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20240619_CBPE_Laporan Informasi dan Fakta Material_31662537_lamp2.pdf
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DISCLOSURE OF INFORMATION TO SHAREHOLDERS
RELATED TO THE PLAN TO CHANGE THE COMPANY'S BUSINESS ACTIVITIES
(“INFORMATION DISCLOSURE”)
TENTANG
INFORMATION AS CONTAINED IN THE INFORMATION DISCLOSURE TO SHAREHOLDERS
IS IMPORTANT TO NOTE FOR SHAREHOLDERS
PT CITRA BUANA PRASIDA Tbk (“COMPANY”)
If you have difficulty understanding this Disclosure of Information or are unsure about making a decision, you
should consult with a Legal Consultant, Public Accountant, Financial Advisor or other Professional Advisor.
PT CITRA BUANA PRASIDA Tbk
(“COMPANY”)
Main Business Activities:
Engaged in real estate and property
Domiciled in Bandung City, West Java, Indonesia
Headquarters :
Paskal Hyper Square Complex Blok G Floor 2 No. 206 – 208
Jl. H.O.S. Cokroaminoto No. 25 – 27 (dh. Jl. Pasirkaliki No. 25 – 27)
Bandung 40181
Tel.: (022) 8606 1108
E-mail: corsec@citrabuanaprasida.co.id
Website: www.citrabuanaprasida.co.id
In connection with the provisions regulated in the Financial Services Authority Regulation (“POJK”)
number 17/POJK.04/2020 concerning Material Transactions and Changes in Business Activities, the
Company plans to carry out additional Holding Activity business activities with the KBLI code 64200
which refers to the Standard Field Classification Indonesian Business (KBLI) 2020.
To make changes to business activities, based on Article 22 of the Financial Services Authority
Regulation (“POJK”) No. 17/POJK.04/2020 The Company must first obtain approval from the General
Meeting of Shareholders ("GMS").
In accordance with existing regulations, the Company's Directors are required to announce this
Disclosure of Information on the Public Company Website and the Stock Exchange Website.
This Information Disclosure is the basis for consideration for the Company's Shareholders in order to
provide their approval regarding plans for additional Business Activities that will be proposed by the
Company at the GMS.
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The Company's Board of Commissioners and Directors are fully responsible for the correctness of all
information contained in this Information Disclosure.
Amendments and/or Additional Information on the Disclosure of the Plan Changes
The Company’s Business Activities on May 16, 2024.
INTRODUCTION
This Information Disclosure is made for the benefit of the Company's Shareholders so that Shareholders
receive complete information regarding the Company's plans to increase Business Activities.
In an effort to increase the Company's capacity, the Company feels the need to increase business
activities Holding Company with code KBLI 64200 which refers to the 2020 Standard Classification of
Indonesian Business Fields (KBLI) and pays attention to the Financial Services Authority Regulation
("POJK") number 17/POJK.04/2020 concerning Material Transactions and Changes in Business Activities
as an effort to increase the Company's capacity.
I. BRIEF DESCRIPTION OF THE COMPANY
A. Brief Company History
PT Citra Buana Prasida (“Company”) was founded under the name PT Prasetia Sejati in 2000
based on the Deed of Establishment of Limited Liability Company No. 18 dated 24 August 2000,
made before Ninik Sukadarwati, S.H., Notary of the Bekasi Regional District Level II which has
received approval from the Minister of Law and Human Rights of the Republic of Indonesia No.
C-24591 HT.01.01.TH.2000 dated 27 November 2000, and was published in the State Gazette of
the Republic of Indonesia No. 006, Supplement to the State Gazette of the Republic of Indonesia
No. 003151 January 21, 2022.
The Company's name was changed to PT Citra Buana Prasida based on the Deed of Meeting
Resolutions No. 05 dated January 23 2002, made before Indah Prastiti Extensia, S.H., Notary in
Bekasi Regency, which has received approval from the Minister of Justice and Human Rights of
the Republic of Indonesia No. C-03176 HT.01.04.TH.2002 Dated February 26 2002 and has been
published in the State Gazette of the Republic of Indonesia No. 006, Supplement to the State
Gazette of the Republic of Indonesia No. 003154 January 21, 2022.
The latest Articles of Association relate to the change in the Company's status from a closed
company to a public company and adjustments to the Company's articles of association with
Regulation no. IX.J.1, POJK No. 15/2020, POJK no. 16/2020 and POJK no. 33/2014 in accordance
with the Deed of Statement of Shareholder Decisions Outside the Company Meeting No. 04
dated 27 September 2022 made in the presence of Dr. Petra Bunawan, S.H., M.Kn., Notary in
Bandung, who has received Approval for Amendments to the Articles of Association from the
Ministry of Law and Human Rights of the Republic of Indonesia No. AHU-0069709.AH.01.02.
2022, September 27 2022, Receipt of Notification of Changes to the Company's Articles of
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Association held by the Ministry of Law and Human Rights No. AHU-AH.01.03-0295854 dated 27
September 2022, and has been registered in the Company Register maintained by the Ministry
of Law and Human Rights of the Republic of Indonesia No. AHU-0192511.AH.01.11.Year 2022
dated 27 September 2022 and has been announced in the State Gazette of the Republic of
Indonesia No. 07 Ministry of Law and Human Rights of the Republic of Indonesia No. AHU-
0192511.AH.01.11.Year 2022 dated 27 September 2022 and has been announced in the State
Gazette of the Republic of Indonesia No. 078, Supplement to the State Gazette of the Republic
of Indonesia No. 033386 September 30, 2022.
