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Page 1
PRESS RELEASE
For Immediate Release
OVERCOMING OBSTACLES WITH A FOCUS ON SUSTAINABILITY
CSRA continues to demonstrate resilience and adaptability amid evolving
market dynamics and sustainability imperatives.
JAKARTA, July 31, 2024 – PT Cisadane Sawit Raya Tbk (Bloomberg Stock Code: CSRA IJ) today announced
unaudited Financial Statements for the period of six months ended June 30, 2024 (hereinafter referred to
as 1H24) reflecting a challenging operating environment.
Key Highlights:
❖ The revenues underscore the company's ability to effectively navigate market dynamics
and capitalize on growth opportunities
The revenue increased by 15.0% to Rp433.85 billion, from Rp377,26 billion in 1H23. This sales
increase was primarily driven by higher average selling price.
❖ Cost management efforts in response to the challenging operating environment
In conjunction with revenue boost, the Gross Profit for 1H24 recorded an increase of 6.9% to
Rp191.77 billion rose from Rp179.46 billion in 1H23. However, the gross margin falls from 47.6% to
44.2% compared to the previous year at the same period due to an increase in harvesting cost.
Additionally, the operating profit for 1H24 decreased by 11.8% to Rp78.09 billion, accompanied by a
deterioration in the operating margin to 18.0% from 23.5% on the same period last year.
❖ Stability, growth, and commitment to financial excellence
The net profit for 1H24 experienced a 35.5% increase to Rp66.63 billion from Rp49.18 billion in 1H23
resulting in an expand of net margin to a level of 15.4%. The company remains committed to restoring
profitability and creating long-term value for its stakeholders. Successfully expanded its profit
margins during 1H24, demonstrating effective cost management and operational efficiency
initiatives.
❖ A healthy balance sheet and ample liquidity to support future growth initiatives
In the first half of 2024, CSRA reported total assets of Rp2.14 trillion, up from Rp1.84 trillion at the
end of 2023. Additionally, the company's total liabilities increased to Rp983.83 billion in 1H24,
compared to Rp727.69 billion at the close of 2023.
1
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PRESS RELEASE
For Immediate Release
❖ Ratios remains healthy demonstrates strong liquidity position
The Current Ratio for 1H24 indicates a healthy position standing at 2.51x while interest-bearing debts
equity ratio is at the safer level of 0.72x, demonstrates strong liquidity position and ability to meet
short-term financial obligations efficiently.
CSRA is a leading producer of sustainable palm oil in Indonesia, with a strong commitment to
environmental stewardship, social responsibility, and innovation. With 40 years of experience in the
industry, the Company strive to be a trusted partner to its customers, employees, and communities. The
Company has declared a dividend of Rp30 Billion or Rp14,38 per share to be paid to shareholders of record
as of June 10, 2024 and had been distributed to the shareholders on June 28, 2024. This dividend reflects
CSRA's ongoing commitment to delivering value to its shareholders and rewarding their continued support
and supported by the Company's stable financial performance and strong cash flow generation.
Consolidated Income Statement Summary
In IDR Billion 1H24 1H23 Change (%)
Sales Revenue 433.85 377.26 15.0%
Gross Profit 191.77 179.46 6.9%
Gross Margin (%) 44.2% 47.6%
Operating Profit 78.09 88.57 -11.8%
Operating Margin (%) 18.0% 23.5%
EBITDA 140.28 107.91 30.0%
EBITDA Margin (%) 32.3% 28.6%
Net Income 66.63 49.18 35.5%
Net Income Margin (%) 15.4% 13.0%
Commitment to operational excellence and efficiency
CSRA implemented rigorous cost management initiatives aimed at reducing expenses and improving
operational efficiency. Despite these efforts, the company was unable to fully offset the impact of external
factors on its financial results.
Due to more consistent and abundant precipitation compared to the previous year, the oil extraction rates
(OER) at the Labuhan Batu mills have generally shown a slight decrease from the previous year.
Consequently, revenues from CPO sales in the first six months of the year did not fully meet expectations.
However, it is anticipated that the usual seasonal increase in production will occur in the third and fourth
quarters, surpassing the levels of the same period last year. Notably, the newly commissioned Samukti
2
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Page 3
PRESS RELEASE
For Immediate Release
Karya Lestari mills in Tapanuli represent an exception, as the supply of high-quality fruits from our estates
is gradually enhancing our operational performance.
Up to June 2024, the Company’s revenue has increased by 15.0% compared to the same period in the
previous year. This increase is observed in both selling price as well as CPO sales. The revenue increased
to Rp433.85 billion, representing an increase from Rp377.26 billion in 1H23.
