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DISCLAIMER
This annual report has been prepared by PT Austindo Nusantara Jaya Tbk. Company’s expectations with regard to new information, future events or
(ANJ) for informational purposes only. Certain statements herein may other circumstances. ANJ does not make any representation, warranty or
constitute “forward-looking statements”, including statements regarding prediction that the results anticipated by such forward-looking statements
ANJ’s expectations and projections for future operating performance will be achieved and such forward-looking statements represent, in each
and business prospects. Such forward-looking statements are based on case, only one of many possible scenarios and should not be viewed as the
numerous assumptions regarding ANJ’s present and future business most likely or standard scenario.
strategies and the environment in which ANJ will operate in the future.
Such forward-looking statements speak only as of the date on which they By reviewing this document, you acknowledge that you will be solely
are made. responsible for your own assessment of the market and the market position
of the Company and that you will conduct your own analysis and be solely
Accordingly, ANJ expressly disclaims any obligation to update or revise any responsible for forming your own view of the potential future performance
forward-looking statement contained herein to reflect any change in the of the business of ANJ.
ABOUT THIS REPORT
This report has been prepared as a detailed and accurate picture of ANJ, Please e-mail comments to corsec@anj-group.com. To download a PDF
its subsidiaries and their activities in 2023. It has also been prepared of this or previous years’ reports in English or Indonesian, please go to
according to the regulations of the Indonesian Financial Services https://anj-group.com/en/annual-report.
Authority (OJK). We hope you find it useful and we welcome your feedback.
COMMON TERMS USED IN THIS REPORT
ANJ GMIT
In this report PT Austindo Nusantara Jaya Tbk. is referred to PT Gading Mas Indonesia Teguh
as “ANJ” or “ the Company.”
ANJB
ANJA PT Austindo Nusantara Jaya Boga
PT Austindo Nusantara Jaya Agri
CPO
ANJAS Crude Palm Oil: the oil extracted after crushing the fruit of
PT Austindo Nusantara Jaya Agri Siais the oil palm.
SMM PK
PT Sahabat Mewah dan Makmur Palm Kernel: a fibrous cake that results from crushing the
seeds at the center of the oil palm fruit.
KAL
PT Kayung Agro Lestari PKO
Palm Kernel Oil: the oil extracted after crushing the palm
GSB
kernel.
PT Galempa Sejahtera Bersama
FFB
PPM
Fresh Fruit Bunches: the oil palm fruit clusters cut and
PT Permata Putera Mandiri
harvested from palms as the raw material for milling into
PMP CPO and PK.
PT Putera Manunggal Perkasa
Nucleus
ANJAP The area of an oil palm plantation that forms our core
PT ANJ Agri Papua business.
LSP Plasma
PT Lestari Sagu Papua The area of an oil palm plantation allotted to communities
AANE under the Indonesian Government’s Plasma Program to
PT Austindo Aufwind New Energy benefit smallholders.
ii PT Austindo Nusantara Jaya Tbk.
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Together with our peers in the agribusiness sector, we have had to adapt to an ever-shifting geopolitical landscape and
the undeniable impact of climate change to sustain a responsible and economically viable business. As a result, our
targets and processes are constantly evolving to remain relevant in this dynamic system. Yet, amid continuous flux, two
things endure – ANJ’s steadfast commitment to its core values and the resulting trust we have earned with our brand.
Our values are our guiding star, the common denominator to our principles, functions and ambitions; and the glue that
binds us. This year, we re-emphasized values training and socialization across our business. While our employees are
introduced to our values during their induction, we acknowledge that commitment and adherence may diminish over
time. Introducing regular value training proved to be successful, with employees assuming greater ownership of and
pride in our values. Some employees have even taken their dedication to greater heights by engaging with ANJ’s values
champion platform. Here, individuals actively promote adherence and guide conversation around the importance of our
values for our business and people. This year we brought our values champions together in a two-day retreat, providing
them the opportunity to discuss the core values and develop means to ensure consistent and universal appreciation of
our values across our business entities.
We work closely with communities, local governments, vendors and contractors across our operating region; building
strong relationships founded on trust is central to our strategy. We are also accountable to our stakeholders and
shareholders, who are entitled to expect that ANJ will abide by its commitments and achieve the targets it sets. By
exhibiting continued commitment to our values, our people can place trust in our mission, despite the changes they
may observe to our structure, systems and processes. Knowing that no matter the economic, social or environmental
climate, there will always be a common and steadfast foundation to our work is a comfort that all our people can rely
on, especially when all else seems to be in a state of uncertain flux. When our people trust ANJ to perform to the
highest standard of corporate governance and responsible development, we receive the necessary support to execute
our mission to the best of our ability. Trust is bidirectional and mutually beneficial. By safeguarding and championing
our values, we can ensure a long and prosperous future for our business and the people whose lives benefit from its
presence.
PT Austindo Nusantara Jaya Tbk. 1
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KEY PERFORMANCE 2023 2 PT Austindo Nusantara Jaya Tbk.
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PT Austindo Nusantara Jaya Tbk. 3
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CONTENTS
PROLOGUE 78 Profile of Key Management
81 Employee Composition–ANJ and Subsidiaries
ii DISCLAIMER
83 Shareholder Information
ii ABOUT THIS REPORT
86 Share Issuance and Listing Chronology
ii COMMON TERMS USED IN THIS REPORT 86 Bond, Sukuk (Sharia Bond) or Convertible Bond
01 THEME 86 Suspension of the Company’s Shares
02 KEY PERFORMANCE 86 Corporate Action
87 Dividend Payment for the Last Three Years
04 CONTENTS
88 Corporate Structure
01
90 Our Subsidiaries
PERFORMANCE HIGHLIGHTS
94 Awards and Certifications 2023
08 Financial and Operational Highlights Capital Market Supporting Institution and
99
Professionals
10 Share Information
100 Information on the Company Website
12 Significant Events 2023
Training and Development of the Board
of Commissioners, Board of Directors,
101
Committees, Corporate Secretary and Internal
Audit Unit
02 MANAGEMENT REPORT
18 Report from the Board of Commissioners 04 MANAGEMENT DISCUSSION AND ANALYSIS
24 Report from the Board of Directors 106 Macroeconomic Review
107 Industry Review
35 Statement of Responsibility
108 Operational Review Per Segment
115 Marketing Review
118 Business Prospects and Strategies
03 COMPANY PROFILE 120 Review of Financial Performance
38 ANJ’s Business Identity 120 Assets
40 Company Overview 121 Liabilities
46 A Brief History of the ANJ Group 121 Equity
48 Our Logo 121 Revenue
49 Our Vision, Mission and Corporate Values Capital Structure and Capital Structure
125
50 Code of Conduct and Corporate Culture Policy
52 Business Activity 126 Dividend Policy
54 Core Business Site Map 126 Use of IPO Proceeds
56 Organizational Structure Material Information Related to Investment,
Expansion, Divestments, Consolidation/
60 Profile of the Board of Commissioners 126
Merger, Acquisition or Debt/ Capital
70 Profile of the Board of Directors Restructuring Invesment
4 PT Austindo Nusantara Jaya Tbk.
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Material Facts About Related-Party 178 Majority and Controlling Shareholders
127
Transactions 180 Corporate Secretary
Information on Material Transactions
181 Internal Audit
128 Containing Conflict of Interest and / or
Transactions with Affiliated Parties 184 External Audit
Material Commitments for Capital 185 Internal Control
128
Expenditure
187 Risk Management System
129 Comparison of Realization Against Targets
193 Material Litigation
130 2024 Company Targets
193 Land Title Claims
131 Other Information
193 Administrative Sanctions
131 Going Concern Information
193 Insider Trading
194 Code of Ethics on Business Conduct
196 Corporate Culture
05 Corporate Governance 196 Whistleblowing System
134 ANJ’s Commitment to Good Corporate 198 Employee Share Allocation Program/
Governance Management Share Ownership Program
136 Assessment of GCG Implementation (ESOP/MSOP) Employee Stock Allocation
Program
140 Corporate Governance Structure
199 Anti-Corruption and Gratuity Control Policies
140 General Meeting of Shareholders
200 Participation in Political Activities
150 The Board of Commissioners
200 Goods and Services Procurement
155 The Board of Directors
201 Tax Compliance
160 Policy on the Diversity of the Board of
Commissioners and Board of Directors 202 Policies and Governance of Information
Technology
162 Performance Assessment of the Board of
Commissioners and the Board of Directors 202 Insurance
164 Remuneration of the Board of 203 Access to Corporate Data and Information
Commissioners and the Board of Directors 204 Compliance with Corporate Governance
167 Affiliations between the Board of Guidelines for Public Companies
Commissioners, the Board of Directors and
Controlling Shareholders
168 Committees Under the Board of
Commissioners 206 CORPORATE SOCIAL
168 Audit Committee RESPONSIBILITY
172 Nomination and Remuneration Committee 208 CONSOLIDATED FINANCIAL
174 Risk Management Committee STATEMENTS
175 Corporate Social Responsibility and Consolidated Financial Statements for year
Sustainability Committee ended December 31, 2023
176 Committees Under the Board of Directors
177 Performance Evaluation of Committees
PT Austindo Nusantara Jaya Tbk. 5
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6 PT Austindo Nusantara Jaya Tbk.
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PERFORMANCE
HIGHLIGHTS
Financial and Operational Highlights 8
Share Information 10
Significant Events 2023 12
PT Austindo Nusantara Jaya Tbk. 7
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
FINANCIAL AND OPERATIONAL HIGHLIGHTS
RESULTS FROM OPERATIONS (USD million)
Variance 2023 vs 2022
2023 2022 2021
Amount %
Total Revenue 236.5 269.2 267.4 (32.7) (12.1%)
Palm Oil, Palm Kernel Oil and Palm Kernel 233.1 265.3 264.5 (32.2) (12.1%)
Sago starch 0.9 1.6 1.3 (0.7) (44.2%)
Service Concession Revenue 0.6 0.6 0.6 (0.0) (0.6%)
Others 1.9 1.7 1.0 0.2 12.5%
Gross profit 31.6 53.9 97.9 (22.3) (41.4%)
EBITDA 49.1 69.3 84.0 (20.2) (29.1%)
Net income for the year 1.9 21.2 36.6 (19.3) (91.0%)
attributable to the owners of the company 2.6 21.7 37.0 (19.1) (87.9%)
attributable to non-controlling interests (0.7) (0.6) (0.4) (0.2) 28.0%
Total Comprehensive Income 6.5 6.1 33.9 0.4 5.9%
attributable to owners of the Company 7.1 6.9 34.6 0.3 4.0%
attributable to non-controlling interests (0.7) (0.8) (0.7) 0.1 (11.5%)
Basic earnings per share 0.0008 0.0065 0.0112 (0.0) (88.0%)
FINANCIAL POSITION AND FINANCIAL RATIOS
Variance 2023 vs 2022
2023 2022 2021
Amount %
Financial Position (USD million)
Cash and cash equivalents 5.9 10.8 27.1 (5.0) (45.9%)
Total current assets 55.0 59.1 77.8 (4.2) (7.0%)
Total assets 614.1 602.6 645.2 11.5 1.9%
Bank loans 150.9 134.2 169.2 16.7 12.4%
Total current liabilities 52.8 40.5 48.8 12.3 30.4%
Total liabilities 188.7 178.5 219.4 10.3 5.8%
Total equity 425.3 424.1 425.9 1.2 0.3%
Financial Ratios
Return on assets (ROA) (%) 0.3% 3.5% 5.7% (3.2%) (91.2%)
Return on equity (ROE) (%) 0.4% 5.0% 8.6% (4.5%) (91.0%)
Gross margin (%) 13.3% 20.0% 36.6% (6.7%) (33.3%)
EBITDA margin (%) 20.8% 25.8% 31.4% (5.0%) (19.4%)
Net profit margin (%) 0.8% 7.9% 13.7% (7.1%) (89.8%)
Current ratio 1.0 1.5 1.6 (0.4) (28.7%)
Liabilities to equity ratio 0.4 0.4 0.5 0.0 5.5%
Liabilities to assets ratio 0.3 0.3 0.3 0.0 3.8%
Net debt to equity ratio 0.3 0.3 0.3 0.0 17.2%
Cash ratio 0.1 0.3 0.6 (0.2) (58.5%)
% cash to current assets 10.6% 18.3% 34.9% (7.6%) (41.8%)
Debt to Equity ratio 0.4 0.4 0.5 (0.0) (15.5%)
8 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
PALM OIL PRODUCTION (Tons Unless Specified)
Variance 2023 vs 2022
2023 2022 2021
Amount %
Total FFB produced from our estates 881,051 840,581 838,191 40,470 4.8%
Total FFB bought from third parties 503,811 538,483 434,123 (34,672) (6.4%)
Total FFB processed 1,374,871 1,379,064 1,272,314 (4,193) (0.3%)
Average FFB yield (tons per hectare) 20.3 19.4 20.4 0.9 4.4%
Total CPO production 283,659 275,769 262,683 7,890 2.9%
Total CPO sales 288,941 275,320 268,289 13,621 4.9%
Total PK production 52,432 55,011 51,531 (2,579) (4.7%)
Total PK sales 52,581 54,996 51,991 (2,415) (4.4%)
Total PKO production 1,459 1,052 1,080 407 38.7%
Total PKO sales 1,049 928 1,113 121 13.1%
CPO extraction rate (%) 20.6% 20.1% 20.6% 0.5% 2.7%
PK extraction rate (%) 4.1% 4.4% 4.4% (0.3%) (7.0%)
PKO extraction rate (%) 1.0% 0.9% 1.0% 0.1% 8.6%
CPO average selling price 731 842 801 (111) (13.1%)
PK average selling price 358 559 527 (202) (36.0%)
PKO average selling price 734 1,081 1,308 (347) (32.1%)
Cash cost of production 409 402 346 7 1.8%
Total Revenue EBITDA Net Income for the Year
2023 2023 2023
236.5 49.1 1.9
2022 2022 2022
269.2 69.3 21.2
2021 2021 2021
267.4 84.0 36.6
(USD Million) (USD Million) (USD Million)
Total Assets Total Liabilities Total Equity
2023 2023 2023
614.1 188.7 425.3
2022 2022 2022
602.6 178.5 424.1
2021 2021 2021
645.2 219.4 425.9
(USD Million) (USD Million) (USD Million)
PT Austindo Nusantara Jaya Tbk. 9
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Performance Highlights Management Reports Company Profile Management Discussion And Analysis
SHARE INFORMATION
ANJ SHARES PRICE PERFORMANCE 2022 - 2023
180,000,000 1,200
160,000,000
1,000
140,000,000
120,000,000 800
100,000,000
600
80,000,000
60,000,000 400
40,000,000
200
20,000,000
- -
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2022 2023
Trading Volume (shares) Closing Price (IDR)
ANJ QUARTERLY SHARE PRICE DATA 2022 - 2023
Value of Market
Open High Low Close Volume Outstanding
Year Quarter Transactions Capitalization
(IDR) (IDR) (IDR) (IDR) (Shares) (Shares)
(IDR) (IDR)
Q1 675 785 645 680 210,698,400 152,124,244,800 3,354,175,000 2,280,839,000,000
Q2 680 720 630 710 132,915,000 90,913,860,000 3,354,175,000 2,381,464,250,000
2023
Q3 770 965 755 780 270,903,700 226,475,493,200 3,354,175,000 2,616,256,500,000
Q4 775 775 705 745 72,610,500 53,296,107,000 3,354,175,000 2,498,860,375,000
Q1 990 1,200 915 1,020 31,718,500 33,621,610,000 3,354,175,000 3,421,258,500,000
Q2 1,025 1,070 840 870 94,367,200 92,857,324,800 3,354,175,000 2,918,132,250,000
2022
Q3 870 895 715 725 107,371,700 87,615,307,200 3,354,175,000 2,431,776,875,000
Q4 730 780 640 665 116,761,500 82,200,096,000 3,354,175,000 2,230,526,375,000
10 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
CORPORATE ACTION SUSPENSION AND/OR DELISTING
During financial year 2023, the Company did not take Until the end of 2023, the Company has never received
any corporate actions that cause changes to shares in sanctions that could affect stock trading activities on
the form of stock split, reverse stock, bonus shares or the Stock Exchange, both suspension and/or delisting
changes in the nominal value of its shares. shares. Thus, there is no information related to the
impact of suspension and/or delisting of shares that can
be presented in this Annual Report.
INFORMATION ON OUTSTANDING
BONDS, SUKUK (SHARIA BOND) OR
CONVERTIBLE BONDS
In the last 2 (two) years, the Company has had no
outstanding bonds, sukuk (sharia bond) or convertible
bonds.
PT Austindo Nusantara Jaya Tbk. 11
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
SIGNIFICANT EVENTS 2023
3 FEBRUARY KAL 22 FEBRUARY KAL 14-15 MARCH GSB
KAL supported a multi-stakeholder's KAL held a combined parade with GSB conducted a training regarding
collaboration in developing Desa Ketapang Regency Government and forest and land fire mitigation
MAPAN in Ketapang Regency Police in anticipating the potential of
forest and land fire
KAL collaborated with the Regional In anticipating the potential of forest and land GSB conducted a training regarding forest and
Government of Ketapang Regency, Tropenbos fire due to El Niño phenomenon, KAL held land fire control in collaboration with the South
Indonesia and Ketapang Development Partners a combined parade with Ketapang Regency Sumatra Manggala Agni Team Daop Lahat on
(Mitra Pembangunan Ketapang or “MPK”) in Government and Police as well as local 14-15 March 2023. This training was not only
organizing workshops for the development communities to ensure the readiness of these dedicated for employees whom served as
and empowerment of the communities of stakeholders in controlling the forest and land emergency response team but also educated
Kuala Tolak Village, Kuala Satong Village and fire. In this parade, all parties also held an the farmers group in anticipating forest and
Laman Satong Village through Desa Mantap inspection of the readiness of their own fire- fire land.
dan Terdepan (MAPAN) program. fighting equipment.
12 APRIL SMM 16 APRIL ANJA 14 JUNE SMM
SMM distributed Certified Palm Oil ANJA realized its commitment to SMM promotes community
Sales Premiums to Smallholder support nearby communities by empowerment through horticultural
Farmers repairing the bridge between commodity cultivation to control
Simangambat and Simpang Bragas inflation
districts
SMM distributed a revenue premium from As its social responsibility program, ANJA In its dedication to nurturing a productive
RSPO-certified palm products worth IDR realized its commitment to support nearby community, SMM was actively addressing
340,769,162 to five cooperatives in Belitung, communities by repairing the bridge between inflation control by empowering the local
including Mitra Lestari Cooperative, Mitra Simangambat and Simpang Bragas districts. community through horticultural cultivation.
Anugrah Cooperative, Sambar Jaya Makmur This project costs of IDR 250 million. Since 2020, SMM has helped local communities
Cooperative, Berimpun Sejahtera Cooperative to grow inflation-resistant crops, such as
and Lindong Raya Cooperative. freshwater fish, vegetables, chilies and rice,
using a flexible system. This initiative has
boosted the regional economy, raised incomes,
improved community well-being and helped to
control inflation.
12 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
7
JUNE
ANJ held Annual General Meeting of Shareholders (AGMS) and Public Expose 2023
On June 7, 2023, ANJ held its Annual General Meeting of Shareholders (AGMS) and public expose 2023.
At the AGMS, ANJ’s shareholders agreed, among other things, to distribute the dividends of IDR 27.8 per
ANJ share and also the appointment of a new Director, Mr. Mohammad Fitriyansyah.
15 JUNE PPM
PPM successfully completed the Malanu
watershed rehabilitation to biodiversity
in North Sorong District
30
KAL has completed the construction of a composting facility
PPM completed the rehabilitation of the to reduce greenhouse gas emissions
watershed area (DAS) covered an area of
approximately 13 hectares in Malanu watershed
protected forest in North Sorong District. The JUNE KAL, has completed the construction of a composting facility on June
2023. This facility is the third in the ANJ, after composting facility in
rehabilitation area has been planted with KAL SMM and ANJAS. Composting is a source of natural fertilizer that
19,380 species of Mahogany, Merbau, Linggua,
utilizes solid waste and liquid waste/effluent (POME) from our palm
Cempedak, Pinang, Rambutan, Durian and
oil processing, making it more environmentally friendly than inorganic
Cashew trees with an average percentage of
fertilizers.
living plants growing of 94.76%.
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
SIGNIFICANT EVENTS 2023
18 JULY ANJA 9 AUGUST ANJAS 24 AUGUST ANJ
ANJA awarded scholarships for ANJAS held a discussion regarding the ANJ appeared in an episode of the
outstanding students in Huristak and preservation of riparian area in Batang television series EARTH with John
Simangambat districts Gadis river Holden
ANJA awarded scholarship assistance to ANJAS initiated a multistakeholder discussion ANJ appeared in an episode of the television
four outstanding students from Huristak forum with the Tapsel Environmental Office series 'EARTH with John Holden'. This episode
and Simangambat districts. The ANJA team regarding the preservation of riparian area explained how ANJ Group produces palm oil
selected the scholarship recipients based in the Batang Gadis River. The purpose of the in a sustainable way and took place in ANJ's
on specific criteria, including coming from discussion was to facilitate open dialogue subsidiary in Belitung Island, SMM.
disadvantage backgrounds, residing in and synergy between ANJAS and local
proximity to the company and being active governments, as well as related parties in
undergraduate students. efforts to preserve the riparian area of the
Batang Gadis River.
31 AUGUST PMP
PMP won a Business Entity Award in
the Most MJKN Download Workers
category from BPJS Kesehatan
Deputy of Region XII
PMP won an award at the Business Entity
Award event as "Winner of the Business Entity
Award for the Most MJKN Download Workers at
4 GMIT marked a new milestone by exporting the
Premium Edamame to India.
the Large Business Entity Scale Branch Office SEPTEMBER GMIT expanded its edamame export market to India which
Level" from BPJS Kesehatan Deputy of Region is a potential market for edamame products. This big step
GMIT
XII. proved the quality of GMIT's products is able to meet the strict
requirements of the international market.
14 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
11 OCTOBER PPM 19 OCTOBER GMIT 14 NOVEMBER ANJAS
PPM inaugurated a Pratama GMIT completed the construction of ANJAS distributed Certified Palm
Health Clinic a Rooftop Solar Power Plant (PLTS) Oil Sales Premiums to the Binasari
System Cooperative
PPM inaugurated the Pratama health clinic GMIT collaborated with SUN Energy, have ANJAS distributed a revenue premiums
facility on 11 October 2023. The clinic is proof of completed the construction of a Rooftop Solar from the sale of sustainable certified palm
the company's commitment in the community Power Plant (Pembangkit Listrik Tenaga Surya oil to partnership farmers in South Angkola
health needs, as well as an important step to atau “PLTS”) which installed on the roof of District, South Tapanuli through the Binasari
assist the local government of South Sorong its factory. The facility is estimated to be able Cooperative with a total premium amount of
Regency in providing health services for to supply 15% of electricity capacity in the IDR 126,522,013.
communities from several villages around operational area, while being able to reduce
PPM. carbon emissions by 226 Ton CO2eq every year.
22 DECEMBER PPM, PMP
PPM and PMP handed over bailouts to
Plasma Cooperatives
In 2023, PPM and PMP have completed the
plasma scheme with several farmers and
handed over the plasma bailouts through
22 ANJ Group won Gold PROPER and Green PROPER
from KLHK
ANJ Group secured Gold PROPER from the Ministry of Environment
Sukka Mandiri Bersama Cooperative and Maju DECEMBER and Forestry through its subsidiaries, SMM for the fourth consecutive
Bersama Sejahtera Papua Cooperative.
SMM, ANJA, year and ANJA for the third consecutive year. In addition, ANJAS and
KAL, ANJAS KAL secured the Green PROPER for the second time. At this event,
our CEO, Lucas Kurniawan, was also awarded a Green Leadership
Utama for his outstanding role in leading, formulating and securing
the sustainability commitments in our business.
PT Austindo Nusantara Jaya Tbk. 15
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16 PT Austindo Nusantara Jaya Tbk.
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MANAGEMENT
REPORT
THIS YEAR, OUR STRATEGIES HAVE
CENTRED AROUND THREE DOMINANT
THEMES: COST-EFFICIENCY, CLIMATE
CHANGE RISK, AND THE DEVELOPMENT
OF OUR PEOPLE. INVESTING IN THESE
FOCUS AREAS ENSURES THAT ANJ CAN
GROW AS A COMPANY THAT EMPLOYS
PEOPLE WILLING TO FIGHT FOR OUR
VALUES, WHO ARE CONSCIOUS OF
OUR OPERATIONS’ IMPACT ON THE
ENVIRONMENT AS WELL AS THE IMPACT
THAT THE CHANGING CLIMATE WILL
HAVE ON OUR PRODUCTIVITY."
Report from the Board of Commissioners 19
Report from the Board of Directors 25
Statement of Responsibility 35
PT Austindo Nusantara Jaya Tbk. 17
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Performance Highlights Management Reports Company Profile Management Discussion And Analysis
Adrianto Machribie
President Commissioner
(Independent)
18 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
Report from
THE BOARD OF
COMMISSIONERS
Dear Shareholders,
This year presented somewhat fewer challenges Our oil palm segment will also be impacted by these
when compared to the likes of 2020 and 2021 when poor conditions, but due to the nature of the crop, we
the COVID-19 pandemic and conflict in Ukraine had may only feel these impacts towards the end of 2024 and
catastrophic effects on the global economy. That is not to into 2025.
say that 2023 was without its testing conditions.
The global economy and ANJ itself are still trying to find The extreme weather will also influence global supply
its footing after the struggles of the past few years. All the chains, with hotter summers in Europe and more
while, new challenges continue to emerge, such as the frequent and intense flooding in other producing regions
current El Niño, which we predict will have a significant resulting in reduced supply and increased prices. An
impact on our operations and supply chains at large. increasing tension between the United States and China
Across ANJ’s operating region, we are already feeling has also seen a sustained increase in commodity prices,
the impacts of this extreme weather phenomenon, which was an unexpected turn for our management team
with some areas, such as the Belitung Island and West who had anticipated growth in China’s economy this
Kalimantan plantations, already experiencing moderate- year. The conflict in Ukraine also continues to influence
to-severe water deficit, while flooding in Southwest the supply chain and fertilizer prices are yet to return
Papua and North Sumatera II rendered vast quantities of to pre-conflict levels. We are yet to see what impact the
FFB as inadequate in quality. conflict in Middle East will have, but considering the
significant political ramifications, they will likely be of a
ANJ’s vegetable segment (edamame) has been considerable scale.
particularly hard-hit by the current climate conditions.
The long drought culminated in the third quarter of 2023, The turbulence and volatility within the global economic
affecting major area planting, causing a low harvesting and political sphere is something our company cannot
population and impacting productivity. Edamame has a avoid. While ANJ aims to be prepared for all challenges,
short regeneration period and, therefore, the impacts of through careful preparation and analysis of global
unfavourable climatic conditions are felt immediately. trends, it is impossible to be ready for the unknown.
PT Austindo Nusantara Jaya Tbk. 19
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
Furthermore, with the growing interconnectedness of To maintain this effective communication network, the
the world, ANJ’s sphere of influence extends far beyond BOD hold regular meetings. At the formal, fortnightly
our national or even regional boundaries. An event on meeting, there is always at least one member from the
the other side of the world can now have as much impact Board of Commissioners (BOC) present, who is free to
on our operations as one that occurs in a neighbouring provide input when necessary. ANJ operates under the
country, and this is something that our management requirement that the BOC plays an advisory role to the
team has become acutely aware of. BOD. Regular BOC meetings provide an opportunity
for the President Director of ANJ to inform the BOC of
Closer to home, the domestic situation has been important matters and ensures that the BOC oversee all
somewhat more predictable. Thankfully, due to the hard decision-making by the BOD. This continuous feedback
work and perseverance of our management team, and the loop enables open communication pathways, which
well-earned good reputation of our Company, the issues support the rapid and effective sharing of information.
associated with the Ministry of Environment and Forestry Informal communication frameworks are also used,
Decree No. SK.01/MENLHK/SETJEN/KUM.1/1/2022 which means that issues can be raised quickly without
(“SK01”) on our Southwest Papua concessions are having to pass through more formal and regulated
completely resolved. However, the Company still faces mechanisms, thus all members can stay up to date
regulatory challenges and government-imposed on decisions, perceptions, queries and concerns and
restrictions, including those on exports and renewable act accordingly. Finally, ANJ has a strong belief that
energy use. on-site visits are essential to keep programs on target
and generate fresh perspectives. Therefore, certain
Despite these challenges, ANJ once again performed members of the BOC and all Directors performs regular
well this year, ultimately achieving higher yields visits to our operations, wherein team members on the
across our segments and a net profit even with CPO site collect data and assess performance, and present
prices hitting a record low in the second quarter. Our this information to the visiting Commissioners and
commitment to improve efficiency through innovation visiting Directors.
that supports productivity, mitigates risk and promotes
our ultimate achievement of Net Zero in 2030 is key to During the annual strategic session, BOD and BOC met
our success. It is with great pleasure that I share with to critically review the planning and execution of past
you regarding ANJ’s achievements and I hope that this and ongoing projects. This transparent process is pivotal
report can demonstrate the importance the Company to learning from our mistakes and improving future
places upon upholding the values at its core through the planning processes. The inclusive nature of the review
dedication and determination of our people. session is fundamental as it allows ANJ’s management
to obtain input from all relevant functions.
Assessment of the Board of Directors
The ANJ Board of Directors (BOD), performed I am glad to report that our Project Management Office
outstandingly well in their role in 2023. While we (PMO) continued to achieve its function of arranging
acknowledge that we cannot predict the future, the cross-functional resources, identifying challenges, and
adherence to the Corporate Strategy 2023-2028 escalating issues to the BoD throughout 2023. I see the
and meticulous planning of the BOD has supported PMO as demonstrative of ANJ’s inclusive, integrated,
ANJ’s successful performance despite unfavourable and dynamic government approach, which allows us to
conditions. The careful analysis of economic, political efficiently execute projects across our vast operating
and climatic trends was promptly and effectively region.
communicated by the BOD to operating sites across
ANJ’s regions. The constructive information exchange
programs implemented by the BOD were pivotal to this
success.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
Corporate Governance Inequalities, Empowering Women, fostering Healthy
Food Systems for both humans and ecosystems and
Good corporate governance has long been a priority for transitioning the Energy System for enhanced efficiency
ANJ, but with our increased engagement with ESG and and clean energy adoption.
sustainability assessments, our people have become
more attuned to the centrality of GCG to successful Our ESG credentials were acknowledged again by the
management. This year, ANJ made the incredible SPOTT global transparency initiative for the palm oil
achievement of scoring 100.27 on the ASEAN Corporate sector with our score rising from 91.1% in 2022 to an
Governance Scorecard (ACGS). This places the Company impressive 93.3% this year, placing us in fifth position
in level 5, which constitutes leadership in corporate globally and first position for the Indonesian companies
governance and is the highest ranking for ACGS. We are assessed by SPOTT.
incredibly proud of the progress we have made in our
corporate governance performance from when we were Overall, ANJ’s culture of good corporate governance has
first assessed by ACGS in 2018 and scored 77.59. become stronger and more ingrained within the Company
over the past few years. We believe that engaging with
While we are very proud of our corporate governance reporting platforms has assisted our People in identifying
achievements at the highest level for ACGS, our areas of improvement and maintaining practices which
management has identified several areas where we lend themselves to ANJ’s success. We recognize that
can still improve. Of course, marginal gains at this level there are some areas which ANJ has not addressed but
will be hard to come by, but ANJ is determined to use we hope that our clear dedication to promoting good
the process of self-reporting and assessment as an corporate governance and continued development can
opportunity for learning and hope to at the very least set an example for other actors within the industry.
maintain our score while continuing to improve our
operations. The Board’s Opinion of and Involvement
in the Whistleblowing System
As part of our efforts to remain relevant in a dynamic
industry, as well as address some areas of improvement In 2023, it became evident that the whistleblowing
highlighted in our ACGS assessment, ANJ has focused on system is now well-ingrained in ANJ culture. Our people
reviewing and updating as necessary the Board Charters see the system as one they can rely on to ensure that
and Code of Conduct. they feel safe, supported, and content in their place of
work. We believe that giving our people the autonomy
In December 2023, our subsidiaries, SMM and ANJA, to raise issues that they are not comfortable with has
were awarded the much-respected Gold PROPER awards the dual purpose of instilling a sense of accountability
by the Ministry of Environment and Forestry, securing and responsibility for ensuring that ANJ’s values are
their fourth and third consecutive wins, respectively. universally applied and adhered to. Not only does it
Each year, PROPER nominees must demonstrate novel support the prompt address of misconduct, but it also
social or environmental innovation and I am very proud allows for attention to be drawn to areas where ANJ can
that ANJ has consistently succeeded in this endeavour. improve its performance – an element of the Company’s
Moreover, ANJAS and KAL received the Green PROPER development that we are in constant pursuit of.
awards for the second time. At the same award
ceremony, Lucas Kurniawan, the President Director of This year, the whistleblowing system was used
ANJ, was honoured with the "Green Leadership Utama" consistently across our operations. All complaints were
award by the Ministry of Environment and Forestry. This dealt with promptly and thoroughly. Unfortunately, I must
recognition celebrates company leaders for their effective report several serious cases of fraud that were raised
execution of sustainable environmental initiatives. The through the system. The individuals responsible for this
award, themed "Extraordinary Turnaround," spotlights misconduct were rightfully terminated.
five significant strides toward sustaining the planet and
humanity: addressing Poverty Alleviation, Reducing
PT Austindo Nusantara Jaya Tbk. 21
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
Analysis of Prospects that we are tracking well with our ESG targets regarding
aspects such as improved working conditions.
Across our segments, ANJ’s operations have benefitted
greatly from significant improvements in production Moving forward, our primary strategy for mitigating risks
efficiency. Addressing critical roadblocks, such as access and improving efficiency is to optimize the bottom line of
restrictions in ANJA and poor seed storage facilities operations. Last year, we spoke about ‘looking inwards’,
in GMIT, has allowed our operations to function as we and this is something we have taken into full effect in
intended, without falling mercy to avoidable shutdowns 2023. Developing innovations that are cost-efficient in
and delays. both improving productivity and mitigating climate risk,
is just as important as investing in our people, who are at
This year, the FFB production saw an increase of up to 5%, the core of driving our mission.
an improvement from last year’s figures. We are beyond
impressed with this success but do not see it in isolation. Of course, ANJ cannot be complacent and invest only
With the completion of our replanting programme, we in what exists and what we know works. Evolution
believe that our operations will continue to see great involves risk, but it is this risk that brings with it great
improvements in productivity as areas reach maturity reward. Therefore, we will continue to seek out new
– a prospect that will bring with it indelible benefits for ways to enter the market, be it through novel buyers or
the Company. Likewise, the new seed storage facility for additional commodities. Our management will continue
edamame at GMIT has supported great improvement in with the assessment and external verification of the
high germination rates and production quality. This has carbon sequestration potential from our conservation
been particularly beneficial in a year when we have had area in Southwest Papua, as it provides carbon emission
to scale back planting in the region due to water scarcity removal credits to offset part of our carbon emission
and the sensitivity of the edamame plant to extreme to achieve our Net Zero carbon emission aspiration.
climatic conditions. Meanwhile we will wait for the establishment of the
regulatory mechanisms relating to the carbon market
In light of the current climatic conditions, we will, and will carefully assess the market potential when the
however, remain cautiously optimistic. As we have seen regulatory environment allows us to participate in the
in previous years, it is all too easy for a booming industry market.
to collapse when global conditions take a turn for the
worst. This is why we have made it our mission to invest
in those areas of the Company within our control. Many Changes in the Composition of the Board
of our current capital expenditure projects are yet to reap of Commissioners
rewards, but we believe that investing in more robust and
research-backed infrastructure development will result In 2023, we saw one of our commissioners, Istama Tatang
in more sustainable systems that will save money in Siddharta, resign from his position. Valuing the cohesion
the long run. An example of this is involving an external and successful collaboration within and between our
consultant in the development of flood prevention BOC and BOD, it is a priority of ours that we will not add
mechanisms in ANJAS. new members to the Board unless we can be assured
that they are the best individuals for the position. There
Similarly, investing in improving the quality of life for are no legal requirements for the minimum number of
our People in Southwest Papua through developing commissioners on the Board at any one time, and the
healthcare, telecommunications and housing, is a existing team have been managing well.
significant capital expenditure at present but will ensure
improved worker retention and, ultimately, more efficient I am proud to represent the BOC at ANJ and to present
production. Furthermore, in 2023 an independent the Company’s progress on the Board’s behalf. This year
external human rights audit was conducted at one of our has not been without its challenges, but I believe that
operating units in North Sumatra. I am happy to confirm the integrated and proactive management approach that
that the results were satisfactory thus demonstrating ANJ applies is critical to the Company’s ability to prepare
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
for the uncertain, adapt to the unexpected, and flourish I hope to continue demonstrating to our supporters that
in unfavourable circumstances, all while promoting an our mission is unwavering, even in difficult times and in
ethical and sustainable approach to development. that, I see our future as an industry leader in equitable
and sustainable practice.
While our operating environment may be volatile, I am
confident that this report demonstrates ANJ’s steadfast I believe that ANJ’s future is bright, despite the significant
commitment to its values. That is why this year’s risks the Company faces with the rapidly changing
chosen theme, Safeguarding Values, Securing Trust, climate, volatile global economy and political instability.
is accurate and honest. Cultivating and maintaining Through investing in innovation that both improves cost-
relationships is integral to our success and I am grateful efficiency and mitigates risk, the Company is set on a path
to all those who support our process. Prioritizing people towards sustainable success with minimal setbacks, all
requires a mutually beneficial business approach and while drawing closer to our Net Zero targets. With that,
our Responsible Development initiatives are a clear I would like to thank all our people for their continued
demonstration of success in this regard. The strong hard work, as well as our shareholders and stakeholders
support that we have garnered from our People, for their ongoing support.
however, could not have been built without ANJ’s
transparent championing of values. Moving forward,
On behalf of the Board of Commissioners,
ADRIANTO MACHRIBIE
President Commissioner (Independent)
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Performance Highlights Management Reports Company Profile Management Discussion And Analysis
Lucas Kurniawan
President Director
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
Report from
THE BOARD OF
DIRECTORS
Dear Shareholders
This year has been anything but straightforward. Despite States preventing the anticipated growth of China’s
overcoming the worst days of COVID-19 and progress in economy and the rapid depreciation of the Rupiah while
supply chain restoration, ongoing challenges persist, the United States Federal Reserve increased its rates
compounded by unforeseen external factors such as the several times this year.
Middle East conflict and the impending effects from the
severe El Niño in 2023. Planning for the future remains The Indonesian domestic levy continued to be dynamic
elusive due to persistent uncertainties, but ANJ is in 2023. The required fulfilment of the domestic market
committed to staying one step ahead. While achieving obligation makes it complicated for companies, including
complete future-proofing is impractical, our proactive ANJ, to export. Fortunately, in 2021, ANJ decided to focus
approach involves monitoring global economic, political, on the domestic market and thankfully the domestic
and climatic dynamics to develop risk-mitigation market for our palm oil products grew in 2023. This
measures. This strategy has enabled continued has been beneficial in terms of profit due to domestic
productivity in adverse conditions. As we transition to a buyers’ willingness to pay a premium price for quality
more sustainable future, with our focus set on our 2030 and certified sustainable palm oil.
Net Zero horizon, ANJ maintains a positive outlook,
emphasizing innovation and resilience in addressing While fertilizer prices are significantly lower than last
challenges, positioning the Company as a leader in year, they are yet to return to pre-Ukrainian conflict
sustainable agriculture. levels. Once again, this meant that ANJ’s composting
programs, which have reduced the Company’s sole
dependency on inorganic fertilizers, were of great
The Palm Oil Industry in 2023 importance to our target of optimizing productivity while
maintaining cost-efficiency. Fuel prices also remained
Amidst ongoing geopolitical instability, domestic market high throughout the year and while ANJ has observed
restrictions and extremes of climate, the CPO price was considerable improvements in its fuel-efficiency, it is not
very volatile throughout 2023, dropping in the second yet feasible to run our operations purely on renewable
quarter to its lowest point since November 2020. Prices energy, despite our Net Zero ambitions.
increased slightly in the third quarter, driven by a global
concern about the impacts of the impending El Niño Although the full impacts are yet to be felt, concerns have
weather phenomenon but is once again on a downwards been raised about the predicted consequences of the
trend due to higher output and weak demand, particularly ongoing El Niño phenomenon for the palm oil industry
from major importing countries. Remarkably high and ANJ’s productivity in the coming year. Although
interest and exchange rates were also a concern for us, we have invested heavily in agronomic innovation
with increasing tension between China and the United and climate risk adaptation, these measures cannot
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
be applied universally. For example, our composting conscious of our operations’ impact on the environment
initiative can only cover 34% of ANJ’s total planted area, as well as the impact that the changing climate will have
while drip-fertigation is currently confined only to very on our productivity. To maintain a bottom-up approach in
vulnerable areas, such as in SMM on Belitung Island a company that spans a vast geographic region, members
where there has been no rain for at least three months. of the BOD made regular visits to our subsidiaries
Aside from the direct impacts of climatic extremes, such throughout 2023. During these visits, Board members
as drought, fires, and flooding, the El Niño conditions are met with the management team at the operating site,
likely to present additional risks, including a reduction in as well as visit those working in the plantation, to
pollinators and an increase in pests, which are already understand the needs of the unit and ensure fulfilment of
a considerable challenge at KAL. Fortunately, our other targets. These visits were particularly important in cases
estates in Sumatra and Southwest Papua are still where performance was not meeting expectations, as
experiencing some rain. they allowed the central management team to see, first-
hand, where any inefficiencies lay. In addition to site
visits, central management, including members from
Strategies the BOD and BOC, regularly met virtually with subsidiary
management to discuss progress against the strategic
Strategy development at ANJ is continuous and plan and formulate action plans where required.
integrated, enlisting the expertise of the Board of
Directors (BOD) and Board of Commissioners (BOC) in a At ANJ, our People are at the core of our operations. It is
series of collaborative review processes which critically our belief that unless we instil a sense of accountability
assess ambitions and progress towards our targets. and responsibility in our employees, the Company will
Last year, the Company finalized its roadmap for the not achieve its ambitious production and sustainability
period 2023-2028 in our Corporate Strategic Session. targets.
This roadmap highlighted five focus areas to support
a transition towards Net-Zero by 2030 while improving To support the individual development of our people this
productivity and efficiency and contributing to climate year, particularly in upholding our value, we arranged
change mitigation. These are: more frequent value training sessions and continued to
strengthen cross-functional teamwork on our strategic
1. Composting and renewables; projects and implementation of our responsible
2. Completing the road infrastructure in Southwest development programs. We anticipate this can foster
Papua; the appreciation and implementation of best practices
3. Replanting; across our locations. In addition, we have also reinstated
4. Improving sago turnaround; regular rotation of people to different project sites to
5. Monetizing opportunities in the carbon market. reinvigorate initiatives and identify novel solutions.
I am pleased to report that we have made good progress In 2023, ANJ took a more nuanced approach to our
towards achieving these targets, with certain projects, climate change adaptation initiatives, acknowledging
such as road laterization in Southwest Papua projecting that the impact of extreme climatic conditions extends
completion ahead of the 2026 target of 730 km. In 2023 beyond the scope of our flood and fire prevention
we completed a further 100 km of road laterization, the systems. To improve preparedness, ANJ also invested
majority of which importantly included the completion in expanding our natural pest control techniques and
of the main access road. Considering the volatility of combining risk management with improving efficiency
the global economic and political landscape, as well through innovations such as also using water in our fire
as the condition of our climate, our management team preparedness reservoirs as a source of water for drip-
works on a year-on-year basis, developing plans that fertigation.
are actionable within a short time period that ultimately
support the achievement of our long-term targets.
Challenges in 2023
This year, our strategies have centred around three
dominant themes: cost-efficiency, climate change risk, • Due to the current El Niño conditions, several of ANJ’s
and the development of our people. Investing in these operating sites have been badly affected by extreme
focus areas ensures that ANJ can grow as a company that weather conditions. At one end of the spectrum, SMM
employs people willing to fight for our values, who are and KAL are in a water-deficit, with SMM seeing
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
almost no rainfall since mid-2023. In contrast, we Performance versus Budget Target
experienced two severe floods in ANJAS after the
river embankments failed. Considering the rainfall ANJ booked a 12.1% decrease in consolidated revenue
intensity has been higher than usual and the riverbed to USD 236.5 million, compared to USD 269.2 million
siltation rates have also been faster than before, ANJ in 2022 and 8.4% lower than our target of USD 258.1
have now sought the help of an external consultant to million. The year saw volatility in the CPO price, which
develop a more robust solution. started the year at USD 905.2 per ton and slowly dropped
• The extreme dry weather has also had a severe to USD 796.0 per ton by year end, a noticeable drop from
impact on edamame production. This, in combination the high prices of 2022. This resulted in average selling
with the lasting impacts of poor storage facilities on price of USD 731/ton in 2023, 4.5% higher than our
seed quality, meant that edamame yields were far budget assumption of USD 700/ton.
lower than budget in 2023.
• High rainfall intensity in Southwest Papua led to In our main segment, palm oil, production volumes for
waterlogging in parts of the estate which presented CPO, FFB, PK and PKO were all higher than 2022, but
access challenges and delays in harvesting of FFB all were below budget target. CPO volumes were 8.7%
thus necessitating construction of water management below budget forecast and overall FFB volumes were
infrastructure. -6.8% against budget forecast. Our own FFB production
• The CPO price remained volatile and unfavourable achievement 3.9% below the budget but fared better
throughout 2023, hitting its lowest point since than the third party FFB purchase, which was 11.3%
November 2020, in the second quarter. The result was below the budget. The total CPO production volume at
poor financial performance for much of the year, with year-end was 283,659 tons, 2.9% up from 2022 figures,
only a slight upturn in the latter part of 2023, which we although 8.7% lower than budget. PK production
hope to see continue, as an upwards trend, into 2024. volume was 52,432 tons, slipping 4.7% compared to
• The road access ban in the early part of 2023 at ANJA, the 2022 achievement and 16.5% below budget target.
implemented by the local government, caused severe Meanwhile, PKO production volume expanded to 1,459
limitations on evacuation of CPO to the transit tank tons, a significant increase from the 2022 achievement
thus we had to limit intake of external FFB as our mill of 1,052 tons. However, it was 17.5% below our budget
was at full capacity. This led to overall lower CPO and assumption.
PK production for ANJA in 2023.
• Mill efficiency continues to be of concern across our In our other business segments, the vegetables segment
operating sites, most notably in ANJAS where poor (GMIT) fared poorly in 2023, although volumes of 2,860
supervision and maintenance quality are significantly tons were up 327 tons compared to 2022. Edamame
impacting operations. production in 2023 was 45% below budget assumption
• Despite the success of our natural pest control largely due to the impact of drought conditions. These
strategies, pests still have a severe impact on conditions had a knock-on effect for the resulting
production at KAL and GMIT, which saw overall yields edamame semi-finished product which was 79.9%
and quality fail to meet budget in 2023. below budget forecast. Sago (ANJAP) also fared poorly
• Due to high worker turnover in Southwest Papua, producing 1,896 tons of sago starch which was 52.2%
harvesting and crop management knowledge among below budget target, with overall volumes also being
the estate workers is lacking. This has resulted in lower than 2022 by 30.0%. AANE, our renewable energy
some premature harvesting of FFB and inadequate business, surpassed budget forecast by 12.1%, and
pruning, which reduces overall palm productivity and surpassed 2022 electricity production figures.
yields.
• We continue to face challenges with a lack of adherence The Group booked a net profit of USD 1.9 million,
to Company policies relating to health and safety and compared to a net profit of USD 21.2 million in 2022. This
good conduct, at our estates. Particularly among our decrease was due to the lower ASPs, combined with the
contractors. ANJ sees it a priority to safeguard the higher depreciation and interest expenses. In addition,
wellbeing of all its people and will need to develop estate operating costs rose at our newly mature area
more robust policy implementation strategies. in the Southwest Papua estate and from the replanting
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
areas in ANJA and SMM. Meanwhile, production from certification for smallholders, commanding higher
these newly mature areas will only reach optimum premiums, outpaced expectations. Despite initial
levels over the next two to three years. Our consolidated hesitancy, ANJ's plasma scheme in Southwest Papua
financial performance results were below our net saw the majority of smallholders signing agreements
income target of USD 4.2 million. Consolidated EBITDA and receiving upfront payment. ANJ ensured Identity
decreased from USD 69.3 million in 2022 to USD 49.1 Preserved certification for certified plasma cooperatives
million in 2023, below our target of USD 56.4 million. in the region. By September 30, 2023, an additional
716 ha were allocated to Southwest Papua's plasma
cooperatives, underscoring ANJ's commitment to local
Segment Performance development and community support.
Palm Oil Thankfully, the Ministry of Environment and Forestry Decree
Overall, production volumes within the palm oil segment No.SK.01/MENLHK/SETJEN/KUM.1/1/2022 (“SK01”), is
in 2023 were slightly up on last year despite some fully resolved and ANJT has now been released from
operational restrictions which posed a considerable the areas included in the decree. ANJ’s good track
challenge to some of our operating sites. Of note was record of preserving the environment and supporting
the roadblock imposed by the local government at ANJA, the local communities was a contributing factor in the
which restricted access to the mill for external FFB and government’s decision to release the area and after the
caused a significant reduction in productivity in the first months of hard work and dedicated collaboration of our
quarter. Thankfully, the roadblock was lifted in April 2023 management team, we are glad that this issue is now
and we were able to resume operations and address the resolved. The successful resolution of SK01 has enabled
deficit. us to self-declare a total of 81,011.99 hectares of land for
biodiversity and forest conservation.
Overall, FFB production from our own estates saw a
4.8% increase from the 2022 figures, with SMM and Vegetables
GSB consistently performing the best. The 724 hectares ANJ's vegetable segment faced challenges in 2023 due
of young mature palms in GSB were integral for this to ongoing and anticipated future impacts of El Niño on
success, with FFB production in the estate seeing an edamame yields. Edamame, with its short regeneration
increase of 51.5% overall for 2023. Meanwhile, FFB period and high water demand, becomes particularly
production at SMM was up 16.0% over 2022 volumes – a vulnerable during prolonged droughts, setting it apart
figure we hope to build upon with our major replanting from other segments like palm oil, where climate
efforts at the estate. extremes may only affect yields in the subsequent year.
In response to these challenges, our management
Improved mill efficiency was an additional contributor decided to curtail edamame planting for 2023, focusing
to ANJ’s CPO production volume success in 2023. on areas with direct water access. Outcomes varied,
Considering the current upwards trend, supported by with some regions maintaining productivity at 8-10
agronomic innovation, road laterization in Southwest tons per hectare, while others saw a significant decline
Papua, and maturation of our current replanting areas, to as little as 2 tons per hectare. This decision has
we anticipate that ANJ’s CPO production will hit a financial implications for local communities and farmers
milestone achievement in 2025. connected to this segment through GMIT's responsible
development programs. ANJ is exploring alternative
Unfortunately, we experienced some setbacks in crops such as okra, green beans and corn, and explore
production at our estates at ANJAS and Southwest the market potential for these commodities.
Papua. The former struggled with flood due to a high-
rainfall intensity and mill efficiency issues due largely Despite challenges, there was a positive development
to poor supervision and maintenance quality. While the with edamame's market penetration improving in 2023,
completion of road laterization in the latter contributed to with established buyers placing repeat orders, a resilient
higher productivity, high rainfall intensity and premature domestic market and new buyers, including India,
harvesting resulted in low-quality FFB reaching the mill. entering the export chain. Sales revenue reached USD 1.9
million in 2023, a substantial 12.2% improvement from
In 2023, ANJ excelled in traceability, certification and last year, though still below budget due to productivity
plasma development, achieving 100% traceability, issues linked to drought, pests, and poor seed quality. To
surpassing targets by almost two years. The RSPO address these concerns and enhance future productivity,
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
GMIT initiated a seed breeding program and established through heightened efficiency and reduced shutdowns.
a state-of-the-art seed storage facility. This facility The current price agreement with PLN will continue in
ensures the longevity of high-quality seeds for up to a 2024 without changes.
year, a considerable improvement over prior storage
methods susceptible to uncontrollable variables like
humidity. Despite productivity challenges in this year's People
crop, GMIT's strategic initiatives aim to fortify seed
quality and overall crop resilience for the future. ANJ places a great emphasis on upholding its values and
commitments to responsible development, which means
This year, solar panels were successfully installed on the that our people are heavily involved in the processes
factory roof at GMIT in East Java, reducing greenhouse behind our planning and hold a deep understanding and
gas emissions at the estate by 19%. However, regulatory appreciation for why we do what we do. Yet, the nature
limitations in Indonesia require restricting renewables of our expansive operations leads to inevitable staff
to 15% of total energy consumption at each operating onboarding and movement. Maintaining core values is
entity, ensuring continued financial contributions to paramount, prompting ANJ to heavily invest in value
the national electricity producer, PLN. Unfortunately, training and internal integrity support.
solar cells are not suitable in a palm oil context. A
more fitting solution is biofuels, including biogas, which Regrettably, 2022 witnessed a high rate of misconduct
ANJ continues to explore. The transition demands and a lack of appreciation for our values. Addressing
careful planning and will take several years to develop, this, 2023 prioritized reinforcing ANJ values through
particularly in Southwest Papua. intensified values workshops across the Group for new
hires. A values-sharing-session was also conducted
Sago for ANJ leaders at the annual strategic session. The
ANJ's sago business has shown operational improvement Company also organized a retreat in Belitung for our
from the previous year, somewhat dispelling concerns values champions, the second retreat after the first one
about its viability amid poor productivity and minimal in 2016. The objective was to refresh these dedicated
financial returns. In 2023, the sago segment grappled champions on ANJ values, offering moral support and
with challenges such as poor staff retention and necessary training to effectively perform their role as a
repeated machinery failure, rooted in the rural nature of values champion and inspire colleagues to respect ANJ’s
the sago estates. Nevertheless, our teams successfully values and mission as fervently as our champions do.
implemented front-end processing improvements at
the mill with minimum capital expenditure investments, Worker retention in Southwest Papua has made
significantly reducing machine failure rates and operations challenging. Management has worked hard
downtime. Despite these strides, the production volume in finding long-term solutions to this problem. Spending
remains well below budget. Consequently, ANJ's 2024 long periods away from family in remote locations
focus involves optimizing estate function, requiring is understandably difficult. This year we continued
investments in efficient log transportation and exploring investment in developing the appropriate infrastructure
cost-effective energy sources to reduce reliance on to facilitate staff staying in contact with or bringing
expensive diesel fuel, exacerbated by poor accessibility their young families to live with them as part of our
in sago operations. efforts to improve worker retention. Not only have these
investments benefitted our staff, but construction of
Renewable Energy facilities such as the Telkomsel (a national GSM network
In an ideal world, ANJ envisions operating entirely on provider) tower has allowed ANJ to improve inter- and
renewable energy, a goal emphasized by the continuous intra-Company communications. ANJ's Management
investments in climate-mitigation strategies. The Trainee program progressed into 2023 with Batch 21.
Company recognizes the profound impact of persistent However, acknowledging increasing premature trainee
fossil fuel usage on the planet, prompting ANJ's drop-out rates since the program's inception, our
research and development teams to consistently seek management critically evaluated it during the strategic
alternatives. session. The conclusion was that the program remains
relevant but necessitates restructuring to address the
Our renewable energy business, AANE, has achieved retention issue. This year, we revamped our approach
a net profit for a fourth consecutive year, surpassing to trainee selection and posting. We broadened the
budget target to reach 10.2 million kWh by year-end entry criteria beyond academic achievements, placing
PT Austindo Nusantara Jaya Tbk. 29
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
a heightened emphasis on the individual's character, in monitoring and assigning training and tasks to our
providing a more insightful assessment of their staff, and ensured the more honest, robust, transparent
suitability for a role. Tailoring our selection to align with reporting of hours, pay and performance.
the Company's needs has become a priority, recognizing
that trainees are more likely to complete the program
if they perceive their unique skills as essential to ANJ's Corporate Governance
growth.
