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PT REMALA ABADI Tbk AND SUBSIDIARIES
Consolidated Financial Statements
For the Years Ended December 31, 2023 and 2022
With
Independent Auditors’ Report
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TABLE OF CONTENTS
Page
Board of directors’ statement
Independent auditors’ report
Consolidated statements of financial position 1-3
Consolidated statements of profit or loss and other comprehensive income 4-5
Consolidated statements of changes in equity 6
Consolidated statements of cash flows 7-8
Notes to the consolidated financial statements 9 - 65
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PT REMALA ABADI Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
Notes December 31, 2023 December 31, 2022 *) January 1, 2022 *)
ASSET
CURRENT ASSETS
Cash 2c,2l,2m,4 9.440.496.783 13.178.488.169 9.193.020.680
Trade receivable 2m,5
Third parties 3.494.778.324 5.911.682.330 3.754.467.808
Related parties 2i,33b 1.437.366.657 2.008.884.444 371.653.058
Others receivable - third parties 2m,6a 1.370.009.835 4.500.000 17.500.000
Inventories 2d,7 12.124.390.559 7.991.118.576 1.995.454.491
Prepaid expenses 2e,8 343.108.374 2.107.511.833 42.222.278
Advances 8 7.726.316.024 100.000.000 154.787.077
Total Current Assets 35.936.466.556 31.302.185.352 15.529.105.392
NON-CURRENT ASSETS
Deferred tax assets 2k,20d 1.225.295.691 1.009.964.008 812.463.608
Others receivable 6b
Third parties - 462.975.185 462.975.185
Related parties 2i,33c 3.707.674.348 4.748.529.904 4.635.597.290
Advances on Investment 9a 100.000.000 441.355.556 166.544.444
Investment in associates entities 3f,9b 456.891.917 47.500.000 47.500.000
Fixed assets 2g,10 92.628.290.579 56.666.431.536 52.955.547.474
Right of use assets 2p,11 12.710.736.093 2.036.113.611 253.336.500
Other non-current assets 2m,12 241.043.430 123.662.390 -
Total Non-Current Assets 111.069.932.059 65.536.532.190 59.333.964.501
TOTAL ASSETS 147.006.398.615 96.838.717.542 74.863.069.893
*) As restated (Note 40)
The accompanying notes to consolidated financial statements are an integral part of these consolidated financial statements.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
Notes December 31, 2023 December 31, 2022 *) January 1, 2022 *)
LIABILITIES AND EQUITY
SHORT-TERM LIABILITIES
Short-term bank loan 2m,13 12.602.714.636 189.770.927 6.578.487.668
Trade payables - third parties 2m,14 15.449.371.731 13.178.605.526 15.309.605.114
Accrued expenses 2m,15 4.414.848.193 5.160.417.407 2.962.142.654
Tax liabilties 2k,20a 7.592.339.670 7.031.760.090 4.375.634.553
Current maturities of
long - term liabilies:
Consumer financing liabilities 2m,16 3.339.189.887 598.250.302 1.680.974.458
Lease liabilities 2p,18 692.476.700 - -
Total Short Term Liabilities 44.090.940.817 26.158.804.252 30.906.844.447
LONG TERM LIABILITIES
Other liabilities 2m,17
Related parties 2i,33d 2.350.000.000 2.700.000.000 2.700.000.000
Long - term liabilities - net of
current maturities:
Consumer financing liabilities 2m,16 2.223.014.297 670.347.045 300.336.430
Lease liabilities 2m,2p,18 4.148.632.393 - -
Employee benefits liabilities 2o,19 2.612.829.682 2.019.863.286 1.743.559.004
Total Long - Term Liabilities 11.334.476.372 5.390.210.331 4.743.895.434
Total Liabilities 55.425.417.188 31.549.014.583 35.650.739.881
*) As restated (Note 40)
The accompanying notes to consolidated financial statements are an integral part of these consolidated financial statements.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
Notes December 31, 2023 December 31, 2022 *) January 1, 2022 *)
EQUITY
Equity attributable
to the owners of the parent entity
Share capital - at par value Rp100,000
Authorized capital - 2,200,000 shares
as of December 31, 2023 and 500 shares
as of December 31, 2022
Issued and paid-up capital -
550.000 shares as of December 31, 2023
and 250 Share as of 31 Desember 2022 21 55.000.000.000 25.000.000 25.000.000
Additional paid-in capital 22 7.271.363.600 7.271.363.600 7.271.363.600
Retained earnings 23
Appropriated 1.000.000.000 - -
Unappropriated 27.996.189.195 57.838.171.482 31.886.365.512
Other comprehensive income 2o,24
Remeasurement of employee benefits (62.121.168) (9.993.078) (97.791.150)
Sub-total 91.205.431.628 65.124.542.004 39.084.937.962
Non-controlling interests 25 375.549.799 165.160.955 127.392.050
Total Equity 91.580.981.427 65.289.702.959 39.212.330.012
TOTAL LIABILITIES AND EQUITY 147.006.398.615 96.838.717.542 74.863.069.893
*) As restated (Note 40)
The accompanying notes to consolidated financial statements are an integral part of these consolidated financial statements.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the Years Ended December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
Notes 2023 2022 *)
REVENUES 2j,26 217.392.736.188 209.708.540.972
COST OF REVENUES 2j,27 96.855.889.886 122.204.281.276
GROSS PROFIT 120.536.846.302 87.504.259.696
Sales expenses 2j,28 (17.081.697.186) (15.401.658.262)
General and administrative expenses 2j,29 (48.494.637.197) (35.434.110.522)
Financing charges 2j,30 (784.346.189) (1.392.446.782)
Other income 2j,31 (1.537.643.957) 1.385.567.977
Other expenses 2j,31 (16.269.826.301) (1.155.311.180)
PROFIT BEFORE INCOME TAX
EXPENSES 36.368.695.472 35.506.300.927
INCOME TAX BENEFITS (EXPENSE).
Current 2k,20b (10.410.848.586) (9.739.430.140)
Deferred 2k,20c 200.613.661 222.360.787
Income Tax Expense - Net (10.210.234.925) (9.517.069.353)
NET PROFIT 26.158.460.547 25.989.231.574
OTHER COMPREHENSIVE INCOME
Item that will not reclassified to
profit and loss:
Remeasurement of employee benefits 2o,19 (66.900.102) 113.001.760
Related income taxes 2k,20c 14.718.022 (24.860.387)
Other Comprehensive Income (Loss) - Net (52.182.080) 88.141.373
NET COMPREHENSIVE PROFIT 26.106.278.468 26.077.372.947
BASIC EARNINGS PER SHARE 2r,32 69,87 51.903,61
*) As restated (Note 40)
The accompanying notes to consolidated financial statements are an integral part of these consolidated financial statements.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the Years Ended December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
Notes 2023 2022 *)
Net profit Attributable
to:
Owner of the parent entity 26.133.017.713 25.951.805.970
Non-controlling interests 25.442.834 37.425.604
Total 26.158.460.547 25.989.231.574
Net comprehensive profit
attributtable to:
Owner of the parent entity 26.080.889.624 26.039.604.042
Non-controlling interests 25.388.844 37.768.905
Total 26.106.278.468 26.077.372.947
*) As restated (Note 40)
The accompanying notes to consolidated financial statements are an integral part of these consolidated financial statements.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Years Ended December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
Equity Attributable to Owners of the Parent Entity
Other
Issued capital Additional Retain earning Comprehensive Non-Controlling
and Paid Paid-in Capital Appropriated Unappropriated Income Sub-Total Interest Total Equity
Balance at January 1, 2022 -
as previously reported 25.000.000 7.271.363.600 26.753.539.239 - 34.049.902.839 - 34.049.902.839
Adjustment (Note 40) - - - 5.132.826.273 (97.791.150) 5.035.035.123 127.392.050 5.162.427.173
Balance at January 1, 2022
as restated 25.000.000 7.271.363.600 - 31.886.365.512 (97.791.150) 39.084.937.962 127.392.050 39.212.330.012
Net profit for the year - - - 25.951.805.970 - 25.951.805.970 37.425.604 25.989.231.574
Other Comprehensive
income - net - - - - 87.798.072 87.798.072 343.301 88.141.373
Balance at December 31, 2022 25.000.000 7.271.363.600 - 57.838.171.482 (9.993.078) 65.124.542.004 165.160.955 65.289.702.959
Acquisition of subsidiaries - - - - - - 185.000.000 185.000.000
Stock dividends (Note 21) 54.975.000.000 - - (54.975.000.000) - - - -
Net profit for the current period - - - 26.133.017.713 - 26.133.017.713 25.442.834 26.158.460.547
Othres Comprehensive
loss - net - - - - (52.128.090) (52.128.090) (53.990) (52.182.080)
Appropriated General reserve
(Note 21) - - 1.000.000.000 (1.000.000.000) - - - -
Balance at December 31, 2023 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
The accompanying notes to consolidated financial statements are an integral part of these consolidated financial statements.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
2023 2022 *)
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 220.159.557.332 205.292.670.257
Payment to suppliers (93.071.285.228) (115.272.399.670)
Payments to employees (44.796.685.497) (35.065.095.945)
Payment of other operating expenses (39.513.845.511) (12.481.777.059)
Payment of financing charges (784.346.189) (1.392.446.782)
Payment of corporate income tax (9.984.677.707) (7.007.779.968)
Net Cash Flows provided from Operating Activities 32.008.717.199 34.073.170.833
CASH FLOWS FROM INVESTING ACTIVITIES
Receipts from other receivables - third parties 1.040.855.557 800.000.000
Receipts from other receivables - related parties 986.040.165 -
Payments for other receivables - third parties (2.356.050.000) -
Payments for other receivables - related parties - (540.855.556)
Acquisition of fixed assets (44.136.946.744) (18.976.428.497)
Advance payment for purchase of fixed assets (200.000.000) -
Addition of right-of-use assets (1.885.170.000) (2.808.888.888)
Additional down payment for investment and
investment in associated entities (158.644.444) (274.811.112)
Net Cash Flows Used in Investing Activities (46.709.915.466) (21.800.984.053)
CASH FLOWS FROM FINANCING ACTIVITIES
Receipt of other liabilities - related parties 700.000.000 -
Payment for:
Short-term bank loan - (1.500.000.000)
Consumer financing liabilities (1.252.480.354) (1.898.002.550)
lease liabilities (347.256.474) -
Other liabilities - related parties (550.000.000) -
Net Cash Flows Provided for Financing Activities (1.449.736.828) (3.398.002.550)
*) As restated (Note 40)
The accompanying notes to consolidated financial statements are an integral part of these consolidated financial statements.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
2023 2022 *)
NET INCREASE (DECREASE) IN CASH (16.150.935.095) 8.874.184.230
CASH AT BEGINNING OF YEAR 12.988.717.242 4.114.533.012
CASH AT END OF YEAR (3.162.217.853) 12.988.717.242
Cash consists of:
Cash 9.440.496.783 13.178.488.169
Overdraft (12.602.714.636) (189.770.927)
Total (3.162.217.853) 12.988.717.242
*) As restated (Notes 40)
Additional information on activities that do not affect cash flows is presented in Note 36.
