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TRANSFORM FOR
EXCELLENCE
Welcome to the 2023 Annual Report of PT Remala Abadi
Tbk. The Company has chosen the theme "Transform for
Excellence,” based on careful consideration of the Compa-
ny's track record and business performance in 2023. The
theme reflects the business and organizational strategies
aimed at long-term success.
By utilizing technology and innovation at every step for sus-
tainable transformation, the Company has fostered a shift in
behavior within the organization from a conservative
attitude to one that is dynamic and positive. PT Remala
Abadi Tbk has successfully integrated into the digital eco-
system in the Greater area of Jabodetabek (Jakarta, Bogor,
Depok, Tangerang, and Bekasi) and, more broadly, in Indo-
nesia. The Company has empowered its organization and
provided exceptional service to customers and stakehold-
ers.
Our commitment to innovation has resulted in various Inter-
net services, including broadband Internet services, local
link services, managed services (such as IP CAM, VOIP,
Wi-Fi device settings), server colocation, and busi-
ness-to-business fiber optic connectivity/installation. We
are also dedicated to developing reliable infrastructure to
provide the best service and solutions to all customers, con-
sistently maintaining our commitment to creativity and inno-
vation.
This annual report details the Company's performance
across business, operational, governance, and social
responsibility aspects. It covers various areas, including
product quality, digital security, anti-corruption measures,
environmental initiatives, employment, occupational health
and safety, as well as community and customer social
development. The report has been comprehensively
prepared to provide readers with a clear understanding of
the company's performance and to serve as a tool for man-
agement to evaluate and improve future performance.
01 PT. Remala Abadi Tbk | Annual Report 2023
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ABOUT THE
ANNUAL REPORT
The Annual Report provides an overview of the Company's
business performance and economic growth in a fiscal year.
This report has been prepared in compliance with principles of
Good Corporate Governance, namely Transparency, Account-
ability, Responsibility, Independence, and Fairness. In addi-
tion, the report complies with OJK Regulation No. 29/PO-
JK.04/2016 concerning Annual Reports of Issuers or Public
Companies.
This report was prepared in accordance with SEOJK No.
16/SEOJK.04/2021 regarding the Company as a public entity.
The 2023 Annual Report also serves as a sustainability report
in compliance with OJK Regulation No. 51/POJK.03/2017 on
the implementation of sustainable finance for issuers and
public companies.
The Annual Report and Sustainability Report are prepared
separately to allow stakeholders to see the different aspects
and reporting perspectives of each. Together, these two
reports provide a comprehensive set of information for stake-
holders.
PT. Remala Abadi Tbk | Annual Report 2023 02
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PENDAHULUAN
1
FOREWORD
2023 Annual Report Theme 01
About the Annual Report 02
Financial Highlights 05
Brands of PT Remala Abadi Tbk 06
2
ABOUT PT REMALA ABADI TBK
Corporate Identity 09
Vision, Mission and Corporate Values 10
Service Areas 11
Business Strategy 12
Business Activities 13
Company Services 14
Milestones 15
Shareholders Composition 17
Certification of Bursa Efek Indonesia 18
Listing Event Bursa Efek Indonesia 19
Awards and Certifications 20
3
MANAGEMENT DISCUSSION AND ANALYSIS
Consumer erformance Overview 23
Overview of Financial and Operational Performance 25
Financial Review 26
Consolidated Statements of Profit Loss and Other Comprehensive Income 32
Consolidated Statement of Cash Flow 34
Financial Ratios 36
Liquidity and Solvency 36
Human Resources Development 38
03 PT. Remala Abadi Tbk | Annual Report 2023
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4
PENDAHULUAN
MANAGEMENT REPORT
Board of Directors Report 41
Perofromance Overview 44
Board of Commissioners Report 53
5
CORPORATE GOVERNANCE
Corporate Governance 59
Corporate Governance Structure 66
Structure Organization 67
General Meeting of Shareholders 69
Board of Commissioners 71
Board of Directors 73
Corporate Secretary 75
Audit Committee 76
Internal Audit 77
6
Nomination and Remuneration Committee 79
CORPORATE SOCIAL RESPONSIBILITY
Corporate Social Responsibility Related to Society 83
Corporate Social Responsibility Related to the Environment 84
7
85
STATEMENT LETTER
8 FINANCIAL STATEMENT
PT. Remala Abadi Tbk | Annual Report 2023
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04
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PENDAHULUAN
Financial Performance
Revenue grew by 3.66%
year-over-year (YoY),
reaching IDR 7,684 billion.
Market penetration, supported by Net profit for the year was IDR 26,106
consistent maintenance and billion, reflecting a 0.11% YoY increase,
improvement of network and service supported by cost-effectiveness
quality, resulted in revenue growth of measures.
3.66% YoY to IDR 7,684 billion.
3,66% YoY Rp 26,106 M
Rp 7,684 M 0,11% YoY
EBITDA grew by 23.46% YoY to IDR The Net Profit Margin decreased
78.597 billion, also supported by slightly to 12.01%, compared to the
cost-effectiveness. previous year's 12.44%, due to provi-
sions for inventory fire losses.
23,46% YoY
Rp78,597 M 12,01%
Remala Abadi's financial position The Debt to EBITDA ratio is maintained
remains healthy with a gearing ratio, at 0.71x, reflecting a healthy financial
reflected in bank debt and financing condition.
to EBITDA, of 0.23x.
0,23x 0,71x
05 PT. Remala Abadi Tbk | Annual Report 2023
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PENDAHULUAN
BRAND NETHOME BRAND TACHYON
PT. Remala Abadi Tbk | Annual Report 2023 06
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ABOUT PT Remala Abadi Tbk 07 PT. Remala Abadi Tbk | Annual Report 2023
Page 10
The telecommunications
industry in Indonesia has prom-
ising outlook, driven by the
country's demographic condi-
tions, particularly in the Greater
area of Jabodetabek (Jakarta,
Bogor, Depok, Tangerang, and
Bekasi), which is the Company's
main marketing region. The
large population creates a high
demand for internet services,
which continues to grow. This
increasing demand is also rein-
forced by advancements in
digital technology, including
5G.
The COVID-19 pandemic has significantly altered people's behavior, lead-
ing to the growth of online businesses. The tendency of Indonesians to
conduct transactions online has been a major driving factor for this
growth, which, in turn, has boosted demand for internet services. IN ADDI-
TION, the Work from Home (WFH) and Distance Learning programs, which
have seen an increasing trend since the pandemic, have also impacted
internet service demand.
PT. Remala Abadi Tbk | Annual Report 2023 08
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ABOUT PT REMALA ABADI TBK COMPANY IDENTITY The Company's head office is located at Graha Mustika Ratu, Jalan Gatot Subroto No. 74-75, South Jakarta DKI Jakarta 12870. Established in 2004, PT Remala Abadi Tbk operates in the telecommunications sector. The Com- pany provides Internet Access, Network & IT Solutions as a part of its Managed Services, support- ed by professional human resources and a reliable network infrastructure comprising Fiber Optic and Wireless technologies. The Company has extensive experience in serving the telecommunications and internet service needs of various business segments, including Corporate Telecommunications Industry, Govern- ment, Ministries and Institutions, Banking, Tourism, Education, Housing, and others. PT Remala Abadi Tbk conducts its business activities guided by a clear vision and mission, reflecting the aspirations of its founders. 09 PT. Remala Abadi Tbk | Annual Report 2023
Page 12
ABOUT PT REMALA ABADI TBK
MISI
Always think creatively and
innovatively and Be committed
to providing appropriate and
VISI reliable services and solutions
that all customers can rely on.
To become the leading Internet Service and
Solution provider in Indonesia (Ultimate
Internet Solution).
NILAI-NILAI PERUSAHAAN
Customer Satisfaction
Providing appropriate, reliable, and dependable services and solutions to
ensure customer satisfaction is a top priority.
Creativity and Innovation
Prioritizing creative and innovative thinking in every aspect of the business
to continuously develop and meet the evolving needs of customers.
Reliability and Quality
Committed to providing services and solutions with a high level of reliability
and guaranteed quality, ensuring customers' confidence in the products and
services offered.
Industry Leadership
Aiming to become a leader in the internet services and solutions industry in
Indonesia, setting benchmarks for quality standards and innovation.
Sustainability
Upholding the principles of sustainability in business operations by consider-
ing environmental and social impacts and acting ethically in every decision.
Collaboration and Partnership
Building strong relationship with customers, partners, and other stakeholders
to create a mutually beneficial and sustainable ecosystem.
Social Responsibility
Focusing on corporate social responsibility by making positive contributions
to society and the surrounding environment through social programs and
charitable activities.
PT. Remala Abadi Tbk | Annual Report 2023 10
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ABOUT PT REMALA ABADI TBK
Service Areas
10.000 Km 150 ISP 3 PROVINCE
FIBER OPTIC PARTNERSHIP 12 CITY
11 PT. Remala Abadi Tbk | Annual Report 2023
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ABOUT PT REMALA ABADI TBK
Business Strategy
market segmentation
- Government agencies
- Corporations
- SOHO
- Residential sectors
Demographics
Consider demographics, particularly em-
phasizing markets with high internet
usage demands, such as the Jabode-
tabek area and regions with significant
purchasing power.
Product Value
Provide value-added services tailored to
each market segment, including man-
aged services for government agencies
and corporate clients.
Solutions
Develop specialized solutions to enhance
the value proposition of bandwidth offer-
ings, thereby securing a strong market
position.
PT. Remala Abadi Tbk | Annual Report 2023 12
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ABOUT PT REMALA ABADI TBK
BUSINESS ACTIVITIES
The main business activities encompass: • Cable Telecommunications Activities: This involves
• Internet Service Provider: This encompasses services the operation, maintenance, and provision of
facilitating access to the internet, often referred to as access to telecommunications cable infrastructure
the gateway to the internet. for transmitting voice, data, text, sound, and video. It
• Information Technology Activities and Other also includes operating fixed telecommunications
Computer Services: This category covers various networks for public telecommunications.
information technology and computer services • Rental and Leasing Activities without Option Rights
that haven't been specifically classified. It includes for Office Machines and Equipment: This includes
computer crash recovery, hardware and software the rental of office machines and equipment
installation, incident management, and digital without operators, such as typewriters, accounting
forensics. machines, calculating machines, data processing
• Other Computer Programming Activities: This in- machines, photocopiers, and office furniture.
volves consultation regarding analysis, design, and • Rental and leasing activities without rights to image
programming of ready-to-use systems. It includes recording and editing equipment options: This
analyzing computer users' needs, problem-solving, covers the rental of image and sound recording
programming, and adapting existing software. equipment, including cameras, recording media,
• Computer Consultation and Other Computer Facility lighting, editing tools, and other related supporting
Management Activities: This includes consultation equipment.
on computer hardware, planning computer systems • Rental and Leasing Activities without Option Rights
that integrate hardware, software, and communica- for MICE Equipment: This includes the rental of
tions technology. It also involves system installation, machines and decoration equipment for Meeting,
user training, computer system management, and Incentive, Convention, and Exhibition (MICE) activi-
related support services. ties, as well as other supporting equipment.
• Wireless Telecommunications Activities: This • Rental and Leasing Activities Without Option Rights
encompasses the operation of mobile telecommu- and Other Creative Industry Equipment: This involves
nications networks utilizing cellular technology on the rental of machines and other equipment related
the earth's surface. It involves the operation, main- to the creative industry.
tenance, and access to facilities for transmitting • Software Wholesale Trading: This involves activities
voice, data, text, sound, and video via wireless related to wholesale trading of software.
infrastructure.
Supporting Business Activities, which encompass:
• Perdagangan Besar Komputer dan Perlengkapan Komputer, yang mencakup: Perdagangan besar komputer
dan peralatan komputer.
• Perdagangan Besar Peralatan Telekomunikasi, yang mencakup: Perdagangan besar peralatan telekomunika-
si, termasuk peralatan telepon, komunikasi, dan perlengkapan penyiaran radio dan televisi.
• Perdagangan Eceran Komputer dan Perlengkapannya, yang mencakup: Perdagangan eceran komputer,
peralatan, dan perlengkapan komputer berbagai jenis.
• Perdagangan Eceran Piranti Lunak (software), yang mencakup: Perdagangan eceran piranti lunak (software)
berbagai jenis, termasuk piranti lunak untuk video game.
• Perdagangan Eceran Alat Telekomunikasi, yang mencakup: Perdagangan eceran alat telekomunikasi, seperti
handphone, pesawat telepon, dan perlengkapan lainnya.
• Aktivitas Penyewaan dan Sewa Guna Tanpa Hak Opsi Alat-Alat Bantu Teknologi Digital, yang mencakup:
Penyewaan dan sewa guna usaha tanpa hak opsi (operational leasing) mesin, peralatan, dan barang kebu-
tuhan teknologi digital, termasuk sewa render farm, sewa motion capture, sewa 3D (Three Dimensional) scan-
ner, dan perlengkapan pendukung terkait lainnya.
13 PT. Remala Abadi Tbk | Annual Report 2023
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ABOUT PT REMALA ABADI TBK
SERVICES OFFERED
Internet Dedicated
This service provides dedicated internet access for companies/corporates requiring 24-hour internet connectivity
to the global network with dedicated bandwidth allocation (1:1), ensuring network stability and reliability at all times.
The service is supported by a Fiber Optic network backbone and offers various usage options to cater to a wide
range of customers, providing appropriate and reliable solutions. The Company offers two types of Dedicated
Internet services:
Dedicated Fiber Optic Internet Dedicated Wireless Internet
This service ensures network stability This service ensures network stability and reliability for areas
and reliability with a 10 Gbps Fiber outside the reach of the fiber optic network. It supports wireless
Optic network backbone. service that devices with the latest technology and utilizes the Fiber Optic
include: network as the main backbone. service include:
• Available bandwidth ranging from 20 • Available bandwidth ranging from 10 Mbps to 40 (Wireless 5Ghz).
Mbps to 10 Gbps. • Available bandwidth ranging from 100 to 800 Mbps (Wireless
• 24/7 priority support. Microwave).
• Public IP /29 (5). • 24/7 priority support.
• Free Cpanel / Hosting 10 GB. • Public IP /29 (5).
• Additional service support. • Free Cpanel / Hosting 10 GB.
• SLA 99.5% • Additional service support.
• SLA 98%.
Broadband Internet 1Business Broadband
This service offers broadband internet access tailored to the needs
This service offers internet connec-
of business/small and medium enterprises (SMEs), supporting
tivity at more affordable costs,
various business fields. It provides affordable internet services with
supported by fiber optic and the
support for fiber optic networks and customizable broadband
latest telecommunications technol-
bandwidth management, allowing customers to focus on running
ogy. It utilizes shared networks and
their businesses smoothly and safely.
provides fast internet access with
broadband/up to bandwidth, ensur-
ing adequate and stable network
quality. The Company provides two Fiber To The Home ( FTTH )
types of Broadband Internet services This service offers broadband internet access for residential homes
and apartments, supporting the increasing demand for home
internet access. It facilitates online learning and work from home
(WFH) activities effectively.
Managed Service
These are additional or complementary IT solution services aimed at improving infra- Wireless Fidelity
structure performance in customer companies. The services include analysis, solution (WiFi)
design, and regular maintenance by competent and experienced IT experts. This Closed Circuit Television
service indirectly reduces initial investment costs and the need for additional human ( CCTV )
resources in infrastructure maintenance, allowing customer companies to focus on Networking
enhancing their HR performance.
PT. Remala Abadi Tbk | Annual Report 2023 14
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ABOUT PT REMALA ABADI TBK
MILESTONES
The Company
acquired 100%
(one hundred
percent) of shares,
totaling IDR
400,000,000,
The Company The Company obtained an notarized by Erick
evolved into an "Internet Service Provider Maliangkay, S.H.
Integration (ISP)" permit and launched
System provid- the internet product
er for Corpo- "Tachyon," targeting
rate Wireless Corporations, SOHO,
Solutions. Government, and projects
in the Jabodetabek area.
2004 2008 2012
2006 2011 2013
The Company The Company The Company
began opera- focused on started com-
tional activities Fiber Optic mercial opera-
as a Value Infrastructure tions of Fiber
Added Reseller & Partnership Optic (FO)
and System business with infrastructure.
Integrator for IT Internet Cafes
Solutions. and Game
Centers.
15 PT. Remala Abadi Tbk | Annual Report 2023
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ABOUT PT REMALA ABADI TBK
Established PT
Solusi Aplikasi
Andalan Semesta
with a 90% invest-
ment, comprising
400 shares worth
IDR400,000,000
(four hundred
million rupiah).
Established PT
Network Fiber
Indonesia with a
The Com- 15% investment,
pany comprising 300
expanded shares worth Initial Public
into the IDR300,000,000 Offering
Residential (three hundred (IPO).
market. million rupiah).
2014 2020 2023
2019 2021 2024
The Company
The Compa-
entered the Established PT
ny launched
Local Loop Aplikasi Informasi
the product
market com- Indonesia with a
"Net Home.id"
mercially 50% investment,
for the
through PT comprising 125
Residential
PC24 Cyber shares worth
market.
Indonesia. IDR125,000,000
(one hundred
twenty-five million
rupiah).
PT. Remala Abadi Tbk | Annual Report 2023 16
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ABOUT PT REMALA ABADI TBK
SHAREHOLDERS COMPOSITION
Nominal Value of IDR50 per share
Shareholders
Total Shares Total Nominal
(IDR)
Authorized Capital 4.400.000.000 220.000.000.000
Issued and Fully Paid Capital
Verah Wahyudi Singgih Wong 1.056.000.000 52.800.000.000
Jimmi Anka 44.000.000 2.200.000.000
Total Issued and Fully Paid Capital 1.100.000.000 55.000.000.000
Shares in Portepel 3.300.000.000 165.000.000.000
17 PT. Remala Abadi Tbk | Annual Report 2023
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ABOUT PT REMALA ABADI TBK
CERTIFICATION OF BURSA EFEK INDONESIA
PT. Remala Abadi Tbk | Annual Report 2023 18
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ABOUT PT REMALA ABADI TBK LISTING EVENT BURSA EFEK INDONESIA 19 PT. Remala Abadi Tbk | Annual Report 2023
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ABOUT PT REMALA ABADI TBK
AWARDS AND CERTIFICATIONS
APJII 2024 APJII 2023
IMS 2024 ISO 20000-1:2018 ISO 9001:2015 ISO 14001:2015
ISO 27001:2022 ISO 37001:2016 ISO 45001:2018
PT. Remala Abadi Tbk | Annual Report 2023 20
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MANAGEMENT DISCUSSION AND ANALYSIS 21 PT. Remala Abadi Tbk | Annual Report 2023
Page 24
PT. Remala Abadi Tbk | Annual Report 2023 22
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MANAGEMENT DISCUSSION AND ANALYSIS
CONSUMER PERFORMANCE OVERVIEW
Our journey thus far has yielded satisfactory results. While still
in its early stages, we have received notably positive feedback
from customers, even surpassing expectations. However, our
path has not been devoid of challenges. Presently, our focus
lies in expanding further into various regions.
