i,2m,6,33,34 1.970.688.130 3.707.674.348
Investment advance 9a 20.950.000.000 100.000.000
Investment in associated entities 2f,9b 456.891.917 456.891.917
Fixed assets 2g,11 103.380.433.335 92.628.290.579
Right-of-use assets 2p,12 11.967.581.433 12.710.736.093
Other non-current assets 2m,10,34 311.062.930 241.043.430
Total Non-Current Assets 140.341.062.270 111.069.932.058
TOTAL ASSETS 212.513.670.736 147.006.398.615
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PT REMALA ABADI Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
June 30, 2024 and December 31, 2023
(Expressed in Rupiah, unless otherwise stated)
Notes June 30, 2024 December 31, 2023
LIABILITY AND EQUITY
SHORT-TERM LIABILITIES
Short-term bank loan 2m, 13,34 18.030.000 12.602.714.636
Accounts payable - third parties 2m,14,34 10.438.663.552 15.449.371.731
Accrued expenses 2m,15,34 6.143.426.506 4.414.848.193
Tax payables 2k,20b 8.475.542.413 7.592.339.670
Long term liabilities
due in one year:
Consumer financing payables 2m,2p,18,34 2.329.174.401 3.339.189.887
Lease liabilities 2m,2p,17,34 1.486.131.720 692.476.700
Total Short Term Liabilities 28.890.968.592 44.090.940.817
LONG TERM LIABILITIES
Other debts
Third parties 2m,16 - -
Related parties 2i,2m,16,33,34 5.474.940.713 2.350.000.000
Long - term liabilities - after minus
the portion due in one year:
Consumer financing payables 2m,2p,18,34 1.957.952.181 2.223.014.297
Lease liabilities 2m,2p,17,34 2.497.740.063 4.148.632.393
Employee benefits liabilites 2o,19 2.612.829.682 2.612.829.682
Total Long Term Liabilities 12.543.462.639 11.334.476.372
Total Liabilities 41.434.431.231 55.425.417.188
EQUITY
Equity attributable
to the owners of the parent entity
Share capital 21 68.750.000.000 55.000.000.000
Additional paid-in capital 22 44.419.722.576 7.271.363.600
Retained earning
Appropriated 23 2.000.000.000 1.000.000.000
Unappropriated 23 55.383.434.066 27.996.189.195
Other comprehensive income
Remeasurement of employee benefits 2o,24 (62.121.168) (62.121.168)
Subtotal 170.491.035.474 91.205.431.628
Non-controlling interests 25 588.204.031 375.549.799
Total Equity 171.079.239.505 91.580.981.427
TOTAL LIABILITIES AND EQUITY 212.513.670.736 147.006.398.615
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PT REMALA ABADI Tbk AND SUBSIDIARIES
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the Six-Month Periods Ended June 30, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
Notes June 30, 2024 June 30, 2023
REVENUES 2j,26 127.478.519.246 105.222.795.785
COST OF GOODS SOLD 2j,27 43.047.378.920 49.885.841.839
GROSS PROFIT 84.431.140.326 55.336.953.946
Sales expenses 2j,28 (13.985.865.791) (8.673.827.619)
General and administrative expenses 2j,29 (30.856.437.368) (21.946.408.336)
Financing charges 2j,30 (825.638.210) (151.258.094)
Other income 2j,31 314.603.978 709.853.016
Other expenses 2j,31 (302.517.775) (1.628.738.046)
PROFIT BEFORE EXPENSES
INCOME TAX 38.775.285.160 23.646.574.867
INCOME TAX BENEFITS (EXPENSE)
Current 2k, 20c (9.580.440.100) (5.578.686.740)
Deferred 2k - 148.791.376
Income Tax Expense - Net (9.580.440.100) (5.429.895.364)
NET PROFIT 29.194.845.060 18.216.679.503
OTHER COMPREHENSIVE INCOME
Item that will not reclassified to
profit and loss:
Remeasurement of employee benefits - (179.852.168)
Related income taxes - 39.567.477
Other Comprehensive Income (Loss) - Net - (140.284.691)
NET COMPREHENSIVE PROFIT 29.194.845.060 18.076.394.812
EARNINGS PER SHARE 2r,32 21,71 36.415,29
Attributable net profit to:
Owner of the parent entity 29.178.190.827 18.207.642.659
Non-controlling interests 16.654.233 9.036.844
Total 29.194.845.060 18.216.679.503
Net comprehensive income
attributable to:
Owner of the parent entity 29.178.190.827 18.067.689.265
Non-controlling interests 16.654.233 8.705.547
Total 29.194.845.060 18.076.394.812
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PT REMALA ABADI Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Six-Month Periods Ended June 30, 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 - 59.529.141.611 (9.993.078) 66.815.512.133 224.718.085 67.040.230.218
Investment in subsidiaries by
non-controlling interests - - - - - - 125.000.000 125.000.000
Net profit for the
period/year - - - 18.207.642.659 - 18.207.642.659 9.036.844 18.216.679.503
Comprehensive income
others- net - - - - (139.953.394) (139.953.394) (331.297) (140.284.691)
Balance June 30,
2023 25.000.000 7.271.363.600 - 77.736.784.270 (149.946.472) 84.883.201.398 358.423.632 85.241.625.030
Balance January 1,
2024 55.000.000.000 7.271.363.600 1.000.000.000 27.996.189.195 (62.121.168) 91.205.431.628 375.549.799 91.580.981.427
Net profit for the
period/year - - - 29.178.190.827 - 29.178.190.827 16.654.233 29.194.845.060
Paid-up capital - 50.898.358.976 - - - 50.898.358.976 - 50.898.358.976
Other equity transactions - - (790.945.956) - (790.945.956) 195.999.999 (594.945.957)
Reserve - 1.000.000.000 (1.000.000.000) - - - -
Comprehensive income
others- net - - - - - - - -