B. Capital Structure and Ownership Share
Based on the List of Company Shareholders which has been issued by the Company's Securities
Administration Bureau PT Adimitra Jasa Korpora as of April 30 2024, the following is the
Company's Capital Structure and Share Ownership:
Nominal value Rp100 per share
INFORMATION Amount of Nominal
Shares Amount (Rp)
Authorized capital 4.340.000.000 434.000.000.000
The amount of issued and fully paid capital 1.356.250.000 135.625.000.000
INFORMATION Amount of Nominal %
shares Amount (Rp)
- PT Sandhi Parama Nusa 992.031.000 99.203.100.000 73,15
- Gaery Djohari 92.969.000 9.296.900.000 6,85
- Masyarakat 271.250.000 27.125.000.000 20,00
Total 1.356.250.000 135.625.000.000 100,00
C. The Composition of the Company’s Board Commissioners And Board of Directors
The composition of the Company's Board of Commissioners and Board of Directors currently
serving is as follows :
Board of Commissioners
President Commissioner : Thomas Aquinas Pramukuswala
Commissioner : Gaery Djohari
Independent Commissioner : Melissa Cresentia Kurniawan
Board of Director’s
President Director : R Asep Eddy
Director : Didi Omara
Director : Linna Widjaja
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II. SUMMARY OF FEASIBILITY STUDY REPORT ON BUSINESS ACTIVITY CHANGE PLAN
To ensure the fairness of the Company's plan to add business activities, the Company has asked
an Independent Appraiser registered with the OJK, namely the Public Appraisal Services Office
KJPP Fuadah, Rudi and Rekan ("FRR"), represented by Ir. Fuadah, M.Ec.Dev.,MAPPI (Cert.), as an
Independent Appraiser to provide an opinion regarding the Company's plans to add Holding
Business Activities with KBLI code 64200.
KJPPFRR states that it has no affiliation, either directly or indirectly, with the Company as defined
in the Capital Markets Law ("UUPM").
A. Identity of the Independent Appraiser
KJPP Fuadah, Rudi, and Partners in accordance with the Public Appraisal Services Office
Business License from the Minister of Finance of the Republic of Indonesia No. 2.12.00100
in accordance with the Decree of the Minister of Finance Number 102/KM.1/2012 dated 08
February 2012, with Ir. Fuadah, M.Ec.Dev, MAPPI (Cert) with Public Appraiser License No.
PB-1.08.00066 and registered with the Financial Services Authority (OJK) with Permit
Number: STTD.PPB-35/PJ-1/PM.02/2023 as the Person in Charge for this assignment.
B. Summary of Feasibility Study Report
Feasibility study in the form of additional business activities in the field of holding company
activities consisting of 1 (one) Standard Classification of Indonesian Business Fields (KBLI)
according to the summary report issued by KJPP with No. File : 00189/2.0100-
00/BS/03/0066/I/V/2024 dated 08 May 2024.
C. Aims and Objectives
The aim and objective of conducting a Feasibility Study is to provide an opinion on the
feasibility of additional business activities in the field of holding company activities in order
to comply with POJK Number 17/POJK.04/2020.
D. Scope of Assignment
We have prepared this report based on data from Company Management as well as other
relevant data. In preparing this report we also considered supporting projections from the
Company and the results of interviews with the Company's Management.
The analysis carried out in preparing this feasibility study report is:
1. Market Feasibility Analysis
Conduct studies on market conditions, such as market share, sustainability, market
potential, targets and potential market value. Apart from that, it also analyzes business
competitors and marketing strategies.
2. Technical Feasibility Analysis
Conduct studies on business capacity and targets, and pay attention to the availability
and quality of resources, workers and professional experts. The technical study also
covers the general production process.
3. Business Pattern Feasibility Analysis
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In this aspect, the analysis includes competitive advantage due to the unique business
pattern proposed by the Company, the ability of competitors to imitate the products
produced, and the ability to create value.
4. Management Model Feasibility Analysis
Studies carried out on this aspect include workforce availability, intellectual property
management, risk management, management capacity and ability, as well as suitability
of organizational and management structures.
5. Financial Feasibility Analysis
As the estuary of all the aspects studied, the financial aspect will be reviewed at least
including investment plans, sources of financing, operational costs, financial report
projections, break-even analysis, profitability analysis and investment return rate
analysis. (overall return on investment).
E. Assumptions and Limiting Conditions
The assumptions and limiting conditions used in preparing this feasibility study are:
1. Based on market conditions and economic conditions, general business conditions and
financial conditions, as well as Government regulations on the effective date of the
assessment.
2. Fulfillment of all conditions and obligations of the Company and all parties involved in
the Plan for Additional Business Activities which will be implemented in accordance with
the procedures and within the time period specified in the documents related to the
Additional Business Activities.
3. There are no changes that materially affect the assumptions used in preparing the
Feasibility Study from the date of publication of the Feasibility Study until the date of
the Plan for Additional Business Activities.