We perceive partnerships as vital for mutual growth. Leverag-
ing various partnership models, Remala Abadi has expanded
fiber connectivity and delivered superior service.
Regarding regional selection in 2023, our focus remains on the
Greater area of Jabodetabek (Jakarta, Bogor, Depok,
Tangerang, and Bekasi), recognizing its high potential. Sales
figures from 2023 attest to this potential, with projections
indicating continued significant growth.
This strategy reinforces Remala Abadi's market positioning. We are committed to designing products and
services that address everyday needs, be it for education, entertainment, or work.
We are dedicated to enhancing service quality and customer experience, prioritizing both innovation and
network expansion. Looking ahead, our vision extends beyond fiber services, seeking new opportunities
across various segments. We will continue expanding coverage through strategic partnerships and explo-
ration of potential new areas.
BUSINESS STRATEGY potential faces volatility due to global influences
and rising interest rates, influencing budgeting
In 2023, the national telecommunications industry,
strategies and policies.
especially internet service provision, experienced
significant growth, driven by heightened commu-
The Company also tracks changes in consumer
nity needs to support business and daily activities.
spending patterns, particularly regarding govern-
Capitalizing on this opportunity, the Company
ment policies affecting prices of essential goods,
implemented a sales strategy diversifying market
which impact purchasing power and consumption
segmentation to leverage widespread network
patterns.
installations, resulting in substantial revenue
growth.
In 2023, the Company sustained revenue growth
while effectively managing operational costs
In addition to monitoring developments in similar
through efficiency measures across all business
business sectors, we also consider macroeconom-
lines.
ic factors. Indonesia's economy achieved 5.05%
growth in 2023, indicating robust sustainability,
Initiatives undertaken in 2023 included productivity
both regionally and globally. With an inflation rate
enhancements, efficient cost management, and
of 2.61% year-on-year, lower than the IMF's 3.6%
precise capital expenditure management,
projection and significantly below the global aver-
achieved through standardization of internal
age of around 7%, Indonesia demonstrates
procedures and integration of business lines to
economic stability. However, macroeconomic
maximize productivity and cost-effectiveness.
23 PT. Remala Abadi Tbk | Annual Report 2023
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MANAGEMENT DISCUSSION AND ANALYSIS
PT REMALA ABADI TBK'S BUSINESS STRATEGY
PRIORITIZES TARGETED MARKETING EFFORTS:
TOWERS
- Market segmentation encompasses government
agencies, corporations, SOHO, and residential
57
sectors.
- Focused on demographics, the company targets
markets with high internet demand, such as the
Jabodetabek area and affluent centers.
- Value-added services, such as managed services for
government agencies and corporations, support
product offerings tailored to each segment.
- Solutions are being developed to enhance the value
proposition of bandwidth services, aiming for a
strong market position.
NETHOME
CUSTOMERS 4355 MARKETING
OFFICES 3
MARKETING ASPECTS Marketing Activities
The marketing aspect is crucial for an Internet
Service Provider (ISP) company. PT Remala Abadi The Company's marketing activities aim to
Tbk offers internet services through a variety of promote its internet services, attract new custom-
products and packages tailored to meet the needs ers, and retain existing ones. Marketing involves
of each customer. employing a variety of strategies and tactics to
build brand recognition, increase visibility, and
-Products and Services, As an ISP company, PT satisfy customer needs. The following are several
Remala Abadi Tbk provides a range of products marketing activities the Company carries out:
and services to cater to every customer's require- - B2B Direct Marketing, The Company maintains a
ments. Offerings include wired, wireless, and satel- marketing team responsible for making direct
lite internet services. Additionally, the company sales or offers to potential customers. The team
offers internet packages with varying speeds and highlights the various advantages of the Compa-
prices to suit diverse customer needs. ny's services to pique the interest of potential
-Pricing Strategy, Remala Abadi must employ the customers.
right pricing strategy to remain competitive in the - Partnerships and Alliances, The Company targets
market. Therefore, we endeavor to understand partnerships and alliances with other companies,
each customer's needs and provide the best including telecommunications companies and
prices possible, ensuring that our services are even competitors who lack certain capabilities
accessible to all audiences. that the Company possesses.
-Promotion, In marketing our products and - After-Sales Maintenance, The service provided by
services, Remala Abadi employs various promo- the Company extends beyond a one-time instal-
tional strategies, such as social media advertising. lation of data interconnections. Customers also
An effective promotional strategy can enhance subscribe to bandwidth managed by the Com-
consumer awareness and interest in the products pany on a monthly basis under a specified
and services offered by the company. contract term. This entails delivering excellent
-Innovation, As an ISP company, Remala Abadi service from the Company's employees, includ-
must continually adapt to technological ing prompt and appropriate responses to any
advancements and innovations to compete in the disruptions or issues. This high level of service
market. We are committed to developing new, aims to ensure customer satisfaction, leading to
advanced products and improving services to repeat orders and positive testimonials that
meet the evolving needs of our customers. enhance the Company's image and attract inter-
est from other telecommunications companies.
PT. Remala Abadi Tbk | Annual Report 2023 24
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MANAGEMENT DISCUSSION AND ANALYSIS
OVERVIEW OF FINANCIAL AND
OPERATIONAL PERFORMANCE
With the telecommunications sector becoming increas-
ingly competitive in 2023, the Company is diversifying its
market segmentation, particularly targeting the retail
sector, while maintaining healthy price competition in
line with market dynamics. The Company's extensifica-
tion efforts in diversifying market segments aim to boost
revenue volumes and control necessary price adjust-
ments, thereby enhancing service quality and ensuring
business sustainability, ultimately benefiting the industry
as a whole. This strategy also aligns with financial
targets, including increasing profitability and strength-
ening the balance sheet structure.
The Company's assets grew by 51.81%, driven by net fixed
asset additions (CAPEX), especially in network installa-
tion assets aimed at expanding marketable networks
and enhancing customer service, leading to a 44.81% YoY
traffic growth to 185.5G. The focus of CAPEX allocation on
network expansion is evident in the increase in BTS units
to 170, up by 12.58% YoY. To support working capital
needs, the Company utilizes overdraft facilities, primarily
with fixed interest rates, to mitigate currency fluctuation
risks.
With sustainable income and improved efficiency, the Company achieved positive results in
line with targets, underscoring its commitment to delivering consistent positive outcomes. Rev-
enue increased by 3.66% YoY to IDR 217.39 billion, while EBITDA surged beyond revenue growth
by 23.46% YoY to IDR78.60 billion, resulting in an EBITDA margin of 36.15%. Profit after tax grew by
0.65% to IDR26.16 billion. Maintaining cost efficiency, particularly in Cost of Revenue, which
decreased by 20.74% YoY, indicates higher efficiency and a better cost-to-income ratio.
BUSINESS OUTLOOK
Approaching 2024, the global landscape appeared challenging, marked by geopolitical tensions and
trends towards de-globalization. The global economic growth forecast for 2024 shows signs of modera-
tion, with the OECD estimating a growth rate of 2.7%. The Indonesian economy is projected to maintain
a growth rate of around 5%, with GDP per capita expected to reach IDR82.5 million. Internet penetration
in Indonesia is anticipated to rise to 81.17% by 2025, accompanied by increased smartphone ownership,
reaching 89% of the population. Positive projections are also observed for FBB services, with household
penetration expected to grow to 26% by 2026.
Despite such challenges, the Indonesian telecommunications market presents significant opportunities,
particularly in the mobile segment with emerging 5G technology and in areas such as
Fiber-to-the-Home (FTTH) and Convergence services. Remala's strategic focus on sustainable profit-
ability, market adaptability, high-value customers, and prudent investment positions the Company to
navigate challenges successfully. The convergence journey aligns with evolving market demands,
ensuring promising prospects amid a complex global economy.
25 PT. Remala Abadi Tbk | Annual Report 2023
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MANAGEMENT DISCUSSION AND ANALYSIS
Looking ahead, the Indonesian economy's growth nological innovation, effective cost control, and
in 2024 is expected to provide ample opportuni- broader structural cost transformation through-
ties for the Company's significant growth, espe- out the organization to support the Company's
cially considering that internet penetration is pro- vision and mission.
jected to reach only 79.5% of the total population
in early 2024. The government's support is essential for busi-
ness growth in the internet service provider
The internet service provider industry in Indonesia sector. Regulations that better support this field
is considered to be in the Growing Stage, charac- are needed, especially considering that Indone-
terized by high competition levels. To thrive in this sia's digital economy is projected to reach US$315
environment, the Company must innovate, diver- billion by 2030. The Indonesian government's
sify market segments, and leverage the latest Digital Indonesia Roadmap for 2021-2024, focus-
technology to deliver superior services to cus- ing on digital infrastructure, government, econo-
tomers. Moving forward, maintaining sustainable my, and society, underscores the importance of
business growth and achieving long-term reve- accelerating digital transformation in the coun-
nue growth will require continued focus on tech- try.
FINANCIAL REVIEW
The public accounting firm Jamaludin, Ardi, Sukimto & Rekan (a
member firm of the Global Audit Trust Network) has audited the finan-
cial statements of PT Remala Abadi Tbk and its subsidiaries. The audit
was conducted by Ray Nainggolan, S.E., Ak., CPA, with an Accounting
Practice License No. AP.1317, and the audit report was signed on 20 May
2024.
The accounting firm stated that the consolidated financial state-
ments present fairly, in all material respects, the financial position of
the Group as of December 31, 2023, as well as its consolidated finan-
cial performance and consolidated cash flows for the year ended on
that date, in accordance with Indonesian Financial Accounting Stan-
dards.
PT. Remala Abadi Tbk | Annual Report 2023 26
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MANAGEMENT DISCUSSION AND ANALYSIS
Gross Operating Income Total POP (in units)
(in Billions of Rupiah)
170
151
2023
217,7 M
209,7 M
2022 2023
2022
EBITDA Margin EBITDA
100 M
90 M 50%
80 M 78,60 M
40%
36,15%
30,36%
70 M 63,66 M
30%
60 M
50 M
20%
10 %
2022 2023 2022 2023
27 PT. Remala Abadi Tbk | Annual Report 2023
Page 30
MANAGEMENT DISCUSSION AND ANALYSIS
Total Traffic Total Units of BTS (in units)
170
151
185.5G
128.1G
2022 2023 2022 2023
Total Retail Customers
2022 2023
7384 9255
Total Corporate Customers
2022 2023
3287 4532
PT. Remala Abadi Tbk | Annual Report 2023 28
Page 31
MANAGEMENT DISCUSSION AND ANALYSIS
CONSOLIDATED STATEMENT
CONSOLIDATED STATEMENT OF FINANCIAL
OF FINANCIAL POSITION POSITION
The Company recorded a growth in total assets (in Million)
of 51.81% year-over-year (yoy) to IDR147.01
billion as of December 31, 2023, up from DESCRIPTION Y-2023 Y-2022 Growth
IDR96.84 billion in the previous year. This
increase was mainly supported by an increase Inc (Dec)
in current assets to IDR 35.94 billion, reflecting a
Rp %
growth of 14.80%, and in non-current assets to
IDR111.07 billion, reflecting a growth of 69.48% Current Assets 35.936 31.302 4.634 14,80
yoy.
Non-Current Assets 111.070 65.537 45.533 69,48
In terms of liabilities, the Company recorded an
Total Assets 147.006 96.839 50.168 51,81
increase in total liabilities of 75.68% yoy to
IDR44.09 billion. This increase was driven by an
Short-term Liabilities 44.091 26.159 17.932 68,55
increase in short-term liabilities to IDR23.88
billion, up 68.55% yoy. On the other hand, total Long-term Liabilities 11.334 5.390 5.944 110,28
long-term liabilities increased by 110.28% yoy to
IDR20.21 billion. Total
Liabilities 55.425 31.549 23.876 75,68
The Company's market segment diversification
Total Equity 91.581 65.290 26.291 40,27
successfully increased profitability, contributing
to an increase in retained earnings for the 2023
fiscal year. This was a key factor in increasing
the company's total equity to IDR91.58 billion,
growing 40.27% yoy compared to the previous
year.
CURRENT ASSETS
CURRENT ASSETS
Total current assets reached IDR35.94 billion in
2023, up 14.80% yoy from IDR31.30 billion (in Million)
booked in 2022. This was mainly attributed to an
increase in inventory to IDR12.12 billion in 2023,
DESCRIPTION Y-2023 Y-2022 Growth
up 51.72%, and advances to IDR7.73 billion in
2023, an increase of 7,626.32% compared to
Inc (Dec)
the previous year. The increase in inventory
supports the development of new network
Rp %
installations and maintenance for existing
networks.
Cash 9.440 13.178 -3.738 -28,36
Other receivables increased to IDR1.37 billion in
Accounts Receivable 4.932 7.921 -2.988 -37,73
2023, a significant increase of 30,344.66% yoy
from IDR 0.005 billion booked in the previous
Other Receivables 1.370 5 1.366 30344,66
year.
Supply 12.124 7.991 4.133 51,72
However, amid the increase in current assets,
the Company's trade receivables experienced a Prepaid expenses 343 2.108 -1.764 -83,72
significant decrease of 37.73% yoy to IDR4.93
billion. This decrease from the previous year's Advances 7.726 100 7.626 7626,32
IDR7.92 billion was mainly due to an increase in
cash receipts from customers in 2023. More- Total Current Assets 35.936 31.302 4.634 14,80
over, cash decreased significantly by 28.36%
yoy to IDR9.44 billion, in line with the purchase
of inventory stock in 2023.
29 PT. Remala Abadi Tbk | Annual Report 2023
Page 32
MANAGEMENT DISCUSSION AND ANALYSIS
NON-CURRENT ASSETS NON-CURRENT ASSETS
The Company recorded an increase in non-cur-
(in Million)
rent assets of 69.48% yoy to IDR111.07 billion in
2023. The increase from the previous year’s
DESCRIPTION Y-2023 Y-2022 Growth
IDR65.54 billion was mainly driven by an
increase in fixed assets of 63.46% yoy, from Inc (Dec)
IDR56.67 billion in 2022 to IDR92.63 billion in
2023. This aligns with an increase in capital Rp %
expenditure for direct ownership assets,
amounting to IDR49.68 billion in 2023, including Deferred Tax 1.225 1.010 215 21,32
additional network installations at IDR30.66
billion. Other Receivables 3.708 5.212 -1.504 -28,86
Cumulative (gross) right-to-use assets, includ- Investment down payment 100 1 99 9900,00
ing land, buildings, and network equipment,
Investment in Associates 457 488 -31 -6,35
increased by 524.26% yoy to IDR12.71 billion.
The Company recorded its largest increase in
Fixed Assets 92.628 56.666 35.962 63,46
network cable installations, reaching IDR5.42
billion in 2023, and assets in its building proper-
Right-of-use Assets 12.711 2.036 10.675 524,26
ties at IDR7.07 billion.
Other Non - Current Assets 241 124 117 94,92
This increase in fixed assets reflects the
Company's commitment to business develop- Total Non-Current Assets 111.070 65.537 45.533 69,48
ment and delivering high-quality services.
SHORT-TERM LIABILITIES SHORT-TERM LIABILITIES
The Company’s short-term liabilities in 2023 (in Million)
amounted to IDR23.88 billion, an increase of DESCRIPTION Y-2023 Y-2022 Growth
68.55% yoy compared to IDR 14.17 billion
booked in the previous year. This was mainly Inc (Dec)
influenced by an increase in short-term bank
Rp %
debt by 6,541.01% yoy to IDR12.60 billion in
2023 from IDR0.19 billion in the previous year. Short-term bank debt 12.603 190 12.413 6541,01
Meanwhile, the Company’s trade payables Account
Payable 15.449 13.179 2.271 17,23
increased by 17.23% yoy from IDR13.18 billion
in 2022 to IDR15.45 billion in 2023. This Accrued
increase is related to significant purchases of Expense 4.415 5.160 -746 -14,45
network materials from third-party vendors/sup-
pliers in 2023. Tax Expense 7.592 7.032 561 7,97
Consumer financing debt - due within one year 3.339 598 2.741 458,16
In addition, consumer financing debt due within
one year increased by 458.16% yoy from Rental liabilities - due within one year 692 0 692 N/A
IDR0.60 billion in 2022 to IDR3.34 billion in
2023. This increase was related to the purchase Total Short-term Liabilities 44.091 26.159 17.932 68,55
of operational vehicles used by marketing and
operations to support service delivery to new
and existing customers.
PT. Remala Abadi Tbk | Annual Report 2023 30
Page 33
MANAGEMENT DISCUSSION AND ANALYSIS
LONG-TERM LIABILITIES LONG-TERM LIABILITIES
(in Million)
The Company’s long-term liabilities increased
by 110.28% yoy from IDR5.39 billion in 2022 to DESCRIPTION Y-2023 Y-2022 Growth
IDR11.34 billion in 2023. This increase was Inc (Dec)
primarily due to an increase in rental liabilities,
which amounted to IDR29.79 billion in 2023, as Rp %
the Company had not carried out rental obliga- Other Debt 2.350 2.700 -350 -12,96
tions in 2022. This account represents future
minimum rental payments and the present value Consumer financing debt - maturity of more than one year 2.223 670 1.553 231,62
of the minimum finance lease payments. Rental liabilities - due in more than one year 4.149 0 4.149 N/A
Employee benefits liabilities 2.613 2.020 593 29,36
In addition, the Company’s long-term consumer
financing debt increased significantly by Total Long-term Liabilities 11.334 5.390 5.944 110,28
231.62% yoy to IDR2.22 billion. The increase of
IDR 1.55 billion from the previous year was due
to additional financing for the purchase of opera-
tional vehicles in 2023.