As a company that prioritizes People, promoting good
corporate governance comes as a natural foundation of
Digital Solutions our strategies. I am glad to report that this year, ANJ was
awarded level 5 (Leadership in Corporate Governance)
The potential for digital solutions to enhance lives in the ASEAN Corporate Governance Scorecard (ACGS)
and businesses becomes ever more apparent in 2023. assessment, the highest level for the award. ANJ’s
Investing in digital solutions has played a big role in ACGS score has improved dramatically since 2018, when
improving Company efficiency and is something we we received 77.59 point. This year, ANJ received 100.27.
hope to continue developing in the future. ANJ’s digital
systems are developed to promote data-sharing and On 2023, November 27, for the first time, ANJ proudly
improve connectivity throughout our vast operating secured the third-place position in the esteemed 2022
region. They also support the involvement of all our Annual Report Award (ARA) within the 'Non-Financial Go
people in our projects, rather than relying on a small Public Company' category. Awarded by the deputy chair
group of specialists to complete mammoth tasks. of the National Committee for Governance Policy and the
Chair of the ARA 2022 Organizing Committee, the award
Our most notable digital solutions are the eTIS digital celebrates companies that demonstrate outstanding
traceability platform, the PENDAKI Champion application information disclosure and good governance practices.
as a new and innovative component of the PENDAKI This accolade underscores ANJ's commitment to
program, the digitization of cultivation at GMIT, and exemplary corporate governance, emphasizing our
our new Human Resources system, which will be fully dedication to transparent and comprehensive reporting.
implemented in 2024. Our flagship electronic Traceability The rigorous evaluation process by the awarding body
Information System (eTIS) has been part of ANJ’s scrutinizes annual reports based on compliance with
programs for several years and is now used in 100% of relevant regulations and guidelines, placing particular
our Region 1 (Sumatra) and Region 2 (Belitung Island and emphasis on content relevance and presentation clarity.
Kalimantan) oil palm operations and can be downloaded
as an application on the Google Play store. This system Despite limited room for further improvement, our
makes traceability information accessible to everyone management are determined to continue pursuing ever-
and promotes ANJ’s commitment to transparency. greater corporate governance heights. 2023 marks the
first year that the Board Charters have been updated
Similarly, with the introduction of the PENDAKI Champion since 2013, which is significant for ANJ and a testament
application in September 2023, we are now in a stronger to our heightened emphasis on corporate governance. To
position to strengthen the statistical quality of the species identify and enact necessary changes to various standard
observation data thus enabling ANJ’s conservation staff operating procedures, we evaluated the outcomes of
to continuously track species populations and diversity the ACGS, which highlighted several areas in which we
across our estates against time-bound biodiversity can improve, including the turnaround time of financial
targets. statements, and the increased presence of all members
BOD and BOC at the annual general meeting. I recognize
Finally, our new Human Resources Information System that it will be challenging to improve upon such a high
(HRIS) has seen processes, which were previously score, which is why I have stipulated ANJ’s priority as
recorded by hand and managed through the time- maintaining our current excellent standards while we
consuming review of physical documents, converted to integrate our enhanced corporate governance systems.
fast and efficient digital systems. HRIS has centralized
all Human Resources data within ANJ to allow all our
people to quickly access this information via their
smartphones. This centralization of data has streamlined
ANJ’s recruitment and succession planning, assisted
30 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
Sustainability are already proving successful. In KAL, we introduced
the community silvofishery program at the Mangrove
ANJ guides its process of sustainable development on the Centre in Desa Kuala Satong.
principles of the United Nations Sustainable Development
Goals. This year, the United Nations Global Compact To close the year, in December 2023, our subsidiaries,
selected ANJ for the Forward Faster Initiative, which SMM and ANJA, were awarded the Gold PROPER award
is a call for companies to fast track their achievement from the Ministry of Environment and Forestry, securing
of a specific SDG. In light of ANJ’s existing emissions their fourth and third consecutive wins, respectively. Each
reductions targets and initiatives, the Company chose to year, PROPER nominees must demonstrate novel social
focus on achieving Net Zero. ANJ remains committed to or environmental innovation, and we are immensely proud
renewable energy and emissions reduction targets. ANJ that ANJ has consistently succeeded in this endeavor.
aims to increase the renewable energy portfolio to over The current awards were for the joint fishery and farming
60% by 2025, reinforcing its dedication to sustainable, initiative, Mina Padi, at SMM, while ANJA expanded its
science-backed practices. However, sustainable chicken and fish farming. Moreover, ANJAS and KAL
development encompasses far more than reducing received the Green PROPER award for the second time.
carbon emissions. ANJ recognizes the full spectrum of The continual attainment of the Gold PROPER award
sustainability, from the environment to the people who since 2021 underscores ANJ's unwavering dedication to
rely on it. We believe that our sustainability journey upholding rigorous environmental standards and driving
holds each component of sustainability to an equally sustainable community development initiatives, thereby
high regard, which I maintain is showcased through our setting a benchmark in the industry.
commitment to going above and beyond the minimum
requirement for sustainability success. While ANJ's sustainability journey is not driven by
a quest for awards and recognition, I take pride
Our sustainability projects, termed responsible in announcing several accolades that solidify our
development projects at ANJ, span the three pillars of position as a leading advocate for sustainability in the
sustainable development: People, Prosperity and Planet. Indonesian agribusiness industry. Throughout the year,
While there are too many projects to state in this short ANJ's commitment to sustainability and responsible
message, there are several that I wish to highlight, which development received commendations from national
truly demonstrate the breadth and significance of ANJ’s and regional governments. Awards in Sorong and West
impact. This year, we saw great improvement to our Kalimantan recognized our good governance, local
community healthcare programs, with all our clinics, workforce development, and exceptional dedication to
including those in Southwest Papua, becoming BPJS- sustainability and conservation.
certified. Our teams have made a concerted effort to
improve the quantity and quality of healthcare services In June, we were honored with the Platinum Plus award
in our operating regions, particularly those which for Corporate Carbon Emission Transparency from
suffer with poor existing healthcare infrastructure. Our 'Berita Satu & Bumi Global Karbon Foundation.' In
healthcare services extend beyond clinical treatment to November, following a one-year hiatus, ANJ achieved
assessing the disease burden in our operating regions the 'Platinum Rank' in the Asian Sustainability Reporting
and addressing the most prevalent diseases through Rating (ASRRAT) 2023. The IDX Channel Anugerah
community health campaigns, with the hope of instilling Inovasi Indonesia 2023 bestowed a special sustainability
a sustainable culture of good health practices. award for our Electronic Traceability Innovation System
(eTIS). GMIT and KAL also received appreciation in this
Our successful community development programs category for the application of straw mulch at GMIT and
continued to thrive this year and we have seen that in KAL's Action in Sustainability (KLASI) innovation.
well-established programs, such as Sawah Apung,
people are taking ownership and feel more comfortable Furthermore, both KAL and SMM earned recognition
with taking on the program without ANJ’s assistance. from 'Indonesia Green and Sustainable Companies
This is a great step forward, as with all our community 2023' for outstanding performance in conserving natural
development program, ANJ’s ultimate goal is to leave resources from SWA Magazine. Rather than resting on
behind a project which becomes engrained in the our laurels, ANJ views these accolades as a means to
community and lives on long after ANJ have left the area. elevate our profile and guide others in the industry
We also introduced several new projects this year, which toward achieving our collective sustainability goals.
PT Austindo Nusantara Jaya Tbk. 31
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
The Company experienced notable progress in its sources and exposure to the volatility of global supply
SPOTT score, a global benchmark for transparency in chains. Our operations in Southwest Papua are the
the palm oil sector, increasing from 91.1% in 2022 to Company’s biggest concern, in relation to efficiency.
an impressive 93.3%. This achievement solidified ANJ's Being very remote, equipment and fuel are significantly
fifth-place global ranking, a slight dip from the previous more expensive in this region than in any other. Our
year due to the remarkable progress of our industry research and development team are working hard to
peers. In March 2024 Sustainalytics issued ANJ’s ESG find and develop more efficient alternatives to support
rating based on our 2023 performance. Against our 2022 growth in this potentially lucrative area of operations.
rating we maintained our leading position at the first Aside from cost- and energy-efficiency in Southwest
rank in the global Agriculture sub-industry and have Papua, ANJ is also hoping to improve mill efficiency
improved our position to the third in the global food across our segments in this area to achieve our long-
industry with a score of 15.4 from the tenth with a score term target of 6 tonnes of CPO per hectare.
18.3 in 2022. Our ESG score for 2023 placed us in the
Low Risk category for a second year. ANJ's established In addition to our long-term targets, we will continue
track record and reputation in sustainability and ESG to develop our flood and fire prevention infrastructure
performance fortify its resilience against unforeseen across our operating region, the success of which
risks and garner support from local governments and we anticipate will be tested in the ongoing El Niño
communities. We remain optimistic that our ongoing conditions. We also hope to continue our very successful
contributions to sustainability will evolve positively in the replanting scheme and expand our existing agronomic
future, and we eagerly anticipate collaborative efforts innovations, such as drip-fertigation and application of
with all stakeholders involved. straw mulch for which ANJ received awards in 2023. We
currently have four agronomic innovations for which we
have patents that we are excited to implement in the new
Analysis of Prospects year. Other plans for the upcoming year include investing
more in the infrastructure at our estates in Southwest
Planning for an uncertain future remains a perpetual Papua to support our workers bringing their young
challenge. While understanding global economic, families to live with them on-site, which will hopefully
political, and climatic trends is crucial, the reality further improve worker retention and entice new staff to
is that creating infallible plans is unattainable. ANJ join our operations.
recognizes the importance of adaptability, emphasizing
the development of mechanisms supporting resilient ANJ’s management believe that engaging with the
operations. carbon market holds great prospects for the Company,
but without a regulation allowing the trading of carbon
As ANJ grows as a business, our management reflects credit from a land cultivation right title (Hak Guna Usaha)
on progress and industry positioning. This introspection and with imbalance between supply and demand due to
guides our identification of areas for improvement prohibition to sell carbon credit to overseas, we must
and ensures the translation of current successes into wait until the appropriate mechanisms are put in place
ongoing progress. Operating responsibly within our core to make this a smart financial investment.
areas, our targets extend beyond business prospects
to encompass sustainable practices benefiting both
people and the environment. ANJ's Net Zero 2030 Capital Expenditure
strategy focuses on efficiency, climate risk mitigation
and adaptation and the realization of responsible Recognizing the imperative for ANJ to invest in projects
development ambitions. addressing climate change risks and minimizing
environmental impact, management has diligently
Our management team has identified cost-efficiency as examined our capital expenditure to enhance efficiency.
an area of focus for the Company, especially in Southwest Consequently, ANJ has strategically prioritized spending
Papua. Cost- and energy-efficiency go hand-in-hand, on the following strategies in 2023:
which means that many of our strategies that aim to • Completing the construction of the GSM network
decrease Company spending on fuel and equipment transmitter (BTS) towers at PMP, in collaboration with
will also reduce our reliance on non-renewable energy Telkomsel, to support worker retention and Company
communications.
32 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
• Completing the installation of the solar cell array at Changes in the Composition of the Board
GMIT. of Directors
• Continued development of the flood prevention
infrastructure at ANJAS. In 2023, Fitriyansyah was appointed as the Director
• Continued road laterization of the remaining 300 km of Engineering and Security, marking a change in the
at PMP and PPM, with a targeted completion deadline BOD. Aligned with our commitment to representing
of 2025. the diversity of our operating region and understanding
• Expanding the drip fertigation program to new unique challenges at each site, management actively
locations, including KAL, and maintaining successful promotes the movement of directors across subsidiaries.
applications of the program in SMM and ANJA. This approach not only fosters individual development
• Continued development of the fire prevention but also encourages the exchange of innovative ideas
infrastructure at KAL. and revitalization of existing programs. In 2023, the
• Continued replanting at SMM and ANJA. retirement of the resident director of our Southwest
• Peat emissions analysis at ANJAS to determine Papua estates and our Human Resources director
carbon sensitivity and baseline emissions. prompted active efforts to find suitable replacements.
Our planned capital investments in 2024 include: In conclusion, I extend my gratitude to all involved in
• Installing a new, more energy- and cost-efficient our operations for their hard work and dedication to
boiler at the Southwest Papua mill. our values. This year prompted careful reflection on
• Building the infrastructure to accommodate staff our values and future goals, considering the present
bringing their young families to live with them on-site and future limitations and challenges. Achieving
at PMP. efficiency in production while actively preserving and
• Investing in the carbon trading project once the supporting the environments and communities where
Indonesian government has issued regulations we operate demands a nuanced approach led by
allowing us to trade carbon credit from HGU land title effective management. The dedication of our people has
and provided that the appropriate mechanisms for enabled our success in challenging times, and I take
foreign. pride in showcasing ANJ as a company that overcomes
• Developing agronomic innovations which ANJ challenges and exceeds expectations in this report. It
currently have patents for. brings me great pleasure to witness ANJ's outstanding
• Developing flood-prevention infrastructure at ANJAS progress, and I anticipate a future of continued
based on the appropriate feasibility study from collaboration, establishing our company as a leading
independent experts. force in sustainable agribusiness.
On behalf of the Board of Directors
LUCAS KURNIAWAN
President Director
PT Austindo Nusantara Jaya Tbk. 33
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
STATEMENT OF RESPONSIBILITY
By the Members of the Board of Directors and the Board of Commissioners
for the 2023 Annual Report of PT Austindo Nusantara Jaya Tbk.
Jakarta, April 30, 2024
We, the undersigned, declare that the information contained in the 2023 Annual Report of
PT Austindo Nusantara Jaya Tbk. is complete and we are responsible for the accuracy of the report’s content.
Thus, this statement is duly made by the Board of Directors and Board of Commissioners.
BOARD OF DIRECTORS
Lucas Kurniawan Geetha Govindan Naga Waskita
President Director Vice President Director Director
Aloysius D’Cruz Nopri Pitoy Mohammad Fitriyansyah
Director Director Director
BOARD OF COMMISSIONERS
Adrianto Machribie
President Commissioner (Independent)
George Santosa Tahija Sjakon George Tahija
Commissioner Commissioner
Anastasius Wahyuhadi J. Kristiadi
Commissioner Independent Commissioner
Darwin Cyril Noerhadi Istini Tatiek Siddharta
Independent Commissioner Commissioner
PT Austindo Nusantara Jaya Tbk. 35
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COMPANY
PROFILE
40 Company Overview
54 Core Business Site Map
60 Profile of the Board of Commissioners
70 Profile of the Board of Directors
83 Shareholders Information
87 Dividend Payment for the Last Two Years
88 Corporate Structure
94 Awards and Certifications 2023
101 Training and Development of the Board of
Commissioners, Board of Directors, Committees,
Corporate Secretary and Internal Audit Unit
36 PT Austindo Nusantara Jaya Tbk.
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PT Austindo Nusantara Jaya Tbk. 37
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Performance Highlights Management Reports Company Profile Management Discussion And Analysis
ANJ'S
BUSINESS IDENTITY
COMPANY NAME: PT Austindo Nusantara Jaya Tbk.
COMPANY STATUS: Public Company
SHARE CODE: ANJT
DOMICILE: Jakarta
BTPN Tower, 40th Floor
Jl. Dr. Ide Anak Agung Gde Agung Kav. 5.5-5.6 Jakarta 12950
OFFICE ADDRESS:
Telephone : (62-21) 2965 1777
Fax : (62-21) 2965 1788
DATE OF ESTABLISHMENT: April 16, 1993
Trading, services and operations related to palm oil plantation and processing, as well
BUSINESS ACTIVITY: as trading of palm oil products, sago harvesting and processing, vegetable production
and processing (edamame) and renewable energy business.
Crude Palm Oil (CPO), Palm Kernel (PK) and Palm Kernel Oil (PKO), Sago, Vegetable
PRODUCTS AND SERVICES:
(Edamame) and Renewable Energy from Palm Oil Mill Effluent (POME)
LEGAL BASIS: Deed of Establishment and amendments:
• Deed No. 72, dated April 16, 1993, Notary Sutjipto;
• Deed No. 54, dated July 16, 1998, Notary Esther Mercia Sulaiman;
• Deed No. 161, dated January 17, 2013, Notary Irawan Soerodjo;
• Deed No. 270, dated June 22, 2015, Notary Irawan Soerodjo;
• Deed No. 61, dated May 14, 2018, Notary Irawan Soerodjo;
• Deed No. 143, dated May 15, 2019, Notary Christina Dwi Utami;
• Deed No. 144, dated May 15, 2019, Notary Christina Dwi Utami;
• Deed No. 74, dated June 9, 2021, Notary Christina Dwi Utami;
• Deed No. 23, dated November 2, 2021, Notary Christina Dwi Utami.
corsec@anj-group.com anjgroup.id
www.anj-group.com
investor.relations@anj-group.com Austindo Nusantara Jaya
38 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
SHARE OWNERSHIP
40.85%
PT Austindo Kencana Jaya
40.85%
PT Memimpin Dengan Nurani
8.83%
Public
4.74%
George Santosa Tahija
4.74%
Sjakon George Tahija
0.00%
Yayasan Tahija
PT Austindo Nusantara Jaya Tbk. 39
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Performance Highlights Management Reports Company Profile Management Discussion And Analysis
COMPANY OVERVIEW
ANJ IS A HOLDING COMPANY,
ENGAGING BOTH DIRECTLY
AND INDIRECTLY THROUGH
SUBSIDIARIES, IN THE
PRODUCTION AND SALE OF CRUDE
PALM OIL, PALM KERNEL, PALM
KERNEL OIL, OTHER SUSTAINABLE
FOOD CROPS AND RENEWABLE
ENERGY. THE COMPANY IS
CURRENTLY LEVERAGING ITS
ACKNOWLEDGED CAPABILITIES
PT Austindo Nusantara Jaya Tbk. (“ANJ”, or
IN AGRONOMIC BEST PRACTICE, “the Company”) was established on April 16,
INNOVATION AND EFFICIENCY TO 1993 as PT Austindo Teguh Jaya, and has
DEVELOP NEW AGRIBUSINESS interests in agribusiness, financial services,
healthcare and renewable energy. On July
VENTURES IN SAGO AND 16, 1998, the Company changed its name to
VEGETABLE HARVESTING AND PT Austindo Nusantara Jaya (ANJ) pursuant
PROCESSING." to Deed No. 54, dated July 16, 1998, Notary
Esther Mercia Sulaiman. In 2012, in line with
our renewed vision to become a world-class
agribusiness-based food company, ANJ began
to focus on palm oil while expanding into new
agribusinesses based on other food crops.
The second pillar of our vision, which is to be
a company that elevates the lives of people
and nature, is reflected in our commitment
to achieving a sustainable balance between
our responsibilities to people, the planet and
prosperity for all our stakeholders.
In 2013, the Company held its initial public
offering on the Indonesia Stock Exchange of
10% of its shares with a ticker of ANJT.
40 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
Palm Oil
Our business comprises the integrated cultivation and Southwest Papua Plantation
harvesting of fresh fruit bunches from our oil palm
plantations, milling them into crude palm oil, palm kernel A 91,210 hectares landbank in South Sorong and Maybrat
and palm kernel oil, and selling the oils. ANJ owns six oil Regencies in Southwest Papua Province, operated by
palm producing plantations: the Company and our subsidiaries PPM and PMP. An
area of 9,024 hectares have been developed for oil palm
North Sumatra I Plantation plantations, meanwhile 81,102 hectares have been set
aside for conservation area and the remaining is for
A 9,988 hectares oil palm plantation in Binanga, North infrastructure.
Sumatra, operated by our subsidiary ANJA.
ANJ is a member of the Roundtable on Sustainable Palm
North Sumatra II Plantation Oil (RSPO) and Indonesian Sustainable Palm Oil (ISPO).
All of our palm producing plantations mentioned above
A 9,412 hectares oil palm plantation in Padang Sidempuan,
are RSPO and ISPO certified.
North Sumatra, operated by our subsidiary ANJAS.
Belitung Island Plantation South Sumatra Landbank
We are also planting areas of our landbanks of 12,800
A 17,360 hectares oil palm plantation in Belitung Island in
hectares in Empat Lawang, South Sumatra. This landbank
Bangka Belitung, operated by our subsidiary SMM.
is operated by our subsidiary GSB and commenced
West Kalimantan Plantation planting parts of the landbank in 2013.
A 13,880 hectares oil palm plantation in Ketapang, West Our development plantations are managed in compliance
Kalimantan, operated by our subsidiary KAL. with RSPO and ISPO standards and we will apply for
RSPO and ISPO certification when they started producing
crude palm oil.
PT Austindo Nusantara Jaya Tbk. 41
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
As of December 31, 2023, the Company had a total has made a commitment to maintain areas of forest with
landbank of 154,650 hectares. At that time, approximately High Conservation Value (HCV) and/or High Carbon Stock
one-third of this area or 53,521 hectares, was planted. (HCS) and to refrain from developing peat or wetlands.
Pursuant to the Indonesian Government’s regulation, the
Company has allocated a total of 5,005 hectares of this
planted area to community smallholders as of the end of Our landbank also covers 12,800 hectares land in South
2023. Sumatra which is ready to be planted when the land
Mature nucleus oil palms cover 43,400 hectares or compensation process is completed. As of 31 December
89.5%, of the planted area, while 5,116 hectares or 10.5%, 2023, total land compensated was 4,555 hectares, of
comprises immature oil palms. The average age of our which 724 hectares have planted and contains matured
nucleus oil palms across all the Group's plantations, as oil palms.
of December 31, 2023, was 13.0 years. The remaining portion of our landbank is designated
56.4% of our landbank is allocated for fulfilling a range of for infrastructure needs, including roads, housing, and
voluntary environmental and social commitments, which amenities for our employees, while a smaller fraction
encompasses biodiversity conservation, riverine buffers, of this land is deemed unplantable due to unsuitable
and the protection of areas with historical or cultural topography.
significance. As stated in our Sustainability Policy, ANJ
42 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
PLANTED AREA MATURED AREA
48,516 Ha 43,400 Ha
PT Austindo Nusantara Jaya Tbk. 43
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
Sago
ANJ operates a sago harvesting and processing operation
in South Sorong, Southwest Papua, through our
subsidiary, ANJAP. ANJAP manages a 40,000-hectares
concession, where it is pioneering the country’s first
commercial-scale harvesting of natural sago palm.
ANJAP processes the logs at its sago mill to produce dry
sago starch, which is sold to the food industry.
As a sustainable alternative to rice, sago plays a key role
in our sustainable agribusiness strategy, which is aligned
with the government’s food security objectives as well
as its economic and social development acceleration
strategy in Papua.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
Vegetables
ANJ has operated in the vegetable sector since 2015,
when our subsidiary, GMIT, began cultivating edamame,
a high-protein, antioxidant-rich legume belonging to the
soybean family. We use a cooperation model, providing
agronomic inputs, training and field support to local
farmers in Jember, East Java to maintain and improve
quality and yield. In 2020 we began field trials for okra,
another high-value vegetable, and in 2023 we also began
field trials for green beans, which we sold to domestic
market.
In 2017, ANJ entered into a joint venture with AJI HK
Limited to facilitate GMIT’s market expansion into the
Asia Pacific region. In August 2021, GMIT commenced
commercial operations of its frozen products. By end
of 2023, GMIT has sold its frozen products to domestic
market and export to Japan, Southeast Asia countries,
India and Middle East.
Renewable Energy
AANE, a subsidiary of the Company, has been licensed The Company plans to build further biogas power plants
as an Independent Power Producer (IPP) since 2013 and at selected mills for internal use, to reduce its reliance
began operating commercially on 31 December 2013. on fossil fuels and improve our greenhouse gas emission
AANE operates a 1.8 MW capacity biogas power plant reduction performance.
at our Belitung Island Plantation, generating electricity
from the methane produced as a by-product of our CPO
mill.
PT Austindo Nusantara Jaya Tbk. 45
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
1993- 2010-
2006 2015
A BRIEF 1993 2010
HISTORY OF ANJ was established. ANJAP was awarded a permit
(IUPHHBK) to use 40,000 hectares
THE ANJ GROUP 2000 of land in Southwest Papua for a
sago plantation.
• PT Austindo Agro Nusantara and
PT Austindo Nusantara Resources
were merged into the Company.
2012
• ANJ acquired ANJA (formerly • ANJ divested its healthcare and
PT Eka Pendawa Sakti) through financial services interests to
Verdaine Investments Ltd., acting concentrate on agribusiness, food
as manager/operator. and renewable energy.
• ANJ acquired GSB.
2001
PT Austindo Investama Jaya,
PT Austindo Mining Corporindo and
2013
PT Austindo Nusantara Energi were • ANJ acquired PPM and PMP.
merged into the Company. • ANJ’s shares were listed for the
first time on the Indonesia Stock
Exchange (IDX).
2003
• AANE began the commercial
ANJ acquired SMM. operation of its biogas plant.
2004 2014
ANJ acquired ANJAS (formerly PT ANJ acquired PT Pusaka Agro
Ondop Perkasa Makmur). Makmur.
2005 2015
ANJ acquired KAL. • PT Pusaka Agro Makmur was
merged into the Company.
2006 • ANJAP completed the
construction of its sago starch
ANJ became full owner of ANJA. mill in Southwest Papua.
46 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
2016- 2019-
2018 2022 2023
2016 2019
KAL’s palm oil mill in West ANJ divested its shareholding in KAL completed the construction
Kalimantan began operating. PT Puncakjaya Power and entire of its composting plant.
investment in MP Evans Group.
2017 2020
• ANJ divested its shareholding in PMP’s palm oil mill and kernel
PT Darajat Geothermal Indonesia crushing plant in Southwest Papua
and PT Star Energy Geothermal began operating.
Suoh Sekincau to focus on
agribusiness, food and renewable
energy. 2021
• The share ownership in (a) PT
• PMP and PPM obtained RSPO
Aceh Timur Indonesia (ATI), PT
and ISPO certification.
Simpang Kiri Plantation Indonesia
• KAL increased the mill capacity
(SKPI), (b) PT Surya Makmur
from 45 tons per hour to 90 tons
(SM) and PT Bilah Plantindo (BP),
per hour.
which all is part of MP Evans
Group was sold. • GMIT began exporting frozen
edamame.
• AJI HK Limited acquired a 20%
stake in ANJ subsidiary, GMIT.
• ANJ sold a 10.87% stake in 2022
PT Agro Muko to SIPEV NV, ANJ sold 5% shares in
retaining 5% of the shares. PT Agro Muko.
2018
• ANJ launched its new corporate
logo.
• GMIT initiated the construction of
a frozen line facility.
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Performance Highlights Management Reports Company Profile Management Discussion And Analysis
OUR LOGO
ANJ
SUN
The sun is our primary
source of energy and is one
ANJ’s logo is a visual representation of of the principal elements
in elevating the life of each
our priorities. Each symbol represents living organism on earth.
a vital element for the Company:
PEOPLE
People are the central element FAUNA
of ANJ’s identity. The circle
represents the harmony in human All animals on earth have their
lives. People cannot survive own unique, essential role in
without nature’s benefits, so they balancing nature. The footprint
need to take a lead in maintaining represents Indonesia’s fauna
a harmonious relationship and the everlasting spirit that
between people and nature. is bequeathed from generation
This is depicted through the four to generation.
natural elements that circle the
core element of human life.
WATER FLORA
Water is a vital source Flora or plants, are the foundation
of life and acts as one of of the food chain and a balanced
the balancing elements. ecosystem. Flora play essential
Whether a small drop of roles in producing oxygen and food
rain or a large sea, water and in maintaining the soil’s fertility.
has tremendous potential Indonesia’s rich geography allows a
as a source of power. unique and diverse range of flora to
flourish, making it the pride of the
archipelago.
48 PT Austindo Nusantara Jaya Tbk.
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OUR VISION, MISSION
AND CORPORATE
VALUES
MISSION
• People and nature oriented:
VISION People and nature as the north star of the
Company, guiding every aspect of all business
To become a activities.
world-class agribusiness • Striving for world-class excellence:
based food company that A continuous quest to comply with and exceed
local and global standards, exercising good
elevates the lives of people corporate governance.
and nature. • Sustainable growth for prosperity:
Achieving widespread economic prosperity
without exhausting the finite resources at our
disposal.
• Integrity:
Doing the right thing at all times, in all
circumstances, regardless of the consequences or
of anyone watching.
The corporate vision and mission above were reviewed
and approved by the Board of Commissioners and the
Board of Directors on February 12, 2018.
VALUES
INTEGRITY RESPECT FOR PEOPLE CONTINUOUS
AND THE ENVIRONMENT IMPROVEMENT
PT Austindo Nusantara Jaya Tbk. 49
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CODE OF CONDUCT AND
CORPORATE CULTURE
THE COMPANY’S CODE OF ETHICS ON
BUSINESS CONDUCT (THE “CODE”),
LAUNCHED IN 2013, ELABORATES
OUR CORE CORPORATE VALUES
INTO BEHAVIORS AND GUIDANCE
THAT ARE DESIGNED TO ENSURE
THAT ANJ’S PEOPLE UPHOLD OUR
REPUTATION AND MAINTAIN THE
TRUST OF OUR STAKEHOLDERS
BY BEING TRANSPARENT,
ACCOUNTABLE, OBJECTIVE AND
TREATING ALL STAKEHOLDERS
EQUALLY AND WITH RESPECT."
The core values underpinning the Code are: Integrity,
Respect for People and the Environment and Continuous
Improvement. The articles of the Code provide guidance
for employees on fulfilling their work responsibilities
and interacting with others effectively, safely, lawfully
and with integrity. The Code applies equally and without
exception to all employees and all levels of management,
including the members of the Board of Directors and
the Board of Commissioners. Every employee of the
ANJ Group is required to pledge to uphold the Code; our
investors, stakeholders and business partners are also
required to make such a commitment where relevant.
The Code was formally adopted in January 2014, and has
been disseminated to all employees. Since October 2017,
the Code has been an integral part of our Management
Trainee program curriculum as well as the induction
program provided for all new employees and is embedded
into the learning and development curriculum at our ANJ
Learning Center.
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ANJ’s Code of Ethics on Business Conduct Covers:
COMPLIANCE WITH LAWS AND WORKPLACE SAFETY, HEALTH WORK RELATIONS
REGULATIONS AND THE ENVIRONMENT
RELATIONSHIPS WITH RELATIONS WITH CONFLICTS OF INTEREST
SUPPLIERS AND CUSTOMERS THE GOVERNMENT
USE AND MAINTENANCE OF COMPANY INFORMATION AND RELATIONSHIPS WITH
COMPANY PROPERTY FINANCIAL DISCLOSURE INVESTORS AND THE MEDIA
The Code is regularly reviewed and periodically updated INSIDER TRADING
to ensure that it remains aligned with the growth of our
business, our strategic objectives and developments in
our external environment.
PT Austindo Nusantara Jaya Tbk. 51
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BUSINESS ACTIVITY
Based on the Articles of Association, the Company
engages business in the area of:
Core Business Activities:
a. Carry out business of other consultancy
management activities.
b. Carry out business of wholesale of fruit
containing oil.
c. Carry out business of wholesale in agricultural
products and other living animals.
d. Carry out business of wholesale based on fee
or contract.
e. Carry out business of palm oil plantation.
f. Carry out business of crude palm oil (Crude Palm
Oil/CPO) industry.
g. Carry out business of crude palm kernel oil
(Crude Palm Kernel Oil/CPKO) industry.
h. Carry out business crude palm oil and crude palm
kernel oil refinery industry.
Supporting Business Activities:
Carry out other businesses, related to and supporting
the main business activities of the Company in
accordance with the prevailing laws and regulations.
Articles of Association
ANJ’s Articles of Association have been amended several
times since the Company’s establishment in 1993. The
most recent amendment was in 2021 pursuant to Deed
No. 74 of Christina Dwi Utami, SH, M.Si., Notary in
Jakarta, dated June 9, 2021, related to amendment and
restatement of the Articles of Association of the Company
to comply with the applicable capital market rules and
regulations and Deed No. 23 of Christina Dwi Utami,
SH, M.Si., Notary in Jakarta, dated November 2, 2021,
related to amendment of the Article 16 of the Articles of
Association of the Company regarding to the Duties and
Authorities of the Board of Directors.
52 PT Austindo Nusantara Jaya Tbk.
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PT Austindo Nusantara Jaya Tbk. 53
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NORTH
SUMATRA
1
2
WEST KALIMANTAN
5
BANGKA
BELITUNG
3
SOUTH 9
SUMATRA
4
CORE BUSINESS
EAST
JAVA
8
SITE MAP
PT AUSTINDO NUSANTARA JAYA AGRI PT SAHABAT MEWAH DAN MAKMUR PT KAYUNG AGRO LESTARI
1 SIAIS (RSPO Certified) 3 (RSPO Certified) 5 (RSPO Certified)
Padang Sidempuan, North Sumatra Belitung, Bangka Belitung Ketapang, West Kalimantan
Nucleus Nucleus Nucleus
Landbank 9,255 Ha Landbank 16,277 Ha Landbank 10,920 Ha
Planted Area 7,752 Ha Planted Area 14,285 Ha Planted Area 9,051 Ha
Matured Area 7,752 Ha Matured Area 11,906 Ha Matured Area 8,928 Ha
Mill Capacity 60 tons/hour Mill Capacity 60 tons/hour Mill Capacity 90 tons/hour
Conservation Area 1,464* Ha Conservation Area 1,381 Ha Conservation Area 3,974** Ha
Plasma Partnership with Smallholder Plasma
Landbank 1,083 Ha Landbank 2,960 Ha
Landbank 158 Ha
Planted Area 884 Ha Planted Area 2,345 Ha
Planted Area 158 Ha
Matured Area 884 Ha Matured Area 2,287 Ha
Matured Area 158 Ha
PT AUSTINDO NUSANTARA JAYA AGRI PT GALEMPA SEJAHTERA BERSAMA
2 (RSPO Certified) 4 (GSB) PT ANJ AGRI PAPUA (ANJAP)
6 South Sorong, Southwest Papua
Binanga, North Sumatra Empat Lawang, South Sumatra
Landbank 9,988 Ha Landbank 12,800 Ha Concession Right 40,000 Ha
Planted Area 9,297 Ha Planted Area 724 Ha Mill Capacity 1,250 tons/month
Matured Area 6,683 Ha Matured Area 724 Ha Conservation Area 8,150 Ha
Mill Capacity 60 tons/hour Mill Capacity -
Conservation Area 1,373 Ha
Conservation Area 391 Ha
54 PT Austindo Nusantara Jaya Tbk.
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TOTAL PLANTED AREA:
48,516 Ha
TOTAL CONSERVATION AREA:
97,745 Ha
SOUTHWEST
7 PAPUA
6
LEGEND
PALM OIL
NOTES : SAGO
Data as of December 31, 2023
* Includes 288 Ha of conservation area outside ANJAS’s HGU VEGETABLES
** Includes 2,330.88 Ha of conservation area under KAL’s Plantation
Business Permit area but outside KAL’s HGU
RENEWABLE ENERGY
*** Includes conservation area in plasma landbank.
PT PUTERA MANUNGGAL PERKASA (RSPO Certified), PT GADING MAS INDONESIA TEGUH
7 PT PERMATA PUTERA MANDIRI (RSPO Certified), PT AUSTINDO NUSANTARA JAYA TBK. 8 (GMIT)
South Sorong & Maybrat, Southwest Papua Jember, East Java
Nucleus Plasma Product Edamame (Fresh and Frozen)
Landbank 75,947 Ha Landbank 15,263 Ha Production Capacity 3 tons/hour
Planted Area 7,407 Ha Planted Area 1,618 Ha
Matured Area 7,407 Ha Matured Area 1,618 Ha PT AUSTINDO AUFWIND NEW ENERGY
9 (AANE)
Mill Capacity 45 tons/hour Belitung, Bangka Belitung
Conservation Area 81,012 Ha***
Type of Renewable Energy Biogas
Production Capacity 1.8 MW
PT Austindo Nusantara Jaya Tbk. 55
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ORGANIZATIONAL
STRUCTURE
Vice President Director
/ COO Palm Oil
GEETHA GOVINDAN
Finance Director/ Agronomy Technical and R&D
Group CFO Director/COO Non-Palm Oil
NOPRI PITOY ALOYSIUS D’CRUZ
Finance & Accounting President Director GMIT President SMM, GSB &
Director Reg. 3 & Director AANE Director ANJA
VONNY S. ARDHI IMAM WAHYUDI JULI WANKARA PURBA
Head of Finance & Accounting Head of Procurement & Director GMIT, GSB Resident Director Head of Engineering
Region 1 & 2 Logistics & ANJAP PPM, PMP & Estate ANJAP
LINAWATY KLEMENTIUS SILALAHI HARSONO SUTIKNO VACANT JIMMY EFRAIM
Resident Director
Head of Sales & Head of Corporate KAL & SIAIS
Head of Commercial, Head of Research &
Commercial Planning, Reporting
Sago & Edamame Development
and Business JERILEVA PURBA
SALIM Development
NELDA HERMAWAN JAJANG SUPRIATNA
WINDIANTI
General Manager SMM
Head of Sales & Marketing
MUKHLISUDDIN NASUTION General Manager
Head of ICT TAN LAURENTIUS
PPM & PMP
SURYADARMA
NELSON SUWIKO General Manager ANJA ANTONIUS S.
Head of Business Process
& Business Development of TAUPAN S. SIBARANI
Smallholders
GM Estate GMIT
AGUSTINUS General Manager KAL
AIRLANGGA DJATI Head of Sustainability
Business MARGO WALUYO Compliance
Development & DADI
Investor Relation Business Process ANTOPERIS TARIGAN
Manager Managers
ICT Manager Reg.
GILANG RAKASIWI KHAIRUL ANWAR N.
1&2
SATRIA PINANDITO
VACANT
General Manager ANJAS
Finance & Accounting Plasma & Partnership Sustainability
Manager Managers Compliance & Secretary MHD AMROL SIREGAR
Coordinator Manager
NATALIA ICT Manager HO C. HERU SATMOKO
& Reg. 3 DIANA RATNA DEVIE
SLAMET HARYONO
FRANKY BUDIMAN
Finance & Accounting Sustainability &
Manager PPM, PMP & Compliance Manager
Tax Manager ANJAP Reg. 3
ICT SAP & Application
PRADANA WIRYA SYAHPUTRA
Manager
SAKTI FRANSISKO S. JATIKUSUMA
ANDRIAN ARSIL
Sustainability &
Business Support Compliance Manager
Reg. 1 & 2
Sales & Commercial GIS & Survey
Manager RACHMAD YUSUF ILHAM ROH TUAH D.
Manager HIDAYAT
ARMANSYAH S. GURUH RINDANATA
Factory Manager
Procurement & Logistic
Manager Reg. 1 & 2
JULIUS CHANDRA
KEVIN IRDYAN HARDWIN
Procurement & Logistic
Manager Reg. 3
VACANT
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
Board of
Commissioners
President Director/CEO
Audit Committee
LUCAS KURNIAWAN
Legal Director & Corporate Engineering, Government
Secretary Relations & Security Director
NAGA WASKITA M. FITRIYANSYAH
Sustainability and Corporate
HR & CM Director Group Head of
Communications Director
Factory & Mill
NUNIK MAHARANI VACANT
SONNY FRANCIS
Head of Engineering
Head of Conservation Head of Legal
Operation Reg. 1 & 2
NARDIYONO ERWIN SANTOSO Head of HR Shared Services NUR AMALIA AGUS
Reg. 1, 2 & 3
Head of Internal Audit
Head of Cooperative & Head of Legal Operation ADHIKA MANDRA Head of Project Engineering
CID Reg.3 KARUNA Palm Oil Reg. 3 CHRISTIAN L. SITORUS
ARIANTO WIBOWO DAVID KURNIAWAN CHARLES H. MANALU
Head of Learning &
Development
Head of Corporate Head of Mill Controller
Communications Head of Environmental, VACANT Reg. PPM, PMP & ANJAP
Health & Safety
VACANT VACANT
BURHANUDDIN Learning & Development
Manager Internal Audit Manager
Head of Mill Controller
ROBY SYAHPUTRA
ANJA & SMM NURMAN HIDAYAT
ANDI GUNAWAN RONAL SAMSON R.
EHS Manager Reg. 1&2 Payroll & Personnel
Administration Manager
Head of Mill Controller
VACANT PATRICIA RADJIMAN KAL & ANJAS
BASAR M. LUMBANTORUAN
Payroll & Employee Claim
EHS Manager Reg. 3
Manager
Head of Government
SURYA INDRA JAYA DEVI FITRIA
Relations & GA Reg. 3
GRITJE FONATABA
Legal Manager Reg. 1 & 2 OD, CM & TM Mananger
VACANT ROLI HARNI G.
Head of Security
License & Permit Managers GA Manager VACANT
Brand & Marketing AGUNG PRAMUDYA ELYA KRISNIA
Communication Manager
WELLYNGTON SILALAHI
Manager Security Government Relation &
NITA JANITA EKANIANA Security Manager
Reg. 3 External Affairs Manager
FRANS TAURAN SYAM HADIJANTO NURWACHID ACHMAD
Internal Communication JAENUDIN
Manager
RIFTYZA GESTANDI Biogas Operation Civil & Structure
Manager Manager
IPAN SONDALI MANALU EDI TJAHJONO
Conservation Manager
PRIYA SWAYANUAR Senior Project Cost Mechanical & Electrical
Controller Manager
RIMMY JULIANTY B. ASTRA AGUNG S.
CID Manager
VACANT
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CHANGES IN THE COMPOSITION
OF MEMBERS OF BOARD OF COMMISSIONERS
AND THE BOARD OF DIRECTORS
The Annual General Meeting of Shareholders (AGMS) held on June 7, 2023, approved to change the Company’s Board of
Commissioners and Board of Directors Composition by approving the resignation of Istama Tatang Siddharta from his
position as a Commissioner and appointing Mohammad Fitriyansyah as a Director of the Company.
Below is the composition of Board of Commissioners and Board of Directors after the AGMS on June 7,2023:
BOARD OF COMMISSIONERS
Adrianto Machribie J. Kristiadi
President Commissioner (Independent) Independent Commissioner
George Santosa Tahija Darwin Cyril Noerhadi
Commissioner Independent Commissioner
Sjakon George Tahija Istini Tatiek Siddharta
Commissioner Commissioner
Anastasius Wahyuhadi
Commissioner
BOARD OF DIRECTORS
Lucas Kurniawan Aloysius D’Cruz
President Director Director
Geetha Govindan Nopri Pitoy
Vice President Director Director
Naga Waskita Mohammad Fitriyansyah
Director Director
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PROFILE OF
THE BOARD OF
COMMISSIONERS
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THE BOARD OF
COMMISSIONERS
FROM LEFT TO RIGHT:
DARWIN CYRIL NOERHADI
Independent Commissioner
J. KRISTIADI
Independent Commissioner
ANASTASIUS WAHYUHADI
Commissioner
ISTINI TATIEK SIDDHARTA
Commissioner
SJAKON GEORGE TAHIJA
Commissioner
ADRIANTO MACHRIBIE
President Commissioner (Independent)
GEORGE SANTOSA TAHIJA
Commissioner
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Adrianto Machribie
President Commissioner (Independent)
Indonesian citizen, aged 82.
Born in Bandung, 1941. Domiciled in Jakarta.
EDUCATION
Mr. Machribie holds a law degree from the University of Indonesia (1967) and a
Master’s degree in Social Science from the Institute of Social Studies, The Hague,
the Netherlands (1969).
BASIS OF APPOINTMENT
Mr. Machribie was first appointed as President Commissioner of the Company based
on deed No. 32 of Esther Mercia Sulaiman S.H, Notary in Jakarta, dated September
24, 2003.
The most recent appointment of Mr. Machribie as the President Commissioner of
the Company is based on deed No. 47 of Christina Dwi Utami, S.H., M.Hum., M.Kn,
Notary in Jakarta, dated June 10, 2020.
POSITION TENURE
September 2003-present.
CONCURRENT POSITIONS
Currently, he also serves as:
• Senior Advisor to the Office of the Chairman of parent company Freeport
McMoRan Copper & Gold Inc. (2011-present).
• Commissioner of PT Freeport Indonesia (2018-present).
EXPERIENCE
Mr. Machribie has served as one of the Company’s Commissioners since July 1996
and was appointed as President Commissioner in September 2003. Prior to joining
the Company, he was the Administration Director for subsidiaries of Shell Indonesia
(1980–1985), Vice President General Affairs Shell Companies Indonesia (1986-
1992), Executive Vice President & Director of PT Freeport Indonesia (1992-1995),
President Director of PT Freeport Indonesia (1995-2006). Then, he was appointed
as Commissioner of PT Freeport Indonesia (2006-2011), Non-Executive Director
Intrepid Mines Ltd. (2011-2015) and the President Director of PT Media Televisi
Indonesia (Metro TV) (2011-2017). He is also actively engaged in several professional
organizations.
AFFILIATIONS
Mr. Machribie has no affiliate relationships with any other Commissioners, Directors
or shareholders of the Company.
INDEPENDENCE
Mr. Machribie has served more than 2 (two) terms as an Independent Commissioner,
but he declares that he remains independent and will comply with all prevailing laws
and regulations.
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George Santosa Tahija
Commissioner
Indonesian citizen, aged 65.
Born in Jakarta, 1958. Domiciled in Jakarta.
EDUCATION
Mr. Tahija holds a Bachelor’s degree in Mechanical Engineering from Trisakti University,
Indonesia (1983) and an MBA from the Darden School, University of Virginia, USA (1986).
BASIS OF APPOINTMENT
Mr. Tahija was first appointed as Commissioner of the Company based on Deed No. 72 of Mala
Mukti, S.H., L.L.M, Notary in Jakarta, dated December 14, 2012.
The most recent appointment of Mr. Tahija as Commissioner of the Company is based on Deed
No. 47 of Christina Dwi Utami, S.H., M.Hum., M.Kn, Notary in Jakarta, dated June 10, 2020.
POSITION TENURE
December 2012-present.
CONCURRENT POSITIONS
Currently, he also serves as:
• President Commissioner of PT Austindo Nusantara Jaya Agri (2005–present).
• President Commissioner of PT Sahabat Mewah dan Makmur (2005–present).
• President Commissioner of PT Austindo Nusantara Jaya Agri Siais (2006–present).
• Commissioner of PT Austindo Nusantara Jaya Healthcare (2006-present).
• President Commissioner of PT Kayung Agro Lestari (2008–present).
• President Commissioner of PT Gading Mas Indonesia Teguh (2008–present).
• President Commissioner of PT ANJ Agri Papua (2011–present).
• President Commissioner of PT Lestari Sagu Papua (2011–present).
• Commissioner of PT Austindo Kencana Jaya (majority shareholder of the Company)
(2012-present).
• President Director of PT Memimpin Dengan Nurani (majority shareholder of the
Company) (2012-present).
• President Commissioner of PT Permata Putera Mandiri (2013–present).
• President Commissioner of PT Putera Manunggal Perkasa (2013–present).
• President Commissioner of PT Austindo Aufwind New Energy (2013–present).
• President Commissioner of PT Austindo Nusantara Jaya Boga (2013–present).
• President Commissioner of PT Galempa Sejahtera Bersama (2015–present).
• President Commissioner of PT Melintas Cakrawala Indonesia (2016–present).
• Chairman of the Tahija Foundation Supervisory Board (2019-present).
EXPERIENCE
Mr. Tahija was appointed as a commissioner in 2012 and as Chairman of the Risk Management
Committee of the Company, after more than 20 years overseeing ANJ as the President
Director. He is also on the Board of Commissioners of ANJ subsidiaries.
Mr. Tahija is the founder of the Coral Triangle Centre (CTC), Indonesia’s only marine
conservation center. He served as a member of the Board of Trustees (2012-2015) and of
the Global Executive MBA Advisory Board (2010-2019), Darden School, University of Virginia.
He is a founding member and Trustee of the Tahija Foundation, currently dedicated to the
eradication of dengue fever. He was a Commissioner of PT Freeport Indonesia Company
(1992-2012), the President Commissioner of PT Asuransi Indrapura (1991-2012) and Non-
Executive Director of Pearl Energy Pte. Ltd. (2005-2006).
Mr. Tahija currently serves as an Advisor to the Indonesia Chapter of The Nature Conservancy
(TNC) and a Vice Chair of TNC Asia Pacific Council. He is an active member of the Young
Presidents’ Organization (YPO) Gold Indonesia Chapter. As of Februari 10, 2023, Mr. Tahija
also serves as a member of Supervisory Board of Indonesian Business Council (IBC).
Mr. Tahija was the 2021 Abbott Award recipient from the Darden School, University of Virginia.
In 2023, he received Oak Leaf Awards from The Nature Conservancy (TNC), a nonprofit
organization based in Arlington, Virginia, USA. This award recognizes trustees and volunteers
who embody the Conservancy’s values and whose accomplishments advance TNC’s missions.
AFFILIATIONS
Mr. Tahija is the brother of Sjakon George Tahija, a Commissioner of the Company. He is
also President Director and the majority shareholder of PT Memimpin Dengan Nurani, and
a Commissioner of PT Austindo Kencana Jaya; both companies are majority shareholders
in ANJ.
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Sjakon George Tahija
Commissioner
Indonesian citizen, aged 71.
Born in Jakarta, 1952. Domiciled in Jakarta.
EDUCATION
Dr. Tahija graduated from the University of Indonesia in 1980 with a Bachelor’s
degree in Medicine.
BASIS OF APPOINTMENT
Dr. Tahija was first appointed as Commissioner of the Company is based on Deed
No. 72 of Sutjipto S.H, Notary in Jakarta, dated April 16, 1993.
The most recent appointment of Dr. Tahija as Commissioner of the Company
based on Deed No. 47 of Christina Dwi Utami, S.H., M.Hum., M.Kn, Notary in
Jakarta, dated June 10, 2020.
POSITION TENURE
April 1993-present.
CONCURRENT POSITIONS
Currently, he also serves as:
• The Chairman of the Board of Trustees of Yayasan Tahija (1990–present).
• Commissioner of PT Austindo Nusantara Jaya Healthcare (2010–present).
• President Director of PT Austindo Kencana Jaya (majority shareholder of the
Company) (2012-present).
EXPERIENCE
Dr. Tahija was appointed as one of the Company’s Commissioners upon its
establishment in 1993. A practicing vitreo-retinal consultant, he founded Klinik
Mata Nusantara, a national chain of eye clinics and serves as the Chairman of
the Clinic’s Medical Advisory Board. He was the Commissioner of PT Elbatama
Finance (2000-2004), the Commissioner of PT Aceh Timur (1998-2003) and the
President Director of PT ANJ Healthcare (2006-2010).
AFFILIATIONS
Dr. Tahija is the brother of George Santosa Tahija, a Commissioner of the
Company. He is also President Director and the majority shareholder of PT
Austindo Kencana Jaya, one of the majority shareholders in ANJ.
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Anastasius Wahyuhadi
Commissioner
Indonesian citizen, aged 77.
Born in Klaten, 1946. Domiciled in Jakarta.
EDUCATION
Mr. Wahyuhadi holds a Bachelor’s degree in Law from Satyawacana University,
Indonesia (1976).
BASIS OF APPOINTMENT
Mr. Wahyuhadi was first appointed as Commissiner of the Company is based on Deed
No. 49 of Esther Mercia Sulaiman S.H, Notary in Jakarta, dated January 19, 2006.
The most recent appointment of Mr. Wahyuhadi as a Commissioner of the Company
based on Deed No. 47 of Christina Dwi Utami, S.H., M.Hum., M.Kn, Notary in Jakarta,
dated June 10, 2020.
POSITION TENURE
January 2006-present.
CONCURRENT POSITIONS
Currently, he also serves as:
• Commissioner of PT Sahabat Mewah dan Makmur (2003–present).
• Commissioner of PT Austindo Nusantara Jaya Agri (2006–present).
• Commissioner of PT Optik KMN (2007-present).
• Commissioner of PT Austindo Nusantara Jaya Agri Siais (2008–present).
• Commissioner of PT Kayung Agro Lestari (2008–present.
• Commissioner of PT Gading Mas Indonesia Teguh (2008–present).
• Director of PT Austindo Nusantara Jaya Healthcare (2010-present).
• Commissioner of PT ANJ Agri Papua (2011–present).
• Commissioner of PT Permata Putera Mandiri (2013–present).
• Commissioner of PT Putera Manunggal Perkasa (2013–present).
• Commissioner of PT Austindo Aufwind New Energy (2013–present).
• Commissioner of PT Austindo Nusantara Jaya Boga (2013–present).
• Commissioner of PT Galempa Sejahtera Bersama (2015–present).
EXPERIENCE
Mr. Wahyuhadi was appointed as one of the Company’s Commissioners in 2006, having
served as ANJ’s Corporate Services Director for eight years from 1997 to 2005. He is
also on the Board of Commissioners of ANJ subsidiaries.
During his career, he served as a Commissioner or Director of several multinational,
national and public companies in Indonesia such as, the Deputy President Director dan
Legal Director & Corporate Secretary of PT Rothmans of Pall Mall Indonesia (previously
known as PT Faroka SA) (1983-1994), the Director of PT Anwar Sierad Group (1994-
1997), the President Commissioner of PT Asuransi Indrapura (1998-2012).
He is also actively engaged in philanthropic work, serving as Chairman of the Board of
Management of the Tahija Foundation (2003-2018) and Trustees and Advisors of several
foundations until now.
AFFILIATIONS
Mr. Wahyuhadi has no affiliate relationships with any other Commissioners, Directors
or shareholders of the Company.
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J. Kristiadi
Independent Commissioner
Indonesian citizen, aged 75.
Born in Yogyakarta, 1948. Domiciled in Jakarta.
EDUCATION
Mr. Kristiadi holds a doctorate in Political Science from Gadjah Mada University,
Yogyakarta (1995).
BASIS OF APPOINTMENT
Mr. Kristiadi was first appointed as Commissioner of the Company based on
Deed No. 2 of Esther Mercia Sulaiman S.H, Notary in Jakarta, dated March 5,
2012.
The most recent appointment of Mr. Kristiadi as Independent Commissioner of
the Company is based on Deed No. 47 of Christina Dwi Utami, S.H., M.Hum.,
M.Kn, Notary in Jakarta, dated June 10, 2020.
POSITION TENURE
March 2012-present.
CONCURRENT POSITIONS
Currently, he also serves as secretary of the Board of Directors of the CSIS
Foundation (from 2005–present).
EXPERIENCE
Mr. Kristiadi has been an Independent Commissioner of the Company since
March 2012. His varied career includes serving as a guest lecturer in several
government institutions from 2002 to 2020 period, such as at Sespati/Sespimti
(Sekolah Kepemimpinan Tinggi Kepolisian), PTIK (Perguruan Tinggi Ilmu
Kepolisian), Sesko, TNI, State Administration Institute and Lemhanas, with
varying time durations.
He was also serving as lecturer and guest lecturer at Faculty of Social and
Political Sciences, Atma Jaya University, Yogyakarta; the National Resilience
Institute; the Air Force Staff and Command College, Bandung and the National
Police Staff College, Bandung.
Mr. Kristiadi was a member of People's Consultative Assembly (1987-1992). He
regularly appears as a columnist and commentator in national media on political
development, civil-military relations, security, and constitutional reform.
Mr. Kristiadi has also served as Head of the Politics Department and Deputy
Executive Director at CSIS, Jakarta (1999–2004). Mr. Kristiadi also serves as an
active member of Election Organizer Council (DKPP) for the 2022-2027 period.
AFFILIATIONS
Mr. Kristiadi has no affiliate relationships with any other Commissioners,
Directors or shareholder of the Company.
INDEPENDENCE
Mr. Kristiadi has served more than 2 (two) terms as an Independent
Commissioner, but he declares that he remains independent and will comply
with all prevailing laws and regulations.
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Darwin Cyril Noerhadi
Independent Commissioner
Indonesian citizen, aged 62.
Born in Jakarta, 1961. Domiciled in Jakarta.
EDUCATION
Dr. Noerhadi holds a Bachelor’s degree in Petroleum Geology from the Bandung
Institute of Technology, Indonesia (1985), an MBA in Finance and Economics
from the University of Houston, USA (1988) and a PhD in Strategic Management
from the University of Indonesia (2013).
BASIS OF APPOINTMENT
Dr. Noerhadi was first appointed as Independent Commissioner of the Company
based on Deed No. 144 of Dr. Irawan Soerodjo S.H., M.Si, Notary in Jakarta,
dated February 20, 2017.
The most recent appointment of Dr. Noerhadi as Independent Commissioner
of the Company is based on Deed No. 73 of Christina Dwi Utami, S.H., M.Hum.,
M.Kn, Notary in Jakarta, dated June 9, 2021.
POSITION TENURE
February 2017-present.
CONCURRENT POSITIONS
Currently, he also serves as:
• Commissioner of PT Medikaloka Hermina Tbk. (2017-present).
• President Commissioner of PT Creador Indonesia (January 2020-present).
• Member of Supervisory Board (professional) of Indonesia Investment
Authority (INA), sovereign wealth fund Indonesia (2021-present).
EXPERIENCE
Dr. Noerhadi was appointed as an Independent Commissioner of the Company
in 2017. Dr. Noerhadi has 30 years of experience in financial industry. Prior to
joining the Company, he has various senior roles, including President Director
of PT Kliring Deposit Efek Indonesia (1993-1996), President Director of PT Bursa
Efek Jakarta (1996-1999), Partner of PricewaterhouseCoopers Jakarta (1999-
2005), Chief Financial Officer of PT Medco Energi Internasional Tbk. (2005-2011)
and Senior Managing Director of Creador– Regional Private Equity (2011-2019).