The accompanying notes to consolidated financial statements are an integral part of these consolidated financial statements.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
1. GENERAL
a. Establishment of the Company’s and General Information
PT Remala Abadi (“Company”) was established in the Republic of Indonesia based on Notarial Deed No. 5
of Fajra Rizqi Nasution, SH., dated March 15, 2004 and has been ratified by the Minister of Justice and
Human Rights of the Republic of Indonesia in Decree No. C-12023 HT.01.01.TH.2004 dated May 13, 2004
and announced in State Gazette No. 081 Supplement to the Republic of Indonesia State Gazette
No. 031462 dated October 10, 2023. The Company’s Articles of Association have undergone several
changes, most recently 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 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 December 31, 2023 and
2022 was as follows:
December 31, 2023 December 31, 2022
Board of Commissioners
The main commissioner : Verah Wahyudi Singgih Wong Jimmi Anka
Independent Commissioner : Ahmad Alamsyah Saragih, SE -
Directors
President director : Richard Kartawijaya Verah Wahyudi Singgih Wong
Director of Finance) : Samuel Adi Mulia -
The composition of the Company’s Audit Committee as of December 31, 2023 and 2022 is as follows:
December 31, 2023 December 31, 2022
Chairman : Ahmad Alamsyah Saragih, SE -
Members : Sudarmana -
Members : 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 Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
1. GENERAL (Continued)
The Company’s key management personnel consist of the Board of Commissioners and Directors.
As of December 31, 2023 and 2022, the Company and Subsidiaries (hereinafter collectively referred to as
the (“Group”) had 69 and 62 permanent employees respectively (unaudited).
c. Subsidiary Entity Structure
As of December 31, 2023 and 2022, the Company has Subsidiaries with direct ownership as follows:
Total Assets Before Elimination
Position and Ownership Percentage (In million rupiah)
Date Business Year December 31 December 31
Child entity Business fields Establishment Commercial 2023 2022 2023 2022
PT PC 24 Cyber Indonesia Internet Services January 6, 2006 Bekasi, Jawa Barat/ 99% 99% 27.806 22.023
(PC 24) Providers 2006
PT Solusi Aplikasi Andalan Trade and August 19, 2021 Jakarta Timur / 88% 88% 667 -
Semesta (SAAS) programming Not yet operational
computer
PT Akselerasi Informasi Trading January 27, 2023 Jakarta Selatan / 50% - 222 -
Indonesia (AII) 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 June 10, 2020 by Idriansyah 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 December 31,
2023 and 2022 were respectively Rp26,898,977,871 and Rp22,022,655,315.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
1. GENERAL (Continued)
PT Solusi Aplikasi Andalan Semesta
The Company established PT Solusi Aplikasi Andalan Semesta (“SAAS”) based on Notarial Deed No. 8 by
Idriansyah Rizal, SH, M.Kn., dated August 29, 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
August 24, 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 May 20, 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 May 28, 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 Rp1,000,000 and in
March - June 2023 amounting to Rp439,000,000. Based on Notarial Deed No. 11 dated November 7, 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).
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 Rp16,390,000 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.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
1. GENERAL (Continued)
d. Completion of Consolidated Financial Statements
Company management is responsible for the preparation of these consolidated financial statements which
have been approved by the Board of Directors for publication on May 20, 2024.
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’s consolidated financial
statements for the year ended December 31, 2022.
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 Subsidiary.
Amendments to standards issued and effective for the financial year at or after January 1, 2023 which do
not have material impact on the consolidated financial statement are as follows:
Amendment to PSAK No. 1, “Presentation of Financial Statements” regarding liabilities classified as
short-term or long-term, as well as disclosure of accounting policies.
Amendment to PSAK No. 16, “Fixed Assets”.
Amendment to PSAK No. 25, “Accounting Policies, Changes in Accounting Estimates and Errors”
regarding the definition of accounting estimates.
Amendment to PSAK No. 46, “Income Taxes” regarding deferred taxes related to assets and liabilities
arising from single transactions.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
b. Principles of Consolidation
The Group applies PSAK No. 65 “Consolidated Financial Statements”. The consolidated financial
statements incorporate all subsidiaries controlled by the Company. Control was obtained when the
Company (investor) is exposed or has rights to variable returns from its involvement with the investee and
has the ability to affect those returns through its power over the investee.
Therefore, the investor controls the investee if, and only if, it has 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.
Investee is consolidated from the date the investor obtains control of investee and continues to be
consolidated until the date that such control ceases..
Non-controlling interest represents a portion of the profit or loss and net assets not attributable to the
parent and is presented separately in the consolidated statements of profit or loss and other
comprehensive income, and within equity in the consolidated statements of financial position, separately
from equity attributable to the parent.
All other comprehensive income is attributed to the owners of the parent and to the non-controlling
interests even if this results in the non-controlling interests having a deficit balance.
Changes in a parent’s ownership interest in a subsidiary that do not result in a loss of control are
accounted for as equity transactions, in which the carrying amount of the controlling and non-controlling
interests are adjusted to reflect the changes in their relative interests in the subsidiary. The difference
between the amount by which the non-controlling interests are adjusted and the fair value of the
consideration paid or received is recognized directly in equity and attributed to the owners of the parent.
All significant intercompany transactions and balances have been eliminated.
If a parent entity loses control of a subsidiary, then the parent:
(a) derecognizes the assets (including goodwill) and liabilities of the former subsidiary from the
consolidated statements of financial position.
(b) recognize any investment retained in the former subsidiary at its fair value at the date when control is
lost, and subsequently accounts for it and for any amounts owed by or to the former subsidiary. That
fair value shall be regarded as the fair value on initial recognition of a financial asset or, if appropriate,
the cost on initial recognition of an investment in an associate or joint venture.
(c) recognize the gain or loss associated with the loss of control attributable to the former controlling
interest.
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
c. Cash
Cash consist of cash on hand and in banks, and not pledged as collateral or restricted in use.
d. Inventories
The Group applies PSAK No. 14 “Inventory”. Inventories are valued at the lower of cost or net realizable
value. Net realizable value is the estimated selling price in the normal course of business less the
estimated costs of completion and the estimated costs required for the sale.
Cost is determined using the weighted average method. Allowance for inventory obsolescence is provided
based on a review of the condition of inventories at the end of the reporting period.
e. Prepaid expenses
Prepaid expenses are amortized over the periods benefited using the straight-line method.
f. Investment in Associated Entities
The Group applies PSAK No. 15 “Investment in associates and joint ventures”. An associated entity is an
entity over which the Group has significant influence and is not a subsidiary or participating part in a joint
venture. Ownership, directly or indirectly, of 20% or more of an investee’s voting rights is considered
ownership of significant influence, unless it can be clearly proven to the contrary.
Investments in associates are accounted for using the equity method, where they are initially recognized at
cost. Furthermore, the Group’s share of the profit or loss of the associate, after any necessary adjustments
for the effects of uniform accounting policies and elimination of profits or losses resulting from transactions
between the Group and the associate, will increase or decrease the carrying amount of the investment and
be recognized as profit or loss of the Group. Receipt of distributions from associates reduces the carrying
amount of the investment.
Adjustments to the carrying amount are also required if there is a change in the proportion of the Group’s
share of the associated entity arising from other comprehensive income of the associated entity. The
Group’s share of such changes is recognized in other comprehensive income of the Group.
Goodwill related to the acquisition of an associate is included in the carrying amount of the investment. If
there is negative goodwill, then the amount is recognized in profit or loss. Goodwill is not amortized and is
tested for impairment annually.
If the carrying value of an investment has reached zero, further losses will be recognized only if the Group
has a commitment to provide funding assistance or guarantee the obligations of the associated entity
concerned.
14
Page 23
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (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. 16 “Fixed Assets”. The Group had chosen the cost model as the accounting
policy for its fixed assets measurement. Depreciation is calculated on a straight-line method over the useful
lives of the assets. Estimated useful lives of the assets are as follows:
Estimated Useful Life Percentage
Building 20 years 5%
Vehicle 8 years 12.5%
Office equipment 4 and 8 years 25.0% and 12.5%
Network infrastructure 8 years 12.5%
The fixed assets’ useful lives and methods of depreciation are reviewed, and adjusted if appropriate, at
each end of 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.
15
Page 24
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
h. Decrease in the Value of Non-Financial Assets
The Group applies PSAK No. 48 “Impairment of Asset Value”. At the end of each reporting period, the
Group assesses whether there are indications that assets are impaired. If there is such an indication, the
Group estimates the recoverable amount of the asset. The recoverable amount of an asset or cash-
generating unit is the higher of its fair value less costs of disposal and its value in use. If the recoverable
amount of an asset is less than its carrying amount, then the carrying amount of the asset is reduced in
value to its recoverable amount. An impairment loss is recognized immediately in profit or loss.
A reversal of an impairment loss for a non-financial asset is recognized if, and only if, there has been a
change in the estimates used in determining the asset’s recoverable amount since the last impairment test
was recognized. Reversal of an impairment loss is recognized immediately in profit or loss, unless the
asset is presented at a revalued amount.
i. Transactions with Related Parties
The Group discloses transactions with related parties based on PSAK No. 7 “Related Party Disclosures”.
A party is considered related to the Group if:
1) The person or immediate family member has a relationship with the reporting entity if the person:
(i) has control or joint control over the reporting entity;
(ii) has significant influence over the reporting entity; or
(iii) key management personnel of the reporting entity or the reporting entity’s parent entity.
2) An entity is related to the reporting entity if it fulfills one of the following:
(i) The entity and the reporting entity are members of the same business group (meaning the parent
entity, subsidiary entity and subsequent subsidiaries are related to another entity).
(ii) One entity is an associated entity or joint venture of another entity (or an associated entity or joint
venture that is a member of a business group, of which the other entity is a member).
(iii) Both entities are joint ventures of the same third party.
(iv) One entity is a joint venture of a third entity and the other entity is an associate entity of the third
entity.
(v) The entity is a post-employment benefits program for employee benefits from one of the reporting
entities or an entity related to the reporting entity. If the reporting entity is the entity that organizes
the program, then the sponsoring entity is also related to the reporting entity.
(vi) Entities controlled or jointly controlled by the person identified in number (1).
(vii) The person identified in item (1)(i) has significant influence over the entity or key management
personnel of the entity (or the parent entity of the entity).
(viii) The entity, or a member of a group of which the entity is part, provides key personal management
services to the reporting entity or to the parent entity of the reporting entity.
All significant transactions with related parties are disclosed in the notes to the consolidated financial
statements.
16
Page 25
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
j. Revenues and Expenses Recognition
The Group recognizes revenues in accordance with PSAK No. 72, “Revenue from Contracts with
Customers”, by performing transaction analysis through the five steps of revenue recognition model as
follows:
1) Identifying contracts with customers, where the Group records contracts with customers only if all of
the following criteria are met:
The contract has been agreed to by the parties to the contract.
The Group can identify the rights of the parties and payment terms for the goods to be transferred.
The contract has commercial substance.
It is likely that the Group will receive compensation for the goods transferred.
2) Identify performance obligations in the contract.
3) Determine the transaction price.
4) Allocate the transaction price to each performance obligation.
5) Recognize revenue when performance obligations have been fulfilled (at a certain time or over time).
Expenses are recognized when they occur (accrual basis).
k. Income tax
The Group applies PSAK No. 46 “Income Tax”. Current tax expense is determined based on the estimated
taxable profit for the current period.
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.
17
Page 26
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
Deferred tax assets and deferred tax liabilities are offset if, and only if, the entity has the legal right to offset
current tax assets against current tax liabilities, and deferred tax assets and deferred tax liabilities relate to
income taxes imposed by tax authorities on taxable entity, the same or a different taxable entity that
intends to recover current tax assets and liabilities on a net basis, or realize assets and settle liabilities
simultaneously, in any future period in which a significant amount of deferred tax assets or liabilities is
expected to be settled or restored.