EQUITY
EQUITY
(in Million)
The Company’s equity grew by 40.27% yoy to
DESCRIPTION Y-2023 Y-2022 Growth
IDR91.58 billion. The increase from the previous
year’s IDR 65.29 billion was supported by a Inc (Dec)
growth in retained earnings of 45.18%, from
IDR57.82 billion in 2022 to IDR83.97 billion in Rp %
2023. In 2023, a portion of retained earnings
219900,0
amounting to IDR 54.98 billion was converted Share capital - issued and paid-up capital 55.000 25 54.975 0
into issued and paid-up capital.
Additional paid-in capital 7.271 7.271 0 0,00
This increase in retained earnings was support-
Retain
ed by improved profitability performance in
Earning 28.996 57.838 -28.842 -49,87
2023. The Company's bottom line demonstrated
an increase, with profit for the current period Other comprehensive income -62 -10 -52 521,64
reaching IDR26.11 billion in 2023, reflecting a
growth of 0.11% yoy. More detailed information Non-controlling interests 376 165 210 127,38
regarding the company’s profitability perfor-
Total Equity 91.581 65.290 26.291 40,27
mance is provided in the following consolidated
statement of profit or loss and comprehensive
income.
31 PT. Remala Abadi Tbk | Annual Report 2023
Page 34
MANAGEMENT DISCUSSION AND ANALYSIS
CONSOLIDATED STATEMENTS OF PROFIT LOSS
AND OTHER COMPREHENSIVE INCOME
Cumulatively, the Company managed to record a 0.11% year-on-year increase in profit for the current period, totaling IDR 26.11
billion. This improved performance compared favorably to the previous year's figure of IDR 26.08 billion. The increase was
primarily supported by the Company's Revenue, which reached IDR 217.39 billion in 2023, reflecting a growth of 3.66%. This
growth was facilitated by cost savings initiatives throughout the year, notably in the Cost of Revenue category, which decreased
by -20.74% to IDR 96.86 billion in 2023 compared to IDR 122.20 billion in the previous year.
(in Million)
DESCRIPTION Y-2023 Y-2022 Growth
Inc (Dec)
Rp %
Revenue 217.393 209.709 7.684 3,66
Repair and Maintenance 36.879 30.283 6.596 21,78
Expenses 34.497 62.637 -28.139 -44,92
Accumulation 10.995 15.004 -4.009 -26,72
Heritage Hall (BHP) of Universal of Service Obligation (USO) and
Heritage Hall (BHP) of Radio Station License
(ISR) 3.463 3.574 -110 -3,09
Equipment rental 1.040 7.735 -6.695 -86,56
Operating Expenses 9.982 2.973 7.009 235,79
Cost of Revenue 96.856 122.204 -25.348 -20,74
Gross Profit 120.537 87.504 33.033 37,75
Commission 16.077 14.951 1.126 7,53
Banquet 900 235 665 282,39
Advertisement 98 213 -114 -53,77
Marketing 7 3 4 122,34
Sales Expense 17.082 15.402 1.680 10,91
Salaries, wages, bonuses and benefits 28.144 21.668 6.476 29,89
Utilities 4.313 3.804 509 13,37
Depreciation of fixed and right-of-use assets 4.545 2.473 2.071 83,76
Rental 2.856 1.729 1.127 65,20
Professional Service 2.818 427 2.392 560,78
Gasoline, tollroads, and parking 1.234 854 381 44,61
Repair and Maintenance 1.056 977 79 8,14
Office Operational Expenses 1.040 1.382 -342 -24,75
Legality and License 642 389 253 65,09
Expedition 519 522 -3 -0,58
Employee Benefits 526 389 137 35,13
Retribution 169 83 86 103,63
Others (under IDR 100 million) 633 738 -105 -14,24
General and administrative Expenses 48.495 35.434 13.061 36,86
PT. Remala Abadi Tbk | Annual Report 2023 32
Page 35
MANAGEMENT DISCUSSION AND ANALYSIS
Financial Expense 784 1.392 -608 -43,67
Other Expense (Income) 17.807 -230 18.038 -7833,74
Operating Expenses 84.168 51.998 32.170 61,87
Profit Before Income Tax 36.369 35.506 862 2,43
Benefits (Expenses) of Income Tax -10.210 -9.517 -693 7,28
Net Profit 26.158 25.989 169 0,65
Other Comprehensive Income (Loss) - Net -52 88 -140 -159,20
Net Comprehensive Profit 26.106 26.077 29 0,11
Net Profit that can be distributed to
Owner of the Parent Entity 26.133 25.952 181 0,70
Non-controlling interests 25 37 -12 -32,02
Total 26.158 25.989 169 0,65
Net Comprehensive Income that can be distributed to
Owner of the Parent Entity 26.081 26.040 41 0,16
Non-controlling interests 25 38 -12 -32,78
Total 26.106 26.077 29 0,11
Basic Earnings Per Share (in full figures) 114,44 51.903,61 -51.789,17 -99,78
REVENUE spike was primarily attributed to a "loss from inventory
The Company's total revenue increased by 3.66% to IDR write-off" of IDR11.77 billion due to a warehouse fire in
217.39 billion in 2023, compared to IDR 209.71 billion in the Cibubur. Added to the expenses were "tax penalties and fines"
previous year. This revenue growth was predominantly driven in 2020 amounted to IDR3.47 billion.
by the retail segment, which generated IDR20.75 billion in Salaries, wages, bonuses, and allowances expenses
revenue, reflecting a year-on-year growth of 11.77%. In increased by 29.89% year-on-year to IDR28.14 billion in 2023
addition, the SOHO segment contributed IDR41.13 billion in from IDR21.67 billion in the previous year, driven by additional
revenue, marking a growth of 49.37%. This growth aligns with employee recruitment. Correspondingly, the total number of
the expansion observed in the information and communica- employees in 2023 reached 334 people, compared to 289
tions sector, which outpaced Indonesia's GDP growth, reach- people in the previous year.
ing 7.59% year-on-year in 2023 (BPS 2023 data). Depreciation expenses also saw a significant increase, rising
to IDR4.55 billion in 2023 from IDR2.47 billion in the previous
COST OF REVENUE year, mainly due to substantial purchases of buildings,
The Company’s Cost of Revenue experienced a significant vehicles, and office equipment.
decrease of -20.74% year-on-year to IDR 96.86 billion in 2023
compared to IDR122.20 billion in the previous year. This Rental costs increased by 65.20% to IDR2.86 billion in 2023
decrease was primarily attributed to a reduction in material compared to last year's IDR1.73 billion, attributed to office
costs, which declined by -44.92% to IDR34.45 billion, reflect- rentals including Mustika Ratu and several properties for POP
ing improved control and monitoring of material usage for both (BTS) and branch offices.
new network infrastructure and network maintenance. The increase in professional services fees amounted to
Depreciation expense decreased by -26.72% year-on-year to 560.78% to IDR2.82 billion compared to the previous year's
IDR11.00 billion from IDR15.00 billion in the previous year, IDR0.43 billion, primarily related to the Company's IPO
mainly due to assets reaching the end of their depreciation process since mid-2023.
period. In addition, equipment rental expenses decreased by Sales Expenses also rose by 10.91% to IDR17.08 billion from
-86.56% year-on-year to IDR1.04 billion, compared to IDR the previous year's IDR15.40 billion, with commission increas-
7.74 billion in the previous year, as the Company shifted ing by IDR1.13 billion or 7.53% to IDR16.08 billion in 2023
towards owning its equipment. compared to the previous year's IDR14.95 billion.
OPERATING EXPENSES EBITDA
The Company’s operating expenses experienced a notable Supported by the Company's increased revenue and
increase of 61.87% year-on-year to IDR84.17 billion enhanced cost efficiency during 2023, Earnings Before
compared to IDR 52.00 billion recorded in the previous year. Interest, Tax, Depreciation, and Amortization (EBITDA) rose
The primary cause of this increase was the surge of other by 23.46% year-on-year to IDR78.60 billion in 2023 from
expenses by 7,833.74% year-on-year to IDR17.81 billion. This IDR63.66 billion in the previous year.
33 PT. Remala Abadi Tbk | Annual Report 2023
Page 36
MANAGEMENT DISCUSSION AND ANALYSIS
PROFIT BEFORE INCOME TAX
With revenue growth outpacing the increase in expenses, the Company's profit before income tax reached IDR36.37 billion in
2023, reflecting a growth of 2.43% year-on-year.
CURRENT YEAR PROFIT AND TOTAL
COMPREHENSIVE PROFIT
After deducting income tax expenses of IDR10.21 billion in 2023, the Company achieved a profit for the year amounting to
IDR26.16 billion, representing a growth of 0.65% year-on-year. Considering other comprehensive losses for the year after tax of
IDR0.05 billion, the Company's total comprehensive profit for the year reached IDR26.11 billion in 2023, up 0.11% year-on-year
compared to the previous year's figure of IDR26.08 billion. Meanwhile, basic net profit per share is expected to be IDR114.44 in
2023, compared to IDR51,903.61 in 2022.
CONSOLIDATED STATEMENT OF CASH FLOW
(in Million)
DESCRIPTION Y-2023 Y-2022 Y-2021 Y-2020
Net Cash Flow from Operating Activities 31.466 34.073 17.507 20.348
Net Cash Flow for Investment Activities -46.167 -21.801 -3.650 -19.988
Net Cash Flow for Financing Activities -1.450 -3.398 -489 -22
Increase (Decrease) in Net Cash -16.151 8.874 13.369 338
Cash at the Beginning of the
Period/Year 12.989 4.115 -9.254 -9.592
Cash at the End of the Period/Year -3.162 12.989 4.115 -9.254
Cash consisting of
Cash 9.440 13.178 9.193 4.357
Overdraft -12.603 -190 -5.078 -13.611
Total -3.162 12.989 4.115 -9.254
PT. Remala Abadi Tbk | Annual Report 2023 34
Page 37
MANAGEMENT DISCUSSION AND ANALYSIS
CASH FLOW FROM OPERATING ACTIVITIES
The Company experienced a decrease in net cash flow from operating activities by -7.65% year-on-year to IDR31.47 billion in
2023. This decrease was primarily due to a 27.75% year-on-year increase in payments to employees to IDR44.80 billion. In
addition, payments for operational activities (maintenance and upkeep) surged by 220.92% in 2023 to IDR40.06 billion from
IDR12.48 billion in the previous year.
(in Million)
DESCRIPTION Y-2023 Y-2022 Growth
Rp %
Net Cash Flow from Operating Activities 31.466 34.073 -2.608 -7,65
Net Cash Flow for Investment Activities -46.167 -21.801 -24.366 111,76
Net Cash Flow for Financing Activities -1.450 -3.398 1.948 -57,34
Increase (Decrease) in Net Cash -16.151 8.874 -25.025 -282,00
Cash at the Beginning of the
Period/Year 12.989 4.115 8.874 215,68
Cash at the End of the Period/Year -3.162 12.989 -16.151 -124,35
Cash consisting of
Cash 9.440 13.178 -3.738 -28,36
Overdraft -12.603 -190 -12.413 6541,01
Total -3.162 12.989 -16.151 -124,35
CASH FLOW FROM INVESTMENT ACTIVITIES
The Company recorded a higher net cash flow used for investment activities at IDR46.17 billion in 2023, reflecting a 111.76%
year-on-year increase compared to IDR21.80 billion in the previous year. This increase was due to the acquisition of fixed assets
in 2023, with realized capital expenditure reaching IDR44.14 billion, representing a 132.59% year-on-year increase compared to
IDR18.98 billion in 2022.
CASH FLOW FROM FINANCING ACTIVITIES
The Company recorded a decrease in net cash flow used for financing activities, amounting to IDR1.45 billion in 2023. This
decrease was attributed to lower payments for consumer financing debt, which decreased to IDR1.25 billion in 2023 from IDR1.90
billion in the previous year. Furthermore, a decrease was also noted in the payment of short-term bank debt, which was fully paid
off in 2023 compared to IDR1.50 billion in the previous year.
CASH AND CASH EQUIVALENTS AT YEAR END
Cumulatively, the Company recorded a net decrease in cash and cash equivalents amounting to IDR16.15 billion in 2023. Howev-
er, with support from cash and cash equivalents at the beginning of the year totaling IDR12.99 billion, the Company managed to
record cash and cash equivalents at the end of the year worth - IDR3.16 billion in 2023. To aid operations, the Company utilizes
overdraft facilities from banks amounting to IDR12.60 billion in addition to cash on hand amounting to IDR9.44 billion, while the
cash position at the end of the previous year stood at IDR12.99 billion.
35 PT. Remala Abadi Tbk | Annual Report 2023
Page 38
MANAGEMENT DISCUSSION AND ANALYSIS
FINANCIAL RATIOS
DESCRIPTION Y-2023 Y-2022 Y-2021 Y-2020
EBITDA Margin
(%) 36,15 30,36 21,07 18,98
EBIT Margin (%) 29,01 22,51 15,12 11,80
Gross Profit Margin (%) 55,45 41,73 36,73 37,96
Net Comprehensive Income Margin (%) 12,01 12,44 7,31 2,47
Profit to Investment Capital Ratio (%) 33,93 14,15 0,00 0,00
Profit to Total Assets Ratio (%) 17,76 26,93 15,17 3,99
Profit to Equity Ratio (%) 28,51 39,94 28,96 10,27
Current Ratio (%) 81,51 119,66 50,24 21,42
Debt to Equity Ratio (%) 0,61 0,48 0,91 1,58
Debt to Assets Ratio (%) 0,38 0,33 0,48 0,61
Debt to Assets Ratio (%) 0,71 0,50 1,09 2,00
Debt to Assets Ratio (%)
(Only Interest Bearing) 0,23 0,02 0,26 0,75
LIQUIDITY AND SOLVENCY
Liquidity and solvency are critical aspects of the Company's operations, subject to various financial risks such as market, credit,
and liquidity risks. The Company's comprehensive risk management program is designed to address uncertainties in financial
markets and mitigate potential adverse impacts on its financial performance.
PT. Remala Abadi Tbk | Annual Report 2023 36
Page 39
MANAGEMENT DISCUSSION AND ANALYSIS
CREDIT RISK
Credit risk, specifically, pertains to the possibility that one party to a financial instrument may fail to meet its obligations, leading
to financial losses for the other party. Remala Abadi Group is exposed to credit risk primarily through its operating activities,
notably trade receivables from third parties, and funding activities, including bank accounts. Managing trade receivables consti-
tutes the main credit risk exposure for Remala Abadi Group. To manage this risk, Remala Abadi Group diligently monitors the
collectibility of receivables, ensuring timely collections. In addition, periodic reviews of each customer's receivables are conduct-
ed to assess the likelihood of collection failures. Based on these assessments, reserves are established to mitigate potential
credit losses.
December 31, 2023 December 31, 2023
Cash
Account Receivable
Other Receivable
Other Current ASsets
Security Deposit
Total
LIQUIDITY RISK
iquidity risk refers to the potential for the Group's cash flow position to indicate that short-term receipts may not be adequate to
cover short-term expenditures. Historically, the Group's liquidity needs have stemmed from financing investments and capital
expenditures related to business expansion initiatives. Substantial working capital is required by the Group to pursue new
projects and sustain operations. To address liquidity risk, the Group actively monitors and maintains cash levels deemed
sufficient to support its operations and mitigate the impact of cash flow fluctuations. Regular assessments of cash flow projections
and actual cash flows, including scrutiny of loan maturity schedules, are conducted. Additionally, the Group continuously evalu-
ates financial market conditions to ensure funding flexibility, thereby preserving the availability of committed credit facilities.