AFFILIATIONS
Dr. Noerhadi has no affiliate relationships with any other Commissioners,
Directors or shareholder of the Company.
INDEPENDENCE
Dr. Noerhadi has not served more than 2 (two) terms as an Independent
Commissioner.
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Istini Tatiek Siddharta
Commissioner
Indonesian citizen, aged 61.
Born in Jakarta, 1962. Domiciled in Jakarta.
EDUCATION
Mrs. Siddharta holds a Bachelor’s degree in Accounting from the University of
Indonesia (1985) and an MBA from the John Anderson School at the University
of California, Los Angeles, USA (1994).
BASIS OF APPOINTMENT
The first and the most recent appointment of Mrs. Siddharta as Commissioner
of the Company are based on Deed No. 23 of Christina Dwi Utami, S.H., M.Hum.,
M.Kn, Notary in Jakarta, dated November 2, 2021.
POSITION TENURE
November 2021-present.
CONCURRENT POSITIONS
Currently, she also serves as:
• Commissioner PT Austindo Nusantara Jaya Healthcare (2007-present).
• Commissioner PT Memimpin Dengan Nurani (2016–present).
• Commissioner PT Austindo Kencana Jaya (2016–present).
EXPERIENCE
Mrs. Siddharta was appointed as the Company’s Commissioner in 2021, after
having served as President Director of the Company (2016-2021), the Deputy
President Director of the Company (2012-2015) and the ANJ Group Finance
Director (2001-2012).
She began her career as a public accountant and was a Partner at Siddharta,
Siddharta & Harsono, a member firm of Coopers & Lybrand, which in 1998
became a member firm of KPMG.
She is an active member of professional association, the Institute of Indonesia
Chartered Accountants where she chaired the Indonesian Financial Accounting
Standards Board from 2000 to 2002. Currently she is the Chairperson of
Sustainability Standards Board.
AFFILIATIONS
Mrs. Siddharta has no affiliate relationships with any other Commissioners,
Directors or shareholders of the Company.
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PROFILE OF
PROFILE OF
THE BOARD OF
DIRECTORS
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And Analysis
Analysis
THE BOARD OF
DIRECTORS
FROM LEFT TO RIGHT:
MOHAMMAD FITRIYANSYAH
Director
ALOYSIUS D’CRUZ
Director
LUCAS KURNIAWAN
President Director
NAGA WASKITA
Director
GEETHA GOVINDAN
Vice President Director
NOPRI PITOY
Director
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Lucas Kurniawan
President Director
Indonesian citizen, aged 52.
Born in Teluk Betung, Bandar Lampung, 1971. Domiciled in Jakarta.
EDUCATION
Mr. Kurniawan holds a Bachelor’s degree in Accounting from Tarumanagara University,
Jakarta (1994) and has completed several professional programs, including KPMG
AsPac Chairman’s 25 Program in 2008 (INSEAD certified), PwC Understanding the
Client’s Strategic Agenda in 2012 (INSEAD certified) and the Executive Program at the
Darden School of Business, University of Virginia, USA in 2017.
BASIS OF APPOINTMENT
The first and the most recent appointment of Mr. Kurniawan as the President Director
of the Company are based on Deed No. 23 of Christina Dwi Utami, S.H., M.Hum., M.Kn,
Notary in Jakarta, dated November 2, 2021.
POSITION TENURE
November 2021-present.
CONCURRENT POSITIONS
Currently, he also serves as:
• Commissioner of PT Austindo Nusantara Jaya Agri (2019–present).
• Commissioner of PT Austindo Nusantara Jaya Agri Siais (2019–present).
• Commissioner of PT Sahabat Mewah dan Makmur (2019–present).
• Commissioner of PT Kayung Agro Lestari (2019–present).
• Commissioner of PT Galempa Sejahtera Bersama (2019–present).
• Commissioner of PT Permata Putera Mandiri (2019–present).
• Commissioner of PT Putera Manunggal Perkasa (2019–present).
• Commissioner of PT Austindo Aufwind New Energy (2019–present).
• Commissioner of PT Gading Mas Indonesia Teguh (2019–present).
• Commissioner of PT Austindo Nusantara Jaya Boga (2019–present).
• Commissioner of PT ANJ Agri Papua (2020–present).
• Commissioner of PT Lestari Sagu Papua (2019–present).
EXPERIENCE
Mr. Kurniawan was appointed as President Director in November 2021. He joined the
Company in November 2014 as the Group Finance Director.
Prior to joining the Company, Mr. Kurniawan was a partner at Tanudiredja, Wibisana &
Rekan, a member firm of PricewaterhouseCoopers International Ltd (2011-2014). He
began his career with Siddharta, Siddharta & Widjaja (formerly Siddharta, Siddharta
& Harsono) (1993-1998), a member firm of Coopers and Lybrand and then a member
of KPMG. He was made a partner at the firm in 2005. He then worked at KPMG Ltd.,
Vietnam as an audit partner (2007-2011), before becoming a partner at Tanudiredja,
Wibisana & Rekan.
Mr. Kurniawan has more than 30 years of experience in finance and accounting. Since
2016, he led the Company’s digital transformation which has placed the Company at
the forefront of technology implementation in the industry.
Mr. Kurniawan is a member of the Institute of Indonesia Chartered Accountants and
the Indonesian Institute of Certified Public Accountants. In November 2023, he was
appointed as a member of Sustainability Standards Supervisory Board of the Institute
of Indonesia Chartered Accountants for the period from 2023 to 2027.
AFFILIATIONS
Mr. Kurniawan has no affiliate relationships with any other Commissioners, Directors
or shareholders of the Company.
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Geetha Govindan
Vice President Director
Malaysian citizen, aged 64.
Born in Selangor, 1959. Domiciled in Jakarta.
EDUCATION
Mr. Govindan has a Bachelor of Science degree from the University of Madras,
India (1980), a Diploma in Human Resource Management from the University
of Malaya, Malaysia (1999), and an Executive MBA from Euregio Management
School, the Netherlands (2015). He has also attended an Executive Program
at The Darden School of Business, University of Virginia, USA in 2015 and has
completed a course “Health Effects of Climate Change” from Harvard University
in 2020.
BASIS OF APPOINTMENT
The first and the most recent appointment of Mr. Govindan as the Vice President
Director of the Company are based on deed No. 23 of Christina Dwi Utami, S.H.,
M.Hum., M.Kn, Notary in Jakarta, dated November 2, 2021.
POSITION TENURE
November 2021-present.
CONCURRENT POSITIONS
Currently, he also serves as:
• President Director of PT Austindo Nusantara Jaya Agri Siais (2013– present).
• President Director of PT Kayung Agro Lestari (2013–present).
• Commissioner of PT Gading Mas Indonesia Teguh (2015–present).
• Commissioner of PT Permata Putera Mandiri (2022–present).
• Commissioner of PT Putera Manunggal Perkasa (2022–present).
• Commissioner of PT Austindo Nusantara Jaya Agri (2022–present).
• Commissioner of PT Sahabat Mewah dan Makmur (2023–present).
• Commissioner of PT Galempa Sejahtera Bersama (2023–present).
EXPERIENCE
Mr. Govindan was appointed as the Vice President Director of the Company
in November 2021, after serving as a Director since 2015. He also serves as
President Director and Commissioners of various ANJ subsidiaries.
Mr. Govindan has over 32 years of experience in the plantation industry. He
began his career as an Estate Manager at Socfin Co. Bhd in Malaysia, where he
spent 16 years (1983–1999). He then became a regional controller at PT Sinar
Mas Agro Resources and Technology Tbk (2000–2001). He next worked at PT REA
Kaltim Plantations, where he served as Estates Controller and Chief Operating
Officer before being appointed as Vice President Director (2008-2013).
Mr. Govindan also has related experiences in palm oil sustainability and a
wide knowledge on renewable energy possibilities with regards to the palm oil
business.
AFFILIATIONS
Mr. Govindan has no affiliate relationships with any other Commissioners,
Directors or shareholders of the Company.
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Naga Waskita
Director and Corporate Secretary
Indonesian citizen, aged 49.
Born in Tanjung Pinang, 1974. Domiciled in Jakarta.
EDUCATION
Mr. Waskita holds a Bachelor’s degree in Law from Gadjah Mada University,
Yogyakarta, Indonesia (1997) and a Master’s degree in Law from the University
of Groningen, the Netherlands (2008). He is a member of Perhimpunan Advokat
Indonesia (the Indonesian Advocates Association).
BASIS OF APPOINTMENT
Mr. Waskita was first appointed as Director of the Company is based on deed
No. 35 of Dr. Irawan Soerodjo, S.H., M.Si., Notary in Jakarta, dated May 24, 2017.
The most recent appointment of Mr. Waskita as Director of the Company based
on deed No. 52 of Christina Dwi Utami, S.H., M.Hum., M.Kn, Notary in Jakarta,
dated June 8, 2022.
POSITION TENURE
• As Corporate Secretary, September 2012–present.
• As Legal Counsel, September 2012–May 2017.
• As Director, May 2017–present.
CONCURRENT POSITIONS
Currently, he also serves as:
• Commissioner of PT Austindo Nusantara Jaya Agri (2021–present).
• Commissioner of PT Austindo Nusantara Jaya Agri Siais (2021–present).
• Commissioner of PT Sahabat Mewah dan Makmur (2021–present).
• Commissioner of PT Kayung Agro Lestari (2021–present).
• Commissioner of PT Galempa Sejahtera Bersama (2021–present).
• Commissioner of PT Permata Putera Mandiri (2021–present).
• Commissioner of PT Putera Manunggal Perkasa (2021–present).
• Commissioner of PT ANJ Agri Papua (2021–present).
• Commissioner of PT Austindo Aufwind New Energy (2021–present).
• Commissioner of PT Gading Mas Indonesia Teguh (2021–present).
• Commissioner of PT Austindo Nusantara Jaya Boga (2021–present).
EXPERIENCE
Mr. Waskita joined the Company in 2012 as legal counsel and Corporate
Secretary and was appointed as a Director in 2017. Prior to joining the Company,
Mr. Waskita was a corporate lawyer at the law firm Mochtar Karuwin Komar,
where he specialized in banking and finance (1997–2012).
Mr. Waskita was in charge of the legal aspect and its associated matters for
the initial public offering of the Company. He also led the legal team for the
acquisitions of Southwest Papua concessions as well as an internal merger
of a subsidiary to the Company. One of the aspects he has focused on is the
corporate governance of the Company by following both the domestic and
international standards.
AFFILIATIONS
Mr. Waskita has no affiliate relationships with any other Commissioners,
Directors or shareholders of the Company.
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Aloysius D’Cruz
Director
Malaysian citizen, aged 74.
Born in Johor, 1949. Domiciled in Jakarta.
EDUCATION
Mr. D’Cruz holds a Bachelor’s degree in Agriculture from Allahabad University,
India (1973) and an Associate Diploma from the Incorporated Society of Planters
of Malaysia (1979).
BASIS OF APPOINTMENT
The first and most recent appointment of Mr. D’Cruz was as Director of the
Company are based on Deed No. 23 of Christina Dwi Utami, S.H., M.Hum., M.Kn,
Notary in Jakarta, dated November 2, 2021.
POSITION TENURE
November 2021-present.
CONCURRENT POSITIONS
Currently, he also serves as:
• Commissioner of PT Gading Mas Indonesia Teguh (2015–present).
• President Director of PT ANJ Agri Papua (2017–present).
• Commissioner of PT Austindo Nusantara Jaya Agri (2022–present).
• Commissioner of PT Austindo Nusantara Jaya Agri Siais (2022–present).
• Commissioner of PT Sahabat Mewah dan Makmur (2022-present).
• Commissioner of PT Kayung Agro Lestari (2022-present).
• Commissioner of PT Galempa Sejahtera Bersama (2022-present).
• Commissioner of PT Permata Putera Mandiri (2022-present).
• Commissioner of PT Putera Manunggal Perkasa (2022-present).
• Commissioner of PT Austindo Nusantara Jaya Boga (2022-present).
EXPERIENCE
Prior to holding his current position, Mr. D’Cruz has been an Estate Director of
ANJA since early 2011 and was appointed as the President Director of ANJAP
in 2017.
His experience, spanning over 50 years, is in rubber, oil palm and cocoa
plantations and industrial forests. As Joint President (2008-2011) of Birla Lao
Pulp and Plantations Co Ltd, a subsidiary of India’s conglomerate Aditya Birla
Group in Laos, he assisted in reorganizing and establishing Eucalyptus species,
as an industrial forest to provide pulp. He also held positions as Assistant
General Manager in Riau Fiber Plantations (2006-2008) and Area Manager in
Sinarmas Forestry-Asia Pulp and Paper (2003-2005).
He began his career in Sime Darby Plantations in 1973 and held several
positions before taking up postings in Indonesia.
AFFILIATIONS
Mr. D’Cruz has no affiliate relationships with any other Commissioners,
Directors or shareholders of the Company.
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Nopri Pitoy
Director
Indonesian citizen, aged 58.
Born in Jakarta, 1965. Domiciled in Medan.
EDUCATION
Ms. Nopri obtained her Higher School Certificate in Sydney and continued
her Bachelor of Commerce degree with major in Accounting and Information
Systems from the University New South Wales in Sydney, Australia in 1989.
BASIS OF APPOINTMENT
The first and most recent appointment of Ms. Nopri as Director of the Company
are based on deed No. 23 of Christina Dwi Utami, S.H., M.Hum., M.Kn, Notary in
Jakarta, dated November 2, 2021.
POSITION TENURE
November 2021-present.
CONCURRENT POSITIONS
Currently, she also serves as:
• Commissioner of PT Austindo Nusantara Jaya Agri (2022–present).
• Commissioner of PT Austindo Nusantara Jaya Agri Siais (2022–present).
• Commissioner of PT Sahabat Mewah dan Makmur (2020–present).
• Commissioner of PT Kayung Agro Lestari (2022–present).
• Commissioner of PT Galempa Sejahtera Bersama (2022–present).
• Commissioner of PT Permata Putera Mandiri (2022-present).
• Commissioner of PT Putera Manunggal Perkasa (2022-present).
• Commissioner of PT ANJ Agri Papua (2022-present).
• Commissioner of PT Austindo Aufwind New Energy (2022-present).
• Commissioner of PT Gading Mas Indonesia Teguh (2022-present).
• Commissioner of PT Austindo Nusantara Jaya Boga (2022-present).
EXPERIENCE
Ms. Nopri has over 22 years of experience in the palm oil industry. She joined
ANJ Group in June 2001 and became Head of Finance and Accounting of ANJA
in January 2006 and as Director of ANJA in 2011.
Before joining ANJ Group, from 1997 to 2001, Ms. Nopri served as a financial
controller in a palm oil and rubber plantation, Ukindo Group, a subsidiary of
Anglo-Eastern Plantations Plc, quoted on the London Stock Exchange.
She began her career with a public accounting firm PricewaterhouseCoopers in
Jakarta and worked in the business advisory services from 1989 to 1991.
AFFILIATIONS
Ms. Nopri has no affiliate relationships with any other Commissioners, Directors
or shareholders of the Company.
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Mohammad Fitriyansyah
Director
Indonesian citizen, aged 57.
Born in Palembang, 1966. Domiciled in Jakarta.
EDUCATION
Mr. Fitriyansyah holds a Bachelor’s degree in Civil Engineering from University
of Indonesia, Jakarta in 1990.
BASIS OF APPOINTMENT
The first and most recent appointment of Mr. Fitriyansyah was appointed as
Director of the Company are based on Deed No. 63 of Christina Dwi Utami, S.H.,
M.Hum., M.Kn, Notary in Jakarta, dated June 7, 2023.
POSITION TENURE
June 2023-present.
CONCURRENT POSITIONS
Currently, he also serves as:
• Director of PT Kayung Agro Lestari (2018–present).
• Director of PT ANJ Agri Papua (2018–present).
• Director of PT Gading Mas Indonesia Teguh (2018–present).
• Director of PT Austindo Nusantara Jaya Agri Siais (2021–present).
• Director of PT Sahabat Mewah dan Makmur (2021–present).
• Director of PT Galempa Sejahtera Bersama (2021–present).
• President Director of PT Austindo Aufwind New Energy (2021–present).
• President Director of PT Lestari Sagu Papua (2021–present).
• President Director of PT Austindo Nusantara Jaya Agri (2022–present).
• President Director of PT Permata Putera Mandiri (2022–present).
• President Director of PT Putera Manunggal Perkasa (2022–present).
EXPERIENCE
Mr. Fitriyansyah has more than 30 years of experience in Engineering,
Procurement and Construction Management in infrastructure projects (roads
and bridges), power plant, power distribution and oil & gas plant.
He began his career as a Civil Engineer at PT Rekayasa Industri involved in
design and construction of fertilizer and oil & gas plant (1990-1994) and then
worked at PT Balfour Beatty Sakti Indonesia (1994–2008) dealing with project
management of power and distribution plants.
In 2008-2011, he worked at PT JGC Indonesia, where he was responsible
for the Project Operation Division, which oversaw the project management,
construction management, procurement and quality control departments.
After that, Mr. Fitriyansyah served at PT Petrosea Tbk. (2012-2016), where his
most recent position was as a General Manager for Infrastructure and Offshore
Supply Base Projects.
AFFILIATIONS
Mr. Fitriyansyah has no affiliate relationships with any other Commissioners,
Directors or shareholders of the Company.
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PROFILE OF KEY MANAGERS
NUNIK MAHARANI
President Director: ANJB
Director: ANJA, ANJAS, KAL, SMM, PPM, PMP, GSB, ANJAP, AANE and GMIT
Mrs. Maharani joined ANJ in 2016 as the Group Head of Corporate
Communications and, as of 2018, has acted as a Director of PPM, PMP and
ANJAP. In 2021, she was appointed to the role of President Director of ANJB
as of June, and a Director of ANJA, ANJAS, KAL, SMM, GSB, AANE and GMIT.
With 33 years of working experience in communications to external affairs,
Mrs. Maharani has handled a broad remit covering community and government
relations, and sustainability communications. Prior to joining the Company,
she has held senior management positions in mining as well as oil and gas
multi-national companies, namely the Rio Tinto group, Unocal Indonesia,
Chevron IndoAsia, Newmont and Ephindo. She was Director and Senior
Partner at Kiroyan Partners before co-founding IComm communication
agency. Beyond her corporate experience, she served on the National Board
of Indonesia Junior Achievement (2006-2015), and is a board member of
Indonesia Business Links (2006-2021). She was an active member of PONGO
Aliance and was a member of the Complaint Panel of RSPO until 2023. She
currently serves as a member of Sustainability Division at GAPKI.
Mrs. Maharani obtained a Graduate Diploma from the London School of
Public Relations in 2002, as well as a Diploma in Project Management from
Interlink Technology Services Pty Ltd in 2021. In 2022, she completed Leading
Sustainable Corporations Program the Saïd Business School, University of
Oxford.
VONNY STEFANI
Director: PPM, PMP, ANJAP, ANJB and LSP
Ms. Stefani was appointed as a Finance Director of PPM, PMP, ANJAP and
ANJB in January 2021 and a Director of LSP in April 2021. She has more than
27 years of working experience in accounting. She began her career as an
auditor with Siddharta, Siddharta & Widjaja (formerly Siddharta, Siddharta
& Harsono), a member firm of Coopers and Lybrand and then a member of
KPMG.
She joined ANJ in 2005, initially leading Risk Management Division and later
she was appointed as a Head of Finance & Accounting. She has expertise in
various industries such as manufacturing, healthcare, financial institution,
plantation and sago industry. Her expertise includes handling and helping the
turnaround of a new entity.
She graduated from Tarumanagara University with a Bachelor’s degree in
Accounting in 1996.
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JULI WANKARA PURBA
President Director: SMM and GSB
Mr. Purba was appointed as the President Director of SMM and GSB and a
Director of ANJA in March 2023. He joined ANJ Group in 2011 and started his
career as Senior Estate Manager of ANJA. He was General Manager of KAL
(2013-2017), ANJA (2017-2018) and SMM (2018-2021).
Prior to joining ANJ Group, he served as Senior Estate Manager in Agrina
Group from 2009 to 2011 in Tebas Regency, West Kalimantan. He also worked
in Asian Agri Group for 12 years (1997-2009).
He holds a Bachelor’s degree in North Sumatra University majoring in
Agriculture in 1996.
JERILEVA PURBA
Director: KAL and ANJAS
Mr. Jerileva Purba was appointed as a Resident Director of KAL in July 2021
and ANJAS in February 2022. He has 28 years working experience in the palm
oil sector. He joined ANJ Group in 2007 as Estate Manager and then became
General Manager at SMM and subsequently at KAL.
Prior to joining ANJ, he worked at PT Asiatic Persada (CDC-Pacrim) and PT
Cargill Indonesia. He holds a Bachelor’s degree in Agriculture, from the North
Sumatra University and a Master’s degree in Business Administration from
the Gadjah Mada University.
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IMAM WAHYUDI
President Director: GMIT
Director: AANE
Mr. Wahyudi was appointed as the President Director of GMIT in September
2022 and a Director of AANE in January 2022. He joined ANJ Group in 2008
and started his career in Business Process and Business Development
Department.
His working experiences spanning over 21 years, including 5 years working
experiences in Astra Group previously. He has expertise in Operation
Management, Six Sigma Black Belt, Business Development, Project
Management, Strategic Planning and Corporate Valuation. He has experience
in the automotive industry, oil palm industry, renewable energy and food
safety management system.
Mr. Wahyudi graduated as Magister of Business Administration (MBA) from
Institut Teknologi Bandung (ITB) in 2012 and a Bachelor’s Degree in Industrial
Engineering from Institut Teknologi Sepuluh Nopember (ITS Surabaya) in
2003.
HARSONO SUTIKNO
Director: GMIT, GSB and ANJAP
Mr. Sutikno was appointed as Director of GMIT and GSB in January 2023 and
subsequently appointed as Director of ANJAP in May 2023. He joined ANJ
Group in 2013 and started his career as the General Manager of ICT. Prior
to joining ANJ Group, Mr. Sutikno was an IT Manager at PT Black Platinum
Energy Ltd. (2012–2013). He began his career as an IT Officer at Merck Sharp
& Dohme (2000–2006) and then worked at PT APL Indonesia (2006–2007)
as a Senior IT Specialist. From 2007 to 2012, he worked at Marathon Oil
Company, a multinational oil and gas company based in Houston, Texas as an
IT Superintendent.
He has more than 23 years of expertise in ICT and GIS, with a focus on
infrastructure, software and digital transformation implementation.
He holds a Bachelor’s degree in Information Technology majoring Information
System from Bina Nusantara University in 2000 with a Magna Cum Laude
predicate.
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EMPLOYEE COMPOSITION – ANJ AND SUBSIDIARIES
2023 2022
Employee Composition ANJ and Subsidiaries
Male Female Total Male Female Total
Head Office Jakarta 20 9 29 21 9 30
Palm Oil 7,770 1,267 9,037 7,436 1,273 8,709
BY SEGMENT
Sago 185 17 202 244 14 258
Others 362 313 675 290 271 561
Total 8,337 1,606 9,943 7,991 1,567 9,558
Director 9 3 12 10 4 14
General Manager (GM) 25 4 29 26 4 30
Manager 203 25 228 202 27 229
BY POSITION
Staff 313 77 390 293 69 362
Laborers or Workers 7,787 1,497 9,284 7,460 1,463 8,923
Total 8,337 1,606 9,943 7,991 1,567 9,558
Doctoral’s degree - - - 1 1 2
Master's degree 12 7 19 12 7 19
Bachelor's degree 652 168 820 596 136 732
BY EDUCATION Diploma 122 48 170 122 52 174
Senior/Vocational High
3,038 565 3,603 3,064 483 3,547
School
Other 4,513 818 5,331 4,196 888 5,084
Total 8,337 1,606 9,943 7,991 1,567 9,558
Contract Workers 362 309 671 370 276 646
BY EMPLOYMENT
STATUS Permanent Workers 7,975 1,297 9,272 7,621 1,291 8,912
Total 8,337 1,606 9,943 7,991 1,567 9,558
Over 55 86 14 100 61 17 78
41-55 2,137 628 2,765 1,886 539 2,425
BY AGE
25-40 4,767 795 5,562 4,597 832 5,429
Under 25 1,347 169 1,516 1,447 179 1,626
Total 8,337 1,606 9,943 7,991 1,567 9,558
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Training and Competency Development Participation
Number Total Average
of Employee Training Hours Training Hours/Person
BY GRADE
Non-Staff 9,284 20,727 2.23
Male 7,787 16,416 2.11
Female 1,497 4,312 2.88
Staff 390 23,794 61.01
Male 313 20,716 66.19
Female 77 3,078 39.97
Manager 228 3,136 13.75
Male 203 2,925 14.41
Female 25 211 8.42
General Manager/Regional Manager
29 819 28.22
Group Head/Head
Male 25 704 28.14
Female 4 115 28.75
Board of Directors 12 380 31.67
Male 9 200 22.22
Female 3 180 60.00
Grand Total 9,943 48,855 4.91
BY GENDER
Male 8,337 40,960 4.91
Female 1,606 7,895 4.92
Grand Total 9,943 48,855 4.91
Training and Competency Development Expenditure 2023
ANJ invested a total of USD 457,785 in training and competency development in 2023.
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SHAREHOLDERS INFORMATION
ANJ Majority and Controlling Share Structure as of December 31, 2023
Sjakon Shelley Cynthia Krisna Nina George Laurel Julia
George Laksman Jean Arinanda Aryana Santosa Claire Pekar Pratiwi
Tahija Tahija Tahija Tahija Tahija Tahija Tahija Tahija
75% 10% 5% 5% 5% 50% 49.998% 0.0018%
PT Austindo George PT Memimpin
Kencana Sjakon George Yayasan
Santosa Public Dengan
Jaya Tahija Tahija
Tahija 296,193,321 Nurani
1,370,050,012 158,891,813 1,500
158,988,351 shares 1,370,050,012
shares shares
shares shares shares
40.85% 4.74% 4.74% 0.00% 8.83% 40.85%
PT Austindo Nusantara Jaya Tbk.
Shareholders Composition as of January 1, 2023 and December 31, 2023
Shares Percentage Shares Percentage
Shareholders
As of January 1, 2023 As of December 31, 2023
PT Austindo Kencana Jaya 1,370,050,012 40.85% 1,370,050,012 40.85%
PT Memimpin Dengan Nurani 1,370,050,012 40.85% 1,370,050,012 40.85%
George Santosa Tahija 158,988,351 4.74% 158,988,351 4.74%
Sjakon George Tahija 158,891,813 4.74% 158,891,813 4.74%
Yayasan Tahija 1,500 0.00% 1,500 0.00%
Treasury Stock 20,970,912 0.63% - -
Public <5% 275,222,400 8.20% 296,193,312 8.83%
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Share Ownership by Commissioners and Directors as of December 31, 2023
Shares Percentage Shares Percentage
Name Position
As of January 1, 2023 As of December 31, 2023
George Santosa Tahija Commissioner 158,988,351 4.74% 158,988,351 4.74%
Sjakon George Tahija Commissioner 158,891,813 4.74% 158,891,813 4.74%
Istini Tatiek Siddharta Commissioner 3,620,000 0.11% 3,620,000 0.11%
Lucas Kurniawan Director 3,020,000 0.09% 3,020,000 0.09%
Geetha Govindan Director 3,120,000 0.09% 3,120,000 0.09%
Naga Waskita Director 3,019,563 0.09% 3,019,563 0.09%
Aloysius D’Cruz Director 1,600,000 0.05% 1,600,000 0.05%
Nopri Pitoy Director 1,150,000 0.03% 1,150,000 0.03%
Mohammad Fitriyansyah Director 1,200,000 0.04% 1,200,000 0.04%
Note:
1. Sjakon George Tahija has indirect ownerships of the Company’s shares through his 75% ownership on PT Austindo Kencana Jaya.
2. George Santosa Tahija has indirect ownerships of the Company’s shares through his 50% ownership on PT Memimpin Dengan Nurani.
3. There is no indirect ownership of the Company’s shares by the Directors of Company.
Top 20 Public Shareholders as of December 31, 2023
No. Name of Investor 31-Dec-2023 % Ownership
1 Drs. Lo Kheng Hong 33,426,200 1.00%
2 Budi Yasa 24,428,800 0.73%
3 Djap Tet Fa 6,841,900 0.20%
4 Roy Tjokrowidjoyo 4,900,000 0.15%
5 Hellen Wahyudi 4,800,000 0.14%
6 Kwiyono 4,370,000 0.13%
7 Siska Suryati Kurniawan 3,960,100 0.12%
8 Kosasih Effendy 3,488,000 0.10%
9 DBS Bank Ltd S/A Inclusif Value Fund 2,658,000 0.08%
10 Hendra Jaya Mba 2,635,800 0.08%
11 Harry Supartan 2,500,000 0.07%
12 Ir Andreas 2,483,100 0.07%
13 Sophia Cendana 1,838,000 0.05%
14 Dra Medya Lengkey S. 1,698,100 0.05%
15 Sitta Karina Satyakarma 1,600,000 0.05%
16 Joan Merri Tandiari 1,522,300 0.05%
17 Joeli 1,499,100 0.04%
18 Isya Yusrilyahya 1,452,200 0.04%
19 Hardy 1,412,500 0.04%
20 OCBC Securities Pte Ltd -Client A/C 1,407,300 0.04%
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Shareholders Composition by Type of Investor as of December 31, 2023
Type of Investors Number of Investors Number of Shares Shares (%)
DOMESTIC 6,354 3,339,231,263 99.6%
Retail 6,337 284,936,229 8.5%
Corporation 15 3,054,293,434 91.1%
Foundation 1 1,500 0.0%
Mutual Fund 1 100 0.0%
FOREIGN 30 14,943,737 0.4%
Retail 17 7,093,237 0.2%
Corporation 13 7,850,500 0.2%
TOTAL 6,384 3,354,175,000 100.0%
Shareholders Composition by Domicile as of December 31, 2023
Type of Investors Number of Accounts Number of Shares Shares (%)
DOMESTIC 6,354 3,339,231,263 99.6%
- Domestic individual 6,337 284,936,229 8.5%
- Domestic limited company 17 3,054,295,034 91.1%
FOREIGN 30 14,943,737 0.4%
- Overseas individual 17 7,093,237 0.2%
- Overseas limited company 13 7,850,500 0.2%
TOTAL 6,384 3,354,175,000 100.0%
Shareholders Composition by Sub Account Status as of December 31, 2023
No. Shareholder Status Domestic/Overseas Number of Accounts Number of Shares Shares (%)
1 Limited Liability Company Domestic 17 3,054,296,534 91.1%
2 Individual Domestic 6,337 284,936,229 8.5%
3 Limited Liability Company Overseas 13 7,850,500 0.2%
4 Individual Overseas 17 7,093,237 0.2%
TOTAL 6,384 3,354,175,000 100.0%
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SHARE ISSUANCE AND LISTING CHRONOLOGY
ANJ became a public company in 2013 as the culmination Services Authority (OJK) for ANJ’s IPO, the Company
of a comprehensive corporate restructuring. ANJ made listed its shares on the IDX on May 8, 2013, under the
an initial public offering (IPO) of 10% of its shares on the stock code ANJT. A total of 333,350,000 common shares
Indonesia Stock Exchange (IDX) to access the capital were offered at a nominal value of IDR 100 per share. The
needed to expand the Company’s business. Prior to the share price at the Initial Public Offering (IPO) was IDR
listing, the Company was wholly owned by the Tahija 1,200 per share. The Company’s market capitalization as
family through individual shareholdings and corporate of the end of trading in 2023 was IDR 2.5 trillion, with a
entities. On May 1, 2013, of the approval from the Financial closing share price of IDR 745.
Corporate action/ Total addition/reduction Accumulated share
Date
policy of shares total
May 8, 2013 Initial Public Offering 333,350,000 333,350,000
November 3 - December 5, 2014 MSOP Exercise 1,550,000 334,900,000
November 2 - December 4, 2015 MSOP Exercise 325,000 335,225,000
November 2 - December 4, 2015 MSOP Exercise 300,000 335,525,000
May 9 - June 10, 2016 MSOP Exercise 8,750,000 344,275,000
May 9 - June 10, 2016 MSOP Exercise 9,900,000 354,175,000
BOND, SUKUK (SHARIA BOND) AND CONVERTIBLE BOND
The Company did not have any outstanding bonds, sukuk (sharia bond) or convertible bonds in 2023.
SUSPENSION OF THE COMPANY’S SHARES
Until the end of 2023, the Company has never received sanctions that could affect stock trading activities on the
Indonesian Stock Exchange, both suspension and/or delisting shares. Thus, there is no information related to the
impact of suspension and/or delisting of shares that can be presented in this Annual Report.
CORPORATE ACTION
During financial year 2023, the Company did not take any corporate actions that cause changes to shares in the form of
stock split, reverse stock, bonus shares or changes in the nominal value of its shares.
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DIVIDEND PAYMENT FOR THE LAST THREE YEARS
2023 2022 2021
TOTAL DIVIDEND TOTAL DIVIDEND TOTAL DIVIDEND
IDR 93,246,065,000 IDR 143,327,775,784 IDR 13,247,492,352
PAYMENT DATE PAYMENT DATE PAYMENT DATE
JULY 7, 2023 JULY 8, 2022 JULY 9, 2021
DIVIDEND PER SHARE DIVIDEND PER SHARE DIVIDEND PER SHARE
IDR 27.8 IDR 43 IDR 4
DIVIDEND PAYOUT RATIO DIVIDEND PAYOUT RATIO DIVIDEND PAYOUT RATIO
29.5% 26.4% N/A
NUMBER OF SHARES NUMBER OF SHARES NUMBER OF SHARES
3,354,175,000 3,333,204,088** 3,311,873,088*
* Number of treasury stock as of recording date on June 21, 2021 was 42,301,912 shares
** Number of treasury stock as of recording date on June 20, 2022 was 20,970,912 shares
PT Austindo Nusantara Jaya Tbk. 87
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CORPORATE STRUCTURE
PT Memimpin PT Austindo George Santosa Sjakon George
Dengan Nurani Kencana Jaya Yayasan Tahija Public
Tahija Tahija
(40.85%) (40.85%) (4.74%) (4.74%) (0.00%) (8.83%)
PT Austindo Nusantara Jaya Tbk.
ANJAP GMIT
ANJA AANE
Papua Sago Project Agribusiness
North Sumatra I Biogas Project (11)
(8) (Edamame) (12)
Plantation (1)
(80.14%) (99.22%) (80.00%)
(99.993%)
LSP
ANJAS GSB
Agribusiness (Sago) MLII
North Sumatra II South Sumatra
(9) Industrial product
Plantation (2) Landbank (5)
(13)
(51.00%)
(99.98%) (95.54%) (11.88%)
SMM PPM ANJB
Belitung Island Southwest Papua Consumer products
Plantation (3) Plantation (6) (10)
(99.999%)
(99.96%) (68.00%)
KAL PMP
West Kalimantan Southwest Papua
Plantation (4) Plantation (7)
(99.95%) (66.00%)
DESCRIPTION
Palm oil Sago Others
Developing palm oil plantation Renewable Energy
Minority investments Vegetables
NOTES : INITIALS :
1. ANJ has 99.993% and ANJB has 0.007%. - PT Austindo Nusantara Jaya Tbk. (“ANJ”)
2. ANJA has 99.98% and SMM has 0.02%. - PT Austindo Nusantara Jaya Agri (“ANJA”)
- PT Austindo Nusantara Jaya Agri Siais (“ANJAS”)
3. ANJA has 99.96% and ANJ has 0.04%.
- PT Kayung Agro Lestari (“KAL”)
4. ANJA has 99.95% and SMM has 0.05%. - PT Galempa Sejahtera Bersama (“GSB”)
5. ANJA has 95.54% and ANJ has 4.46%. - PT Permata Putera Mandiri (“PPM”)
6. ANJA has 68.00% and ANJ has 32.00%. - PT Putera Manunggal Perkasa (“PMP”)
7. ANJA has 66.00% and ANJ has 34.00% - PT ANJ Agri Papua (“ANJAP”)
8. ANJ has 80.14% and SMM has 19.86%. - PT Lestari Sagu Papua (“LSP”)
9. ANJAP has 51.00%, SPC has 40.00% and GAH has 9%. - PT Austindo Aufwind New Energy (“AANE”)
- PT Gading Mas Indonesia Teguh (“GMIT”)
10. ANJ has 99.999% and YT has 0.001%.
- PT Austindo Nusantara Jaya Boga (“ANJB”)
11. ANJ has 99.22% and ASG has 0.78%. - PT Moon Lion Industries Indonesia (“MLII”)
12. ANJ has 80.00% and AJI has 20%. - SP Chemicals Pte, Ltd (“SPC”)
13. ANJ has 11.88%. - Grand Asia Holding Pte, Ltd (“GAH”)
- Yayasan Tahija (“YT”)
- AJI HK Limited (“AJI”)
- Aufwind Schmack Asia Holding GmbH (“ASG”)
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OUR SUBSIDIARIES
No. Subsidiary Companies Information
1 PT AUSTINDO NUSANTARA JAYA AGRI BUSINESS ACTIVITY: TOTAL ASSETS: DIRECTORS:
(ANJA) Palm Oil Plantation USD 521,313,722 • Mohammad Fitriyansyah
(PD)
PT Austindo Nusantara Jaya Agri (ANJA) was LOCATION: COMMERCIALLY • Nunik Maharani
established in March 1986. ANJA was bought Binanga, North OPERATING • Juli Wankara Purba
by ANJ in 2000 through Verdaine Investments Sumatra SINCE:
Ltd. and we acquired direct ownership in 1995 COMMISSIONERS:
2006. ANJA owns, manages, and operates REGISTERED • George Santosa Tahija
our North Sumatra I Plantation in Binanga, ADDRESS: GROUP (PC)
North Sumatra, engaging in the planting, Sinarmas Land OWNERSHIP: • Anastasius Wahyuhadi
developing and cultivating of oil palms, Plaza, 7th Floor, 99.99% • Lucas Kurniawan
production of CPO and PK and activities Jl. P. Diponegoro • Geetha Govindan
related to CPO/PK production and marketing. No.18, Medan, North • Naga Waskita
ANJA also holds interests in our six other
Sumatra • Aloysius D’Cruz
oil palm plantations and landbanks through
• Nopri Pitoy
its subsidiaries. ANJA has a total landbank
of 9,988 hectares, of which 9,297 hectares
are planted comprising 6,683 hectares of
matured oil palms. ANJA owns a 60 tons
per hour capacity mill in which it processes
FFB from its own plantation as well as FFB
purchased from third parties.
2 PT AUSTINDO NUSANTARA JAYA AGRI SIAIS BUSINESS ACTIVITY: TOTAL ASSETS: DIRECTORS:
(ANJAS) Palm Oil Plantation USD 47,162,032 • Geetha Govindan (PD)
• Nunik Maharani
PT Austindo Nusantara Jaya Agri Siais LOCATION: COMMERCIALLY • Mohammad Fitriyansyah
(ANJAS) was established in May 2002 and Padang Sidempuan, OPERATING • Jerileva Purba
acquired by ANJA in November 2004. It owns, North Sumatra SINCE:
manages and operates our North Sumatra 2009 COMMISSIONERS:
II Plantation at Padang Sidempuan, North REGISTERED • George Santosa Tahija
Sumatra. ANJAS has a total landbank of ADDRESS: GROUP (PC)
9,412 hectares, of which 7,752 hectares are Sinarmas Land OWNERSHIP: • Anastasius Wahyuhadi
nucleus planted area and contains matured Plaza, 7th Floor, 99.99% • Lucas Kurniawan
oil palms. There are 158 planted hectares Jl. P. Diponegoro • Naga Waskita
of plasma which contain matured oil palms. No.18, Medan, North • Aloysius D’Cruz
ANJAS’ mill has a capacity of 60 tons per hour
Sumatra • Nopri Pitoy
and processes FFB from its own plantation as
well as FFB purchased from third parties.
3 PT SAHABAT MEWAH DAN MAKMUR BUSINESS ACTIVITY: TOTAL ASSETS: DIRECTORS:
(SMM) Palm Oil Plantation USD 73,347,848 • Juli Wankara Purba (PD)
• Nunik Maharani
PT Sahabat Mewah dan Makmur (SMM) was LOCATION: COMMERCIALLY • Mohammad Fitriyansyah
established in July 1985 and planted from Belitung, Bangka OPERATING
1990. SMM was acquired by ANJA in March Belitung SINCE: COMMISSIONERS:
2003. It owns, manages and operates our 1994 • George Santosa Tahija
plantation on Belitung Island. SMM’s total REGISTERED (PC)
landbank of 17,360 hectares, 14,285 hectares ADDRESS: GROUP • Anastasius Wahyuhadi
are nucleus planted area consisting of 11,906 Menara BTPN, 40th OWNERSHIP: • Lucas Kurniawan
hectares of matured oil palms. There are Floor, Jl. Dr. Ide Anak 99.99% • Naga Waskita
884 planted hectares in partnership with Agung Gde Agung • Aloysius D’Cruz
smallholders which contain matured oil
Kav. 5.5-5.6, Jakarta • Nopri Pitoy
palms. SMM has a mill with a capacity of 60
• Geetha Govindan
tons per hour and primarily processes FFB
from its plantation as well as FFB purchased
from third parties.
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No. Subsidiary Companies Information
4 PT KAYUNG AGRO LESTARI BUSINESS ACTIVITY: TOTAL ASSETS: DIRECTORS:
(KAL) Palm Oil Plantation USD 83,107,019 • Geetha Govindan (PD)
• Nunik Maharani
PT Kayung Agro Lestari (KAL) was LOCATION: COMMERCIALLY • Mohammad Fitriyansyah
established in September 2004 and acquired Ketapang, West OPERATING • Jerileva Purba
by ANJA in December 2005. It owns, manages Kalimantan SINCE:
and operates our plantation in Ketapang, 2014 COMMISSIONERS:
West Kalimantan, which has a total landbank REGISTERED • George Santosa Tahija
of 13,880 hectares. Planting began in 2010. ADDRESS: GROUP (PC)
Currently, 9,051 hectares are planted, Sinarmas Land OWNERSHIP: • Anastasius Wahyuhadi
consisting of 8,928 hectares of matured oil Plaza, 7th Floor, 99.99% • Lucas Kurniawan
palms. There are 2,345 planted hectares Jl. P. Diponegoro • Naga Waskita
of plasma consisting of 2,287 hectares of No.18, Medan, North • Aloysius D’Cruz
matured oil palms. KAL has a 90 tons per
Sumatra • Nopri Pitoy
hour capacity mill which processes primarily
FFB from its plantation as well as FFB
purchased from third parties.
5 PT GALEMPA SEJAHTERA BERSAMA BUSINESS ACTIVITY: TOTAL ASSETS: DIRECTORS:
(GSB) Palm Oil Plantation USD 10,359,139 • Juli Wankara Purba (PD)
• Nunik Maharani
PT Galempa Sejahtera Bersama (GSB) was LOCATION: COMMERCIALLY • Mohammad Fitriyansyah
established in January 2012 and acquired Empat Lawang, OPERATING • Harsono Sutikno
by ANJA in May 2012. GSB holds a license South Sumatra SINCE:
for 12,800 hectares of oil palm plantation 2022 COMMISSIONERS:
in Empat Lawang, South Sumatra, of which REGISTERED • George Santosa Tahija
724 hectares have been planted and contains ADDRESS: GROUP (PC)
matured oil palm. Sinarmas Land OWNERSHIP: • Anastasius Wahyuhadi
Plaza, 7th Floor, 99.99% • Lucas Kurniawan
Jl. P. Diponegoro • Naga Waskita
No.18, Medan, North • Aloysius D’Cruz
Sumatra • Nopri Pitoy
• Geetha Govindan
6 PT PERMATA PUTERA MANDIRI BUSINESS ACTIVITY: TOTAL ASSETS: DIRECTORS:
(PPM) Palm Oil Plantation USD 100,220,105 • Mohammad Fitriyansyah
(PD)
PT Permata Putera Mandiri (PPM) was LOCATION: COMMERCIALLY • Nunik Maharani
established in July 2007 and acquired by South Sorong, OPERATING • Vonny Stefani
ANJA in January 2013. It holds land cultivation Southwest Papua SINCE:
rights for 26,571 hectares of nucleus oil palm 2020 COMMISSIONERS:
and 5,454 hectares of plasma oil palm in REGISTERED • George Santosa Tahija
South Sorong, Southwest Papua. Planting ADDRESS: GROUP (PC)
began in 2014, and 3,530 hectares have now Menara BTPN, 40th OWNERSHIP: • Anastasius Wahyuhadi
been planted and matured. There are 716 Floor, Jl. Dr. Ide Anak 99.99% • Lucas Kurniawan
planted hectares of plasma, consisting of Agung Gde Agung • Geetha Govindan
matured oil palms. Kav. 5.5-5.6, Jakarta • Naga Waskita
• Aloysius D’Cruz
• Nopri Pitoy
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No. Subsidiary Companies Information
7 PT PUTERA MANUNGGAL PERKASA BUSINESS ACTIVITY: TOTAL ASSETS: DIRECTORS:
(PMP) Palm Oil Plantation USD 127,202,129 • Mohammad Fitriyansyah
(PD)
PT Putera Manunggal Perkasa (PMP) was LOCATION: COMMERCIALLY • Nunik Maharani
established in November 1999 and acquired South Sorong and OPERATING • Vonny Stefani
by ANJA in January 2013. PMP holds a Maybrat, Southwest SINCE:
license for 18,860 hectares of nucleus oil Papua 2020 COMMISSIONERS:
palm and 3,818 hectares of plasma oil palm • George Santosa Tahija
in South Sorong and Maybrat, Southwest REGISTERED GROUP (PC)
Papua. Planting began in 2014, and 3,876 ADDRESS: OWNERSHIP: • Anastasius Wahyuhadi
hectares of nucleus area are planted and Menara BTPN, 40th 99.99% • Lucas Kurniawan
consist of matured oil palms. There are 902 Floor, Jl. Dr. Ide Anak • Geetha Govindan
hectares of plasma have now been planted. Agung Gde Agung • Naga Waskita
PMP operates a mill with a 45 tons per hour
Kav. 5.5-5.6, Jakarta • Aloysius D’Cruz
capacity which primarily processes FFB from
• Nopri Pitoy
its own plantation, PPM and plasma.
8 PT ANJ AGRI PAPUA (ANJAP) BUSINESS ACTIVITY: TOTAL ASSETS: DIRECTORS:
Agribusiness (Sago) USD 13,249,921 • Aloysius D’Cruz (PD)
PT ANJ Agri Papua (ANJAP) was established • Nunik Maharani
in September 2007, and is developing LOCATION: COMMERCIALLY • Mohammad Fitriyansyah
ANJ’s pioneering sago starch business in South Sorong, OPERATING • Vonny Stefani
Southwest Papua. ANJAP holds a license Southwest Papua SINCE: • Harsono Sutikno
for a concession of 40,000 hectares of sago 2017
forest in South Sorong, where it has a sago REGISTERED COMMISSIONERS:
mill with a capacity of 1,250 tons of dry starch ADDRESS: GROUP • George Santosa Tahija
per month, which will eventually be expanded Menara BTPN, 40th OWNERSHIP: (PC)
to 2,500 tons per month. Floor, Jl. Dr .Ide Anak 99.99% • Anastasius Wahyuhadi
Agung Gde Agung • Lucas Kurniawan
Kav. 5.5-5.6, Jakarta • Naga Waskita
• Nopri Pitoy
9 PT LESTARI SAGU PAPUA (LSP) BUSINESS ACTIVITY: TOTAL ASSETS: DIRECTORS:
Agribusiness (Sago) USD 262,580 • Mohammad Fitriyansyah
PT Lestari Sagu Papua (LSP) was established (PD)
in November 2011 and engages primarily in LOCATION: COMMERCIALLY • Chan Hian Siang
the non-timber forest resources concession South Sorong, OPERATING • Vonny Stefani
businesses and the processing, marketing Southwest Papua SINCE:
and transportation of various kinds of Pre-operating COMMISSIONERS:
sago starch. LSP has not yet commenced REGISTERED stage • George Santosa Tahija
operations. ADDRESS: (PC)
Menara BTPN, 40th GROUP • Hendrik Sasmito
Floor, Jl. Dr. Ide Anak OWNERSHIP: • Lucas Kurniawan
Agung Gde Agung 51%
Kav. 5.5-5.6, Jakarta
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No. Subsidiary Companies Information
10 PT AUSTINDO AUFWIND NEW ENERGY BUSINESS ACTIVITY: TOTAL ASSETS: DIRECTORS:
(AANE) Renewable Energy USD 1,383,250 • Mohammad Fitriyansyah
(Biogas) (PD)
PT Austindo Aufwind New Energy (AANE) was COMMERCIALLY • Nunik Maharani
established in October 2008 and operates LOCATION: OPERATING • Imam Wahyudi
ANJ’s biogas power generation business at Belitung, Bangka SINCE:
our Belitung plantation SMM, using methane Belitung 2013 COMMISSIONERS:
produced by waste material from the CPO • George Santosa Tahija
mill. Having obtained its independent power REGISTERED GROUP (PC)
producer (IPP) license in 2013, AANE began ADDRESS: OWNERSHIP: • Anastasius Wahyuhadi
operating commercially on December 31, Menara BTPN, 40th 99.22% • Lucas Kurniawan
2013. AANE currently has a production Floor, Jl. Dr. Ide Anak • Naga Waskita
capacity of 1.8 MW. Agung Gde Agung • Nopri Pitoy
Kav. 5.5-5.6, Jakarta
11 PT GADING MAS INDONESIA TEGUH BUSINESS ACTIVITY: TOTAL ASSETS: DIRECTORS:
(GMIT) Agribusiness USD 11,045,784 • Imam Wahyudi (PD)
(Horticulture) • Mohammad Fitriyansyah
PT Gading Mas Indonesia Teguh (GMIT) was COMMERCIALLY • Nunik Maharani
originally established as PT Gading Mas LOCATION: OPERATING • Harsono Sutikno
Indonesian Tobacco in March 1970 to process Jember, East Java SINCE:
tobacco purchased from individual farmers. 2000 COMMISSIONERS:
ANJ began to exit the tobacco business in REGISTERED • George Santosa Tahija
2012, since then GMIT has focused on higher- ADDRESS: GROUP (PC)
value vegetable products such as edamame Jl. Gajah Mada No. OWNERSHIP: • Anastasius Wahyuhadi
and okra. Its name was changed to PT Gading 254, Jember, East 80.00% • Lucas Kurniawan
Mas Indonesia Teguh in March 2015. In 2017, Java • Geetha Govindan
a joint venture was established with AJI HK • Aloysius D’Cruz
Limited, which owns a 20% stake in GMIT.
• Seika Lin
• Naga Waskita
• Nopri Pitoy
12 PT AUSTINDO NUSANTARA JAYA BOGA BUSINESS ACTIVITY: TOTAL ASSETS: DIRECTORS:
(ANJB) Consumer Products USD 115,230 • Nunik Maharani (PD)
• Vonny Stefani
PT Austindo Nusantara Jaya Boga (ANJB) LOCATION: COMMERCIALLY
was established in May 2013 to support ANJ’s Jakarta OPERATING COMMISSIONERS:
emerging food business, particularly the SINCE: • George Santosa Tahija
development of product and marketing plans REGISTERED 2014 (PC)
for sago starch and edamame. ADDRESS: • Anastasius Wahyuhadi
Menara BTPN, 40th GROUP • Lucas Kurniawan
Floor, Jl. Dr. Ide Anak OWNERSHIP: • Naga Waskita
Agung Gde Agung 99.99% • Aloysius D'Cruz
Kav. 5.5-5.6, Jakarta • Nopri Pitoy
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
AWARDS AND CERTIFICATIONS 2023
COMPANY: COMPANY: COMPANY:
KAL, SMM ANJ ANJ
AWARDS: AWARDS: AWARDS:
Indonesia Green & Sustainable CSR Awards 2023 - Responsible Corporate Emission Transparent
Companies 2023 Development Project Awards 2023
DATE: DATE: DATE:
May 11, 2023 May 30, 2023 June 27, 2023
ISSUER: ISSUER: ISSUER:
SWA Investor Daily – B Universe Berita Satu Media Holding & Bumi
Global Karbon Foundation
COMPANY: COMPANY:
ANJ ANJ
AWARDS: AWARDS:
Indonesia Digital Ecosystem Annual Report Award
Summit (IDES) 2023
DATE:
DATE: November 27, 2023
November 9, 2023
ISSUER:
ISSUER: National Committee on Corporate
SWA Governance
94 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
COMPANY: COMPANY: COMPANY:
ANJ ANJA, KAL, GMIT ANJ
AWARDS: AWARDS: AWARDS:
Indonesia DEI & ESG Awards IDX Channel Anugerah Inovasi Asia Sustainability Reporting
(IDEAS) 2023 Indonesia 2023 Rating (ASRRAT) 2023
DATE: DATE: DATE:
August 7, 2023 September 20, 2023 November 6, 2023
ISSUER: ISSUER: ISSUER:
PR Indonesia IDX Channel National Centre for Corporate
Reporting (NCCR)
COMPANY: COMPANY:
SMM, ANJA KAL, SIAIS
AWARDS: AWARDS:
GOLD PROPER GREEN PROPER
DATE: DATE:
December 22, 2023 December 22, 2023
ISSUER: ISSUER:
Ministry of Environment and Ministry of Environment and
Forestry Forestry
PT Austindo Nusantara Jaya Tbk. 95
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
Certifications 2023
Estate Certificate Date/Validity Issuer
RSPO November 14, 2022, valid until November 13, 2027 SGS Indonesia
ISPO November 25, 2021, valid until November 24, 2026 TUV Nord Indonesia
ISO 14001 August 1, 2023, valid until July 6, 2026 TUV Nord Indonesia
ANJA
ISO 45001 August 1, 2023, valid until June 15, 2026 TUV Nord Indonesia
PROPER Gold Rating for year 2022 – 2023 Ministry of Environment and Forestry
SMK3 June 9, 2023, valid until June 9, 2026 Ministry of Labor and Transmigration
RSPO November 7, 2019, valid until September 24, 2024 Mutu International
ISPO September 4, 2020, valid until September 3, 2025 Mutu International
ISO 14001 November 20, 2023, valid until November 11, 2026 TUV Nord Indonesia
ANJAS
ISO 45001 November 20, 2023, valid until November 10, 2026 TUV Nord Indonesia
SMK3 April 22, 2021, valid until April 22, 2024 Ministry of Labor and Transmigration
PROPER Green Rating 2022 – 2023 Ministry of Environment and Forestry
RSPO February 10, 2021, valid until January 5, 2026 Mutu International
ISPO September 23, 2020, valid until September 22, 2025 TUV Nord Indonesia
ISCC December 25, 2023, valid until December 24, 2024 Mutu International
SMM ISO 14001 June 14, 2021, valid until June 14, 2024 Bureau Veritas
ISO 45001 July 21, 2021, valid until July 21, 2024 Bureau Veritas
PROPER Gold Rating for year 2022 – 2023 Ministry of Environment and Forestry
SMK3 June 9, 2023, valid until June 9, 2026 Ministry of Labor and Transmigration
RSPO November 11, 2019, valid until November 10, 2024 Mutu International
ISPO July 25, 2023, valid until July 26, 2028 Mutu International
ISPO August 4, 2023, valid until Auguts 3, 2028 Mutu International
KAL ISO 14001 January 4, 2021, valid until January 3, 2024 TUV Nord Indonesia
ISO 45001 January 4, 2021, valid until January 3, 2024 TUV Nord Indonesia
SMK3 May 13, 2022, valid until May 13, 2025 Ministry of Labor and Transmigration
PROPER Green Rating for year 2022 – 2023 Ministry of Environment and Forestry
RSPO December 23, 2021, valid until December 22, 2026 Mutu International
RSPO SCCS December 24, 2021, valid until December 23, 2026 SGS Indonesia
PMP ISPO December 17, 2021, valid until December 16, 2026 Mutu International
ISO 14001 February 2, 2023, valid until February 1, 2026 TUV Rheinland
SMK3 December 29, 2022, valid until December 29, 2025 Ministry of Labor and Transmigration
RSPO December 23, 2021, valid until December 22, 2026 Mutu International
PPM
ISPO December 3, 2021, valid until December 2, 2026 Mutu International
AANE SMK3 June 30, 2021, valid until June 30, 2024 Ministry of Labor and Transmigration
Brand Reputation
through November 11, 2023, valid until October 29, 2024 RINA Services S.p.a
Compliance (BRC)
ISO 22000
GMIT (Edamame,
July 13, 2023, valid until July 27, 2026 MBRIO Certification Body
Mukimame and
Okra (frozen)
SMK3 December 8, 2023, valid until December 8, 2026 Ministry of Labor and Transmigration
Halal Certificate December 8, 2022, valid until December 8, 2026 Halal Product Assurance Body
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
Description of Our Certification
RSPO ISPO ISCC
RSPO is the global standard for sustainable ISPO is a guidance for sustainability standards in ISCC is a European sustainability standard
palm oil which sets environmental and social palm oil production within the framework of the that assesses greenhouse gas emissions,
criteria that companies must comply with in Indonesian Ministry of Agriculture regulation. preservation of biodiversity, agricultural
order to produce Certified Sustainable Palm Oil practices and respect for labor and land rights.