Balance June 30, 2024 55.000.000.000 58.169.722.576 2.000.000.000 55.383.434.066 (62.121.168) 170.491.035.474 588.204.031 171.079.239.505
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PT REMALA ABADI Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Expressed in Rupiah, unless otherwise stated)
June 30, 2024 June 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers 119.557.546.768 107.992.107.866
Payment to suppliers (48.936.279.052) (55.989.040.354)
Payments to employees (35.508.428.479) (21.221.572.524)
Payment of other operating expenses (12.345.050.424) (12.058.150.474)
Payment of financing charges (825.638.210) (151.258.094)
Payment of corporate income tax (8.475.542.413) (7.251.387.067)
Net Cash Flows Obtained from Operating Activities 13.466.608.190 11.320.699.353
CASH FLOWS FROM INVESTMENT ACTIVITIES
Cash receipts (used) to other receivables 1.736.986.218 734.352.577
Acquisition of fixed assets (18.387.841.832) (17.735.783.181)
Advance payment (6.157.705.330) -
Addition of right-of-use assets - -
Additional down payment for investment (20.850.000.000) -
Net Cash Flows Obtained from Investment Activities (43.658.560.944) (17.001.430.604)
CASH FLOWS FROM FUNDING ACTIVITIES
Received from:
Non-controlling capital - 125.000.000
Other payables - related parties 3.124.940.713 4.484.000
Paid-up capital 51.700.000.000 -
Payment for:
Long term bank loan (12.584.684.636) -
Consumer financing debt (1.275.077.602) (523.882.902)
Lease liabilities (1.650.892.330) -
Other payables (3.124.940.713) (59.644.444)
Net Cash Flows Obtained from Funding Activities 36.189.345.432 (454.043.346)
NET INCREASE (DECREASE) IN CASH 5.997.392.678 (6.134.774.597)
CASH AT THE BEGINNING OF THE PERIOD 9.440.496.783 12.989.637.242
CASH AT THE END OF THE PERIOD 15.437.889.461 6.854.862.645
Cash consist of:
Cash 15.455.919.461 6.919.835.401
Overdraft (18.030.000) (64.972.756)
Total 15.437.889.461 6.854.862.645
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
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 June 30,
2024 is as follows:
June 30, 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 June 30, 2024 is as follows:
June 30, 2024
Chairman : Ahmad Alamsyah Saragih, SE
Member : Sudarmana
Member : Sundara Ichsan
On November 18 2023 , the Company's Board of Directors appointed Hong Chintia as
Corporate Secretary based on Decree No. 002/SK/RA/DIR/XI/2023.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
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 June 30, 2024, the Company and Subsidiaries (hereinafter collectively referred to as the
(“Group”) had 385 permanent employees.
c. Subsidiary Entity Structure
As of March 31, 2024 the Company has Subsidiaries with direct ownership as follows:
Total Assets Before
Elimination
Ownership
Date Position and Percentage (In million Rupiah)
Business Establishme Business Year June 30 June 30
Subsidiaries fields nt Commercial 2024 2023 2024 2023
PT PC 24 Cyber Internet January 6, Bekasi, Jawa 99% 99% 27.556 24.256
Indonesia (PC 24) Service 2006 Barat / 2006
Provider
PT Solusi Aplikasi Trade and August 19, Jakarta Timur / 88% 88% 545 495
Andalan Semesta Programming 2021 Not yet
(SAAS) computer operational
PT Akselerasi Informasi Trading January 27, Jakarta Selatan / 50% 50% 209 233
Indonesia (AII) 2023 Not yet
operational
PT Fiber Kerumah Trading September 1, Jakarta Selatan / 97% 0% 6.908 -
Indonesia (FKI) 2023 Not yet
operational
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
June 30, 2024 amounted to Rp27.554.537.374.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
1. GENERAL (contined)
c. Subsidiary Entity Structure
PT Solusi Aplikasi Andalan Semesta
The Company established PT Solusi Aplikasi Andalan Semesta (“SAAS”) based on Notarial
Deed No. 8 by Rpiansyah Rizal, SH, M.Kn., dated 29 August 2021 and has been ratified by
the Minister of Law and Human Rights of the Republic of Indonesia in Decree No. AHU-
0052254.AH.01. 01.TAHUN 2021 dated 24 August 2021 with the following composition of
shareholders:
a) Company amounting to Rp400,000,000 or 400 shares.
b) Tri Sefti Adi amounting to Rp50,000,000 or 50 shares.
c) Nur Rakhmad Setiawan amounting to Rp50,000,000 or 50 shares.
Furthermore, based on Notarial Deed No. 8 dated 20 May 2022 by Novita Sari Sianturi, SH,
M.Kn., and has been accepted by the Minister of Law and Human Rights in the Letter of
Acceptance of Notification of SAAS Data Changes No. AHU-AH.01.09-0016330 dated 28
May 2022. SAAS shareholders approved the sale/transfer of all shares owned by Nur
Rakhmad Setiawan, totaling 30 shares to Moh Reza Pahlevi and 20 shares to the Company,
as well as the sale/ transfer of 20 shares belonging to Tri Sefti Adi to the Company, so that
the composition of SAAS shareholders is as follows:
a) Company amounting to Rp440,000,000 or 440 shares.
b) Tri Sefti Adi amounting to Rp30,000,000 or 30 shares.
c) Moh Reza Palevi amounting to Rp30,000,000 or 30 shares.
SAAS is engaged in wholesale trading and computer programming activities. SAAS domicile
is in East Jakarta. SAAS has not yet started its commercial business activities.