4. In carrying out the analysis, we assume and rely on the accuracy, reliability and
completeness of all financial information and other information provided to us by the
Company's management or which is generally available which is essentially correct,
complete and not misleading, and we is not responsible for carrying out independent
checks of such information. We also rely on assurances from the Company's
management that they are not aware of facts that cause the information provided to us
to be incomplete or misleading.
5. Feasibility Study Analysis is prepared using data and information as disclosed above. Any
changes to such data and information can materially affect the final results of our
opinion. We are not responsible for changes to the conclusions of the Feasibility Study
or any loss, damage, costs or expenses caused by non-disclosure of information so that
the data we obtain is incomplete and or can be misinterpreted.
6. Because the results of the Feasibility Study are very dependent on the data and
underlying assumptions, changes to the data sources and assumptions according to
market data will change the results of the Feasibility Study. Therefore, we submit that
changes to the data used can affect the results of the Feasibility Study, and that the
differences that occur can have material value. Although the preparation of the
Feasibility Study report has been carried out in good faith and in a professional manner,
we cannot accept responsibility for the possibility of differences in conclusions caused
by additional analysis, the application of the results of the Feasibility Study as a basis for
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conducting transaction analysis, or changes in the data. which is used as the basis for a
Feasibility Study.
7. Our work relating to the Feasibility Study does not constitute and cannot be construed in
any form, a review or audit or implementation of certain procedures on financial
information. Nor should such work be intended to reveal weaknesses in internal
controls, errors or irregularities in financial reporting or violations of law.
8. The consultant uses financial projections submitted by management to reflect the
fairness of the financial projections and the ability to achieve them (fiduciary duty).
F. Feasibility Study Report preparation team:
1. Full Name : Ir. Fuadah, M.Ec.Dev.,MAPPI (Cert.)
Appraiser’s permission : PB-1.08.00066
STTD OJK Number : STTD.PPB-35/PJ-1/PM.02/2023
2. Full Name : Sumarno,SE.,MM.,M.Ec.Dev.,MAPPI (Cert.)
MAPPI Number : 15-S-06147
3. Full Name : Agung Sugiarto.,SE.,MM.,M.Ec.Dev.,MAPPI (Cert.)
MAPPI Number : 11-S-03329
4. Full Name : Ivan Togatorop, ST.,MAPPI (Cert.)
MAPPI Number : 02-S-01530
G. Opinion on the Feasibility of Additional Business Activities
Market Aspect
The global property sector's prospects in 2024 are expected to be marked by
uncertainty, in line with the still slow economic growth outlook. Several international
institutions, such as the IMF and World Bank, and others, have published their outlook
for 2024. The Company is aware that business competition in the property sector is
becoming increasingly fierce. This makes the Company always ready to respond to
challenges and win market competition against its competitors. Therefore, the
Company has established a strategy to create quality products that can compete in the
market through continuous creativity and innovation.
The property to be developed by the Company's subsidiary is located near various
universities and tourism areas. Additionally, the location is in the Setiabudi area, one of
the elite areas in the city of Bandung. The high activity around the property increases
the demand for housing from students and tourists, while for workers such as
expatriates and foreign Persib players, proximity to the workplace is not a major
consideration. Therefore, there is a need for comfortable housing for one or more
people, equipped with furniture and other services, so that tenants can immediately
occupy the unit.
Technical Aspect
The establishment of the subsidiary will be decided at the Extraordinary General
Meeting of Shareholders, scheduled to take place on June 24, 2024. This establishment
involves investors who are also shareholders of the Company. The Company will
become a holding operation by forming a subsidiary engaged in the property and real
estate sector, which will manage the Cipaku Bandung project and is planned to be
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operational in 2027. The Company and the subsidiary to be formed plan to develop the
area into an ecotourism area. The Cipaku Ecotourism Area is located at Jl. Cipaku Indah
XI, Cidadap District, Bandung City, not far from Jl. Dr. Setiabudhi, North Bandung, at an
altitude of about 900 meters above sea level. The Cipaku Ecotourism Area is planned to
become a premium nature tourism destination in Bandung City, providing an outdoor
experience with a different natural atmosphere without having to leave the city. It will
consist of ecotourism areas such as forests and gardens, Glamping areas, and water
spas, outbound facilities, and semi-indoor swimming pools supported by serviced
apartments, cafés, restaurants, and a Healing garden. The location on the outskirts of
Bandung City and its relatively hidden position offers recreational space and privacy
surrounded by nature. In the initial phase, the Company will build environmentally
friendly (green building) apartments. The apartment will consist of 1 tower to be built
on a land area of 7,500 m2 with a building area of 4,200 m2.
Business Pattern Aspect
The Company’s management believes that the Cipaku project needs to be managed by
a separate entity to allow for more focus and to make a positive contribution. With this
consideration, it is necessary to adjust or add business activities in the holding company
sector to form a subsidiary or subsidiaries of the Company. According to information
from the Company’s management, adding a business sector in holding company
activities requires adjusting the Indonesian Standard Industrial Classification (KBLI),
specifically KBLI 64300 for Holding Company Activities. The Company has a competitive
advantage in its business activities in the property industry and continues to develop
this competitive advantage by improving the quality of its human resources. Competent
human resources in their field are key to the Company’s success in providing the best
solutions to the problems faced by society and ensuring the quality of the projects
undertaken.