(CSPO).
ISO 45001 ISO 14001 SMK3
ISO 45001 is an international standard that ISO 14001 is an international standard SMK3 Certification is a prerequisite for ISPO
specifies requirements for an occupational for environmental management systems. certification that standardizes the occupational
health and safety (OH&S) management Certification is valid for three years, and each health and safety regulation in accordance with
system, with guidance for its use, to enable an year the certified company is subject to an the Indonesian law.
organization to proactively improve its OH&S audit by a certification body accredited by the
performance in preventing injury and ill-health. National Accreditation Committee.
PROPER BRC ISO 22000
PROPER is a company performance rating BRC is a globally recognized standard which ISO 22000 is an internationally recognized
assessment program in environmental creates a framework that covers internationally standard that combines the ISO9001 approach
management and community engagement accepted food safety standards and helps to food safety management and Hazard
developed by the Ministry of Environment and improve food safety. Analysis Critical Control Point (HACCP) for the
Forestry to encourage companies to improve assurance of food safety at all levels.
their environmental and social performance.
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
Membership In Associations
ANJ actively participates in national and global associations which promote information and improving standards and
compliance among producers and other stakeholders.
No Name of Association Scale of Association Company’s Role Remarks
1 UN Global Compact Global Signatory Tier -
Indonesian Public Listed
2 National Participated as Active Member -
Companies Association (AEI)
Participates in forums to encourage a
Head Office,
conducive climate for the palm oil industry,
North Sumatra
Indonesia Palm Oil Producers’ increase capacity for sustainable palm oil,
3 National and Bangka
Association (GAPKI) advocate for solutions to problems in the
Belitung
palm oil industry and synergize with the
Regional Offices
government on related policies.
Participates in forums to coordinate
Association of Large Private compliance with government policies, to
4 Regional -
Plantations (APBS) Belitung discuss solutions to industry problems, and
to share information.
Participates in fostering the development
Indonesian Chamber of of the business community and all its
5 Commerce and Industry National stakeholders, with regard to economic -
(KADIN) policy formulation and implementation
throughout Indonesia.
Participates in promoting the development
Indonesia Sago Community
6 National of sago as part of the national food security -
(MASSI)
effort.
Member and participates actively in two
Roundtable on Sustainable
7 Global working groups: No-deforestation Task -
Palm Oil (RSPO)
Force and Indonesia National Interpretation.
Participates as a member to promote
sustainable palm oil management and best
8 Indonesian Grower Caucus National -
practices, and to share insights of common
interests in the industry.
Indonesian Sustainable Palm
9 National Active Participant -
Oil Forum (FoKSBI)
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
CAPITAL MARKET SUPPORTING INSTITUTIONS
& PROFESSIONALS
EXTERNAL AUDITOR SHARE REGISTRAR
Siddharta Widjaja & Rekan, Registered Public PT Datindo Entrycom
Accountants Jl. Hayam Wuruk No. 28, Jakarta 10120, Indonesia
Tel.: (62-21) 3508077
35th Floor, Jakarta Mori Tower
40-41, Jl. Jend. Sudirman, Jakarta 10210, Indonesia Service(s) provided:
Tel.: (62-21)574 2333
Fax (62-21)574 1777 Keeping and maintaining the shareholders’ register,
preparing the register for General Meetings of
Service(s) provided: Shareholders and assisting in the payment of dividends
and bonus shares.
Auditing of the Company’s financial statements including
the appropriateness of the accounting policies used, and Fee 2023:
the reasonableness of accounting estimates and related
disclosure made by management and evaluation of the IDR 40,000,000
presentation of Company’s financial statements. There
are no other services provided to the Company other Period of appointment:
than financial statement audit services.
2013-2023
Fee:
• Audit Fee 2023: IDR 4.7 billion
• Non Audit Fee 2023: -
Period of Appointment:
2017-2023
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Performance Highlights Management Reports Company Profile Management Discussion And Analysis
INFORMATION ON
THE COMPANY
WEBSITE
https://www.anj-group.com/home
The Company’s Website, www.anj-group.com, contains at least the following information:
Information on the shareholders up to the The Code of Conduct
last individual owner
Summaries of the minutes of Annual and
Extraordinary General Meetings of Shareholders Profiles of the Board of Commissioners
as well as all related notices, invitations and and Board of Directors
abridged minutes of meeting, dating from 2014
The Charters of the Board of Commissioners,
The Company’s annual reports/financial Board of Directors, Audit Committee, Nomination
statements dating from 2010 and full year and Remuneration Committee, Risk Management
and quarterly (interim) financial statements Committee, CSR and Sustainability Committee as
dating from 2013 well as Internal Audit Unit
100 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
TRAINING AND DEVELOPMENT OF THE BOARD OF
COMMISSIONERS, BOARD OF DIRECTORS, COMMITTEES,
CORPORATE SECRETARY AND INTERNAL AUDIT UNIT
Board of Commissioners
In 2023, no training and development was conducted by the Company for the Board of Commissioners.
Board of Directors
No Trainings Participants Period
Mandiri Sekuritas – M&A and Capital Markets Outlook 2023:
1 January 23, 2023
Seizing Opportunities Amidst Market and Uncertainties
2 Global Deep Dive 1 - Business & Human Rights Accelerator February 7, 2023
3 OCBC NISP Business Forum March 21, 2023
4 Retreat Value Champion March 27, 2023 - March 28, 2023
EU Carbon Border Adjustment Mechanism: What it means for
5 March 29, 2023
businesses in Asia Pacific and their decarbonization Journey
6 BKPM Investment Webinar: Achieving Investment Targets 2023 March 29, 2023
The Importance of ESG and Countering Negative Campaigns in
7 April 4, 2023
the CPO Sector
Local Peer-to-Peer Learning Session 3: Prioritizing Potential
8 April 18, 2023
Impacts based on Severity and Likelihood
2023 lnternational Seminar on Carbon Neutrality and Energy
9 May 3, 2023
Policy by Korea Chamber of Commerce and lndustry
10 Peer-to-Peer Learning Session 4 : BHR Accelerator May 17, 2023
Lucas
11 Business and Human Rights Accelerator: Global Deep Dive 6 Kurniawan June 26, 2023
Leadership training: “Winning the Game” held by NBO
12 July 14, 2023
Consulting
Introducing the first ISSB™ Standards: Understanding what they
13 July 20, 2023 - July 21, 2023
mean for global companies
Launch of 2023 CDP Global Forest Report: “Beyond Climate
14 and into Nature: Developing Strategies Towards Environmental August 2, 2023
Stewardship”
Climate Ambition Accelerator: Regional peer sharing on SBTi
15 journey August 16, 2023
IAI - Setting the Landscape for IFRS S1 and S2: Path for
16 October 3, 2023
Adoption and Implementation
17 Financial Times Commodities Asia Summit 2023 November 14, 2023 - November 15, 2023
18 Indonesia Rewards Webinar 2023 by Korn Ferry December 12, 2023
Kompartemen Akuntan Sektor Bisnis (KASB) Inauguration
19 December 22, 2023
Seminar: " Challenging & Benefits in Adopting IFRS S1 & S2"
1 6th Annual World Plantation Management May 24, 2023 - May 25, 2023
Leadership Training: “Winning The Game” held by NBO
2 July 14, 2023
Consulting Geetha
19th Indonesian Palm Oil Conference and 2024 Price Outlook Govindan
3 November 1, 2023 - November 3, 2023
"Enhancing Resiliency Amid Market Uncertainty"
4 RSPO Conference November 20, 2023 - November 22, 2023
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
No Trainings Participants Period
Coaching Clinic 3 SDG 16 Business Framework: Inspiring
1 April 4, 2023
Transformational Governance
Leadership Training: “Winning The Game” held by NBO
2 Naga July 14, 2023
Consulting
Waskita
3 Professional Directorship Program by IICD October 24, 2023 - October 26, 2023
HHP Law Firm Seminar: The Impact of MoF 66/2023 on
4 December 6, 2023
Benefits-in-Kind
Leadership Training: “Winning The Game” held by NBO Aloysius
1 July 14, 2023
Consulting D’Cruz
1 Palm & Lauric Oils Conference and Price Outlook 2023 March 6, 2023 - March 8, 2023
Leadership Training: “Winning The Game” held by NBO
2 Nopri Pitoy July 14, 2023
Consulting
19th Indonesian Palm Oil Conference and 2024 Price Outlook
3 November 1, 2023 - November 3, 2023
"Enhancing Resiliency Amid Market Uncertainty"
1 OCBC NISP Business Forum March 21, 2023
2 BKPM Investment Webinar: Achieving Investment Targets 2023 Mohammad March 29, 2023
Fitriyansyah
Leadership Training: “Winning The Game” held by NBO
3 July 14, 2023
Consulting
Audit Committee, Risk Management Committee, Nomination and Remuneration
Committee, Coporate Social Responsibility and Sustainability Committee
In 2023, no training and development was conducted by the Company for the Audit Committee, Risk Management
Committee, Nomination and Remuneration Committee as well as Corporate Social Responsibility and Sustainability
Committee.
Corporate Secretary
No Trainings Participants Period
Coaching Clinic 3 SDG 16 Business Framework:
1 April 4, 2023
Inspiring Transformational Governance
Leadership Training: “Winning The Game” held by NBO
2 July 14, 2023
Consulting
Naga
3 Professional Directorship Program by IICD October 24, 2023 - October 26, 2023
Waskita
HHP Law Firm Seminar: The Impact of MoF 66/2023 on
4 December 6, 2023
Benefits-in-Kind
102 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
Internal Audit Unit
No Trainings Participants Period
1 Internal Audit Trends and Challenges Nurman Hidayat January 20 , 2023
Business with Intergrity and Anti-
2 Nurman Hidayat February 9, 2023
Corruption
• Christian L. Sitorus
3 Capital Market • Nurman Hidayat April 6, 2023 & April 10, 2023
• Ronal Samson R.
4 Internal Audit Transformation Nurman Hidayat May 9, 2023
• Christian L. Sitorus
5 Strategic Planning Framework and Tools • Nurman Hidayat June 15, 2023
• Ronal Samson R.
6 Integrated Risk Based Internal Auditing Vicky Dano Ilhami June 22, 2023 - June 23, 2023
Leadership Training: “Winning The Game”
7 Christian L. Sitorus July 14, 2023
held by NBO Consulting
8 Internal Audit for New Internal Auditor Hamid Al Barkah August 10, 2023 - August 11, 2023
9 Integrated Brevet A&B Applied Tax Nico Bangun Jaya August 26, 2023 - January 6, 2024
10 Advance QIA Certification Nurman Hidayat September 18, 2023 - October 2, 2023
• Oloan Benny Pardede
• Hardiyanto Silaban
• Vicky Dano Ilhami
Integrated Management System RSPO,
11 • Hamid al barkah October 9, 2023
ISPO, & ISCC
• Nico Bangun Jaya
• Nurman Hidayat
• Ronal Samson R.
12 Enterprise Risk Management Nurwachid October 11, 2023 - October 12, 2023
13 Tools & Techniques III Audit Manager Ronal Samson R. October 23, 2023 - October 25, 2023
Certified Practitioner of Internal Auditor
14 David Djantua October 30, 2023 - November 10, 2023
(CPIA)
15 CPIA Certification Nurwachid November 27, 2023 - November 29, 2023
16 Managerial QIA Certification Christian L. Sitorus December 4, 2023 - December 13, 2023
• Oloan Benny Pardede
17 ANJ Value Workshop December 5, 2023
• Hardiyanto Silaban
PT Austindo Nusantara Jaya Tbk. 103
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104 PT Austindo Nusantara Jaya Tbk.
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MANAGEMENT
DISCUSSION
AND ANALYSIS
Macroeconomic Review 106
Industry Review 107
Operational Review Per Segment 108
Marketing Review 115
Business Prospects and Strategies 118
Review of Financial Performance 120
Comparison of Realization Against Targets 129
2024 Company Targets 130
Going Concern Information 131
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Performance Highlights Management Reports Company Profile Management Discussion And Analysis
MACROECONOMIC
REVIEW
The world was faced with a myriad INTEREST RATE 2022 - 2023
of challenges in 2023, including
6.00%
economic slowdown, the impacts
of climate change and geopolitical
tensions. As a result the global 5.50%
3.50%
economy continued facing challenges
such as persistent inflation, leading
to tightened financial conditions,
sluggish trade and subdued growth 0.25%
prospects. Throughout the year,
central banks worldwide took
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
measures to address these issues,
with the Federal Reserve of the
2022 2023
United States (The Fed) notably
increasing its interest rate from 4.5% Fed Fund Rate BI-7DRR
to 5.5%, representing a 525 basis
points rise since March 2022. Amid stringent monetary policies and fiscal pressure, challenges were further
The Fed’s action to contain the compounded by the escalating tensions between Israel and Palestine since
inflation rate by raising the interest early October 2023. This geopolitical conflict has sparked a widespread boycott
rate, triggered interest rate hikes of Israeli products in many Muslim-majority nations, including Indonesia.
by other central banks globally, These movements have had adverse effects on companies with presumed
including Indonesia, aimed at Israeli affiliations, consequently contributing to further economic turbulence.
stabilizing the exchange rate. Furthermore, this tension has triggered instability in crude oil prices and
Although the Central Bank of security concerns in the Red Sea, a crucial international trade route, which
Indonesia also raised its interest rate, could jeopardize the momentum of post-pandemic economic recovery.
the cumulative interest rate increase
by the Central Bank of Indonesia
(BI) is lower than the increase by
the Fed because BI is of the view Economic Growth
that the Indonesian macroeconomy
remains conducive to economic -2.1% 6.0% 5.3% 5.1%
growth. During 2023, BI raised its
interest rate benchmark twice, each
by 25 basis points, amounting to a
total of 50 basis points, from 5.5% in
January 2023 to 6.0% in December
2023. Consequently, the Rupiah -3.1% 3.7% 3.1% 3.1%
depreciated to its lowest point since
March 2020 to IDR 15,967 per USD
in the third week of October 2023 2020 2021 2022 2023
before it stabilized at IDR 15,416 per
USD by the end of 2023, following the
second interest rate increase by BI in World Indonesia
December 2023.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
INDUSTRY
REVIEW
THE CPO PRICE FLUCTUATED
WITHIN A LIMITED RANGE OF
USD 700 – 900 PER TON IN 2023,
FOLLOWING A POSITIVE TREND
OVER THE PREVIOUS THREE YEARS.
IT EXPERIENCED A DECLINE IN
THE FIRST HALF OF THE YEAR,
REACHING ITS LOWEST LEVEL SINCE
NOVEMBER 2020. THIS DROP WAS
ATTRIBUTED TO THE INCREASED
OUTPUT AND DECREASING PRICES
OF COMPETING OILS, AMIDST
CONCERNS OF A POTENTIAL
GLOBAL ECONOMIC RECESSION.
HOWEVER, AS THE THIRD QUARTER
OF 2023 APPROACHED, PRICES
BEGAN TO RECOVER DUE TO
CONCERNS REGARDING THE The El Niño event affected Malaysia
IMPACT OF EL NIÑO WITH MINIMAL and Indonesia, the two largest palm oil
producers, from June 2023, gradually waning
FLUCTUATION DURING THE SECOND by December. El Niño brings hot and dry
HALF OF 2023." weather, occasionally resulting in severe
droughts, posing a threat to the world's
primary palm oil producers due to potential
impacts on production and yield. Historically,
CPO Price (USD/Ton)
the effects of El Niño on palm oil production
1,050 become evident six months to a year after
1,000 its occurrence. Conversely, reduced supply
950
resulting from decreased production tends to
900
drive up palm oil product prices.
850
800
750 Meanwhile, in line with the green energy
700 policy, the Indonesian Government aimed
650 to implement a B35 fuel policy in 2023. This
600 program involves blending palm oil-based
biodiesel with diesel fuel at a ratio of 35%
Jan 23
Feb 23
Mar 23
Apr 23
May 23
Jun 23
Jul 23
Aug 23
Sep 23
Oct 23
Nov 23
Dec 23
biodiesel and 65% diesel. From a demand
perspective, this policy is expected to boost
domestic demand for CPO and contribute to
price stabilization.
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
OPERATIONAL REVIEW
PER SEGMENT
Palm Oil
OUR BUSINESS OPERATES SEVEN As of the end of 2023, the Company was producing
palm oil from 48,347 hectares of matured plantation,
PALM OIL ESTATES, FIVE PALM consisting of 43,400 hectares of nucleus plantation and
OIL MILLS, A SAGO CONCESSION 4,947 hectares of plasma and partnership plantations, in
AND ITS PROCESSING MILL, North Sumatra, South Sumatra, Bangka Belitung, West
Kalimantan and Southwest Papua.
AND EDAMAME CULTIVATION
INCLUDING A PROCESSING Matured Plantations
FACTORY AND A RENEWABLE Our productive plantation area of 43,400 hectares in
ENERGY POWER PLANT IN 2023 was higher than the 42,237 hectares of matured
plantation we operated in 2022, mainly due to additional
INDONESIA. WE HAVE A TOTAL OF matured areas in the Southwest Papua estate. We
194,650 HECTARES OF LANDBANK, continuously carry on our replanting program in Belitung
INCLUDING 48,516 HECTARES OF Island estate, operated by SMM and North Sumatra I
estate, operated by ANJA, as one of our project initiatives
PLANTED PALM OIL PLANTATION to manage our average palm oil age to be at a productive
AND 40,000 HECTARES OF SAGO age which can support our yield and future growth. In
CONCESSION. OUR EXTENSIVE 2023, we replanted 1,700 hectares in these two estates,
resulting in a total replanted area of 10,917 hectares
OPERATIONS INCLUDE since we initiated this program in 2015 and maintained
DEVELOPING, CULTIVATING AND our average palm oil age at 13.0 years as of December
MANAGING PALM OIL, SAGO 31, 2023. The total planted area (nucleus, plasma and
partnership) slightly decreased to 53,521 hectares in
AND VEGETABLES, MILLING 2023, from 53,698 hectares in 2022, because of the
FRESH FRUIT BUNCH (FFB) INTO change in land use to a riparian conservation area in the
CRUDE PALM OIL (CPO), PALM replanted estates.
KERNEL (PK) AND CRUDE PALM
KERNEL OIL (CPKO) AS WELL
AS OPERATING A RENEWABLE
ENERGY POWER PLANT TO FFB PRODUCTION
GENERATE ELECTRICITY."
881,051
838,191 840,581
2021
2022
2023
108 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
The Company recorded an increase in FFB production of that affected the harvesting process and disrupted FFB
4.8% in 2023 from 840,581 tons in 2022 to 881,051 tons in supplies to the mill in 2023. Moreover, these floods also
2023. The average FFB yield per hectare increased from affected the upkeep and fertilization activities. Therefore,
19.4 tons in 2022 to 20.3 tons in 2023. This increase is our palm trees cannot optimally absorb the necessary
mainly due to a higher FFB production from our Belitung nutrient.
Island estate of 254,579 tons in 2023, increasing by 16.0%
compared to 219,422 tons in 2022 due to the higher
productivity from the young mature palm trees in the
replanting area. In addition, our newly mature Southwest
Papua estate contributed a total FFB production of 1.1%
120,445 tons, 7.2% higher than the 2022 production of 13.7% 16.2%
112,356 tons. This increase aligned with the production
increase trend from the young mature palm trees in this
estate and improved road access and other infrastructure
to transport the FFB to the mill. Meanwhile, our North
Sumatra I estate, which has been engaged in a replanting
program since 2018, produced a total of 142,406 tons 21.9%
FFB 18.3%
of FFB, a decrease of 8.6% compared to the total FFB PRODUCTION
production in 2022 of 155,876 tons.
Our West Kalimantan estate recorded an increase
in FFB production of 8.3% to 192,550 tons in 2023
compared to 177,813 tons in 2022. In addition, our 724
hectares newly mature area in our South Sumatra estate
contributed 9,991 tons of FFB production in 2023, which 28.9%
is an increase of 51.5% compared to 6,594 tons in 2022.
The FFB production increases in both estates are due North Sumatra I West Kalimantan
to the age profile of their palm trees, which are now in
North Sumatra II Southwest Papua
prime maturity. Meanwhile, our North Sumatra II estate
experienced a decrease in FFB production of 4.4% to Belitung Island South Sumatra
161,080 tons from 168,520 tons in 2022 due to floods
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
Our increase in FFB production in 2023 is evidence that Development Plantation
our research and development plays an important role
in managing our yield improvement program, which can In Empat Lawang, South Sumatra, our subsidiary GSB
compensate for the decrease in FFB production caused has a landbank of 12,800 hectares. In 2023, we continued
by the replanting program. The yield improvement the land compensation program in GSB with the primary
program is integrated with our ESG initiatives and objective of obtaining a commercially feasible area to
involves promoting the use of compost to supply organic operate in one contiguous area of approximately 3,000
nutrients to palm trees whilst maintaining soil moisture hectares. The land compensation in 2023 was 231.78
levels and innovation to improve the pollination process. hectares, resulting in total land compensation to date of
4,555.11 hectares. We began the planting program in this
We operated five palm oil mills in five different estates area in 2013 with a total planted and matured area to
with a total capacity of 315 tons/hour to produce CPO and date, standing at 724 hectares. We paused the planting
PK. To maintain our mill utilization rates and continue program in 2018 and will resume the planting in 2024 as
our support to local independent farmers, we purchased we have obtained a sizeable contiguous area for planting.
503,811 tons FFB from external suppliers tons in 2023.
We sold 9,991 tons of FFB from our estate in South Our third concession in Southwest Papua, operated by
Sumatra to a third party because we currently do not the Company (ANJ), has been set aside as a conservation
have a mill until we have a planted area of a minimum area, which, together with the conservation areas in
of 3,000 Ha. This brought the total FFB processed to PMP and PPM will form an integrated conservation
1,374,872 tons in 2023, a slight decrease from 1,379,064 landscape. At the beginning of January 2022, the Ministry
tons in 2022. In line with the increase in our own FFB of Environment and Forestry revoked this concession
production, we reported a higher CPO production volume area through decree No. SK.01/MENLHK/SETJEN/
of 283,659 tons in 2023, an increase of 2.9% from 275,769 KUM.1/1/2022 (“SK01”). On June 21, 2023, the Company
tons in 2022, representing an oil extraction rates (OER) received a Decree from Minister of Environment and
of 20.6% in 2023 compared to 20.1% in 2022. Forestry of the Republic of Indonesia which excluded the
Company from the list of concession permits which were
Our PK production experienced a decrease of 4.7% to revoked by SK01. Therefore, the HGU of the Company for
52,432 tons in 2023, from 55,011 tons in 2022 mainly due the land concession rights covering an area of 36,506
to lower PK production from North Sumatra I and North hectares remains valid.
Sumatra II estates. Meanwhile, our Kernel Crushing
Plant (KCP) in Southwest Papua estate produced CPKO
of 1,459 tons in 2023, 38.7% higher than the CPKO
production of 1,052 in 2022. This represents kernel
extraction rates (KER) and kernel oil extraction rates
(KOER) standing at 4.1% and 1.0%, respectively.
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Sago
ANJAP has been pioneering industrial-scale sago harvesting and processing from approximately 40,000 hectares of
natural sago forest in South Sorong, Southwest Papua. As a result of continuous innovation and improvement in both
the harvesting and processing operations, ANJAP has succeeded in developing the commercial production of high-
quality sago starch from its mill with a production capacity of 1,250 tons/month and has a growing customer base in
the food industry.
SAGO EXTRACTION RATE 2023
4.7 5.7 6.2 4.9 5.3 6.1 6.9 8.2 9.0 11.3 11.3 10.1
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
As one of our strategies in turning around this sago
business, we maximized its cost efficiency by reducing
the mill operation to one shift per day in 2023. This
resulted in total tual processed decreased to 249,598
tuals from 356,320 tuals in 2022. We produced 1,896 tons
of sago starch in 2023, representing an extraction rate
per tual of 7.6%. Every month, we saw an improvement
in our extraction rate in the second half of 2023, it
gradually increased from 6.9% in July 2023 to 10.1% by
December. We recorded the highest extraction rate of
11.3% in November 2023. This improvement was mainly
due to the initiative of our estate team in changing the
criteria on selecting sago trees to be harvested as well
as innovation in our mill to maximize the number of tual
processed.
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Vegetables
Our vegetable business, operated by GMIT in Jember,
East Java, focuses on growing and processing edamame.
As a high-protein soybean with strong antioxidant
properties, edamame is recognized as a “superfood”.
The edamame business recorded a positive growth
during the year. Production increased to 2,860 tons
in 2023, an increase of 12.9% compared to edamame
production of 2,533 tons in 2022. This was mainly due to a
higher planting size in 2023 of 531 hectares, compared to
429 hectares in 2022. On the other hand, our edamame
plantations had to face challenges from the Etiella worm
attack in the second half of 2023. This pest attack was
more pervasive in the third quarter of 2023 as drought,
induced by the El Niño weather event hit the plantations.
This resulted in frozen edamame production of 553 tons
in 2023, a decrease of 24.4% compared to 731 tons in
2022. In response to this issue, we decided to sell most
of our production as fresh edamame and mukimame to
minimize waste and rejected volume.
In 2023, we continued to promote our strategy to
diversify the business to achieve optimum capacity of
the frozen line by cultivating green beans and okra. We
saw a positive prospect of this kind of vegetable as a side
product during periods of low edamame production.
Renewable Energy
AANE, our renewable energy subsidiary located in AANE’s electricity generation and sales increased
Belitung, was licensed as an independent power from 9,899,429 kWh in 2022 to 10,219,453 kWh in 2023,
producer (IPP) in 2013. AANE started its commercial representing a positive variance of 12.1% from our
operation on December 31, 2013, which marked AANE to budget of 9,113,211 kWh. This was largely attributable
be the first IPP in Indonesia to operate and sell electricity to major maintenance in the second quarter of 2023 to
from a palm oil mill effluent (POME) biogas power plant. maximize the utilization rate of the machines.
AANE generates electricity by capturing and burning
methane released in the decomposition of POME waste Service concession revenue remains stable at USD 0.6
from the Belitung estate operated by SMM. With a total million in 2023, mainly because the tariff remained at
installed capacity of 1.8 MW, the plant can generate IDR 975/kWh.
sufficient electricity to power 2,000 households at 900
VA per home. The sole off-taker for AANE’s electricity
is the state power company PLN, which distributes it on
the national grid.
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MARKETING REVIEW
Palm Oil Sago
In 2023, the Company booked a higher CPO sales volume We posted a lower sales value from our sago business
by 4.9% to 288,941 tons from 275,320 mt last year, in line in 2023, due to the unfavorable sales volume variance
with the higher CPO production in 2023. In addition, PKO corresponding with a lower sago starch production volume
sales volume climbed 13.1% to 1,049 tons from 928 mt compared to 2022. In 2023, we sold a total of 1,585 tons
last year. Meanwhile, we saw a dip of 4.4% in PK sales of sago starch and focused on selling our product in the
volume to 52,581 tons, due to a lower PK production in domestic market to our existing customers. Meanwhile,
2023. our selling price for sago starch was relatively stable
throughout the year with an ASP of Rp 8,505 per kg at the
The CPO price experienced a downward trend in the first end of 2023, higher than the average market selling price
half of 2023 and bottomed out at nearly USD 700 per ton due to our continued commitment to quality.
by May 2023. Global concern on the impact of El Niño
in the mid-year of 2023 helped the CPO price to recover As part of our marketing strategy, we distribute our
in the second half and fluctuated in the range of USD sago starch in two different commercial brands. Pati
700 – 900 per ton. As a result, the Company recorded an Alam® is the brand we use for the large 50 kg pack size,
average selling price (ASP) for its CPO of USD 731 per distributed to industrial customers, while Sapapua® is
ton in 2023, which was 13.1% lower than the 2022 ASP of the brand used for the 500-gram pack size, marketed to
USD 842 per ton. Meanwhile, the ASP for PK in 2023 was home industries and household consumers. Sapapua®
USD 358 per ton, 36.0% lower than the ASP in 2022 of brand is promoted and available via both online and
USD 559 per ton. We also recorded a lower ASP for PKO selected offline channels. Our official online stores are
of USD 734 per ton in 2023, down by 32.1% from USD managed by our employees from various functions as
1,081 per ton in 2022. part of their participation in the Company’s Responsible
Development program. In 2023, we had 7 teams who
We continue to focus on marketing our palm oil products managed our online stores in Greater Jakarta, Surabaya,
in the domestic market to obtain higher profit margins, Bandung, Yogyakarta, Medan and Makassar. Meanwhile,
due to lower transportation cost and the additional our offline sales were carried out through collaboration
premium price for RSPO-certified CPO. While we have with selected retail stores in Greater Jakarta, Bali and
successfully obtained RSPO certifications for all our Sorong.
nucleus plantations by the end of 2022, we have assisted
86% of our plasma and partnership plantations to obtain We also continued to educate potential users from the
RSPO certifications, a progress which is on track to our modern food industry as well as household consumers
target of obtaining 100% RSPO certifications for our regarding the benefits of sago starch as a healthy and
plasma and partnership plantations by 2025. In addition, sustainable gluten-free alternative source of food. To
we have a potential for a higher premium price from support our emerging food business, particularly the
our newly matured Southwest Papua estates which development of innovative sago and edamame-based
received the RSPO certificate with the Identity Preserved food products, the Company established ANJB in May
category. Meanwhile, all of our nucleus plantations 2013. Since October 2019, this subsidiary has operated
have also received ISPO certifications. RSPO and ISPO Bueno Nasio, a product development and kitchen lab
certifications assure our buyers and their supply chain facility, as well as a gluten-free restaurant located in
downstream that our CPO, CPKO and PK are sustainable. the same building as our head office. At Bueno Nasio,
We are also eligible to charge a quality premium for CPO we showcase curated sago and edamame innovation
with a Free Fatty Acid (FFA) content of less than 3.5%. as menus offered to any public visitors. Our dedicated
research and development team continuously innovates
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various recipes and food products with sago starch Vegetables
and edamame as the main ingredients. Numerous
recipes have been published and are freely accessible GMIT marked its official commercial operation for
to consumers via our official social media platforms and exported frozen products in 2021. The frozen food
various press releases. In July 2023, ANJB launched business is a joint venture with AJI HK Limited (Asia
Sapapua® Pancake Mix, the first gluten-free sago- Foods group), which acquired a 20% stake in GMIT in
based pancake mix, which is now available via various October 2017. Under our agreement, Asia Foods provides
channels in Greater Jakarta and Bali. technical assistance for the development of the frozen
line facility, as well as access to the export market.
In 2023, the Company booked positive sales growth from
the vegetable segment, especially from sales of fresh
edamame and frozen mukimame (peeled edamame)
which increased by 3.0% and 73.1% respectively. Fresh
edamame sales volume increased to 1,703 tons, while
mukimame sales volume increased from 111 tons to
192 tons in 2023. In contrast, sales volume from frozen
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edamame slipped 21.6% to 364 tons in 2023, compared Meanwhile our sales in the domestic market also booked
to 464 tons in 2022, mainly due to a lower production a significant positive growth compared to the previous
volume as a result of the Etiella worm attack in the third year’s performance. To expand the awareness of our
and fourth quarters of 2023. products in the domestic market, we continued to promote
Edashi® frozen edamame and frozen mukimame in
We have successfully exported our frozen edamame various modern markets as well as hotel, restaurant
to Japan and Malaysia through our export purchase and cafe channels. As of December 31, 2023, we have
agreement with the Asia Foods group. Apart from this succeeded in growing sales of Edashi® by 375.3% and
channel, we have also successfully penetrated the mukimame by 73.1%, compared to the previous year’s
Indian market by independently exporting our brand, performance, via sales in various locations throughout
Edashi® and frozen mukimame starting in May 2023. To Indonesia, including all Java, Bali, and Batam. In 2023,
further expand our market for frozen edamame, we are we strengthened and expanded our collaboration with
exploring potential markets such as Europe, Australia major retailers, such as AEON, Hypermart, Ranch
and the Middle East. This is in line with our marketing Market, Farmers Market as well as Yogya Group. We have
strategy, which is targeting export as the main market also been chosen to be the frozen edamame supplier to
for frozen vegetables. various world-class hotels and well-known restaurants,
such as Hyatt, Sushi Tei and SaladStop!.
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BUSINESS PROSPECTS
AND STRATEGIES
PALM OIL
Prospects
2024 will be a challenging year for commodities, including palm We will invest more effort into exploring other initiatives and
oil sectors. We witnessed unpredictable price swings of palm agronomic innovation to drive productivity while continuing
oil products in the last three years, reaching record-high prices to prioritize cost control and minimize non-essential capital
in 2022 and then falling in 2023 to 20% below the average price expenditure to maintain margin of profitability.
level from the year before. The resultant effect of El Niño in
the third quarter of 2023 will be a key factor in governing CPO
price fluctuations in 2024. We expect the CPO price will recover
in 2024 as limited supply from Indonesia and Malaysia, due to
lower yields caused by the El Niño event, will increase CPO
price. El Niño has also impacted the production projections of SAGO
other edible oils, especially soybean oil. We saw a potential tight
soybean production at least until the first half of 2024, as these Prospects
plantations are less resilient to dryness.
We believe natural sago forest is a potential crop to be nurtured
Another swing factor would be the government policies, and developed as a valuable food source due to its high starch
especially biodiesel blend policies. Many biofuel producers content. One individual sago plant can potentially produce 100
have expanded mandates as part of their energy security and – 150 kg of dry starch. Sago starch has considerable potential
climate change policies, primarily in Brazil, India, Malaysia and as a sustainable alternative carbohydrate source that can
Indonesia. Demand for palm oil for biodiesel will increase in the contribute to reducing dependence on rice, wheat and other
world’s largest palm oil producer, Indonesia, which has increased staple grains, as part of Indonesia’s food diversification and
its biodiesel mandate from 30% to 35% in 2023 and is likely to security strategies.
increase the blend composition to 40% by 2030. Meanwhile,
Malaysia is considering expansion of its B10 biodiesel program As a gluten-free product with beneficial digestive properties,
by rolling out a B20 program in phase, which mandates the use sago starch has market potential in numerous applications. We
of 20% palm oil in the industrial sectors. Malaysia’s target to use see that public awareness of gluten-free foods has increased
biodiesel with 30% palm oil would be implemented by 2025. In recently. This healthy lifestyle awareness will eventually lead
addition, biodiesel mandates in Brazil increased to 12% in 2023 to an increase in demand for gluten-free food ingredients,
and are expected to increase by 1 per cent annually until 2026. such as sago starch. We are also seeing an increased interest
This will lead to increasing demand for soybean. We expect this in its use as an ingredient in various processed foods in both
kind of government policy will have a positive effect on vegetable the domestic and export markets, including, but not limited to
oil, especially CPO prices in upcoming years. Japan, Singapore, Malaysia and China.
Strategies Strategies
Our management will stay prudent in determining any strategies We will continue to address operational issues to increase sago
to uphold. Our focus is to ensure that productivity will improve starch production and processing capability from natural sago
to the optimum level by leveraging the advantageous position forests in Southwest Papua. As we have succeeded in achieving
of a balanced age profile of our palm trees. In order to improve an improvement in extraction rate since the second half of 2023,
our age profile and maintain production yields in the upcoming our next target is increasing the tuals (log sections) processed
years, we will continue the replanting program in ANJA and SMM to reach 2,000 tuals per day whilst maintaining the extraction
estates with the plan to replant approximately 1,000 hectares in rate above 10%. Currently, we are working on expanding the
SMM and 700 hectares in ANJA every year. harvesting area to the second estate to stabilize the production
volume to meet the target. Furthermore, we will also continue
As the plantation in the Southwest Papua estate was classified to reduce production costs per kilogram by exploring more
as fully matured at the beginning of 2023, we will continue the efficient alternative energy sources to substitute diesel fuel.
planned construction of infrastructure, mainly for road lateriting
to have more efficient logistics and transportation. In ANJAS, we Despite our concession in Southwest Papua has the right
keep focusing on finishing the pilling of the embankment project to harvest sago from the natural sago forest, we keep our
to mitigate floods from the nearby river in the upcoming years. continued commitment to sustainably manage this sago forest
Meanwhile, we will continue land compensation in GSB with a by working closely with the local communities. The activities
plan to consolidate 3,000 hectares of contiguous area for the include agronomy measures on selective harvesting, enhancing
HGU process, to expand the planted area. and replacing harvested sago trees, restoring forest paths and
managing water levels to ensure sustainable production in the
In addition to those business strategies, we see ESG initiatives as upcoming years while maintaining the natural environment.
another opportunity to improve our productivity while upholding
our vision in elevating the lives of people and nature. Our main On the marketing side, we will continue to campaign for sago
guideline is to integrate ESG strategy into the core strategy. starch as one of the gluten-free food source alternatives. A
Some of our ESG initiatives have proven to help us maintain key component of this strategy is developing and promoting
a balanced soil structure and protect above and underground innovative applications for sago, both for the industry and
biodiversity, which are beneficial to our palm trees. This for consumer use. We believe that increasing the consumer
regenerative agriculture program comprises composting, drip understanding of sago will ultimately create a wider market
fertigation, assisted pollination, pollinators hatch and carry, share.
as breeding of natural predators such as barn owl (Tyto alba).
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VEGETABLES
Prospects
Edamame is a type of vegetable that has a short regenerative We will continue to increase production to meet the increasing
period. Coupled with Indonesia’s favorable climate, it allows demands from export and domestic markets while prioritizing
farmers to produce two to three cycles annually. This gives product quality. Most of the production will be absorbed by the
Indonesia a relative production advantage over other major Asia Foods group and exported to Japan and other potential
edamame-producing countries such as China and Taiwan, markets such as Malaysia and Australia. We will also continue
which are bound by summer and winter seasons. to expand our export market to India and explore other potential
markets such as Australia, Europe and the Middle East, all of
From the marketing perspective, we see that the public’s which are outside of Asia Foods channels. With Edashi®,
appetite for edamame as a nutrient-dense food has recently our domestic brand for frozen edamame, we will continue to
increased. This popularity is inseparable from the increasing promote the benefits of edamame as an affordable and highly
public awareness of the importance of consuming nutritious nutritious plant-based source of protein and fiber to local and
foods for health maintenance. This trend has led to an increase export consumers. As a part of our continuous effort to create
in both fresh and frozen edamame demands in the domestic more value-added products, we are currently in the research
market, primarily in Java, Bali, and other major cities of and development stage for edamame flour.
Indonesia.
Since October 2021, we have succeeded in penetrating the
export market for our frozen edamame product to Japan and
Malaysia cooperating with Asia Foods as our business partner.
We will continue to expand our export market as we see a
growing demand in India, and potential demand in the Middle
RENEWABLE ENERGY
East, Europe and Australia.
Prospects
Our processing plant has the capacity to produce frozen
vegetables of up to 3 tons/hour and we have yet to reach We see a role for biogas for internal use as part of our
maximum production capacity due to varying seasonal sustainability strategy, targeting reduced reliance on fossil
productivity of edamame harvest within a year. This prompts us fuels, lower greenhouse gas emissions and the optimized use
to diversify our product line with other vegetables that are more of waste products. We are planning a further stage of biomass
suitable to harvest during low edamame harvest periods. We utilization by developing the BioCNG project to gradually replace
expect this strategy could optimize the cost of production per the reliance on fossil fuels.
kilogram due to the higher utilization of our processing plant’s
capacity. Strategies
Strategies Considering the low selling price of the electricity to PLN, we
decided to not develop another power plant dedicated solely for
We will continue to expand the planting area by establishing commercial purposes in the future. However, we will continue
partnerships with more farmers and exploring potential maintaining or improving the profitability of the existing
cultivated land in nearby areas accessible to our processing commercial power plant in SMM by optimizing operations and
plant. To achieve the Company's targets in this segment, we cost efficiency at the power plant.
focus on increasing yields through upholding best agronomy
practices, investing in seed quality programs and strengthening
integrated pest management strategies. Furthermore, we saw the impact of fossil fuel shortages
affecting our cash cost adversely in 2022. We need to mitigate
In August 2023, we introduced a new initiative known as the this risk in the coming years by focusing on accelerating our
Field Assistant Development Program, designed to address renewable energy initiatives, with the commencement of the
our need for skilled field assistants. This program focuses on BioCNG project at ANJA as the most potential next project plan.
developing skilled professionals to assist farmers in increasing
yields.
To reduce production cost per kilogram, we will be optimizing
our processing plant utilization by producing other frozen
vegetable products in the low harvest period of edamame, as
mentioned above. We will also look to improve factory efficiency
by establishing measurable productivity metrics while
supporting the workforce.
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REVIEW OF FINANCIAL PERFORMANCE
Palm oil contributed 98.6% of the Company’s consolidated The following discussion and analysis of the Company’s
revenue in 2023. CPO sales volume increased by 4.9% financial performance in 2023 is based on the
year-on-year, from 275,320 tons in 2022 to 288,941 tons Consolidated Financial Statements and Notes to the
in 2023, in line with the increase in Fresh Fruit Bunch Financial Statements as of and for the years ended
(FFB) production of 4.8% in 2023 to 881,051 tons from December 31, 2023 and 2022.
840,581 tons in 2022.
The Consolidated Financial Statements as of and for
Despite the stronger operational performance in 2023, the years ended December 31, 2023 and 2022 were
total consolidated revenue decreased by 12.1% to USD audited by Siddharta Widjaja & Rekan (Registered Public
236.5 million from USD 269.2 million in 2022, mainly due Accountants) who rendered an unqualified opinion that
to the lower ASPs for CPO, PK and PKO as well as the they fairly present the Company’s consolidated financial
decrease in PK sales volume. The Company recorded position, consolidated financial performance and
an ASP for its CPO of USD 731 per ton in 2023, 13.1% consolidated cash flows.
lower than the 2022 ASP of USD 842 per ton. Meanwhile,
the ASP for PK and PKO decreased by 36.0% and 32.1%,
respectively, compared to its ASPs in 2022.
Consolidated Statements of Financial Position
USD thousand 2023 2022 Change (%)
Current assets 54,978 59,148 (7.0%)
Non-current assets 559,094 543,443 2.9%
Total assets 614,072 602,590 1.9%
Current liabilities 52,762 40,470 30.4%
Non-current liabilities 135,985 138,009 (1.5%)
Total liabilities 188,747 178,479 5.8%
Equity attributable to owners of the Company 423,896 422,006 0.4%
Total equity 425,325 424,111 0.3%
Assets in fixed assets by 4.6% or USD 9.5 million from USD
206.0 million in 2022 to USD 215.5 million in 2023 due
The company’s current assets at end of 2023 stood at to translation adjustment from the Company in Rupiah
USD 55.0 million, a decrease of 7.0% from USD 59.1 bookkeeping as an impact of appreciation of Rupiah and
million at end of 2022. This was mainly attributable to addition of capital expenditure in current year, offset
the decrease in cash and cash equivalents by 45.9% with assets deprecation in current year. In addition,
from USD 10.8 million in 2022 to USD 5.9 million in 2023 the increase of non-current assets contributed by the
and the decrease in inventories by 21.9% from USD 16.7 increase in claims for tax refund by 122.2% from USD
million in 2022 to USD 13.0 million in 2023, offset with the 5.1 million in 2022 to USD 11.4 million in 2023 and the
increase in prepayments and advances by 22.0% from increase in other non-current assets by 56.6% from USD
USD 25.2 million in 2022 to USD 30.8 million in 2023. The 17.3 million in 2022 to USD 27.0 million in 2023, offset
Company also booked a decrease in biological assets by with the decrease in bearer plants by 3.7% or USD 10.9
USD 0.7 million from USD 4.1 million in 2022 to USD 3.4 million from USD 291.4 million to USD 280.5 million due
million in 2023 due to a lower CPO price at end of 2023 to reclassification of mature plan plantation to plasma
compared to CPO price at end of 2022. receivable in PPM and depreciation in current year.
Non-current assets at the end of 2023 of USD 559.1 As a result, total assets increased by 1.9% or USD 11.5
million increased by 2.9% or USD 15.7 million from USD million from USD 602.6 million at end of 2022 to USD
543.4 million in 2022, mainly contributed by the increase 614.1 million at end of 2023.
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Liabilities million, offset with additional long-term loan drawdown
of USD 1.4 million. Total outstanding long-term bank
At the end of 2023, current liabilities stood at USD 52.8 loans amounted to USD 127.7 million as of December 31,
million, increased 30.4% or USD 12.3 million from USD 2023, a 1.5% decrease compared to USD 129.6 million at
40.5 million at end of 2022. This increase was mainly the end of 2022. Total liabilities increased by 5.8% from
contributed by the increase in short-term bank loans USD 178.5 million in 2022 to USD 188.7 million in 2023.
by 401.6% or USD 18.6 million from USD 4.7 million in
2022 to USD 23.3 million in 2023, offset by the decrease Equity
in taxes payables by USD 1.6 million, other payables by
USD 4.2 million and accrued expenses by USD 1.0 million Total equity stood at USD 425.3 million in 2023, a slight
compared to last year positions. increase of 0.3% or USD 1.2 million from USD 424.1
million in 2022. This was attributable to the increase
Non-current liabilities decreased by 1.5% or USD 2.0 in other reserves due to other comprehensive income
million from USD 138.0 million at the end of 2022 to USD from foreign exchange differentials resulting from the
136.0 million at the end of 2023, principally because of translation of subsidiaries’ financial statements, offset
the loan repayment of long-term bank loans of USD 4.6 by a decrease in retained earnings due to the distribution
million and foreign exchange loss on our loans of USD 1.1 of cash dividends higher than the net profit for 2023.
Consolidated Statements of Profit or Loss and Other Comprehensive Income
USD thousand except where stated 2023 2022 Change (%)
Total revenue 236,512 269,167 (21.1%)
Total cost of revenue (204,953) (215,295) (4.8%)
Gross profit 31,559 53,872 (41.4%)
Total operating expenses, net (12,440) (14,595) (14.8%)
Operating profit 19,119 39,277 (51.3%)
Finance costs, net (9,551) (4,769) 100.3%
Income before tax 9,568 34,508 (72.3%)
Net income for the year 1,902 21,155 (91.0%)
Net Income (loss) attributable to non-controlling (725) (566) (28.1%)
Net income attributable to the owners of the Company to the
2,626 21,721 (87.9%)
owners of the Company
Total comprehensive income 6,469 6,109 5.9%
EBITDA 49,128 69,332 (29.1%)
EBITDA margin (%) 20.8% 25.8% (19.4%)
Revenue
The Company posted a total revenue of USD 236.5 million in 2023, a decrease of 12.1% compared to USD 269.2 million in
2022. This consisted of USD 235.9 million in revenue from sales and USD 0.6 million in revenue from service concessions.
Revenue from sales of palm oil accounted for 98.6% of total revenue in 2023, whereas 1.4% was contributed by service
concession revenues and sales of edamame and sago starch. The table below summarizes the profitability of each
segment:
(million USD) Palm Oil Sago Vegetables and others Renewable Energy
December 31, 2023
Revenue 233.1 0.9 1.9 0.6
Gross Profit (Loss) 37.9 (3.8) (2.8) 0.2
Profit (Loss) Before Tax 18.9 (4.0) (3.7) 0.1
December 31, 2022
Revenue 265.3 1.6 1.7 0.6
Gross Profit (Loss) 61.6 (5.8) (2.2) 0.2
Profit (Loss) Before Tax 44.9 (6.1) (2.9) 0.1
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CPO sales remained our main contributor to consolidated of mature plantations by 9.1%, from USD 27.1 million to
revenue in 2023, even though its sales revenue decreased USD 29.6 million, mainly due to additional new mature
by 8.9% from USD 232.6 million in 2022 to USD 211.9 plantations from our Southwest Papua estate in 2023.
million in 2023. This decrease was in line with a lower In 2023, we also recorded an increase in depreciation
ASP for CPO of USD 731 per ton in 2023 compared to of mature plantations by 11.2% or USD 1.7 million from
USD 842 per ton in 2022. In addition, Palm Kernel (PK) USD 15.5 million in 2022, due to additional newly mature
sales revenue amounted to USD 18.8 million in 2023, a plantations from our Southwest Papua estate as well as
decrease of 38.8% from USD 30.8 million in 2022, as a new mature plantations from replanted area in Belitung
result of lower sales volume as well as lower ASP for Island and North Sumatra I estates. Meanwhile, our
PK in 2023. Meanwhile, we also saw a dip in PKO sales factory overhead and indirect costs increased by 9.9% or
revenue to USD 0.8 million in 2023, a decrease of 25.5% USD 3.8 million to USD 41.9 million in 2023, compared to
compared to USD 1.0 million in 2022. Our revenue in USD 38.1 million in 2022.
2023 also included the sales of FFB from our developing
estate in South Sumatra of USD 1.6 million, expanded by In the sago business, our cost of sales decreased by
73% from USD 0.9 million in 2022, as a result of higher 37.0% to USD 4.6 million compared to USD 7.4 million
FFB production from this estate. in 2022. The decrease was largely attributable to the
lower sago processing cost, which decreased by USD
Revenue from sales of non-palm oil products decreased 2.3 million from USD 5.4 million last year. Meanwhile,
by 14.8% from USD 3.3 million in 2022 to USD 2.8 million our edamame business recorded an increase in cost of
in 2023. This consisted of sales of edamame and sago sales by 22.9%, from USD 3.8 million in 2022 to USD 4.7
starch. Our sago segment contributed USD 0.9 million million in 2023, aligned with higher edamame production
to our total revenue in 2023, a drop of 44.2% from USD volume in 2023. The Company recorded a stable cost of
1.6 million in 2022 due to the unfavorable sales volume revenue of USD 0.4 million in the service concession
variance along with a lower sago starch production business.
volume compared to 2022. Meanwhile, our revenue
from sales of edamame expanded by 12.2%, from USD
1.7 million in 2022 to USD 1.9 million in 2023 due to Operating (Expense) Income and
the increase in sales volume and higher ASPs of fresh Financial Charges
edamame and mukimame.
The Company recorded an operating expense (net of
Service concession revenue is comprised of revenue from operating income) of USD 12.4 million, a decrease of
our subsidiary AANE, an Independent Power Producer 14.8% from USD 14.6 million in 2022 mainly due to a
(IPP) that uses biogas to generate electricity, which is foreign exchange gain of USD 0.2 million compared to
sold to PLN in Belitung Island. In 2023, our renewable a net loss of USD 2.6 million in 2022 as a result of the
energy segment contributed USD 576.2 thousand, appreciation of the IDR against the USD from IDR 15,731/
slightly lower than the USD 579.8 thousand achieved in USD 1 at the end of 2022 to IDR 15,416/ USD 1 at the end
2022 due to the effect of currency translation from IDR to of 2023.
USD as our revenue from renewable energy is in Rupiah
currency. The Company recorded at personnel expense of USD
10.5 million, an increase of 10.9% from USD 9.4 million
in 2022, in line with the increase in the number of
Cost of Revenue employees in 2023 and a change in tax regulation for
income tax article 21. In addition, the selling expenses
The cost of revenue amounted to USD 205.0 million in increased by 8.5% from USD 0.6 million in 2022 to USD 0.7
2023, a decrease of 4.8% from USD 215.3 million in 2022. million in 2023. Meanwhile, general and administrative
The main component was costs relating to sales of CPO, expenses decreased by 10.5% to USD 4.4 million in 2023,
PK and PKO, amounting to USD 193.7 million, a decrease compared to USD 4.9 million in the last year, largely due
of 4.3% from USD 202.3 million in 2022. The decrease to lower professional fees in 2023, offset by travel and
was largely attributable to the lower cost of third-party transportation costs as well as training, seminars and
FFB purchases, due to the lower volume and price in meeting costs.
FFB purchases compared to 2022. The FFB purchased
from third-parties amounted to USD 69.9 million in 2023, The Company recorded a dividend income of USD 0.5
a decrease of 21.2% from USD 88.8 million in 2022. This million, a decrease of 22.1% from USD 0.6 million in the
decrease was offset by an increase in harvesting expenses last year. The Company also recorded USD 2.4 million as
by 15.8% or USD 3.0 million to USD 21.8 million in 2023, other income, an increase of 4.6% from USD 2.3 million
in line with higher FFB production in 2023. In addition, in 2022, largely attributable to the higher income from
the Company recorded an increase in the upkeep cost insurance claims and scrap sales.
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Our financial charges, which represent interest expenses variance is offset by a lower cost of sales mainly due to
on our loans, increased by 88.1% to USD 9.9 million in lower FFB purchased and saving from fertilizer cost as
2023 from USD 5.2 million in 2022 due to the increase in well as a lower income tax expense of USD 5.6 million
interest expenses for both USD and IDR loans following which is in line with lower profit before tax in 2023.
interest rate increases in 2023 and additional recognition
of interest expense in our profit and loss from our Other comprehensive income in 2023 comprised of
Southwest Papua plantation. The entire planted area actuarial gain/loss from post-employment benefits
in our Southwest Papua plantation was classified as a of USD 471.1 thousand, a change in fair value of
mature plantation at the beginning of 2023 and therefore, available-for-sale investment of USD 25.5 thousand and
we can no longer capitalize the interest expense from foreign exchange differentials from the translation of
this estate. subsidiaries’ financial statements.
A number of the Company’s subsidiaries use the Rupiah
Net Profit and Total Comprehensive Income as their functional currency. The foreign exchange effect
due to the translation of the subsidiaries’ financial
The Company recorded a net profit of USD 1.9 million statements is reported as other comprehensive
in 2023 compared to USD 21.2 million in 2022. This income. The foreign exchange rate of IDR in 2023 was
decrease was due to the lower ASPs for CPO, PK and appreciated by 2.0% against the USD. As a result,
PKO combined with the higher depreciation and interest the Company reported a USD 4.2 million gain on the
expenses. In 2023, we recorded an increase in our translation of subsidiaries’ financial statements in other
financial charges of USD 4.7 million from USD 5.2 million comprehensive income, a 121.3% increase from the loss
in 2022 to USD 9.9 million in 2023, as explained above. on the translation of subsidiaries’ financial statements
Increase in depreciation expense of USD 2.2 million of USD 19.6 million in 2022. Total comprehensive income
or 8.0% compared to last year in line with additions in increased from USD 6.1 million in 2022 to USD 6.5 million
matured area declaration in 2023. This unfavourable in 2023.
Consolidated Statement of Cash Flows
USD thousand except where stated 2023 2022 Change (%)
Net cash provided by operating activities 36,645 59,995 (38.9%)
Net cash used in investing activities (41,243) (33,180) 24.3%
Net cash used in financing activities (370) (43,136) (99.1%)
Net decrease in cash and cash equivalents (4,968) (16,321) (69.6%)
Cash and cash equivalents at the beginning of the year 10,821 27,141 (60.1%)
Cash and cash equivalents at the end of the year 5,853 10,821 (45.9%)
Net cash provided by operating activities million in 2023. Meanwhile, additions of bearer plants in
2023 decreased by 24.0% to USD 13.3 million compared
USD 36.6 million in cash was provided by operating to USD 17.5 million last year.
activities in 2023, a decrease from USD 60.0 million in
2022, mainly due to the decrease in cash received from Net cash used in financing activities
customers by 15.4% from USD 273.1 million in 2022
to USD 231.0 million in 2023, in line with the decrease Net cash used in financing activities was USD 0.4 million
in sales revenue. Meanwhile, payments to suppliers in 2023, a decrease of 99.1% compared to the net cash
decreased by 16.5% or USD 23.0 million from USD 139.5 used in financing activities of USD 43.1 million in 2022,
million in 2022 to USD 116.5 million in 2023, in line mainly due to the decrease in payment of long-term
with the decrease of FFB volume purchases from third bank loans of USD 4.6 million in 2023, a decrease of
parties and lower FFB prices. USD 46.8 million from USD 51.4 million in 2022, offset
with proceeds from long-term bank loans to USD 1.4
Net cash used in investing activities million in 2023 compared to USD 20.0 million last year.
In addition, we recorded additional proceeds from short-
In 2023, a total of USD 41.2 million was used in investing term bank loans of USD 64.9 million, offset with payment
activities mainly for the acquisition of plantation assets of short-term bank loans of USD 46.2 million in 2023.
and property, plant and equipment. Net cash used Meanwhile, our cash used in payment for loan interest
in acquiring property, plant and equipment in 2023 expenses increased by 95.6% from USD 4.9 million in
increased from USD 16.2 million in 2022 to USD 20.7 2022 to USD 9.7 million in 2023.