The Company capital deposit in SAAS was made on December 13, 2022 amounting to Rp
1,000,000 and in March - June 2023 amounting to Rp 439,000,000. Based on Notarial Deed
No. 11 dated 7 November 2023, the shareholders decided to provide dispensation and
ratification for the delay in fulfilling capital deposit obligations by SAAS shareholders. In
connection with this, SAAS was consolidated into the Company starting November 7, 2023.
PT Akselerasi Informasi Indonesia
The Company established PT Akselerasi Informasi Indonesia (“AII”) based on Notarial Deed
No. 18 by Kumala Tjahjani Widodo, SH, MH., M.Kn., dated January 27 2023 and has been
ratified by the Minister of Law and Human Rights of the Republic of Indonesia in Decree No.
AHU-0007657.AH.01. 01.TAHUN 2023 dated January 31, 2023 with the Company's
ownership in SAAS amounting to 50% (equivalent to Rp125,000,000 or 125 shares).
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
1. UMUM (lanjutan)
c. Subsidiary Entity Structure (continued)
PT Akselerasi Informasi Indonesia (continued)
AII operates in the fields of wholesale trade and information and communication. AII's
domicile is in South Jakarta. AII has not yet started its commercial business activities. The
Company's capital contribution to AII was made on March 14 2023 amounting to Rp
16,390,000 and on July 28 2023 amounting to Rp108,610,000. Based on Notarial Deed No.
60 dated November 17 2023, the shareholders decided to provide dispensation and
ratification for the delay in fulfilling capital deposit obligations by AII shareholders. In
connection with this, AII was consolidated into the Company starting November 17 2023.
PT Fiber Kerumah Indonesia
FKI is engaged in wholesale trade and information and communication. FKI's domicile is in
West Jakarta. FKI has not yet commenced its commercial business activities. Based on
Notarial Deed of Elizabeth Karina Leonita, S.H., M.Kn., No. 5 dated June 3, 2024, an
increase in share capital from Rp200,000,000 (two hundred million Rupiah) to
Rp6,200,000,000 (six billion two hundred million Rupiah) was approved. So that the
composition of FKI's shareholders becomes as follows:
a) Company amounting to Rp6,004,000,000 or 6.004 shares.
b) Iman Taufik amounting to Rp196,000,000 or 196 shares.
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.
The presentation currency used in the preparation of the consolidated financial statements is
Rupiah (Rp), which is also the functional currency of the Company and Subsidiaries.
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Page 13
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
b. Principles of Consolidation
The Group applies PSAK No. 110 “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.
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.
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Page 14
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
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. 202 “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.
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. 228 “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.
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Page 15
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
f. Investment in Associated Entities (continued)
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.
g. Fixed assets
The Group applies PSAK No. 216 “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.
12
Page 16
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
h. Decrease in the Value of Non-Financial Assets
The Group applies PSAK No. 236 “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.
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. 224 “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.
13
Page 17
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
j. Revenues and Expenses Recognition
The Group recognizes revenues in accordance with PSAK No. 115, “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. 212 “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.
14
Page 18
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
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. 221 "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 June 30, 2024 against 1USD is amounted Rp16.421.
m. Financial instruments
The Group applies PSAK No. 109 “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.
15
Page 19
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
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.
16
Page 20
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
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.
17
Page 21
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
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. 113 “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.
18
Page 22
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
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. 219 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.
19
Page 23
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
p. Lease
The Group applies PSAK No. 116, “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.
20
Page 24
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
q. Segment Information
The Group applies PSAK No. 108 “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. 233 “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. 109 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.
21
Page 25
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
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.
22
Page 26
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
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
This account consists of:
June 30, 2024 December 31, 2023
Cash
Rupiah 19.276.718 25.152.325
Cash in bank
Rupiah
PT Bank Central Asia Tbk 13.670.424.431 3.830.354.965
PT Bank Mandiri (Persero) Tbk 958.752.088 4.975.468.882
PT Bank Rakyat Indonesia (Persero) Tbk 712.414.666 511.860.186
PT Bank DKI 55.685.711 -
PT Bank Permata Tbk 677.500 1.067.500
US Dollar
PT Bank Central Asia Tbk 38.688.347 96.592.925
Subtotal 15.436.642.743 9.415.344.458
Total 15.455.919.461 9.440.496.783
All cash is placed with third parties and is not used as collateral or restricted in use.
23
Page 27
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
5. ACCOUNT RECEIVABLE
June 30, 2024 December 31, 2023
Third parties
Dinas Komunikasi, Informatika dan
Statistik Provinsi DKI Jakarta 9.611.633.654 -
PT Comtronics Systems 1.094.281.146 461.626.710
BPKAD Maluku Utara 445.790.323 -
PT Sumber Data Indonesia 357.689.935 -
Others (under Rp200 million) 1.619.163.264 4.159.317.130
Total Third Parties 13.128.558.322 4.620.943.840
Allowance for losses on
impairment (1.126.165.515) (1.126.165.515)
Third Parties - Net 12.002.392.807 3.494.778.325
Related parties 2.218.280.138 2.804.922.142
Allowance for losses on
impairment (1.367.555.485) (1.367.555.485)
Related Parties - Net 850.724.653 1.437.366.657
Total 12.853.117.460 4.932.144.982
Based on the results of management's evaluation, the allowance for losses from impairment of
trade receivables is sufficient to cover losses from uncollectible trade receivables.
All trade receivables are denominated in Rupiah and are not used as collateral for debts.