Management Model Aspect
The Company will place its human resources in the structure of the subsidiary:
a) Commissioner : 1 Person
b) Director : 2 People
c) Manager : 3 People
d) Staff : 6 People
Supporting resources for the development will utilize experts in their fields (Consulting
Services and Contractor Services) to be determined later.
Financial Aspect
The feasibility of adding this business activity is calculated based on the anticipated
future economic benefits from the additional business activities, calculated as the
difference between the Free Cash Flow to Firm with the additional business activities
and the Free Cash Flow to Firm if the Company does not add business activities. This is
then compared to the economic sacrifices. Thus, the Incremental Free Cash Flow is
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obtained. Based on the feasibility analysis of adding business activities, considering the
assumptions made, the following calculation results are obtained:
Net Present Value (NPV) : Rp13.620.752.603,00
Internal Rate of Return (IRR) : 14,56%
Profitability Index (PI) : 1,42
Payback Period : 7 Tahun, 5 Bulan,12 hari
The total NPV is obtained from the present value of cash flows, which has considered
the risk level. Based on our analysis, after adding business activities in the holding
company sector, the incremental cash flow projection is positive.
An IRR of 14.56% indicates that the Company's corporate action of adding business
activities is considered feasible because the IRR is higher than the discount rate.
Based on the evaluation and financial analysis review and other projections, assuming
the established assumptions are met, it can be concluded that the plan to add business
activities by the Company is FEASIBLE to implement.
III. AVAILABILITY OF EXPERTS IN CONNECTION WITH THE PLAN FOR ADDITIONAL ACTIVITIES
BUSINESS
Human resources are the main pillar that supports success in the property and real estate
development industry. To ensure its success and sustainability, quality human resources are
needed who are able to adapt to technological developments, able to overcome threatening
challenges, and able to anticipate changes in the future. Therefore, the Company realizes the
importance of making significant investments in efforts to develop human resources to achieve
quantity and quality that meets the Company's needs. This is an important part of realizing the
Company's vision as a global company. The Company believes that superior human resource
competency is the key that will lead the Company to achieve sustainable business growth. The
Company's business success is not only determined by the quality of its products, but also
because it is fully supported by skilled and competent human resources at every level. Realizing
this, the Company continues to improve human resource management by creating a work climate
that is able to inspire and motivate each employee to provide better performance from time to
time. The Company provides equal opportunities to every employee to develop their career
without discriminating against ethnicity, religion, race or class.
The Company has an experienced and dedicated management team with a good track record.
Apart from that, good work cohesion and coordination between the Company's management
from the Board of Directors level to the lowest staff level is also well maintained and very
harmonious. This can be seen from the small level of extreme differences of opinion that can
disrupt the performance of the Company's management, where all decisions are taken
unanimously or by consensus and with full wise and prudent considerations and almost all
aspects are always carefully considered by the Company's management. Apart from that, the
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Company's management also plays a very important role in encouraging the Company's positive
performance growth through continuous communication and coordination.
Meanwhile, the planned organizational structure of the subsidiary company that will be formed is
as follows:
The organization structure that has been created can be used as a guide in managing the
Company, so that it can operate as expected. The organizational structure plan for subsidiary
entities is prepared in a simple pattern, which is expected to manage new business activities
effectively and efficiently and is based on the company's operational needs with a clear division of
tasks for all company management personnel as a whole.
The company will allocate its human resources within the structure of its subsidiary:
Commissioner : 1 person
Directors : 2 people
Managers : 3 people (1 person per division)
Staff : 6 people (2 people per division)
Availability of Experts
The expertise of the professionals is ensured by appointing consultants who are experts in their
fields, such as:
Architectural and Planning Consultant: Popo Danes Architect (Bali) has been appointed.
Geotechnical Consultant: Geotechnical consultant Prof. Paulus P. Rahardjo, Ph.D. has been
appointed.
Structural Consultant: The selection process for a structural consultant is ongoing.
MEP (Mechanical, Electrical, and Plumbing) Consultant: The selection process for an MEP
consultant is ongoing.
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IV. EXPLANATION, CONSIDERATIONS AND REASONS FOR THE ADDITIONAL BUSINESS ACTIVITIES
MAIN
In an effort to increase the company's capacity, the Company feels the need to increase its
business activities and make adjustments to the official classification code to classify the types of
company business fields in Indonesia or better known as the Standard Classification of Indonesian
Business Fields (KBLI) in order to be able to run its business.
The Company's management sees that the Cipaku project that will be carried out needs to be
managed by a separate entity so that it can be more focused and can make a positive
contribution. With these considerations, it is necessary to adjust or add business activities in the
field of holding company activities to be able to form a subsidiary or subsidiary company of the
Company. The Cipaku project involves the development and management of serviced
apartments/hotels. Therefore, the Company deems it necessary to establish a subsidiary entity
specifically for the development and management of serviced apartments/hotels, which requires
a different management approach compared to the Company's previous projects. In addition to
the Company as an Investor, another investor involved in this subsidiary entity is Mrs. Gaery
Djohari.