December 31, 2023
Recorded Amount Total Up to one year From one to
five years
Short-term bank debt
Account Payable
Accrual Expense
Other Debt
Consumer Financing Debt
Rental Liabilities
Total
MARKET POTENTIAL
While the COVID-19 pandemic has ing adaptation, thus intensifying competi- dynamics throughout 2023. Competition
receded in many countries worldwide, we tion within the telecommunications in the telecommunications BTS tower
now confront challenges stemming from sector. rental industry and fiber optic networks
global financial fragility, marked by According to the Official Statistics Report has become increasingly fierce. Addition-
inflation rates and looming recessionary of Statistics Indonesia, the information ally, the Company faces risks associated
threats. Concurrently, the domestic and telecommunications sector grew at a with changes in government regulations
telecommunications industry faces its slower rate of 7.19 percent annually in the and legislation. To tackle these challeng-
own set of hurdles. The government's first quarter of 2023. This signals caution es, the Company is implementing various
push for digital transformation aligns with for the digital technology industry, which strategies related to marketing, capacity
the public's escalating demand for experienced rapid growth during the expansion, efficiency enhancements,
internet access, thereby fostering COVID-19 pandemic. technology adaptation, and business
remarkable market potential. However, The consolidation of several major development.
this potential is counterbalanced by swift telecommunications operators in Indone-
technological advancements necessitat- sia significantly impacts the industry
37 PT. Remala Abadi Tbk | Annual Report 2023
Page 40
MANAGEMENT DISCUSSION AND ANALYSIS
HUMAN RESOURCES DEVELOPMENT
GENERAL OVERVIEW tion and other soft skills training to Division. Its ease of use allows smooth
Human Resources (HR) is an important improve employee interpersonal and access to the latest information and
point that describes the human founda- leadership skills. efficient management of each stage of
tion behind operational success. The • Technical skills enhancement: Specific data. Apart from that, this system also
Company is committed to being at the courses and training are designed to allows management to access HR data
forefront of the dynamic and competitive update employees' knowledge and transparently and in real-time. With this
Telecommunications industry by building expertise in industry-relevant technical system, the time and costs required for
a diverse team. The Company strives for areas. HR management can be minimized
employee development through continu- • Other training: Various additional compared to a manual approach.
ous training and development programs. training, such as work safety training,
The Company provides opportunities for business ethics and personal develop- The Company has provided a number of
every employee to continue to improve ment, are held to support overall comprehensive educational and training
their skills and develop in their careers, employee development. facilities to support employee develop-
but remains focused on a common vision ment. Training rooms equipped with the
and goals. The Company's commitment to employ- necessary hardware and software
ee development does not stop there. enable the implementation of various
The Company evaluates the regular Every year, employee performance is training programs. Structured training
performance of each employee to assist thoroughly evaluated to measure their materials cover various topics relevant to
in monitoring employee growth and achievements and development poten- the TELECOMMUNICATIONS industry.
providing constructive feedback for tial. This evaluation is an important Skilled and experienced instructors are
further development. The Company also reference in providing fair and transpar- responsible for presenting material clear-
provides competitive compensation and ent promotion opportunities, by always ly and supporting employee growth.
comprehensive benefits as recognition prioritizing individual achievement and
of employee contributions and to support dedication. The Company also encourages employ-
the welfare of each employee. ees to obtain relevant certifications such
More than just programs and evalua- as CCNA, CompTIA Network+, or CISSP
The Company believes that investing in tions, human resource policies at PT to increase their credibility in the indus-
employees is an investment in the Remala Abadi Tbk are designed to try. Soft skills training such as communi-
long-term success of our company. create a conducive work environment cation, leadership, and time manage-
Overall, the Company believes that by and motivate employees. The Company ment are also available to develop
supporting and developing human upholds the principle of equality in employees' non-technical abilities. In
resources, the Company can achieve its providing promotional opportunities, addition, internship and field work
business goals while maintaining its always basing them on the achieve- programs are provided as opportunities
commitment to integrity, sustainability ments and contributions of each individu- for students and young professionals to
and sustainable growth. To achieve this al. Every employee's work results, atten- enter the telecommunications industry.
vision, the Company is building a work dance and reports can all be accessed Career development is also a focus with
culture that focuses on increasing the online so they are very well recorded and a clear career path. And, the company
productivity and professionalism of all systematic. The Company collaborates allocates a special budget for training,
employees. to develop an HR Information System demonstrating its commitment to
(HRIS). The implementation of the employee growth and development. All
This effort is realized through various Online Overtime System, Online Payroll of these tools contribute to improving
development programs, including: System and Online Attendance System employee capabilities and skills, which is
• Professional development: Strength- has been implemented. It has a huge a valuable investment in the company's
ened through leadership, communica- impact on work processes in the HR long-term success.
At the end of 2023, the Company employed a total of 234 individuals, categorized based on various criteria:
21
EDUCATIONAL LEVEL
58
JOB TITLE
• 2 employees held postgradu-
ate degrees (S-2). - 2 Directors.
permanent
employees • 150 employees held bachelor's Female - 9 Managers.
Employ-
degrees (S-1). GENDER - 18 Supervi-
ment
213 176
• 35 employees held diploma sors/Leaders.
Status qualifications (D1-D3).
- 205 other staff
contract • 47 employees had non-diplo-
Male members
employees ma (high school) qualifications
PT. Remala Abadi Tbk | Annual Report 2023 38
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MANAGEMENT REPORT 39 PT. Remala Abadi Tbk | Annual Report 2023
Page 42
PT. Remala Abadi Tbk | Annual Report 2023 40
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MANAGEMENT REPORT
BOARD OF DIRECTORS REPORT
Dear Shareholders and Stakeholders,
We extend our heartfelt gratitude to the presence
of Almighty God for His mercy and grace that have
guided us through the challenges of 2023. Despite
the intense competition in our industry, we have
managed to maintain our position, underscored
by our significance in the market and our financial
robustness. The performance of Remala Abadi in
2023 is a testament to our unwavering commit-
ment to delivering top-notch service to each of
our customers. Moving forward, we pledge to
continuously enhance our services to meet the
evolving demands of consumers across Indonesia.
MACROECONOMIC REVIEW
In 2023, the Indonesian economy exhibited stable growth amid global challenges. Here is an overview of Indonesia's macro-
economic landscape:
1. Economic Growth: Indonesia's GDP expanded by 5.05%, slightly lower than the previous year's 5.31%. This growth was
primarily driven by domestic consumption, investment, and exports.
2. Monetary Stability: Bank Indonesia maintained the stability of the rupiah through responsive monetary policies, ensuring
controlled inflation and supporting purchasing power.
3. Fiscal Policy: The government implemented expansionary fiscal policies, including increased spending on infrastructure
and social programs, to bolster economic growth.
Meanwhile, the telecommunications sector in Indonesia is poised for significant growth in 2023, albeit at a slower pace than
during the COVID-19 pandemic. Key points regarding the sector's growth include:
1. Internet Use: The number of internet users in Indonesia reached 221 million people, reflecting increased access to
information and technology acceptance.
2. Cell Phone Ownership: The proliferation of mobile phones continues, with 67.88% of Indonesians owning a mobile phone
in 2022, indicating steady growth in mobile device adoption.
3. Digital Sector Opportunities: Despite intense competition, there are ample opportunities for startups, particularly in niche
sectors.
4. Digital Services: Digital services are expected to drive telecommunications business growth, with an average increase of
12% from 2020 to 2024.
5. Growth Projections: The technology and telecommunications sector is anticipated to sustain growth in 2023, driven by
factors such as increasing cellular users and government support for innovation.
6. Prospects, The Indonesian economy is expected to continue growing in the coming years, supported by pro-growth
policies from the government and Bank Indonesia, as well as increased investment and domestic consumption. This
positive outlook is underpinned by various macroeconomic indicators showing strong performance and encouraging
prospects. Sustained economic stability and responsive policies are key to navigating global uncertainties and ensuring
long-term, sustainable growth.
This outlook paints a positive overall picture of the Indonesian economy in 2023, with various macroeconomic indicators
demonstrating robust performance and promising prospects. Maintaining economic stability and implementing responsive
policies are pivotal factors in navigating global uncertainties and ensuring sustainable growth.
41 PT. Remala Abadi Tbk | Annual Report 2023
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MANAGEMENT REPORT
BUSINESS DEVELOPMENT With the Managed Service Provider, PT
IN 2023 Remala Abadi Tbk can offer more Through these ISO standards, PT
integrated and comprehensive services Remala Abadi Tbk ensures that service
PT Remala Abadi Tbk is a company to customers. A trained and experienced quality is maintained, operational
engaged in ISP (Internet Service technical team in internet network instal- processes are well-managed, informa-
Provider) services, offering various lation and maintenance ensures optimal tion security is upheld, anti-bribery
types of internet services to its custom- service quality and meets customer practices are implemented, the environ-
ers. These include broadband internet needs effectively. ment is protected, and employee health
services, local link services, managed and safety are prioritized.
services (such as IP CAM, VOIP, and The presence of the Managed Service In addition, by obtaining IMS certifica-
WiFi device settings), server colocation, Provider also helps customers stay tion, which integrates various ISO
and providing business-to-business connected and operate without interrup- standards, PT Remala Abadi Tbk
fiber optic connectivity/installation and tion, as the technical team can provide demonstrates its commitment to
multimedia. fast and efficient support in resolving increasing efficiency, effectiveness, and
issues. This is a crucial part of PT organization in its business operations.
With the brand names Tachyon and Remala Abadi Tbk's commitment to Implementing ISO standards also helps
Nethome, PT Remala Abadi Tbk has a providing the best services and the Company address increasingly
distinct focus in providing internet solutions to all its customers. complex business challenges and
services. Tachyon serves corporate and stringent market requirements.
government customers, while Nethome PT Remala Abadi Tbk adheres to the
caters to residential or home customers. principles of good corporate gover- With changes in organizational behavior
nance to achieve Good Corporate from a conservative attitude to dynamic
The Company is committed to continu- Governance. These principles include and positive thinking resulting from
ously developing reliable fiber optic management that is transparent, implementing ISO standards, PT
infrastructure to provide the best accountable, fair, and supportive of all Remala Abadi Tbk can be more respon-
services and solutions to all customers. Company stakeholders' interests. By sive to market changes, innovative in
In addition, PT Remala Abadi Tbk implementing good corporate gover- providing internet solutions, and more
always maintains a commitment to work nance, PT Remala Abadi Tbk ensures systematic in its operations.
creatively and innovatively in providing that each Company division is intercon-
internet services. nected and sustainable. This means all Therefore, through implementing ISO
company divisions work in a coordinat- standards and integrating various
With a variety of services offered and a ed and collaborative manner to achieve aspects of its operations, PT Remala
focus on customer segmentation, PT common goals. The principles of Good Abadi Tbk can continue to develop and
Remala Abadi Tbk provides appropriate Corporate Governance help PT Remala become a reliable, trustworthy company
solutions to meet each customer's Abadi Tbk maintain integrity, manage committed to providing the best service
needs. Through the Tachyon and risks effectively, and improve overall to customers with progressive and
Nethome brands, the Company can performance. With good corporate excellence-oriented thinking.
reach various market segments more governance, PT Remala Abadi Tbk can
specifically and effectively. manage the Company efficiently, trans-
parently, and responsibly.
PT Remala Abadi Tbk is committed to
ongoing innovation and adaptation to Implementing Good Corporate Gover-
the latest technological developments. nance also helps build trust and good
The Company is expected to continue relationships with shareholders,
developing and transforming to excel in customers, business partners, employ-
providing quality services and meeting ees, and other related parties. This is a
customer expectations from the corpo- crucial step in maintaining the Compa-
rate to the residential segments. ny's reputation and ensuring continued
business continuity. By implementing
PT Remala Abadi Tbk has a Managed various ISO standards, including ISO
Service Provider that assists in techni- 20000-1 (Managed Service manage-
cal aspects such as installation and ment), ISO 9001 (quality management),
maintenance of internet services, ISO 27001 (Security System manage-
adding value for customers in the corpo- ment), ISO 37001 (Anti-Bribery
rate and government segments. This management), ISO 14001 (environmen-
Managed Service Provider plays an tal management), and ISO 45001
essential role in delivering the innova- (Occupational Health and Safety
tive technical services customers need, Management), PT Remala Abadi Tbk
both in initial installation and ongoing confirms its commitment to high interna-
maintenance. tional standards across various aspects
of its operations.
PT. Remala Abadi Tbk | Annual Report 2023 42
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MANAGEMENT REPORT
HUMAN RESOURCES FINANCIAL OPERATIONAL OVERVIEW
MANAGEMENT PERFORMANCE
The financial achievements demon-
PT Remala Abadi Tbk is committed to In 2023, our revenue increased by strate that PT Remala Abadi Tbk is a
leading the dynamic and highly competi- 3.66% year-on-year to IDR 217.39 solid and agile organization, capable of
tive Internet Service Provider industry. billion, with EBITDA growing by 23.46% adapting to market developments—an
To achieve this vision, the Company is to IDR 78.60 billion. We achieved a net essential skill in today's dynamic
enhancing its policies, formalizing them profit of IDR 26.16 billion, reflecting our environment. Adaptability has been a
into comprehensive regulations, and commitment to cost control and profit- crucial post-pandemic lesson instilled in
fostering a work culture that emphasiz- ability. Our investments in network all employees. The Company empha-
es increased productivity and profes- quality and market diversification have sizes the need to adapt not only to
sionalism among all employees. This contributed to our sustained financial external factors, such as technological
dedication is realized through the growth. advancements, but also to internal
planning and implementation of various developments. This dual adaptability is
development programs, including: CORPORATE key to maintaining the company’s
• Professional Development: This is GOVERNANCE competitiveness and operational excel-
strengthened through leadership, lence in the industry.
communication, and other soft skills We are dedicated to upholding integrity,
training to improve employees' transparency, and equal treatment for APPRECIATION
interpersonal and leadership capabili- all stakeholders. Our implementation of
ties. various ISO standards reflects our In conclusion, we extend our gratitude
• Technical Skills Enhancement: commitment to international best to the board of directors, management,
Specialized courses and training are practices across our operations. Good employees, business partners, suppli-
designed to update employees' knowl- corporate governance ensures sustain- ers, customers, and shareholders for
edge and expertise in industry-rele- able performance and fosters trust and their unwavering support and trust in
vant technical areas. relationships with our stakeholders. Remala Abadi. We remain committed to
• Other Training: Various additional advancing the Company and look
training programs, such as work safety forward to continued success together.
training, business ethics, and personal
development, are provided to support
overall employee growth.
The Company's commitment to employ-
ee development extends beyond
training programs. PT Remala Abadi
Tbk implements an Employee Perfor-
mance Management (KPI Manage-
ment) methodology across the organi-
zation to measure individual and group
achievements and development poten- Jakarta, 29 Mei 2024
tial. This evaluation process is a crucial For and on behalf of the Board of Directors
reference for providing fair and trans-
parent promotion opportunities, always
prioritizing individual achievement and
dedication.
Beyond programs and evaluations, the
RICHARD KARTAWIJAYA
human resource policies at PT Remala
Abadi Tbk are designed to create a Chief Executive Officer
conducive work environment and
motivate employees. The Company
upholds the principle of equality in
promotion opportunities, consistently
basing them on the performance of
each employee and their group.
43 PT. Remala Abadi Tbk | Annual Report 2023
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MANAGEMENT REPORT
PERFORMANCE OVERVIEW
The Company’s financial growth was driven by efficient and effective cost con-
trol and management, leading to better profitability. To maintain high-quality
service for customers, PT Remala Abadi Tbk has increased investments in
network quality, ensuring top-notch network installations. Additionally, the com-
pany has diversified its market reach, helping achieve and maintain sales
targets and contributing positively to overall profitability.
Net Profit: IDR26.106 billion,
an increase of 0.11%year-over-year (YoY
Revenue: IDR292.393 billion, a growth of 3.66% YoY
CAPEX: IDR49.683 billion, with 61.71%
allocated for network development
EBITDA margin increased by 20%,
from 30.36% to 36.15%.
PT. Remala Abadi Tbk | Annual Report 2023 44
Page 47
MANAGEMENT REPORT DIREKSI Richard Kartawijaya Chief Executive Officer Richard Kartawijaya holds a Master's degree in Business Marketing from Esa Unggul University, which he completed in 1993 following his earlier Bachelor's degree in Electrical Engineering from Atma Jaya Catholic University in 1982. Since 2022, Richard Kartawijaya has served as the Chief Executive Officer (CEO) at PT. Remala Abadi, subsequently assuming the role of Chief Executive Director in 2023. Richard's previous roles include serving as CEO & President Director at PT. Graha Teknologi Nusantara from 2015 to 2017, CEO at PT. Link Net, Tbk from 2013 to 2015, and leadership positions at PT. Ander Cakra Buana from 2009 to 2013. Affiliate Relationship It's important to note that all members of the Company's Board of Directors have no affiliations with fellow members of the Board of Commissioners, members of the Board of Directors, or the Company's Major Shareholders. 45 PT. Remala Abadi Tbk | Annual Report 2023
Page 48
MANAGEMENT REPORT
Samuel Adi Mulia
Chief Financial Officer
Samuel Adi Mulia pursued Finance studies
at Trisakti University and later obtained a
Bachelor's degree in Accounting from the
same university in 1993.
Since 2023, Samuel Adi Mulia has served
as the Finance Director at PT. Remala
Abadi. Prior to this role, Samuel held posi-
tions as the Internal Control Manager
(Function Strategic & Cost Control Manag-
er) at PT. Satria Antaran Prima Tbk from
2019 to 2020. He also served as the
Finance Director at PT. Klaai Dendan
Lestari and PT. Pat Petulai Energi from
2017 to 2019, and at PT. Intan Baruprana
Finance Tbk from 2012 to 2017.
PT. Remala Abadi Tbk | Annual Report 2023 46
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MANAGEMENT REPORT
BUSINESS STRATEGY
Remala Abadi's business strategy revolves
around setting the right marketing focus on
• Market Segmentation: The Company divides
its market into government agencies, corpo-
rations, Small Office/Home Office (SOHO),
and residential segments.
• Demographics: Remala Abadi targets mar-
kets with high internet needs, particularly
focusing on areas like Jabodetabek and other
locations with high purchasing power.
• To complement products tailored to these
market segments, the Company will provide
value-added services, such as managed
services tailored for government agencies
and corporate segments.
• Moreover, Remala Abadi is preparing solu-
tions specifically designed to enhance the
value of the bandwidth sold, aiming for a
strong market positioning.
SUSTAINABLE STRATEGY
Throughout 2023, Remala played an active role in
formulating sustainable strategies for each business
unit. These strategies encompassed technology and
human resource development, operational efficiency,
expansion plans, marketing, and enhancing customer
satisfaction, all while considering market dynamics
and relevant regulations.
Recognizing human resources as a key factor in
winning the competition and becoming a leading
digital telecommunications company, Remala
focused on acquiring and developing the best talent
through various initiatives, spanning from the recruit-
ment process to retention efforts.
In 2023, the Board of Directors continued to encour-
age the Company to 'Transform for Excellence'. This
involved expanding employee capabilities through
fostering a High-Performance Culture. Through these
initiatives, new ideas were generated to formulate
sustainable strategies in every aspect of the business
for the future.
47 PT. Remala Abadi Tbk | Annual Report 2023
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MANAGEMENT REPORT
MARKETING ASPECTS
In marketing its products and services, the Company employs several strategies, including providing high-speed internet. Further-
more, the Company is enhancing its information technology architecture to gain a comprehensive understanding of customers.
This enables the development of sharper and more effective upselling and cross-selling campaigns tailored to the target market.
In addition, to broaden our
customer base, we've
introduced the "GEBER"
program, known as "Happy
Together with Nethome." This
program offers a stable and
unlimited internet package to
every Nethome.Id customer
and is proving to be excep-
tionally superior.