6. OTHER RECEIVABLES
a. Current assets
June 30, 2024 December 31, 2023
Third parties
PT Jangkar Putra Indonesia 217.000.000 307.000.000
PT Netco Trans Nusa - 900.000.000
Others (under Rp100 million) 163.009.835 163.009.835
Total 380.009.835 1.370.009.835
Other receivables from PT Netco Trans Nusa represent a loan for working capital amounting to
Rp 900,000,000 with a term of 6 months with a return of 25%.
Other receivables from PT Jangkar Putra Indonesia are loans provided without collateral with a
total of Rp 307,000,000 and bear interest of 11% with a repayment period of 17 months starting
from 17 January 2024 - 17 May 2025.
24
Page 28
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
6. OTHER RECEIVABLES (continued)
b. Non-current assets
June 30, 2024 December 31, 2023
Third parties
PT Fajar Mitra Krida 250.000.000 250.000.000
PT Fiber Teknologi Inovasi 73.492.261 73.492.261
Lain-lain (dibawah Rp100 juta) 218.591.758 139.482.924
Total third parties 542.084.019 462.975.185
Allowance for losses on
impairment (462.975.185) (462.975.185)
Third parties - Net 79.108.834 -
Related parties
Mr. Iman Taufik 195.000.000 -
PT Fiber Media Indonesia 1.775.688.130 3.707.674.348
Total Related Parties 1.970.688.130 3.707.674.348
Total 2.049.796.964 3.707.674.348
PT Fajar Mitra Krida receivables are loans provided without interest, collateral and payment
terms.
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 June 30, 2024, the
balance of FMI's receivables is presented as current assets.
Other receivables Mr. Iman Taufik is a receivable for unpaid capital deposit to PT Fiber
Kerumah Indonesia.
7. INVENTORY
June 30, 2024 December 31, 2023
Cables and pole 29.191.451.594 12.124.390.559
Total 29.191.451.594 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.
25
Page 29
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
8. PREPAID EXPENSES AND ADVANCES
June 30, 2024 December 31, 2023
Prepaid expenses
Rent 401.255.410 192.617.270
Insurance 343.671.501 150.491.104
Others 128.256.053 -
Total 873.182.964 343.108.374
Advances
Professional services - 801.641.024
Purchase 13.353.946.764 6.924.675.000
Total 13.353.946.764 7.726.316.024
Total 14.227.129.728 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
a. Investment Advances
June 30, 2024 December 31, 2023
PT Fiber Media Indonesia 20.150.000.000 -
PT Sentra Inovasi Prima 800.000.000 100.000.000
Total 20.950.000.000 100.000.000
On June 30, 2024, the Company has purchased shares of PT Fiber Media Indonesia amounting to
Rp20,150,000,000 using IPO proceeds of Rp19,975,000,000 and the Company's money of
Rp175,000,000.
On June 30, 2024, the Company has purchased shares of PT Sentra Inovasi Prima amounting to
Rp800,000,000 using the Company's money.
Investments into PT Fiber Media Indonesia and PT Sentra Inovasi Prima are still advances
because as of June 30, 2024 the Deed of Amendment is still in process.
26
Page 30
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
9. INVESTMENT IN ASSOCIATED ENTITIES (continued)
b. Investment in Associated Entities
Percentage Reclassification Profit Upper loss
Ownership January 1 Down Payment and (loss) Release
(%) 2024 Investment Investment Investment June 30, 2024
PT Jaringan Fiber
Indonesia Via:
Company 15,00% 274.135.150 - - - 274.135.150
Subsidiaries 10,00% 182.756.767 - - - 182.756.767
Total 456.891.917 - 456.891.917 456.891.917 456.891.917
Percentage Reclassification Profit Upper loss
Ownership January 1 Down Payment and (loss) Release December 31
(%) 2023 Investment Investment Investment 2023
PT Jaringan Fiber
Indonesia Via:
Company 15,00% - 300.000.000 (25.864.850) - 274.135.150
Subsidiaries 10,00% - 200.000.000 (17.243.233) - 182.756.767
PT Broadband
Network Indonesia 47,50% 47.500.000 - - (47.500.000) -
Total 456.891.917 500.000.000 456.891.917 456.891.917 456.891.917
10. OTHER NON-CURRENT ASSETS
This account represents security deposit for office space rental at Graha Mustika Ratu based on
lease contract with PT Mustika Ratu Center. As of June 30, 2024 and December 31, 2023, the
security deposit amounted to Rp311,062,930 and Rp241,043,430, respectively.
11. FIXED ASSETS
Balance as of Balance as of
Januari 1, 2024 Addition Deduction June 30, 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 6.082.877.290 714.078.819 - 6.796.956.109
Network
infrastructure 115.098.348.971 15.184.542.322 - 130.282.891.293
Subtotal 148.936.439.535 16.152.621.141 - 165.089.060.676
Assets in
progress
Building 647.500.000 2.235.220.691 - 2.882.720.691
Total acquisition
cost 149.583.939.535 18.387.841.832 - 167.971.781.367
27
Page 31
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
11. FIXED ASSETS (continued)
Balance as of Balance as of
Januari 1, 2024 Addition Deduction June 30, 2024
Accumulated
depreciation
Direct
ownership
Building 1.427.684.651 241.274.811 - 1.668.959.462
Vehicle 5.808.457.197 956.455.210 - 6.764.912.407
Office equipment 3.453.949.624 625.785.773 - 4.079.735.397
Network
infrastructure 46.265.557.484 5.812.183.282 - 52.077.740.766
Total accumulated
depreciation 56.955.648.956 7.635.699.076 - 64.591.348.032
Carrying Amount 92.628.290.579 103.380.433.335
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
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
28
Page 32
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
11. FIXED ASSETS (continued)
As of June 30, 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.