The total area of the Company's core planted area reached 19,637.8 hectares. Out of this planted
plantation area, 17,430.9 hectares are dedicated with mature plants. The Company's plant profile is
predominantly in the productive category, largely due to the relatively young age of the plants.
Specifically, plants aged 4-7 years occupying an area of 2,496.6 ha while plants aged 8-17 years occupy an
area of 11,345.2 ha. Overall, the company anticipates a positive long-term production growth trend,
considering the age distribution of the plantations and the potential for increased productivity as the
plants continue to mature.
Table 1. Production Highlights
1H24 1H23
Planted Area - Nucleus 19,638 19,381
FFB Nucleus (in MT) 138,831 148,379
Yield TBS (ton/ha) 8.0 8.6
CPO Production (in MT) 25,213 15,792
OER 21.2% 20.4%
Kernel Production (in MT) 5,322 3,874
KER 4.5% 5.0%
The CSRA anticipates an upturn in production, driven by its favorable age profile and expansion of
harvesting areas. However, this positive trajectory may be tempered by prevailing weather conditions.
Concurrently, the Company may encounter challenges in its operations as it proceeds with planting
activities in the South Sumatera region. Despite potential setbacks, the ongoing planting efforts are
projected to contribute to a gradual increase in CSRA's FFB production, ultimately fostering enhanced
productivity.
The Company's entire financial performance has also been maintained, which is a strong signal that the
combination of efficiency and productivity is optimally managed. However due to weather condition and
harvesting cost, the Company's 1H24 gross margin drops 6.9% to Rp191.77 billion from Rp179.46 billion
in 1H23 with 1H24 gross profit margin standing at 44.2% from 47.6% in 1H23. All operating expenses
items, such operations & maintenance expenses, as well as other operating expenses during 1H24 were
3
HEAD OFFICE MEDAN OFFICE
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PRESS RELEASE
For Immediate Release
efficiently maintained, enabling the Company's operating profit to reach Rp78.09 billion from Rp88.57
billion in 1H23. At the bottom-line level, financial interest expense and other non-operating net expenses
were well maintained. As a result, the Company's 1H24 net profit still closed positively at Rp66.63 billion
and representing an increase of 35.5% from Rp49.18 billion in 1H23. The financial performance
underscores the company's ability to effectively navigate market dynamics and capitalize on growth
opportunities.
Table 2. Highlights of Consolidated Statement of Income
In Rp billion
1H24 1H23 %
Sales Revenue 433.85 377.26 15.0%
Cost of Goods Sold -242.08 -197.79 22.4%
Gross Profit 191.77 179.46 6.9%
Gross Profit Margin 44.2% 47.6%
Operating Expense -113.68 -90.89 25.1%
Operating Profit 78.09 88.57 -11.8%
Operating Profit Margin 18.0% 23.5%
Gain Arising from Changes in Fair Value of
Biological Assets 39.6 1.49 2,557.7%
Gain (Loss) on Foreign Exchanges – Net 0.01 0.01 100.0%
Tax Penalties and Expenses -0.01 -0.01 0%
Others – Net 0.3 -0.6 150.0%
EBIT 94.04 71.96 -64.6%
EBIT Margin 21.7% 19.1%
Finance Income 0.94 1.23 -23.6%
Finance Costs -27.7 -22.75 22.1%
Income Before Tax 91.84 67.98 35.1%
Income Tax -25.20 -18.80 34.0%
Income for the period 66.63 49.18 35.5%
Net Income Margin 15.4% 13.0%
Non-Controlling Interest 0.00 0.00 0.0%
Income for The Year Attributable to Owners of
the Parent Entity 66.63 49.18 35.5%
EBITDA 140.28 107.91 -54.7%
32.3% 28.6%
4
HEAD OFFICE MEDAN OFFICE
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Page 5
PRESS RELEASE
For Immediate Release
A healthy balance sheet and ample liquidity: Unwavering commitment to excellence and
sustainability
CSRA aims to leverage its robust balance sheet by efficiently managing working capital to support core
operations, with the goal of boosting revenue and, consequently, profitability. Total assets as of June 30,
2024 were Rp2.14 trillion, representing an increase of 15.9% from the end of FY23 position of Rp1.84
trillion. The significant increase mainly occurred in cash and cash equivalents, which rise by 519.4%
compare to the position at the end of 2023, in line with the ongoing strategic business development using
internal cash to fund mill development which needs to be anticipated. Of the total assets recorded at the
end of 1H24, the non-current assets recorded at Rp1.57 trillion, an increase of 3.2% compared to the
position at the end of 2023. In view of non-current assets in 1H24, it increased slightly compared to FY23
in line with the increase in the proportion of productive plants and fixed assets that contribute to
production. On the other hand, the current assets recorded Rp568.48 billion or 75.6% increase compared
to the end of 2023, primarily due to an increase in cash and cash equivalent as above mentioned and
biological assets.