Remala Abadi has various Internet
service providers, Metor Ethernet, What's most captivating is
Data Center, Manage Services, which that Nethome.id offers an
are aimed at Corporations, Govern- installation promo for only
ment, Hospitality, and Partners. With IDR 14,000. This has
various benefits that can be obtained garnered a positive response
and product flexibility that adapts to from every customer, as the
customer needs, we will strive to prices are exceedingly afford-
provide the best service and product able for each installation.
quality. #nethomeAJA
TINJAUAN KE DEPAN
Globally, the economy in 2024 is predict- the telecommunications industry. cive business environment can also play
ed to experience moderate growth. Demand for telecommunications a pivotal role in fostering the growth of
Considering the growth trend of above services, including internet and the the telecommunications industry as a
5% for seven consecutive quarters, the solutions we offer, tends to increase in whole.
resilience of household consumption, line with robust economic growth. This
and the maintained inflation rate, Indone- can create new opportunities for compa- Thus, through readiness to adapt to
sia believes that positive economic nies to expand their service range, market changes, alignment with global
growth projections, as indicated by the enhance market penetration, and bolster economic trends, and commitment to
Asian Development Bank (ADB) at 5.0%, competitiveness in the industry. service quality, PT Remala Abadi Tbk
the International Monetary Fund (IMF) at can seize the opportunities presented by
5.0%, and the Organization for Economic As a company operating in the telecom- economic growth projections from the
Co-operation and Development (OECD) munications sector, PT Remala Abadi ADB, IMF, and OECD to continue its
at 5.2% for 2024, could serve as an Tbk can leverage the potential for development and emerge as a leader in
encouraging sign for the telecommunica- positive economic growth by developing the Indonesian telecommunications
tions industry, including our company, PT appropriate marketing strategies, industry in 2024.
Remala Abadi Tbk. increasing investment in necessary
infrastructure, and continuously innovat-
It is hoped that stable and positive ing in the products and services offered.
economic growth will positively impact Government support in creating a condu-
PT. Remala Abadi Tbk | Annual Report 2023 50
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MANAGEMENT REPORT
OUR CLIENT
Universitas Bina Sarana Informatika mereka merupakan salah satu pelanggan layanan dari
Remala Abadi. Kerjasama ini diharapkan dapat meningkatkan aksesibilitas dan kualitas jaringan
internet di lingkungan kampus, sehingga dapat mendukung kegiatan belajar mengajar, peneli-
tian, dan berbagai aktivitas akademik lainnya. Dengan adanya layanan internet yang handal,
diharapkan seluruh sivitas akademika dapat merasakan manfaatnya dalam mendukung penca-
paian prestasi dan inovasi di bidang teknologi dan informasi.
PT Hutama Karya is also a customer of Remala Abadi's high-quality internet services. This strate-
gic partnership was established to ensure smooth operations and support various projects and
company activities with fast and reliable internet access. The collaboration aims to boost
employee productivity, enhance communication between departments, and foster innovation
and technological development within PT Hutama Karya. With stable and fast internet service,
PT Hutama Karya is optimistic about achieving its company targets more efficiently and effec-
tively.
51 PT. Remala Abadi Tbk | Annual Report 2023
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MANAGEMENT REPORT
The Jakarta Health Service is one of the government agencies that subscribes to PT Remala Aba-
di's services. With fast and reliable internet access, it is anticipated that all staff and medical
personnel can leverage digital technology to expedite administrative processes, improve com-
munication between departments, and support the development and implementation of better
health information systems. This collaboration is also expected to aid in disseminating health
information to the public more broadly and swiftly, thereby contributing to the enhancement of
health services in Jakarta.
Jasa Marga subscribes to PT Remala Abadi's services. This collaboration aims to improve connec-
tivity and operational efficiency within the Company. With fast and reliable internet access, the
monitoring process, traffic management, and information services for toll road users are expect-
ed to become more effective and responsive. This initiative also aims to support the develop-
ment of innovative technology and information systems, enabling Jasa Marga to continue
providing the best service to the community.
PT. Remala Abadi Tbk | Annual Report 2023 52
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MANAGEMENT REPORT
BOARD OF COMMISSIONERS REPORT
We, the Board of Commissioners, express our appreciation to the Directors who have worked hard to
advance the Company's economic value and build the welfare of its employees or workforce. We assess
that the Board of Directors is very responsive to every business momentum to move quickly to meet
market demand and is always customer oriented.
The Board of Commissioners appreciates the performance of the Board of Directors for the Company's
good financial achievements, and hopes that in the next financial year, the Board of Directors and all
levels of management can consistently maintain this good performance. The Board of Commissioners as
the supervisory board will always monitor and provide strategic and sustainable input, so that economic
scale progress within the Company can grow exponentially.
VIEW ON BUSINESS PROSPECTS Telecommunications as an industrial sector will remain prom-
ising, especially considering that opportunities are still very
The Board of Commissioners and Board of Directors are broad, especially in the regions and outside Java, Indonesia's
optimistic about the growth of business prospects in the population is still growing, indicating that demand for internet
telecommunications sector, in line with the Government's and cellular services will continue to increase. The Company
commitment to encourage the pace of digital transformation supports the telecommunications industry, in particular ensur-
and the high demand of the public for fast and stable data ing that people get the best internet service via fiber optic,
services. The Company optimistically supports the digitaliza- which will be accompanied by the expansion of the 4G
tion process of society in Indonesia as the Foundation for a network throughout the archipelago, as well as the develop-
Golden Indonesia 2045. The Company believes that a govern- ment of Indonesia's digital ecosystem with the rise of digital
ment is needed that supports digitalization and innovation in products and services including video on demand and social
the economy in the following years. To support the digitaliza- media. These things will trigger people to learn, work and
tion process of society in Indonesia, the Indonesian telecom- improve their reasoning power which will improve Indonesia's
munications industry will have the potential to grow solidly, in competitiveness regionally and globally. Meanwhile, in the
this way Indonesia will be ready to compete regionally and business segment, it appears that the Government, large
globally. companies and MSMEs are increasingly aware of the need to
carry out digital transformation. Accelerated by the pandemic
The Indonesian government has also published the Digital conditions, we are of the view that Information and Communi-
Indonesia Vision 2045, which prioritizes achieving an cation Technology solutions are increasingly in demand by this
inclusive, empowering and sustainable digital transformation segment.
for Indonesia. The telecommunications industry plays a
central role, namely building digital infrastructure to support The various challenges throughout 2023 which strengthen the
digital economic growth. Investments in broadband networks, Company's internal consolidation can become provisions and
new technologies and digital connectivity play an important foundations for the next strategic steps, undergoing 2024. The
role in expanding access to internet services and bridging the Company's Board of Commissioners and Board of Directors
digital divide across Indonesia. believe that the Company will be able to show encouraging
positive performance in the following years.
53 PT. Remala Abadi Tbk | Annual Report 2023
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MANAGEMENT REPORT
VIEWS ON THE IMPLEMENTATION OF assists in monitoring the performance of members of the
CORPORATE GOVERNANCE Board of Directors. The supervisory duties carried out by the
Board of Commissioners and these committees are carried
The Company continues to improve good corporate gover- out, among other things, through activities such as joint meet-
nance in accordance with government regulations and ings between the Board of Commissioners and the Board of
international standards in accordance with the ASEAN Corpo- Directors and the Board of Management, field supervision
rate Governance Scorecard. These national and international through field visits, and through reports that are considered
standards are the foundation of Remala Abadi's Corporate strategic and relevant. Through these meetings, the Board of
Governance. To maintain the best practices of Corporate Commissioners monitors and evaluates the implementation of
Governance, in the view of the Board of Commissioners, the all strategic policies of the Company, including men about the
implementation of Governance at Remala Abadi throughout effectiveness of implementing risk management and internal
2023 has succeeded in supporting the achievement of the control.
company's targets. This can be seen from Remala Abadi's The Board of Commissioners fully supports the overall imple-
success in carrying out a number of corporate actions, adapt- mentation and implementation of strict Corporate Governance
ing to market developments and adapting to changes and in all areas of our business. We believe that the implementa-
technological developments. tion of good corporate governance has been carried out
The Board of Commissioners in carrying out its duties is effectively within the Company. Without the implementation of
assisted by the Audit Committee and the independent Nomi- good corporate governance, the things mentioned above will
nation and Remuneration Committee. The Audit Committee not be possible if compliance with various regulations and the
helps supervise financial information and internal control. implementation of good corporate governance is not fulfilled.
Meanwhile, the Nomination and Remuneration Committee
Dear Shareholders,
We thank God Almighty that by the end of 2023, we were able to exceed opera-
tional performance expectations. In May 2024, Remala Abadi successfully
launched its initial public offering (IPO). This initial share launch represents positive
communication to the public from the Company, demonstrating our commitment
to supporting the Indonesian government's development efforts through infor-
mation and communication technology (ICT) networks.
On this occasion, we would like to express our gratitude to our esteemed share-
holders. With your support, the Company has become a key provider of telecom-
munications and internet network services in Indonesia. We continue to make
progress, contributing to the growth of the Indonesian economy, and providing
the internet as a tool to promote education, entertainment, and trade, thereby
advancing the Indonesian nation.
On behalf of the Board of Commissioners, I express my sincere appreciation to the
Board of Directors, all levels of management, and employees of the Company for
their achievements and accomplishments in 2023. We also extend our best wishes
for the success of the 2024 work plan.
Jakarta, 29 Mei 2024
For and on behalf of the Board of Commissioners,
Verah Wahyudi Singgih Wong
President Commissioner
PT. Remala Abadi Tbk | Annual Report 2023 54
Page 57
MANAGEMENT REPORT BOARD OF COMMISSIONERS Verah Wahyudi Singgih Wong President Commissioner Verah Wahyudi Singgih Wong pursued Financial Management studies and earned a Bachelor's degree in Financial Management from the University of Surabaya in 2001. Verah Wahyudi Singgih Wong currently holds the position of President Commission- er of the company, where Verah provides leadership with strategic vision and excep- tional wisdom. Previously, Verah served as the Finance Director at PT. Remala Abadi for 16 years, from 2006 to 2022. Prior to that role, Verah held the position of Finance Con- troller at PT. Wing Surya Surabaya from 2002 to 2005. Affiliate Relations It's worth noting that all members of the Company's Board of Commissioners do not have affiliations with fellow members of the Board of Commissioners or the Company's Major Shareholders. 55 PT. Remala Abadi Tbk | Annual Report 2023
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MANAGEMENT REPORT
Alamsyah Saragih
Independent Commissioner
Ahmad Alamsyah Saragih, S.E., pursued his
academic studies on Economics at Padjadja-
ran University, where he earned a Bachelor's
degree in Economics in 1992.
Currently, Ahmad Alamsyah Saragih serves
as an Independent Commissioner of the
Company. In addition to this role, Alamsyah
has been actively involved as a GCG Advisor
in the INDONESIAN BATTERY INDUSTRY
since 2021.
Previously, Alamsyah held various significant
positions in the OMBUDSMAN OF THE
REPUBLIC OF INDONESIA from 2016 to
2021, contributing in roles such as Member of
the Economic Sector and Member of the
Examination Sector Special. Prior to that,
Alamsyah served in the Central Information
Commission of the Republic of Indonesia
from 2009 to 2013, where he held positions
as Chairman and Member. Alamsyah also
gained valuable experience as a Local Gov-
ernance Specialist at the World Bank Jakarta
from 2002 to 2007.
PT. Remala Abadi Tbk | Annual Report 2023 56
Page 59
CORPORATE GOVERNANCE 57 PT. Remala Abadi Tbk | Annual Report 2023
Page 60
PT. Remala Abadi Tbk | Annual Report 2023 58
Page 61
CORPORATE GOVERNANCE
CORPORATE GOVERNANCE
The implementation of corporate governance in a company is very important as a process for
maintaining the long-term sustainability of the company's business, which prioritizes the interests
of shareholders and stakeholders. Considering the importance of corporate governance, the
Company views the need to implement good corporate governance (GCG) practices.
PENERAPAN PRINSIP TATA KELOLA PERUSAHAAN YANG BAIK
TRANSPARENCY
by prioritizing transparency. It strives to maintain objectivity in carrying out its business activities by
providing relevant and timely information to shareholders and stakeholders. The company ensures
that information is clear, accurate, and easily accessible through channels such as the Company's
official website (www.remala.co.id).
ACCOUNTABILITY
The role of accountability within the Company serves as a form of responsibility towards sharehold-
ers and stakeholders. This ensures that the Company's management is conducted correctly and in
line with the company's interests, while also considering those of shareholders and stakeholders.
Committees and work units oversee and control the Company's internal affairs, reporting directly to
the board of directors. Management is obligated to be accountable for decisions and performance
aligned with the company's vision, mission, values, strategy, and business targets.
59 PT. Remala Abadi Tbk | Annual Report 2023
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CORPORATE GOVERNANCE
RESPONSIBILITY
Every company conducting business activities has the responsibility to operate in accordance with
applicable laws, regulations, ethical values, and healthy business practices. Compliance with
legislation benefits not only customers but also ensures smooth business operations, contributing
to long-term business continuity. The Company guarantees adherence to laws and regulations,
prudently fulfills obligations to the government, actively collaborates for mutual benefit, and endeav-
ors to contribute meaningfully to society as part of its social responsibility.
INDEPENDENCY
The Company ensures that its management is conducted independently, professionally, and free
from conflicts of interest, external influence, or pressure contrary to laws, regulations, ethical
values, and healthy business practices. This approach ensures objective decision-making and aims
to achieve optimal outcomes for shareholders, stakeholders, and employees. Independence is
deemed essential for the Company to fulfill its duties properly in accordance with applicable laws
and GCG principles.
FAIRNESS AND EQUALITY
The principles of fairness and equality are applied by the Company to all parties with an interest in
the Company. This includes fair and equal treatment in fulfilling the rights of stakeholders as per
agreements, laws, regulations, ethical values, and standards of healthy business practices. The
Company ensures interested parties can exercise their rights in accordance with applicable laws
and regulations.
PT. Remala Abadi Tbk | Annual Report 2023 60
Page 63
CORPORATE GOVERNANCE
GUIDE TO GOOD CORPORATE GOVERNANCE
The Company is committed to ensuring and improving good corporate governance based on
principles recognized by the government and globally. The main principles in the Corporate
Governance guidelines implemented in PT Remala Abadi Tbk. include:
THE MAIN PRINCIPLES IN • Openness: PT Remala Abadi Tbk. must be open to
THE CORPORATE GOVERNANCE communication and feedback from stakeholders.
• Independence: PT Remala Abadi Tbk. must maintain
• Transparency: PT Remala Abadi Tbk. must be open independence from external influence.
and transparent in all activities. • Responsibility: PT Remala Abadi Tbk. must be
• Accountability: PT Remala Abadi Tbk. must be responsible for social and environmental impacts.
responsible for all actions and decisions to stakehold- • Sustainability: PT Remala Abadi Tbk. must be commit-
ers. ted to achieving sustainable growth.
• Justice: PT Remala Abadi Tbk. must treat all stake-
holders fairly and without discrimination.
CORPORATE GOVERNANCE provides advice.
STRUCTURE • Board of Directors: Responsible for
day-to-day operations.
PT Remala Abadi Tbk's corporate gover- • Audit Committee: Oversees the audit
nance structure must consist of the following process and ensures compliance.
elements: • Corporate Secretary: Ensures smooth
• General Meeting of Shareholders operation and compliance with regula-
(GMS): The GMS is the highest body of tions.
the company, tasked with supervising • Internal Audit Unit: Ensures compliance,
and controlling the company's opera- effective risk management, and goal
tions. achievement.
• Board of Commissioners: The Board of • Independent Auditor: External auditor
Commissioners oversees the perfor- appointed by the GMS to audit financial
mance of the Board of Directors and reports
PRACTICES GCG lations.
• Performance Evaluation: Periodically
• Risk Management: Maintain an effective evaluate the performance of Directors,
risk management system to identify, Commissioners, and the Management
assess, and manage risks. Team.
• Compliance: Comply with all applicable • Providing Remuneration: Determine
rules and regulations in the telecommu- remuneration for directors, commission-
nications industry. ers, and the Management Team fairly
• Information Disclosure: Openly and and transparently.
transparently disclose all relevant infor- • Corruption Prevention: Implement an
mation to stakeholders. effective corruption prevention system.
• Organizing GMS: Hold GMS periodically
and in accordance with applicable regu-
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CODE OF ETHICS considering the impact on various ples of Good Corporate Governance.
AND PROFESSIONAL stakeholders.
RESPONSIBILITY General Provisions for Handling Viola-
The Company's Code of Ethics and tion Complaints
The Code of Ethics serves as the prima- professional responsibilities are
ry guide for every decision and action integrated into daily business practices, The Company is obligated to accept
taken by the Company. Key values in including resource management, complaints of violations from both
the Code of Ethics include integrity, relationships with suppliers and internal and external parties, regardless
honesty, sustainability, justice, social partners, and interactions with employ- of whether the reporters choose to
responsibility, business ethics, and ees and customers, characterized by disclose their identities. To facilitate this
compliance with policies and regula- respect and integrity. The Company process, the Company provides two
tions. remains committed to strengthening a complaint management channels: the
corporate culture that prioritizes these Google PT Complaint Form "Remala
Objectives of Implementing the Code of values, while continuously enhancing Abadi" and via email (remalaabadi-
Ethics: standards in sustainability, transparen- .wbs@remala.co.id). The form route is
• Provide guidance for all manage- cy, and accountability. designated for internal complaints, while
ment and employees in their the email route is intended for external
behavior and interactions with Furthermore, the Company reinforces complaints.
stakeholders. its ethical foundation and professional
• Maintain the Company's commit- responsibility by cultivating stronger Complaint Handling Process
ment to the principles of Good relationships with all stakeholders, while 1. The Internal Audit Team, as the
Corporate Governance and create striving for sustainable growth and Manager of Violation Complaints,
a conducive work environment. positive long-term impacts. verifies incoming reports based on
• iInstill understanding and imple- the team's records. Within 30
ment ethical behavior among working days, the Internal Audit
employees and management to VIOLATION Team decides whether an investi-
ensure compliance with legal and COMPLAINT gation into the violation complaint is
ethical provisions. MANAGEMENT POLICY necessary, with the possibility of
• Strengthen understanding of extending this period by a
company values among stakehold- Violation Complaints Policy maximum of 30 working days.
ers and create a positive image of The Company consistently endeavors 2. If the verification results demon-
the Company. to ensure the effectiveness of existing strate that the complaint lacks
• Provide guidance in making ethical GCG and internal control systems in evidence and is not valid, it will not
business decisions and considering mitigating the risk of violations. Conse- proceed further.
moral and legal consequences. quently, there arises a necessity for a 3. In cases where verification reveals
Violation Complaint Management indications of a violation supported
The implementation of the Code of Policy, serving as a platform for witness- by sufficient evidence, the
Ethics is expected to cultivate a culture es to report suspected violations. complaint proceeds to the investi-
of ethical behavior among employees, Complaints obtained through gation stage.
both in fulfilling duties and responsibili- whistleblowing mechanisms warrant 4. Complaints involving individual
ties and in making business decisions. attention and subsequent follow-up employees that require investiga-
This fosters high integrity, contributing actions, including the imposition of tion are handled by the Internal
to increased productivity and positive appropriate penalties, to serve as a Audit Team at the Board of Direc-
performance. In daily operations, the deterrent for potential violators. tors level.