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
Operating Ratios number of days, the faster the receivables are turned into
cash. In 2023, our trade receivables were derived from
Gross Margin our local sales of palm oil, service concession revenue
and edamame and sago sales. Local sales of CPO and
Our gross margin is measured by dividing the gross PK are either on a one-year contract basis or a spot
profit by the sum of the revenue from sales and service contract, both of which require advance payment from
concessions. In 2023 our gross margin decreased by 6.7 buyers before delivery, vary from 80%-95% and receive
percentage points to 13.3%, from 20.0% in 2022, which the remaining balance soon after the delivery. Thus, our
was largely attributable to the lower ASPs for CPO and outstanding trade receivables at the end of the year will
PK and the higher depreciation expense as a result of the be minimal compared to the total revenue.
newly matured area declaration.
Solvability
EBITDA Margin
The Current Ratio is measured by dividing total current
Our EBITDA margin is measured by dividing EBITDA by assets by total current liabilities at the end of the year.
the sum of revenue from sales and service concessions. Our current ratio in 2023 was 1.04x, lower than 1.46x in
Our EBITDA is calculated from profit before tax, adding 2022. This was attributable to the decrease in current
back depreciation, amortization, interest expenses, assets combined with the increase in current liabilities.
impairment loss and foreign exchange loss, then The decrease in current assets is mainly due to the
subtracting foreign exchange gain and interest income. decrease in cash and cash equivalents, meanwhile, the
Our EBITDA margin stood at 20.8% in 2023, a decrease of increase in current liabilities is largely attributable to the
5.0 percentage points from 25.8% in 2022, primarily due increase in short-term bank loans.
to the lower net profit for the year as discussed above.
The Cash Ratio is calculated by dividing the total cash
Net Profit Margin and cash equivalents by total current liabilities. At the
end of 2023, our cash and cash equivalents were 10.6%
In 2023 our net profit margin was 0.8%, compared to 7.9% of the total current assets, compared to 18.3% in 2022,
in 2022. This represented a net income of USD 1.9 million resulting in our cash ratio falling to 0.11x in 2023 from
from a total revenue of USD 236.5 million, compared to 0.27x in 2022. Although our cash ratio in 2023 is lower
a net income of USD 21.2 million from a total revenue of than 0.50x, we believe that we have adequate capacity
USD 269.2 million in 2022. to meet our current liabilities since our current ratio is
stable above 1x.
Return on Assets and Equity
The Liabilities to Equity Ratio reflects our ability to meet
Return on Assets (ROA) is calculated by dividing net profit our total liabilities. The lower the ratio, the better our
for the year by the total assets at the end of the year. We ability. In 2023, our total liabilities increased by 5.8% to
booked a ROA of 0.3% in 2023, compared to 3.5% in 2022. USD 188.7 million from USD 178.5 million in 2022, while
our total equity increased by 0.3% to USD 425.3 million
Return on Equity (ROE) is calculated by dividing net profit from USD 424.1 million in 2022, driving a slightly higher
for the year by the total equity at the end of the year. ROE debt-to-equity ratio of 0.44x in 2023 compared to 0.42x
in 2023 was 0.4%, compared to 5.0% in 2022. in 2022. This indicates that our capacity to meet our
liabilities remains strong.
Account Receivables Collectability The Net Debt to Equity Ratio is calculated by dividing
net debt by equity, where net debt represents interest-
Receivables Turnover bearing liabilities minus cash and cash equivalents. Our
net debt-to-equity ratio in 2023 was 0.34x, higher than
This is a measure of the average days required by a 0.29x in 2022, due to the increase in bank loans.
company to turn receivables into cash collected. Our
average receivables turnover was approximately 0.9 days
in 2023, faster than our average receivables turnover
in 2022 of 1.8 days. Receivables turnover is calculated
by dividing the number of days in the year (365) by the
quotient of total revenue from sales during the year and
trade receivables at the end of the year. The lower the
124 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
Capital Structure and Capital Structure Policy
Capital Structure
USD thousand except where stated 2023 2022
Debts
Short-term bank loans 23,252 4,636
Long-term bank loan – current maturities 5,806 4,600
Long-term bank loan – net of current maturities 121,885 125,007
Lease liabilities - current maturities 305 823
Lease liabilities - net of current maturities 20 264
Total debt 151,267 135,329
Total cash and cash equivalent 5,853 10,821
Net debt 145,415 124,509
Equity attributable to the owners of Company 423,896 422,006
Net debt to equity ratio 0.34 0.29
We continued to work towards realizing our vision of remaining balance consisted of withdrawals from PT
being a world-class agribusiness-based food company Bank CIMB Niaga Tbk. and PT Bank BTPN Tbk. The total
that elevates the lives of people and nature in 2023, equity attributable to the owners of the Company stood
executing our strategy of growing our agribusiness- at USD 423.9 million as of December 31, 2023.
based food business in the palm oil, sago and vegetable
sectors. Our strategy for value creation across the ANJ We recognize the importance of a resilient capital
Group is based on responsible growth. As an example, structure for the sustainability of our businesses.
we seek to maintain a balance between the use of equity We believe that the strength of our capital structure
and borrowings. We have therefore taken advantage is demonstrated by our net debt to total equity ratio
of the strong liquidity from our palm oil operations of 0.34x as of December 31, 2023. However, to fulfill
and our cash balance from operations to finance our the financing requirements of our oil palm replanting
investments, supplementing this by using substantial program and other business expansion plans, we will
bank loan facilities. We have also maintained a modest continue to increase our leverage in our capital structure
degree of leverage into the Company’s capital structure. prudently, up to a level of no more than 0.75x net debt
to shareholders’ equity, from bank loans, bonds or other
resources.
Capital Structure Policy
Management periodically reviews the Company’s capital Changes in Laws and Regulations
structure, focusing particularly on the cost of capital and
associated risks. This capital structure consists of equity No change in the laws or regulations that materially
attributable to the owners of the Company (comprising affected the Company’s business in 2023.
capital stock, additional paid-in capital, difference in
value due to changes in equity of subsidiaries, other
reserves and retained earnings) and debt. The Group is Changes to Accounting Policy
not required to meet any specific capital requirements.
In 2023, the Company has applied a number of
We recorded USD 23.3 million in outstanding short- Amendments to PSAK issued by the Financial
term bank loans as of December 31, 2023, comprising Accounting Standards Board of the Indonesian Institute
USD 14.0 million from PT Bank CIMB Niaga Tbk., USD of Accountants that are relevant and effective for the
8.0 million from PT Bank OCBC NISP Tbk. and USD 1.3 accounting period beginning on 1 January 2023:
million from PT Bank UOB Indonesia. • Amendment to PSAK 1: “Disclosure of Accounting
Policies”
Outstanding long-term bank loans, as of December • Amendment to PSAK 25: “Accounting Policies,
31, 2023, amounted to USD 127.7 million from the Changes in Accounting Estimates and Errors”
Company’s subsidiaries in Southwest Papua (PPM and • Amendment to PSAK 46: “Deferred Tax related
PMP), ANJA, ANJAS, KAL and SMM. A total of USD 120.5 to Assets and Liabilities arising from a Single
million or 94.2% of this amount was withdrawn from Transaction”
loan facilities from PT Bank OCBC NISP Tbk. and the
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
The adoption of those amendments does not have a Dividend Payment 2022
material effect on the consolidated financial statements.
USD thousand except where stated 2022
Dividend Policy Total dividend in USD 9,666,022
Net income in thousand USD 36,587
Under Indonesian law, dividend payments are Dividend per share IDR 43
determined by a resolution of the Annual General Dividend yield 4.3%
Meeting of Shareholders, based on the recommendation Dividend Payout Ratio 26.4%
of the Board of Directors. A dividend may be announced Declaration date June 8, 2022
in any given year if we have positive retained earnings.
Payment date July 8, 2022
Our policy is to pay dividends at a rate of up to 50% of our
consolidated net income after provisioning all statutory
reserves. The dividend rate, as well as our ability to In the Annual General Meeting of Shareholders held on
pay dividends in the future, is subject to our cash flow, June 8, 2022, the shareholders of the Company approved
future retained earnings, financial condition, working the distribution of cash dividends of IDR 143,327.8
capital requirements and investment plans, as well as million or IDR 43 (full amount) per share (equivalent
regulatory and other requirements. Dividends are paid to USD 9,666,022 or USD 0.0029 per share) from the
in Indonesian Rupiah. Shareholders of record on the unappropriated retained earnings as of December 31,
dates concerned will be entitled to the full approved 2021 to the shareholders recorded on the shareholders
dividend amount, subject to any withholding tax imposed register on 20 June 2022 (recording date). The dividend
by Indonesian authorities. Since 2021, dividends paid was paid to the shareholders on 8 July 2022.
to shareholders who are resident in Indonesia are not
subject to withholding tax. Dividends paid to shareholders
who are not resident in Indonesia are subject to a 20% Use of IPO Proceeds
Indonesian withholding tax. This rate may be lower if tax
treaties are in place. Our dividend policy is a statement The proceeds from the IPO in 2013 were used in their
of present intention and is subject to modification by our entirety for the expansion of the business and investment
Board of Directors, with the shareholders’ approval at a in capital goods.
General Meeting of Shareholders.
Dividend Payment 2023 Material Information Related to
Investment, Expansion, Divestments,
Consolidation/Merger, Acquisition or
USD thousand except where stated 2023 Debt/Capital Restructuring Investment
Total dividend in USD 6,239,282
Net income in thousand USD 21,155 The Company did not invest in any new subsidiaries or
Dividend per share IDR 27.8 other new entities in 2023 but increased its investments
Dividend yield 3.3% in fixed assets and palm plantations.
Dividend Payout Ratio 29.50%
Divestment
Declaration date June 7, 2023
Payment date July 7, 2023 The Company made no divestment in 2023.
In the Annual General Shareholders’ Meeting held on Debt/Capital Restructuring
June 7, 2023, the shareholders of the Company approved
the distribution of cash dividends of IDR 93,246.1 On November 20, 2023, SMM subscribed and paid 67,800
million or IDR 27.8 (full amount) per share (equivalent new shares to ANJAP. SMM’s direct ownership in ANJAP
to USD 6,239,282 or USD 0.0019 per share) from the became 19.86%.
unappropriated retained earnings as of December 31,
2022 to the shareholders recorded on the shareholders On November 20, 2023, ANJ and AJI HK Limited
register on 19 June 2023 (recording date). The dividend subscribed and paid 96,140 new shares and 24,035 new
was paid to the shareholders on July 7, 2023. shares, respectively to GMIT. The Company and AJI HK
Limited’s direct ownership in GMIT remains at 80% and
20%, respectively.
On November 20, 2023, the Company subscribed and
paid 600,000 new shares to ANJB. The Company’s direct
ownership in ANJB remained at 99.99%.
126 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
On November 20, 2023, ANJA subscribed and paid 76,000 • Based on a management and technical services
new shares to GSB. ANJA’s direct ownership in GSB agreement dated June 27, 2014, which was recently
became 95.54%. amended on October 8, 2021. ANJA charged
management fees of USD 1,200,000 per annum to
On November 20, 2023, ANJA subscribed and paid SMM.
55,782,000 new shares to PMP. ANJA’s direct ownership • Based on a management and technical services
in PMP became 66%. agreement dated August 24, 2022, ANJA charged
management fees of USD 960,000 per annum or a
On November 20, 2023, ANJA subscribed and paid maximum of IDR14.4 billion to KAL.
147,159,000 new shares to PPM. ANJA’s direct ownership • The Company charged management fees to
in PPM became 68%. subsidiaries, based on a management services
agreement, dated December 14, 2015, which was
Material Facts about Related-Party recently amended on March 17, 2022. The management
Transactions service fee per annum (excluding deviation charges, if
any) for each subsidiary is as the follows:
The Company has a Policy for Affiliated Transactions
and Conflict of Interest Transactions, which requires
any affiliated transactions to be submitted by the Board Subsidiary Maximum Management Service Fee
of Directors for review by the Audit Committee of the ANJA, ANJAS IDR 8,821.1 million
Company. The Audit Committee is required to provide a SMM IDR 10,981.1 million
recommendation to the Board of Commissioners which KAL IDR 9,541.1 million
is based on the recommendation. The Independent PPM IDR 1,251.5 million
Commissioners may decide to approve the proposed
PMP IDR 2,871.5 million
affiliated transactions and the other Commissioners may
ANJAP IDR 6,673.4 million
decide to co-approve the proposed affiliated transaction.
AANE IDR 90 million
All of the affiliated transactions have been disclosed
to either the Financial Services Authority (OJK) or the GMIT IDR 582.9 million
Indonesia Stock Exchange (IDX) or both, in compliance ANJB IDR 18 million
with prevailing laws and regulations and under arm-
length transactions. • ANJA entered into a loan agreement with KAL
(borrower) on June 24, 2015, for which the most
ANJ has very few transactions with related parties; our recent amendment was made on February 15, 2022.
related-party transactions entered in 2023 were within The current loan facility of USD 25 million equivalent,
the ANJ Group. Our related-party transactions as of bears interest at an annual interest rate of 8.13%
December 31, 2023 were as follows: for borrowing in IDR and Term Secured Overnight
Financing Rate (SOFR) 1 month + 1.63% for borrowing
• GMIT used land and buildings owned by AKJ and MDN in USD and is valid until December 31, 2023, and
for its offices, employee housing, training center and will be automatically extended for one year until the
warehouse in accordance with a lend-use agreement, facility has been fully paid. As of December 31, 2023,
dated May 17, 2012. This agreement has been the total outstanding loan was nil.
renewed and is valid until May 17, 2024. Based on the • ANJA entered into a loan agreement with SMM
agreement, GMIT has no obligation to pay anything (borrower) on July 18, 2022, for USD 15 million which
to AKJ or MDN, but must pay land and building tax, bears interest at an annual interest rate of Term
fire insurance, repair and maintenance, electricity, Secured Overnight Financing Rate (SOFR) 1 month +
water, telephone, security and all other maintenance 1.63% and is valid until July 17, 2024. As of December
costs related to the land and buildings during the 31, 2023, the total outstanding loan was nil.
agreement period. • On May 19, 2022, ANJA entered into a loan agreement
• Pursuant to a management and technical services with ANJAS, as the borrower, for USD 15 million which
agreement, dated May 21, 2014, which has been bears interest at an annual interest rate of Term
amended several times, most recently on October 31, Secured Overnight Financing Rate (SOFR) 1 month +
2017, SMM charged AANE management fees of IDR 1.63%. This loan facility is valid until May 18, 2024. As of
300 million per annum. December 31, 2023, the total outstanding loan was nil.
• Based on a management and technical services • On August 28, 2020, and as recently amended on
agreement dated June 27, 2014, which was March 31, 2021, LSP entered into a loan agreement
amended recently on October 8, 2021, ANJA charged with PPM, as the borrower, for IDR 2.35 billion which
management fees of USD 600,000 per annum to bears interest at an annual interest rate of 8.13%.
ANJAS. This loan facility is valid until August 27, 2024. As of
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
December 31, 2023, the total outstanding loan was Information on Material Transactions
IDR 2.35 billion (equivalent to USD 0.15 million). Containing Conflict of Interest and / or
• On August 28, 2020, which was recently amended on Transactions with Affiliated Parties
June 3, 2022, AANE entered into a loan agreement
with PPM, as the borrower, for IDR 10 billion, which During 2023, the Company did not have any material
bears interest at an annual interest rate of 8.13%. transactions containing conflict of interest and/or
This loan facility is valid until August 27, 2024. As of transactions with affiliated parties.
December 31, 2023, the total outstanding loan was
IDR 6.25 billion (equivalent to USD 0.4 million). Material Commitments for Capital
• On October 28, 2020, ANJAS entered into a loan Expenditure
agreement with PPM, as the borrower, for USD 10
million or its equivalent in IDR, which bears interest at Capital Expenditure Realization in 2023
an annual interest rate of 8.13% for borrowing in IDR
and Term Secured Overnight Financing Rate (SOFR) 1 Our Capital Expenditure (Capex) in 2023 amounted to
month + 1.63% for borrowing in USD. This loan facility USD 34.0 million. Of this, USD 33.3 million was used
is valid until October 27, 2024. As of December 31, for developing our palm oil estates (PPM, PMP, ANJA,
2023, the total outstanding loan was nil. ANJAS, SMM, KAL, GSB); USD 0.5 million for developing
• On October 28, 2020, ANJAS entered into a loan our sago starch (ANJAP); and the remainder for
agreement with PMP, as the borrower, for USD 10 developing our edamame business (GMIT). The Capex
million or its equivalent in IDR, which bears interest at was mainly financed by the cash flows generated from
an annual interest rate of 8.13% for borrowing in IDR our operating activities.
and Term Secured Overnight Financing Rate (SOFR) 1
month + 1.63%.for borrowing in USD. This loan facility Certain of our capital expenditures are denominated
is valid until October 27, 2024. As of December 31, in USD or affected by the USD exchange rate volatility.
2023, the total outstanding loan was nil. We mitigate our exposure to forex risk by monitoring
• On October 24, 2022, SMM entered into a loan fluctuations in the foreign currency rates, and by
agreement with ANJ, as the borrower, for USD 10 entering into forward exchange-rate contracts to hedge
million, which bears interest at an annual interest against fluctuations, as permitted by Company policy, on
rate of Term Secured Overnight Financing Rate the condition that any such contract does not exceed six
(SOFR) 1 month + 1.63%. This loan facility is valid until months and the value of the contracts does not exceed
October 24, 2024. As of December 31, 2023, the total the amount of IDR needed for operational expenses for
outstanding loan was USD 4 million. three months.
• On May 12, 2023, SMM entered into a loan agreement
with PMP, as the borrower, for USD 10 million or its Capital Expenditure and Work Plans 2024
equivalent in IDR, which bears interest at an annual
interest rate of 8.13% for borrowing in IDR and Term We have budgeted capital expenditures totaling USD 36.8
Secured Overnight Financing Rate (SOFR) 1 month + million in 2024 to fund several programs that support
1.63% for borrowing in USD. This loan facility is valid our productivity improvement. Our capital expenditure
until May 12, 2024. As of December 31, 2023, the total work plans for 2024 including:
outstanding loan was nil. • Replanting of 1,053.7 hectares at our Belitung Island
• On March 3, 2023, ANJ entered into a loan agreement Plantation (SMM);
with PMP, as the borrower, for USD 10 million or its • Replanting of 675.6 hectares at our North Sumatra I
equivalent in IDR, which bears interest at an annual Plantation (ANJA);
interest rate of 8.13% for borrowing in IDR and Term • Completion of construction of infrastructures in our
Secured Overnight Financing Rate (SOFR) 1 month + Southwest Papua Plantation (PPM/PMP) for road
1.63% for borrowing in USD. This loan facility is valid surfacing (laterite), employee housing and mill power
until March 2, 2024. As of December 31, 2023, the plant to support the operation of 9,025 hectares of
total outstanding loan was nil. planted area;
• On March 3, 2023, ANJ entered into a loan agreement • Expand the composting plant in North Sumatra I
with PPM, as the borrower, for USD 10 million or its Plantation (ANJA) with our own development and
equivalent in IDR, which bears interest at an annual design based on the experience that we obtained in
interest rate of 8.13% for borrowing in IDR and Term ANJAS, SMM and KAL;
Secured Overnight Financing Rate (SOFR) 1 month + • River embankments piling project in our North
1.63% for borrowing in USD. This loan facility is valid Sumatra II Plantation (ANJAS) to mitigate floods from
until March 2, 2024. As of December 31, 2023, the the nearby river, and;
total outstanding loan was nil. • Land compensation for targeted areas of 324 hectares
in our South Sumatra landbank (GSB).
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These capital expenditures will be financed largely by In addition, our actual capital expenditure may be
cash from operations and external financing, including significantly higher or lower than the estimated amount
but not limited to bank loans. due to various factors, including, but not limited to,
unplanned cost overruns, our ability to generate
Our overall expenditure and its allocation among projects sufficient cash flows from operations and our ability to
are subject to several of uncertainties. We may increase, obtain adequate external financing for planned capital
reduce or suspend our planned capital expenditures, or expenditures.
modify the timing and/or location of any of our planned
capital spending from the estimates described above in
response to market conditions or for other reasons.
Comparison of Realization Against Targets
Target 2023 Realization 2023 % of Achivement
Palm oil production (metric tons)
FFB production 917,017 881,051 96.1%
FFB purchase 568,492 503,811 88.6%
CPO production 310,657 283,659 91.3%
PK production 62,757 52,432 83.5%
PKO production 1,768 1,459 82.5%
Sago starch production (metric tons) 3,970 1,896 47.8%
Edamame production (metric tons)
Fresh edamame production 2,040 1,710 83.8%
Frozen edamame production 2,747 553 20.1%
Frozen mukimame production 94 201 213.8%
Renewable energy production (kWh) 9,113,211 10,219,453 112.1%
CPO sales (metric tons) 319,077 288,941 90.6%
PK sales (metric tons) 58,171 52,581 90.4%
Revenue (million USD) 258.1 236.5 91.6%
Gross profit (million USD) 48.9 31.6 64.6%
Income before tax (million USD) 15.3 9.6 62.5%
Net profit for the year (million USD) 4.2 1.9 45.5%
Production Our CPO production in 2023 was 283,659 tons,
representing a total achievement of 91.3% compared
The Company produced 881,051 tons of FFB in 2023, to our target of 310,657 tons, meanwhile PK production
representing a total achievement of 96.1% compared in 2023 was 52,432 tons or an achievement of 83.5%
to our target of 917,017 tons. Our FFB production compared to our target of 62,757 tons. This was mainly
achievements in 2023 were mainly from the improved due to the genetic characteristics of the newly planted oil
productivity of the young mature palm trees in the palms producing more CPO but less PK.
replanted areas in Belitung Island Plantation, combined
with higher productivity from the Southwest Papua Sago starch production in 2023 was only 47.8% compared
and South Sumatra Plantation aligned with a rising to our annual target of 3,970 tons, as the impact of our
production trend from the young mature palm trees cost efficiency program to reduce the mill operation to
and improved road access and other infrastructure to one shift per day in 2023.
transport the FFB to the mill. In addition, our North
Sumatra I Plantation recorded an achivement in FFB Our fresh edamame production in 2023 was 1,710 tons,
production of 3.1% above our budget target in 2023. representing a total achievement of 83.8% compared to
Meanwhile, these positive performances were offset by our target of 2,040 tons, whereas frozen edamame and
the effect of the ongoing replanting program in the North frozen mukimame products achieved 20.1% and 213.8%
Sumatra I Plantation and also the extreme climate that of our target, respectively. These achievements were
occurred in the North Sumatra II Plantation which caused mainly due to the Etiella worm attack in 2023, which
flooding that disrupted harvesting in the plantation and resulted in a frozen edamame production of 79.9% behind
FFB supplies to the mill. the budget and we decided to sell most of our production
as fresh edamame and mukimame to minimize waste
and reject volume.
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Our renewable energy generated a higher electricity sale Profit
as we generated 10,219,453 kWh, or a positive variance
of 12.1% compared to our target of 9,113,211 kWh. The Company posted a net income of USD 1.9 million in
2023, representing a total achievement of 45.5% of our
Sales and Revenues target of USD 4.2 million. This was largely attributable
to the lower revenue from palm oil products in 2023
In 2023, the Company sold 288,941 tons of CPO, as discussed above, combined with higher loss from
representing a total achievement of 90.6% compared to the vegetable segment due to lower frozen edamame
our sales target of 319,077 tons. Meanwhile, PK sales productions in 2023. In addition, estate operating costs
volume stood at 52,581 tons in 2023, 9.6% behind our rose at our newly mature area in the Southwest Papua
target of 58,171 tons. These sales performances weigh Plantation and from the replanting areas in the North
on our total revenue in 2023 of USD 236.5 million, Sumatra I and Belitung Island Plantation.
representing a total achievement of 91.6% compared to
our target of USD 258.1 million.
2024 Company Targets
2023 2024
Change (%)
Actual Target
Palm oil production (metric tons)
FFB production 881,051 933,602 6.0%
FFB purchase 503,881 629,454 24.9%
CPO production 283,659 324,043 14.2%
PK production 52,432 59,693 13.8%
PKO production 1,459 2,220 52.1%
Sago starch production (metric tons) 1,896 2,725 43.7%
Edamame production (metric tons)
Frozen edamame production 553 2,606 371.4%
Frozen mukimame production 201 349 73.8%
Fresh edamame production 1,710 1,574 (7.9%)
Renewable energy (kWh) 10,219,453 10,665,449 4.4%
As most of the Company’s revenue is contributed by For the non-palm oil segment, the Company aim to
the palm oil business segment, our revenue is very achieve a significant improvement in frozen edamame
dependent on CPO and PK price and sales volume. For production from growing demand in the export market
2024, the Company has set targets for FFB production and higher planting size in the upcoming year. We set the
of 933,602 tons, 6.0% higher than the 2023 achievement target for frozen edamame and mukimame productions
of 881,051 tons, while CPO production is expected to to grow 371.4% and 73.8% respectively, compared to
grow 14.2% to 324,043 tons, compared to 283,659 tons production achievement in 2023. Meanwhile, fresh
of actual production in 2023. In line with FFB and CPO edamame production is expected to decrease by 7.9% to
production targets, the Company has also set the target 1,574 tons as our target to produce more frozen products
for PK and PKO to grow 13.8% and 52.1%, respectively than the fresh one. Our sago segment is projected to
in 2024. grow 43.7% with a total production of 2,725 tons in
2024. Meanwhile, for the renewable energy business,
the Company targeting a 4.4% growth in its electricity
production of 10,665,449 kWh in 2024.
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Other Information Going Concern Information
On January 5, 2022, the Ministry of Environment and There is still significant potential for the Company
Forestry (“MOEF”) issued Decree No. SK.01/MENLHK/ to develop its core business of palm oil, especially
SETJEN/KUM.1/1/2022 regarding Revocation of Forest on our South Sumatra landbank. Our landbanks in
Area Concession Permits (“SK01”) which revokes a North Sumatra, Belitung Island, West Kalimantan,
number of forestry concession licenses, including those South Sumatra and Southwest Papua extend to over
under the Approval for Relinquishment of Forestry Area 154,650 hectares, with the infrastructure to support
(Persetujuan Pelepasan Kawasan Hutan). SK01, however, improvements in productivity and operational efficiency.
calls for a decree to be issued by three Director Generals In addition, we continue to develop responsible strategic
under the MOEF for an “official” revocation of forestry initiatives that incorporate community development
concession licenses (“Official Revocation Decree”). One and other sustainability initiatives, in support of the
of the concessions in Southwest Papua under the land government development policies.
cultivation right (Hak Guna Usaha, “HGU”) which are
legally owned directly by the Company was included in In our sago segment, we will continue to improve
the list of concession permits which were revoked by our sago extraction and reduce the variable cost of
SK01. production. In our vegetable segment, we managed to
improve our planting yield and ramp up the volume of
On June 21, 2023, the Company received Decree from commercial operation and export of frozen vegetable
the Minister of Environment and Forestry of the Republic products (especially edamame) in 2024. We believe
of Indonesia which excluded the Company from the list that both businesses have the potential to strengthen
of concession permits which were revoked by SK01. our position as a world-class agribusiness-based food
Therefore, the HGU of the Company remains valid. company that makes a positive contribution to local
economic development and national food diversification
and security. A priority in 2024 will be to continue to
develop domestic and export markets for value-added
sago and edamame products.
The Company’s sound capital structure also bodes
well for sustained growth as we continue to pursue our
long-term objectives of growing responsibly, generating
sustainable value and strengthening our reputation and
position in the industry.
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CORPORATE
GOVERNANCE
132 PT Austindo Nusantara Jaya Tbk.
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ANJ’s Commitment to Good Corporate Governance 134
Assessment of GCG Implementation 136
Corporate Governance Structure 140
General Meeting of Shareholders 140
The Board of Commissioners 150
The Board of Directors 155
Committees Under the Board of Commissioners 168
Committees Under the Board of Directors 168
Corporate Secretary 180
Internal Audit 181
External Auditor 184
Internal Control 185
Risk Management System 187
Corporate Culture 196
Whistleblowing System 196
Access to Corporate Data and Information 203
Compliance with Corporate Governance Guidelines
204
for Public Companies
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
ANJ’S COMMITMENT TO GOOD CORPORATE
GOVERNANCE
THE COMPANY BELIEVES THAT A STRONG COMMITMENT
TO UPHOLDING THE PRINCIPLES OF GOOD CORPORATE GOVERNANCE
(GCG)—TRANSPARENCY, ACCOUNTABILITY, RESPONSIBILITY,
INDEPENDENCE AND FAIRNESS— THROUGHOUT OUR BUSINESS
IS ESSENTIAL FOR DELIVERING SUSTAINABLE VALUE TO ALL OUR
STAKEHOLDERS AND ENSURING THE COMPANY’S LONG-TERM GROWTH
IN LINE WITH OUR RESPONSIBLE DEVELOPMENT GOALS."
ANJ’s corporate governance framework consists of
policies, controls, processes and standards that cover all
aspects of the business. The framework is underpinned
by the Company’s Code of Ethics on Business Conduct
and our core values of integrity, respect for people and
the environment and continuous improvement.
Legal Basis for Corporate Governance
at ANJ
The legal and policy foundation for the implementation
of corporate governance at ANJ includes the following:
1. The prevailing laws and regulations in Indonesia,
particularly those related to the capital market and
Law No. 40/2007 on Limited Liability Companies
(“Company Law”);
2. Regulations and circular letters issued by OJK;
3. The Articles of Association of the Company;
4. The ASEAN Corporate Governance Scorecard; and
5. The Good Corporate Governance Guidelines issued
by the National Governance Policy Committee
(KNKG).
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
GCG Policy
ANJ’s internal corporate governance policy is defined in
the following documents:
THE ARTICLES OF ASSOCIATION
OF THE COMPANY
BY-LAWS
THE CODE OF ETHICS ON
BUSINESS CONDUCT
THE CHARTERS OF THE BOARD
OF COMMISSIONERS (AND ITS
COMMITTEES) AND
THE BOARD OF DIRECTORS
THE COMPANY’S SUSTAINABILITY
POLICY
Together with ANJ’s operational procedures, business
processes and quality management systems, these
documents represent the Company rules. All of these
are reviewed and updated periodically to ensure that
they are aligned with growth of the business, regulatory
changes and shifts in the market dynamics.
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
ASSESSMENT OF GCG IMPLEMENTATION
The goals of the GCG implementation assessment are to of the Company’s governance structure and
determine the extent to which GCG practices are being infrastructure to ensure outcomes that meet the
applied and to receive feedback that can be used to expectations of stakeholders.
improve future performance. The Company evaluates the
quality of GCG implementation annually, both individually 2. Governance Process
(self-assessment) and in partnership with third parties, The primary objective of the governance process
to obtain independent results. assessment is to measure the effectiveness of the
ongoing governance principles implementation.
The Company is committed to the continuous The adequacy of the Company’s governance
improvement of our corporate governance practices, structure and infrastructure when supported by a
in line with our commitment to responsible business good governance process is expected to help the
growth. This is realized through an ongoing cycle of Company achieve results that meet stakeholder
review, remediation and development by the Board expectations.
of Commissioners, the Board of Directors, the Board
Committees and the Internal Audit Unit. 3. Governance Outcome
The Company assesses governance results to
To the extent permitted by applicable laws and determine the quality of the Company’s outcome.
regulations, the Company’s Directors serve as Directors This includes both qualitative and quantitative
and/or Commissioners of our subsidiaries, enabling factors. In addition, the evaluation ensures that
them to monitor and guide corporate governance across the governance structure and process have been
the entire Group. properly executed resulting in a proper GCG
implementation.
Assessing Parties
Assessment Criteria
Our governance is either evaluated through self-
assessment by the Company itself or in collaboration There are 10 (ten) governance assessment factors for
with the third party to obtain an independent assessment. self-assessment , namely:
The assessment are as follows: 1. Implementation of the duties and responsibilities of
the Board of Commissioners.
A. Self-Assessment 2. Implementation of the duties and responsibilities of
the Board of Directors.
Every year, a self-assessment is conducted under the 3. Execution and completion of Committee duties.
provisions of OJK Regulation No. 21/POJK.04/2015 and 4. Implementation of internal audit functions.
OJK Circular Letter No. 32/SEOJK.04/2015 concerning 5. Implementation of external audit functions.
Governance Guidelines for Listed Companies. The 6. Implementation of risk management, including
Company also conducts an annual self-assessment internal control system.
against the ASEAN Corporate Governance Scorecard 7. Provision of funds for related parties and large
criteria. This assesses the application of Good Corporate exposures.
Governance principles within the Company which 8. Management of conflicts of interest.
includes transparency, accountability, responsibility, 9. Transparency, GCG implementation report and
independency and fairness in the operational activities internal reporting.
of the Company. 10. The Company’s strategic plan.
Assessment Procedures
Parties Conducting the Assessment
The Company performs a comprehensive and structured
self-assessment which consists of 3 (three) aspects of The self-assessment involves the Board of
governance, namely: Commissioners, the Board of Directors and Executive
Officers of the Company, resulting in a comprehensive
1. Governance Structure and well-structured evaluation of the effectiveness
The assessment of the governance structure aims and quality of the Company’s governance systems and
for a comprehensive evaluation of the adequacy outcomes.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
Assessment Results Level 1 : minimum standard items that are expected
to be implemented in each ASEAN member
OJK Governance Guidelines for Listed Companies: the countries, including prevailing laws and
Company has fulfilled almost all the recommendations, regulations and OECD principles.
as shown in the matrix on page 204-205 of this Report. Level 2 : bonus items reflecting practices beyond
minimum standard expectations and penalty
B. External Assessments items reflecting poor governance practices.
1. ASEAN Corporate Governance Scorecard Assessment Criteria for 2023
The ASEAN Corporate Governance Scorecard is a The first level consist of 5 (five) aspects, namely Rights
quantitative tool to measure the compliance of public of Shareholders, Equitable Treatment of Shareholders,
companies in ASEAN with corporate governance Role of Stakeholders, Disclosure and Transparency as
guidelines according to exemplary practices based on well as Responsibilities of the Board. The second level
international standards, in particular the principles of consist of bonus items, reflecting practices beyond
corporate governance issued by the Organization for minimum standard expectations and penalty items
Economic Cooperation and Development (OECD). reflecting of poor governance practices.
ANJ has been assessed by the Indonesian Institute Parties Conducting the Assessment
for Corporate Directorship (IICD) for its corporate
governance implementation from the financial year of The ASEAN Corporate Governance Scorecard of the
2017 until 2021. Company is assessed by the Indonesian Institute for
Corporate Directorship (IICD).
Assessment Procedure
Assessment Results
The assessment is conducted based on a review
of publicly available and accessible information in The result for the financial year of 2022 is 100.27, an
English and Indonesian languages published by the increase from 99.74 of the previous year. This result
Company, including the Annual Report, website and any was verified by the IICD at the Company’s request. With
announcements or reports of the Company to OJK and this score, it puts ANJ in level five (out of five) which
IDX. The assessment methodology consists of 2 (two) means ANJ is Leadership in Corporate Governance. The
levels: following describes the assessment results for the last
3 years:
ACGS RESULTS
105 LEVEL 4 LEVEL 5
99.74 100.27
10O
95
LEVEL 3
90 87.57
85
80
2020 2021 2022
ACGS RESULTS
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
Principle 2020 2021 2022
Principle A (Rights of Shareholders) 9.52 9.52 9.52
Principle B (Equitable Treatment of Shareholders) 7.14 10 9.28
Principle C (Role of Stakeholders) 15 15 15
Principle D (Disclosure and Transparancy) 22.66 24.21 24.21
Principle E ( Responsibilities of the Board) 31.25 35 36.25
Bonus 6 8 8
Penalty (4) (2) (2)
Total Score 87.57 99.74 100.27
Level 5
Level 3 Level 4
Level (Leadership in
(Good) (Very Good)
Corporate Governance)
The Company has also made public the ASEAN Corporate Assessment Procedure
Governance Scorecard’s assessment reports on the
website of the Company. The assessment is conducted based on a review of
publicly available and accessible information in English
2. Environment, Social and Governance (ESG) and Indonesian languages published by the Company,
Rating including the Annual Report, the website of the Company
or website of IDX and any announcements or reports of
The term ESG refers to how companies addresses certain the Company to OJK and IDX. The Company also may
fundamental societal values. It is used mainly, but not provide comments or feedback on the initial assessment
exclusively, in capital markets to describe and assess given by the ESG rating agency for further preparation
corporate behavior in three core areas: environmental of the final report. The ESG ratings are composed of
record, social engagement and governance practices. three building blocks that contribute to a company’s
An ESG rating and the data used to calculate it provide overall rating. These building blocks include corporate
investors and executives with a method of evaluating a governance, material ESG issues (MEIs) and idiosyncratic
company’s track record. The information is also used ESG issues.
by investors to assess a firm’s risk exposures as well
as its possible future financial performance. As ESG Assessment Criteria
has gained traction among investors so that companies
increasingly integrate this kind of thinking into their The ESG rating indicators are as follows:
strategic planning, reporting and communications • Corporate Governance: Board/management quality
choices and leverage ESG performance as a way of and integrity; shareholder rights; remuneration;
tapping into new markets. financial reporting; and stakeholder governance;
• Access to Basic Services: Health care services,
The ESG Risk Ratings measure the degree to which
products to disadvantaged communities or groups;
a company’s economic value is at risk, driven by ESG
factors or more technically speaking, the magnitude of • Bribery and Corruption: Alleged or actual illicit
a company’s unmanaged ESG risks. A company’s ESG payments or receipt of such payments;
rating is comprised of a quantitative score and a risk • Business Ethics: Accounting, taxation, IP,
category. The quantitative score represents units of anticompetitive practices; potential human rights
unmanaged ESG risk with lower scores representing violations;
less unmanaged risk. Unmanaged risk is measured on • Community Relations: Community involvement,
an open-ended scale starting at zero (no risk) and for development and measures to reduce negative
95% of cases, a maximum score below 50. Based on their impacts on local communities;
quantitative scores, companies are grouped into one of
• Data Privacy and Security: Data governance;
five risk categories (negligible, low, medium, high and
ensuring safe and secure use and maintenance of
severe).
customers’ personally identifiable data;
• Emissions, Effluents and Waste: Emissions and
releases from a company’s own operations,
excluding GHG emissions;
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
• Carbon – Own Operations: Operational energy use • ESG Integration – Financials: ESG integration
and GHG emissions (scope 1 and 2); parts of Scope 3 by financial institutions driven by downside risk
emissions, for example, transport and logistics; considerations or business opportunity;
• Carbon – Products and Services: Energy efficiency • Product Governance: Responsibilities vis-à-vis
and GHG emissions of services and products during clients (quality and/or safety of products and
the use phase, excluding carbon risks related to services);
financial services; • Resilience: Financial stability and the management
• Impact of Products and Services: Environmental or of related risks in the financial services industry;
social impacts of products or service; • Resource Use: Risk management of raw material
• Human Rights: Human rights within their own inputs (excluding energy and petroleum-based
operations; protecting rights; policies on child and products); use of recycling/circular economy
forced labor; programs;
• Human Rights – Supply Chain: Human rights in • Resource Use – Supply Chain: Risks related to water
the supply chain, including the handling of conflict scarcity and raw material inputs.
minerals, either directly or within subindustries;
• Human Capital: Certain core HR and labor relations Parties Conducting the Assessment
practices;
• Land Use and Biodiversity: Impact of operations on The assessment for ESG rating is conducted by
land, ecosystems and wildlife; Sustainalytics, a leading global ESG rating firm.
• Land Use and Biodiversity – Supply Chain: Impact
Assessment Results
of suppliers’ operations on land, ecosystems and
wildlife;
The Company was assessed by Sustainalytics with Low
• Occupational Health and Safety: Management Risk Rating score of 15.4 for 2023. With this achievement,
of workplace hazards; may include HIV/AIDS the Company was ranked in the first place among the
programs; global agriculture companies for having the lowest
ESG risk, as assessed by Sustainalytics. The following
describes the assessment results for the last 3 years:
30
26.1
25
20 18.3
15.4
15
10
5
0
2021 2022 2023
SUSTAINALYTICS RESULTS
Implementation of Recommendations
The Company follows up on the findings of the above assessments as well as the results of our internal audit mechanisms.
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CORPORATE GOVERNANCE STRUCTURE
ANJ’s corporate governance structure consists of three The Board of Commissioners is supported in its
mutually independent bodies, in accordance with Law supervisory functions by the four Committees (Audit, Risk
No. 40/2007 on Limited Liability Companies: Management, Nomination and Remuneration as well
• The General Meeting of Shareholders (GMS): this is as Corporate Social Responsibility and Sustainability).
the highest decision-making authority; The Board of Directors is supported in its management
functions by the Corporate Secretary and the Internal
• The Board of Commissioners: this provides oversight
Audit Unit.
over the Company’s management and advises the
Board of Directors; and
This framework is underpinned by a series of
• The Board of Directors: this has overall responsibility complementary mechanisms that ensure the effective
for managing the Company for the benefit of the and consistent implementation of corporate governance
Company and its shareholders. throughout the Company. These mechanisms include the
internal control system, the risk management system,
Both the Board of Commissioners and the Board of the internal and external audits, the whistleblowing
Directors are accountable to the GMS. system and the corporate governance policy documents
referred to above.
GENERAL MEETING OF SHAREHOLDERS
The general meeting of shareholders (GMS) is the GMS Procedures
principal forum in which shareholders can exercise their
rights to make certain decisions relating to the Company, To maximize the shareholders’ participation in meetings
to receive reports from the Board of Commissioners and to protect their interests, the Company publishes
and the Board of Directors on their performance and announcements about the GMS and its agenda on (i) the
accountability and to question the Boards about their website of e-RUPS, provided by PT Kustodian Sentral
actions. Efek Indonesia (KSEI), (ii) the website of Indonesia Stock
Exchange (IDX) and (iii) the website of the Company
According to Indonesian Company Law, OJK Regulation (www.anj-group.com). Meeting rules and materials are
No. 15/POJK.04/2020 on the Planning and Organization of available from the date of the GMS notice at the Company’s
the General Meeting of Shareholders of a Public Company Head Office and can be obtained by shareholders upon
and OJK Regulation No. 16/POJK.04/2020 regarding written request to the Company. These procedures are
Implementation of General Meeting of Shareholders in compliance with OJK Regulation No. 15/POJK.04/2020
of a Public Company on Held Electronically and the on the Planning and Organization of the General Meeting
Company’s Articles of Association, the Company must of Shareholders of a Public Company and the Company’s
hold an Annual General Meeting of Shareholders (AGMS) Articles of Association.
once a year and no later than six months after the end of
the Company’s financial year. An Extraordinary General Meetings are considered legal and able to issue binding
Meeting of Shareholders (EGMS) can be convened at any decisions if they are attended by shareholders and/or
time if deemed necessary. their proxies who represent more than one half of the
total number of shares unless, the Articles of Association
determine a higher quorum.
GMS Authority
The GMS has authority that is not possessed by either the
Board of Commissioners or the Board of Directors, such
as the authority to appoint and dismiss commissioners
and directors and the right to determine the distribution
and appropriation of the Company’s net profit.
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Rights, Authority and Responsibility 4. Approve the Annual Report and Sustainability
of the Shareholders Report;
5. Approve the remuneration of the Board of
The Company does not have a share classification so Commissioners and the Board of Directors;
that each share has rights of one vote. The rights held by 6. Approve the proposed allocations of the use of
shareholders include: Company’s profits including dividend payments; and
1. Attend the GMS and cast one vote; 7. Approve the acquisition, merger or material
2. The opportunity to propose the GMS agenda by one transaction of the Company (if any).
shareholder or more representing at least 1/10 (one
tenth) of the total shares with voting rights; The Company does not have a series or class of
3. The opportunity to grant a proxy to another party if shares. The Company only has one classification of
the shareholder is unable to attend the GMS. The shares. The Company also does not have (i) agreement
proxy form is available on the Company’s website between shareholders, (ii) voting stamps, (iii) multiple
(www.anj-group.com); voting rights, (iv) other agreements that allow certain
shareholders to have voting rights over their ownership
4. The Company will provide the material of the
in the Company.
agenda of GMS for the shareholders of the Company
at the main office of the Company and such material
Shareholders rights, authorities and responsibilities are
may be obtained by the shareholders by delivering
regulated, in detail, in the Articles of Association of the
a written request to the Company during the office
Company that are accessible through the Company’s
hours in any working day as of the date of this notice
website (www.anj-group.com).
until the date of the GMS;
5. The opportunity to raise questions in the GMS; The Company also encourages all shareholders,
6. The opportunity to vote on any proposed decision in including institutional shareholders, to attend the GMS
the GMS; and of the Company with advertisements or announcements
7. Receive equal treatment from ANJ. on all of the social media of the Company, including the
Company’s website, since the notice of the GMS until the
Shareholders also have additional authorities such as: GMS is held. In addition, the Company also considers
the proximity of GMS venue to ensure that it is easily
1. Appoint and dismiss members of the Board of
accessible by the shareholders. Additionally, for the
Commissioners and the Board of Directors;
shareholders who cannot attend the GMS physically, the
2. Evaluate the performance of Board of Commissioners shareholders can attend the GMS by electronic means.
and Board of Directors;
3. Approve the amendments of the Company’s Articles The following is an abbreviated discussion on the
of Association; resolutions and implementation of the AGMS in 2023 and
2022 of the Company:
GMS in 2023
The Company held its AGMS on June 7, 2023. The AGMS was held at the Menara BTPN, 40th floor, Jl. Dr. Ide Anak Agung
Gde Agung Kav. 5.5 – 5.6, South Jakarta.
The actions taken to comply with the regulations on holding the AGMS on June 7, 2023 were as follows:
No. Action Date Medium
1. Notified OJK of the plan to hold the AGMS, April 11, 2023 IDX website and the Company website
with the agenda.
2. Notified shareholders of the planned AGMS. April 18, 2023 IDX website, KSEI website and the Company
website
3. Published the notice to shareholders to attend May 5, 2023 IDX website, KSEI website and the Company
the AGMS, with the detailed agenda. website
4. Held the AGMS. June 7, 2023 Menara BTPN 40th Floor, Jakarta
5. Published the summary of the AGMS. June 8, 2023 IDX website, KSEI website and the Company
website
6. Published the minutes of meeting of the AGMS. June 21, 2023 IDX website and the Company website
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The 2023 AGMS was attended by shareholders and/ Independent Party to Calculate Votes
or their proxies representing 3,148,786,486 shares or
93.88% of the total shares with valid voting rights issued The Company appointed independent parties for the
by the Company. The quorum for the meeting was AGMS of the Company in 2023, namely: (i) Notary Christina
therefore legally fulfilled. Dwi Utami, S.H., M.Hum., M.Kn, as the Public Notary and
(ii) PT Datindo Entrycom as the Share Registrar Bureau
in calculating and/or validating quorum as well as the
Online Voting and Vote Calculation voting in the GMS of the Company.
Mechanism
The GMS decisions are made by deliberations for GMS Resolutions
consensus. However, to ensure that deliberation
for consensus was reached, while maintaining the The following tables present the resolutions made at the
independence and confidentiality of shareholders in the general meetings of shareholders held in 2023 and 2022
voting process, decision-making is conducted through and their implementation status. There is no resolution
voting. Voting is conducted by the shareholders or their of the Company’s GMS for 2023 and 2022 that has not
proxies directly in confidence through the easy KSEI been realized by the Company.
system, such that the confidentiality and independency
of shareholder’s votes are secured. Disclosures on the
procedures of voting and its tally in the GMS have been
stated clearly in the Code of Conduct of Meeting that
was published on the Company’s website together with
the invitation to the GMS and was read out before the
start of Meeting. In addition to the Code of Conduct of
Meeting, the voting procedures were also uploaded onto
the website of the Company.
Summary of the resolutions of the 2023 AGMS held on June 7, 2023:
THE FIRST AGENDA
Agenda Approval and ratification on the Annual Report and Sustainability Report of the
Company, which include the Report on the Supervisory Duties of the Board of
Commissioners and the ratification of the Consolidated Financial Statements of
the Company for the year ending on December 31, 2022, including the Consolidated
Statement of Financial Position and Consolidated Statement of Profit or Loss and
Other Comprehensive Income for the year ending on December 31, 2022 and
granting of full release and discharge from responsibilities (acquit et de charge) to
the Board of Directors and the Board of Commissioners of the Company for their
management duties and supervisory duties carried out during the year ending on
December 31, 2022.
Number of Shareholders Who Raised There was 1 (one) question on the first meeting agenda.
Queries and/or Opinions
The Results of the Voting Agree 3,148,687,886 99.99%
Disagree 95,100 0.003%
Abstain 3,500 0.0001%
The Resolution of the First Agenda To approve and ratify the Annual Report and the Sustainability Report of the
Company for the year ending on December 31, 2022, including the Operational
Report of the Company, the Supervisory Report of the Board of Commissioners
and the Consolidated Financial Statements of the Company for the year ending on
December 31, 2022, including the Consolidated Statement of Financial Position
and Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the year ending on December 31, 2022 as well as to give full release and
discharge of responsibilities (acquit et de charge) to the members of the Board of
Directors and the Board of Commissioners of the Company for their management
duties and supervisory duties carried out during the year ending on December
31, 2022 to the extent that their actions are reflected in the Annual Report of the
Company.
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Implementation Status Completed.
Financial statements for the year ending December 31, 2022 were delivered on
March 28, 2023 and the annual report for the year ending December 31, 2022 was
delivered on May 1, 2023 (April 30, 2023 fell on a public holiday), both to the OJK
and IDX.
THE SECOND AGENDA
Agenda Stipulation of use of net profit of the Company for the year ending on December
31, 2022.
Number of Shareholders Who Raised There was no question on the second meeting agenda.
Queries and/or Opinions
The Results of the Voting Agree 3,148,687,886 99.99%
Disagree 95,100 0.003%
Abstain 3,500 0.0001%
The Resolution of the Second Agenda a. To approve the distribution of the net profit of the Company for the year
ending on December 31, 2022, as follows:
i. The Company will distribute cash dividends of IDR 27.8 (twenty seven
point eight Rupiah) for each share to the entitled shareholders of the
Company. The exchange rate for book-keeping purposes will use the
middle exchange rate of Bank Indonesia on June 19, 2023, which is
the date to determine the shareholders who are entitled to the cash
dividend (cum dividend).
ii. The remaining balance will be recorded as retained earnings which will
be used for the working capital of the Company.
b. To give powers and authorities to the Board of Directors of the Company
to carry out any and all actions required in relation to the abovementioned
resolutions in accordance with the prevailing laws and regulations.
Implementation Status Completed.
The dividend was distributed to shareholders on July 7, 2023.
THE THIRD AGENDA
Agenda Appointment of an Independent Public Accountant and Public Accounting Firm to
Mata Acara carry out audit on the Company for the financial year of 2023 and to approve the
honorarium of the Independent Public Accountant and Public Accounting firm so
appointed.
Number of Shareholders Who Raised There was no question on the third meeting agenda.
Queries and/or Opinions
The Results of the Voting Agree 3,148,117,986 99.97%
Disagree 665,000 0.021%
Abstain 3,500 0.0001%
The Resolution of the Third Agenda a. To give authorities and powers to the Board of Commissioners of the Company
to appoint the Independent Public Accountant and Public Accountant Office
(KAP) to carry out the audit of the Company for the financial year of 2023,
subject to the recommendations of the Audit Committee of the Company.
b. To give authorities to the Board of Directors of the Company to approve and
determine the honorarium and the terms of its appointment in accordance
with applicable laws and regulations.
Implementation Status Completed.
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THE FOURTH AGENDA
Agenda Approval of the change of the members of the Board of Commissioners of the
Company.
Number of Shareholders Who Raised There was no question on the fourth meeting agenda.
Queries and/or Opinions
The Results of the Voting Agree 3,148,687,886 99.97%
Disagree 665,000 0.021%
Abstain 3,500 0.0001%
The Resolution of the Fourth Agenda a. To approve the resignation of Mr. Istama Tatang Siddharta from his position
as a Commissioner of the Company effectively as of the closing of the
Meeting and to release and discharge Mr. Istama Tatang Siddharta from his
responsibility during his term of office provided that his supervisory duty
has been carried out in accordance with the Articles of Association of the
Company, the prevailing laws and regulations, including but not limited to
Law Number 40 of 2007 concerning Limited Liability Company.
b. To restate the composition of the Board of Commissioners of the Company
effectively as of the closing of the Meeting as follows:
Board of Commissioners:
President Commissioner (Independent) : Mr. Adrianto Machribie
Commissioner : Mr. George Santosa Tahija
Commissioner : Mr. Sjakon George Tahija
Commissioner : Mr. Anastasius Wahyuhadi
Independent Commissioner : Mr. J. Kristiadi
Independent Commissioner : Mr. Darwin Cyril Noerhadi
Commissioner : Mrs. Istini Tatiek Siddharta
The term of office of the Board of Commissioners is as follows:
- Mr. Adrianto Machribie as the President Commissioner (Independent),
Mr. George Santosa Tahija as a Commissioner, Mr. Sjakon George Tahija
as a Commissioner, Mr. Anastasius Wahyuhadi as a Commissioner
and Mr. Josep Kristiadi as an Independent Commissioner are until the
closing of the Annual General Meeting of Shareholders of the Company
in 2025;
- Mr. Darwin Cyril Noerhadi as an Independent Commissioner and Mrs.
Istini Tatiek Siddharta as a Commissioner are until the closing of the
Annual General Meeting of Shareholders of the Company in 2026.
c. To give authorities and powers to the Board of Directors of the Company and/
or Mr. Naga Waskita, individually or jointly with the rights of substitution,
to draw up/state the resolutions regarding the composition of the Board of
Commissioners of the Company, in a notarial deed made before a Notary
Public and further to notify the authorities, and to take all and every actions
necessary in connection with the abovementioned decision in accordance
with the applicable laws and regulations
Implementation Status Completed.
THE FIFTH AGENDA
Agenda Approval of the change of the members of the Board of Directors of the Company.
Number of Shareholders Who Raised There was no question on the fifth meeting agenda.
Queries and/or Opinions
The Results of the Voting Agree 3,148,687,886 99.97%
Disagree 665,000 0.021%
Abstain 3,500 0.0001%
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The Resolution of the Fifth Agenda a. To approve the appointment of Mr. Mohammad Fitriyansyah as a Director of
the Company effectively as of the closing of the Meeting.
b. To restate the composition of the Board of Directors of the Company effectively
as of the closing of the Meeting as follows:
Board of Directors:
President Director : Mr. Lucas Kurniawan
Vice President Director : Mr. Geetha Govindan K. Gopalakrishnan
Director : Mr. Naga Waskita
Director : Mr. Aloysius D’Cruz
Director : Ms. Nopri Pitoy
Director : Mr. Mohammad Fitriyansyah
The term of office of the Board of Directors is as follows:
- Mr. Lucas Kurniawan as the President Director, Mr. Geetha Govindan
Kunnath Gopalakrishnan as the Vice President Director, Mr. Aloysius
D’Cruz as a Director and Ms. Nopri Pitoy as a Director are until the
closing of the Annual General Meeting of Shareholders of the Company
in 2026;
- Mr. Naga Waskita as a Director is until the closing of the Annual General
Meeting of Shareholders of the Company in 2027;
- Mr. Mohammad Fitriyansyah as a Director is until the closing of the
Annual General Meeting of Shareholders of the Company in 2028.
c. To give authorities and powers to the Board of Directors of the Company and/
or Mr. Naga Waskita, individually or jointly with the rights of substitution,
to draw up/state the resolutions regarding the composition of the Board of
Directors of the Company, in a notarial deed made before a Notary Public and
further to notify the authorities, and to take all and every actions necessary
in connection with the abovementioned decision in accordance with the
applicable laws and regulations.
Implementation Status Completed.
Mr. Mohammad Fitriyansyah was appointed as a Director.
THE SIXTH AGENDA
Agenda Stipulation of the amount of salary and honorarium as well as other allowances
for the members of the Board of Directors and the Board of Commissioners for
the financial year of 2023.
Number of Shareholders Who Raised There was no question on the sixth meeting agenda.
Queries and/or Opinions
The Results of the Voting Agree 3,142,195,586 99.79%
Disagree 6,587,400 0.209%
Abstain 3,500 0.0001%
The Resolution of the Sixth Agenda a. To give authorities and powers to the Nomination and Remuneration
Committee, one of the committees under the Board of Commissioners of the
Company, to determine the salary and/or honorarium and other allowances
payable to the members of the Board of Directors.
b. To approve and stipulate that the amount of salary and/or honorarium and
other allowances for the Board of Commissioners of the Company for the
financial year of 2023 is the same amount with the previous financial year
and/or with a maximum increase of 20% from the previous financial year.