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 June 30, 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
29
Page 33
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
12. RIGHT-OF-USE ASSETS (continued)
Balance as of Balance as of
Januari 1, 2024 Addition Deduction June 30, 2024
Accumulated
depreciation
Office room 347.256.474 - - 347.256.474
land and
building 2.510.302.888 743.154.660 - 3.253.457.548
Total accumulated
depreciation 2.857.559.362 743.154.660 - 3.600.714.022
Carrying Amount 12.710.736.093 11.967.581.433
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
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
June 30, 2024 December 31, 2023
PT Bank OCBC NISP Tbk 18.030.000 2.059.663.413
PT Bank Central Asia Tbk - 10.543.051.223
Total 18.030.000 12.602.714.636
30
Page 34
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
13. BANK LOAN (continued)
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.
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.
31
Page 35
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
13. BANK LOAN (continued)
PT Bank Central Asia Tbk (continued)
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.
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.
32
Page 36
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
13. BANK LOAN (continued)
PT Bank Central Asia Tbk (continued)
Based on the agreement, the Company is not permitted to carry out the following activities without
prior written approval from BCA, namely: (continued)
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
June 30, 2024 December 31, 2023
PT Aplikasinusa Lintasarta 940.170.861 -
PT Multidata Rancana Prima 355.210.000 -
PT Lintas Telematika Nusantara 305.250.000 -
Others (under Rp300 milion) 8.838.032.691 15.449.371.731
Total 10.438.663.552 15.449.371.731
All business debts are denominated in Rupiah. The Group does not provide guarantees for its
debts to suppliers.
15. ACCRUAL EXPENSES
June 30, 2024 December 31, 2023
Wages 3.638.676.388 960.197.812
Operational Right Fee (BHP)
and Universal Service Obligations (USO) 2.106.689.653 3.454.650.381
Insurance 398.060.465 -
Total 6.143.426.506 4.414.848.193
16. OTHER PAYABLES
June 30, 2024 December 31, 2023
Related parties
Shareholders 4.649.940.713 700.000.000
PT Sumber Data Indonesia 825.000.000 -
PT Jaringan Fiber Indonesia - 1.650.000.000
Total 5.474.940.713 2.350.000.000
33
Page 37
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
16. OTHER PAYABLES (continued)
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.
Shareholders' payable represents payable to Mr. Budi Aditya Erna Mulyanto for loan funds as
stated in Loan Agreement No. 005/RA-BUDI/PKS/V/2024 and No. 006/RA-BUDI/PKS/V/2024
dated respectively. Budi Aditya Erna Mulyanto for the loan of funds as stipulated in Loan
Agreement No. 005/RA-BUDI/PKS/V/2024 and No. 006/RA-BUDI/PKS/V/2024 dated May 14, 2024
and May 18, 2024 respectively with a total loan of Rp3,949,940,713 and Rp1,000,000,000
respectively.
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:
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 .
34
Page 38
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
17. LEASE LIABILITIES (continued)
Future minimum rental payments are as follows:
June 30, 2024 December 31, 2023
Present value of minimum payment 3.983.871.783 4.841.109.093
The due part is in
one year's time (1.486.131.720) (692.476.700)
Long Term Section 2.497.740.063 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:
June 30, 2024 December 31, 2023
Present value of minimum payment 4.287.126.582 5.562.204.184
The due part is in
one year's time (2.329.174.401) (3.339.189.887)
Long Term Section 1.957.952.181 2.223.014.297
35
Page 39
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
18. CONSUMER FINANCING PAYABLE (continued)
19. EMPLOYEE BENEFITS LIABILITIES
The calculation of employee benefits liabilities uses the "Projected Unit Credit" method by
considering the following assumptions:
June 30, 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
36
Page 40
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
19. EMPLOYEE BENEFITS LIABILITIES (continued)
Movements in employee benefits liabilities are as follows:
June 30, 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. Pajak Dibayar Dimuka
30 Juni 2024 31 Desember 2023
Pajak Pertambahan Nilai 64.980.388 -
Jumlah 64.980.388 -
b. Utang Pajak
June 30, 2024 December 31, 2023
Value added tax 2.967.463.545 939.415.389
Income tax:
Article 4 (2) 94.507.392 44.972.907
Article 21 222.910.645 641.621.953
Article 23 62.109.621 75.727.470
Article 25 754.769.747 480.235.004
Article 29 4.373.781.463 5.410.366.947
Total 8.475.542.413 7.592.339.670
c. Benefits (expenses) of income tax
June 30, 2024 June 30, 2023
Current
Company (8.689.417.440) (5.009.899.180)
Subsidiaries (891.022.660) (568.787.560)
Subtotal (9.580.440.100) (5.578.686.740)
Deferred
Company - 88.969.460
Subsidiaries - 59.821.916
Subtotal - 148.791.376
Income tax Enpense - Net (9.580.440.100) (5.429.895.364)
37
Page 41
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
20. TAXATION (continued)
c. Benefits (expenses) of income tax (continued)
The reconciliation between profit before income tax as stated in the consolidated statement of
profit or loss and other comprehensive income and the Company estimated taxable profit for
the six month period ending June 30, 2024 and 2023 is as follows:
June 30, 2024 June 30, 2023
Profit before income tax expense
according to the income statement
and consolidated other
comprehensive income 38.775.285.160 23.646.574.867
profit before tax of of subsidiaries
and eliminations (142.641.618) (2.279.927.047)
Profit before income tax - 38.632.643.542 21.366.647.820
Company
Permanent difference 864.708.817 1.001.215.313
Temporary difference - 404.406.635
Taxable Profits - Company 39.497.352.359 22.772.269.768
Taxable Profits - Company
(rounded) 39.497.352.000 22.772.269.000
Income tax expense - current 8.689.417.440 5.009.899.180
Prepaid income tax:
Article 22 (500.000) -
Article 23 (1.208.721.597) (540.920.153)
Article 25 (4.047.629.081) (1.976.484.243)
Income tax Debt Article 29 -
Company 3.432.566.762 2.492.494.784
38
Page 42
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
20. TAXATION (continued)
d. Defereed Tax
Credited to Other
Balance as of Charged to Comprehensive Balance as of
Januari 1, 2024 Profit or Loss Income June 30, 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
Credited to Other
Balance as of Charged to Comprehensive Balance as of
Januari 1, 2023 Profit or Loss Income December 31, 2023
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
The composition of the Company's shareholders as of June 30, 2024 is as follows:
Number of
Issued and Paid Percentage
Shares Ownership Total
Verah Wahyudi Singgih Wong 1.056.000.000 76,80% 52.800.000.000
Jimmi Anka 44.000.000 3,20% 2.200.000.000
PT Dinamika Cipta Solusi 66.489.400 4,84% 3.324.470.000
Budi Aditya Erna Mulyanto 59.604.800 4,33% 2.980.240.000
PT Maxindo Mitra Solusi 26.595.700 1,93% 1.329.785.000
Dr. Kishore Kumar 17.191.500 1,25% 859.575.000
Public 105.118.600 7,64% 5.255.930.000
Total 1.375.000.000 100,00% 68.750.000.000
The composition of the Shareholders as of June 30, 2024 is in accordance with the data of “List of
Securities Ownership Account Holders” as of June 28, 2024 sourced from the KSEI website.