V. EFFECT OF ADDITIONAL MAIN BUSINESS ACTIVITIES ON THE COMPANY'S FINANCIAL CONDITION
To optimize sustainability, achieve business goals, and increase potential market value, property
holding companies must continuously conduct market analysis, identify industry trends, maintain
liquidity and financial health, and maintain good relationships with stakeholders. Additionally,
innovations in business models, technology and sustainable practices can also help property
holding companies to remain competitive and relevant in an ever-changing market.
Based on plans for additional business activities, the Company is projected to record additional
profits resulting from managing the Cipaku project, in line with the Potential Market Value
assumption that the project will run and operate well which will affect the Company's income.
Due to the profit contribution from additional business activities, there is potential for additional
market value for the Company.
Based on location, the properties to be developed by the Company's subsidiaries are located
close to various universities and tourism areas. Apart from that, the location is in the Setiabudi
area as one of the elite areas in Bandung City. The high activity around the property increases the
need for temporary housing for students, tourists, workers such as expatriates and foreign
nationals who pay attention to the proximity of their residence to their work location. So, there is
a need for accommodation for 1 or more people that is comfortable and equipped with furniture
and other services so that tenants can immediately occupy the unit.
Projected Financial Position for the Period 2024 - 2030
The Company's Projected Financial Position for the years 2024-2030 before the addition of
holding activity business activities is shown in the following table.
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Table 3-1. Projected Financial Position Before the Addition of Business Activities (in Million
Rupiah)
Explanation 2024F 2025F 2026F 2027F 2028F 2029F 2030F
Current Assets 139.554 271.412 182.131 199.506 227.046 246.927 259.683
Non-current Assets 191.549 316.207 434.297 418.725 403.232 387.739 373.047
Total Assets 331.104 587.819 616.428 618.231 630.278 634.666 632.730
Short-Term Liabilities 48.360 61.683 65.105 77.814 76.347 81.588 83.226
Long-Term Liabilities 14.240 212.729 189.878 165.841 161.058 136.569 112.845
Total Liabilities 62.600 274.411 254.983 243.655 237.404 218.157 196.072
Total Equity 268.504 313.208 361.445 374.576 392.873 416.508 436.659
The Company's Projected Financial Position for the years 2024-2030 after the addition of holding
activity business activities is shown in the following table.
Table 3-2. Projected Financial Position After the Addition of Business Activities (in Million Rupiah)
Explanation 2024F 2025F 2026F 2027F 2028F 2029F 2030F
Current Assets 181.665 538.982 464.731 497.772 584.394 590.107 607.899
Non-Current Assets 191.549 316.207 434.297 418.725 403.232 387.739 373.047
Total Assets 373.215 855.189 899.027 916.497 987.626 977.846 980.947
Short-Term Liabilities 80.683 217.766 219.903 278.730 379.009 385.300 387.785
Long-Term Liabilities 14.240 314.481 307.910 280.032 253.108 222.340 191.748
Total Liabilities 94.923 532.247 527.813 558.762 632.116 607.640 579.533
Total Equity 278.292 322.941 371.214 357.736 355.510 370.206 401.414
Based on the Company's financial projections above, the total assets of the Company
before the addition of business activities from 2024 to 2028 are estimated to increase
annually with a Compound Annual Growth Rate (CAGR) of 13.18% per year. This increase
is mainly derived from cash and cash equivalents, trade receivables, inventory, and
investment properties.
Meanwhile, the Company's financial projections after the addition of business activities
are estimated to show an annual increase in total assets from 2024 to 2030 with a
Compound Annual Growth Rate (CAGR) of 21.77% per year. This increase is mainly
derived from cash and cash equivalents, trade receivables, inventory, receivables from
subsidiaries, and investment properties.
The total liabilities of the Company before the addition of business activities during the
projection period from 2024 to 2030 are estimated to increase annually with a Compound
Annual Growth Rate (CAGR) of 17.53% per year. This increase is mainly derived from
trade payables, other payables, bank loans, and lease liabilities.
The total liabilities of the Company after the addition of business activities during the
projection period from 2024 to 2030 are estimated to increase annually with a Compound
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Annual Growth Rate (CAGR) of 40.79% per year. This increase is mainly derived from
trade payables, other payables, bank loans, shareholder loans, and lease liabilities.
The total equity of the Company before the addition of business activities during the
projection period from 2024 to 2030 is also estimated to increase annually with a
Compound Annual Growth Rate (CAGR) of 11.56% per year. This increase is due to the
improvement in retained earnings, as performance improvements starting in 2025 and
onwards have led the Company to consistently record net profits.
The total equity of the Company after the addition of business activities during the
projection period from 2024 to 2030 is estimated to increase annually with a Compound
Annual Growth Rate (CAGR) of 10.00% per year. This increase is due to the improvement
in retained earnings.
Projected Income Statement for the Period 2024 – 2030
The Company's Projected Income Statement for the years 2024-2030 before the addition
of holding activity business activities is shown in the following table.
Table 3-3. Projected Income Statement Before the Addition of Business Activities (in
Million Rupiah)
Explanation 2024F 2025F 2026F 2027F 2028F 2029F 2030F
Revenue 97.166 106.028 114.970 173.946 186.863 199.828 205.068
Cost of Revenue -28.166 -31.139 -34.261 -65.499 -70.312 -75.134 -81.137
Gross Profit 69.000 74.889 80.709 108.447 116.550 124.695 123.932
Operating Profit 52.559 56.997 62.051 39.019 43.162 48.003 41.353
Profit before Tax 53.525 57.243 61.889 21.715 27.792 34.196 29.248
Net Profit 41.962 44.704 48.237 13.131 18.297 23.635 20.150
The Company's Projected Income Statement for the years 2024-2030 after the addition of
holding activity business activities is shown in the following table.