Changes to tax obligations are recognized when the tax assessment is received and/or, if the Group
submits an objection and/or appeal, when the decision on the objection and/or appeal has been
determined.
l. Transactions and Balances in Foreign Currency
The Group applies PSAK No. 10 “Effect of Changes in Foreign Exchange Rates”. Transactions in foreign
currency are translated into functional currency at the exchange rate in effect at the time the transaction is
made. At the end of the reporting period, monetary assets and liabilities denominated in foreign currency
are adjusted into the functional currency using the middle rate determined by Bank Indonesia on the last
date of banking transactions in that period. Gains or losses arising from exchange rate adjustments or
settlement of monetary assets and liabilities in foreign currencies are credited or charged to profit or loss
for the current period.
The closing exchange rate used on December 31, 2023 and 2022 against 1USD is Rp15,416 and
Rp15,916, respectively.
m. Financial Instruments
The Group applies PSAK No. 71 “Financial Instruments”. The Group recognizes financial assets and
liabilities in the consolidated statement of financial position if, and only if, the Group is a party to the
contractual provisions of the financial instrument.
1. Financial Assets
The Group classifies its financial assets in the following categories:
measured at amortized cost; And
measured at fair value through other comprehensive income or measured through profit or loss.
This classification depends on the Group’s business model and cash flow contractual requirements.
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”.
18
Page 27
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
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.
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.
19
Page 28
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
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.
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.
20
Page 29
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
The Group excludes financial liabilities from its consolidated statement of financial position if, and only
if, the obligations specified in the contract are discharged or canceled or expire. The difference
between the carrying amount of financial liabilities that expire or are transferred to another party, and
the consideration paid, including non-cash assets transferred or liabilities assumed is recognized in
profit or loss.
3. Offsetting of Financial Instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated
statement of financial position if, and only if, they currently have a legally enforceable right to set off
the recognized amount and there is an intention to settle it on a net basis, or to realize the asset and
settle its obligations simultaneously.
n. Fair Value Measurement
The Group applies PSAK No. 68 “Fair Value Measurement”. The fair value of financial instruments traded
in an active market at each reporting date is determined by reference to market price quotations or
securities dealer price quotations (bid price for buy positions and ask price for sell positions), excluding any
deductions for transaction costs.
For financial instruments that do not have an active market, fair value is determined using valuation
techniques. Valuation techniques include the use of recent market transactions carried out fairly by willing
and understanding parties (recent arm’s length market transactions), the use of recent fair values of other
instruments that are substantially the same, discounted cash flow analysis, or other valuation models.
o. Employee Benefits
Short Term Employee Benefits
Short-term employee benefits are compensation provided by the Group such as salaries, allowances,
bonuses and pension benefit payments, which are recognized when they are owed to employees.
Post-Employment Benefits
On February 2 2021, the Government promulgated and enforced Government Regulation no. 35 of 2021
(PP 35/2021) to implement the provisions of Article 81 and Article 185(b) of Law no. 11/2020 concerning
Job Creation, which aims to create as many job opportunities as possible for the Indonesian people
equally, in order to fulfill a decent life. PP 35/2021 regulates outsourcing agreements, working time, rest
time and termination of employment, which can affect the minimum compensation benefits that must be
paid to employees. PSAK No. 24 requires entities to use the “ Projected Unit Credit “ method to determine
the present value of defined benefit obligations, related current service costs and past service costs.
When the Group has a surplus under its defined benefit plan, the Group measures its defined benefit
assets at the lower of the defined benefit plan surplus and the asset ceiling determined using a discount
rate.
21
Page 30
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
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.
p. Rent
The Group applies PSAK No. 73, “Rent”.
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.
22
Page 31
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
Rental 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.
q. Segment Information
The Group applies PSAK No. 5 “Operating Segments”. The Group discloses information that enables
users of financial statements to evaluate the nature and financial impact of business activities and uses a
“management approach” in presenting segment information using the same basis as internal reporting.
Operating segments are reported in a manner consistent with internal reporting submitted to operational
decision makers. In this case, the operational decision maker who makes strategic decisions is the Board
of Directors.
r. Profit or Loss per Share
The Group applies PSAK No. 56 “Earnings per Share”. Basic earnings or loss per share is calculated by
dividing the profit or loss attributable to ordinary shareholders of the parent entity, by the weighted average
number of ordinary shares outstanding, in a period.
23
Page 32
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of consolidated financial statements, in accordance with Indonesian Financial Accounting
Standards, requires management to make estimates and judgments that affect the amounts reported in the
consolidated financial statements. Due to the inherent uncertainty in making estimates, actual results reported
in the future may differ from the amounts estimated.
The Group bases its estimates and judgments on the parameters available at the time the consolidated
financial statements were prepared. The situation regarding future developments may change due to market
changes or circumstances beyond the Group’s control. Such changes are reflected in the relevant
considerations at the time they occur.
The following estimates and judgments made by management in the context of applying the Group’s
accounting policies have the most significant influence on the amounts recognized in the consolidated financial
statements:
Classification of financial assets and financial liabilities
The Group determines the classification of certain assets and liabilities as financial assets and financial
liabilities by considering whether the definitions set out in PSAK No. 71 fulfilled. Thus, financial assets and
financial liabilities are recognized in accordance with the Group’s accounting policies as disclosed in Note 2.
Determining the fair value and calculation of financial instruments
The Group records certain financial assets and liabilities at fair value through profit or loss and at amortized
cost, which requires the use of accounting estimates. While the significant components of fair value
measurements and assumptions used in the calculation of amortized cost are determined using verifiable
objective evidence, the fair value or amortization amounts may differ if the Group uses different valuation
methodologies or assumptions. These changes may directly affect the Group’s profit and loss. A more detailed
explanation is disclosed in Note 34.
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. A more detailed explanation is
disclosed in Note 7.
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. A more detailed
explanation is disclosed in Note 10.
24
Page 33
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS (Continued)
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. Further explanation is disclosed in
Note 5.
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. A more detailed explanation is disclosed in Note 10.
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. Further
explanation is disclosed in Note 19.
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. A more detailed explanation is disclosed
in Note 20.
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. A
more detailed explanation is disclosed in Note 20.
25
Page 34
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
4. CASH
This account consists of:
December 31, 2023 December 31, 2022
Cash
Rupiah 25.152.325 100.091
Cash in bank
Rupiah
PT Bank Mandiri (Persero) Tbk 4.975.468.882 3.088.171.656
PT Bank Central Asia Tbk 3.830.354.965 9.044.197.167
PT Bank Rakyat Indonesia (Persero) Tbk 511.860.186 1.031.483.976
PT Bank Permata Tbk 1.067.500 -
US Dollar
PT Bank Central Asia Tbk 96.592.925 14.535.279
Sub-Total 9.415.344.458 13.178.388.078
Total 9.440.496.783 13.178.488.169
All cash is placed with third parties and is not used as collateral or restricted in use.
5. TRADE RECEIVABLE
This account consists of:
December 31, 2023 December 31, 2022
Third Parties
PT Comtronics Systems 461.626.709 184.781.207
CV Bina Manunggal Sejati 300.505.499
PT Media Andalan Nusa 340.967.614 105.553.250
PT Total Info Kharisma 219.228.175 265.524.250
PT Sumber Alfaria Trijaya Tbk 296.925.321 254.245.500
Information and Communications Department
DKI Jakarta Province Statistics - 3.799.111.641
PT Wasantara Network Services - 467.459.000
26
Page 35
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
5. TRADE RECEIVABLE (Continued)
December 31, 2023 December 31, 2022
Yayasan BPK Penabur KPS
Jakarta - 382.395.000
Others (under IDR 200 million) 3.001.690.521 1.939.321.467
Total Third Parties 4.620.943.840 7.398.391.315
Allowance for losses on impairment (1.126.165.516) (1.486.708.985)
Third Parties - Net 3.494.778.324 5.911.682.330
Related Parties (Note 33) 2.804.922.142 3.093.057.662
Allowance for losses on
impairment (1.367.555.485) (1.084.173.218)
Related Parties - Net 1.437.366.657 2.008.884.444
Total 4.932.144.981 7.920.566.774
Details of the aging of trade receivables are as follows:
December 31, 2023 December 31, 2022
Not yet due 9.918.935 3.824.270.010
It's due but it's not
experience impairment:
1 - 30 days 3.957.911.563 3.429.281.775
31 - 60 days 451.849.366 337.156.403
61 - 90 days 125.762.098 253.465.635
More than 90 days 386.703.019 76.392.951
Has matured and experienced
impairment 2.493.721.001 2.570.882.203
Total 7.425.865.982 10.491.448.977
Movements in the allowance for losses on impairment of trade receivables are as follows:
December 31, 2023 December 31, 2022
Beginning of year balance 2.570.882.203 1.949.457.396
Addition 1.001.330.434 621.424.807
Recovery (779.729.785) -
End of Year Balance 2.792.482.852 2.570.882.203
27
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
5. TRADE RECEIVABLE (Continued)
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
December 31, 2023 December 31, 2022
Third Parties
PT Netco Trans Nusa 900.000.000 -
PT Anchor Putra Indonesia 307.000.000 -
CV Bina Manunggal Sejati 97.000.000 -
Others (under Rp100 million) 66.009.835 4.500.000
Total 1.370.009.835 4.500.000
Other receivables from PT Fiber Media Indonesia as of October 31, 2023 are long-term receivables with a
maturity of 1 year (Note 6b) so they are presented as current assets.
Other receivables from PT Netco Trans Nusa represent a loan for working capital amounting to
Rp900,000,000 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
Rp307,000,000 and bear interest of 11% with a repayment period of 17 months starting from January 17,
2024 - May 17, 2025.
Other receivables from CV Bina Manunggal Sejati are loans provided without collateral and bear interest of
11% with an amount of Rp1,000,000,000 for a period of 10 months from January 15 - November 15, 2023.
In November 2023, receivables This has been paid in full.
28
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
6. OTHER RECEIVABLES (Continued)
b. Non-Current Assets
December 31, 2023 December 31, 2022
Third Parties
PT Fajar Mitra Krida 250.000.000 250.000.000
PT Fiber Teknologi Indonesia 73.492.261 73.492.261
Others (under Rp100 million) 139.482.924 139.482.924
Total Third Parties 462.975.185 462.975.185
Allowance for losses on
impairment (462.975.185) -
Third Party - Net - 462.975.185
Related Parties (Note 33)
PT Fiber Media Indonesia 3.707.674.348 4.707.674.348
PT Indonesian Fiber Network - 40.855.556
Total Related Parties 3.707.674.348 4.748.529.904
Net 3.707.674.348 5.211.505.089
Movements in the allowance for losses on impairment of other receivables are as follows:
December 31, 2023 December 31, 2022
Beginning of year balance - -
Addition 462.975.185 -
End of Year Balance 462.975.185 -
PT Fajar Mitra Krida receivables are loans provided without interest, collateral and payment terms. On
December 31, 2023, the entire value of these receivables has been provided for impairment.
Receivables from PT Fiber Media Indonesia (FMI) are loans provided without collateral and bear interest of
10.5% with a loan repayment period of up to October 2024. On December 31, 2023, the balance of FMI’s
receivables is presented as current assets.
Receivables from PT Solusi Aplikasi Andalan Semesta are loans provided without collateral and bear
interest of 11% with a loan repayment period of 5 years.
29
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
7. INVENTORIES
Inventories consist of spare parts, cables and poles with balances as of December 31, 2023 and 2022
amounting to Rp12,124,390,559 and Rp12,276,461,206, respectively.
On October 14, 2023, the Group’s storage warehouse located in Cibubur experienced a fire and caused the
entire cable inventory to burn, so the Group wrote off the cable inventory and the loss on the write-off of
inventory was recorded in the Other Expenses account (Note 31). As of the completion date of the
consolidated financial statements, the Group is in the process of submitting a claim to the insurance company.