Implementation Status Completed.
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The Board of Directors who attended the AGMS on June 7, 2023 was as follows:
President Director : Lucas Kurniawan
Vice President Director : Geetha Govindan
Director : Naga Waskita
Director : Aloysius D’Cruz
Director : Nopri Pitoy
Director : Mohammad Fitriyansyah
The Board of Commissioners who attended the AGMS on June 7, 2023 was as follows:
President Commissioner (Independent) : Adrianto Machribie
Commissioner : George Santosa Tahija
Commissioner : Sjakon George Tahija
Commissioner : Anastasius Wahyuhadi
Commissioner : Istama Tatang Siddharta
Independent Commissioner : J. Kristiadi
Independent Commissioner : Darwin Cyril Noerhadi
Commissioner : Istini Tatiek Siddharta
Summary of the resolutions of the 2022 AGMS held on June 8, 2022:
THE FIRST AGENDA
Agenda Approval and ratification on the Annual Report of the Company, which includes
the Report on the Supervisory Duties of the Board of Commissioners and the
ratification of the Consolidated Financial Statements of the Company for the year
ending on December 31, 2021, including the Consolidated Statement of Financial
Position and Consolidated Statement of Profit or Loss and Other Comprehensive
Income for the year ending on December 31, 2021 and granting of full release and
discharge from responsibilities (acquit et de charge) to the Board of Directors and
the Board of Commissioners of the Company for their management duties and
supervisory duties carried out during the year ending on December 31, 2021.
Number of Shareholders Who Raised There was no question on the first meeting agenda.
Queries and/or Opinions
The Results of the Voting Agree 3,228,558,855 99.95%
Disagree 11,700 0.0003%
Abstain 1,573.900 0.048%
The Resolution of the First Agenda To approve and ratify the Annual Report of the Company for the year ending
on December 31, 2021, including the Operational Report of the Company, the
Supervisory Report of the Board of Commissioners and the Consolidated Financial
Statements of the Company for the year ending on December 31, 2021, including
the consolidated statement of financial position and consolidated statement of
profit or loss and other comprehensive income for the year ending on December
31, 2021, as well as to give full release and discharge of responsibilities (acquit et de
charge) to the members of the Board of Directors and the Board of Commissioners
of the Company for their management duties and supervisory duties carried out
during the year ending on December 31, 2021 to the extent that their actions are
reflected in the Annual Report of the Company.
Implementation Status Completed.
Financial statements for the year ending December 31, 2021 were delivered on
March 17, 2022 and the annual report for the year ending December 31, 2021 was
delivered on May 6, 2022, both to the OJK and IDX.
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THE SECOND AGENDA
Agenda Stipulation of use of net profit of the Company for the year ending on December
31, 2021.
Number of Shareholders Who Raised There was no question on the second meeting agenda.
Queries and/or Opinions
The Results of the Voting Agree 3,228,558,855 99.95%
Disagree - -
Abstain 1,585,600 0.05%
The Resolution of the Second Agenda a. To approve the distribution of the net profit of the Company for the year
ending on December 31, 2021, as follows:
i. The Company will distribute cash dividends of IDR 43 (forty three
Rupiah) for each share to the entitled shareholders of the Company. The
exchange rate for book-keeping purposes will use the middle exchange
rate of Bank Indonesia on June 20, 2022, which is the date to determine
the shareholders who are entitled to the cash dividend (cum dividend).
ii. The remaining balance will be recorded as retained earnings which will
be used for the working capital of the Company.
b. To give powers and authorities to the Board of Directors of the Company
to carry out any and all actions required in relation to the abovementioned
resolutions in accordance with the prevailing laws and regulations.
Implementation Status Completed.
The dividend was distributed to shareholders on July 8, 2022.
THE THIRD AGENDA
Agenda Appointment of an Independent Public Accountant and Public Accounting Firm to
carry out audit on the Company for the financial year of 2022 and to approve the
honorarium of the Independent Public Accountant and Public Accounting firm so
appointed.
Number of Shareholders Who Raised There was no question on the third meeting agenda.
Queries and/or Opinions
The Results of the Voting Agree 3,228,558,855 99.95%
Disagree - -
Abstain 1,585,600 0.05%
The Resolution of the Third Agenda a. To approve the appointment of KAP (Public Accountant Office) Siddharta
Widjaja & Rekan and Mr. Susanto, S.E, CPA as the Public Accountant from
KAP Siddharta Widjaja & Rekan to carry out the audit of the Company for the
financial year of 2022.
b. To give authorities and powers to the Board of Commissioners of the Company
to appoint a substitute KAP, including a replacement of a Public Accountant,
as well as to dismiss the appointed Public Accountant.
c. To give authorities to the Board of Directors of the Company to approve and
determine the honorarium and the terms of its appointment in accordance
with applicable laws and regulations.
Implementation Status Completed.
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THE FOURTH AGENDA
Agenda Approval of change and/or reappointment of the members of the Board of
Directors of the Company.
Number of Shareholders Who Raised There was no question on the fourth meeting agenda.
Queries and/or Opinions
The Results of the Voting Agree 3,228,558,855 99.95%
Disagree - -
Abstain 1,585,600 0.05%
The Resolution of the Fourth Agenda a. To approve and reappoint of Mr. Naga Waskita as a Director of the Company
effectively as of the closing of this Meeting.
b. To restate the composition of the Board of Commissioners and the Board
of Directors of the Company effectively as of the closing of the Meeting as
follows:
Board of Commissioners:
President Commissioner (Independent) : Mr. Adrianto Machribie
Commissioner : Mr. George Santosa Tahija
Commissioner : Mr. Sjakon George Tahija
Commissioner : Mr. Anastasius Wahyuhadi
Independent Commissioner : Mr. J. Kristiadi
Independent Commissioner : Mr. Darwin Cyril Noerhadi
Commissioner : Mrs. Istini Tatiek Siddharta
Board of Directors:
President Director : Mr. Lucas Kurniawan
Vice President Director : Mr. Geetha Govindan
K. Gopalakrishnan
Director : Mr. Naga Waskita
Director : Mr. Aloysius D’Cruz
Director : Ms. Nopri Pitoy
The term of office of the Board of Commissioners and the Board of Directors
is until the closing of the Annual General Meeting of Shareholders in 2025,
except that the term of office of Mr. Darwin Cyril Noerhadi as an Independent
Commisioner, Mrs. Istini Tatiek Siddharta as a Commissioner, Mr. Lucas
Kurniawan as the President Director, Mr. Geetha Govindan K. Gopalakrishnan
as the Vice President Director, Mr. Aloysius D’Cruz as a Director and Ms.
Nopri Pitoy as a Director is until the closing of the Annual General Meeting
of Shareholders of the Company in 2026 and the term of office of Mr. Naga
Waskita as a Director is until the closing of the Annual General Meeting of
Shareholders of the Company in 2027.
c. To give authorities and powers to the Board of Directors of the Company and/
or Mr. Naga Waskita, individually or jointly with the rights of substitution,
to draw up/state the resolutions regarding the composition of the Board of
Commissioners and the Board of Directors of the Company, in a notarial deed
made before a Notary Public and further to notify the authorities, and to take
all and every actions necessary in connection with the decision in accordance
with the applicable laws and regulations.
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Implementation Status Completed.
Mr. Naga Waskita was reappointed as a Director.
THE FIFTH AGENDA
Agenda Stipulation of the amount of salary and honorarium as well as other allowances
for the members of the Board of Directors and the Board of Commissioners for
the financial year of 2022.
Number of Shareholders Who Raised There was no question on the fifth meeting agenda.
Queries and/or Opinions
The Results of the Voting Agree 3,228,558,855 99.95%
Disagree - -
Abstain 1,585,600 0.05%
The Resolution of the Fifth Agenda a. To give authorities and powers to the Nomination and Remuneration
Committee, one of the committees under the Board of Commissioners of the
Company, to determine the salary and/or honorarium and other allowances
payable to the members of the Board of Directors.
b. To approve and stipulate that the amount of salary and/or honorarium and
other allowances for the Board of Commissioners of the Company for the
financial year of 2022 is the same amount with the previous financial year
and/or with a maximum increase of 20% from the previous financial year.
Implementation Status Completed.
The Board of Directors who attended physically the AGMS on June 8, 2022 was as follows:
President Director : Lucas Kurniawan
Vice President Director : Geetha Govindan
Director : Naga Waskita
Director : Aloysius D’Cruz
The Board of Commissioners who attended physically the AGMS on June 8, 2022 was as follows:
President Commissioner (Independent) : Adrianto Machribie
Commissioner : George Santosa Tahija
Commissioner : Sjakon George Tahija
Commissioner : Anastasius Wahyuhadi
Independent Commissioner : J. Kristiadi
The other members of the Board of Commissioners and the Board of Directors attending the AGMS on June 8, 2022 with
the electronic facility were as follows:
Commissioner : Istama Tatang Siddharta
Commissioner : Istini Tatiek Siddharta
Director : Nopri Pitoy
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THE BOARD OF COMMISSIONERS
The Board of Commissioners is responsible for d. To carry out other supervision duties as determined
supervising the management of the Company and by the GMS.
advising the Board of Directors. This includes the duty to e. To provide inputs on the regular reports of the
ensure that the strategies, policies and actions executed Board of Directors and to provide inputs at any time
by the Board of Directors are in line with the provisions of relating to the development of the Company.
the Company’s Articles of Association, its Code of Ethics
and the prevailing laws and regulations. In addition, the Duties and Responsibilities of the President
Board of Commissioners is responsible for monitoring Commissioner
the implementation of good corporate governance
throughout the Company. The President Commissioner has the following main
duties:
a. To coordinate and ensure that the activities and/
Duties and Responsibilities of the Board or duties and responsibilities of the Board of
of Commissioners Commissioners have been carried out in accordance
with procedures.
The duties of the Board of Commissioners, as stated in
b. To provide proposals for the agenda of the
the Board of Commissioners’ Charter, are as follows:
meeting and request a meeting of the Board of
a. To carry out the supervision and to be responsible Commissioners to be held, if necessary.
for the supervision of the management of the
c. To lead and chair the meeting of the Board of
Company or the business of the Company and to
Commissioners and the GMS.
provide advice to the Board of Directors.
d. To submit a supervisory report in order to obtain an
b. To approve the annual working plan of the Company
approval at the Annual GMS on the implementation
at the latest before the commencement of a new
of the duties and supervision of the Board of
financial year.
Commissioners.
c. To carry out duties specifically designated to it
e. To ensure the effectiveness of the implementation of
pursuant to the Articles of Association, the prevailing
the Board of Commissioners’ meetings.
laws and regulations and/or the resolutions of the
GMS. f. To ensure the Board of Commissioners carries
out its conducts in accordance with the Board of
d. To carry out duties, powers and responsibilities in
Commissioners Charter.
accordance with the Articles of Association of the
Company and the resolutions of the GMS. g. To lead efforts to fulfill the development of the Board
of Commissioners.
e. To examine and review the annual report prepared
by the Board of Directors and to sign such annual h. To perform other duties and responsibilities as
report. determined by the Board of Commissioners from
time to time.
f. To obey the Articles of Association and the laws
and regulations, as well as to implement principles i. To conduct a final evaluation of the performance
of professionalism, efficiency, transparency, either individually or collectively of the members of
independency, accountability and appropriateness. the Board of Commissioners and Committees under
the Board of Commissioners.
With regard to those duties, the Board of Commissioners
has the following obligations:
a. To supervise the implementation of the annual Board of Commissioners’ Charter
working plan of the Company.
b. To keep updated with the activities of the Company The Board of Commissioners’ Charter sets out the
and in the event that the Company shows indications duties and responsibilities, values, membership and
of major impediments, to immediately report to the the rules of procedure of the Board of Commissioners.
GSM together with advice on rectification. The charter complies with the Company’s Articles of
Association and relevant laws and regulations and is
c. To provide opinions and advice to the GMS regarding
periodically reviewed and updated. The charter can be
any matter deemed pivotal for the management of
found on ANJ’s website at www.anj-group.com/en/boc.
the Company.
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Appointment, Dismissal and Term b. Has a commitment to comply with the prevailing
of Office of the Board of Commissioners laws and regulations; and
c. Has knowledge and/or expertise in the field required
According to the Articles of Association, the Board of by the Company.
Commissioners must have at least two members, one
of whom is appointed as the President Commissioner.
Commissioners are appointed by the general meeting of The Process of Selecting Members
shareholders at the recommendation of the Company’s of the Board of Commissioners
Nomination and Remuneration Committee.
The process of selecting members of the Board of
A Commissioner’s term is valid until the fifth AGMS Commissioners is as follows:
following his or her appointment. However, the general a. A proposal for the appointment, reappointment
meeting of shareholders reserves the right to dismiss or replacement of a member of the Board of
a Commissioner during his or her term of office or to Commissioners shall observe the recommendations
re-appoint a Commissioner whose term of office has of the Nomination and Remuneration Committee.
expired.
b. The identification and selection of candidates for
members of the Board of Commissioners can be
carried out from the internal of the Company or
The Criteria of Selecting Members external candidates who meet the requirements.
of the Board of Commissioners If necessary, the Nomination and Remuneration
Committee of the Company can use the services
The criteria for the selecting of the Company’s Members of an independent and reputable search firm in the
of the Board of Commissioners below are aligned with process of selection of the members of the Board of
the provisions of OJK Regulation No.33/POJK.04/2014: Commissioners.
c. The candidates for members of the Board of
a. Meet the following requirements at the time of
Commissioners may also be proposed by 1 (one)
appointment and during his/her term:
shareholder or more representing at least 10% (ten
1. Have good character, morals and integrity;
percent) of the total shares with valid voting rights,
2. Capable of carrying out legal actions;
unless otherwise stipulated by the prevailing laws
3. During the past five years prior to his/her
and regulations.
appointment and during his/her term:
a) Has never been declared bankrupt; d. The selection of candidates for members of the Board
b) Has never been a member of the Board of Commissioners is carried out by the Nomination
of Commissioners who was found guilty and Remuneration Committee. Candidates who
of causing a company to be declared meet the requirements are recommended to the
bankrupt; Board of Commissioners of the Company to be
c) Has never been convicted of a criminal submitted for approval by the shareholders at the
offense that is detrimental to the country’s General Meeting of Shareholders.
financial and/or relating to the financial e. The curriculum vitae of prospective members of
sector; and the Board of Commissioners who will be appointed
d) Has never been a member of the Board of must be available on the Company’s website for a
Commissioners of a company who during period of at the latest from the time of the notice
his/ her term: of the General Meeting of Shareholders until the
1) Does not hold an annual GMS; holding of the General Meeting of Shareholders.
2) Their responsibilities as members
of the Board of Commissioners have
never been accepted by the GMS Independent Commissioners
or have not provided accountability
as members of the Board of Number of Independent Commissioners
Commissioners to the GMS; and
3) Has caused a company that obtained a Three of the Company’s seven Commissioners in 2023,
permit, approval or registration from including the President Commissioner, are independent.
the Financial Services Authority to fail The Company therefore fulfills the provisions of OJK
to fulfill the obligation to submit an Regulation No.33/POJK.04/2014 stating that more than
annual report and/or financial report 30% of the members of the Board of Commissioners
to the Financial Services Authority. must be independent.
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Criteria for Independent Commissioners Independence Statement
All Independent Commissioners in the Company are Each Independent Commissioner meets the appointment
selected based on criteria set forth in OJK Regulation criteria above and has made a statement declaring their
No.33/POJK.04/2014 and the Board of Commissioners independence, in compliance with the provisions of OJK
Charter. The criteria for the appointment of the Regulation No.33/POJK.04/2014. These statements can
Company’s Independent Commissioners below are be seen in the Commissioners’ profiles.
aligned with the provisions of OJK Regulation No.33/
POJK.04/2014: Orientation for New Members
1. Has not worked for or had any authority or of the Board of Commissioners
responsibility for planning, leading, controlling or
supervising the activities of the Company within the The Corporate Secretary facilitates a comprehensive
six months prior to his/her appointment, except in orientation for a new Commissioner, covering the
the case of independent commissioners who are Company, its business, the operating environment and
being reappointed; their duties and responsibilities. The Company will
2. Does not hold any shares in the Company; conduct orientation when there is a new member of the
Board of Commissioners.
3. Does not have any affiliation with the Company or its
majority shareholders or any of the members of the
Boards of Commissioners or Directors; and
Composition of the Board
of Commissioners
4. Does not have any business relationship, either
directly or indirectly, that is related to the Company’s
The current Board members are confirmed pursuant to
business activities.
Notarial Deed No. 63 dated June 7, 2023. The notification
of the change in the Company’s data was received and
recorded by the Ministry of Law and Human Rights
(MOLHR) through Letter No AHU-AH.01.09-0126196
dated June 12, 2023.
The Board of Commissioners as of December 31, 2023:
Name Position Term started Term ends Independent
Adrianto Machribie President Commissioner AGMS 2020 AGMS 2025
George Santosa Tahija Commissioner AGMS 2020 AGMS 2025
Sjakon George Tahija Commissioner AGMS 2020 AGMS 2025
Anastasius Wahyuhadi Commissioner AGMS 2020 AGMS 2025
J. Kristiadi Commissioner AGMS 2020 AGMS 2025
Darwin Cyril Noerhadi Commissioner AGMS 2021 AGMS 2026
Istini Tatiek Siddharta Commissioner AGMS 2021 AGMS 2026
Brief profiles of the members of the Board of be reported to the OJK and the IDX. A shorter or
Commissioners can be seen on page 62-68 of this Annual longer period of time may apply if required by the
Report. applicable laws and regulations.
Shareholding of the Board 2. The provisions above do not apply to the Company’s
of Commissioners Independent Commissioners who are prohibited
from having shares in the Company. The Independent
1. Each member of the Board of Commissioners shall Commissioner is also not entitled to obtain stock
report to the Corporate Secretary of the Company options from the Company.
for the ownership and any change (additions or
reductions) in ownership of the Company’s shares There is no change in the ownership of the Board of
at the latest 3 (three) working days after the change Commissioners of the Company’s shares and there is
in ownership of the Company’s shares in order to no share transaction made by the Company’s Board of
Commissioners in 2023.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
Policy on Loans to the Board A Board meeting is deemed valid and may take binding
of Commissioners decisions if more than one half of its members are present
or represented in the meeting. Resolutions are adopted
The Board of Commissioners and their families cannot by consensus, but if a consensus cannot be reached,
ask for a loan facility from the Company. a resolution may be passed by the affirmative votes of
more than one half of the total number of votes validly
exercised in the meeting. The Company will require the
Meetings of the Board of Commissioners quorum and the decisions taking to become two thirds
for the Board decision which aims to be implemented in
The Board of Commissioners is required to meet at least 2024.
once every two months, in accordance with the Charter.
These meetings are scheduled in advance, but additional Each member of the Board has equal voting rights and
meetings may be held at the request of one or more is entitled to cast one vote and up to one additional
members of the Board, by the Board of Directors or by vote for another member whom he or she represents.
one or more of the shareholders jointly representing at If a commissioner is not able to attend a meeting, the
least 10% of the total number of shares with valid voting Commissioner in question may provide a Power of
rights. The board papers for the Board of Commissioners Attorney to another Commissioner.
meeting will be prepared and distributed to the Board of
Commissioners at least 5 (five) working days prior the In the year ending December 31, 2023, the Board of
relevant meeting. Commissioners held six meetings and four other
meetings which were held jointly with the Board of
Directors.
Board of Commissioners’ Meetings in 2023
1 2 3 4 5 6
No. of Number Attendance
Name Position Feb 15, Apr 13, May 10, Aug 16, Sep 14, Nov 22,
Meetings Attended Percentage
2023 2023 2023 2023 2023 2023
President
Adrianto
Commissioner ü ü ü ü ü ü 6 6 100%
Machribie
(Independent)
George Santosa
Commissioner ü ü ü ü ü ü 6 6 100%
Tahija
Sjakon George
Commissioner ü ü ü ü ü ü 6 6 100%
Tahija
Anastasius
Commissioner ü ü ü ü ü ü 6 6 100%
Wahyuhadi
Independent
J. Kristiadi ü ü ü ü ü ü 6 6 100%
Commissioner
Darwin Cyril Independent
ü ü ü ü ü ü 6 6 100%
Noerhadi Commissioner
Istini Tatiek
Commissioner ü ü ü ü ü ü 6 6 100%
Siddharta
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BOC Meeting Agendas 2023
Date Agenda
February 15, 2023 1. Update from the Risk Management Committee.
2. Update from the Audit Committee.
3. Update from the CSR and Sustainability Committee.
4. Update from the Nomination and Remuneration Committee.
April 13, 2023 1. Update from the Risk Management Committee.
2. Update from the Audit Committee.
3. Update from the CSR and Sustainability Committee.
4. Update from the Nomination and Remuneration Committee.
May 10, 2023 1. Update from the Risk Management Committee.
2. Update from the Audit Committee.
3. Update from the CSR and Sustainability Committee.
4. Update from the Nomination and Remuneration Committee.
August 16, 2023 1. Update from the Risk Management Committee.
2. Update from the Audit Committee.
3. Update from the CSR and Sustainability Committee.
4. Update from the Nomination and Remuneration Committee.
September 14, 2023 1. Update from the Risk Management Committee.
2. Update from the Audit Committee.
3. Update from the CSR and Sustainability Committee.
4. Update from the Nomination and Remuneration Committee.
November 22, 2023 1. Update from the Risk Management Committee.
2. Update from the Audit Committee.
3. Update from the CSR and Sustainability Committee.
4. Update from the Nomination and Remuneration Committee.
Competency Development for the Board Remuneration of the Board
of Commissioners of Commissioners
Details of the competency development undertaken by Details of the policy and procedures for determining
members of the Board of Commissioners in 2023 are the remuneration of the Board of Commissioners are
provided on page 101 of this Annual Report. provided on page 164-165 of this Annual Report.
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THE BOARD OF DIRECTORS
The Board of Directors is responsible for managing In addition, each member of the Board of Directors has
the Company’s interests, assets and progress towards specific duties and responsibilities which are specified in
objectives in pursuit of its vision and mission, in their respective job descriptions. These are as follows:
accordance with the Articles of Association and the
prevailing laws and regulations. President Director: Co-ordinates, supervises and
leads the Company’s management and ensures that
all the Company’s business activities are executed
Duties and Responsibilities of the Board in accordance with the vision, mission and values of
of Directors the Company; monitors and reviews the Company’s
risk management, internal control system, corporate
Members of the Board of Directors are jointly and governance for the interests of the minority shareholders
severally liable for the Board’s actions. They are and other stakeholders and compliance with regulations;
responsible for the management of Company for the and leads the Board of Directors, human resources,
interest of the Company, in accordance with its purpose corporate communication, internal audit, information
and objectives, the Articles of Association and prevailing and communication technology, business process and
law and regulation. Board of Directors is accountable to business development departments.
the shareholders through the GMS.
Vice President Director (Operations Director): Plans,
The Board of Directors has the right to consult and coordinates, directs, controls, implements and evaluates
seek advice from the Board of Commissioners at any agronomic aspects and overall operational processes of
time. If the Board of Directors does not share the Board our agribusinesses.
of Commissioners’ perspective regarding its advice
or recommendations, the two boards will discuss the Legal Director: Plans, coordinates, directs, controls,
matter together. implements and evaluates matters related to legal
affairs, licensing and permits as well as environment,
The Directors who are empowered to act for and on behalf health and safety. The Legal Director is also responsible
of the Board of Directors and represent the Company are for the corporate secretary function.
the President Director and a Director who is responsible
for a subject under his/her authority. Finance Director: Leads the finance department to
ensure that the Company complies with all reporting,
The principle duties of the Board of Directors are: accounting and audit requirements imposed by capital
market regulations and prepares an annual budget,
a. To lead, manage and direct the Company in line with
other budgets and financial plans of the Company; and
the objectives of the Company and to continuously
leads the tax, commercial and supply chain management
improve the efficiency and effectiveness of the
departments.
Company.
b. To control, maintain and manage the assets of the Agronomy Technical and R&D Director: Plans,
Company. coordinates, directs, controls, implements and evaluates
c. To draw up the Company’s annual working plan, operational tasks with respect to agronomic aspects and
including the annual budget, which shall be delivered research and development aspects for plantation of the
to the Board of Commissioners for its approval prior Company.
to the commencement of the relevant financial year.
Engineering and Security Director: Plans, coordinates,
directs, controls, implements and evaluates operational
tasks with respect to engineering, security and
government relations aspects for the Company.
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Actions Requiring Board Oversight of ANJ’s subsidiaries
of Commissioners’ Approval
ANJ’s governance structure is designed to ensure strong
The Board of Directors is authorized to carry out oversight across the Group. To the extent permitted by
corporate actions for and on behalf of the Company. prevailing laws and regulations, one or more directors
However, they must seek the prior approval of the of the Company serve on the Board of Commissioners
Board of Commissioners for certain corporate actions, of each of the Company’s key subsidiaries and each
including: subsidiary has at least one director of the Company
• The acquisition of a new business, including approval serving on its board of directors (details of the
of any subsidiary’s acquisition of a new business; commissioners and directors of ANJ Group subsidiaries
are presented in the Company Profile chapter of this
• The acquisition or sale of assets or properties
Report). This ensures that ANJ’s Board of Directors has
representing more than 5% of the Company’s total
direct oversight over each of the Company’s subsidiaries
assets;
and the material actions they take.
• Approval of the acquisition of new assets or
properties by a subsidiary whose value more than
USD 500,000 (five hundred thousand US Dollars) or Board of Directors’ Charter
its equivalent in Rupiah currency;
• Approval of the transfer or encumbrance of more The Board of Directors’ Charter sets out the duties and
than 50% of the total net assets or property of a responsibilities of the Board of Directors in accordance
subsidiary; with the prevailing laws and regulations. The Charter
• Changes in the Company’s business plan or budget is periodically reviewed and updated when necessary.
and spend on capital and operational expenditures The Charter can be found on ANJ’s website at www.anj-
(if beyond the approved annual budget), including group.com/en/bod/.
approval of any change in the annual business
plans and/or annual budgets of the subsidiary and
approval of the capital and operational expenditures Appointment, Dismissal and Term
(if beyond the approved annual budget) of the of Office of the Board of Directors
subsidiary of the Company, in value more than USD
100,000 (one hundred thousand US Dollars) or its The current Board complies with the Company’s Articles
equivalent in Rupiah currency; of Association, which states that the Board of Directors
• Approval of the appointment and dismissal of any must comprise a President Director and at least one
member of a subsidiary’s Board of Directors or Director. Directors are appointed by the shareholders
Commissioners or its auditor; at a general meeting of shareholders based on the
recommendations of the Nomination and Remuneration
• Obtaining loans and other financial facilities from
Committee.
banks by the Company, including obtaining loans
and other financial facilities from banks by a
The Directors are appointed for a term that is valid until
subsidiary, in value more than USD 500,000 (five
the fifth AGMS following his or her appointment and
hundred thousand US Dollars) or its equivalent in
afterwards, he/she may be reappointed for a further
Rupiah currency;
term. However, the general meeting of shareholders
• Entry into any material contract other than in the reserves the right to dismiss a Director at any time
ordinary course of business; during his or her term.
• Approval of the signing of any material contract
other than in the ordinary course of business of a
subsidiary of the Company;
• Entry into an agreement with a Director,
Commissioner or shareholder of the Company (or
their affiliates) other than on bona fide arms-length
terms; and
• Approval of any amendment to a subsidiary’s articles
of association or other constitutional documents or
a merger, acquisition, consolidation and spin-off of
a subsidiary or a bankruptcy, liquidation, winding up
or dissolution of a subsidiary.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
The Criteria of Selecting Members b. The Nomination and Remuneration Committee also
of the Board of Directors identifies criteria in terms of integrity, competence
and the quality of the Board of Directors that are in
The criteria for the selecting of the Company’s Members line with the vision, mission and program strategy of
of the Board of Directors below are aligned with the the Company.
provisions of OJK Regulation No.33/POJK.04/2014: c. The identification and selection of candidates for
members of the Board of Directors can be carried
a. Meet the following requirements at the time of
out internally or from external candidates who
appointment and during his/her term:
meet the requirements. The Company may also
1. Have good character, morals and integrity;
use the services of an independent and reputable
2. Capable of carrying out legal actions;
recruitment firm in the process of selection of the
3. During the past five years prior to his/her
members of the Board of Directors.
appointment and during his/her term:
d. The candidates for members of the Board of
a) Has never been declared bankrupt;
Directors may also be proposed by 1 (one)
b) Has never been a member of the Board of
shareholder or more representing at least 10% (ten
Directors who was found guilty of causing
percent) of the total shares with valid voting rights,
a company to be declared bankrupt;
unless otherwise stipulated by the prevailing laws
c) Has never been convicted of a criminal
and regulations.
offense that is detrimental to the country’s
e. The selection of candidates for members of the
financial and/or relating to the financial
Board of Directors is carried out by the Nomination
sector; and
and Remuneration Committee. Candidates who
d) Has never been a member of the Board of
meet the requirements are recommended to the
Directors who during his/her term:
Board of Directors of the Company to be submitted
1) Does not held an annual GMS;
for approval by the shareholders at the General
2) Their responsibilities as members
Meeting of Shareholders.
of the Board of Directors have never
f. The curriculum vitae of prospective members of the
been accepted by the GMS or have not
Board of Directors who will be appointed must be
provided accountability as members
available on the Company’s website for a period of at
of the Board of Directors to the GMS;
the latest from the time of the notice of the General
and
Meeting of Shareholders until the holding of the
3) Has caused a company that obtained a
General Meeting of Shareholders.
permit, approval or registration from
the Financial Services Authority to fail
to fulfill the obligation to submit an
annual report and/or financial report
Orientation for New Members
to the Financial Services Authority. of the Board of Directors
b. Has a commitment to comply with the prevailing
The Corporate Secretary facilitates a comprehensive
laws and regulations; and
orientation for a new Director, covering the Company, its
c. Has knowledge and/or expertise in the field required business, the operating environment and their duties and
by the Company. responsibilities. The Company will conduct orientation
when there is a new member of the Board of Directors.
The Process of Selecting Members of the
Board of Directors Composition of the Board of Directors
The process of selecting members of the Board of The legal basis for the appointment of the current Board,
Directors is as follows: shown below, is Notarial Deed No. 63 dated June 7,
a. A proposal for the appointment, reappointment 2023. The notification of the change in the Company’s
or replacement of a member of the Board of data was received and recorded by the Ministry of Law
Directors shall observe the recommendations of the and Human Rights (MOLHR) through Letter No AHU-
Nomination and Remuneration Committee. AH.01.09-0126196 dated June 12, 2023.
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Board of Directors as of December 31, 2023
Name Position Term started Term ends
Lucas Kurniawan President Director AGMS 2021 AGMS 2026
Geetha Govindan Vice President Director AGMS 2021 AGMS 2026
Naga Waskita Director AGMS 2022 AGMS 2027
Aloysius D’Cruz Director AGMS 2021 AGMS 2026
Nopri Pitoy Director AGMS 2021 AGMS 2026
Mohammad Fitriyansyah Director AGMS 2023 AGMS 2028
Shareholding of the Board of Directors Meetings of the Board of Directors
1. Each member of the Board of Directors shall report The Board of Directors meets at least once every month,
to the Corporate Secretary of the Company for the as required by OJK Regulation No.33/POJK.04/2014 and
ownership and any change (additions or reductions) the Board Charter. Monthly meetings are scheduled in
in ownership of the Company’s shares at the latest 3 advance, but additional meetings may be convened at the
(three) working days after the change in ownership request of one or more members of the Board, the Board
of the Company’s shares in order to be reported to of Commissioners or one or more of the shareholders
the OJK and the IDX. A shorter or longer period of who jointly represent at least 10% of the total number
time may apply if required by the applicable laws of shares with valid voting rights. Directors of the
and regulations. Company’s subsidiaries and other interested parties
2. The Company’s share ownership by the members may be invited to the Board meetings. The board papers
of the Board of Directors is aimed as a long-term for the meeting will be prepared and distributed to the
investment. The members of the Board of Directors Board of Directors at least 5 (five) working days prior to
of the Company are bound by the policy regarding the meeting.
stock trading as regulated in the Company’s Code
of Ethics. A Board meeting may take binding decisions if more than
half of the Board members are present or represented
There is no changes in the ownership of the Board of in the meeting. Resolutions should be adopted by
Directors of the Company’s shares and there is no share consensus, but may be passed by the affirmative votes
transaction made by the Company’s Board of Directors of more than half of the total number of votes validly
in 2023. exercised in the meeting, in the event that a consensus
cannot be reached. The Company will require the
quorum and the decisions taking to become two thirds
for the Board decision which aims to be implemented in
Policy on Loans to the Board of Directors
2024. Each member of the Board has equal voting rights
and is entitled to cast one vote and up to one additional
The Board of Directors and their families cannot ask for
vote for another member he or she is representing.
a loan facility from the Company. However, the Company
may provide a loan facility to the Board of Directors at its
The Board of Directors held the following meetings in
sole discretion. The loan must be conducted on an arm’s
2023:
length basis and at market rates.
• Meeting A: Combined meetings with the Board of
Commissioners, at least once every three months.
Four of these meetings were held in 2023.
• Meeting B: Meetings of the Board of Directors, at
least every two weeks where possible. Directors of
the Company’s subsidiaries and other invitees may
also attend these meetings. In 2023 there were a
total of 23 Board of Directors’ meetings.
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Meeting A in 2023
1 2 3 4
No. of Number Attendance
Name Position Feb 15, May 10, Aug 16, Nov 22,
Meetings Attended Percentage
2023 2023 2023 2023
Lucas Kurniawan President Director ü ü ü ü 4 4 100%
Geetha Govindan Vice President Director ü ü ü ü 4 4 100%
Naga Waskita Director ü ü ü ü 4 4 100%
Aloysius D’Cruz Director x ü ü ü 4 3 75%
Nopri Pitoy Director ü ü ü ü 4 4 100%
Mohammad
Director - - ü ü 2 2 100%
Fitriyansyah*
*from June 2023
Joint Board Meeting Agendas 2023
Date Agenda
February 15, 2023 • Summary of Operational Performance – Palm Oil and Consolidated Financial Performance 2022.
• Risks and Opportunities Map – A Reassessment.
May 10, 2023 • Oil Extraction Rate (OER) Analysis on Internal Fresh Fruit Bunch (FFB).
• Sago Project – Update.
• Executive Summary.
August 16, 2023 • 6M2023 Performance Result and Latest Estimate 2023.
• Update from Strategic Meeting 2023.
• Executive Summary.
November 22, 2023 • Business Segment Review 2023.
• Summary Budget Proposal Year 2024.
• Approval for Budget Proposal Year 2024.
• Executive Summary.
Meeting B in 2023
Number Total
Name Position %Attended
of Meetings Attended
Lucas Kurniawan President Director 23 20 87%
Geetha Govindan Vice President Director 23 21 91%
Naga Waskita Director 23 18 78%
Aloysius D’Cruz Director 23 18 78%
Nopri Pitoy Director 23 20 87%
Mohammad Fitriyansyah* Director 12 10 83%
*from June 2023
Competency Development of The Board of Directors
Details of the training and competency development for the Board of Directors in 2023 are provided in the Company Profile
section of this Annual Report page 101-102.
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POLICY ON THE DIVERSITY OF THE BOARD
OF COMMISSIONERS AND BOARD OF DIRECTORS
The Company recognizes the value of diversity Diversity in the Composition of the Board
throughout the Company, including at the senior level. of Commissioners
The members of the Board of Commissioners and the
Board of Directors possess wide-ranging experience, The diversity factors in the composition of the Board of
qualifications and knowledge that the Company believes Commissioners include:
are needed to achieve the Company’s objectives. The
1. Expertise/Experience/Education:
diversity in the composition of members of the Board
a. The members of the Board of Commissioners
of Commissioners and the Board of Directors of ANJ is
who have expertise or work experience or
in line with the Appendix of the OJK Circular Letter No.
education in the fields of global economy or
32/SEOJK.04/2015 on the Guidelines of the Corporate
business or financial industry;
Governance for Public Listed Companies.
b. The members of the Board of Commissioners
who have expertise or work experience or
The diversity of the composition is a combination of the
education in the fields of the business of the
required characteristics both collegially and individually,
Company; and
in accordance with the Company’s needs. The Company
c. The members of the Board of Commissioners
also appoints members of the Board of Commissioners
who have expertise or work experience or
and Board of Directors by considering the experience
education in the fields of law and politics.
and understanding of the plantation industry, integrity
and dedication of each individual. 2. Nationalities
The majority (more than 50% (fifty percent)) of the
This combination should take into account the appropriate members of the Board of Commissioners shall be
expertise, knowledge and experience when distributing Indonesian.
the duties and functions to the Board of Commissioners 3. Gender
and Board of Directors, in achieving the objective of the The Company aims at having gender diversity in the
Company. Consideration of these characteristics will have Board of Commissioners.
an impact on the accuracy of the nomination process and 4. Age
the appointment of individual members of the Board of The Company aims at age diversity in the Board of
Commissioners and the Board of Directors or the Board Commissioners.
of Commissioners and the Board of Directors collegially.
While the Company believes that it has adequate diversity
When the diversity in the composition of members of the in the Board of Commissioners in terms of expertise/
Board of Commissioners and Board of Directors of the experience/education and age, it is the Company’s
Company is appropriate and is in accordance with the intention to increase gender diversity of the Board of
Company’s needs, it will support the effectiveness of the Commissioners without compromising the balanced
Board of Commissioners and Board of Directors duties, mix of expertise/experience/education.
and responsibilities implementation and will support the
achievement of the Company’s vision and mission. The
Company has governed the diversity in the composition
of members of the Board of Commissioners and the
Board of Directors.
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Diversity in the Composition of the Board e. The members of the Board of Directors
of Directors who have expertise or work experience or
education in the fields of engineering.
The diversity factors in the composition of the members 2. Nationalities
of the Board of Directors include: The majority (more than 50% (fifty percent)) of
1. Expertise/Experience/Education, shall have at the members of the Board of Directors shall be
least: Indonesian.
a. The members of the Board of Directors 3. Gender
who have expertise or work experience or The Company aims at having gender diversity in the
education in the fields of management, global Board of Directors.
economy or business or financial industry; 4. Age
b. The members of the Board of Directors who The Company aims at age diversity in the Board of
have expertise or work experience or education Directors.
in the fields of the business of the Company;
c. The members of the Board of Directors who
While the Company believes that it has adequate diversity
have expertise or work experience or education
in the Board of Directors in terms of expertise/experience/
in the fields of accounting and finance; and
education, nationalities and age, it is the Company’s
d. The members of the Board of Directors
intention to increase gender and nationality diversities
who have expertise or work experience or
of the Board of Directors without compromising the
education in the fields of law.
balanced mix of expertise/experience/education and
manpower regulations.
Diversity Aspects of Members of the Board of Commissioners
Nationality All of the members of the Board of Commissioners are Indonesian citizens.
Education The education of the members of the Board of Commissioners covers accounting, engineering,
medicine, business management, law and political science.
Work Experience A diversity of working experience that includes members of the Board of Commissioners who have
experiences or hold senior positions, both in the past or present, in:
1. National and multinational companies;
2. Accounting firms in Indonesia;
3. Capital market authorities in Indonesia; and
4. Lecturers of leading universities in Indonesia.
Age The age diversity of members of the Board of Commissioners is in a fairly productive and mature ages,
ranging from 61 to 82 years old.
Gender There is 1 (one) female Commissioner.
Diversity Aspects of Members of the Board of Directors
Nationality Four members of the Board of Directors are Indonesian citizens and two members are Malaysian
citizens.
Education The level of education of the members of the Board of Directors includes Bachelor and Postgraduate
degrees in accounting, agriculture, business management, law, science and engineering.
Work Experience A diversity of working experience that includes members of the Board of Directors who have
experiences or held senior positions in:
1. National and multinational companies, including those in the palm oil industry;
2. Accounting firms in Indonesia; and
3. Corporate law firms in Indonesia.
Age The age diversity of members of the Board of Directors is in a fairly productive and mature ages,
ranging from 49 to 74 years old.
Gender There is 1 (one) female Director.
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PERFORMANCE ASSESSMENT OF THE BOARD OF
COMMISSIONERS AND BOARD OF DIRECTORS
The performance of the Board of Commissioners and the The assessment criteria shall include:
Board of Directors in carrying out their functions, duties a. Effectiveness of the Board of Commissioners’
and responsibilities are regularly evaluated and reported composition;
to the shareholders of the Company at the Annual b. Information to the Board;
General Meeting of Shareholders every year, based on c. Board procedures, including effectiveness of the
their annual accountability reports. Board of Commissioners’ meetings;
d. Board accountability;
The performance assessment of the Board of e. Risk management and internal control;
Commissioners and the Board of Directors is conducted f. Review of President Director and top management;
annually and includes: g. Standard of conducts.
1. Collegial performance assessment;
2. Individual performances assessment.
Performance Assessment Criteria for
Board of Directors
Assessing Parties
1. Every year, key performance indicators (KPIs),
The Boards’ performance is evaluated by: which are linked to the corporate strategy and
implementation plan, are assigned to each members
• The Board members themselves through a self-
of the Board of Directors. Each Board member
assessment process;
also assumes responsibility for at least one of the
• The President Commissioner, President Director corporate KPIs for Responsible Development.
and the Nomination and Remuneration Committee, 2. At the end of the appraisal period, each Board
through their verification of the self-assessment member, self-assesses their performance against
results; his/her respective KPIs.
• The shareholders at the AGMS. 3. The President Director will evaluate the performance
assessment of the each member of the Board of
In 2023, no external parties were appointed to evaluate Directors.
the performance of either the Board of Commissioners 4. The results are verified by the President
or the Board of Directors. Commissioner and further discussed with the
Nomination and Remuneration Committee.
5. The Nomination and Remuneration Committee
Performance Assessment Procedure takes the assessment results into account when
and Criteria making recommendations on the remuneration
of the Directors. The Committee also provides
Performance Assessment Criteria guidance on improvement actions based on the self-
for Board of Commissioners assessment results.
The collegial performance assessment of the Board of
Commissioners is carried out by each Commissioner.
The final evaluation will be presented to the Nomination
and Remuneration Committee in the Board of
Commissioners meeting. The President Commissioner
provides feedbacks or improvements on the assessment
of the Board of Commissioners, if deemed necessary.
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THE COMPANY’S
STRATEGY
DETERMINATION
BOD KPI
(Determination and
Discussion)
Nomination and
Remuneration Approval of Nomination
Committee Discussion and and Remuneration
REVIEW OF MONITORING OF
Approval of Committee
THE COMPANY’S BOD Performance
STRATEGY
STRATEGY IMPLEMENTATION
Monitoring of KPI
Achievement Progress
Self Appraisal through Combined
Meeting of BOC & BOD and
BOD Nomination &
Remuneration Committee
Meeting
THE CRITERIA APPLIED IN THE PERFORMANCE ASSESSMENT OF THE BOARD OF DIRECTORS INCLUDES:
EFFECTIVENESS OF THE BOARD OF DIRECTORS’ ROLE
EFFECTIVENESS IN THE STRATEGY AND MANAGEMENT IMPLEMENTATION
IMPLEMENTATION OF GOOD CORPORATE GOVERNANCE AND SUSTAINABILITY PRINCIPLES
EFFECTIVENESS OF RISK MANAGEMENT AND INTERNAL CONTROL IMPLEMENTATION
ACHIEVEMENT OF KPI
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REMUNERATION OF THE BOARD
OF COMMISSIONERS AND BOARD OF DIRECTORS
Remuneration Policy Performance evaluation is based on Key Performance
Indicators (KPI), which are based on the Company’s
The Company is committed to implementing a objectives and strategies and take into consideration
competitive, fair, risk-based remuneration system risk, compliance and good corporate governance. In
based on standard practices as well as prevailing laws accordance with this, the Company conducts periodic
and regulations. The Company also ensures that no evaluations and reviews as determined by the business
individual receives compensation below the minimum needs and developments in the peer industry.
wages as determined by the government. In addition, the
Company also considers the remuneration applicable in
the similar industries (peer group) and the Company’s Review on the Implementation
capabilities. of the Remuneration Policy
The Company implements remuneration policies which The Company conducts regular reviews of the
cover all levels of organization of the Company, including remuneration system and employee welfare. To ensure
the Board of Commissioners, the Board of Directors fair remuneration for all employees, including those in
and the employees, comprising of both mandatory the control unit, the Company conducts performance
components and additional benefits, in accordance with evaluations and remuneration reviews through the
the prevailing laws and regulations. The remuneration Nomination and Remuneration Committee. The reviews
policy also takes into consideration short and long-term take into account the following:
requirements, capital adequacy and strength, financial 1. The Company’s performance and financial condition;
stability, the creation of risk management effectiveness,
2. Peer remuneration practices
as well as potential future revenues.
(market competitiveness);
The Company did not use external consultants to prepare 3. Eligibility and suitability of the position;
its remuneration policy. However, to remain competitive, 4. Internal equity;
the Company performed remuneration benchmarking 5. Risk level attached to the position;
through independent party surveys. The Company’s 6. The Company’s long-term strategy.
remuneration policy is based on performance,
competitiveness, fairness and risk.
Remuneration Structure of the Board
of Commissioners and the Board
Risk-Based Remuneration Policy of Directors
The Company implements remuneration strategy The remuneration structure of the Board of
that includes reviews of a remuneration policies Commissioners and the Board of Directors are as
based on performance, risk and empowerment. follows:
The Company executed the policy and procedure of
1. Fixed remuneration: Remuneration that is
implementing an employee benefit program as a part
unrelated to performance and risk, such as salary/
of its remuneration strategy. The main types of risk
honorarium, facilities, housing allowance, health
outlined in the remuneration policy were adjusted in line
allowance, education allowance, transportation
with the Company’s annual risk profile that takes into
allowance and religious holidays allowance.
consideration market conditions, industry developments,
business performance and the financial capacity of the 2. Variable remuneration: Remunerations provided
Company. As a result, the main risk profile has an impact in connection with performance and risks, such as
on the implementation of variable remuneration. bonuses, rewards/ performance incentives or any
other similar forms.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
Remuneration of the Board Basis for Determining the Remuneration
of Commissioners Amount of the Board of Commissioners
Procedure for Determining the Remuneration The Company determines the structure, policies and
of the Board of Commissioners amount of remuneration for each member of the Board
of Commissioners after taking into account their duties,
The procedures for determining the remuneration of the performance and responsibilities. In addition, the
Board of Commissioners are as follows: Nomination and Remuneration Committee takes into
account the market rates for such positions and the
1. The Nomination and Remuneration Committee
participation of individual commissioners in the various
reviews the amount and structure of the
committees under the Board of Commissioners, as well
compensation received by the Board of
as the Company’s capabilities.
Commissioners in the current year;
2. The Nomination and Remuneration Committee
conducts discussions regarding the Board of
Remuneration Structure of the Board
Commissioners’ remuneration after taking into
of Commissioners
account information on the range and remuneration
standards in similar industries (peers group) and
The Board of Commissioners’ remuneration structure
the Company’s capabilities;
consists of:
3. The Nomination and Remuneration Committee
formulates recommendations on the remuneration 1. A fixed monthly honorarium;
amount for the following year, taking into 2. An annual bonus depending on the performance of
consideration the criteria as determined by the the Company and subject to the maximum limit as
Company; approved in the AGMS.
4. The Nomination and Remuneration Committee There are no stock options provided to the Board of
provides recommendations for further discussions Commissioners and there is no additional incentive
at Board of Commissioners’ meetings; provided to an Independent Commissioner.
5. The Board of Commissioners studies the
recommendations of the Nomination and All Commissioners are covered by liability insurance.
Remuneration Committee and proposes to the GMS;
6. The GMS determines the remuneration for the Board Remuneration Amount of the Board
of Commissioners, to be further implemented by the of Commissioners
Board of Directors.
The amount of remuneration received by the members of
the Board of Commissioners of the Company in 2023 is
amounted to USD 786,516.
Remuneration of the Board of Directors
Procedure for Determining the Remuneration
of the Board of Directors
The procedures for determining the remuneration of the
Board of Directors are as follows:
1. The Nomination and Remuneration Committee
reviews the amount and structure of the
compensation received by the Board of Directors in
the current year;
2. The Nomination and Remuneration Committee
conducts discussions regarding the Board of
Directors’ remuneration after taking into account
information about the remuneration standards
in similar industries (peer group), the Company’s
performance, each director’s performance and risk
involved in achieving the predetermined KPI, as well
as the Company’s capabilities;
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
3. The Nomination and Remuneration Committee To embed our commitments within our decision making
formulates recommendations on the remuneration and execution, the Company has a policy to include 15%
amount for the following year, taking into of the management performance, including at the board
consideration the criteria as determined by the level, to link with the targets of ESG initiatives within our
Company; Responsible Development program. Every employee and
4. The Nomination and Remuneration Committee Board member should contribute to at least one ESG
provides recommendations for further discussion at initiative project.
the Board of Commissioners’ meetings;
5. The Board of Commissioners studies the
recommendations of the Nomination and Remuneration Structure of the Board
Remuneration Committee and proposes to the GMS; of Directors
6. The GMS determines the remuneration of the Board
of Directors by granting authority to the Board of Short Term Incentives
Commissioners to determine the remuneration
of the Board of Directors after taking into account The remuneration of the Board of Directors consists of:
the Nomination and Remuneration Committee’s 1. Fixed monthly remuneration;
recommendations, to be further implemented by 2. Annual bonus depending on the performance of the
the Board of Directors. Company;
3. Transportation allowance; and
4. Religious Holiday allowance.
Basis for Determining the Remuneration Amount
of the Board of Directors Additionally, the members of the Board of Directors
receive benefits and facilities, such as medical and
The Company determines the structure, policies and club membership. All Directors are covered by liability
amount of remuneration for each member of the Board insurance.
of Directors after taking into account their duties,
performance and responsibilities. In addition, the Long Term Incentives
Company also takes into account the remuneration
applicable in similar industries (peers group), as well as The Board of Directors of the Company also receives long-
the Company’s capabilities. term incentive programs in the form of the management
stock options, long-term retainer bonus which is
The remuneration received by the Directors is based on provided at a certain percentage of the Company’s net
the achievement of the Company’s performance targets. profit and accumulated over a period of five years and
The Nomination and Remuneration Committee takes the enterprise value increase sharing plan. The long-term
following factors into consideration in determining the retainer bonus is paid at the end of the fifth year provided
remuneration amount it will recommend to the Board of if the Director remains at the service with the Company.
Commissioners: Both long-term incentives are intended to maintain and
• Financial performance; motivate the Board of Directors to improve the retain
• Achievement against corporate key performance performance or productivity that will impact on improving
indicators (KPIs), including the area planted and the Company’s performance over the long term. The
other non-financial indicators such as the Board’s Company’s long-term incentive program can also be
leadership in developing and improving the internal provided in the deferred bonus program. The Company
structures and organization of the Company and its does not have a malus and clawback programs.
subsidiaries, and their performance on guiding the
Company towards its strategic objectives;
• Individual performance, as assessed by the Remuneration Amount of the Board of Directors
Nomination and Remuneration Committee on the
basis of the Board’s self-assessment; The amount of remuneration received by the members
• Benchmarking against the compensation offered by of the Board of Directors and key management of the
peer companies; and Company in 2023 is amounted to USD 6,945,663.
• Consideration of the Company’s long-term goals
and objectives, including strategic development.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
AFFILIATIONS BETWEEN THE BOARD
OF COMMISSIONERS, BOARD OF DIRECTORS
AND CONTROLLING SHAREHOLDERS
The affiliate relationships between members of the • Commissioner Mr. Sjakon George Tahija is the
Board of Directors, Board of Commissioners and the President Director and majority shareholder
Controlling Shareholders are presented below. All such of PT Austindo Kencana Jaya.
relationships comply with OJK regulations. • Commissioner Mrs. Istini Tatiek Siddharta is
1. There are no affiliations between any members of a Commissioner of PT Austindo Kencana Jaya
the Board of Directors. and PT Memimpin Dengan Nurani, which are
both majority shareholders of the Company.
2. Affiliations between members of the Board of
Commissioners and majority shareholders: 3. Affiliations among members of the Board of
• Commissioner Mr. George Santosa Tahija is the Commissioners:
President Director and majority shareholder • Commissioners Mr. George Santosa Tahija and
of PT Memimpin Dengan Nurani. He is also a Mr. Sjakon George Tahija are brothers.
Commissioner of PT Austindo Kencana Jaya.
Controlling
Board of Commissioners Board of Directors
Shareholders
Machribie
Adrianto
Santosa Tahija
George
George Tahija
Sjakon
Wahyuhadi
Anastasius
J. Kristiadi
Noerhadi
Darwin Cyril
Siddharta
Istini Tatiek
Kurniawan
Lucas
Govindan
Geetha
Naga Waskita
Aloysius D'Cruz
Nopri Pitoy
Kencana Jaya
PT Austindo
Dengan Nurani
PT Memimpin
Name
Adrianto Machribie
George Santosa Tahija
Board of Commissioners
Sjakon George Tahija
Anastasius Wahyuhadi
J. Kristiadi
Darwin Cyril Noerhadi
Istini Tatiek Siddharta
Lucas Kurniawan
Board of Directors
Geetha Govindan
Naga Waskita
Aloysius D'Cruz
Nopri Pitoy
PT Austindo Kencana
Shareholders
Jaya
Controlling
PT Memimpin Dengan
Nurani
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COMMITTEES UNDER THE BOARD
OF COMMISSIONERS
THE BOARD OF COMMISSIONERS Audit Committee
HAS ESTABLISHED FOUR The Audit Committee supports the Board of
COMMITTEES TO ASSIST IN ITS Commissioners by reviewing the quality and integrity of
SUPERVISORY FUNCTION. THESE the Company’s financial disclosures, providing oversight
ARE THE AUDIT COMMITTEE, THE on the effectiveness of the internal control and risk
management systems and ensuring that the internal core
CORPORATE RISK MANAGEMENT values are upheld. The legal basis for the Committee is
COMMITTEE, THE NOMINATION OJK Regulation No. 55/POJK.04/2015, dated December
AND REMUNERATION COMMITTEE 23, 2015, concerning the Establishment and Working
Guidelines of Audit Committees.
AS WELL AS THE CORPORATE
SOCIAL RESPONSIBILITY AND The current structure, composition and basis of
SUSTAINABILITY COMMITTEE. appointment of the Audit Committee are stated in table
below:
EACH COMMITTEE OPERATES
INDEPENDENTLY,
IN ACCORDANCE WITH
COMPANY POLICY."
Audit Committee Composition as of December 31, 2023
Basis of
Member Position Period
Appointment
Darwin Cyril Noerhadi Chairman BOC Resolution No. 011/BOC/ANJ/GEN/2023 dated June 8, 2023 2021 - 2026
Irawan Soerodjo Member BOC Resolution No. 011/BOC/ANJ/GEN/2023 dated June 8, 2023 2020 - 2025
Osman Sitorus Member BOC Resolution No. 011/BOC/ANJ/GEN/2023 dated June 8, 2023 2020 - 2025
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The Profile of the Audit Committee
Mr. Noerhadi was appointed as the chairman of the
Audit Committee based on the Resolution of the Board of
Darwin Cyril Noerhadi Commissioners No. 08/BOC/ANJ/GEN/2020 dated June 10,
2020 and he has reappointed for the second term of office as the
chairman of the Audit Committee until 2026 following his terms
as the Independent Commissioner of the Company. His profile
can be seen in the Commissioners’ profiles on page 67 of this
Annual Report.
Irawan Soerodjo Osman Sitorus
Irawan Soerodjo Osman Sitorus
Indonesian Citizen, born in Banyuwangi in 1952 (aged 71) Indonesian Citizen, born in North Sumatra in 1959 (aged 64)
Experience: Mr. Soerodjo was as a Notary Public and Land Deed Experience: Mr. Sitorus started his career as an auditor. In
Officer (PPAT) from 1982 until he retired in 2020. He is also active 1986, he joined a local public accounting firm that later became
as a lecturer at some universities, such as Muhammadiyah part of Deloitte in Indonesia. From 1995 to 2006, he handled
University, Jember (1983-2010), Magister Notarial at Airlangga clients in various industries, including energy and resources,
University, Surabaya (1999-present), Magister program at Pelita manufacturing, constructions, shipping and aviation and media
Harapan University, Jakarta (2000-present), Magister Notarial and telecommunication, as an audit partner. From 2006 to 2016,
at University of Surabaya (2003-present), Magister Notarial at he led the Deloitte’s Audit Business in Indonesia and became
University of Jember (2014-present) and Faculty of Law at Dr. the Lead Client Service Partner for major clients listed on the
Soetomo University, Jakarta (2014-present). Indonesia Stock Exchange and State-owned Enterprises.