Table 3-4. Projected Income Statement After the Addition of Business Activities (in Million
Rupiah)
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Explanation 2024F 2025F 2026F 2027F 2028F 2029F 2030F
Revenue 97.166 106.028 114.970 191.392 218.810 248.780 280.198
Cost of Revenue -28.166 -31.139 -34.261 -81.504 -91.370 -97.430 -103.869
Gross Profit 69.000 74.889 80.709 109.888 127.440 151.350 176.329
Operating Profit 52.559 56.997 62.051 8.248 20.170 39.677 58.462
Profit before Tax 53.525 57.243 61.889 -17.281 -2.853 18.840 40.010
Net Profit 41.749 44.650 48.273 -13.479 -2.226 14.696 31.208
The Company's revenue before the addition of business activities during the projection
period from 2024 to 2030 is projected to increase annually with a Compound Annual
Growth Rate (CAGR) of 15.85% per year. This growth in revenue stems from the sale of
transferred shop houses, rental income from land and properties, service charges,
utilities, and revenue from the Cipaku project.
The Company's revenue after the addition of business activities during the projection
period from 2024 to 2030 is projected to increase annually with a Compound Annual
Growth Rate (CAGR) of 22.04% per year. This increase in revenue is derived from the sale
of transferred shop houses, rental income from land and properties, service charges,
utilities, and revenue from subsidiaries for the Cipaku project.
Cost of Goods Sold (COGS) before the addition of business activities during the projection
period from 2024 to 2030 averages 34.37% of revenue.
Cost of Goods Sold (COGS) after the addition of business activities during the projection
period from 2024 to 2030 averages 35.53% of revenue.
The Company's gross profit before the addition of business activities during the
projection period, namely from 2024 to 2030, increases annually with a Compound
Annual Growth Rate (CAGR) of 13.48% per year. The increase in the Company's gross
profit is due to rising revenue and decreasing COGS (Cost of Goods Sold).
The Company's gross profit after the addition of business activities during the projection
period, namely from 2024 to 2030, increases annually with a Compound Annual Growth
Rate (CAGR) of 20.35% per year. The increase in the Company's gross profit is due to
rising revenue and decreasing COGS.
The Company's operating profit before the addition of business activities during the
projection period, namely from 2024 to 2030, decreases annually with a Compound
Annual Growth Rate (CAGR) of 1.61% per year. The decline in the Company's operating
profit is due to the increase in the Company's operating expenses.
The Company's operating profit after the addition of business activities during the
projection period, namely from 2024 to 2030, increases annually with a Compound
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Annual Growth Rate (CAGR) of 4.24% per year. The increase in the Company's operating
profit is due to rising revenue and decreasing operating expenses.
The Company's net profit before the addition of business activities during the projection
period, namely from 2024 to 2030, decreases annually with a Compound Annual Growth
Rate (CAGR) of 11.30% per year. The decline in the Company's net profit is due to the
decrease in the Company's operating profit.
The Company's net profit after the addition of business activities during the projection
period, namely from 2024 to 2030, decreases annually with a Compound Annual Growth
Rate (CAGR) of 4.59% per year. The decline in the Company's net profit is due to the
increase in the Company's interest expenses.
Cash Flow Projections for the Period 2024 - 2030
The Company's cash flow projections for the years 2024-2030 before the addition of
holding business activities are shown in the following table.
Table 3-5. Cash Flow Projections Before the Addition of Business Activities (in Million
Rupiah)
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Explanation 2024F 2025F 2026F 2027F 2028F 2029F 2030F
Operating Cash 35.519 47.915 40.516 -22.397 12.897 18.691 13.716
Flow
Investing Cash -66.200 -124.657 -118.090 15.572 15.493 15.493 14.691
Flow
Financing Cash -9.352 210.778 -21.213 -22.976 -6.164 -21.184 -24.489
Flow
Cash and Cash 88.723 48.690 182.725 83.938 54.137 76.362 89.363
Equivalents at
the Beginning of
the Year
Cash and Cash 48.690 182.725 83.938 54.137 76.362 89.363 93.281
Equivalents at
the End of the
Year
The Company's cash flow projections for the years 2024-2030 after the addition of holding
business activities are shown in the following table.
Table 3-6. Cash Flow Projections After Addition of Business Activities (in Million Rupiah)
Explanation 2024F 2025F 2026F 2027F 2028F 2029F 2030F
Operating Cash 2.983 -69.816 40.552 -104.018 -114.603 5.859 18.985
Flow
Investing Cash -56.200 -124.657 -118.090 15.572 15.493 15.493 14.691
Flow
Financing Cash 12.971 436.291 -6.219 13.632 72.187 -26.924 -30.768
Flow
Cash and Cash 88.723 48.477 290.295 206.537 131.723 104.800 99.228
Equivalents at
the Beginning of
the Year
Cash and Cash 48.477 290.295 206.537 131.723 104.800 99.228 102.136
Equivalents at
the End of the
Year
Net cash generated from operating activities before the addition of business activities is
projected to be Rp13.71 billion in the year 2030. Cash inflows are derived from receipts
from customers. Meanwhile, cash outflows are used for payments to suppliers, payroll
and wages, operating expenses, and corporate income tax payments.