39
Page 43
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
21. CAPITAL STOCK (continued)
The composition of the Company's shareholders as of December 31, 2023 is as follows:
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:
• 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.
40
Page 44
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
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.
On May 8, 2024, the Company received proceeds from the Public Offering of Shareholders
amounting to Rp37,950,000,000.
23. RETAINED EARNINGS
June 30, 2024 December 31, 2023
Appropriated
Balance at beginning of the period/year 1.000.000.000 -
Reserve 1.000.000.000 1.000.000.000
Balance at the end of the period/year 2.000.000.000 1.000.000.000
Unappropriated
Balance at beginning of the period/year 27.996.189.195 57.838.171.482
Subsidiary loss (790.945.956) -
Dividend distribution - (54.975.000.000)
Reserve (1.000.000.000) (1.000.000.000)
Profit for the period/year 29.178.190.827 26.133.017.713
Balance at the end of the period/year 55.383.434.066 27.996.189.195
Total 57.383.434.066 28.996.189.195
Based on Deed of General Meeting of Shareholders No. 47 dated June 26, 2024 by Notary
Kumala Tjahjani Widodo, S.H., M.Kn. in Jakarta, it was stated that the Company approved the
addition of general reserve allocation of Rp1,000,000,000 (one billion Rupiah).
24. OTHER COMPREHENSIVE INCOME
This account consists of:
June 30, 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.
41
Page 45
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
25. NON-CONTROLLING INTERESTS
This account consists of:
June 30, 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 212.654.232 25.442.834
Other comprehensive income sectiion
from subsidiary entities - (53.990)
Balance at the end of the period/year 588.204.031 375.549.799
26. REVENUE
This Account consists of:
June 30, 2024 June 30, 2023
Telecommunications revenue 123.448.185.812 98.532.135.124
Non-telecommunications income 4.030.333.434 6.690.660.661
Total 127.478.519.246 105.222.795.785
Details of customers that exceed 10% of total consolidated revenue are as follows:
June 30, 2024 June 30, 2023
Third parties
Dinas Komunikasi, Informatika
dan Statistik 24.001.079.037 10.330.766.767
27. COST OF GOODS SOLD
This Account consists of:
June 30, 2024 June 30, 2023
Repair and maintenance 11.285.542.907 23.724.921.143
Material load 10.472.274.843 20.639.234.770
Depreciation 5.803.231.536 4.612.509.572
Unloading fee 4.364.748.646 -
Rent equipment 4.319.751.135 34.000.000
Supervision and monitoring 2.243.290.685 -
42
Page 46
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
27. BEBAN POKOK PENDAPATAN (continued)
June 30, 2024 June 30, 2023
BHP Universal Service Obligation (USO) and
BHP Radio Station License (ISR) 2.044.508.143 379.559.944
Electricity and telephone expenses 1.558.776.874 -
Operational expenses 955.254.151 495.616.410
Total 43.047.378.920 49.885.841.839
There are no purchases from one supplier that exceed 10% of total consolidated revenue.