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 (Note 10).
8. PREPAIRED EXPENSES AND ADVANCES
This account consists of:
December 31, 2023 December 31, 2022
Prepaid Expenses
Rent 192.617.270 2.107.511.833
Insurance 150.491.104 -
Total 343.108.374 2.107.511.833
Advances
Professional services 801.641.024 -
Purchase of supplies 5.647.500.000 100.000.000
Shophouse purchase 979.000.000 -
Land purchase 200.000.000 -
Etc 98.175.000 -
Total 7.726.316.024 100.000.000
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.
30
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
8. PREPAIRED EXPENSES AND ADVANCES (Continued)
The down payment for purchases consists of:
a. advance payment for inventory purchases amounting to Rp4,710,000,000 to PT Quinsis Lintas Mitra; And
b. advance payment for the purchase of land amounting to Rp200,000,000 for the purchase of 4 plots of
vacant land with a total area of 6,504 m2 consisting of:
1. Certificate of Ownership Number 5872/Jatiasih with a land area of 517 m2;
2. Certificate of Ownership Number 5873/Jatiasih, land area 482 m2 ;
3. Certificate of Ownership Number 5874/Jatiasih, land area 3,985 m2; And
4. Certificate of Ownership Number 553/Jatiluhur, land area 1,520 m2
which are all registered in the name of Suprapti which will be changed to be in the name of the Heirs and
are located in Jatiasih Village, Bekasi based on the Sale and Purchase Agreement for Signs dated
June 26, 2023 between the Company and Adi Nugraha, Ratri Lestari Handayani, Pitri Indriani and Aditya
Ariwibawa as experts inheritance from Suprapti, a third party, of the land with a purchase value of
Rp21,450,000,000.
On the date of publication of the financial statements, the down payment for purchasing inventory was
Rp4,710,000,000. has been fully realized, while management believes that the down payment for the purchase
of land will be fully realized, so there is no need to make allowances for the decrease in the value of the down
payment.
9. INVESTMENT IN ASSOCIATED ENTITIES
a. Advances on Investment
December 31, 2023 December 31, 2022
PT Sentra Inovasi Prima 100.000.000 -
PT Jaringan Fiber Indonesia - 440.355.556
PT Solusi Aplikasi Andalan Semesta - 1.000.000
Total 100.000.000 441.355.556
PT Indonesia Fiber Network
PT Network Fiber Indonesia (“JFI”) was established in the Republic of Indonesia based on Notarial Deed
No. 11 by Nova Helida, SH, dated August 27, 2021 and has been ratified by the Minister of Law and
Human Rights of the Republic of Indonesia in Decree No. AHU-0056749.AH.01. 01.TAHUN 2021 dated
September 11, 2021 with the composition of shareholders as follows:
a) PT Fiber Media Indonesia with 200 shares with a value of Rp200,000,000.
b) Ferdi Agus Riyanto 1,300 shares with a value of Rp1,300,000,000.
31
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
9. INVESTMENT IN ASSOCIATED ENTITIES (Continued)
c) The Company has 300 shares with a value of Rp300,000,000.
d) PT PC 24 Cyber Indonesia with 200 shares with a value of Rp200,000,000.
The total value of shares owned by the Company and PC 24 at the time of establishment was
Rp500,000,000.
Based on Notarial Deed No. 10 dated November 7, 2023 by Elizabeth Karina Leonita, SH., M.Kn., JFI
shareholders took the decision to provide dispensation and ratification for the delay in fulfilling capital
deposit obligations by JFI shareholders as contained in the Deed of Establishment No. 11 dated August 27,
2021 made before Nova Helida, Notary in Tangerang. In connection with this, the Company records
investment in JFI in the “Investment Advances” account.
JFI operates in the fields of, among others: magnetic media and optical media construction;
telecommunications equipment trade; as well as the field of information and communication. JFI will start
its commercial business activities in 2022. JFI is domiciled in the city of Bekasi, West Java.
b. Investment in Associated Entities
Percentage Reclassification of Upper loss
Ownership Beginning balance Down payment Profit and (loss) Release Ending balance
(%) January 1, 2023 Investment Investment Investment December 31, 2023
PT Indonesian Fiber Network via:
Company 15,00% - 300.000.000 (25.864.850) - 274.135.150
Child entity 10,00% - 200.000.000 (17.243.233) - 182.756.767
PT Broadband Network Indonesia 47,50% 47.500.000 - - (47.500.000) -
Total 47.500.000 500.000.000 (43.108.083) (47.500.000) 456.891.917
Percentage Reclassification of Upper loss
Ownership Beginning balance Down payment Profit and loss) Release Ending balance
(%) January 1, 2022 Investment Investment Investment December 31, 2022
PT Broadband Network Indonesia 47,50% 47.500.000 - - - 47.500.000
Based on Notarial Deed No. 15 dated July 29, 2023 by Erick Maliangkay, SH, all shareholders of
PT Broadband Network Indonesia (“BNI”), including the Company as shareholder of 47.5% of BNI, agreed
to disband BNI because BNI no longer has business activities as of the date July 29, 2023, the Company
recorded a loss on its investment in BNI amounting to Rp47,500,000 (Note 31).
32
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
10. FIXED ASSETS
Balance as of Balance as of
January 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
Sub-Total 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
Balance as of Balance as of
January 1, 2022 Addition Deduction December 31, 2022
Acquisition Costs
Direct ownership
Land 358.520.000 - - 358.520.000
Building 2.504.064.000 - - 2.504.064.000
Vehicle 7.109.553.810 1.922.112.965 - 9.031.666.775
Office equipment 3.023.288.641 544.948.208 - 3.568.236.849
Network infrastructure 66.743.761.643 17.694.656.333 - 84.438.417.976
Total Acquisition Cost 79.739.188.094 20.161.717.506 - 99.900.905.600
Accumulated depreciation
Direct ownership
Building 959.220.067 125.203.200 - 1.084.423.267
Vehicle 3.441.709.175 905.664.271 - 4.347.373.446
Office equipment 2.115.522.532 416.207.771 - 2.531.730.303
Network infrastructure 20.267.188.846 15.003.758.202 - 35.270.947.048
Total Accumulated Depreciation 26.783.640.620 16.450.833.444 - 43.234.474.064
Carrying Amount 52.955.547.474 56.666.431.536
33
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
10. FIXED ASSETS (Continued)
Depreciation charges are as follows:
2023 2022
Cost of revenue 10.994.610.436 15.003.758.202
General and administrative expenses 2.726.564.456 1.447.075.242
Total 13.721.174.892 16.450.833.444
As of December 31, 2023 and 2022, there are no fixed assets that are not in temporary use and that have
been retired from active use.
As of December 31, 2023 and 2022, details of the gross carrying amount of fixed assets that have been fully
depreciated and are still in use are as follows:
December 31, 2023 December 31, 2022
Network infrastructure 14.930.179.719 7.658.816.119
Vehicle 1.927.066.450 1.927.066.450
Office equipment 1.832.675.546 1.818.676.546
Total 18.689.921.715 11.404.559.115
On December 31, 2023, the addition of fixed assets in the form of land and buildings, with a total of
Rp8,167,657,642, is an addition to (i) the purchase of land and buildings by the Company from Christian
Nugroho, a third party, worth Rp1,800,000,000 based on Sale and Purchase Deed No. 33 dated March 31,
2023 with a land and building area of 235 m2 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 Rp2,850,000,000 based
on Deed of Sale and Purchase No. 33 dated August 10, 2023 with a land area of 95 m2 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 Rp550,000,000
based on Deed of Sale and Purchase Agreement No. 2 dated August 29, 2023 with a land area of 910 m2
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 Rp850,000,000 based on Sale and Purchase Deed No. 19
dated February 21, 2023 with a land and building area of 135 m2 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 Rp2,117,657,642.
The additional land and building assets are intended for the Group’s operational offices.
As of December 31, 2023 and 2022, additional fixed assets, in the form of vehicles, represent vehicle
purchases through consumer finance lease debt (Note 16) and are used for operational activities.
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.
34
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
10. FIXED ASSETS (Continued)
As of December 31, 2023 and 2022, fixed assets, namely vehicles, have been insured against loss on an all-
risk basis to several third parties with details of the insured value as follows:
Insurance Coverage Value
December 31, 2022 December 31, 2022
PT Asuransi Raksa Pratikara 2.329.900.000 -
PT Maybank IndonesIa Finance 1.658.000.000 -
PT BCA Finance 5.384.950.000 708.750.000
ACA Insurance 875.000.000 -
PT Mega Finance 300.000.000 375.000.000
PT Toyota Astra Finance Services - 1.422.500.000
Total 10.547.850.000 2.506.250.000
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.
Fixed assets in the form of vehicles and land are used as collateral for short-term bank loans and consumer
financing debts (Notes 13 and 16).
11. RIGHTS OF USE ASSETS
The Group leases several assets including office space, land and buildings which have lease terms of between
36 months and 56 months.
Balance as of Balance as of
January 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 buildings 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 buildings 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
35
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
11. RIGHTS OF USE ASSETS (Continued)
Balance as of Balance as of
January 1, 2022 Addition Deduction December 31, 2022
Acquisition Costs
Land and buildings 266.670.000 2.808.888.888 - 3.075.558.888
Accumulated depreciation
Land and buildings 13.333.500 1.026.111.777 - 1.039.445.277
Carrying Amount 253.336.500 2.036.113.611
Right-of-use assets in the form of office space based on a rental agreement with PT Mustika Ratu Center
(Note 18).
Rights of use assets in the form of land and buildings represent leases on land located in several areas in DKI
Jakarta, Depok, South Tangerang, Bogor, Karawang and Cianjur which are used to place devices that connect
or disconnect internet and communication networks to customers (PoP).
12. OTHER NON-CURRENT ASSETS
This account represents a security deposit for the rental of office space at Graha Mustika Ratu based on a
rental contract with PT Mustika Ratu Center (Note 18) with a balance on December 31, 2023 and 2022 of
Rp241,043,430 and Rp123,662,390, respectively.
13. SHORT TERM BANK LOAN
This account consists of:
December 31, 2023 December 31, 2022
Third party
Current Account Loans (Overdraft)
PT Bank Central Asia Tbk 10.543.051.223 189.770.927
PT Bank OCBC NISP Tbk 2.059.663.413 -
Total 12.602.714.636 189.770.927
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%.
36
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
13. SHORT TERM BANK LOAN (Continued)
Collateral for credit facilities from OCBC is as follows:
a. A plot of land measuring 63 m2 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 m2 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 m2 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 m2 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
January 18, 2024 with the provisions for points a to c with written approval from OCBC, while for point d, prior
notification is required to be submitted to OCBC.
PT Bank Central Asia Tbk
On November 15, 2019, the Company signed a Credit Agreement with PT Bank Central Asia Tbk (“BCA”) as
stated in Credit Agreement No. 03496/PK/SLK/2019 where BCA approved the provision of a Local Credit
Facility (Current Account) to the Company with a maximum credit amount of Rp10,000,000,000 to be used for
working capital needs with an agreement term of one year starting from November 19, 2019 - November 19,
2020 and the credit interest rate is 10.50%. This agreement has been extended and amended several times,
most recently based on Amendment to Credit Agreement No. 00231/PPK/KML/2022 dated December 16, 2022
where the maximum credit amount is Rp11,000,000,000 and matures on November 19, 2023 with an interest
rate on the credit facility of 11.00% per year.