Net cash generated from operating activities after the addition of business activities is
projected to be Rp18.98 billion in the year 2030. Cash inflows are derived from receipts.
15
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from customers. Meanwhile, cash outflows are used for payments to suppliers, payroll
and wages, operating expenses, and corporate income tax payments.
The net cash obtained from investing activities before the addition of business activities
in 2030 is projected to be Rp14.69 billion. Cash inflows are utilized for the depreciation of
fixed assets, while cash outflows are allocated for the acquisition of investment
properties.
The net cash obtained from investing activities after the addition of business activities is
projected to be Rp14.69 billion in the year 2030. Cash inflows are utilized for the
depreciation of fixed assets, while cash outflows are allocated for the acquisition of
investment properties.
Net cash obtained from financing activities before the addition of business activities is
projected to be negative Rp24.48 billion in the year 2030. Cash inflows are from bank
borrowings received. Cash outflows are used for lease liability payments and repayment
of bank loans.
Net cash obtained from financing activities after the addition of business activities is
projected to be negative Rp30.76 billion in the year 2030. Cash inflows are from bank
borrowings received. Cash outflows are used for lease liability payments and repayment
of bank loans.
The Company's cash and cash equivalents before the addition of business activities at the
end of 2030 amount to Rp93.28 billion, which is 4.39% higher compared to the position in
2024, recorded at Rp89.36 billion.
The Company's cash and cash equivalents after the addition of business activities at the
end of 2030 amount to Rp102.13 billion, which is 2.93% higher compared to the position
in 2024, recorded at Rp99.22 billion.
Financial ratio analysis of additional business activities to parent activities is as follows:
Liquidity ratio
This ratio is to determine the extent to which the company is able to pay off its short-term
obligations. The greater the ratio obtained, the smoother the payment of short-term
obligations. Based on financial projections, during the projection period, the current ratio shows
an average of 1.90 x and the quick ratio shows an average of 1.63 x.
Leverage ratio
This ratio aims to measure how much operating activities are financed by loan capital, the
smaller this ratio, the better or smoother it is. Based on financial projections, during the
projection period the total debt to equity ratio (DER) shows a fluctuating trend with an average
of 140.52%, which means every Rp. 1.- Own capital is used to guarantee Rp. 1.40 debt. The ratio
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of total debt to total assets (DAR) shows an increasing trend with an average of 56.08%,
meaning that every Rp. 1,- assets are used to guarantee Rp. 0.56 debt.
Activity Ratio
This ratio aims to measure the extent to which the company's activities use its funds effectively
and efficiently. Based on financial projections, during the projection period the average number
of days of trade receivables is 71 days per year. The average number of days of inventory is 394
days per year and the average number of days of accounts payable is 14 days per year.
Profitability Ratio
This ratio aims to determine the company's ability to generate profits. Based on financial
projections for additional holding activities, during the projection period the average Gross
Profit Margin is 64.47%. Meanwhile, the average Net Profit Margin is 19.44%. Meanwhile, the
average Return on Assets from the Company's planned additional holding activities is 3.54%.
VI. GENERAL MEETING OF SHAREHOLDERS
To obtain GMS approval for the Company's plan to increase business activities, the Company will
hold an Annual General Meeting of Shareholders ("AGMS") at:
Day/Date : Monday, June 24 2024
Time : Pkl. 10.00 WIB until finished
Place : Fave Hotel, Komp. Paskal Hyper Square
Jl. HOS. Cokroaminoto No. 25 – 27, Bandung
The agenda for the AGMS is as follows:
1. Approval and ratification of the Company's Annual Report for the financial year ending
December 31, 2023, which includes the Directors' Report, Board of Commissioners'
Supervision Report, and Financial Report for the Financial Year ending December 31, 2023, as
well as granting settlement and release of responsibility fully responsible (acquit et de
charge) to the Board of Directors and Board of Commissioners.
2. Determination of the use of Company Profits for the Financial Year ending December 31,
2023.
3. Appointment of the Company's Public Accountant to audit the Financial Statements for the
financial year ending 31 December 2024.
4. Granting power to Shareholder Representatives to determine the honorarium for members
of the Board of Commissioners and granting authority to the Company's Board of
Commissioners to determine the salaries of members of the Company's Board of Directors.
5. Report on the Realization of Use of Initial Public Offering Funds.
6. Changes in the Use of Proceeds from the Initial Public Offering of Shares
7. Changes in the composition of the Company's management.
8. Changes to the Company's Articles of Association.
9. Changes in the Company's Business Activities.
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Explanation of Meeting Agenda:
The 1st to 4th Meeting agenda items are routine Meeting agenda items to comply with
the provisions of the Company's Articles of Association and Law no. 40 of 2007
concerning Limited Liability Companies, some of the contents of which have been
amended by Law no. 6 of 2023 concerning the Stipulation of Government Regulations in
Lieu of Law Number 2 of 2022 concerning Job Creation into Law.