28. SALES EXPENSES
This Account consists of:
June 30, 2024 June 30, 2023
Commission 13.268.008.771 8.211.346.639
Marketing 543.757.536 427.762.696
Advertisement 174.099.484 34.718.284
Total 13.985.865.791 8.673.827.619
29. GENERAL AND ADMINISTRATIVE EXPENSES
This Account consists of:
June 30, 2024 June 30, 2023
Salary, wages, bonuses and benefits 18.441.367.444 13.010.225.885
Depreciation of fixed and right-of-use assets 2.563.391.947 1.013.553.516
Professional service 2.117.823.492 974.152.211
Safety and hygiene 1.295.511.550 -
IPO expenses 1.236.149.930 -
Insurance 1.199.819.947 -
Office operations 831.697.402 694.389.160
Utility 753.081.486 2.222.331.242
Legality and licensing 563.417.014 143.524.979
Repair and maintenance 488.342.019 781.602.132
Fuel, tolls and parking 432.793.414 712.821.980
Expedition 231.440.852 38.536.500
Retribution 107.674.700 83.581.500
Rent 43.865.040 1.864.193.468
Tax expenses 43.234.874 31.292.552
Employee benefit - 266.151.525
Others 506.826.257 110.051.686
Total 30.856.437.368 21.946.408.336
43
Page 47
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
30. FINANCIAL CHARGES
This Account consists of:
June 30, 2024 June 30, 2023
Interest on bank loan 476.348.173 14.826.137
Affiliate loan interest 178.552.574 -
Interest on consumer financing
debt 140.052.599 115.431.957
Privisions and administration 30.684.864 21.000.000
Total 825.638.210 151.258.094
31. OTHER INCOME (EXPENSES)
This Account consists of:
June 30, 2024 June 30, 2023
Other Income
Bank interest 158.340.069 40.609.915
exchange rate difference 1.329.137 -
Affiliate interest income - 241.267.794
Others (under Rp100 million) 154.934.772 427.975.307
Subtotal 314.603.978 709.853.016
Other expense
Tax penalties and fines (242.899.678) (933.743.663)
Bank administration (53.649.701) (218.874.197)
Loss on foreign exchange (3.821.730) (9.810.322)
Allowance for impairment
of receivables - (410.172.913)
Others (under Rp100 million) (2.146.666) (56.136.951)
Subtotal (302.517.775) (1.628.738.046)
Total 12.086.203 (918.885.030)
32. EARNINGS PER SHARES
June 30, 2024 June 30, 2023
Attributable net profit
to the owners of the parent entity 29.178.190.827 18.207.642.659
Weighted average sum
outstanding shares 1.344.243.421 500.000
Net Earnings per Share 21,71 36.415,29
44
Page 48
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
33. BALANCE AND TRANSACTIONS WITH RELATED PARTIES
In normal business activities, the Group carries out transactions with related parties. These
transactions are as follows:
a. Nature of Relationships and Transactions with Related Parties
Entity Relationship Nature of Transaction
Mr. Budi Aditya Erna Mulyanto Shareholder Other payables
PT Jaringan Fiber Indonesia Entities with common control Other payables
PT Fiber Media Indonesia Entities with common control Other receivables
PT Sumber Data Indonesia Entities with common control Other payables
Entities under common control are entities that have shareholders and/or members of the
board of directors and board of commissioners or have family relationships with the
Transactions with related parties are carried out with conditions equivalent to those applicable
in normal transactions.
b. Other Receivables
Details of other receivables from related parties are as follows:
June 30, 2024 December 31, 2023
PT Fiber Media Indonesia 1.775.688.130 3.707.674.348
Percentage of total
consolidated assets 0,84% 2,52%
Other receivables from PT Fiber Media Indonesia (FMI) are unsecured loans bearing interest
at 10.5% with repayment period until October 2024. As of June 30, 2024, the balance of
receivables from FMI is presented as current assets.
c. Other Payables
Details of other payables from related parties are as follows:
June 30, 2024 December 31, 2023
Mr. Budi Aditya Erna Mulyanto 4.649.940.713 700.000.000
PT Sumber Data Indonesia 825.000.000 -
PT Jaringan Fiber Indonesia - 1.650.000.000
Total 5.474.940.713 2.350.000.000
Percentage of total
consolidated liabilities 13,21% 4,24%
45
Page 49
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
33. BALANCE AND TRANSACTIONS WITH RELATED PARTIES (continued)
c. Other Payables (continued)
Payable 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 monthly installments of Rp550,000,000. On November 16, 2023, the loan repayment
period has been extended until December 10, 2024 with an installment amount of
Rp137,500,000 per month starting January 10, 2024.
Other payables to Mr. Budi Aditya Erna Mulyanto Budi Aditya Erna Mulyanto for the loan of
funds as stipulated in the Loan Agreement No. 005/RA-BUDI/PKS/V/2024 and No. 006/RA-
BUDI/PKS/V/2024 dated May 14, 2024 and May 18, 2024 respectively with a total loan of
Rp3,949,940,713 and Rp1,000,000,000 respectively.
34. FINANCIAL INSTRUMENTS
The following table presents the carrying amounts and estimated fair values of financial
instruments recorded in the consolidated statements of financial position as of June 30, 2024 and
December 31, 2023:
June 30, 2024 December 31, 2023
Carrying Fair Carrying Fair
Amount Value Amount Value
Financial Assets
Cash 15.455.919.461 15.455.919.461 9.440.496.783 9.440.496.783
Account receivables 12.853.117.460 12.853.117.460 4.932.144.982 4.932.144.982
Other receivables 2.508.915.633 2.508.915.633 5.077.684.183 5.077.684.183
Other non-current assets -
Deposit 311.062.930 311.062.930 241.043.430 241.043.430
Total Financial Assets 31.129.015.484 31.129.015.484 19.691.369.378 19.691.369.378
Financial Liabilities
Bank loan 18.030.000 18.030.000 12.602.714.636 12.602.714.636
Account payables 10.438.663.552 10.438.663.552 15.449.371.731 15.449.371.731
Accued expenses 6.143.426.506 6.143.426.506 4.414.848.193 4.414.848.193
Other payables 5.474.940.713 5.474.940.713 2.350.000.000 2.350.000.000
Consumer financing debt 4.287.126.582 4.287.126.582 5.562.204.184 5.562.204.184
Lease liabilities 3.983.871.783 3.983.871.783 4.841.109.093 4.841.109.093
Total Financial Liabilities 30.346.059.136 30.346.059.136 45.220.247.837 45.220.247.837
35. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
Financial Risks
The Group is affected by various financial risks, including credit risk, liquidity risk and market risk.
The Group's overall risk management objective is to effectively control these risks and minimize
the adverse impact they may have on their financial performance.