On November 15, 2023, the Company obtained an extension of the term for using the credit facility from
PT Bank Central Asia Tbk which matures until November 19, 2024.
37
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
13. SHORT TERM BANK LOAN (Continued)
Guarantees for credit facilities from BCA are as follows:
a. A plot of land measuring 68 m2 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 m2 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 m2 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 m2 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 m2 and SHM No. 3408/West Sudimara
covering an area of 5 m2, both of which are in the name of Budi Aditya Erna Mulyanto.
f. A plot of land measuring 175 m2 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 m2 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 m2 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 m2 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 m2 located in the Coastesville Cluster Tourism City Housing Block SC 5
No. 35, Ciangsana Village, Gunung Putri District, Bogor Regency, West Java with SHM No. 7377/
Ciangsana in the name of Budi Aditya Erna Mulyanto.
Based on the agreement, the Company is not permitted to carry out the following activities without prior written
approval from BCA, namely:
a. obtain new loans/credit from other parties and/or commit themselves as guarantors in any form and under
any name and/or pledge assets to other parties.
b. lend money, including but not limited to affiliated companies, except for carrying out daily business.
c. make investments, investments or open new businesses outside the Company core business.
d. carrying out consolidation, merger, takeover, dissolution/liquidation, as well as changing institutional status,
articles of association, composition of directors and board of commissioners and shareholders and
distributing dividends.
The company has received a waiver from BCA regarding the above matter in Letter No. 00479/SLK/2023 dated
May 8, 2023 and Letter No. 00793/SLK/2023 dated July 21, 2023.
38
Page 47
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
14. TRADE PAYABLES
This account consists of:
December 31, 2023 December 31, 2022
Third Parties
PT Jejaring Mitra Persada 6.015.313.110 -
PT AFC Dinamika Indonesia 2.909.976.000 -
PT Voksel Electric 2.166.498.000 -
PT Antar Jaringan Nusantara 994.877.489 -
PT Dinamika Cipta Solusi 932.400.000 -
PT UOB KAI HIAN Sekuritas 582.750.000 -
PT Multidata Rancana Prima - 8.042.712.898
Mr. Sutisna - 1.299.289.930
CV Bina Manunggal Sejati - 715.206.238
PT Milenial Inti Telekomunikasi - 578.447.528
Others (under Rp500 million) 1.847.557.132 2.542.948.932
Total 15.449.371.731 13.178.605.526
All business debts are denominated in Rupiah. The Group does not provide guarantees for its debts to
suppliers.
15. ACCRUAL EXPENSES
This account consists of:
December 31, 2023 December 31, 2022
Operational Rights Fee (BHP)
And Universal Service Obligations (USO) 3.454.650.381 3.619.659.714
Wages 960.197.812 1.540.757.693
Total 4.414.848.193 5.160.417.407
39
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
16. CONSUMER FINANCING LIABILITIES
This account consists of:
December 31, 2023 December 31, 2022
Third Parties
PT BCA Finance 4.736.354.297 993.345.660
PT Maybank Indonesia Finance 1.069.740.000 -
PT Mega Finance 158.000.000 347.600.000
PT Federal International Finance 35.549.999 82.950.000
PT Toyota Astra Financial Services - 40.530.000
Total 5.999.644.296 1.464.425.660
Interest that is not yet due (437.440.113) (195.828.313)
Present value of minimum payment 5.562.204.184 1.268.597.347
The due part is in one year time (3.339.189.887) (598.250.302)
Long Term Section 2.223.014.297 670.347.045
PT BCA Finance
The company signed several vehicle financing agreements with PT BCA Finance with the following details:
Total Financing Interest Rate
Contract Date Name and Number of Vehicle Time period (IDR) (per year)
September 21, 2021 5 units Daihatsu - Granmax Blind Van 1.3 36 months 607.608.001 7,49%
July 28, 2022 1 unit Hyundai Palisade 2.2 LX2 CRDI 2WD AT 36 months 786.942.792 3,55%
April 28, 2023 6 units of Wuling - Air EV Long Range 36 months 1.358.294.383 2,66%
July 31, 2023 8 units of Wuling - Air EV 300 KM 36 months 1.774.886.400 3,75%
August 7, 2023 5 units of Suzuki - S PRESSO MT 36 months 664.398.000 3,75%
September 29, 2023 6 units Wuling - Air EV 300 KM 36 months 1.280.188.800 2,60%
PT Maybank Indonesia Finance
The company signed several agreements for vehicle financing with PT Maybank Indonesia Finance with the
following details:
Total Financing Interest Rate
Contract Date Name and Number of Vehicle Time period (Rp) (per year)
March 31, 2023 1 unit of Hyundai IONIQ 5 Signature Long Range 36 months 713.160.000 2,77%
April 5, 2023 1 unit of Hyundai IONIQ 5 Signature Long Range 36 months 713.160.000 2,77%
40
Page 49
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
16. CONSUMER FINANCING LIABILITIES (Continued)
PT Mega Finance
The company signed several vehicle financing agreements with PT Mega Finance with the following details:
Total Financing Interest Rate
Contract Date Name and Number of Vehicle Time period (Rp) (per year)
January 19, 2022 20 units of Honda - Genio CBS ISS 33 months 521.400.000 17,52%
PT Federal International Finance
The company signed several vehicle financing agreements with PT Federal International Finance with the
following details:
Total Financing Interest Rate
Contract Date Name and Number of Vehicle Time period (Rp) (per year)
November 30, 2021 5 units of Honda Motor - C1M02N42S1 33 months 130.350.000 29,69% (anuitas)
PT Toyota Astra Finance Service
The company signed several vehicle financing agreements with PT Toyota Astra Finance Service with the
following details:
Total Financing Interest Rate
Contract Date Name and Number of Vehicle Time period (Rp) (per year)
January 30, 2020 10 units of Daihatsu - Granmax PU GMRP 36 months 1.459.080.000 12,58%
PMREJJ HAFH E4
All consumer financing debts from PT Toyota Astra Finance Service have been paid off in January 2023.
Consumer financing debt is secured by the assets financed by this debt. Future minimum finance lease
payments are as follows:
December 31, 2023 December 31, 2022
Payment Payment
Minimum Rent Present Value Minimum Rent Present Value
Financing Rental Payments Financing Rental Payments
Up to 1 year 2.325.506.647 3.339.189.887 742.380.263 598.250.302
More than 1 - 5 years 3.674.137.649 2.223.014.297 722.045.397 670.347.045
Total 5.999.644.296 5.562.204.184 1.464.425.660 1.268.597.347
41
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
17. OTHER PAYABLE
This account consists of:
December 31, 2023 December 31, 2022
Related Parties (Note 33)
PT Sumber Data Indonesia 1.650.000.000 2.200.000.000
Shareholders 700.000.000 -
PT Fiber Network Indonesia - 500.000.000
Total 2.350.000.000 2.700.000.000
All other debts are denominated in Rupiah.
The debt to PT Sumber Data Indonesia (SDI) is an interest-free loan received by the Company from SDI with a
loan repayment period starting from August 15, 2023 - November 15, 2023 with total installments of
Rp550,000,000 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.
18. 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 m2 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 m2 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 m2 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 m2 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 m2
with a rental period of 3 months from October 1, 2023 to January 1, 2024.
42
Page 51
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
18. LEASE LIABILITIES (Continued)
Future minimum rental payments, as well as the present value of minimum rental payments are as follows:
December 31, 2023 December 31, 2022
Minimum rental payment 6.639.666.510 -
The interest portion has not yet matured (1.798.557.417) -
Present value of minimum payment 4.841.109.093 -
The due part is in one year's time (692.476.700) -
Long Term Section 4.148.632.393 -
The amount of implicit incremental interest used is 6%
19. EMPLOYEE BENEFITS LIABILITIES
The Group’s employee benefits liabilities for the ten month period ending December 31, 2023 in its report
dated November 27, 2023 and for the years ending December 31, 2023 and 2022 were calculated by the
independent actuary, Arya Bagiastra Actuarial Consulting Firm, in its report of July 7, 2023, using the
“Projected Unit Credit“ method by considering several assumptions as follows:
December 31, 2023 December 31, 2022
Discount rate 7,22% 7,22%
Salary increase rate 6,00% 6,00%
Mortality table TMI IV TMI IV
Retirement age 55 years old 55 years old
Movements in employee benefits liabilities are as follows:
December 31, 2023 December 31, 2022
Beginning of year balance 2.019.863.286 1.743.559.004
Expenses recognized on the report:
Profit and loss 526.066.294 389.306.042
Other comprehensive income 66.900.102 (113.001.760)
End of Year Balance 2.612.829.682 2.019.863.286
43
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
19. EMPLOYEE BENEFITS LIABILITIES (Continued)
The amounts recognized in the consolidated statement of profit or loss and other comprehensive income in
connection with employee benefits liabilities are as follows:
2023 2022
Expenses recognized in profit or loss:
Current service costs 380.316.331 266.015.432
Interest costs 145.749.963 123.290.610
Total 526.066.294 389.306.042
Remeasurement recognized in
other comprehensive income:
Actuarial losses (profits) arising from:
Changes in financial assumptions 106.480.715 (62.398.269)
Adjustment to experience (39.580.613) (50.603.491)
Total 66.900.102 (113.001.760)
The quantitative sensitivity analysis of defined benefit obligations to changes in the main weighted assumptions
on December 31, 2023 and 2022 is as follows:
Impact on
Defined Benefit Obligation
Change Assumption Derivation of
Assumption Ascension Assumptions
December 31, 2023
Discount rate 1% (457.357.912) 92.380.724
Salary increase rate 1% 106.526.351 (472.470.605)
December 31, 2022
Discount rate 1% (231.397.119) 267.887.742
Salary increase rate 1% 280.331.544 (244.642.719)
20. TAXATION
a. Tax debt
December 31, 2023 December 31, 2022
income tax
Article 4 (2) 44.972.907 228.764.119
Article 21 641.621.953 328.988.363
44
Page 53
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
20. TAXATION (Continued)
December 31, 2023 December 31, 2022
Article 23 75.727.470 118.642.826
Article 25 480.235.004 212.018.784
Article 29 5.410.366.947 4.984.196.068
value-added tax 939.415.389 1.159.149.930
Total 7.592.339.670 7.031.760.090
b. Benefits (Expenses) of Income Tax
2023 2022
Current
Company (8.816.451.727) (7.772.503.860)
Child entity (1.594.396.859) (1.966.926.280)
Sub-Total (10.410.848.586) (9.739.430.140)
Deferred
Company 269.705.692 181.484.407
Child entity (69.092.031) 40.876.380
Sub-Total 200.613.661 222.360.787
Income Tax Expense - Net (10.210.234.925) (9.517.069.353)
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 ten month period
ending December 31, 2023 and 2022 is as follows:
2023 2022
Profit before income tax expense
according to the income statement and
consolidated other comprehensive income 36.368.695.472 35.506.300.927
Profit before tax of subsidiaries and eliminations (6.590.796.284) (5.668.610.310)
Profit before income tax - Company 29.777.899.188 29.837.690.617
Still different 10.296.882.112 4.666.944.168
Temporary difference - 824.929.121
Taxable Profits - Company 40.074.781.300 35.329.563.906
Taxable Profits - Company (rounding) 40.074.780.576 35.329.563.000
45
Page 54
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
20. TAXATION (Continued)
2023 2022
Income tax expense - current 8.816.451.727 7.772.503.860
Less prepaid income tax:
Article 23 (1.035.455.146) (1.998.617.114)
Article 22 (75.474.000) -
Article 25 (4.377.659.277) (1.712.881.941)
Income Tax Debt Article 29 - Company 3.327.863.304 4.061.004.805
The taxable profit resulting from the reconciliation above is the basis for filling out the Annual Corporate
Income Tax Return to the Tax Office.