Education: Mr. Soerodjo holds a law degree from the State He has held concurrent positions as the President Commissioner
University of Jember (1995), a notarial specialty from Gadjah (Independent) Commissioner and Chairman of the Audit, Risk
Mada University (1981), a Master’s degree from University of and Compliance Committee of PT Petrosea Tbk., as a President
Indonesia (1999) and a Doctorate from Airlangga University, Commissioner/Independent Commissioner and Chairman of
Surabaya (1999). He obtained his Professor of Law degree in Audit Committee of PT Mulia Industrindo Tbk., as a member
2019. of the Audit, Risk and Compliance Committee of PT Indika
Energy Tbk. and as a member of the Audit, Risk and Compliance
Basis of appointment as a member: Resolution Board of Committee of PT Kideko Jaya Agung.
Commissioners No. 011/BOC/ANJ/GEN/2023 dated June 8,
2023 He was a member of the Indonesian Institute of Certified
Public Accountants (IAPI) and served as Head of the Capital
Market Public Accountant Forum. He is also a member of the
Indonesian Institute of Accountants (IAI) and served a member
of the Financial Accounting Standard Board.
Education: Mr. Sitorus graduated from the Faculty of Economics
at the University of North Sumatra in 1986 majoring in
accounting.
Basis of appointment as a member: Resolution of the Board
of Commissioners No. 011/BOC/ANJ/GEN/2023 dated June 8,
2023
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
Appointment of Audit Committee Members a. Ensuring that there is a satisfactory procedure
for the review of information submitted/issued
The Audit Committee comprises a chairman, who is by the Company to the public, shareholders
one of the Company’s independent commissioners and and/or authorities, including 3 (three) monthly
two other members. All of them are appointed by the financial statements, projections and other
Board of Commissioners. Members are appointed for a reports related to the Company’s financial
term that runs until the fifth AGMS following his or her information.
appointment. All the current members have fulfilled b. Assessing the planning, implementation and
the membership criteria stated in OJK Regulation results of audits carried out by the internal
No.55/ POJK.04/2015 on the Establishment and Working auditors and external auditors to ensure that
Guidelines of Audit Committees. the auditors’ performance of audit procedures
and audit reporting follow applicable audit
standards.
Independence of the Audit Committee c. Reviewing compliance with laws and
regulations relating to the Company’s
Assurance of the Audit Committee’s independence is activities.
provided by the following: d. Providing an independent opinion in the
a. The Chairman is one of the Company’s Independent event of a difference of opinion between
Commissioners; management and the external auditor on the
b. The two other members are professionals with no services provided by the external auditor.
connection to the Company; e. Providing recommendations to the Board of
c. Each member of the Committee is required to carry Commissioners regarding the appointment,
out his/her duties and responsibilities independently, termination and/or replacement of an external
objectively and professionally; auditor, based on independence, the scope of
d. None of the current Audit Committee members the assignment and remuneration for services.
owns any shares in the Company and none has any f. Reviewing complaints related to the Company’s
affiliate relationships with any other commissioners, accounting and financial reporting processes.
directors or shareholders of the Company; g. Reviewing and providing advice to the Board of
e. The Audit Committee reports directly to the Board Commissioners regarding potential conflict of
of Commissioners and is independent of the interests with the Company.
Company’s management. h. Reviewing and providing advice to the Board
of Commissioners regarding the affiliation
transaction (RPT) and/or conflict of interest
Audit Committee Charter transaction that will be carried out by the
Company.
The Audit Committee Charter, which specifies the i. Providing recommendations on strengthening
Committee’s duties and responsibilities, was adopted the Company’s internal control system and its
on February 6, 2013. It undergoes periodical review and implementation.
was last updated in 2021 to comply with OJK Regulations j. Carry out other duties assigned by the Board
No. 55/POJK.04/2015, No. 56/ POJK.04/2015 and No. 13/ of Commissioners provided that it is within the
POJK.03/2017. It is available on ANJ’s website at www. Commissioner’s scope of responsibilities and
anj-group.com/en/commissioners-commitees. obligations.
2. The Audit Committee receives and reviews the
internal auditor’s annual work plans, and the
Duties and Responsibilities of the Audit realization made by the Internal Auditor Unit (IAU)
Committee and provides input to the Board of Commissioners.
3. The Audit Committee conducts 3 (three) monthly
As specified in the Audit Committee Charter, the Audit review on the implementation of the audit by the
Committee’s duties and responsibilities are as follows: internal auditors and supervises the implementation
1. The Audit Committee is tasked with providing of follow-up actions by the Board of Directors on the
opinions to the Board of Commissioners on reports findings of the internal auditors.
or matters submitted by the Board of Directors, 4. The Audit Committee is obliged to maintain the
identifying issues requiring the attention of the confidentiality of documents, data and information
Commissioners and carrying out other tasks related regarding the Company for an indefinite period of
to the duties of the Board of Commissioners, time.
including the following:
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
The roles of the Audit Committee concerning external h. Monitor the external auditor’s performance to
auditors are: ensure that the external auditors’ complies with
a. Nominate and recommend the appointments, applicable professional standards and maintain the
termination and/or replacement of the external external auditor’s independence.
auditor to the Board of Commissioners. i. Provide an independent opinion in the event
b. Monitor the process of appointing the external of disagreements between management and
auditor. accountants for the services rendered.
c. Evaluate the potential risk of using the services of
the same external auditor for period of 3 (three)
consecutive financial years. Audit Committee Meetings
d. Review and recommend a reasonable fees
for external auditor services to the Board of In compliance with OJK Regulation No.55/POJK.04/2015
Commissioners. on the Establishment and Working Guidelines for Audit
e. With the Internal Audit Unit (IAU) and the Director Committees and the provisions of the Audit Committee
of Finance, discuss the audit’s objectives and scope Charter, the Audit Committee meets at least 4 times a
with the external auditor before the audit. year. The Audit Committee held seven meetings in 2023.
f. Conduct periodic reviews of the progress of the Four meetings with the Internal Audit and three other
external auditors’ work. meetings with the external auditor for the result and
g. If necessary, discuss the external auditor’s audit reports.
results with management, external auditors and
the Internal Audit Unit (IAU).
Audit Committee Meetings in 2023
Name Position No. of Meetings/No. Attended % Attended
Darwin Cyril Noerhadi Chairman 7/7 100%
Irawan Soerodjo Member 6/7 85%
Osman Sitorus Member 7/7 100%
Training and Development for Audit Committee Nomination and Remuneration
Members Committee
No training or development was provided for the Audit The Nomination and Remuneration Committee (NRC)
Committee in 2023. supports the efficient succession and renewal of the
Board of Directors and Board of Commissioners as
well as reviews and makes recommendations on the
Audit Committee Activities in 2023 remuneration for the senior management of ANJ and its
subsidiaries.
The Audit Committee reviewed the following in 2023:
a. The implementation of risk management by the The NRC was established in 2013 under the name of the
Company’s Board of Directors; Compensation and Benefit Committee and change its
b. The quarterly financial reports disclosed to the name to the Nomination and Remuneration Committee.
public and the authorities; The current structure, composition and basis of
c. The performance and independence of the external appointment of the NRC are stated in table below:
auditor, Siddharta, Widjaja & Rekan;
d. The Company’s compliance with applicable laws
and regulations; and
e. The implementation of the internal audit function
and management’s follow-up to internal audit
findings.
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
Nomination and Remuneration Committee Composition as of December 31, 2023
Basis of
Member Position Period
Appointment
Adrianto Machribie Chairman BOC Resolution No. 011/BOC/ANJ/GEN/2023 dated June 8, 2023 2020 - 2025
George Santosa Tahija Member BOC Resolution No. 011/BOC/ANJ/GEN/2023 dated June 8, 2023 2020 - 2025
Sjakon George Tahija Member BOC Resolution No. 011/BOC/ANJ/GEN/2023 dated June 8, 2023 2020 - 2025
Anastasius Wahyuhadi Member BOC Resolution No. 011/BOC/ANJ/GEN/2023 dated June 8, 2023 2021 - 2025
The Profile of the Nomination Duties and Responsibilities of the Nomination
and Remuneration Committee Members and Remuneration Committee
The NRC members are all members of the Company’s The duties and responsibilities of the Nomination and
Board of Commissioners. Their profiles can be seen in Remuneration Committee, as stated in the Nomination
the Board of Commissioners’ profile on page 62-65 of and Remuneration Committee Charter, are as follows:
this Annual Report. Nomination function:
a. Provide recommendations to the Board of
Commissioners relating to:
Appointment of Nomination 1) The composition of the Board of Directors and
and Remuneration Committee Members the Board of Commissioners;
2) Policy and criteria for nominations to both
The NRC comprises a chairman and three other boards; and
members, who are appointed for a term that runs until 3) Policy on the performance review for both
the fifth AGMS following their appointment, unless boards.
otherwise stated in the appointment document. b. Assist the Board of Commissioners in conducting
performance evaluations of the Board of Directors
All current members fulfill the membership criteria and Board of Commissioners based on approved
set out in OJK Regulation No. 34/ POJK.04/2014 on the benchmarking.
Nomination and Remuneration Committee of an Issuer c. Provide recommendations to the Board
or Public Company. of Commissioners relating to the capacity
development of the Board of Directors and the
Board of Commissioners.
Independence of the Nomination d. Propose qualified candidates for the Board of
and Remuneration Committee Directors and Board of Commissioners.
e. Review and update the succession plan of the Board
The Nomination and Remuneration Committee works of Directors and Board of Commissioners.
independently of the Company’s management and
is chaired by one of the Company’s Independent Remuneration function:
Commissioners. This Commissioner does not own any a. Provide recommendations to the Board of
shares in the Company and has no affiliate relationships Commissioners relating to the policy, structure and
with any other commissioners, directors or major amount of remuneration for the Board of Directors
shareholders of the Company or its subsidiaries. The and the Board of Commissioners.
other NRC members are not independent. b. Assist the Board of Commissioners in evaluating
performance against remuneration for each
member of the Board of Directors and Board of
Nomination and Remuneration Committee Commissioners.
Charter
The NRC Charter was issued on February 10, 2015, in
compliance with OJK Regulation No. 34/POJK.04/2014
dated December 8, 2014. The Charter sets out the NRC’s
duties and responsibilities, in accordance with the
relevant laws and regulations. It is periodically reviewed
and updated as necessary.
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Nomination and Remuneration Committee Meetings
As specified by its Charter, the Nomination and Remuneration Committee meets at least once every four months. Meetings
may be held in person or by teleconference and there is a pre- approved agenda for each meeting. The Committee held
four meetings in 2023.
Nomination and Remuneration Committee Meetings in 2023
Name Position No. of Meetings/No. Attended % Attended
Adrianto Machribie Chairman 4/4 100%
George Santosa Tahija Member 4/4 100%
Sjakon George Tahija Member 4/4 100%
Anastasius Wahyuhadi Member 4/4 100%
Training and Development for Nomination If required, the Nomination and Remuneration Committee
and Remuneration Committee Members can also utilize and engage the services of independent
and reputable search firms or any other third party to
No training or development was provided for the assist the Company in the selection process of a Director.
Nomination and Remuneration Committee in 2023.
Upon the recommendation from the Nomination and
Succession Policy for the Board Remuneration Committee, the appointment of a Director
of Commissioners and the Board of Directors is subject to the approval of the General Meeting of
Shareholders of the Company.
Succession Policy for the Board of Commissioners
Nomination and Remuneration Committee
The Company has a list of potential candidates who Activities in 2023
meet the membership requirements specified in the
Board of Commissioners’ charter. The Nomination and The Nomination and Remuneration Committee reports
Remuneration Committee periodically reviews and its activities to the Board of Commissioners at the
updates the list and if there is a vacancy on the Board, Board of Commissioners’ meetings. Its activities in 2023
the Committee recommends suitable candidates to included the following:
the Board of Commissioners. Their appointment is a. Providing input on the performance assessment of
then subject to the approval of the General Meeting of the Board of Commissioners and Board of Directors;
Shareholders. b. Reviewing the remuneration system and formula
and gave recommendations on the amount of
Succession Policy for the Board of Directors the remuneration to be paid to the Board of
Commissioners and Board of Directors;
As part of its succession planning for the Board of c. Reviewing the range of skills and expertise needed
Directors, the Nomination and Remuneration Committee for the Boards;
develops and determines appropriate selection criteria d. Identifying and proposing qualified candidates
and identifies and recommends suitable candidates, for positions on the Board of Commissioners and
which may include internal or external candidates. The Board of Directors; and
Company’s policy is to promote from within, internal e. Reviewing the succession plan for the Board of
candidates where possible. The Human Resources Directors.
division is continuously mapping talent with leadership
potential across the organization and providing future
leaders with integrated management development
programs that include on-the-job assignments and
rotation as well as training, coaching and mentoring and
ensuring that they have a path to leadership positions
through strategic promotions.
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Risk Management Committee
The Risk Management Committee (RMC) was established in 2013 by a Resolution of the Board of Commissioners.
The current structure, composition and basis of appointment of the RMC are stated in table below:
Risk Management Committee Composition as of December 31, 2023
Member Position Basis of Appointment Period
George Santosa Tahija Chairman BOC Resolution No. 08/BOC/ANJ/GEN/2020 dated June 10, 2020 2020 - 2025
Adrianto Machribie Member BOC Resolution No. 08/BOC/ANJ/GEN/2020 dated June 10, 2020 2020 - 2025
Anastasius Wahyuhadi Member BOC Resolution No. 08/BOC/ANJ/GEN/2020 dated June 10, 2020 2020 - 2025
J. Kristiadi Member BOC Resolution No. 08/BOC/ANJ/GEN/2020 dated June 10, 2020 2020 - 2025
The Profiles of the Risk Management Committee Duties and Responsibilities of the Risk
Members Management Committee
All of the members of the RMC are members of the The RMC supports the Board of Commissioners in
Company’s Board of Commissioners and their profiles evaluating the Group’s risk management system,
can be seen on page 62-66 of this Report including the internal control system and assessing
the Company’s risk tolerance. It also provides advice
to the Board of Directors on current and potential risk
Independence of the Risk Management management and compliance issues.
Committee
The RMC works independently of the Company’s Risk Management Committee Meetings
management and two of its members, Adrianto Machribie
and J. Kristiadi, are Independent Commissioners of the According to the RMC Charter, the Committee must
Company. meet at least six times a year, either in person or by
teleconference, with a pre-approved agenda for each
meeting. The RMC held ten meetings in 2023.
Risk Management Committee Charter
The Risk Management Committee Charter, issued on
February 10, 2015, specifies the Committee’s duties and
responsibilities and is in compliance with the relevant
laws and regulations.
Risk Management Committee Meetings in 2023
Name Position No. of Meetings/No. Attended % Attended
George Santosa Tahija Chairman 9/10 90%
Adrianto Machribie Member 10/10 100%
Anastasius Wahyuhadi Member 10/10 100%
J. Kristiadi Member 9/10 90%
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Training and Development for Risk Management a. Review the Company’s policies on risk management
Committee Members and compliance, giving due consideration to existing
and new regulations, the Company’s Code of Ethics
No training or development was provided for the Risk and any conflicts of interest;
Management Committee in 2023. b. Identify and monitor any issues related to risk
management and compliance that required the
attention of the Board of Commissioners; and
Risk Management Committee Activities c. Seek information on and discuss issues that
in 2023 could potentially negatively impact the Company’s
performance.
The RMC communicated with management at least once
a month, where possible, during 2023, either at meetings The RMC chairman reported on the Committee’s activities
or by other means, to: to the Board of Commissioners at the scheduled Board
of Commissioners’ meetings and joint meetings of the
Board of Commissioners and the Board of Directors.
Corporate Social Responsibility and Sustainability Committee
The Corporate Social Responsibility and Sustainability Committee was originally established as the Corporate Social
Responsibility Committee in 2013. The current structure, composition and basis of appointment of the Corporate Social
Responsibility and Sustainability Committee (CSRS) are stated in table below:
Corporate Social Responsibility and Sustainability Committee Composition as of December 31, 2023
Member Position Basis of Appointment Period
Sjakon George Tahija Chairman BOC Resolution No. 08/BOC/ANJ/GEN/2020 dated June 10, 2020 2020 - 2025
Anastasius Wahyuhadi Member BOC Resolution No. 08/BOC/ANJ/GEN/2020 dated June 10, 2020 2020 - 2025
J. Kristiadi Member BOC Resolution No. 08/BOC/ANJ/GEN/2020 dated June 10, 2020 2020 - 2025
Istini Tatiek Siddharta Member BOC Resolution No.020/BOC/ANJ/GEN/2021 dated November 2, 2021 2021 - 2025
The Profiles of the Corporate Social Duties and Responsibilities of the Corporate
Responsibility and Sustainability Committee Social Responsibility and Sustainability
Members Committee
All the CSRS Committee members are also members of The CSRS Committee supports the oversight function
the Company’s Board of Commissioners, whose profiles of the Board of Commissioners by monitoring the
can be seen on page 64-68 of this Report. development and implementation of the Group’s
corporate social responsibility and sustainability plans
and policy. The Committee also advises the Board of
Independence of the Corporate Social Directors on these matters.
Responsibility and Sustainability Committee
The CSRS Committee works independently of the Corporate Social Responsibility
Company’s management. One member, J. Kristiadi is an and Sustainability Committee Meetings
Independent Commissioner of the Company.
According to the CSRS Committee Charter, the
Committee should hold at least two meetings every
Corporate Social Responsibility year, either in person or by teleconference, with a pre-
and Sustainability Committee Charter approved agenda for each meeting. The committee held
four meetings in 2023.
The CSRS Committee Charter was adopted on February
10, 2015 and defines the duties and responsibilities of
the Committee.
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Name Position No. of Meetings/No. Attended % Attended
Sjakon George Tahija Chairman 4/4 100%
Anastasius Wahyuhadi Member 4/4 100%
J. Kristiadi Member 4/4 100%
Istini T. Siddharta Member 4/4 100%
Training and Development for Corporate Social Committees Under the Board of Directors
Responsibility and Sustainability Committee
Members The Board of Directors of the Company does not have
a committee under it. However, the Board of Directors
No training or development was provided for the CSRS liaises closely with the committees under the Board of
Committee in 2023. Commissioners.
Corporate Social Responsibility
and Sustainability Committee Activities in 2023
The CSRS Committee’s activities in 2023 included
reviewing and updating the following:
a. The strategic direction of the Company’s corporate
social responsibility and sustainability program.
b. The Company’s Sustainability Policy.
c. Company policies and practices relating to
corporate social responsibility and sustainability,
the environment, politics and government.
d. The Company’s response to issues of major concern
or material non-compliance related to corporate
social responsibility and sustainability.
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PERFORMANCE EVALUATION OF COMMITTEES
Performance Evaluation Process Evaluation Results in 2023
and Criteria
All the committees under the Board of Commissioners
The Board of Commissioners supervises and carries out have successfully completed their respective duties
the performance evaluation of four committees under and responsibilities. They have reported their findings,
it, which support the Board’s oversight function, every opinions and recommendations to the Board of
year. Committee performance is evaluated against the Commissioners. The Board made use of their input to
objectives in their respective duties and responsibilities. strengthen good corporate governance throughout the
The results relates to the determination of the following organization and has concluded that all the committees
year’s objectives. performed effectively in 2023.
The performance assessment is conducted annually and
includes the following criteria:
a. Effectiveness of the Committee composition;
b. Information to the Committee;
c. Committee procedures, including effectiveness of
the Committee meetings;
d. Committee accountability;
e. Standard of Conducts.
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MAJORITY AND CONTROLLING SHAREHOLDERS
The Company’s majority and controlling shareholders PT Memimpin Dengan Nurani (MDN)
are PT Austindo Kencana Jaya, which holds 40.85% of
the shares and whose President Director is Mr. Sjakon Established in 2012, MDN is a holding company that has
George Tahija and PT Memimpin Dengan Nurani, which interests in the service provider. MDN engages in the
also holds 40.85% of the shares and whose President following business activities:
Director is Mr. George Santosa Tahija.
a. Engages in business:
• Professional, scientific and technical activities;
PT Austindo Kencana Jaya is 100% owned by Mr. Sjakon
and
George Tahija, who is the company’s President Director
• Real estate.
and members of his family. PT Memimpin Dengan
Nurani is 100% owned by Mr. George Santosa Tahija, the a. Engages in business:
company’s President Director and members of his family. • Management consultancy activities; and
• Real estate.
A chart showing the majority and controlling shareholders
and individual shareholders of the Company is presented Board Composition
in the Company Profile section on page 83 of this Report.
As of December 31, 2023, the members of the Board of
Commissioners and Board of Directors of MDN were as
follows:
Board of Commissioners
President Commissioner : Laurel Claire Pekar Tahija
Commissioner : Istini Tatiek Siddharta
Board of Directors
President Director : George Santosa Tahija
Director : Trihadi
The composition of the Board of Commissioners and
the Board of Directors above was appointed pursuant to
Deed No. 573 dated February 10, 2021.
Shareholders Structure
Pursuant to Deed No. 76 dated August 30, 2012, the shareholder composition of MDN is as follows:
Par value IDR 1,000,000,- per share
Share
Total Shares Total Par Value (IDR) %
Authorized capital 680,000 680,000,000,000
Issued and paid-up capital
George Santosa Tahija 85,505 85,505,000,000 50
Laurel Claire Pekar Tahija 85,502 85,502,000,000 49.9982
Julia Pratiwi Tahija 3 3,000,000 0.0018
Total issued and paid-up capital 171,010 171,010,000,000 100
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PT Austindo Kencana Jaya (AKJ) Board Composition
AKJ is a holding company that was established in 2012 As of December 31, 2023, the members of the Board of
and has interests in the service provider. AKJ engages in Commissioners and Board of Directors of AKJ were as
the following business activities: follows:
a. Engages in business:
• Professional, scientific and technical activities; Board of Commissioners
• Real estate; and
• Human health and social activities. President Commissioner: Shelley Laksman Tahija
Commissioner: George Santosa Tahija
b. Engages in business:
Commissioner: Istini Tatiek Siddharta
• Management consultancy activities;
• Real estate; and
Board of Directors
• Health support services.
President Director: Sjakon George Tahija
Director: Trihadi
The composition of the Board of Commissioners and
the Board of Directors above was appointed pursuant to
Deed No. 572 dated February 10, 2021.
Shareholders Structure
Pursuant to Deed No. 130 dated September 27, 2012, the shareholder composition of AKJ is as follows:
Par value IDR 1,000,000,- per share
Share
Total Shares Total Par Value (IDR) %
Authorized capital 800,000 800,000,000,000
Issued and paid-up capital
Sjakon George Tahija 172,883 172,883,000,000 75
Shelley Laksman Tahija 23,052 23,052,000,000 10
Cynthia Jean Tahija 11,525 11,525,000,000 5
Krisna Arinanda Tahija 11,525 11,525,000,000 5
Nina Aryana Tahija 11,525 11,525,000,000 5
Total issued and paid-up capital 230,510 230,510,000,000 100
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CORPORATE SECRETARY
The Corporate Secretary facilitates internal d. Liaising with and assuming responsibility for
communications between all the functions and units correspondence with the OJK, IDX and other
of the Company, as well as external communications relevant parties.
with the Company’s external stakeholders, including e. Keeping abreast of developments and changes in
the capital market authorities, financial regulators, capital market regulations.
shareholders and the investor community. In addition, f. Giving input and recommendations to the Company’s
the Corporate Secretary manages the Company’s Board of Directors regarding legal matters of the
compliance with all relevant laws and regulations and Company and corporate action plans.
advises the Board of Directors on compliance issues and g. Being responsible for organizing meetings of the
any changes in the regulatory environment. Board of Directors, Board of Commissioners and
shareholders, as well as the Company’s annual
public expose.
Corporate Secretary Profile
His profile can be seen in the Board of Directors’ profiles Training and Development
on page 74 of this Annual Report. for the Corporate Secretary
Details of the training and development undertaken by
Term of Office and Domicile the Corporate Secretary in 2023 are provided on page
102 of this Annual Report.
The Company’s Corporate Secretary is Mr. Naga
Waskita, who has served concurrently as the Company’s
Legal Director and domiciled in Jakarta, Indonesia. The Corporate Secretary Activities in 2023
Corporate Secretary serves from the date of appointment
until such time as a new Corporate Secretary is appointed The Corporate Secretary’s activities in 2023 included the
by the Board of Directors. following:
a. Ensured full compliance with the prevailing laws
and regulations, particularly with Indonesia Stock
Legal Basis Exchange (IDX) and capital market regulations.
b. Provided input and recommendations to the Board
He was appointed as Corporate Secretary pursuant to of Directors in respect of the Company’s compliance
a Letter of Appointment No.001/FAD/ANJ/2013 dated with applicable laws and regulations, particularly
January 3, 2013. pertaining to the capital market.
c. Liaised with and submitted the required reports and
notices to the OJK, IDX and other relevant parties.
Duties and Responsibilities d. Kept abreast of developments and changes in capital
of the Corporate Secretary market and other regulations and communicated
these to the Board of Directors.
The Corporate Secretary’s duties and responsibilities e. Gave input and recommendations to the Board of
include: Directors regarding the Company’s legal affairs and
a. Ensuring full compliance with applicable laws corporate action plans.
and regulations, particularly the prevailing f. Led the organization of meetings of the Board of
Indonesia Stock Exchange (IDX) and capital market Directors and Board of Commissioners and general
regulations. meetings of shareholders, as well as the Company’s
b. Providing input and recommendations to the annual public exposé.
Company’s Board of Directors with respect to the g. Convened the Annual General Meeting of
Company’s compliance with applicable laws and Shareholders on June 7, 2023.
regulations, particularly in the capital market. h. Convened the Annual Public Expose on June 7,
c. Providing input and recommendations to the 2023.
Company’s Board of Directors with respect to the
Company’s compliance with corporate governance.
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INTERNAL AUDIT
The Internal Audit Unit’s primary function is to provide independent and objective assurance on the Company’s financial
and operational processes and controls, the risk management systems, compliance and general governance. In
addition, it provides consulting services to management on strengthening the effectiveness of these operations to
ensure that the Company’s business and sustainability objectives are met, in the best interests of the Company and its
stakeholders. The Internal Audit Unit was established on the basis of:
• OJK Regulation No. 56 /POJK.04/2015 on the Establishment and Working Guidelines of the Internal Audit;
• Resolution of the Board of Directors No. 02/BOD/ANJ/ GEN/2017 dated December 13, 2017.
Head of Internal Audit
The Head of the Internal Audit Unit is Mr. Christian Lunard Sitorus, who was appointed in 2017.
Number, Qualifications and Certification
of Internal Auditors
Christian
Lunard Sitorus In 2023, the Internal Audit Unit comprises ten people,
specifically chosen for their expertise in agronomy,
agriculture and engineering as well as finance and
accounting to reflect the scope of ANJ’s operations. Two
of them has professional internal audit qualifications,
they all fulfill the Company’s requirements regarding
professionalism, integrity and technical knowledge and
experience in relevant disciplines.
Christian Lunard Sitorus
To enhance proficiency of the internal audit activity, the
Indonesian citizen, born in Pematang Siantar in 1970 head of Internal Audit would encourage professional
(aged 53). development of internal auditors, whether that occurs
through on-the-job training, attendance at professional
Experience: Mr. Sitorus was appointed as the Head of conferences and seminars, or encouraging the pursuit
Internal Audit in December 2017. His prior positions of professional certifications. As at December 31,
include Head of the Corporate Audit Department at PT 2023, The Internal Audit Unit has two persons who have
Triputra Agro Persada (2016-2017), Head of the Internal professional internal audit certification, namely the
Audit Division at PT Eagle High Plantation Tbk. (2006- Certified Practitioner of Internal Audit (CPIA) and one
2015) and Internal Audit Supervisor at PT RGM Indonesia person who has a professional internal audit certification,
(Asian Agri) (2002-2006). namely the Certified Forensic Auditor (CFRa).
Education: He holds a Diploma in Finance (1994) and an
Extension in Financial Management (1999), both from Training and Development for the Internal Audit Unit
the University of North Sumatra.
To strengthen the capabilities of the internal auditors
and ensure that the team can meet the increasingly
Appointment of the Head of the Internal Audit Unit complex challenges of the business, the Company
provides regular training, including an annual internal
The Head of the Internal Audit Unit is appointed and workshop to improve the team’s understanding of
dismissed by the President Director, subject to the industrial relations, ethics and related issues. Details of
approval of the Board of Commissioners. Any change in the training and development undertaken by members of
the status of the Head of the Internal Audit is reported the Internal Audit Unit in 2023 are provided on page 103
immediately to the OJK. of this Annual Report.
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Structure and Position of the Internal Audit Unit i. Prepare a report on audit results and submit the
report to the President Director and the Audit
The Internal Audit Unit (IAU) is part of the management Committee, accompanied by a copy of the report to
structure, reporting directly to the President Director and the Board of Commissioners.
the Audit Committee, in compliance with OJK Regulation j. Provide suggestions and recommendations for
No. 56/ POJK.04/2015 on the Establishment and Working improving systems and procedures to prevent
Guidelines of the Internal Audit. The IAU coordinates inefficiency and fraud at every management level.
with the Audit Committee on its day-to-day activities. k. Provide guidance and consultation on good
administrative, operational and financial systems.
l. Monitor, analyze and report on the implementation
Internal Audit Unit Charter of the follow-up improvements that have been
suggested.
The Internal Audit Charter sets out the duties and m. Coordinate with appropriate levels of management
responsibilities of the IAU. Adopted on February 6, 2014, if there are indications of fraud and system failure.
it is regularly reviewed and was last updated in 2021 to n. Cooperate with the Audit Committee.
comply with OJK Regulations No. 55/POJK.04/2015; No. o. Develop a program to evaluate the quality of the
56/POJK.04/2015 and No. 13/POJK.03/2017. The Charter internal audit activities it carries out.
is available on ANJ’s website: www. anj-group.com/en/
internal-audit.
Internal Audit Reporting Flow
Duties and Responsibilities of the Internal Audit Unit The following Internal Audit Unit reports are submitted
to the President Director and the Audit Committee and
The Internal Audit Unit’s responsibilities are as follows: copied to the Board of Commissioners:
a. Review the Company’s internal control system to • Annual accountability report;
achieve organizational goals including testing and • Reports on individual audits; and
evaluating the implementation of internal control • Reports on management’s follow-up of remedial
and risk management based on internal audit. actions.
b. Develop and implement an annual internal audit
plan.
c. Prepare and submit an annual accountability report Internal Audit Activities in 2023
for the achievement and implementation of the
Internal Audit Unit plan. The Internal Audit Unit continued to focus on the most
d. Test and evaluate the implementation, relevance, serious corporate risks in 2023, completing 69 audit
reliability and integrity of the internal control and projects, thus meeting the target of 62 projects specified
risk management system following Company policy. in the work plan. The planned audits included the
e. Conduct inspections and assessments of efficiency following:
and effectiveness in finance, accounting, operations, • Harvesting, fertilization and laterization in PPM,
human resources, marketing, information PMP, ANJAS, SMM and GSB;
technology and other activities. • Warehouse inventory and fixed assets at ANJA and
f. Assess the effectiveness of securing asset values KAL;
and verifying the existence of these assets. • Fire management, composting and bulking projects
g. Assess the level of compliance with the Company’s at KAL;
policies, procedures, internal instructions, • Biogas at AANE;
regulations and applicable laws. • Land acquisition at GSB;
h. Conduct a special examination based on the • Cooperation Operation (KSO), SIGAP application
approval of the President Director of the Company, implementation and edamame processing at GMIT;
the Commissioners of the Company or the Audit • Process mills at ANJAS, KAL and PMP;
Committee on allegations of a conflict of interest, • Sago harvesting and sago flour processing at ANJAP,
unlawful act, criminal act of corruption or fraud • Special assignments at transit tank of ANJAS,
based on the urgency and scope of the examination, ANJAP, SMM and ANJAS; and
namely potential loss, the impact of the incident • Drip fertigation and composting consultancy
and grace period the time of the assignment in assignments at ANJA, ANJAS and SMM.
question.
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Internal Audit Meetings
The Internal Audit held four meetings in 2023. The Internal Audit meetings are to present internal audit performance
to the Audit Committee and the President Director. The Internal Audit meetings were held in March, June, September
and December.
Internal Audit Unit Activities by Type
Activity Planned Realization
Follow up 1 1
Project Initiatives 8 17
Regular audit 24 24
Audit committee and training 16 14
Whistleblowing System 13 13
Total 62 69
Internal Audit Focus for 2024 6. Mill process at ANJA, ANJAS, KAL and SMM;
7. Consultancy on compost project, biobag application
The Internal Audit Unit will continue to focus on the and drip fertigation at KAL;
Company’s strategic objectives, capital expenditure and 8. Schools and employee cooperatives at ANJA,
key risks. Additional ad hoc risk-based audits may also ANJAS and KAL.
be performed upon request.
In Region 3, the key audit areas will include:
In Region 1 and Region 2, the key audit areas will include: 1. Harvesting at PPM and PMP;
1. Replanting project at ANJA 2. Mill process and palm kernel oil process di PMP;
2. Harvesting at ANJAS, SMM, KAL and GSB; and
3. Plant maintenance and land acquisition at GSB; 3. Sago harvesting and sago starch production at
4. Cooperative Operation (KSO), edamame harvesting ANJAP.
and maintenance at GMIT;
5. Edamame processing consultancy (frozen line) and
preventive maintenance at GMIT;
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EXTERNAL AUDIT
The Company’s consolidated financial statements for the year ended December 31, 2023, were audited, for the seventh
consecutive year, by the public accounting firm Siddharta Widjaja & Rekan (a member firm of the KPMG network). The
firm was selected through a tender supervised by the Company’s Audit Committee in 2017, which included four leading
accounting firms in Indonesia.
The auditors appointed by the Company in the last five years are shown below:
External auditors for ANJ’s financial statements, 2019-2023
Tahun Public Accountants Signing Partner
2023 Siddharta Widjaja & Rekan Susanto, S.E., CPA
2022 Siddharta Widjaja & Rekan Susanto, S.E., CPA
2021 Siddharta Widjaja & Rekan Susanto, S.E., CPA
2020 Siddharta Widjaja & Rekan Kartika Singodimejo, S.E., CPA
2019 Siddharta Widjaja & Rekan Budi Susanto, S.E., CPA
Public Accountant’s Fee Other Services Rendered
The fee paid for the audit of the consolidated financial No other services rendered by the Public Accountant in
statements of the Company for the year ended December 2023.
31, 2023 was IDR 4.7 billion.
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INTERNAL CONTROL
ANJ’s internal control framework is designed to Components of the Internal Control System
provide reasonable, but not absolute, assurance of the
effectiveness and integrity of the Company’s financial • Control Environment: The key element in internal
and operational activities, focusing on the following control is the behavior of each individual at every
areas: level of the organization. ANJ’s Code of Ethics and
• Operational effectiveness and efficiency; core values have been instilled throughout the
• Asset management and monitoring; organization and are regularly refreshed across all
• Timely and accurate reporting; and our operational sites through the activities of the
• Compliance with laws and regulations. internal audit, our internal promotion programs, our
network of Value Champions and the whistleblowing
system (see page 196 of this Report).
Alignment of the Company’s Internal • Risk Assessment: Operational and strategic
Control System with the COSO Internal risks that could materially affect the Company’s
Control Framework performance, prospects or reputation are identified,
assessed and continuously monitored. Any change
Since 2015, the Company’s internal control system in the risk environment is immediately detected and
has been aligned with the internal control framework analyzed.
approach advocated by the Committee of Sponsoring • Control Activities: Internal control and operational
Organizations of the Treadway Commission (COSO), an activities are in place to mitigate the impact
initiative of five US private-sector organizations dedicated of potentially serious risks. These include the
to global excellence in corporate governance, business continuous strengthening of our procedures and
ethics, internal control, enterprise risk management, policies according to the following principles:
fraud and financial reporting. The COSO approach works segregation of duties; limited access, authority
across the three principal control objective categories and responsibility; adequate documentation; and
of operations, reporting and compliance across all the a phased review system. All our internal control
units and activities of an organization. It comprises five activities are designed to ensure that these internal
key components, which ANJ applies as follows: control objectives are achieved.
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• Information and Communication: Information On the basis of the review and follow-up actions, we are
related to the structures and status of the internal satisfied that the Company’s internal control system
control system, including improvements and gives reasonable assurance i) that any potential risks
challenges, is communicated regularly through and bottlenecks will be identified promptly; and ii) that
quarterly Audit Committee meetings, internal audit appropriate action will be taken to mitigate the impact
reports, management meetings and reports from on the Company and the achievement of our business
the Value Champion team, as well as to relevant objectives. Nevertheless, we recognize that no internal
external stakeholders as necessary. control system can provide absolute assurance against
• Monitoring Activities: All the internal control human error, poor judgment, intentional misconduct or
components are regularly reviewed to ensure that other irregularities.
they are present and functioning properly. If any
deficiencies are found, the relevant managers are
promptly informed so that they can take remedial Statement of Adequate Internal Control
actions.
The internal control system is a process that is carried
out by the Board of Directors together with, among
Management’s Evaluation of Internal others, the Internal Audit, to ensure that the governance
Control Effectiveness In 2023 of the Company is carried out. Both the Board of
Commissioners and Board of Directors commit to
The Internal Audit Unit, the Corporate Secretary and ensuring that good corporate governance is implemented
the Risk Management Committee monitor the internal at all levels as the foundation for achieving the goal of
control system and the Company’s daily operations on protecting and increasing the value of the Company.
an ongoing basis, while the Audit Committee provides The Board of Directors is responsible for implementing
an additional layer of supervision through its quarterly internal control effectively to enable the Company to
review. The Company’s external auditor also evaluates achieve its goal.
the system as part of its annual audit of the Company’s
financial statements.
To make the internal control system more effective and
responsive, the Company took various remedial and
strengthening actions in 2023, including the following:
• Strengthening the capacity of the internal audit
team through training based on the Institute of
Internal Auditor standards;
• Reducing misstatement risks in our financial
disclosures by using dedicated computer software
to generate statements; sampling financial
transactions for review by the Internal Audit Unit;
and ensuring a more rigorous review of quarterly
financial reports by the Audit Committee prior to
disclosure;
• Ensuring that all financial results were reported
to the Board of Commissioners and the Board of
Directors as well as the Audit Committee for control
purposes; and
• Strengthening the management of company
data using the Company’s dedicated system, One
Database.
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RISK MANAGEMENT SYSTEM
ANJ Risk Management Policy d. Formulate internal audit plan that includes high-
risk areas and enables timely identification of areas
ANJ recognizes that risks are an inherent part of doing for follow-up by management, especially to identify
business. To minimize exposure to these risks and areas that have potential to improve productivity,
ensure that they do not impede strategic objectives and efficacy of capital expenditures realization and
business goals, ANJ is committed to ensuring that key internal control and procedures; and
risks are properly identified, evaluated, mitigated and e. Perform periodic monitoring of the priority risks
effectively managed. and opportunities based on their likelihood and
impact to the Company objectives.
Our principal objective is to safeguard the long-term
continuity of the business by ensuring a consistent, These procedures ensure that we will regularly assess
reliable supply of agribusiness products to our inherent risks, identify new emerging risks and monitor
customers at a margin adequate to safeguard future the adequacy and effectiveness of the risk control.
growth and ensuring shareholder returns. Given the The ongoing review and identification of significant
capital-intensive and long-term nature of the plantation operational and financial risk areas by management are
business, we take a proactive, conservative approach to discussed at monthly Board of Directors meetings, as
anticipating and neutralizing risks. well as at the Risk Management Committee meetings.
In accordance with the OJK’s corporate governance
framework, responsibility for risk management rests Statement of Adequate Risk
primarily with the Board of Directors, while the Board Management System
of Commissioners exercises oversight. The Risk
Management Committee supports this oversight function The risk management is carried out by the Board of
and advises the Directors on identifying, assessing and Directors together with, among others, the Internal
mitigating risks. Audit and Risk Management Committee to safeguard
the long-term continuity of the business by ensuring
a consistent, reliable supply of agribusiness products
Evaluation of Risk Management to our customers at a margin adequate to safeguard
Effectiveness future growth and ensuring shareholder returns. Both
the Board of Commissioners and Board of Directors
Every year, the Board of Directors determines the are commited to ensuring that key risks are properly
Company’s risk management priorities, with oversight identified, evaluated, mitigated and effectively managed.
from the Risk Management Committee. The Business
Development and Corporate Planning Division facilitates
and documents this process during the annual strategic Key Risks to Our Business and Their
planning session. To ensure the compliance of the risk Mitigation
mitigation strategies, the Internal Audit Unit will plan the
audit process based on risk priorities. The key risks assessments by the Company in 2023 are
presented in the table below, together with the ongoing
The procedure is as follows: mitigating actions. Any of the risks below could adversely
a. Determine the corporate-wide risk exposures and affect our business, performance results, financial cash
appetite, as well as what opportunities, if any, that flows, financial condition, growth prospects and/or
may rise from the risk itself; reputation.
b. Formulate the corporate-wide strategic initiatives
to manage the Company’s exposure and mitigate With the inherent dynamics of the business environment,
severe impacts from the risks; there may be other risks and uncertainties not currently
c. Cascade and direct each business unit to make identified as major risks to the business. These risks
an internal assessment of its risks and control could emerge at any time and negatively affect the
measures; business; therefore, we are vigilant in anticipating
emerging risks.
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Fluctuations of CPO Price
Risk Mitigation
CPO prices in the past few years have been fluctuative with Management has anticipated the possibility of low commodity
high volatility and cyclicality. Naturally, the balance supply prices; we have therefore consistently focused on managing
and demand of CPO would become the main key factor that production costs and improving efficiency to mitigate the
could affect the CPO price. In addition, fluctuating weather impact.
patterns (such as dry spells or heavy rainfall) could affect
We have been able to maintain our cash cost of CPO production
palm oil production, which in turn affects prices. The dynamic
within the range between USD 300/ton to USD 400/ton for
global demand on other vegetable oils could also affect
the last 10 years despite inflation and increases in our input
demand for CPO and influence the prices. Furthermore, the
costs (such as wages, fuel price and fertilizer price) through
dynamic government regulation in palm oil including the
agronomy innovation to increase the productivity and cost
biofuel mandates by the government of Indonesia, Malaysia
management.
and Thailand could also impact CPO prices.
In addition, the Board of Commissioners has authorized
Factors that may potentially affect uncertainties in CPO price
management to enter into derivative forward contracts if we
also include the extreme weather conditions, which may affect
believe the CPO price trend is declining. The limitations of this
the supply going forward; environmental and conservation
in terms of mitigating the risk are:
regulations; economic and demographic developments;
population growth; per capita consumption; consumer 1. the price range, volume for each contract and total
awareness and preferences; as well as the global economy volume are entered in due observance of the break-even
in general. price levels for the consolidated profit or loss and the
palm oil segment;
In 2023, CPO price moved in a limited range of USD 700-900
2. the forward contract period may not exceed six months.
per ton, after a positive movements in the last three years.
Overriding these limitations requires the approval of the
Concerns about the impact of El Niño became major issue that
Board of Commissioners.
affected the fluctuation of CPO price, although historically,
the impact of El Niño will affect the palm oil production after
six months to one year after that phenomenon occurred.
Meanwhile, to support its green energy policy, the government
of Indonesia has set to implement a B35 fuel policy in 2023. In
the perspective of demand, this policy will increase domestic
demand for CPO and will help in stabilizing the price.
Increases in Material Costs (Fertilizers and Diesel Fuel)
Risk Mitigation
The most dominant material cost in agriculture is fertilizer We have been embarking on reducing the usage of diesel fuel
and fuel. Fertilizer is required to ensure the plant gets the and combining inorganic fertilizer with organic fertilizer. In
required nutrient to grow and produce in optimum level, where aiming to reduce dependency of chemical fertilizer, we have
diesel fuel is required for the FFB transportation as well as implemented composting technology to convert the empty
for electricity in the area not connected by the electricity grid fruit bunch into high quality organic fertilizer with the catalyst
from the palm oil mill biomass turbine. of microbes and enzymatic process. We believe organic
fertilizer application from compost could maintain moisture
Both the price of fertilizers and diesel fuels are affected by
and rejuvenate the soils, so dependency on chemical fertilizer
global supply-demand of petrochemicals, which is also high
could gradually be reduced.
in price fluctuations.
To reduce the dependency on fossil fuel, we improved the
There are other factors affecting the price of petrochemical
efficiency of biomass power plants by revamping the boiler
other than suppy-demand balance: crude oil production quota
turbine system for more efficient power generation and
agreement, discovery of new reserves, global political tension
connected some of our locations with national grid system.
and also regional crisis especially in the producing areas of
oil and gas, such as Middle East, Eastern Europe and Russia. We also developed our competency in running the biogas
power plant in Belitung and we are planning to build another
biogas power plant facility in two of our other site location
within the next five years. Our target is to increase renewable
energy portfolio to above 60%.
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Increases in Labor Costs
Risk Mitigation
We operate in a labor-intensive industry therefore the Since 2015, we have continuously introduced initiatives to
government regulations related with labor wages will mitigate annual labor cost increases, e.g: improving workers
significantly affect us. Labor costs are a significant component productivity, mechanization, digital data recording and mill
of our total production costs, typically accounting for about automation.
30-40%.
We introduced incentive programs to boost workers’
Ministry of Labor and Transmigration Law No.7/2013 productivity and applied stricter standards to ensure that we
stipulates that the minimum wage is determined and harvest the FFB at the prime condition for higher extraction
implemented annually by provincial governments based on rates. We implemented harvesting mechanization in non-
the annual living cost conditions of each respective province. undulating plantation areas such as Belitung, North Sumatra
Further, Government Regulation No. 78/2015 specifies a I and Southwest Papua, and in our Southwest Papua sago
measured annual wage increase based on current growth operation. In our newest mill in West Kalimantan and
rates of inflation and gross domestic product. Southwest Papua, we chose the most robust technology
with automation possibility to reduce dependency on manual
The government issued Law No. 6 of 2023 on the Stipulation
operation.
of Government Regulation in Lieu of Perpu No. 2 of 2022 on
Job Creation into Law. In Law No. 6 of 2023, the government We also transformed our production data recording with
added several articles that allow the government to change the Electronic Plantation Mobile System (EPMS) to reduce
the minimum wage setting formula in certain circumstances. manual recording and to initiate paperless business process
These articles create uncertainties that can negatively affect documentation.
the Company.
All these initiatives have also helped to mitigate the challenge
posed by skilled labor availability constraints in our operating
areas.
Fluctuation in Foreign Exchange Rates
Risk Mitigation
Our financial reporting currency is the USD and our sales The Company policy allows us to enter into forward exchange-
are primarily affected from the international market in USD rate contracts to hedge against fluctuations, provided that any
or Malaysian Ringgit, whereas our expenditures, including such contract does not exceed six months and the value of the
labor costs, are primarily denominated in IDR. Due to this contract does not exceed the amount of IDR needed for three
mismatch, any appreciation of the IDR against the dollar will months’ operational expenses.
reduce our net income and increase our expenditures in USD
Regarding cash holdings, our general policy is to hold enough
terms.
IDR for two weeks’ operational requirements, but we may
In contrast, our subsidiaries that are still at the planting stage increase our IDR cash holdings up to a maximum amount
are required to use IDR as their operating currency, while sufficient to cover up to three months’ operational expenses,
their borrowing, if any, is denominated in either USD or IDR. if we judge the future trend of the IDR to be unfavorable.
Any appreciation of the dollar against the IDR will result in
Since 2015, our policy has been that any borrowing by
foreign exchange losses for these entities.
a subsidiary should be in the functional currency (i.e.
bookkeeping currency) of that subsidiary. This has significantly
reduced our exposure to foreign exchange volatility. For
subsidiaries that maintain their bookkeeping records in IDR,
we have converted their borrowings into IDR. While the interest
rate for IDR borrowing is higher than for USD borrowing, we
believe this policy enables us to measure currency risks and
take action more promptly and effectively.
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Physical Climate Change (Adverse Weather, Crop Disease, Pests and Natural Disasters)
Risk Mitigation
We recognize that climate change has direct physical impacts We manage the risk of weather and climate-related disruption
on the nature of our agribusiness operation. The plantation by establishing an early warning information system, applying
business is vulnerable to adverse weather conditions, natural agronomic best practices and strengthening our R&D for
disasters, crop disease, ecological imbalance, pests and other climate mitigation, technology intervention and mitigation
factors that can affect crop production and harvesting. infrastructures. We also commit to reducing our GHG emission
as our corporate contribution to stop the climate change.
Higher average temperatures and more extreme weather
events have been observed for the last 30 years. Higher soil We have been focusing on the use of high-resilience seeds in
moisture evaporation and insufficient rainfall cause water all new plantation developments; developing water catchment
deficit in the soil causing the palms to produce fewer flowers and gate systems to preserve water; composting application
that develop into palm fruits. The higher average temperature from empty fruit bunch to maintain moisture and rejuvenate
also causes changes of behavior by pollinator insects, which the soils; implementing soil conservation and anti-erosion
disrupt the pollination process causing imperfect forming of measures; planting beneficial crops to reduce weeds and
the fruit sets. pests. Recently we have successfully implemented pilot
trial of Drip Fertigation combining fertilizer and irrigation to
We have experienced prolonged drought induced by El Niño,
mitigate water deficit due to dry spells.
creating water deficits and decreasing our overall yield by
more than 10%. This also increases the risk of uncontrolled We have put investment in fire prevention and mitigation
wildfires spreading into the plantation. infrastructures in areas with historical risk of fire, such as
wide closed canals across our boundaries, water reservoirs
On the other hand, prolonged wet conditions and extreme
and fire towers. We have also leveraged the advantages of
rainfall events lead to waterlogging, excess water flow and
remote sensing technology, such as satellite data and drones,
flooding in low lying plantations adversely impacting crops
for early fire detection.
and access infrastructure such as bridges and access roads.
A prolonged rainy season also extends the period of certain We also work closely with the local government and
seasonal crop pests and disease. communities (Kelompok Tani Peduli Api) to prevent vegetation
fires in the areas surrounding our plantations. To prevent
severe impacts from flooding, we are building river bunds and
performing periodic cleaning maintenance of debris in the
river canals.
Market, Regulatory and Transitional Risk of Climate Change
Risk Mitigation
There is growing pressure from the market and regulation We recognize the transition risk inherent in changing our
toward for corporations to be responsible for ESG practice, strategies, policies, business model or investments to adopt a
especially tackling climate change. We have positioned business model with integration of ESG into business strategy,
ourselves at the forefront on ESG practices and climate to reduce our carbon footprint and the impact to the climate.
change mitigation among peers in palm oil industry.
In order to mitigate this transition risk, we have conducted
Related to the palm oil industry, the transition risk might company rebranding in 2015 with brand focus on people and
include: nature. We also revamped our Sustainability Policy in 2019 to
a. Land use change policy, stricter sustainability standards realign our course of actions in achieving strategic objectives
and regulation to develop new plantations. with ESG integration.
b. Water conservation practices, including disclosing our
We have consolidated our resources in a task force to conduct
water usage and management practices on sustainability
systematic ESG disclosures and performed public ESG rating
disclosure platforms.
in the year 2023. We achieved distinguished result in ESG
c. The cost of energy to reduce the usage of fossil fuel and
disclosures and rating score, as one of the lowest ESG risk
conversion to renewable energy.
among our peers in palm oil industry.
d. Certification, disclosures and reporting, which includes
measurements of GHG emissions, ESG reporting and We set ourselves in ESG Ambition and Targets as integral part
rating, carbon disclosures and benchmarking among of our business strategy including road map to achieve net
peers within the industry. zero carbon by the year 2030.
e. Investment in low carbon production facility and processing
technology
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Difficulties in Attracting or Retaining Qualified Staff
Risk Mitigation
Our business success and growth depend on our ability to We review our remuneration and benefit programs on an
attract and retain highly qualified, skilled and experienced ongoing basis and benchmark them against the market and
personnel in the palm oil industry. Our inability to attract, seek to improve our performance-related pay program to help
recruit, train and retain either experienced senior retain our employees and attract new candidates.
management or sufficiently qualified key personnel such as
We aim to ensure that our employees enjoy a good quality of
plantation or mill managers, field assistants and engineers
life while working on our plantations, with a healthy and safe
could have a material adverse effect on our business, financial
environment, comfortable living conditions, transportation,
condition and operations.
water, electricity, health care, clubhouse facilities, childcare
In addition, oil palm plantations require extensive labor. facilities, training facilities and schooling.
Harvesters and other plantation workers are increasingly
We also regularly update our learning and development
mobile and if we are unable to hire and retain sufficient
programs, with an emphasis on leadership development.
workers to maintain our workforce or if the minimum wage
We have a dedicated management training program for
rate is increased significantly, our business and prospects
recent graduates as well as internal training and career
could be adversely affected.
path programs to ensure the continuous improvement of
capabilities. We also offer retention programs for qualified
personnel and senior management, and pay retention bonuses
where appropriate. We also leveraged the technology to have
virtual training to ensure that our development program can
reach every level of our employees spread from west to east
Indonesia.
Transportation or logistics disruptions or mishaps
Risk Mitigation
We typically sell our products on an ex-mill, ex-jetty or FOB We have made significant investments in developing flexible
basis and our customers transport the products they purchase and reliable transportation systems, and we only enter into
from us. Any disruption of transportation services due to bad transport contract agreements with reliable and experienced
weather, strikes, lock-outs or other events could impair their logistics companies. We anticipated the logistical challenges
ability to take delivery of our products or increase their freight posed by our Southwest Papua businesses early in the
costs, thereby making our products more expensive for them. planning process. Taking into account the size, remoteness
Such disruptions may also result in storage problems at our and scale of economic investment, we established a dedicated
plantations. department to improve logistics planning develop integrated
logistics systems and create logistical synergies between our
It is our practice only to sell CPO once it is available for
estates in order to reduce disruption risks.
supply in our storage facilities, thus we rely on efficient
transportation for timely off-take by our customers. Our We also rent storage facilities in Dumai, Sumatera to enable
Southwest Papua businesses also present logistics and us to export our product to foreign buyers requiring volumes
construction challenges, as those project areas are located that are economically sizeable enough for shipment.
mainly in the interior (palm oil) and in swampland (sago).
Both are relatively far from any town or city and consequently,
remote from reliable infrastructure and electricity supplies.
Delays in Land Compensation in Developing Plantations
Risk Mitigation
To develop our plantations and obtaining land cultivation right We seek to offer attractive compensation for the land,
(Hak Guna Usaha or HGU), plantation owners must release combined with economic development plans that will benefit
and compensate the land from legal right and customary the community. During the process, we establish a local land
right from the communities to avoid future third-party claims. compensation committee that includes community leaders
This usually involves complicated negotiations with local and representatives of local authorities and neighboring
stakeholders such as communities, tribes, indigenous people industries to facilitate amicable communication to expedite the
and influential community figures. Achieving consensus and compensation process. We make concerted efforts to publicize
resolution can be complex and therefore time-consuming, and explain the benefits of our business to the community.
affecting the plantation’s development and operation timeline. These benefits include employment opportunities, improved
infrastructure, our community development initiatives, and
the multiplier effects thereof.
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We completed the land compensation process for our
Southwest Papua landbanks in 2017. Land compensation
at our South Sumatra landbank is still ongoing, and we are
following the principles stated above to develop a mutually
agreeable land compensation plan.
In all of our land compensation process, we seek to adhere to
RSPO Guidelines and follow the principle of Free, Prior and
Informed Consent (FPIC) that are well documented for future
accountability.
Community Social Conflict and Land Disputes
Risk Mitigation
Even after land has been acquired for a plantation or other We seek to build and maintain positive community relationships
uses, plantation owners commonly face contested land claims based on mutual benefit and respect, and ensure that we use
from people living or working on such land and are required to fair processes and proper administration procedures. We are
negotiate the payment of compensation with such claimants. implementing sustainable corporate social responsibility
Resolving such contested land rights issues can be a difficult initiatives to support social and economic development
and time-consuming process. in the communities close to our business operations. We
also cooperate with NGOs on community development
and environmental management and welcome input from
various organizations to improve our programs. Through
our CID department, we engage in regular communication
and dialogue with community members to communicate the
benefits of the Company’s presence and hear their concerns.
Low Community Understanding of Our Plasma Program Activities
Risk Mitigation
Under the Indonesian Government’s Plasma Program, oil palm Our plasma program is based on cooperative ownership, which
plantation companies who obtained a plantation business we believe is in the best interests of both smallholders and the
license (IUP) since 2007 must develop part of the plantation Company. We plan to run any future plasma programs in the
to be operated by local smallholders. Accordingly, our West same way. We have made management service agreements
Kalimantan and Southwest Papua Plantations currently have with our cooperatives to ensure that our standards of
a plasma program. maintenance and harvesting are upheld in our plasma areas.