The total 1H24 liabilities amounted to Rp983.83 billion, indicating an increase of 35.2% compared to the
end of 2023 due to an increase in short-term bank loans. As of the end of 1H24, long-term bank loan stood
at Rp624.93 billion, showing an increase of 50.9% compared to the position at the end of 2023 after
deducting the net of current maturities. This increase reflects the disbursement of funding from bank.
Additionally, short-term liabilities experienced an increase of 20.8% following the aforementioned
matured long-term. CSRA has effectively managed its debt levels, as evidenced by favorable debt-to-
equity and interest coverage ratios. The company's prudent approach to debt management ensures
financial stability and minimizes financial risk.
The equity position is at the level of Rp1.15 trillion as of June 30, 2024, indicates an increase of 3.3%
compared to the position at the end of 2023 due to a sharp increase in retained earnings on net profit for
the period.
Table 3. Consolidated Statement of Financial Position
In Rp Billion
1H24 FY23
ASSETS
CURRENT ASSETS
Cash and cash equivalents 157.07 25.36
Trade Receivables from Third Parties - Net 12.44 6.98
Other Receivables from Third Parties 3.98 8.83
Inventories - net 3.98 68.98
Biological Assets 152.78 113.17
5
HEAD OFFICE MEDAN OFFICE
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PRESS RELEASE
For Immediate Release
1H24 FY23
Prepaid Taxes 37.42 23.46
Advanced and Prepaid Expenses 140.14 81.97
TOTAL CURRENT ASSETS 568.48 323.76
NON-CURRENT ASSETS
Due from Related Parties 13.92 5.46
Plasma Receivables 58.63 59.62
Investment Properties 0.68 0.68
Bearer Plants:
- Mature Plantation - Net of Accumulated Depreciation 548.62 518.38
- Immature Plantations 173.55 205.51
- Nurseries 14.72 13.87
Fixed Assets - Net of Accumulated Depreciation 742.27 700.71
Tax Amnesty Assets - Net of Accumulated 0.11 0.19
Deferred tax asset - -
Other Assets - -
Cultivation Rights (HGU) - -
Goodwill 14.67 14.67
TOTAL NON-CURRENT ASSETS 1,567.17 1,519.09
TOTAL ASSETS 2,135.65 1,842.86
LIABILITIES
Bank Loan 20.00 -
Trade payables 38.09 43.34
Other Payables 20.20 23.83
Taxes Payables 8.77 6.73
Accrued Expenses 16.17 12.69
Advances from customers 0.68 4.35
Long-term Liabilities - Current Maturities:
- Bank Loans 118.77 85.95
- Consumer Financing Loans 3.27 4.17
- Rent Liabilities Payment 1.23
TOTAL CURRENT LIABILITIES 226.51 187.49
Due to Related Party 33.23 33.23
Long-term Employee Benefits Liability 47.14 49.17
Deferred Tax Liabilities 49.47 39.81
Long-term Liabilities - Net of Current Maturities: -
- Bank Loans 624.93 414.08
- Consumer Financing Loans 2.58 3.91
6
HEAD OFFICE MEDAN OFFICE
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Page 7
PRESS RELEASE
For Immediate Release
1H24 FY23
- Finance lease Liabilities 0.1 0.1
TOTAL NON-CURRENT LIABILITIES 757.32 540.20
TOTAL LIABILITIES 983.83 727.69
EQUITY
Equity attributable to owners of the Parent Entity 1,151.80 1,115.16
Non-controlling interests 0.015 0.015
TOTAL EQUITY 1,151.81 1,115.16
TOTAL LIABILITY AND EQUITY 2,135.65 1,842.86
Key Financial Ratios
The enduring effects of the El Nino phenomenon are evident. Its warmer temperatures often result in
decreased rainfall and can stress palm trees, potentially impacting future yields of fresh fruit bunches. In
response to these challenges, CSRA remains committed to boosting productivity and operational
efficiencies across its operations. Moving forward, fluctuations in prices are expected to continue
influencing market sentiment regarding CPO price trends. Despite this, the Company's gross margin for
1H24 decreased to 44.2% from 47.6% in 1H23 due to an increase in harvesting cost in sales revenue while
maintaining a stable margin. Furthermore, the Company experienced lower operating margin to 18.0%
compared to 23.5% in 1H23. This is due to strategic development at all operational levels causing cost
adjustment of operating expenses. As a result, on the bottom line, the Company managed to maintain its
net margin at 15.4% in 1H24, compared to 13.0% in 1H23.