c. Deferred Tax
Credited to Other
Balance as of Charged to Comprehensive Balance as of
January 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
Child entity
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 1.009.964.008 200.613.661 14.718.022 1.225.295.691
Credited to Other
Balance as of Charged to Comprehensive Balance as of
January 1, 2022 Profit or Loss Income December 31, 2022
Company
Employee benefits 257.775.951 57.441.684 (15.177.544) 300.040.091
Provision for impairment of value
receivables 13.120.586 124.042.723 - 137.163.309
Child entity
Employee benefits 125.807.030 28.205.645 (9.682.843) 144.329.832
Provision for impairment of value
receivables 415.760.041 12.670.735 - 428.430.776
Total Deferred Tax Assets 812.463.608 222.360.787 (24.860.387) 1.009.964.008
46
Page 55
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
21. CAPITAL STOCK
The composition of the Company shareholders is as follows:
December 31, 2023
Number of Issued Percentage
and Paid 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
December 31, 2022
Number of Issued Percentage
and Paid Shares Ownership Total
Budi Aditya Erna Mulyanto 240 96% 24.000.000
Jimmi Anka 10 4% 1.000.000
Total 250 100% 25.000.000
Based on the Deed of Establishment of Limited Liability Company Company No. 5 dated March 15, 2004 by
Fajra Rizqi Nasution, SH., Notary in Bekasi Regency, which has received approval from the Minister of Justice
and Human Rights of the Republic of Indonesia in Decree No. C-12023.HT.01.01.TH.2004 dated
May 13, 2004, the shareholders have agreed to establish a Company with authorized capital of Rp50,000,000
(equivalent to 500 shares) and issued and paid-up capital of Rp25,000,000 (equivalent to 250 shares shares)
with the composition of shareholders as follows:
(a) Agus Handoko amounting to Rp12,500,000.
(b) Eddy Mulyanto amounting to Rp12,500,000.
Based on Deed no. 4 dated November 13, 2009 by Fajra Rizqi Nasution, SH., Notary in Bekasi Regency,
which has received approval from the Minister of Law and Human Rights of the Republic of Indonesia in
Decree No. AHU-32771.AH.01. 02.In 2010, on June 29, 2010, the shareholders approved the change in
shareholders and shareholders from Eddy Mulyanto to Budi Aditya Erna Mulyanto so that the composition of
the Company’s shareholders became as follows:
(a) Agus Handoko amounting to Rp12,500,000.
(b) Budi Aditya Erna Mulyanto amounting to Rp12,500,000.
Based on Deed no. 43 dated November 16, 2015 by Achmad Zainudin, SH., M.Kn., Notary in Bogor Regency,
which was notified and accepted by the Minister of Law and Human Rights of the Republic of Indonesia in
Letter No. AHU-AH.01.03-0981532 dated November 19, 2015, the shareholders approved the transfer of all
shares owned by Agus Handoko to Budi Aditya Erna Mulyanto in the amount of Rp11,500,000 (equivalent to
115 shares) and Jimmi Anka to Rp1,000,000 (equivalent to 10 shares) respectively. so that the composition of
the Company’s shareholders is as follows:
(a) Budi Aditya Erna Mulyanto amounting to Rp24,000,000.
(b) Jimmi Anka amounting to Rp1,000,000.
47
Page 56
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
21. CAPITAL STOCK (Continued)
Based on Deed no. 1 dated May 3, 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-0030001.AH,01,02.TAHUN 2023 dated May 30, 2023, the shareholders approved the grant
of 240 shares belonging to Budi Aditya Erna Mulyanto in the Company to Verah Wahyudi Singgih Wong, so
that the composition of the Company’s share ownership is as follows:
(a) Verah Wahyudi Singgih Wong amounting to Rp24,000,000.
(b) Jimmi Anka amounting to Rp1,000,000.
Based on the Deed of Decree of the Annual General Meeting of Shareholders No. 131 dated
August 30, 2023 by Elizabeth Karina Leonita, SH., M.Kn., Notary in South Jakarta, the shareholders stated
their decision, among other things, to determine the use of the Company’s comprehensive profit up to
December 31, 2022 as follows:
(a) Rp1,000,000,000 as Company reserve funds.
(b) amounting to Rp54,975,000,000 as share dividends and will be distributed proportionally to shareholders
with distribution provisions, namely Verah Wahyudi Singgih Wong amounting to RP52,776,000,000 and Jimmi
Anka amounting to Rp2,199,000,000.
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.
48
Page 57
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
21. CAPITAL STOCK (Continued)
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 Rp100,000 to Rp50 per share.
22. ADDITIONAL PAID-IN CAPITAL
In 2016, the Company participated in the tax amnesty program. The company received a Tax Amnesty
Certificate (SKPP) on October 12, 2016. The reported tax amnesty assets amounted to Rp7,271,363,600. and
no tax liabilities were reported. The difference between tax amnesty assets and tax amnesty liabilities is
recorded as part of the “Additional Paid-in Capital” account amounting to Rp7,271,363,600. The amount of
ransom paid by the Company under the tax amnesty program was Rp145,427,272.
23. RETAINED EARNINGS
This account consists of:
December 31, 2023 December 31, 2022
Appropriated
Balance at beginning of the year - -
Reserve 1.000.000.000 -
Balance at End of the Year 1.000.000.000 -
Unappropriated
Balance at beginning of the year 57.838.171.482 31.886.365.512
Dividend distribution (54.975.000.000) -
Reserve (1.000.000.000) -
Profit for the year 26.133.017.713 25.951.805.970
Balance at End of the Year 27.996.189.195 57.838.171.482
Total 28.996.189.195 57.838.171.482
49
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
24. OTHER COMPREHENSIVE INCOME
This account consists of:
December 31, 2023 December 31, 2022
Balance at beginning of the year (9.993.078) (97.791.150)
Other comprehensive profit (loss)
current year (52.128.090) 87.798.072
Balance at End of the Year (62.121.168) (9.993.078)
Addition to other comprehensive income consists of actuarial gains (losses) on the remeasurement of
employee benefits liabilities and related income taxes attributable to owners of the parent entity.
25. NONCONTROLLING INTERESTS
This account consists of:
December 31, 2023 December 31, 2022
Balance at beginning of the year 165.160.955 127.392.050
Acquisition of subsidiaries 185.000.000 -
Share of net profit from subsidiaries 25.442.834 37.425.604
Other comprehensive income section
from subsidiary entities (53.990) 343.301
Balance at End of the Year 375.549.799 165.160.955
26. REVENUE
This account consists of:
2023 2022
Third Parties
Telecommunications revenue 182.941.858.099 183.924.214.946
Non-telecommunications income 17.305.887.820 4.735.243.092
Sub-Total 200.247.745.919 188.659.458.038
50
Page 59
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
26. REVENUE (Continued)
2023 2022
Related Parties
Telecommunications revenue 16.899.990.269 20.396.482.934
Non-telecommunications income 245.000.000 652.600.000
Sub-Total 17.144.990.269 21.049.082.934
Total 217.392.736.188 209.708.540.972
There is no revenue from any one customer that exceeds 10% of total consolidated revenue.
27. COST OF GODS SOLD
This account consists of:
2023 2022
Repair and maintenance 36.878.935.675 30.282.956.454
Material load 34.497.291.853 62.636.743.381
Depreciation 10.994.610.436 15.003.758.202
BHP Universal Service Obligation (USO) and
BHP Radio Station License (ISR) 3.463.399.092 3.573.651.959
Rent equipment 1.039.791.516 7.734.516.496
Operational expenses 9.981.861.314 2.972.654.784
Total 96.855.889.886 122.204.281.276
There are no purchases from one supplier that exceed 10% of total consolidated revenue.
28. SALES EXPENSES
This account consists of:
2023 2022
Commission 16.076.658.326 14.950.615.727
Banquet 900.161.536 235.406.091
Advertisement 98.328.040 212.690.773
Marketing 6.549.284 2.945.671
Total 17.081.697.186 15.401.658.262
51
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
29. GENERAL AND ADMINISTRATIVE EXPENSES
This account consists of:
2023 2022
Salary, wages, bonuses and benefits 28.143.967.290 21.668.237.911
Utility 4.312.724.965 3.804.131.885
Depreciation of fixed and right-of-use assets 4.544.678.541 2.473.187.019
Rent 2.855.536.196 1.728.524.122
Professional services 2.818.242.048 426.500.000
Fuel, tolls and parking 1.234.404.258 853.603.629
Repair and maintenance 1.056.026.151 976.544.630
Office operations 1.040.036.695 1.382.172.810
Legality and licensing 641.740.555 388.732.342
Expedition 518.634.838 521.674.456
Employee benefits 526.066.294 389.306.042
Retribution 169.447.031 83.211.735
Others (under Rp100 million) 633.132.335 738.283.941
Total 48.494.637.197 35.434.110.522
30. FINANCIAL CHARGES
This account consists of:
2023 2022
Interest on consumer financing debt 359.490.989 285.883.690
Interest on bank debt 424.855.200 1.030.938.092
Provisions and administration - 75.625.000
Total 784.346.189 1.392.446.782
52
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
31. OTHER INCOME (EXPENSES)
This account consists of:
2023 2022
Other Income
Profit over write-off
other debts 500.000.000 -
Interest income on other receivables
from related parties 285.361.521 437.737.715
Current account service 84.953.637 104.282.102
Losses from associated entities (43.108.083)
Others (under Rp100 million) (2.364.851.032) 843.548.160
Sub-Total (1.537.643.957) 1.385.567.977
Other Expenses
Losses on inventory write-offs (11.773.626.025) -
Tax penalties and fines (3.471.826.919) (8.405.714)
Bank Administration (498.176.286) (341.251.521)
Allowance for impairment of receivables (385.813.982) (621.424.807)
Losses on investment disposal (47.500.000) -
Losses on exchange rate differences (15.397.753) (163.776.580)
Others (under Rp100 million) (77.485.336) (20.452.558)
Sub-Total (16.269.826.301) (1.155.311.180)
Net (17.807.470.258) 230.256.797
32. EARNINGS PER SHARE
This account consists of:
2023 2022
Attributable net profit
to the owners of the parent entity 26.133.017.713 25.951.805.970
Weighted average sum
outstanding shares 374.028.767 500.000
Net Earnings per Share 69,87 51.903,61
On November 15, 2023, the nominal value per share changed from Rp100,000 to Rp50 per share in
accordance with the Notarial Deed (Note 39). Therefore, the calculation of basic earnings per share for all
periods presented is adjusted retrospectively.
53
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
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
PT Fiber Networks Indonesia Entities with common control Revenue and Receivables
PT Network Fiber Indonesia Entities with common control Revenue and Receivables
PT Fiber Media Indonesia Entities under common control Other receivables
PT Sumber Data Indonesia Entities under common control Other payable
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 shareholders.