Company ensures the serious imple- 5. Complaints involving the Board of
mentation of the Code of Ethics through The Violation Complaint Management Directors, Board of Commission-
regular employee training and by Policy serves as a foundational guide- ers, supporting organs of the Board
reinforcing internal procedures for line in addressing Violation Complaints of Commissioners, and Heads of
reporting ethical violations. from Stakeholders, ensuring the imple- Work Units requiring investigation
mentation of an efficient violation are managed by the Internal Audit
The Company's identity is rooted in complaint resolution mechanism within Team in collaboration with the
professional responsibility, extending a reasonable timeframe. The primary Board of Commissioners.
beyond customers and shareholders to objective is to identify and rectify any 6. Upon confirmation of violators
encompass employees, business issues within the Company that deviate based on investigation results,
partners, and society at large. The from the applicable Code of Ethics. appropriate actions are taken in
Company endeavors to fulfill its obliga- accordance with applicable regula-
tions by positively contributing to the This Violation Complaint Management tions. If the investigation establish-
social and environmental landscape in Policy applies to both management and es disciplinary violations by an
which it operates. Consequently, the employees across all Company employee, a disciplinary hearing is
Company's business activities prioritize business units, guiding them in their conducted according to regula-
sustainability and shared prosperity, daily duties in alignment with the princi- tions. If violations lead to criminal
PT. Remala Abadi Tbk | Annual Report 2023 62
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CORPORATE GOVERNANCE
acts, the legal process is pursued dia solutions. This certification enhanc- has an effective operational control
with law enforcement agencies, in es customer trust and bolsters the process to ensure services run in
coordination with the Board of Company's credibility in the market- accordance with established
Directors or designated officials. place. standards. This includes Service
7. If the investigation reveals that Performance Monitoring that
employees have committed ISO 20000-1:2018 Certification continuously tracks service perfor-
violations leading to criminal acts, mance against KPIs to ensure
the applicable legal process will be The Company obtained ISO service levels are maintained; and
pursued by law enforcement agen- 20000-1:2018 certification in 2023 from Change Management in services or
cies. This action will be coordinated ACS Indonesia. This certification service components in a systematic
by the Board of Directors or other acknowledges the Company's Informa- manner to minimize disruption.
authorized officials responsible for tion Technology Service Management • Incident and Service Request
handling the case. System within the IT & NOC Division. Management: Efficiently handling
8. The entire violation complaint The certification not only enhances incidents and service requests to
process is overseen and adminis- operational efficiency but also mitigates restore normal service operation as
tered by the Internal Audit Team. risks and elevates customer satisfac- quickly as possible and meet
tion. By embracing this international customer needs.
Follow-up Monitoring standard, the Company is poised to • Service Evaluation and Improve-
1. Follow-up monitoring of violation adapt its internet services to evolving ment: The Company regularly
complaints is conducted by the market demands and the dynamic evaluates service performance by
Internal Audit Team. landscape of information technology. conducting audits, management
2. The Internal Audit Team is respon- reviews, and performance
sible for informing the Board of Through the implementation of the ISO measurements. Evaluation results
Directors and/or Board of Commis- 20000-1:2018 management system in are used to identify opportunities
sioners about received complaints, the context of service management, the for service improvement and imple-
ongoing investigations, and Company strives to create a system of ment necessary corrective actions.
resolved cases, as needed. policies and procedures as follows:
• Determination of Service Policy: By consistently implementing the princi-
Protection and Appreciation The Company establishes a clear ples and requirements of ISO
The Company is committed to providing and measurable service policy, 20000-1:2018, the Company can
protection for whistleblowers while which includes a commitment to increase efficiency, quality, and custom-
ensuring the confidentiality of both the providing high-quality services to er satisfaction in providing IT services.
reporter and the reported party until customers. This policy must be
further evidence is provided. Additional- adapted to customer needs and Important Legal Cases
ly, the Company may offer appreciation expectations.
to whistleblowers in accordance with • Service Planning: The Company The Company consistently endeavors
Directors' policy for reporting proven plans services by considering to avoid any actions that might result in
violations, thereby safeguarding the customer needs, service require- sanctions, which could materially impact
Company's assets and finances. ments, and required resources. the Company and its shareholders. As
This planning includes Risk Identifi- of 2024, neither the Company, its
QUALITY MANAGEMENT cation to recognize potential risks subsidiaries, nor the Board of Commis-
SYSTEM that could impact service delivery sioners and Directors of the Company
and devising strategies to mitigate and its subsidiaries are involved in any
The Company has demonstrated its them; Service Performance legal proceedings. This includes any
dedication to service quality by achiev- Measurement to establish key capacity as plaintiff, defendant,
ing compliance with international performance indicators (KPIs) to applicant, respondent, or other, in
standards through the International monitor and assess service quality; cases, disputes, or disputes that could
Organization for Standardization (ISO) and Service Improvement Planning materially affect the Company’s and
accreditation facilitated by ACS Indone- to develop action plans to enhance subsidiaries’ activities and business
sia. On October 25, 2023, the Company service performance based on continuity. Furthermore, these entities
was certified, acknowledging its IT assessment results and customer are not involved in any legal proceed-
Service Management System's adher- feedback. ings that would impact the plans for this
ence to ISO 20000-1:2018 standards. • Service Design and Transition: The Public Offering.
This recognition encompasses various Company designs services to meet
Internet services provided by the customer requirements and estab- These cases encompass civil, criminal,
Company, including Broadband internet lished performance criteria. The bankruptcy, state administration, indus-
services, Service Local Link, Managed service transition process must trial relations, arbitration, tax, monopoly
Services (IP CAM settings, VOIP, WiFi also be well managed to minimize and/or business competition cases,
Device), Server Colocation, and negative impacts when the service health, bankruptcy, or any other cases
Business-to-Business Fiber Optic is launched. within judicial institutions, arbitration,
Connectivity/Installation, and multime- • Operational Control: The Company and/or other dispute resolution institu-
63 PT. Remala Abadi Tbk | Annual Report 2023
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CORPORATE GOVERNANCE
tions within the Republic of Indonesia. The strategic policies include the Whis- geographic presence.
This includes, but is not limited to, tle Blowing System (WBS), Investiga-
District Courts, High Courts, Supreme tion, and Gratification Control Proce- Bribery and Gratification Anti-Cor-
Courts, Commercial Courts, State dures. These aim to ensure proper ruption Program
Administrative Courts, Industrial reporting and investigation of bribery To fulfill the commitments and principles
Relations Courts, the Indonesian through the WBS channel and effective of this policy, the Company has devel-
National Arbitration Board, and/or the handling of gratification to uphold integ- oped a program or procedure consisting
Indonesian Capital Market Arbitration rity and preserve the Company's reputa- of the following components:
Board, as well as any institutions tion. Whistleblowing System and Investiga-
outside the Republic of Indonesia. tion Procedures
Policy Scope 1. The Board of Commissioners
Handling Deviations from Company This policy applies to the Company and encourages internal personnel and
Regulations all stakeholders, including external partners to report any indications of
Handling of deviations from Company parties, Directors, the Board of Commis- bribery or other fraud, whether
Regulations and the Code of Ethics and sioners, Management, Employees observed directly or based on
Professional Responsibility involves (permanent, contract, and temporary), information from others.
in-depth investigations based on factual and work partners, covering all business 2. To encourage reporting, the Board
evidence. Decisions are made consider- activities. of Commissioners ensures safety
ing the consequences of the action, the and confidentiality for whistleblow-
degree of intentionality, and the motive General Principles ers unless disclosure is ordered by
for the action. The Board of Directors The principles outlined in this policy the court.
decides on the type of sanction, adjust- stem from the Company's commitment 3. A WBS channel is provided to
ed to the severity of the deviation and to integrity and sustainable business facilitate reporting. Reporters may
the employee’s rank or position within practices. This policy requires the also report directly to uninvolved
the organizational hierarchy. Company to adhere consistently to the officials, including the Company
values of transparency, accountability, Owner, via email: remalaabadi-
Sanctions for employees can include: responsibility, integrity, and fairness .wbs@remala.id.
• Verbal warnings throughout all business activities and 4. Reporters may remain anonymous
• Warning letters (I, II, III) jurisdictions. It fosters a culture where and must provide logically accept-
• Denial of salary increases corruption, bribery, and gratification are able preliminary evidence, avoiding
• Denial of rank or bonus increments never acceptable. The following are the reports based on rumors.
• Termination of employment (PHK) principles of this policy: 5. Fraud and bribery are serious
1. Zero Tolerance for Corruption The disciplinary violations with potential
For layoffs specifically, after obtaining Company has no tolerance for acts dismissal (PHK) and possible legal
approval from the Board of Directors, of corruption, bribery, and gratifica- action. Further investigations will
the process involves submitting a permit tion, prohibiting all forms, whether be conducted unless the perpetra-
application to the Department of direct or indirect. The Company will tor is caught red-handed or there is
Manpower in accordance with the not tolerate employees or third clear video/document evidence.
Employment Law of the Republic of parties involved in acts of bribery 6. The Investigation Team must be
Indonesia. This process ensures that all and corruption. free from any conflict of interest
actions are compliant with national labor 2. Commitment to Combat Bribery, related to the case.
regulations and uphold the Company's Gratification, and Corruption The 7. The Internal Audit Team identifies
standards for ethical and professional Company is committed to proac- reports of suspected bribery,
conduct. tively fighting corruption, bribery, collaborates with Top Management
and graft. It aims to be an industry to determine the investigator and
role model by implementing the necessary resources, and ensures
ANTI-CORRUPTION, best anti-bribery standards and objectivity.
BRIBERY, AND practices, investing in employee 8. Internal investigators document
GRATIFICATION POLICY training and awareness, and facts/evidence and report findings
preventing bribery and corruption to both the Internal Audit Team and
Introduction by third parties, including down the Top Management, which deter-
In carrying out its business activities, the supply chain. The Company mines the follow-up actions.
Company consistently upholds healthy reserves the right to refrain from 9. Internal Audit and Top Management
and good corporate governance. This relationships with third parties if evaluate the investigation process
commitment positively impacts there is any doubt about their integ- and handling of bribery, ensuring
business progress and ensures rity. documentation is complete and
long-term business sustainability. To 3. Commitment to Compliance with confidential.
realize these goals, the Company has Laws and Regulations The Compa- 10. Investigation results may confirm or
developed various strategic policies to ny is committed to complying with disprove violations or lead to the
maintain management order within its laws and regulations in all opera- discovery of additional cases.
organization. tional areas, given its broad 11. If the investigation confirms a loss
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CORPORATE GOVERNANCE
to the company of at least IDR 100,000,000, the internal investigation report will be forwarded to an external investigative
agency.
12. Top Management will impose sanctions for violations, including:
a. Strong Warning Letter
b. Termination of employment
c. Fines of at least twice the proceeds of corruption
d. Criminal prosecution or imprisonment
Gratification Control Procedures
1. The Company prohibits giving to external parties, except for reasonable service-related facilities, such as lodging, transporta-
tion, and meals during Company services.
2. Personnel are prohibited from accepting gratification as defined by the Company.
3. Prohibited gratuities include money or goods valued at Rp. 10,000,000 or more from business-related parties, which must be
reported to the Whistle-Blowing System Manager.
4. Gratuities not in the prohibited category and other reasonable gifts must still be reported to the Anti-Bribery Compliance Func-
tion via Google form: https://bit.ly/gratificationremala.
5. Personnel must refuse prohibited gratuities given directly by the giver. Gifts received without prior notification must be reported
and submitted to Internal Audit.
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CORPORATE GOVERNANCE
CORPORATE
GOVERNANCE
STRUCTURE
RUPS
Board of
Director Commissioners
President Director Nomination &
& CEO Remuneration Audit Committee
Committee
The Company Corporate
Directors Secretary
Internal Audit
PT. Remala Abadi Tbk | Annual Report 2023 66
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CORPORATE GOVERNANCE
STRUCTURE
ORGANIZATION
RUPS
BOARD OF COMMISSIONERS
BOARD OF DIRECTOR
Corporate
Secretary
HR, GA & Legal Nethome GM
Assistant CTO
Manager
New Roll Out GM GM ICT & Technology Tachyon GM
Building &
NOC Manager Area Manager
Operation & Maintenance Government
Manager Manager
Network Planning & Partner Dev’t
Standardization Manager Manager
MSP Manager
Point of Presence
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CORPORATE GOVERNANCE
AUDIT
COMMITEE
NOMINASI
& REMUNERASI
COMMITEE
AUDIT
INTERNAL
CRO Manager Finance Manager
Marketing Manager Accounting Manager
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CORPORATE GOVERNANCE
General Meeting of Shareholders (GMS)
Organizing RUPS
5 working days * 21 day **
01 03 05
Informing the OJK GMS invitation Announcement on
concerning GMS
agenda; 02 04 Minutes of GMS 06
GMS announce- Minutes of GMS
4GMS
ment submitted to OJK
14 day ** 2 working days
30 day
• THE AUTHORITY OF THE GMS, AS • than 50% of the Company's net assets in one or more
REGULATED IN THE COMPANY'S ARTI- transactions, whether related to each other or not.
CLES OF ASSOCIATION, INCLUDES: • Approving the Company's corporate actions in accor-
• dance with applicable laws and regulations.
• Approving the annual report and the supervisory duties • 1Approving material transactions and conflicts of interest
report of the Board of Commissioners for the relevant based on the limits of authority regulated in statutory
financial year. regulations.
• Approving the use of Company profits.
• Ratifying the financial report, including the balance sheet THE COMPANY'S EFFORTS TO ENCOUR-
at the end of the financial year and the profit and loss AGE SHAREHOLDER PARTICIPATION
statement for the financial year.
• Appointing or authorizing the Board of Commissioners to PT Remala Abadi Tbk provides access for Shareholders to
appoint a Public Accounting Firm for the current year. obtain information and materials related to the General
• Appointing and/or dismissing members of the Company's Meeting of Shareholders (GMS) on the Company's website.
Board of Directors and Board of Commissioners. Materials related to the agenda to be discussed at the GMS
• Determining remuneration for members of the Board of are also available at the Company's office during working
Directors and Board of Commissioners. hours from the date of the Invitation to the GMS. The
• Approving additional authorized capital and/or paid-up implementation of e-GMS allows shareholders to participate
and issued capital. virtually, eliminating the limitations of attending the GMS in
• Ratifying changes to the Company's Articles of Associa- person.
tion.
• Approving mergers, consolidations, takeovers, separa-
tions, bankruptcy petitions, extensions of the time of
establishment, and dissolution of the Company.
• Approving the transfer, relinquishment of rights, or use as
collateral for all or most of the debt with a value of more
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CORPORATE GOVERNANCE
GENERAL REQUIREMENTS • Discussion of Meeting Agenda, After discussing the
Meeting agenda, the Chair or an appointed party may
The general provisions and procedures for holding a GMS address written questions, opinions, proposals, or
refer to the Financial Services Authority Regulation No. suggestions related to the agenda from Shareholders or
15/POJK.04/2020 concerning the Plans and Implementation their proxies, using the following mechanisms:
of the General Meeting of Shareholders of Public Companies ▪ Attendees can raise their hand and write on the
("POJK 15/2020"). The mechanism for exercising voting rights sheet provided by the Meeting officer.
by shareholders at the GMS or EGMS is regulated to allow ▪ Questions, opinions, proposals, or suggestions are
voting directly, through proxies, or electronically. limited to three times per agenda item and must be
directly related to the agenda being discussed.
The GMS must be held no later than six months after the • Decision-Making, Decisions are made by deliberation to
financial year ends. At the GMS, the Board of Commissioners reach consensus. If consensus is not achieved,
and Directors present and report the following: decisions are made by voting.
1. Annual Report • Voting Rights, Each share gives the holder one vote.
2. Recommendations for the use of the Company's net profit Shareholders with more than one share vote only once,
3. Appointment of a Public Accounting Firm to audit the representing all their shares.
Company's financial statements for the current financial • Latecomers, Shareholders or proxies arriving after
year registration closes, even if the Meeting has not started,
4. Determination of the Company's Board of Commission- cannot ask questions or vote.
ers and Directors, including honorarium, allowances, • Minutes of Meeting, Minutes of the Meeting are docu-
salaries, bonuses, and other remuneration mented in a Deed of Meeting Minutes drawn up by a
5. Other matters requiring shareholder approval for the Notary.
benefit of the Company • Validity of Minutes, The Deed of Meeting Minutes serves
as valid evidence for all Shareholders and third parties.
Rules for the General Meeting of Shareholders and
Decision-Making Process
• Language and Chairing of the Meeting, Meetings are
conducted in Indonesian and chaired by a member of
the Company's Board of Commissioners.
• Physical Meeting Arrangements, Meetings are held
physically with limitations on the number of participants
allowed in the room.
• Proof of Authority, The Chair of the Meeting has the right
to request proof of authority from those attending.
• Eligibility to Attend, Only Shareholders or their autho-
rized Proxies registered in the Company's Register of
Shareholders up to one working day before the invitation
to the Meeting are entitled to attend or be represented.
AGENDA RUPS
No Agenda
1 Approval of the Annual Report and Annual Financial Report for the financial year
ending December 31, 2023.