The Company continues to demonstrate a solid leverage. The Current Ratio for 1H24 is still at a much
healthier level, reaching 2.51X compared to 1.72 in FY23. The company's assets to equity ratio was 1.85x
in 1H23, much higher than than 1.65x in FY23. This suggest a higher proportion of productive assets
leading to accumulated profits in equity side. Another favorable aspect, on the interest-bearing debts
side, the net gearing ratio reaching the level of 0.72x compared to 0.51 at the end of FY23 that used for
productive financing activities. The evidence demonstrates that management has upheld prudent
financial risk management practices. This includes effectively handling leverage, optimizing asset
utilization, and mitigating financial risks by carefully managing interest-bearing debts. In response to
further potential impacts from El Nino, CSRA remains proactive, prioritizing productivity and cost-
efficiency initiatives. Despite fluctuations in prices, the company has made substantial strides in various
areas during the first half of 2024, underscoring its dedication to sustainable profitability.
7
HEAD OFFICE MEDAN OFFICE
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PRESS RELEASE
For Immediate Release
Table 4. Key Financial Ratios
1H24 1H23
Profitability ratios
Gross Margin 44.2% 47.6%
Operating Margin 18.0% 23.5%
EBITDA Margin 32.3% 28.6%
Net Margin 15.4% 13.0%
1H24 FY23
Leverage
Current Ratio 2.51 x 1.72 x
Asset/equity 1.85 x 1.65 x
Interest Bearing Debts/Equities 0.72 x 0.52 x
Net Debts/Equities 0.72 x 0.63 x
2024 Outlook. Transforming the Palm Oil Industry: CSRA Embraces Mechanization in Plantation
Operations
As a commodity, CPO prices are heavily influenced by global supply and demand conditions. The average
selling price of CPO has exhibited a bullish trend, with a significant increase since the beginning of 2020
until March 2022, reaching historically high levels. While the CPO price has experienced a decline from its
peak in recent times, it is more probable that a pullback will occur in the second half of the year, primarily
due to potential production issues in the CPO supply chain distribution.
Embracing innovation and technology is critical for the long-term success of the palm oil industry. The
Company is investing in research and development to improve yields, optimize resource efficiency, and
mitigate environmental impact. From precision agriculture and drone technology to blockchain solutions
for supply chain transparency, these innovations are reshaping the future of CSRA’s palm oil production.
Mechanization underscores CSRA dedication to innovation and technology-driven solutions. By investing
in cutting-edge equipment and digital tools, CSRA remain at the forefront of industry trends, driving
progress and competitiveness.
Seman Sendjaja Director of Finance & Strategic Development stated that “While we are glad with our
financial performance for the second quarter, we are confident in our ability to navigate these challenges
and emerge stronger. We are implementing strategic measures to enhance our competitiveness,
streamline operations, and capitalize on growth opportunities. We also actively engage with local
communities to foster mutually beneficial relationships and social development. Through education,
healthcare, infrastructure, and other social programs, companies aim to improve the quality of life for
residents in surrounding areas, promoting inclusivity and shared prosperity".
8
HEAD OFFICE MEDAN OFFICE
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Page 9
PRESS RELEASE
For Immediate Release
For the second half of the year, the company's strategy focuses on enhancing the yield of its plantations
to secure internal production levels. The aim is to surpass current conditions by improving yields and
implementing pricing strategies that ensure future sustainability. The company recognizes the importance
of prudent principles and strengthened risk management.
Seman continue “As a responsible member of the palm oil industry, CSRA remains committed to
sustainable practices. During the semester, we continued our efforts to promote environmental
conservation and social responsibility throughout our operations. This includes initiatives to protect
biodiversity, reduce greenhouse gas emissions, and support local communities. Moreover, despite the
prevailing economic conditions impacting the current CPO price, the company remains vigilant about the
fluctuating market conditions. Additionally, the company will persist in its technological advancements
through mechanization and the ongoing ISPO certification process. This certification process is currently
underway for PT SSG and PT ABI plantations located in the South Sumatra region”.
“While mechanization automates repetitive and labour-intensive tasks, it also presents opportunities to
upskill our workforce. Through training programs and capacity-building initiatives, we empower our
employees to operate and maintain advanced machinery, ensuring their continued relevance and
contribution to the industry” Seman added. “Looking ahead, CSRA remains optimistic about the future.