Transactions with related parties are carried out with conditions equivalent to those applicable in normal
transactions.
b. Revenue and Accounts Receivable
Details of income from related parties are as follows:
2023 2022
PT Fiber Networks Indonesia 13.924.464.155 18.242.768.999
PT Sumber Data Indonesia 3.220.526.114 2.430.910.923
PT Jaringan Fiber Indonesia - 375.403.012
Total 17.144.990.269 21.049.082.934
Percentage of total consolidated income 7,89% 10,04%
Details of trade receivables from related parties are as follows:
December 31, 2023 December 31, 2022
PT Fiber Networks Indonesia 1.336.362.687 1.473.274.466
PT Sumber Data Indonesia 358.794.302 241.245.300
PT Jaringan Fiber Indonesia - 294.364.678
Total 1.695.156.989 2.008.884.444
Percentage of total consolidated assets 1,15% 2,07%
54
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
33. BALANCE AND TRANSACTIONS WITH RELATED PARTIES (Continued)
c. Other receivables
December 31, 2023 December 31, 2022
PT Fiber Media Indonesia 3.707.674.348 4.707.674.348
PT Jaringan Fiber Indonesia - 40.855.556
Total 3.707.674.348 4.748.529.904
Percentage of total consolidated assets 2,52% 4,90%
Receivables from PT Fiber Media Indonesia are loans provided without collateral and bear interest of
10.5% with a loan repayment period of up to October 2024.
Receivables from PT Fiber Media Indonesia are loans provided without collateral and bear interest of
10.5% with a loan repayment period of up to October 2024.
d. Other Debts
December 31, 2023 December 31, 2022
PT Sumber Data Indonesia 1.650.000.000 2.200.000.000
Pemegang saham 700.000.000 -
PT Fiber Networks Indonesia - 500.000.000
Total 2.350.000.000 2.700.000.000
Percentage of total consolidated liabilities 4,24% 8,56%
The debt to PT Fiber Network Indonesia (FNI) is a loan received by PC 24 from FNI. On August 1, 2023,
the debt to FNI was written off
The total remuneration given to key management personnel is in the form of short-term rewards with the
following details:
December 31, 2023 December 31, 2022
Director 555.600.795 146.924.003
Commissioner 54.065.908 -
Total 609.666.703 146.924.003
55
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
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 December 31, 2023 and 2022:
December 31, 2023 December 31, 2022
Carrying Amount Fair Value Carrying Amount Fair Value
Financial Assets
Measured at amortized cost
Cash 9.440.496.783 9.440.496.783 13.178.488.169 13.178.488.169
Accounts receivable 4.932.144.981 4.932.144.981 7.920.566.774 7.920.566.774
Other receivables 5.077.684.183 5.077.684.183 5.216.005.089 5.216.005.089
Other non-current assets -
Bail 241.043.430 241.043.430 123.662.390 123.662.390
Total Financial Assets 19.691.369.377 19.691.369.377 26.438.722.422 26.438.722.422
Financial Liabilities
Measured at amortized cost
Short-term bank debt 12.602.714.636 12.602.714.636 189.770.927 189.770.927
Accounts payable 15.449.371.731 15.449.371.731 13.178.605.526 13.178.605.526
Accrued expenses 4.414.848.193 4.414.848.193 5.160.417.407 5.160.417.407
Other debts 2.350.000.000 2.350.000.000 2.700.000.000 2.700.000.000
Consumer financing debt 5.562.204.184 5.562.204.184 1.268.597.347 1.268.597.347
Rental liabilities 4.841.109.093 4.841.109.093 - -
Total Financial Liabilities 45.220.247.836 45.220.247.836 22.497.391.207 22.497.391.207
The Group has monetary assets denominated in foreign currencies as follows:
December 31, 2023 December 31, 2022
Foreign currency Rupiah equivalent Foreign currency Rupiah equivalent
Financial Assets
Bank
United States Dollar 2.622 96.592.925 924 14.535.279
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.
56
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
35. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (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:
December 31, 2023 December 31, 2022
Cash 9.440.496.783 13.178.488.169
Accounts receivable 4.932.144.981 7.920.566.774
Other receivables 5.077.684.183 5.216.005.089
Other non-current assets
Deposit 241.043.430 123.662.390
Total 19.691.369.377 26.438.722.422
b. 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.
57
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
35. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)
The table below shows an analysis of the maturity of the Group’s financial liabilities over a period of time
indicating the contractual maturity for all financial liabilities. The amounts disclosed in the table are
contractual cash flows that do not include future loan interest expenses, as follows:
December 31, 2023
Up to you More than 1 year
Carrying Amount Total 1 year up to 5 years
Short-term bank debt 12.602.714.636 12.602.714.636 12.602.714.636 -
Accounts payable 15.449.371.731 15.449.371.731 15.449.371.731 -
Accrued expenses 4.414.848.193 4.414.848.193 4.414.848.193 -
Other debts 2.350.000.000 2.350.000.000 - 2.350.000.000
Consumer financing debt 5.562.204.184 5.562.204.184 3.339.189.887 2.223.014.297
Rental liabilities 4.841.109.093 4.841.109.093 692.476.700 4.148.632.393
Total 45.220.247.836 45.220.247.836 36.498.601.147 8.721.646.690
December 31, 2022
Up to you More than 1 year
Carrying Amount Total 1 year up to 5 years
Short-term bank debt 189.770.927 189.770.927 189.770.927 -
Accounts payable 13.178.605.526 13.178.605.526 13.178.605.526 -
Accrued expenses 5.160.417.407 5.160.417.407 5.160.417.407 -
Other debts 2.700.000.000 2.700.000.000 - 2.700.000.000
Consumer financing debt 1.268.597.347 1.268.597.347 598.250.302 670.347.045
Total 22.497.391.207 22.497.391.207 19.127.044.162 3.370.347.045
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.
58
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
35. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)
The calculation of the debt to total equity ratio is as follows:
December 31, 2023 December 31, 2022
Interest-bearing loans 25.356.027.913 4.158.368.274
Total equity 91.580.981.427 65.289.702.959
Debt to Equity Ratio 0,28 0,06
36. ADDITIONAL CASH FLOW INFORMATION
Activities that do not affect cash flow are as follows:
December 31, 2023 December 31, 2022
Addition of fixed assets through
consumer financing debt 5.546.087.191 1.185.289.009
Addition of right-of-use assets through lease liabilities 5.188.365.567 -
Decrease in other payables - related parties
through deletion 500.000.000 -
Increase capital through stock dividends 54.975.000.000 -
37. OPERATIONS SEGMENTS
The segment information below is reported based on information used by management to evaluate the
performance of each business segment and in allocating resources. There are no geographical segments
because all of the Group’s business activities operate in Indonesia.
The Group only has business in the internet service provider sector, so the consolidated statement of financial
position and consolidated statement of profit or loss and other comprehensive income reflect the operating
segment, while the profit from the business segment is as follows:
December 31, 2023 December 31, 2022
Income 217.392.736.188 209.708.540.972
Cost of revenue (96.855.889.886) (122.204.281.276)
Segment results 120.536.846.302 87.504.259.696
Selling expenses (17.081.697.186) (15.401.658.262)
General and administrative expenses (48.494.637.197) (35.434.110.522)
59
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
37. OPERATIONS SEGMENTS (Continued)
December 31, 2023 December 31, 2022
Financial burden (784.346.189) (1.392.446.782)
Other income (1.537.643.957) 1.385.567.977
Other expenses (16.269.826.301) (1.155.311.180)
Benefits (burden) of income tax (10.210.234.925) (9.517.069.353)
Segment Profit 26.158.460.547 25.989.231.574
Asset and Liability Segments
Asset segment 147.006.398.615 96.838.717.542
Liability segment 55.425.417.188 31.549.014.583
38. SIGNIFICANT AGREEMENTS AND OTHER IMPORTANT INFORMATION
a. On October 30, 2023, the Company and PT Jejaring Mitra Persada (“Jejaring “) signed an Agreement for
the Supply of Fiber Optic Core Cables on an Indefeasible Right of Use (IRU) basis. Based on the
agreement, the Company purchases FO cables in the UJB Telecommunication Network from Network and
the Company will also collaborate with PT Triasmitra Multiniaga Internasional regarding maintenance and
repair of FO cables and Collocation rental and operations (if any) which will be stated in a separate
agreement. The term of the agreement is 15 years from the date of signing of the Minutes of Handover.
b. On January 2, 2023, the Company and the DKI Jakarta Provincial Government’s Department of
Communication, Informatics and Statistics (“Diskominfotik”) signed an Order Letter for the JakWifi Work
Package. The company provides installation and supply services for 20 Mbps international fiber optic and
wireless at 293 locations determined by Diskominfotik with a project completion time of 90 days. The term
of this agreement is valid from January 2, 2023 to December 31, 2023 and can be extended with the
agreement of both parties.
c. On January 2, 2023, the Company and the DKI Jakarta Provincial Government’s Department of
Communication, Informatics and Statistics (“Diskominfotik”) signed an Order Letter for the
Primary/Secondary Wide Area Network (WAN) Communication Network Link Rental Work Package. The
company provides installation and supply services for 20 Mbps and 10 Mbps international fiber optic and
2 Mbps international wireless at locations determined by Diskominfotik with a project completion time of 90
days. The term of this agreement is valid from January 2, 2023 to December 31, 2023 and can be
extended with the agreement of both parties.
d. On January 2, 2023, the Company and the Thousand Islands Communications, Informatics and Statistics
Sub-Department (“Kominfotik Sub-Department”) signed a Letter of Agreement for the 2023 Internet
Bandwidth Rental Work Package for domain name management activities determined by the central
government and sub-domains within the regional government scope districts/cities for the 2023 budget
year with a project completion time of 12 months. The term of this agreement is valid from January 1, 2023
to December 31, 2023.
60
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
38. SIGNIFICANT AGREEMENTS AND OTHER IMPORTANT INFORMATION (Continued)
e. Local loop services to PT Comtronics System customers. The term of the agreement is 12 months and is
extended automatically according to the agreement of both parties.
f. Local loop and dark fiber/core optic services to PT Pasifik Satelit Nusantara. The term of the agreement is
12 months and is extended automatically according to the agreement of both parties.
39. EVENTS AFTER THE REPORTING PERIOD
a. On February 26, 2024, the Company Board of Directors appointed Maureen Graciela as Corporate
Secretary based on Decree No. 023/CS/RA/IPO/DIR/II/2024.
b. On April 26, 2024, the Company received an effective statement from the Financial Services Authority
(OJK) in letter No. S-58/D.04/2024 to conduct an Initial Public Offering of 275,000,000 shares with a
nominal value of Rp50 per share with an offering price of Rp188 per share. On May 7, 2024, these shares
were listed on the Indonesia Stock Exchange.
40. RESTATEMENT OF FINANCIAL STATEMENTS
The Company restated its financial statements for December 31, 2022 and 2021 and for the year ended on
those dates in connection with the change in the basis for preparing financial statements from Financial
Accounting Standards for Entities Without Public Accountability (SAK ETAP) to Financial Accounting
Standards (SAK). In the Company’s previous financial statements, investments in subsidiaries were presented
using the equity method, but based on SAK, the Company’s financial statements were consolidated with the
financial statements of subsidiaries so that investments in subsidiaries were eliminated with share capital and
retained earnings of subsidiaries. Several accounts related to employee benefits have also been adjusted.