The 5th Meeting agenda was held to fulfill the provisions of Article 6 POJK
No.30/POJK.04/2015 concerning Report on the Realization of Use of Funds from Public
Offerings ("POJK 30/2015"), namely accountability for the realization of the use of funds
from public offerings ("POJK 30/2015”). use of proceeds from the public offering ("POJK
30/2015") use of proceeds from the public offering ("POJK 30/2015") use of proceeds
from the Company's initial public offering.
The agenda for the 6th Meeting was held to comply with the provisions of Article 9 jo 11
POJK 30/2015, namely changes to the plan to use funds from the Company's initial public
offering of shares for the construction of shophouses in Block F and Block N. in the Paskal
Hyper Square area to become the Company's Working Capital .
The 7th Meeting Agenda was held in connection with the resignation of Mr. R. Asep Eddy
as President Director of the Company on April 3 2024 and the appointment of the
Company's President Director as his replacement.
The 8th Meeting Agenda was carried out to amend several articles in the Company's
Articles of Association, especially related to POJK No.33/POJK.04/2014 concerning the
Board of Directors and Board of Commissioners of Issuers or Public Companies, namely:
(i) Article 2 paragraph 1 concerning the number of members Directors; (ii) Article 3
paragraph 2 concerning the appointment of the President Director; and (iii) Article 8
paragraph 3 concerning the resignation of the President Director.
The 9th Meeting Agenda was held to fulfill the provisions regarding changes to business
activities in Article 22 POJK No. 17/POJK.04/2020 concerning Material Transactions and
Changes in Business Activities. The changes in business activities in question are
additional activities of the parent company KBLI 64200 and therefore Article 3 of the
Company's Articles of Association will be amended to accommodate these additions.
Attendance Quorum:
• 1st to 8th Meeting Agenda
Based on the provisions of article 12 paragraph 1 letter a numbers (i) and (iv) of the
Company's Articles of Association in conjunction with Article 41 paragraph (1) letter a
POJK No.15/POJK.04/2020, meetings can be held if attended by Shareholders or their
proxies valid ones representing more than 1/2 (one half) of the total number of shares
with valid voting rights that have been issued by the Company.
• 9th Meeting Agenda
Based on the provisions of Article 12 paragraph 1 letter b number I of the Company's
Articles of Association in conjunction with Article 41 paragraph (1) letter a POJK No.
15/POJK.04/2020, Meetings can be held if attended by Shareholders or their legal proxies
representing more than 2/3 (two thirds) of the total number of shares with valid voting
rights that have been issued by the Company.
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The participants of the Annual General Meeting (RUPST) are the shareholders of the company
whose names are recorded in the Shareholders List and/or owners of securities account
balances in the Collective Custody of the Indonesian Central Securities Depository (KSEI), as of
the market closing time of the Indonesia Stock Exchange (PT Bursa Efek Indonesia) on Thursday,
May 30, 2024, at 16:00 WIB (Western Indonesia Time).
VII. ADDITIONAL INFORMATION
In order to expand business activities, there are no other material matters related to new Business
Activities as regulated in Article 23 letter e of POJK No. 17/2020.
Since the subsidiary entity that will undertake the Cipaku project involves the construction and
management of serviced apartments/hotels, the necessary permits will be applied for by the subsidiary
entity after its establishment.
For further information, shareholders of the Company may contact the Corporate Secretary of the
Company during business hours at the following address:
PT CITRA BUANA PRASIDA Tbk.
Paskal Hyper Square Complex Blok G Floor 2 No. 206 – 208
Jl. H.O.S. Cokroaminoto No. 25 – 27 (dh. Jl. Pasirkaliki No. 25 – 27)
Bandung 40181
Tel.: (022) 8606 1108
E-mail: corsec@citrabuanaprasida.co.id
Website: www.citrabuanaprasida.co.id
V. PENGARUH PENAMBAHAN KEGIATAN USAHA UTAMA PADA KONDISI KEUANGAN PERSEROAN
19
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Bandung, June 18, 2024.
20
Names mentioned 23 people and organisations named in the text · linked when the evidence is strong
unresolved
person
H.O.S. Cokroaminoto
p.1 ×2
unresolved
org
Financial Services Authority
p.1 ×4
unresolved
org
PT Prasetia Sejati
p.2
unresolved
person
Ninik Sukadarwati
· Notaris
p.2
unresolved
org
Minister of Law and Human Rights
p.2
unresolved
person
Indah Prastiti Extensia
· Notaris
p.2
unresolved
org
Minister of Justice and Human Rights
p.2
unresolved
person
Dr. Petra Bunawan
p.2 ×2
unresolved
org
Ministry of Law and Human Rights
p.2 ×2
unresolved
org
PT Adimitra Jasa Korpora
p.3
unresolved
person
Ir. Fuadah
p.4 ×7
unresolved
org
Minister of Finance
p.4 ×2
unresolved
person
Agung Sugiarto.
p.6
unresolved
person
Dr. Setiabudhi
p.7
unresolved
person
Prof. Paulus P. Rahardjo
p.9 ×2
unresolved
person
Gaery Djohari. V. EFFECT OF ADDITIONAL MAIN
p.10
unresolved
org
Indonesia Stock Exchange
p.19
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12 Sep 2026 23:02
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