46
Page 50
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
35. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Financial Risks (continued)
Financial risk management is under direct supervision by the Board of Directors who are tasked
with identifying and evaluating financial risks in close collaboration with the Group's operating
units. The Board of Directors determines overall financial risk management principles, as well as
policies in certain areas, such as credit risk and liquidity risk, as well as the use of derivative and
non-derivative financial instruments, and investment in excess liquidity.
a. Credit Risk
Credit risk is the risk that one party to a financial instrument will fail to fulfill its obligations and
cause the other party to experience financial losses. The credit risk faced by the Group
originates from operating activities (mainly from trade receivables from third parties) and from
funding activities, including bank accounts.
The Group's credit risk exposure is primarily in managing trade receivables. The Group
monitors the collectibility of receivables so that collections can be received in a timely manner
and also reviews each customer's receivables periodically to assess the potential for
collection failures and establish reserves based on the results of this review.
The Group's exposure to credit risk arises from negligence of other parties, with a maximum
exposure equal to the carrying amount of the Group's financial assets, as follows:
June 30, 2024 December 31, 2023
Cash 15.455.919.461 9.440.496.783
Account receivables 12.853.117.460 4.932.144.982
Other receivables 2.508.915.633 5.077.684.183
Other non-current assest -
Deposit 311.062.930 241.043.430
Total 31.129.015.484 19.691.369.378
a. Liquidity Risk
Liquidity risk is defined as the risk when the Group's cash flow position indicates that short-
term receipts are not sufficient to cover short-term expenditure. The Group's liquidity needs
have historically arisen from the need to finance investments and capital expenditures related
to business expansion programs. The Group requires substantial working capital to undertake
new projects and to fund operations.
In managing liquidity risk, the Group monitors and maintains cash levels that are considered
adequate to finance the Group's operations and to overcome the impact of cash flow
fluctuations. The Group also regularly evaluates cash flow projections and actual cash flows,
including loan maturity schedules, and continues to review financial market conditions to
maintain funding flexibility by maintaining the availability of committed credit facilities.
47
Page 51
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Six-Month Periods Ended June 30, 2024 and 2023
(Dinyatakan Dalam Rupiah, Kecuali Dinyatakan Lain)
35. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Capital Management
The main objective of the Company's capital management is to ensure that it maintains a strong
credit rating and healthy capital ratios in order to support the smooth running of its business and
maximize shareholder value. The Company manages its capital structure and makes adjustments
in connection with changes in economic conditions and the characteristics of its business risks. In
order to maintain and adjust its capital structure, the Company will adjust the amount of dividend
payments to shareholders or the rate of return on capital or issue share certificates. There are no
changes in objectives, policies and processes and are the same as in previous years.
The company monitors its capital structure using the debt to capital ratio, where total debt is
divided by total capital.
The calculation of the debt to equity ratio is as follows:
June 30, 2024 December 31, 2023
Interest-bearing loans 13.763.969.078 25.356.027.913
Total equity 171.079.239.505 91.580.981.427
Debt to Equity Ratio 0,08 0,28
48
Names mentioned 57 people and organisations named in the text · linked when the evidence is strong
unresolved
org
REMALA ABADI Tbk
p.1 ×99
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 ×5
unresolved
org
Minister of Law
p.9
unresolved
org
Minister of Law and Human Rights
p.9 ×9
unresolved
—
Hong Chintia
· Corporate Secretary
p.9
unresolved
org
PT PC
p.10 ×6
unresolved
org
PT Akselerasi Informasi
p.10
unresolved
org
PT Fiber Kerumah
p.10
unresolved
person
Anita Munaf
p.10
unresolved
person
Rpiansyah Rizal
p.10 ×2
unresolved
org
PT Solusi Aplikasi Andalan Semesta
p.11 ×2
unresolved
person
Novita Sari Sianturi
p.11
unresolved
org
PT Akselerasi Informasi Indonesia
p.11 ×3
unresolved
org
PT Fiber Kerumah Indonesia FKI
p.12
unresolved
org
Bank Indonesia
p.18
unresolved
org
PT Bank DKI
p.26
unresolved
org
PT Comtronics Systems
p.27
unresolved
org
PT Jangkar Putra Indonesia
p.27 ×2
unresolved
org
PT Netco Trans Nusa
p.27 ×2
unresolved
org
PT Fajar Mitra Krida
p.28 ×2
unresolved
org
PT Fiber Teknologi Inovasi
p.28
unresolved
person
Iman Taufik
p.28 ×2
unresolved
org
PT Fiber Media Indonesia
p.28 ×8
unresolved
org
PT Fiber Kerumah Indonesia.
p.28
unresolved
org
PT Sentra Inovasi Prima
p.29 ×3
unresolved
org
PT Jaringan Fiber Indonesia Via
p.30 ×2
unresolved
org
PT Broadband Network Indonesia
p.30
unresolved
org
PT Mustika Ratu Center. As
p.30
unresolved
org
PT Alindatama Saktib Rother
p.32
unresolved
org
PT Mustika Ratu Center.
p.33 ×6
unresolved
person
KH Mansyur
p.35
unresolved
org
PT Aplikasinusa Lintasarta
p.36
unresolved
org
PT Multidata Rancana Prima
p.36
unresolved
org
PT Lintas Telematika Nusantara
p.36
unresolved
org
PT Jaringan Fiber
p.36
unresolved
org
PT Jaringan Fiber Indonesia
p.36 ×3
unresolved
org
PT Dinamika Cipta Solusi
p.42
unresolved
org
PT Maxindo Mitra Solusi
p.42
unresolved
person
Dr. Kishore Kumar
p.42
unresolved
org
Financial Services Authority
p.43
unresolved
person
Notary Kumala Tjahjani Widodo
p.44 ×2
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