The restatement of accounts is as follows:
December 31, 2022
Previously
Reported Adjustment Restated
STATEMENT OF FINANCIAL POSITION
CONSOLIDATED
Current assets
Cash 9.646.130.988 3.532.357.181 13.178.488.169
Accounts receivable
Third party 5.974.794.822 (63.112.492) 5.911.682.330
Related parties - 2.008.884.444 2.008.884.444
Other receivables
Third party 462.975.185 (458.475.185) 4.500.000
Related parties 5.772.405.480 (5.772.405.480) -
Supply - 7.991.118.576 7.991.118.576
Prepaid expenses 2.643.625.444 (536.113.611) 2.107.511.833
Down payment 356.208.390 (256.208.390) 100.000.000
61
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
40. RESTATEMENT OF FINANCIAL STATEMENTS (Continued)
December 31, 2022
Previously
Reported Adjustment Restated
Non-Current Assets
Deferred tax assets - 1.009.964.008 1.009.964.008
Other receivables
Third party - 462.975.185 462.975.185
Related parties - 4.748.529.904 4.748.529.904
Investments in associated entities - 47.500.000 47.500.000
Investment down payment - 441.355.556 441.355.556
Investment 10.036.077.883 (10.036.077.883) -
Fixed assets 50.570.246.768 6.096.184.768 56.666.431.536
Right of use assets - 2.036.113.611 2.036.113.611
Other non-current assets - 123.662.390 123.662.390
Short-term liabilities
Accounts payable - third parties 12.429.332.006 749.273.520 13.178.605.526
Accrued expenses 3.891.810.505 1.268.606.902 5.160.417.407
Tax debt 5.652.152.939 1.379.607.151 7.031.760.090
Other debts 2.200.000.000 (2.200.000.000) -
Long term liabilities
due in one year:
Consumer financing debt 919.476.675 (321.226.373) 598.250.302
Long Term Liabilities
Other payables - related parties - 2.700.000.000 2.700.000.000
Long term liabilities -
after deducting that part
due in one year:
Consumer financing debt - 670.347.045 670.347.045
Employee benefits liabilities - 2.019.863.286 2.019.863.286
Equity
Attributable equity
to the owners of the parent entity
Additional paid-in capital - 7.271.363.600 7.271.363.600
Tax amnesty 7.271.363.600 (7.271.363.600) -
Retained earnings - Not yet determined
its use 52.883.558.308 4.954.613.174 57.838.171.482
Other comprehensive income - (9.993.078) (9.993.078)
Non-controlling interests - 165.160.955 165.160.955
62
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
40. RESTATEMENT OF FINANCIAL STATEMENTS (Continued)
December 31, 2022
Previously
Reported Adjustment Restated
PROFIT LOSS AND INCOME STATEMENTS
OTHER COMPREHENSIVE CONSOLIDATED
Income 168.463.942.571 41.244.598.401 209.708.540.972
Cost of revenue (103.112.903.418) (19.091.377.858) (122.204.281.276)
Selling expenses (13.660.041.143) (1.741.617.119) (15.401.658.262)
General and administrative expenses (21.347.965.520) (14.086.145.002) (35.434.110.522)
Financial burden - (1.392.446.782) (1.392.446.782)
Depreciation expense (504.825.686) 504.825.686 -
Other income - 1.385.567.977 1.385.567.977
Other expenses - (1.155.311.180) (1.155.311.180)
Other income - net 4.053.249.465 (4.053.249.465) -
Income tax expense - net (7.761.437.200) (1.755.632.153) (9.517.069.353)
Net profit 26.130.019.069 (140.787.495) 25.989.231.574
Other comprehensive income -
net - 88.141.373 88.141.373
Net comprehensive profit - 26.077.372.947 26.077.372.947
CONSOLIDATED STATEMENT OF
CASH FLOWS
Operating cash flow 35.915.777.042 (1.842.606.209) 34.073.170.833
Investment cash flow (30.109.737.134) 8.308.753.081 (21.800.984.053)
Funding cash flow (542.471.148) (2.855.531.402) (3.398.002.550)
January 1, 2022/December 31, 2021
Previously
Reported Adjustment Restated
STATEMENT OF FINANCIAL POSITION
CONSOLIDATED
Current assets
Cash 4.382.562.228 4.810.458.452 9.193.020.680
Accounts receivable
Third party 2.792.810.613 961.657.195 3.754.467.808
Related parties - 371.653.058 371.653.058
Other receivables
Third party 462.975.185 (445.475.185) 17.500.000
Related parties 6.686.767.712 (6.686.767.712) -
Supply - 1.995.454.491 1.995.454.491
Prepaid expenses 295.558.778 (253.336.500) 42.222.278
Down payment 232.546.000 (77.758.923) 154.787.077
63
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PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
40. RESTATEMENT OF FINANCIAL STATEMENTS (Continued)
January 1, 2022/December 31, 2021
Previously
Reported Adjustment Restated
Non-Current Assets
Deferred tax assets - 812.463.608 812.463.608
Other receivables
Third party - 462.975.185 462.975.185
Related parties - 4.635.597.290 4.635.597.290
Investments in associated entities - 47.500.000 47.500.000
Investment 6.083.722.340 (6.083.722.340) -
Fixed assets 35.799.890.785 17.155.656.689 52.955.547.474
Right of use assets - 253.336.500 253.336.500
Short-term liabilities
Short term bank loans 1.651.718.748 4.926.768.920 6.578.487.668
Accounts payable - third parties 13.235.586.735 2.074.018.379 15.309.605.114
Accrued expenses 2.188.467.397 773.675.257 2.962.142.654
Tax debt 3.699.463.232 676.171.321 4.375.634.553
Other debts 2.200.000.000 (2.200.000.000) -
Long term liabilities
due in one year:
Consumer financing debt - 1.680.974.458 1.680.974.458
Long Term Liabilities
Other payables - related parties - 2.700.000.000 2.700.000.000
Long term liabilities -
after deducting that part
due in one year:
Consumer financing debt - 300.336.430 300.336.430
Employee benefits liabilities - 1.743.559.004 1.743.559.004
Equity
Attributable equity
to the owners of the parent entity
Additional paid-in capital - 7.271.363.600 7.271.363.600
Tax amnesty 7.271.363.600 (7.271.363.600) -
Retained earnings - Not yet determined
its use 26.753.539.239 5.132.826.273 31.886.365.512
Other comprehensive income - (97.791.150) (97.791.150)
Non-controlling interests - 127.392.050 127.392.050
64
Page 73
PT REMALA ABADI Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended 31 December 31, 2023 and 2022
(Expressed in Rupiah, unless otherwise stated)
40. RESTATEMENT OF FINANCIAL STATEMENTS (Continued)
January 1, 2022/December 31, 2021
Previously
Reported Adjustment Restated
PROFIT LOSS AND INCOME STATEMENTS
OTHER COMPREHENSIVE CONSOLIDATED
Income 117.886.366.323 37.374.807.593 155.261.173.916
Cost of revenue (77.330.377.542) (20.904.686.024) (98.235.063.566)
Selling expenses - (11.815.887.457) (11.815.887.457)
General and administrative expenses - (26.349.709.838) (26.349.709.838)
Financial burden - (2.166.528.110) (2.166.528.110)
Other income - 764.940.792 764.940.792
Other expenses - (1.909.758.025) (1.909.758.025)
Operational expenses (26.411.254.398) 26.411.254.398 -
Other income - net 2.575.715.902 (2.575.715.902) -
Income tax expense - net (3.355.750.420) (740.663.806) (4.096.414.226)
Net profit 13.364.699.865 (1.911.946.379) 11.452.753.486
Other comprehensive income -
net - (97.815.653) (97.815.653)
Net comprehensive profit - 11.354.937.833 11.354.937.833
CONSOLIDATED STATEMENT OF
CASH FLOWS
Operating cash flow 18.349.308.647 (841.915.577) 17.507.393.070
Investment cash flow (7.889.023.242) 4.239.424.677 (3.649.598.565)
Funding cash flow (9.070.878.280) 8.582.009.022 (488.869.258)
65
Names mentioned 87 people and organisations named in the text · linked when the evidence is strong
unresolved
org
REMALA ABADI Tbk
p.1 ×133
unresolved
person
Fajra Rizqi Nasution
· Notaris
p.17 ×4
unresolved
org
Minister of Justice
p.17
unresolved
person
Notary Elizabeth Karina Leonita
· Notaris
p.17 ×9
unresolved
org
Minister of Law
p.17 ×3
unresolved
org
Minister of Law and Human Rights
p.17 ×11
unresolved
—
Hong Chintia
· Corporate Secretary
p.17
unresolved
org
PT PC
p.18 ×7
unresolved
org
PT Solusi Aplikasi Andalan
p.18
unresolved
org
PT Akselerasi Informasi
p.18
unresolved
person
Anita Munaf
p.18
unresolved
person
Idriansyah Rizal
p.18 ×2
unresolved
org
PT Solusi Aplikasi Andalan Semesta
p.19 ×4
unresolved
person
Novita Sari Sianturi
p.19
unresolved
org
PT Akselerasi Informasi Indonesia
p.19 ×2
unresolved
person
Kumala Tjahjani Widodo
p.19
unresolved
org
Bank Indonesia
p.26
unresolved
org
PT Comtronics Systems
p.34
unresolved
org
PT Media Andalan Nusa
p.34
unresolved
org
PT Total Info Kharisma
p.34
unresolved
org
PT Wasantara Network Services
p.34
unresolved
org
Yayasan BPK Penabur KPS
p.35
unresolved
person
Penabur KPS
p.35
unresolved
org
PT Netco Trans Nusa
p.36 ×2
unresolved
org
PT Anchor Putra Indonesia
p.36
unresolved
org
PT Fiber Media Indonesia
p.36 ×8
unresolved
org
PT Jangkar Putra Indonesia
p.36
unresolved
org
PT Fajar Mitra Krida
p.37 ×2
unresolved
org
PT Fiber Teknologi Indonesia
p.37
unresolved
org
PT Indonesian Fiber Network
p.37 ×2
unresolved
org
PT Quinsis Lintas Mitra
p.39
unresolved
org
PT Sentra Inovasi Prima
p.39
unresolved
org
PT Jaringan Fiber Indonesia
p.39 ×4
unresolved
org
PT Indonesia Fiber Network
p.39
unresolved
org
PT Network Fiber Indonesia
p.39 ×2
unresolved
person
Nova Helida
· Notaris
p.39
unresolved
org
PT Broadband Network Indonesia
p.40 ×3
unresolved
person
Erick Maliangkay
p.40
unresolved
org
PT Alindatama Saktib Rother
p.42
unresolved
org
PT Asuransi Raksa Pratikara
p.43
unresolved
org
PT BCA Finance
p.43 ×4
unresolved
org
PT Mega Finance
p.43 ×4
unresolved
org
PT Toyota Astra Finance Services
p.43
unresolved
org
PT Mustika Ratu Center
p.44 ×7
unresolved
person
KH Mansyur
p.46
unresolved
org
PT AFC Dinamika Indonesia
p.47
unresolved
org
PT Antar Jaringan Nusantara
p.47
unresolved
org
PT Dinamika Cipta Solusi
p.47
unresolved
org
PT UOB KAI HIAN Sekuritas
p.47
unresolved
org
PT Multidata Rancana Prima
p.47
unresolved
person
Sutisna
p.47
unresolved
org
PT Milenial Inti Telekomunikasi
p.47
unresolved
org
PT Toyota Astra Financial Services
p.48
unresolved
org
PT Toyota Astra Finance Service
p.49 ×3
unresolved
org
PT Fiber Network
p.50
unresolved
org
PT Fiber Network Indonesia
p.50 ×2
unresolved
org
Minister of Justice and Human Rights
p.55
unresolved
person
Achmad Zainudin
· Notaris
p.55
unresolved
org
Financial Services Authority
p.57 ×2
unresolved
org
Bank Administration
p.61
unresolved
org
PT Fiber Networks Indonesia
p.62 ×4
unresolved
org
PT Fiber Networks
p.63
unresolved
org
Bank United States Dollar
p.64
unresolved
org
PT Triasmitra Multiniaga Internasional
p.68
unresolved
org
PT Comtronics System
p.69
unresolved
org
PT Pasifik Satelit Nusantara.
p.69
unresolved
org
Indonesia Stock Exchange
p.69
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