2 Determination of the Company's profit and loss for the financial year ending
December 31, 2023.
3 Determination of the amount of salary and other allowances for members of the
Board of Directors and members of the Board of Commissioners of the Company.
4 Approval of the Appointment of a Public Accountant and/or Public Accounting
Firm.
5 Accountability for the realization and approval of changes in the use of proceeds
from the Public Offering.
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CORPORATE GOVERNANCE
BOARD OF COMMISSIONERS
The Board of Commissioners, in accordance with applicable laws and regulations,
represents Shareholders to oversee the implementation of company policies and strategies
carried out by the Board of Directors. They also provide direction and advice to the Board of
Directors in managing the Company with good faith, care, and responsibility, aiming to
strengthen the Company's image in the eyes of the public and Shareholders.
LEGAL BASIS
1. Law No. 40 of 2007 concerning Limited Liability Companies.
2. OJK Regulation No. 33/POJK.04/2014 concerning Directors and Board of Commission-
ers of Issuers or Public Companies.
3. Company Articles of Association.
BOARD OF COMMISSIONERS CHARTER
The Company has a Work Code of Conduct and Code of Ethics for the Board of Commis-
sioners, also known as the Board Manual. This manual serves as a guide for Board mem-
bers to maintain professional, productive working relationships and to efficiently carry out
their duties. It includes explanations regarding:
1. Criteria and composition.
2. Duties and responsibilities.
3. Work ethics, including regulations on conflicts of interest, confidentiality of Company doc-
uments, and compliance with applicable regulations.
4. Procedures for holding meetings, including meeting quorum and voting rights.
5. Remuneration.
6. Division of authority
MEMBERSHIP AND TERM OF SERVICE
The requirements for membership of the Board of Commissioners are as follows:
1. Good morals, ethics, and integrity.
71 PT. Remala Abadi Tbk | Annual Report 2023
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CORPORATE GOVERNANCE
2. Capable of legal actions.
3. Within the five years before appointment and during tenure:
• Never declared bankruptcy.
• Never been found guilty of causing a company to be declared bankrupt while serving as a
member of the Board of Directors or the Board of Commissioners.
• Never been convicted of a criminal offense detrimental to state finances or related to the
financial sector.
• Never served as a member of the Board of Directors or the Board of Commissioners while
committing the above offenses.
Members of the Board of Commissioners are appointed and dismissed at the General Meeting of
Shareholders for a period until the closing of the third Annual General Meeting of Shareholders
since their appointment. The position ends if they resign, no longer meet the requirements, die, or
are dismissed based on a GMS decision.
BOARD OF COMMISSIONERS COMPOSITION
As of December 31, 2024, the Company's Board of Commissioners consists of 2 (two) members,
one is the President Commissioner and the other is the Independent Commissioner, as follows:
Nama Jabatan
Verah Wahyudi Wong President Commissioner
Alamsyah Saragih Independent Commissioner
PT. Remala Abadi Tbk | Annual Report 2023 72
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CORPORATE GOVERNANCE BOARD OF DIRECTORS The Board of Directors collectively holds authority and responsibility for managing the Company in alignment with its aims, objectives, vision, and mission as stipulated in the articles of associa- tion. They operate under the mandate of the shareholders and stakeholders, managing the Company's operations, implementing necessary actions and policies, and ensuring efficient operation while adhering to applicable laws and regulations. LEGAL BASIS 1. Law No. 40 of 2007 concerning Limited Liability Companies. 2. OJK Regulation No. 33/POJK.04/2014 concerning Directors and Board of Commissioners of Issuers or Public Companies. 3. Company Articles of Association 4. Board Manual & Company Code of Ethics WORK GUIDELINES AND CODE OF ETHICS FOR BOARD OF DIRECTORS The Company has established a Work Code of Conduct and Code of Ethics for the Board of Directors, known as the Board Manual. This manual serves as a guide for Board members to maintain professional, productive working relationships and to efficiently perform their duties. The Board Manual includes explanations regarding, among other things: 1. Criteria and Composition 2. Duties and Responsibilities 3. Work Ethics, which include: • Regulations regarding conflicts of interest • Confidentiality of Company documents • Compliance with applicable regulations 4. Procedures for Holding Meetings, which encompass: • Meeting quorum • Voting rights 5. Remuneration 6. Division of Authority BOARD OF DIRECTORS DUTIES AND RESPONSIBILITIES 1. Approval, Registration, and Confirmation of the Articles of Association, Submit the Articles of Association and any amendments to the Ministry of Law and Human Rights for approval or registration and to the State Printing House for confirmation. 2. Share Administration, Prepare and maintain (or appoint a Securities Administration Agency to manage) share administration records, including: • Names and addresses of all Shareholders • Number, date, and details of share acquisitions or joint stock certificates • Name and address of the company's share guarantor • Other r elevant information 3. Special Share Administration, Prepare and maintain special records regarding share own- ership and business relationships of the Directors, Board of Commissioners, and their respective families within the company, including the dates shares were acquired. 4. Company Documents, Maintain all important lists, administrative records, and company documents, including decisions, minutes of the GMS, minutes of meetings of the Board of Directors, and minutes of meetings of the Board of Commissioners within the company's domicile. Provide access to Shareholders in accordance with the law. 5. Company Accounts, Maintain all company accounts and financial documents in accor- dance with accounting standards, and provide access to Shareholders as stipulated by law 73 PT. Remala Abadi Tbk | Annual Report 2023
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CORPORATE GOVERNANCE
and the Articles of Association.
6. Integrated Annual Report, Prepare an annual report within 5 months from the end of the
financial year, which includes:
• Financial statements, including financial data for the latest and previous financial years
(profit and loss statements, cash flows, changes in equity, and other related data)
• Company activity reports
• Corporate social responsibility report
• Events impacting company activities
• Board of Commissioners' report on supervisory duties from the previous financial year
• Names of all members of the Board of Directors and Board of Commissioners
• Salaries or honorariums given to members of the Board of Commissioners and Directors
7. Board of Directors Meetings,, Hold Board of Directors Meetings in accordance with applica-
ble regulations.
8. Business Plan, Submit the company's business plan and budget to the Board of Commis-
sioners for approval no later than 60 days before the financial year ends. If not submitted on
time, the previous year's business plan will be used.
9. Company Strategy, Determine the company's business strategy, and review, monitor, and
supervise its implementation.
10. Company Vision and Goals, Determine the Company's vision and goals regularly and con-
duct reviews to ensure they remain aligned and relevant to the Company's business.
BOARD OF DIRECTORS PROFILE
Richard Kartawijaya
Chief Executive Officer
Richard Kartawijaya holds a Master's degree in Business Marketing from Esa Unggul University, which he
completed in 1993 following his earlier Bachelor's degree in Electrical Engineering from Atma Jaya Catholic
University in 1982.
Since 2022, Richard Kartawijaya has served as the Chief Executive Officer (CEO) at PT. Remala Abadi, subse-
quently assuming the role of Chief Executive Director in 2023. In addition, Richard has been actively involved
as the Owner of BEATUS Home Living since 2020.
Richard's previous roles include serving as CEO & President Director at PT. Graha Teknologi Nusantara from
2015 to 2017, CEO at PT. Link Net, Tbk from 2013 to 2015, and leadership positions at PT. Ander Cakra Buana
from 2009 to 2013.
Samuel Adi Mulia
Chief Financial Officer
Samuel Adi Mulia pursued Finance studies at Trisakti University and later obtained a Bachelor's degree in
Accounting from the same university in 1993.
Since 2023, Samuel Adi Mulia has served as the Finance Director at PT. Remala Abadi. Prior to this role,
Samuel held positions as the Internal Control Manager (Function Strategic & Cost Control Manager) at PT.
Satria Antaran Prima Tbk from 2019 to 2020. He also served as the Finance Director at PT. Klaai Dendan Lestari
and PT. Pat Petulai Energi from 2017 to 2019, and at PT. Intan Baruprana Finance Tbk from 2012 to 2017.
PT. Remala Abadi Tbk | Annual Report 2023 74
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CORPORATE GOVERNANCE
CORPORATE SECRETARY
Corporate Secretary Information
• Name: Maureen Graciela
• Address: Graha Mustika Ratu, Jalan Gatot Subroto No. 74-75,
South Jakarta
• Telephone: +62 21 8370 9269
• corporatesecretary@remala.id
Education
• 2022 - Present: Bachelor’s Degree – BINUS University
• 2018 - 2021: Associate's Degree – STIKS Tarakanita
Pursuant to OJK Regulation Number 35/POJK.04/2014 dated December 8, 2014 concerning Corporate
Secretaries of Issuers or Public Companies ("POJK Number 35/2014"), the Company has appointed Mau-
reen Graciela as the Corporate Secretary effective February 26, 2024. This appointment was made based
on Decree Number 023/CSRA/IPO/DIR/II/2024 concerning the Establishment of a Corporate Secretary.
Corporate Secretary Duties and Responsibilities
The duties and responsibilities of the Corporate Secretary are in accordance with POJK No. 35/2014 dated
December 8, 2014 concerning Corporate Secretaries of Companies or Public Companies. These include
the following:
a. Compliance and Advising: Provide input to the Company's Directors to ensure compliance with applica-
ble provisions, including but not limited to Law Number 40 of 2007 concerning Limited Liability Compa-
nies, Law Number 8 of 1995 concerning Capital Markets, and other applicable regulations in the Repub-
lic of Indonesia. This also includes adherence to general corporate governance norms.
b. Capital Market Development: Stay informed about developments in the Capital Market, especially regu-
lations applicable in the Capital Market sector.
c. Liaison: Act as a liaison between the Financial Services Authority, Indonesian Stock Exchange, stake-
holders, and the public.
d. Public Relations: Maintain good relations between the Company and the mass media.
e. Investor Relations: Provide services to the public (investors) for any information required by investors
relating to the condition of the Company.
f. Support Activities: Carry out activities that support the Company's operations, including preparing
Annual Reports, facilitating the General Meeting of Shareholders, ensuring Information Disclosure, etc.
g. Good Corporate Governance: Prepare and promote Good Corporate Governance (GCG) practices
within the Company.
h. Documentation: Maintain and prepare Company documentation, including minutes from Directors'
Meetings and Board of Commissioners' Meetings, and related matters.
In addition, the Corporate Secretary can act as a liaison between company management and external
parties such as clients, vendors, or other business partners. They also assist in compiling administrative
reports and maintaining the confidentiality of company information.
75 PT. Remala Abadi Tbk | Annual Report 2023
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CORPORATE GOVERNANCE
AUDIT COMMITTEE
THE COMPANY HAS ESTABLISHED AN AUDIT COMMITTEE AND FORMULATED AN AUDIT
COMMITTEE CHARTER
The Company has established an Audit Committee and formulated an Audit Committee Charter, which serves as a work guideline
for the Audit Committee. The formation and operation of the Audit Committee are regulated by POJK No. 55/2015. According to
Decree Number: 001/SK-RA/KOM/XII/2023 concerning the Establishment of the Audit Committee dated November 18, 2023, the
term of office for the Audit Committee must not exceed that of the Board of Commissioners as stipulated in the Company's Articles
of Association. The committee members can be re-elected for one additional period.
Audit Committee Duties and Responsibilities
The Audit Committee is tasked with providing independent professional opinions to the Company's Board of Commissioners on
reports or issues submitted by the Company's Directors. It also identifies matters requiring the Board of Commissioners' attention.
The specific duties include:
a. Annual Activity Plan: Create an annual activity plan approved by the Company's Board of Commissioners.
b. Financial Information Review: Review financial information to be released by the Company, including financial reports, projec-
tions, and other financial data.
c. Compliance Review: Assess the Company's compliance with laws and regulations related to its activities.
d. Audit Implementation Review: Conduct a review and assessment of audits performed by internal auditors and oversee
follow-up actions taken by the Company's Directors on internal auditor findings.
e. Complaint Review: Review and report to the Board of Commissioners on complaints related to the Company.
f. Confidentiality: Maintain confidentiality with the Public Accountant regarding Company data and information.
g. Public Accountant Relations: Supervise relations with Public Accountants and hold meetings or discussions with them.
h. Guideline Management: Create, review, and update Audit Committee guidelines as necessary.
i. Responsibility Assessment: Assess and confirm that all responsibilities stated in the Audit Committee Guidelines have been
fulfilled.
j. jIndependent Opinion: Provide an independent opinion in case of a disagreement between management and the Public
Accountant regarding the services provided.
k. Public Accountant Recommendation: Recommend the appointment of a Public Accountant to the Board of Commissioners,
based on considerations of independence, scope of assignment, and fees.
l. Risk Management Review: Review the risk management activities carried out by the Directors and, if applicable, by the risk
monitoring function under the Board of Commissioners.
m. Conflict of Interest Review: Review and advise the Board of Commissioners on potential conflicts of interest within the
Company.
To comply with Article 12 of POJK No. 55/2015, the Company has established an Audit Committee Charter dated November 18,
2023. According to POJK No. 55/2015, the Audit Committee meetings are held periodically at least once every three months and
must be attended by more than 50% of the total members. The meetings involve discussions and preparation of a comprehensive
work program to implement supervision over the performance of the Board of Directors.
AUDIT COMMITTEE AUTHORITY
A. Access: Have full, free, and unlimited access to records, employees, funds, assets, and other company resources relevant to
their duties.
B. Communication: Communicate directly with employees, including the Board of Directors and parties performing the risk
management internal audit function, and Accountants regarding the duties and responsibilities of the Audit Committee.
C. Independent Assistance: Involve independent parties outside the Audit Committee members as necessary to assist in carry-
ing out their duties.
D. Additional Authorities: Exercise other authorities granted by the Board of Commissioners.
PT. Remala Abadi Tbk | Annual Report 2023 76
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CORPORATE GOVERNANCE
AUDIT COMMITTEE COMPOSITION AND PROFILES
Chairman: Ahmad Alamsyah Saragih, S.E.
Profile: Detailed information on Ahmad Alamsyah Saragih's education and work
experience is available in the Company Management and Supervision
sub-chapter
Member 1: Sudarmana, SE., AK., CA., CPA., CACP.
Obtained a Bachelor's degree in Accounting from Brawijaya University in 1994
and has work experience as branch manager of KAP Budiman, Wawan, Pamud-
ji and Partners, Karanganyar, from 2022 until now.
Member 2: Sunandar Ichsan
Has a Master of Business Administration degree from the University of Hull,
London in 1993 and in 1988 obtained a degree in Economics and Accounting.
And has work experience as Director of PT Lautan Rejeki Luas from 2022 until
now.
INTERNAL AUDIT
The Internal Audit Department at PT Remala Abadi Tbk operates under the provisions stipulated in Financial Services Authority
Regulation No. 56/POJK.04/2015 concerning the Establishment and Guidelines for Preparing the Internal Audit Unit Charter
(POJK 56/POJK.04/2015).
POSITION OF THE INTERNAL AUDIT WORK UNIT:
1. The Internal Audit Work Unit is positioned under the auspices of the Board of Directors or the Company's Audit Committee.
This arrangement ensures the independence and autonomy of the Internal Audit Work Unit, enabling it to carry out its duties
without undue interference from company management.
2. Functions of the Internal Audit Work Unit:
▪ Evaluation and Inspection: Responsible for evaluating and inspecting the company's systems, procedures, and business
activities to ensure they are effective, efficient, and compliant.
▪ Internal Control: Assesses and enhances the company's internal control system to prevent misuse, fraud, and ensure the
smooth continuity of operations.
▪ Preparation of Audit Plan: Develops an internal audit plan based on risk analysis to set audit priorities and create an
effective audit schedule.
▪ Providing Improvement Recommendations: Offers recommendations for improvements to company management follow-
ing audits to enhance systems, processes, and performance.
▪ Follow-up Monitoring: Monitors the implementation of recommended improvements, providing regular progress reports
to management.
INTERNAL AUDIT DUTIES AND RESPONSIBILITIES
The duties and responsibilities of Internal Audit are guided by the regulations of the OJK and The Institute of Internal Auditors
("IIA") concerning standards and codes of ethics. The Internal Audit functions must be implemented with independence. Key
responsibilities include:
• Annual Audit Plan: Develop an annual audit plan with a risk-based approach covering finance, accounting, operations, human
resources, marketing, information technology, and other activities.
• Implementation of Audit Plan: Execute the approved annual audit plan, including special assignments at the request of the
President Director and Board of Commissioners.
• Inspections and Assessments: Conduct inspections and assessments to evaluate the efficiency and effectiveness of finance,
accounting, operations, human resources, marketing, information technology, and other activities.
• Improvement Suggestions: Provide suggestions for improvement and objective information about examined activities to all
levels of management.
77 PT. Remala Abadi Tbk | Annual Report 2023
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CORPORATE GOVERNANCE
• Audit Reports: Prepare and submit audit result reports to the President Director, Board of Commissioners through the Audit
Committee, and related parties.
• Follow-up Monitoring: Monitor and evaluate the adequacy of the follow-up on audit results by the auditee and report the
completion status to the President Director and Board of Commissioners through the Audit Committee.
• Professionalism Maintenance: Maintain the professionalism of internal auditors through continuing education programs and
certification programs to enhance their knowledge and skills.
• Cooperation with the Audit Committee: Collaborate with the Audit Committee and act as its secretariat.
• Quality Evaluation Program: Develop a program to evaluate the quality of internal audit activities.
• Special Reviews and Investigations: Conduct special reviews, evaluations, and/or investigations as needed.
By fulfilling these functions and responsibilities, the Internal Audit Work Unit plays a critical role in maintaining the integrity, trans-
parency, and sustainability of PT Remala Abadi Tbk through continuous evaluation, control, and recommendations provided to
management.