Despite ongoing challenges such as fluctuating commodity prices and regulatory changes, we are
confident in our ability to navigate these uncertainties and deliver value to our stakeholders” Seman
concluded.
----------oOo---------
9
HEAD OFFICE MEDAN OFFICE
Komplek CBD Pluit Blok R2 No. B-25 Jl. Karsa No.25 (Sei Agul)
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Page 10
PRESS RELEASE
For Immediate Release
About PT Cisadane Sawit Raya Tbk at Glance:
PT Cisadane Sawit Raya Tbk. and its subsidiary entities are national players
that develop palm oil plantations in North Sumatra Province and South
Sumatra Province. The Company always prioritizes effectiveness and
efficiency in utilizing resources to become reputable and integrated
agribusiness companies. The company has a Palm Oil Mill (PKS) in the
plantation area which began operating in 2007 with a capacity of 45 tons per
hour (tph) after overhaul conducted in July 2022, a brand new 45 tph PKS in
Tapanuli Selatan regency and currently developing another PKS with a
capacity of 30 tph in Banyuasin regency. The Company has a total area of
29,000 hectares with an embedded area around 18,783 hectares. Its FFB
production reached 319,071 tons per year. CSRA publicly listed on the
Indonesian Stock Exchange (IDX) on 9th January 2020.
Follow Company’s Social Media for news updates and vacancies:
csr.official @csra.official Cisadane Sawit Raya Tbk - CSRA cisadane sawit raya
For more information, please contact:
Iqbal Prastowo - Corporate Secretary
T +6221 6667 3312-15 | F +6221 6667 3310-11
E corpsec@csr.co.id | iqbal@csr.co.id
W www.csr.co.id
This press release has been prepared by PT Cisadane Sawit Raya Tbk.(“CSRA”) and is circulated for the purpose of general information only. It
is not intended for any specific person or purpose and does not constitute a recommendation regarding the securities of CSRA. No warranty
(expressed or implied) is made to the accuracy or completeness of the information. All opinions and estimations included in this release
constitute our judgment as of this date and are subject to change without prior notice. CSRA disclaims any responsibility or liability whatsoever
arising which may be brought against or suffered by any person as a result of reliance upon the whole or any part of the contents of this press
release and neither CSRA nor any of its affiliated companies and their respective employees and agents accepts liability for any errors,
omissions, negligent or otherwise, in this press release and any inaccuracy herein or omission here from which might otherwise arise.
Forward-Looking Statements
Certain statements in this release are or may be forward-looking statements. These statements typically contain words such as “will”, “expects”
and “anticipates” and words of similar import. By their nature, forward-looking statements involve a number of risks and uncertainties that could
cause actual events or results to differ materially from those described in this release. Factors that could cause actual results to differ include,
but are not limited to, economic, social and political conditions in Indonesia; the state of the property industry in Indonesia; prevailing market
conditions; increases in regulatory burdens in Indonesia, including environmental regulations and compliance costs; fluctuations in foreign
currency exchange rates; interest rate trends, cost of capital and capital availability; the anticipated demand and selling prices for our
developments and related capital expenditures and investments; the cost of construction; availability of real estate property; competition from
other companies and venues; shifts in customer demands; changes in operation expenses, including employee wages, benefits and training,
governmental and public policy changes; our ability to be and remain competitive; our financial condition, business strategy as well as the plans
and remediation. Should one or more of these uncertainties or risks, among others, materialize, actual results may vary materially from those
estimated, anticipated or projected. Specifically, but without limitation, capital costs could increase, projects could be delayed and anticipated
improvements in production, capacity or performance might not be fully realized. Although we believe that the expectations of our management
as reflected by such forward-looking statements are reasonable based on information currently available to us, no assurances can be given that
such expectations will prove to have been correct. You should not unduly rely on such statements. In any event, these statements speak only as
of the date hereof, and we undertake no obligation to update or revise any of them, whether as a result of new information, future events or
otherwise.
Translation: this press release is available in Bahasa Indonesia and English. The Bahasa version is the original; the other language version is a free translation. We have made every reasonable
effort to avoid any discrepancies between the different language versions. However, should such discrepancies exist, the Bahasa version will take precedence
10
HEAD OFFICE MEDAN OFFICE
Komplek CBD Pluit Blok R2 No. B-25 Jl. Karsa No.25 (Sei Agul)
Jl. Pluit Selatan Raya, Jakarta Utara 14440 Medan 201
T +6221 6667 3312-15 T +6261 661 4328
F +6221 6667 3310-11 F +6261 662 7913
Names mentioned 4 people and organisations named in the text · linked when the evidence is strong
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PT SSG
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PT ABI
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