INTERNAL AUDIT WORK UNIT AUTHORITY
The Internal Audit Work Unit at PT Remala Abadi Tbk holds several key authorities to ensure effective auditing and oversight
within the Company:
a. Preparing an Internal Audit Plan: The internal audit unit has the authority to prepare an internal audit plan, which includes
defining the scope, objectives, and schedule of the audit. This plan is formulated based on risk assessments conducted
within the company.
b. Conducting Internal Audits: The internal audit unit is authorized to carry out internal audits, examining the company's
systems, procedures, and business activities. The aim of these audits is to assess the effectiveness, efficiency, and
compliance with company policies.
c. Providing Recommendations for Improvements: Based on audit findings, the internal audit unit is empowered to provide
recommendations to company management. These recommendations are intended to enhance internal controls and overall
company performance.
d. Carrying Out Follow-Up: The internal audit unit is responsible for ensuring follow-up on the recommendations provided to
management. This follow-up process is crucial to confirm that the recommended improvements are being implemented
effectively and appropriately.
e. Reporting Audit Results: The internal audit unit has the authority to report audit results periodically to the company's Board
of Directors or Audit Committee. These reports include findings, recommendations for improvement, and the status of
follow-up actions.
Through these authorities, the internal audit unit plays a vital role in aiding the company to achieve its business objectives by
ensuring sustainability, transparency, and compliance in company operations.
Information Regarding the Internal Audit Work Unit
Name: Ika Huraeri Saputro
Address: Graha Mustika Ratu, Jalan Gatot Subroto No.74-75, South Jakarta
Education
• 2018: Bachelor Degree in Informatics Engineering, MH Thamrin University
• Work Experience
• 2022 – 2023: Functional IT, PT Inti Sumber Baja Sakti
• 2019 – 2022: IT Support, Yafindo Group
• 2016 – 2019: IT Support, PT Electronic Data Interchange Indonesia
By exercising its authority in these areas, the Internal Audit Work Unit at PT
Remala Abadi Tbk ensures that the Company's operations are continuously
evaluated and improved to align with best practices and regulatory standards.
PT. Remala Abadi Tbk | Annual Report 2023 78
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CORPORATE GOVERNANCE
NOMINATION AND
REMUNERATION COMMITTEE
Pursuant to OJK Regulation Number 34/POJK.04/2014 concerning the Nomination and Remuneration Committee of Issuers or
Public Companies ("POJK No. 34/2014"), PT Remala Abadi Tbk has established a Nomination and Remuneration Committee.
The implementation of the Nomination and Remuneration function within the company is overseen by the Board of Commission-
ers, based on Decree Number 003/SK/RA/DIR/XI/2023 dated November 18, 2023. The composition of the Nomination and
Remuneration Committee is as follows:
Alamsyah Saragih
Independent Commissioner
Ahmad Alamsyah Saragih, S.E., pursued his academic studies on Economics at
Padjadjaran University, where he earned a Bachelor's degree in Economics in 1992.
Currently, Ahmad Alamsyah Saragih serves as an Independent Commissioner of the
Company. In addition to this role, Alamsyah has been actively involved as a GCG
Advisor in the INDONESIAN BATTERY INDUSTRY since 2021.
Previously, Alamsyah held various significant positions in the OMBUDSMAN OF THE
REPUBLIC OF INDONESIA from 2016 to 2021, contributing in roles such as Member
of the Economic Sector and Member of the Examination Sector Special. Prior to that,
Alamsyah served in the Central Information Commission of the Republic of Indonesia
from 2009 to 2013, where he held positions as Chairman and Member. Alamsyah also
gained valuable experience as a Local Governance Specialist at the World Bank Jakar-
ta from 2002 to 2007.
Member 1
Verah Wahyudi Singgih Wong
President Commissioner
Verah Wahyudi Singgih Wong pursued Financial Management studies and earned a
Bachelor's degree in Financial Management from the University of Surabaya in 2001.
Verah Wahyudi Singgih Wong currently holds the position of President Commissioner
of the company, where Verah provides leadership with strategic vision and exceptional
wisdom. Previously, Verah served as the Finance Director at PT. Remala Abadi for 16
years, from 2006 to 2022. Prior to that role, Verah held the position of Finance Control-
ler at PT. Wing Surya Surabaya from 2002 to 2005.
Member 2:
Syaiful Salamia
Address: Graha Mustika Ratu, Jalan Gatot Subroto No.74-75, South Jakarta
Education:
Bachelor of Economy, Borobudur University, Jakarta (2017)
Work Experience:
Human Resources Manager at PT Hashmicro Solusi Indonesia (2022-2023)
HR & GA Manager at PT Armindo Mandiri (2020-2022)
HR & GA Supervisor at PT Air Mas Perkasa (2019)
79 PT. Remala Abadi Tbk | Annual Report 2023
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CORPORATE GOVERNANCE
STATEMENT OF INDEPENDENCE
Based on the Charter and referring to OJK Regulation No. 55/POJK.04/2015, the Nomination and Remuneration Committee
operates independently in carrying out its duties and responsibilities without interference from any party and in compliance with
applicable laws and regulations. The independence of the Nomination and Remuneration Committee is further ensured by having
an Independent Commissioner as the Committee Chair and independent parties as Committee Members. All members have
fulfilled the independence requirements as stipulated in the Personal Statement signed at the time of appointment and document-
ed by the Corporate Secretary.
COMMITTEE CHARTER
The Committee has a Nomination and Remuneration Committee Charter (NRC Charter) that serves as the basis for its work. The
NRC Charter has been adapted to POJK No. 34/POJK.04/2014 and was approved by the Board of Commissioners on November
18, 2023.
IMPLEMENTATION OF THE NOMINATION FUNCTION NOMINATION POLICY
In carrying out the Nomination function for members of the Board of Commissioners and Directors, the Board of Commissioners
has the following duties and responsibilities:
1. Provide recommendations to and/or assist the Board of Commissioners regarding:
A. The composition of positions of members of the Board of Directors and/or Board of Commissioners.
B. Policies and criteria required in the nomination process for members of the Board of Directors and/or members of the
Board of Commissioners.
C. Performance evaluation policy for members of the Board of Directors and/or members of the Board of Commissioners.
D. Systems and procedures for selecting and/or replacing members of the Board of Commissioners and Directors to the
Board of Commissioners to be submitted to the General Meeting of Shareholders ("GMS").
2. Assist the Board of Commissioners in assessing the performance of members of the Board of Directors and/or members of
the Board of Commissioners based on prepared benchmarks. This assessment evaluates individual contributions and identi-
fies development needs or necessary performance improvements.
3. Provide recommendations to the Board of Commissioners regarding capacity development programs for members of the
Board of Directors and/or members of the Board of Commissioners to enhance their ability to effectively carry out their duties.
4. Propose candidates who meet the requirements for membership on the Board of Directors and/or Board of Commissioners to
the Board of Commissioners for submission to the General Meeting of Shareholders (GMS). Candidate proposals must be
based on predetermined criteria and their potential contribution to the company.
IMPLEMENTATION OF THE REMUNERATION FUNCTION
REMUNERATION POLICY
The remuneration policy for the Board of Commissioners and Directors is determined by the Company based on recommenda-
tions from the Board of Commissioners as the implementer of the nomination and remuneration function. In carrying out this
function, the Board of Commissioners has the following duties and responsibilities:
1. Provide recommendations to and/or assist the Board of Commissioners regarding:
A. The remuneration structure for members of the Board of Directors and members of the Board of Commissioners.
B. The policy on remuneration for members of the Board of Directors and members of the Board of Commissioners.
C. The amount of remuneration for members of the Board of Directors and members of the Board of Commissioners.
2. Assist the Board of Commissioners in assessing the suitability of the remuneration received by each member of the Board of
Directors and/or members of the Board of Commissioners in relation to their performance.
3. The structure, policies, and amount of remuneration must take into account:
A. Remuneration applicable to the industry in accordance with the business activities of similar public companies and the
business scale of public companies in the industry.
B. The duties, responsibilities, and authorities of members of the Board of Directors and/or members of the Board of
Commissioners in relation to achieving the goals and performance of public companies.
C. Performance targets or achievements of each member of the Board of Directors and/or members of the Board of
Commissioners.
D. Balance of allowances between fixed and variable components.
4. The structure, policies, and amount of remuneration must be evaluated by the Nomination and Remuneration Committee
once a year.
Committee Meeting Policy
The Nomination and Remuneration Committee holds regular meetings at least once every four months. Meetings are attended by
members of the Nomination and Remuneration Committee, with the majority being the Chair. Decisions at Nomination and Remu-
neration Committee meetings are made by prioritizing consensus deliberation. The results of each meeting are recorded in the
minutes, including any dissenting opinions, which are signed by all members present.
PT. Remala Abadi Tbk | Annual Report 2023 80
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CORPORATE SOCIAL RESPONSIBILITY 81 PT. Remala Abadi Tbk | Annual Report 2023
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PT. Remala Abadi Tbk | Annual Report 2023 82
Page 85
CORPORATE SOCIAL RESPONSIBILITY
CORPORATE SOCIAL
RESPONSIBILITY
The implementation of corporate social responsibility (CSR) reflects the Company's commitment to foster-
ing harmonious relationships with the environment, society, and all stakeholders. CSR implementation is
also aimed at advancing the Digital Economy to foster sustainable growth. It is hoped that through these
efforts, the Company can achieve the ideal, objective, and targeted implementation of CSR.
CORPORATE SOCIAL RESPONSIBILITY RELATED TO SOCIETY
In a bid to enhance CSR initiatives, the Company is dedicated to delivering social benefits to the communi-
ty through the "Free Internet for the Thousand Islands" program. This program is designed to provide free
internet access to the residents of the Thousand Islands, enabling them to experience its benefits in their
daily lives. Below are further details about this program:
1. Free Internet Access: The Company has established internet hotspots in several strategic locations
across the Seribu Islands, making internet access readily available to locals and tourists alike, even in
remote areas.
2. Educational Benefits: Internet access facilitates enhanced educational opportunities for children in the
Thousand Islands. They can access online educational resources, conduct research, and enrol in
online courses to broaden their knowledge.
3. Support for Economic Development: The internet also aids local communities in fostering economic
growth. It enables them to promote local products, engage in online businesses, and seek employ-
ment opportunities through online platforms.
4. Local Partnerships: The Company collaborates with local governments and social institutions to
efficiently and sustainably execute this program. This includes providing training to the public on safe
and productive internet usage.
The Company carries out CSR initiatives in the following manner:
Kegiatan 1
• Activity 1
• Theme : Equal Internet Access for the Thousand Islands
• Goal : Provide free internet access to expand service coverage in the Thousand
Islands (Pari Island and Kelapa Island)
• Implementation : From 2022 to Present
• Activity Format : Installation of Internet Hotspots in densely populated areas with waived
monthly fees, allowing individuals to connect their mobile or other Wi-Fi
enabled devices to the available hotspots.
83 PT. Remala Abadi Tbk | Annual Report 2023
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CORPORATE SOCIAL RESPONSIBILITY
CORPORATE SOCIAL RESPONSIBILITY RELATED TO THE ENVIRONMENT
Indonesia is currently grappling with environmental pollution, one significant aspect being vehicle carbon
emissions contributing to air pollution. This issue of air pollution poses a serious threat to public health
and the environment at large.
The Company is dedicated to assisting Indonesia in addressing environmental concerns by acquiring 23
(twenty-three) electric cars (electric vehicles/EVs). In addition to mitigating air pollution, these electric
cars also contribute to the reduction of noise pollution.
The Company's commitment to fulfilling social responsibility transcends mere investment in the
organization; it permeates the very essence of its existence and sustainability.
PT. Remala Abadi Tbk | Annual Report 2023 84
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85 PT. Remala Abadi Tbk | Annual Report 2023
Page 88
FINANCIAL
STATEMENT
PT. Remala Abadi Tbk | Annual Report 2023 86
Page 89
PT REMALA ABADI Tbk AND SUBSIDIARIES
Consolidated Financial Statements
For the Years Ended December 31, 2023 and 2022
With
Independent Auditors’ Report
Page 90
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
Page 91
Page 92
Page 93
Page 94
Page 95
Page 96
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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.
1
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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.
2
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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.
5
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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.
6
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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.
8
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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.
9
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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.
10
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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.
11
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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.
12
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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.
13
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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
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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)
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 112
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 113
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
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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)
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
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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)
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
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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)
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
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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)
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
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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)
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
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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)
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 120
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
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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)
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 122
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 123
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
Page 125
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
Page 126
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
Page 127
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
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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)
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
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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 (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
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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)
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
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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)
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
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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)
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
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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)
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 144
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
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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)
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 147
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
Page 149
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
Page 150
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
Page 154
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
Page 155
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
Page 156
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
Page 157
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
Page 158
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
Page 159
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
Page 160
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 161
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 122 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Remala Abadi Tbk.
p.3 ×401
unresolved
person
Maliangkay
p.17
unresolved
person
H. Integration
p.17
unresolved
org
PT Solusi Aplikasi Andalan Semesta
p.18 ×5
unresolved
org
PT Network Fiber Indonesia
p.18 ×3
unresolved
org
PT REMALA ABADI TBK'S BUSINESS STRATEGY PRIORITIZES TARGETED
p.26
unresolved
org
Sukimto & Rekan
p.28
unresolved
person
Ray Nainggolan
p.28
unresolved
org
Bank Indonesia
p.43 ×3
unresolved
org
PT IN
p.44
unresolved
org
PT Remala
p.44 ×2
unresolved
org
Abadi Tbk
p.44 ×2
unresolved
org
PT. Ander Cakra Buana
p.47 ×2
unresolved
org
PT. Remala Abadi. Prior
p.48 ×2
unresolved
org
PT. Klaai Dendan Lestari
p.48 ×2
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PT. Pat Petulai Energi
p.48 ×2
unresolved
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Intan Baruprana Finance Tbk
p.48 ×4
unresolved
org
PT Hutama Karya. With
p.53
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org
PT Remala Aba-di's
p.54
unresolved
org
PT Remala Abadi's
p.54
unresolved
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PT. Wing Surya Surabaya
p.57 ×2
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person
Alamsyah Saragih Independent Commissioner Ahmad Alamsyah Saragih
· Chairman
p.58 ×12
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PT Remala Abadi Tbk's
p.63
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Ensures
· Corporate Secretary
p.63
unresolved
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PT Complaint Form
p.64
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Nomination
· President Director
p.68 ×2
unresolved
org
Financial Services Authority
p.72 ×4
unresolved
org
Ministry of Law and Human Rights
p.75
unresolved
person
Mau-reen Graciela
p.77
unresolved
org
PT Lautan Rejeki Luas
p.79
unresolved
person
Informatics Engineering
p.80
unresolved
org
PT Inti Sumber Baja Sakti
p.80
unresolved
org
PT Electronic Data Interchange Indonesia By
p.80
unresolved
org
PT Hashmicro Solusi Indonesia
p.81
unresolved
org
PT Armindo Mandiri
p.81
unresolved
org
PT Air Mas Perkasa
p.81
unresolved
person
Fajra Rizqi Nasution
· Notaris
p.105 ×4
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Minister of Justice
p.105
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person
Notary Elizabeth Karina Leonita
· Notaris
p.105 ×9
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org
Minister of Law
p.105 ×3
unresolved
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Minister of Law and Human Rights
p.105 ×11
unresolved
—
Hong Chintia
· Corporate Secretary
p.105
unresolved
org
PT PC
p.106 ×7
unresolved
org
PT Solusi Aplikasi Andalan
p.106
unresolved
org
PT Akselerasi Informasi
p.106
unresolved
person
Anita Munaf
p.106
unresolved
person
Idriansyah Rizal
p.106 ×2
unresolved
person
Novita Sari Sianturi
p.107
unresolved
org
PT Akselerasi Informasi Indonesia
p.107 ×2
unresolved
person
Kumala Tjahjani Widodo
p.107
unresolved
org
PT Comtronics Systems
p.122
unresolved
org
PT Media Andalan Nusa
p.122
unresolved
org
PT Total Info Kharisma
p.122
unresolved
org
PT Wasantara Network Services
p.122
unresolved
org
Yayasan BPK Penabur KPS
p.123
unresolved
person
Penabur KPS
p.123
unresolved
org
PT Netco Trans Nusa
p.124 ×2
unresolved
org
PT Anchor Putra Indonesia
p.124
unresolved
org
PT Fiber Media Indonesia
p.124 ×8
unresolved
org
PT Jangkar Putra Indonesia
p.124
unresolved
org
PT Fajar Mitra Krida
p.125 ×2
unresolved
org
PT Fiber Teknologi Indonesia
p.125
unresolved
org
PT Indonesian Fiber Network
p.125 ×2
unresolved
org
PT Quinsis Lintas Mitra
p.127
unresolved
org
PT Sentra Inovasi Prima
p.127
unresolved
org
PT Jaringan Fiber Indonesia
p.127 ×4
unresolved
org
PT Indonesia Fiber Network
p.127
unresolved
person
Nova Helida
· Notaris
p.127
unresolved
org
PT Broadband Network Indonesia
p.128 ×3
unresolved
person
Erick Maliangkay
p.128
unresolved
org
PT Alindatama Saktib Rother
p.130
unresolved
org
PT Asuransi Raksa Pratikara
p.131
unresolved
org
PT BCA Finance
p.131 ×4
unresolved
org
PT Mega Finance
p.131 ×4
unresolved
org
PT Toyota Astra Finance Services
p.131
unresolved
org
PT Mustika Ratu Center
p.132 ×7
unresolved
person
KH Mansyur
p.134
unresolved
org
PT AFC Dinamika Indonesia
p.135
unresolved
org
PT Antar Jaringan Nusantara
p.135
unresolved
org
PT Dinamika Cipta Solusi
p.135
unresolved
org
PT UOB KAI HIAN Sekuritas
p.135
unresolved
org
PT Multidata Rancana Prima
p.135
unresolved
person
Sutisna
p.135
unresolved
org
PT Milenial Inti Telekomunikasi
p.135
unresolved
org
PT Toyota Astra Financial Services
p.136
unresolved
org
PT Toyota Astra Finance Service
p.137 ×3
unresolved
org
PT Fiber Network
p.138
unresolved
org
PT Fiber Network Indonesia
p.138 ×2
unresolved
org
Minister of Justice and Human Rights
p.143
unresolved
person
Achmad Zainudin
· Notaris
p.143
unresolved
org
Bank Administration
p.149
unresolved
org
PT Fiber Networks Indonesia
p.150 ×4
unresolved
org
PT Fiber Networks
p.151
unresolved
org
Bank United States Dollar
p.152
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