In developing our South Sumatra landbanks, we are setting
In line with our sustainability objectives, we continue to
aside the required 20% of the plantable area to be allocated for
develop our capacity-building and coaching programs for
the plasma program. To mitigate the risk of receiving inferior
cooperative members and smallholders to develop their
quality of FFB through our plasma program, we develop our
plantation, agronomic and business management capabilities
programs through cooperative structures. However, these
and enable them to grow with us. We also support our plasma
programs may not be accepted by the smallholders and as
smallholders in gaining RSPO certification to give them the
such, we may be forced to purchase FFB harvested from oil
opportunity to get premium prices. A series of programs
palms grown and maintained by the communities instead of
and activities have been ongoing and as a result, as of 2023
by us.
100% of our plasma and partnership have received RSPO
certification. Furthermore, we are working to assist our
plasma and partnership with smallholder farmers in gaining
ISPO certification.
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MATERIAL LITIGATION ADMINISTRATIVE
In 2023, the Company, its subsidiaries and members of
SANCTIONS
the Board of Commissioners and the Board of Directors
The Company, its subsidiaries and members of the Board
of the Company and its subsidiaries, were not involved in
of Commissioners and the Board of Directors were not
any material cases involving civil, criminal, bankruptcy,
subject to any administrative sanctions from the capital
taxation or arbitration proceedings with any court or
market authorities or any other authorities in 2023.
arbitration board that would have materially affected the
Company or posed a risk to the continuity of the business
if the court had found against either the Company or the
Board of Commissioners or Board of Directors.
INSIDER TRADING
LAND TITLE CLAIMS
The Company ensures that information is released to
the market in a balanced, fair and timely manner, so
that the activity of a so-called of an insider, in relation
Up to the end of 2023, there were no major outstanding to the trading of securities of the Company, is done only
land title claims against the Company. on the basis of a balance of information available to both
(Company) insiders and the general public.
There was no share trading transactions by the Board
of Commissioners, the Board of Directors and the
controlling shareholders of the Company in 2023.
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CODE OF ETHICS ON BUSINESS CONDUCT
The Company adopted its Code of Ethics on Business • Work relations, including professionalism,
Conduct (the “Code”) in 2014. The Code serves as a fairness and the separation of personal
guide and a reference for the Company’s employees and and corporate interests
management on how to carry out their duties effectively, Professionalism that enables a focus on the
lawfully and safely. achievement of best performance; fairness
and equal treatment based on the principles of
The Code is based on the Company’s three core values, transparency and objectivity; a distinct division
Integrity, Respect for People and the Environment as between personal interests and the interests of the
well as Continuous Improvement, which reflect the Company.
corporate culture that the ANJ Group seeks to create. We
believe that these values will support the achievement of • Relationships with suppliers and customers,
ANJ’s vision, mission and objectives. The Code describes including responsibility for product quality
various principles and behaviors derived from these The Company does not accept the granting of gifts
values that are essentially aimed at maintaining the trust which are exclusive in nature in the form of cash,
and respect of our stakeholders through transparency, cash equivalents or others, either personally or
accountability, objectivity and equality. Every manager from any organization which is doing or seeking to
and employee is expected to internalize and practice do business with ANJ or a competitor of ANJ.
these behaviors at all times.
• Relations with the government
We review the Code from time to time to ensure that it is The Company complies with all laws and regulations
commensurate with and relevant to the growing scope of to support a clean government to realize a state
our business, the interests of our stakeholders and the economic competitive advantage.
social, economic and regulatory environment, including • Conflicts of interest
the challenges we face. The Company makes a clear and distinct division
between personal interests and the interests of
the Company and avoids any situation which may
Main Principles of the Code of Ethics result in or be perceived as a conflict of interest
on Business Conduct between the interests of the Company and personal
interests.
The Company’s Code of Ethics on Business Conduct is
set out below: • Use and maintenance of Company property
All employees are responsible for maintaining
• Corporate Values
and using the Company’s property and internal
Brief information about the Corporate Values of the information efficiently, effectively and solely to
Company can be seen on page 49 of this Annual achieve the objectives of the Company in accordance
Report. with the prevailing rules.
• Compliance with laws and regulations • Company information and financial disclosure
The Company complies with all prevailing laws and The Company does not provide internal information
regulations and will ensure that all obligations are (including but not limited to the business strategies,
carried out in accordance with the prevailing laws contracts to be executed, products to be launched,
and regulations. Employees also are obliged to research results, information on customers or
understand the laws and regulations in accordance suppliers, acquisitions or divestments and financial
with their duties and work. data) which has not yet been made available to
• Workplace safety, health and the environment the public to parties outside of the Company or to
unauthorized parties within the Company without
The Company prioritizes the safety and health of
the prior approval of an authorized Director.
our employees as well as the work environment,
starting from employees’ mind sets and actions to The Company also will not manipulate accounting
methods of continued supervision, as well as ways treatments, records or preparations of financial
of obtaining commitments to uphold this from all statements of the Company. All financial
parties. statements of the Company, accounting records,
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research reports, sale reports, records on Company-Wide Application of the Code
liabilities, production reports, reports on the entry of Ethics on Business Conduct
of employees and other reports will always be
prepared based on accurate and complete data The Code applies equally and without exception to all
which clearly represent the relevant facts or the employees and management of the Company, including
true nature of the transactions. the Board of Commissioners and the Board of Directors,
• Relationships with investors and the media as stated in their respective Charters. The Code
notes that everyone in the organization is collectively
The Company will:
responsible for upholding the values and principles in the
1. Not provide information on behalf of the Code of Ethics in their interactions and transactions with
Company to any party (including, among others, all customers, vendors and shareholders. In addition,
the shareholders, share agents, investment the guidance on the ANJ Values notes that every leader
analysts, candidate investors and the mass and employee at ANJ must internalize and practice the
media) if we are not so authorized. corporate culture on a daily basis.
2. We will treat each member of the investment
community and the mass media fairly, in The Code also applies, where relevant, to our investors,
accordance with reasonable business practices stakeholders and business partners, including
in the investment community and the mass contractors and vendors.
media.
• Insider trading
Disciplinary Policy
The Company maintains and respects the principle
of ensuring that information is released to the
The Company may impose the following sanctions for
market in a balanced and fair manner, so that the
misconduct or violations of the Code, in order of severity:
activity of a so-called insider in relation to the
1. First warning letter.
trading of securities of the Company is done only on
2. Second warning letter.
the basis of a balance of information, whether it be
3. Final warning letter.
factual or conjectural, being available on the same
4. Suspension.
basis to both (company) insiders and the general
5. Dismissal.
public.
The Code can be found on our website at www.anj-
group.com/en/code-of-conduct. Breaches of the Code of Ethics and
Sanctions Imposed in 2023
Socialization of the Code of Ethics The following Code violations were substantiated in 2023:
on Business Conduct 1. Fraud.
2. Grievance.
The Code of the Company is continuously communicated
and disseminated to the Board of Commissioners and With regard to the violations above, the Company
its committees, the Board of Directors and its senior imposed the following sanctions:
management as well as all employees of the Company, 1. Warning letter.
in order to increase the awareness and understanding to 2. Termination of employment.
implement behavior in accordance with the core values
and the Code of the Company.
The Company periodically conducts socialization to all
employees of the Company through various media. In 2023,
the Company has conducted 12 (twelve) socializations or
refreshments of the Code to all employees and vendors
of the Company. The socializations were conducted
by face-toface meeting, poster and/or pamphlet. The
materials are also uploaded on the internal system of
the Company and the website of the Company to make it
easily accessible by employees.
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CORPORATE CULTURE
Value Champions
ANJ aspires to create a corporate culture based on our finding appropriate assistance. There were a total of 35
three core values of Integrity, Respect for People and the Value Champions in the Company by the end of 2023.
Environment as well as Continuous Improvement. These
three values provide the foundation for all our objectives, The Value Champions submit monthly reports on
policies and operations. At each of our offices and estates, their observations of actions and behaviors that either
we have appointed one to three Value Champions who, embody or conflict with the core values. These reports
in addition to their regular work for the Company, also are reviewed, analyzed and consolidated by an organizing
help to model and communicate the values to their co- committee and the analysis is forwarded to the
workers. In this way, we aim to ensure that the values are Company’s ‘Value Guardians’, currently Commissioners
internalized and upheld across the organization. When George Santosa Tahija and Anastasius Wahyuhadi, who
necessary, they also serve as intermediaries between may take further action if warranted. Value Champions
management and employees, for example, by facilitating are also responsible for reporting immediately any action
employees in making complaints, voicing grievances or or conduct that requires urgent attention.
WHISTLEBLOWING SYSTEM
The Company does not tolerate breaches of the Code of
Ethics or the corporate values or any other misconduct
in the form of fraud, corruption, abuse or violation of
any laws and regulations. We are striving to create a
transparent, supportive and proactive corporate culture
in which employees and business partners can feel
confident about reporting such misconduct without
fear of reprisal, provided that such reports are made
in good faith and in the best interests of the Company.
The Company’s whistleblowing system (WBS) provides
a secure, confidential channel for anyone to report
suspected misconduct.
Information about the WBS, which was launched in
May 2016, is disseminated to all employees at all of the
Company’s estates and offices during inductions and
through refresher sessions on the Code and Corporate
Values. During site visits, the internal auditors also
ensure that employees are aware of and understand
the WBS and distribute cards with the hotline numbers.
Vendors are informed about the WBS during briefings.
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Procedure for Reporting Misconduct does not involve the President Director, this report
is submitted to the President Director, the Board of
Informants can contact the WBS Reporter Protection Commissioners and the Audit Committee. However,
Unit via one of the following dedicated email or phone/ if the President Director is involved, the report is
SMS hotlines, stating the initial indication of misconduct sent directly to the Board of Commissioners and the
and supporting evidence: Audit Committee, bypassing the President Director.
1. Email: beranibicara@anj-group.com 3. A Supervisory Team, consisting of the Board of
2. Phone/SMS/WhatsApp: 0815 1600 100 Commissioners, the President Director and the
Audit Committee, reviews the report and gives its
considerations on the action to be taken.
Protection for Whistleblowers
The WBS protects informants against retaliation by: Whistleblowing System Manager
1. Keeping the identity of the informant confidential.
The Whistleblowing System Manager and Investigator is
2. Keeping the reported information secure and
the Internal Audit Unit. The President Director, selected
confidential.
members of the Board of Commissioners and the Audit
3. Protecting informants against reprisals from any
Committee function as the Supervisory Team.
party implicated in the report.
Whistleblowing Reports in 2023
Handling of Whistleblower Reports
In 2023, a total of 13 reports were received through
1. The WBS Informant Protection Team (an independent the WBS. A total of 12 reports were grievances from
representative of the Internal Audit Unit) analyses stakeholders and have been managed by the relevant
and verifies the incoming report and then assesses departments. One case was confirmed and subsequently
whether further investigation is required. followed up and investigated by the Internal Audit
2. If further investigation is required, the case is Unit. The Internal Audit then passed the report to the
escalated to the WBS Follow-up Team (part of the Commissioners, the President Director and the Audit
Internal Audit Unit). This Team assigns a team to Committee for review. Misconduct was proven in the
investigate, which could be led by the IAU, by the only one case that was reported. The management
Legal Director or through joint efforts with external has implemented the necessary mitigation plan and
investigators. After conducting its investigation, enhanced the internal system to prevent the recurrence
the team makes a report on its findings. If the case of the same issue in the future.
Description 2023 2022
Related to Fraud 1 6
Proven 1 2
On Progress - 1
Not Proven - 3
Related to Compliance - 3
Related to Code of Ethics - 1
Related to Grievance 12 12
Total Report Received 13 22
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
EMPLOYEE SHARE ALLOCATION PROGRAM/
MANAGEMENT SHARE OWNERSHIP PROGRAM (ESOP/
MSOP) EMPLOYEE STOCK ALLOCATION PROGRAM
Following the Company’s initial public offering (IPO) in The stock options were granted as follows: 40% on the
2013, the shareholders gave their approval for a share first anniversary of the Company’s IPO (Cycle I);30% on
ownership program for selected employees, including the second anniversary (Cycle II) and 30% on the third
managers and assistant managers, who met certain anniversary (Cycle III). They were valid for a period
administrative requirements specified by the Company. of three years after issue, which included a one-year
vesting period from the date of issue, during which
The Employee Stock Allocation Program (ESAP) offered option holders were not entitled to exercise the options.
its participants a fixed allotment of up to 1% of the
shares offered in the IPO, in accordance with Bapepam- Once the vesting period expired, the options could be
LK Regulation No.IX.A.7. During the IPO, the Company exercised at specified periods of up to 25 trading days,
sold shares to ESAP participants at a 20% discount from which occurred up to two times per year for each cycle.
the offer price. To finance the purchase of the shares The first window in Cycle I for MSOP options to be
allocated to them, participants were offered loans from exercised was opened on November 3, 2014, when 40% of
the Company on the condition that the loans were repaid the stock options (equivalent to 20,000,000 shares) were
in four annual installments with funds deducted from the made available to be exercised. At that time, participants
participants’ bonuses. exercised a total of 1,550,000 shares, at an exercise
price of IDR 1,095 per share. The IDX was notified of the
A lock-up period of at least 12 months from the listing exercise of the options on December 8, 2014.
date was imposed on the ESAP shares or until the
participant’s loan had been repaid in full, after which they In 2015, there were two windows during which options
were allowed to sell or otherwise transfer, their ESAP could be exercised from May 8 to June 15 and from
shares. Participants who resigned from the scheme November 2 to 4 December. While no Cycle I or Cycle II
before their loan was fully repaid were allowed to sell or options were exercised during the first period, a total of
transfer their shares and then repay their ESAP loan in 325,000 Cycle I options and 300,000 Cycle II options were
full. All ESAP loans were fully repaid by the end of 2017. exercised in the second period, all at an exercise price of
IDR 1,095 per share. The Company notified the IDX of the
exercise of the options on June 17, 2015 and December
Management Stock Option Plan 8, 2015.
The shareholders also approved a Management Stock The Company opened two more windows for options to
Option Plan (MSOP) in 2013 for senior management be exercised in 2016, from May 9 to June 10 and from
and directors, including the management and directors November 1 to December 5. A total of 8,750,000 Cycle
of ANJ’s subsidiaries. Like the ESAP, the MSOP gave II options and 9,900,000 Cycle III options were exercised
participants an option to buy shares in the Company, during the first period, all at an exercise price of IDR
in the future, at a predetermined price. The maximum 1,095 per share. No Cycle II or Cycle III options were
number of new shares that the Company was able to exercised during the second period. The Company
issue was 1.5% of the Company’s subscribed and paid- notified the IDX of the exercise of the options on June 15,
up capital following the Company’s initial public offering. 2016 and December 7, 2016, respectively.
Complying with the Indonesian Stock Exchange (IDX) In 2017, two more windows for options to be exercised
rules, the exercise price of the options was at least 90% were opened, from May 3 to June 9 and from November
of the average closing price of the shares over the 25 1 to December 6. No Cycle II or Cycle III options were
trading days before the stock option implementation plan exercised during either period. The Company notified the
was reported to the exchange. The terms and conditions IDX on June 13, 2017 and December 7, 2017, respectively.
for exercising the MSOP options were determined by the No more windows for options were opened after
Board of Directors with due observance of the prevailing December 2017.
laws and regulations.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
Employee Stock Option Plan or Employee Stock Purchase Plan, to the Directors and certain
Stock Purchase Plan employees of the Company. The sale price of the treasury
stock to said Directors and employees was IDR 1,271
On June 1, 2016, the Company’s AGMS approved the per share. On June 23, 2016, the Company completed
transfer of a maximum of 63,000,000 treasury stocks, the transfer of 15,000,000 shares to the Directors and
through an Employee Stock Option Plan or Employee certain employees of the Company.
ANTI-CORRUPTION AND GRATUITY
CONTROL POLICIES
Program and Procedure 6. The employee is prohibited from providing facilitation
payments to domestic and foreign officers in any
The Company has policies on prohibiting corruption, form. The facilitation payments to domestic and
including insider trading and the giving/receiving of foreign officers are payments or gifts (whether in
gratuities from external parties. The above mentioned the form of money, goods, facilities or other forms)
policies are stipulated in the Code of Ethics on Business that are given directly or indirectly for the purpose
Conduct of the Company. The Company also has a of securing or accelerating the performance of the
longstanding practice of having all employees of the officer in carrying out his/her duties or functions
Company and all vendors of the Company sign a so- or administrative government matters, both in
called Integrity Pact in order to prevent corruption and Indonesia and overseas.
gratification practices. The policy is as follows:
1. The Company does not tolerate any kind of bribery
and corruption, whether it is committed by an Training/Socialization
employee to another party or the other way around.
2. The employee shall explain, internally and when The Company constantly strives to increase the
dealing with third parties, that the Company applies awareness of all employees in the prevention and
the principles of integrity and zero-tolerance of any avoidance of corruption and gratification practices,
form of bribery and corruption, and shall not (directly including by socialization through face-to-face meeting,
or indirectly) offer, pay, seek or accept payments, blast email, poster or pamphlet. In 2023, the Company
gifts or favors with the intention of influencing has conducted 12 (twelve) socializations to the employees
business improperly. and vendors of the Company.
3. The employee shall immediately notify his/her direct
supervisor or through the Whistleblowing System The Company also has a Whistleblowing System as a
or other reporting means provided by the Company reporting tool for employees and external parties which
if he/she knows of any potential or occurrence of is explained in more detail in the Whistleblowing System
bribery and corruption. section in this Annual Report.
4. The employee is prohibited, directly or indirectly,
from offering or giving bribes or improper
advantages (including facilitation payments) to a
public officer or other individual or third party, which
is intended or gives the impression to influence that
party’s decision on the Company.
5. The employee is prohibited from, directly or
indirectly, soliciting or receiving bribes or other
improper advantages from a third party, which may,
or give an impression to, be intended to influence
the Company’s decisions about such party.
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
PARTICIPATION IN POLITICAL ACTIVITIES
In accordance with our Code of Ethics, the Company is In 2023, the Company, its subsidiaries and members of
committed to not involving in political activities or political the Board of Commissioners and the Board of Directors
parties and prohibiting our employees from conducting of the Company and its subsidiaries asserts our
political activities in the Company’s premise or engaging commitment to refraining from engaging in any political
in political activities that could give rise to the perception activities particularly sponsoring certain political parties.
that the employee is acting on behalf of the Company. The
Company does not provide funds for political activities or
parties and is committed to disclosing this information to
the public if we do otherwise.
GOODS AND SERVICES PROCUREMENT
The Company’s procurement policy states that the required by law. They must also satisfy the Company’s
procurement of any goods and services by the Company standards with regard to environmental, health and
must be effective, efficient, professional, independent, safety management systems, quality management,
performed with integrity, contain no conflict of interest technical specifications and scheduling and the
and uphold the GCG principles of transparency, Company’s Sustainability Policy.
accountability, responsibility, independence and fairness/
equality. This is aimed at ensuring that procurement is They are also required to sign an integrity pact stating
carried out inclusively, in a manner that supports local explicitly that they will not offer, give or accept any item,
economies by empowering small businesses in our including but not limited to money, gifts or facilities, to
supply chain, including cooperatives and suppliers close or from any employee or person associated with the
to our operational areas. Company and the Group for the purpose of influencing
any decision. The Company reserves the right to
Each vendor must meet specific qualifications related unilaterally cancel a contract if the vendor is found to
to their administrative, financial and technical capability have acted in any way that conflicts with the principles of
and capacity as well as fulfill all licensing and tax matters integrity and honesty specified in the pact.
200 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
TAX COMPLIANCE
ANJ fully supports the government’s policy of promoting Collectively, the current members of the Board of
national development through optimizing tax revenue. Commissioners and the Board of Directors complies with
ANJ has assessed tax compliance throughout the the provisions of the prevailing tax laws and regulations,
Group and consistently complies with the provisions including by submitting tax returns accurately and
of the prevailing tax laws and regulations, including by on time. ANJ also has Tax Policy that can be found
submitting tax returns accurately and on time. on our website at https://anj-group.com/en/anj-s-
commitment-to-good-corporate-governance.
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
POLICIES AND GOVERNANCE
OF INFORMATION TECHNOLOGY
The implementation of the Company’s Information The Governance of Information Technology needs to be
Technology Governance ensures compliance with improved continuously according to its progress through
applicable rules and regulations, while taking into periodical review. The Company already has policies
account the need to achieve the Company’s business related to Information Technology Governance including
plan. The Company periodically evaluates and improves handling information technology issues related to cyber
its Information Technology Governance Policy and security and disaster recovery. These policies are as
Procedure by adopting the best Practices at both national follows:
and international levels. The Company’s Information 1. Policy for Information Technology Governance;
Technology Governance can accommodate technological 2. Policy for Application of IT Security Configuration
developments and mitigate new risks and threats. Standards and implementation;
3. Policy for Internet Access Use;
4. Policy for Information Security; and
5. Standard Operating Procedure of Information
Technology and Communication Emergency
Recovery.
INSURANCE
The Company has comprehensive insurance coverage to 6. Public Liability Insurance: all our operating
protect against various risks to our operational assets. In companies are covered against claims of loss or
2023 our insurance policies included the following: damage to other parties.
1. Property All Risk Insurance: this covers the risk 7. Marine Cargo: this covers most of our operational
of potential loss of buildings, machinery and companies against the risk of potential loss of
equipment and vehicles as well as assets under inventory, including inventory in warehouses and in
construction, in our head office and in our operating transit.
companies across Indonesia. 8. DNO (Directors and Officers Liability Insurance):
2. Indonesian Standard Earthquake Insurance: our executives, members of the Board of
provides cover for physical loss, destruction or Commissioners, members of the Board of Directors
damage to the insured property from any cause. and officers are protected by this liability coverage
3. EEI (Electronic Equipment Insurance): the majority for losses or advancement of legal defense costs
of our operating companies are covered against in the event of a claim against them brought for
potential loss or damage to their electronic alleged wrongful acts in their capacity as directors
equipment. and officers.
4. Money Insurance: this covers the risk of loss of 9. Health Insurance and Life Insurance: provides cover
money in transit or on our premises. for all ANJ employees.
5. Fidelity Guarantee Insurance: this insures against 10. Environmental Liability insurance: this protect us
infidelity risk on the part of our employees by against pollution exposure and natural resources
providing indemnity to the employer against the loss damage at all of our operating sites.
of money or properties belonging to the Company
as a result of acts of fraud or dishonesty by any
employee, such as forgery, embezzlement, larceny
or fraudulent conversion.
202 PT Austindo Nusantara Jaya Tbk.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
ACCESS TO CORPORATE DATA
AND INFORMATION
The latest information on the Company’s share price movements, corporate actions and other news, as well as our
quarterly and annual results, press releases, investor newsletters and other corporate information, is available on our
website, www.anj-group.com.
Inquiries may be addressed to the Company at any time via the website, by email, by phone/fax or in writing to:
PT AUSTINDO NUSANTARA JAYA Tbk.
Menara BTPN, 40th Floor
Jl. Dr. Ide Anak Agung Gde Agung Kav. 5.5 – 5.6
Jakarta 12950
Tel: (62 21) 2965 1777
Fax: (62 21) 2965 1788
Attention: Corporate Secretary; Investor Relation; Corporate Communication
E-mail: corsec@anj-group.com; investor.relations@anj-group.com
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Performance Highlights Management Reports Company Profile Management Discussion and Analysis
COMPLIANCE WITH CORPORATE GOVERNANCE
GUIDELINES FOR PUBLIC COMPANIES
The Company’s compliance with the Corporate Governance Aspects and Principles specified in the provisions of OJK
Regulation No.21/ POJK.04/2015 is outlined in the following table.
Principle Recommendation Status
Aspect 1: Relations between Public Companies and Shareholders in Assuring Shareholders’ Rights
Principle 1 Companies should have procedures for voting, Status: Fulfilled. The voting procedure is stated in
whether open or closed, that protect the the GMS rules distributed to shareholders at each
Increase the value of shareholders’ independence and interests. GMS.
the general meetings
of shareholders (GMS) All members of the Board of Directors and Status: Fulfilled. All members of the Board of
Board of Commissioners attend the annual Directors and Board of Commissioners attended
general meeting of shareholders. the GMS.
A summary of the minutes of AGMS should be Status: Fulfilled. Minutes are available at www.anj-
available on the Company’s website for at least group.com indefinitely.
one year.
Principle 2 Companies should have a policy on Status: Fulfilled. The basic principles are stated in
communications with their shareholders or the Company’s Code of Ethics on Business Conduct.
Strengthen the quality investors. The Corporate Secretary functions as a contact
of communications person to shareholders or investors for any
between public question they have.
companies and their
shareholders or The communications policy should be disclosed Status: Fulfilled. The Company’s Code of Ethics
investors. on the website. on Business Conduct is available on the website.
The Company publishes Investor Newsletters
accompanying its Quarterly Financial Statements.
The Company fulfills all regulatory requirements of
disclosures on its website.
Aspect 2: Function and Role of the Board of Commissioners
Principle 3 The condition of the Company determination Status: Fulfilled.
should be considered in determining
Strengthen the the number of members of the Board of
membership Commissioners.
and composition of the
Board The composition of the Board of Commissioners Status: Fulfilled.
of Commissioners should take into account the range of expertise,
knowledge and experience required by the
Company.
Principle 4 The Board of Commissioners should have Status: Fulfilled. The Board has a policy on annual
a policy on self-assessment to evaluate its self-assessment.
Strengthen the quality performance.
of execution
of the Board of
Commissioners’ The self-assessment policy should be Status: Fulfilled.
duties and disclosed in the Company’s annual report.
responsibilities.
The Board of Commissioners should have a Status: Fulfilled. Members of the Board are subject
policy on the resignation of board members to the Company’s Code of Ethics and are required to
who are involved in financial crimes. obey all prevailing laws and regulations.
The Board of Commissioners or the Status: Fulfilled. We established a succession
committee that performs the nomination committee in 2015 to identify and train potential
and remuneration functions should have a leadership candidates.
succession policy for members of the Board of The succession policy is described in the
Directors. ‘Nomination and Remuneration Committee’
subsection of this Report.
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Corporate Governance Corporate Social Responsibility 2023 Annual Report
Principle Recommendation Status
Aspect 3: Function and Role of the Board of Directors
Principle 5 The condition of the Company and effectiveness Status: Fulfilled.
in decision making should be considered in
Strengthen the determining the number of members of the
membership and Board of Directors.
composition of the
Board of Directors. The composition of the Board of Directors Status: Fulfilled.
should take into account the range of expertise,
knowledge and experience required by the
Company.
Members of the Board of Directors who are Status: Fulfilled.
in charge of accounting or finance functions
should have expertise in and/or knowledge of
accounting.
Principle 6 The Board of Directors should have a policy on Status: Fulfilled. The Board of Directors conducts
self-assessment to evaluate its performance. an annual self-assessment based on their KPIs
Strengthen the and the results are reviewed by the Nomination and
quality of execution Remuneration Committee.
of the Board of
Directors’ duties and The self-assessment policy should be Status: Fulfilled.
responsibilities. disclosed in the company’s annual report.
The Board of Directors should have a policy Status: Fulfilled. Members of the Board of Directors
on the resignation of board members who are are subject to the Company’s Code of Ethics and are
involved in financial crimes. required to obey all prevailing laws and regulations.
Aspect 4: Stakeholder Participation
Principle 7 Companies should have a policy on preventing Status: Fulfilled. The policy is stated in the
insider trading. Company’s Code of Ethics.
Strengthen corporate
governance through Companies should have anti-corruption and Status: Fulfilled. The policy is an integral part of the
stakeholder antifraud policies. Company’s Code of Ethics and all employees and
participation. suppliers sign an integrity pact.
Companies should have a policy on vendor/ Status: Partly fulfilled. We have a policy on supplier
supplier selection and improvement. selection, but not on supplier/Vendor capacity
improvement. However, we do implement several
capacity improvement initiatives for our suppliers.
Companies should have a policy on fulfilling Status: Fulfilled. The policy is stated in this Report.
creditors’ rights.
Companies should have a whistleblowing Status: Fulfilled. Our whistleblowing system is
policy. described in the GCG chapter of this Report.
Aspect 5: Information Disclosure
Principle 8 Companies should make use of a range of Status: Fulfilled. We use the ANJ website, the
information technology (in addition to their Indonesia Stock Exchange website and e-mail
Strengthen websites) as a means of disclosing information. communications for disclosures.
information
disclosure.
The Company’s annual report should Status: Fulfilled. The information is presented in
disclose the ultimate beneficial owners of the Company Profile chapter of this Report.
shareholdings of 5% (five percent) or more
of their shares, in addition to disclosing the
ultimate beneficial owners of shareholdings
in the company through the ultimate and
controlling shareholders.
PT Austindo Nusantara Jaya Tbk. 205
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CORPORATE
SOCIAL
RESPONSIBILITY
Corporate Social Responsibility is reported in our
Sustainability Report 2023 which is available on our website at
https://anj-group.com/en/sustainability-report.
206 PT Austindo Nusantara Jaya Tbk.
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PT Austindo Nusantara Jaya Tbk. 207
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208 PT Austindo Nusantara Jaya Tbk.
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CONSOLIDATED
FINANCIAL
STATEMENTS
PT Austindo Nusantara Jaya Tbk. 209
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PT AUSTINDO NUSANTARA JAYA Tbk
AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Page 213
PT AUSTINDO NUSANTARA JAYA Tbk
AND SUBSIDIARIES
PAGE
CONTENTS
THE DIRECTORS‘ STATEMENT OF RESPONSIBILITY
CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023:
CONSOLIDATED STATEMENT OF FINANCIAL POSITION----------------------------------------------------------------- 1
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME---------- 2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ---------------------------------------------------------------- 3
CONSOLIDATED STATEMENT OF CASH FLOWS---------------------------------------------------------------------------- 4
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS------------------------------------------------------------ 5 – 76
SUPPLEMENTARY INFORMATION APPENDIX
STATEMENT OF FINANCIAL POSITION – PARENT ENTITY ONLY -----------------------------------------------------
1
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
– PARENT ENTITY ONLY------------------------------------------------------------------------------------------------------------ 2
STATEMENT OF CHANGES IN EQUITY – PARENT ENTITY ONLY------------------------------------------------------ 3
STATEMENT OF CASH FLOWS – PARENT ENTITY ONLY----------------------------------------------------------------- 4
NOTES TO THE FINANCIAL STATEMENTS – PARENT ENTITY ONLY------------------------------------------------ 5–8
NOTES TO THE INVESTMENTS IN SUBSIDIARIES ----------------------------------------------------------------------- 9
INDEPENDENT AUDITORS’ REPORT
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 DECEMBER 2023 AND 2022
Notes 31 December 2023 31 December 2022
US$ US$
ASSETS
CURRENT ASSETS
Cash and cash equivalents 5 5,852,646 10,820,724
Investment in marketable securities 6 490,209 490,209
Receivable from service concession arrangement- current 43 86,614 74,585
Trade accounts receivable 7 590,958 1,292,435
Other receivables 8 779,250 524,143
Inventories 9 13,004,641 16,661,133
Biological assets 11 3,414,702 4,067,927
Prepayments and advances 10 30,759,256 25,216,810
Total Current Assets 54,978,276 59,147,966
NON-CURRENT ASSETS
Long-term receivable from service concession arrangement 43 483,686 558,880
Investments in equity securities 12 4,188,051 4,162,556
Deferred tax assets 37 2,068,473 1,115,132
Bearer plants 13 280,531,904 291,397,955
Property, plant and equipment 14 215,461,233 206,017,356
Intangible assets 15 971,911 1,038,593
Right of use assets 16 392,778 998,565
Advances 17 11,573,514 10,785,839
Goodwill 18 4,967,256 4,967,256
Claims for tax refund 19 11,421,743 5,139,756
Other non-current assets 20 27,033,435 17,260,620
Total Non-current Assets 559,093,984 543,442,508
TOTAL ASSETS 614,072,260 602,590,474
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term bank loans 21 23,251,634 4,635,687
Trade accounts payable 22 6,141,049 6,317,320
Taxes payable 23 2,620,709 4,213,109
Other payables 24 8,713,709 12,865,634
Accrued expenses 25 5,776,300 6,779,661
Long term bank loan - current maturities 21 5,806,250 4,600,000
Lease liabilities - current maturities 16 304,924 822,607
Provision for service concession arrangement - current maturities 43 147,095 236,067
TOTAL CURRENT LIABILITIES 52,761,670 40,470,085
NON-CURRENT LIABILITIES
Long-term bank loans - net of current maturities 21 121,884,725 125,006,648
Lease liabilities - net of current maturities 16 19,868 264,475
Provision for service concession arrangement - net of current maturities 43 241,553 300,798
Deferred tax liabilities 37 176,938 781,200
Employee benefits obligation 26 13,661,823 11,656,078
TOTAL NON-CURRENT LIABILITIES 135,984,907 138,009,199
TOTAL LIABILITIES 188,746,577 178,479,284
EQUITY
Capital stock - Rp 100 par value per share
Authorized -12,000,000,000 shares
Issued and paid-up - 3,354,175,000 shares as of
31 December 2023 and 2022 27 46,735,308 46,735,308
Additional paid in capital 28 48,902,344 49,890,831
Treasury stock 1c, 27 - (1,973,591)
Difference in value due to changes in equity of subsidiaries 29 30,706,366 30,706,366
Other reserves 12,29 (46,617,492) (50,768,552)
Retained earnings
Appropriated 6,824,453 6,824,453
Unappropriated 337,345,271 340,591,048
Equity attributable to the owners of the Company 423,896,250 422,005,863
Non-controlling interests 30 1,429,433 2,105,327
TOTAL EQUITY 425,325,683 424,111,190
TOTAL LIABILITIES AND EQUITY 614,072,260 602,590,474
See accompanying notes to the consolidated financial statements which are an integral part of the consolidated financial statements
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
YEARS ENDED 31 DECEMBER 2023 AND 2022
Year ended 31 December
Notes 2023 2022
US$ US$
Revenue 31 236,511,703 269,166,721
Cost of revenue 32 (204,952,841) (215,294,824)
GROSS PROFIT 31,558,862 53,871,897
Dividend income 498,784 640,276
Foreign exchange gain (loss), net 45 175,665 (2,583,039)
Selling expenses (656,377) (605,092)
Personnel expenses 33 (10,455,863) (9,425,138)
General and administrative expenses 34 (4,369,316) (4,884,338)
Other income, net 36 2,367,298 2,262,677
OPERATING PROFIT 19,119,053 39,277,243
Finance costs, net 35 (9,551,328) (4,769,432)
PROFIT BEFORE TAX 9,567,725 34,507,811
Income tax expense 37 (7,666,071) (13,352,523)
PROFIT FOR THE YEAR 1,901,654 21,155,288
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified subsequently to profit or loss:
Change in fair value of investments in equity securities 12 25,495 3,026,771
Gain on sale of investment in equity securities - 81,314
Change resulting from actuarial remeasurements
of post-employment benefits obligation 26 471,121 1,810,514
Income tax on items that will not be
reclassified to profit or loss 37 (109,256) (364,915)
Total 387,360 4,553,684
Items that will be reclassified subsequently to profit or loss:
Foreign exchange differentials from translation of subsidiaries' financial statements 4,179,657 (19,599,894)
Total 4,179,657 (19,599,894)
OTHER COMPREHENSIVE INCOME, NET OF TAX 4,567,017 (15,046,210)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 6,468,671 6,109,078
PROFIT FOR THE YEAR ATTRIBUTABLE TO:
Owners of the Company 2,626,343 21,721,276
Non-controlling interests 30 (724,689) (565,988)
1,901,654 21,155,288
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR ATTRIBUTABLE TO:
Owners of the Company 7,144,565 6,872,372
Non-controlling interests 30 (675,894) (763,294)
6,468,671 6,109,078
EARNING PER SHARE 38
Basic earning per share 0.0008 0.0065
Diluted earning per share 0.0008 0.0065
See Notes to the Consolidated Financial Statements, which form an integral part of these consolidated financial statements.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
YEARS ENDED 31 DECEMBER 2023 AND 2022
Difference Other Comprehensive Income Equity
in value due to Revaluation of Retained Earnings attributable
Capital Additional changes in equity of investment in Translation to the owners Non-controlling
Notes stock paid in capital Treasury stock subsidiaries equity securities adjustments Appropriated Unappropriated of the Company interests Total equity
US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$
Balance as of 31 December 2021 46,735,308 50,223,609 (3,668,309) 30,706,366 2,679,301 (34,088,620) 6,824,453 324,025,465 423,437,573 2,418,621 425,856,194
Changes in equity due to capital paid
from non-controlling interests in subdiary - - - - - - - - - 450,000 450,000
Sales of treasury stock - (332,778) 1,694,718 - - - - - 1,361,940 - 1,361,940
Profit for the year - - - - - - - 21,721,276 21,721,276 (565,988) 21,155,288
Other comprehensive income:
Changes resulting from actuarial remeasurements
of post employment benefit obligation, net of tax 26 - - - - - - - 1,806,880 1,806,880 3,634 1,810,514
Changes in fair value of investments in
available-for-sale financial assets 12 - - - - 3,026,771 - - - 3,026,771 - 3,026,771
Income tax on items that will not be
reclassified to profit or loss 37 - - - - 33,398 - - (397,514) (364,116) (799) (364,915)
Gain from sale of investment
in equity securities 12,29 - - - - 81,314 - - - 81,314 - 81,314
Reclassification from sale of
investment in equity securities - - - - (3,100,963) - - 3,100,963 - - -
Difference in translations of subsidiaries' financial
statements in foreign currencies 29 - - - - - (19,399,753) - - (19,399,753) (200,141) (19,599,894)
Cash dividend 39 - - - - - - - (9,666,022) (9,666,022) - (9,666,022)
Balance as of 31 December 2022 46,735,308 49,890,831 (1,973,591) 30,706,366 2,719,821 (53,488,373) 6,824,453 340,591,048 422,005,863 2,105,327 424,111,190
Sales of treasury stock - (988,487) 1,973,591 - - - - - 985,104 - 985,104
Profit for the year - - - - - - - 2,626,343 2,626,343 (724,689) 1,901,654
Other comprehensive income:
Changes resulting from actuarial remeasurements
of post employment benefit obligation, net of tax 26 - - - - - - - 470,721 470,721 400 471,121
Changes in fair value of investments in
in equity securities 12 - - - - 25,495 - - - 25,495 - 25,495
Income tax on items that will not be
reclassified to profit or loss 37 - - - - (5,609) - - (103,559) (109,168) (88) (109,256)
Difference in translations of subsidiaries' financial
statements in foreign currencies 29 - - - - - 4,131,174 - - 4,131,174 48,483 4,179,657
Cash dividend 39 - - - - - - - (6,239,282) (6,239,282) - (6,239,282)
Balance as of 31 December 2023 46,735,308 48,902,344 - 30,706,366 2,739,707 (49,357,199) 6,824,453 337,345,271 423,896,250 1,429,433 425,325,683
See Notes to the Consolidated Financial Statements, which form an integral part of these consolidated financial statements.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED 31 DECEMBER 2023 AND 2022
Year ended 31 December
2023 2022
US$ US$
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers 231,047,380 273,148,978
Cash received from interest income 26,451 265,421
Cash received from income tax refund 163,080 260,682
Cash received from VAT refund 3,555,119 5,057,283
Payment of employee benefits and contribution to pension fund (648,199) (1,235,759)
Income taxes paid (11,575,977) (18,536,217)
Payments to employees (47,601,151) (44,141,681)
Payments to suppliers (116,540,482) (139,513,542)
Payments for other operating activities (21,780,895) (15,309,708)
Net cash provided by operating activities 36,645,326 59,995,457
CASH FLOWS FROM INVESTING ACTIVITIES
Cash dividends received 498,784 640,276
Proceeds from sale/deduction of property, plant and equipment 180,003 711,267
Proceeds from sale invesment in equity securities - 5,500,000
Acquisition of property, plant and equipment (20,699,972) (16,155,639)
Additions of bearer plants (13,282,442) (17,471,540)
Additions of advances (1,304,818) (648,668)
Acquisitions of intangible assets (6,045) (210,376)
Acquistion of other non-current assets (6,628,577) (5,545,368)
Net cash used in investing activities (41,243,067) (33,180,048)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment for loan interest expenses (9,648,476) (4,933,671)
Payment of cash dividends (6,239,282) (9,666,022)
Sale of treasury stock 985,104 1,361,940
Lease liabilities payment (978,219) (931,730)
Proceeds from short-term bank loans 64,883,886 12,266,355
Payment of short-term bank loans (46,209,160) (9,568,747)
Proceeds from long-term bank loans 1,435,810 20,000,000
Payment of long-term bank loans (4,600,000) (51,428,428)
Payment for deferred financing costs - (235,807)
Net cash used in financing activities (370,337) (43,136,110)
NET DECREASE IN CASH AND CASH EQUIVALENTS (4,968,078) (16,320,701)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 10,820,724 27,141,425
CASH AND CASH EQUIVALENTS AT END OF THE YEAR 5,852,646 10,820,724
See accompanying notes to the consolidated financial statements which are an integral part of the consolidated financial statements
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Page 219
PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
1. GENERAL
a. Establishment and General Information
PT Austindo Nusantara Jaya Tbk (the Company), formerly PT Austindo Teguh Jaya, was established by
Deed No. 72 of Notary Mr. Sutjipto, S.H., dated 16 April 1993 which was approved by the Minister of Justice
of the Republic of Indonesia in its Decision Letter No. C2-3479.HT.01.01.TH.93 dated 21 May 1993, and was
published in Supplement No. 4010 to the State Gazette No. 70, dated 31 August 1993. The Company’s
Articles of Association have been amended several times, among others, by Deed No. 161 of Notary
Dr. Irawan Soerodjo, S.H., M.Si., dated 17 January 2013, pertaining to the Initial Public Offering (IPO) of the
Company, which included the change in the Company’s status, the IPO plan through the issuance of new
shares from Company’s portfolio, the approval of share allocation program to employees and the
management stock option program, changes in composition of the Board of Commissioners and the Board of
Directors and the change in the Articles of Association in order to comply with the regulation of Financial
Service Authority (“OJK”, formerly Bapepam-LK). The deed was approved by the Minister of Law and Human
Rights of the Republic of Indonesia in its Decision Letter No. AHU-03796.AH.01.02. Tahun 2013 dated
31 January 2013.
The amendment to the entire Articles of Association by the Deed No. 270 of notary Dr. Irawan Soerodjo,
S.H., M.Si., dated 22 June 2015, pertaining to the merger between the Company and PT Pusaka Agro
Makmur (“PAM”), changes to the Company’s principal business activities and the change to the Company’s
Articles of Association in order to comply with the regulation of OJK. The deed was approved by the Minister
of Law and Human Rights of the Republic of Indonesia in its Decision Letter of the Changes to the Articles of
Association No. AHU-0937905.AH.01.02. Tahun 2015 dated 23 June 2015. The Notification of Merger and
Notification of Amendment to the Articles of Association of the Company has been recorded in the database
of the Legal Entity Administrative System of the Ministry of Law and Human Rights of the Republic of
Indonesia under No. AHU-AH.01.10-0105667 and No. AHU-AH.01.03-0944887, respectively, both dated 23
June 2015. The Articles of Association have been further amended by the Deed No. 98 of notary Dr. Ir.
Yohanes Wilion, S.H, S.E., M.M. dated 31 May 2016 pertaining to the issuance of new shares from the
Company’s portfolio in relation with the management stock option program. The deed has been accepted by
the Minister of Law and Human Rights of the Republic of Indonesia in its Decision Letter of the Changes to
the Articles of Association No. AHU-AH.01.03-0053226 dated 31 May 2016.
In accordance with the latest amendment in Article 3 of the Company’s Articles of Association, the scope of
its activities is to engage in the general trading, services and integrated palm oil plantation with its processing
into crude palm oil and palm kernel. The Company is eligible to, among others, pursue business
opportunities and investments. The Company started its commercial operations in 1993. Currently, the
Company provides management services, operates in palm oil plantations and also operates as a holding
company for its subsidiaries and associates operating in the agribusiness industry, which are palm oil
plantation, sago processing and horticultural agriculture as well as renewable energy.
As of 31 December 2023 and 2022, the Company and its subsidiaries (the Group) had 9,272 and 8,812
permanent employees (unaudited), respectively.
The Company is majority owned by PT Austindo Kencana Jaya and PT Memimpin Dengan Nurani which are
the ultimate parent of the group. PT Austindo Kencana Jaya and PT Memimpin Dengan Nurani are owned by
Dr. Sjakon George Tahija and Mr. George Santosa Tahija as the ultimate shareholders. The Company is
domiciled in Jakarta and its head office is located at Menara BTPN 40th floor, Jl. Dr. Ide Anak Agung Gde
Agung Kav. 5.5 – 5.6, Kawasan Mega Kuningan, Jakarta 12950.
Based on Deed No. 63 of Notary Christina Dwi Utami, S.H., M.Hum, M.Kn., dated 7 June 2023, the
Company’s shareholders approved the resignation of Mr. Istama Tatang Siddharta as the Company’s
Commissioner and the appointment of Mr. Mohammad Fitriyansyah as the Company’s Director effective from
7 June 2023. The deed was reported and accepted by the Minister of Law and Human Rights of the Republic
of Indonesia and accepted in its Decision Letter No. AHU-AH.01.09-0126196 dated 12 June 2023.
5
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
1. GENERAL (Continued)
a. Establishment and General Information (Continued)
As of 31 December 2023 and 2022, the composition of the Company’s Board of Commissioners and Board of
Directors are as follows:
31 December 2023 31 December 2022
President Commissioner Mr. Adrianto Machribie Reksohadiprodjo Mr. Adrianto Machribie Reksohadiprodjo
Commissioners Mr. George Santosa Tahija Mr. George Santosa Tahija
Mr. Sjakon George Tahija Mr. Sjakon George Tahija
Mr. Anastasius Wahyuhadi Mr. Istama Tatang Siddharta
Mr. Josep Kristiadi Mr. Anastasius Wahyuhadi
Mr. Darwin Cyril Noerhadi Mr. Josep Kristiadi
Mrs. Istini Tatiek Siddharta Mr. Darwin Cyril Noerhadi
Mrs. Istini Tatiek Siddharta
President Director Mr. Lucas Kurniawan Mr. Lucas Kurniawan
Vice President Director Mr. Geetha Govindan Mr. Geetha Govindan
Kunnath Gopalakrishnan Kunnath Gopalakrishnan
Director Mr. Naga Waskita Mr. Naga Waskita
Mr. Aloysius D’Cruz Mr. Aloysius D’Cruz
Ms. Nopri Pitoy Ms. Nopri Pitoy
Mr. Mohammad Fitriyansyah
Group paid benefits to its key management personnel as follows:
2023 2022
US$ US$
Short-term benefits 7,732,179 6,263,360
The members of the Audit Committee as of 31 December 2023 and 2022 were as follows:
31 December 2023 and 2022
Chairman Mr.Darwin Cyril Noerhadi
Members Mr. lrawan Soerodjo
Mr. Osman Sitorus
b. Initial Public Offering
On 1 May 2013, the Company obtained an effective statement from Otoritas Jasa Keuangan (OJK) by virtue of
its letter No. S-101/D.04/2013 for its initial offering of 333,350,000 shares to the public at par value of Rp 100
per share on the Indonesia Stock Exchange at an initial offering price of Rp 1,200 per share. On 8 May 2013,
all of these shares were listed on the Indonesia Stock Exchange.
.
Based on Deed No. 100 of Notary Dr. Irawan Soerodjo, S.H., M.Si., dated 14 June 2013, in accordance with
the shareholders register dated 31 May 2013, the shares issued by the Company to the public in the Initial
Public Offering were 333,350,000 shares, representing 10% of the outstanding shares. The deed was reported
to the Minister of Law and Human Rights of the Republic Indonesia and accepted in its Decision Letter No.
AHU-AH.01.10-25577 dated 24 June 2013.
As of 31 December 2023, all of the Company’s 3,354,175,000 outstanding shares have been listed at the
Indonesian Stock Exchange.
6
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
1. GENERAL (Continued)
c. Merger with PT Pusaka Agro Makmur and Treasury Stock
The Extraordinary General Meeting of Shareholders (EGMS) of the Company on 22 June 2015 approved the
merger of the Company and PAM (subsidiary), as stated in Deed No. 270 dated 22 June 2015 of notary Dr.
Irawan Soerodjo, S.H., M.Si. The effective date of the merger was 23 June 2015, which was the approval date
of the merger by the Minister of Law and Human Rights of the Republic of Indonesia as stated in its decision
letter No. AHU-AH.01.10-0105667 dated 23 June 2015. Prior to merger, PAM was a wholly-owned subsidiary
of the Company and its financial statements were consolidated to the Group’s consolidated financial
statements. Accordingly, the merger does not have any impact to the consolidated financial statements of the
Group. At the effective date of the merger, all assets and liabilities were transferred to the Company, and PAM
was liquidated in accordance with laws and regulations in Indonesia. The approval by the Capital Investment
Coordinating Board was obtained on 29 January 2016.
In accordance with Law No. 40 of 2007 regarding Limited Liability Company (“Company Law”) and
Government Regulation No. 27 of 1998 regarding Merger, Consolidation and Acquisition of a Limited Liabilty
Company (“PP 27/1998”), the shareholders of the Company who disagreed with the EGMS resolution as
discussed above can exercise their rights to have their shares purchased by the Company at a fair price
determined by the Company which is Rp 1,224 per share. On 30 June 2015, the Company completed the
purchase of 115,651,300 shares from the shareholders who disagreed with the EGMS resolution for total
acquisition cost of Rp 141,840 million (including other direct acquisition costs of Rp 283 million) or equivalent
to US$ 10.6 million.
In December 2015, the Company submitted its application to use the book value in relation with this merger to
the Directorate General of Taxation (DGT). On 19 February 2016, DGT issued the approval letter No. KEP-
563/WPJ.07/2016 for using the net book value in the merger between the Company and PAM.
d. Subsidiaries
i. Details of the Group’s subsidiaries at the end of the reporting periods are as follows:
Percentage of Group’s
ownership Total assets before elimination
Year of 31 31
commercial December December 31 December 31 December
Subsidiaries’ name and principal activities Location operation 2023 2022 2023 2022
% % US$ US$
Direct Subsidiaries
Renewable Energy
PT Austindo Aufwind New Energy Belitung, Bangka 2013 99.22 99.22 1,383,250 1,351,572
(AANE) Belitung
Agribusiness
PT Austindo Nusantara Jaya Agri (ANJA) Binanga, North 1995 99.99 99.99 521,313,722 504,369,402
Sumatera
PT ANJ Agri Papua (ANJAP) South Sorong, Papua 2017 99.99 99.99 13,249,921 13,481,628
PT Gading Mas Indonesia Teguh (GMIT) Jember 2000 80.00 80.00 11,045,784 10,781,271
Consumer Products
PT Austindo Nusantara Jaya Boga
(ANJB) Jakarta 2014 99.99 99.99 115,230 114,637
Indirect Subsidiaries
Agribusiness
Belitung, Bangka
PT Sahabat Mewah dan Makmur (SMM) Belitung 1994 99.99 99.99 73,347,848 67,346,359
PT Austindo Nusantara Jaya Agri Siais South Angkola, North 2009 99.99 99.99 47,162,032 47,618,416
(ANJAS) Sumatera
PT Kayung Agro Lestari (KAL) Ketapang, West 2014 99.99 99.99 83,107,019 81,285,776
Kalimantan
PT Galempa Sejahtera Bersama (GSB) South Sumatera 2022 99.99 99.99 10,359,139 9,568,139
PT Putera Manunggal Perkasa (PMP) South Sorong and 2020 99.99 99.99 127,202,129 129,540,127
Maybrat
PT Permata Putera Mandiri (PPM) South Sorong, Papua 2020 99.99 99.99 100,220,105 102,016,808
PT Lestari Sagu Papua (LSP) South Sorong, Papua Pre-operating 51.00 51.00 262,580 252,306
7
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
1. GENERAL (Continued)
d. Subsidiaries (Continued)
i. Details of the Group’s subsidiaries at the end of the reporting periods are as follows (Continued):
PT ANJ Agri Papua (ANJAP)
Based on Deed No. 339 of Notary Kartika, S.H., M.Kn. dated 2 December 2022 the shareholders of
ANJAP approved the increase of issued and paid up capital from Rp 962,152,000,000 to
Rp 1,035,852,000,000 by issuing 73,700 new shares which were subscribed and paid by SMM. The
increase in paid up capital was reported and accepted by the Minister of Law and Human Rights of the
Republic of Indonesia in its decision letter No. AHU-AH.01.03-0322023 dated 6 December 2022. The
Company’s direct ownership in ANJAP decreased from 91.92% to 85.38%.
Based on Deed No. 771 of Notary Kartika, S.H., M.Kn. dated 14 November 2023 the shareholders of
ANJAP approved the increase of issued and paid up capital from Rp 1,035,852,000,000 to Rp
1,103,652,000,000 by issuing 67,800 new shares which were subscribed and paid by SMM. The increase
in paid up capital was reported and accepted by the Minister of Law and Human Rights of the Republic of
Indonesia in its decision letter No. AHU-AH.01.03-0143619 dated 20 November 2023. The Company’s
direct ownership in ANJAP decreased from 85.38% to 80.14%.
PT Gading Mas Indonesia Teguh (GMIT)
Based on Deed No. 340 of Notary Kartika, S.H., M.Kn. dated 2 December 2022, the shareholders of GMIT
approved the increase of issued and paid up capital from Rp 254,621,648,000 to Rp 270,034,765,000 by
issuing 94,559 new shares, of which 75,647 shares were subscribed and paid by the Company and 18,912
shares were subscribed and paid by AJI HK Limited. The increase in capital was reported and accepted by
the Minister of Law and Human Rights of the Republic of Indonesia in its decision letter No. AHU-
AH.01.03-0322060 dated 6 December 2022. The Company’s direct ownership in GMIT remains at
80.00%.
Based on Deed No. 772 of Notary Kartika, S.H., M.Kn. dated 14 November 2023, the shareholders of
GMIT approved the increase of issued and paid up capital from Rp 270,034,765,000 to
Rp 289,623,290,000 by issuing 120,175 new shares, of which 96,140 shares were subscribed and paid by
the Company and 24,035 shares were subscribed and paid by AJI HK Limited. The increase in capital was
reported and accepted by the Minister of Law and Human Rights of the Republic of Indonesia in its
decision letter No. AHU-AH.01.03-0143633 dated 20 November 2023. The Company’s direct ownership in
GMIT remains at 80.00%.
PT Austindo Nusantara Jaya Boga (ANJB)
Based on Deed No. 338 of Notary Kartika, S.H., M.Kn. dated 2 December 2022, the shareholders of ANJB
approved the increase of issued and paid up capital from Rp 7,830,000,000 to Rp 9,530,000,000 by
issuing 1,700,000 new shares, all of which was subscribed and paid by the Company. The increase in paid
up capital was reported and accepted by the Minister of Law and Human Rights of the Republic of
Indonesia in its decision letter No. AHU-AH. 01.03-0322327 dated 7 December 2022. The Company’s
direct ownership in ANJB is 99.99%.
Based on Deed No. 770 of Notary Kartika, S.H., M.Kn. dated 14 November 2023, the shareholders of
ANJB approved the increase of issued and paid up capital from Rp 9,530,000,000 to Rp 10,130,000,000
by issuing 600,000 new shares, all of which was subscribed and paid by the Company. The increase in
paid up capital was reported and accepted by the Minister of Law and Human Rights of the Republic of
Indonesia in its decision letter No. AHU-AH. 01.03-0143614 dated 20 November 2023. The Company’s
direct ownership in ANJB is 99.99%.
8
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
1. GENERAL (Continued)
d. Subsidiaries (Continued)
i. Details of the Group’s subsidiaries at the end of the reporting periods are as follows (Continued):
PT Kayung Agro Lestari (KAL)
Based on Deed No. 157 of Notary Kartika, S.H., M.Kn. dated 4 April 2022, the shareholders of KAL
approved the decrease of issued and paid up capital from Rp 1,408,285,000,000 to Rp 976,285,000,000
by retiring 863,500 shares owned by ANJA and 500 shares owned by SMM. The decrease in capital was
reported and accepted by the Minister of Law and Human Rights of the Republic of Indonesia in its
decision letter No. AHU-0037609.AH.01.02 dated 5 June 2022. ANJA’s direct ownership in KAL remains at
99.95%.
PT Galempa Sejahtera Bersama (GSB)
Based on Deed No. 341 of Notary Kartika S.H., M.Kn., dated 2 December 2022, the shareholders of GSB
approved the increase of issued and paid-up share capital from Rp 231,770,000,000 (2,317,770 shares) to
Rp 252,120,000,000 (2,521,200 shares). From 203,500 new shares, ANJA subscribed and paid for 100%
ownership, whereas the Company will not participate in the capital increase. Thus, the percentage of
ownership of new shares issued to ANJA and the Company become 95.40% and 4.60% ownership,
respectively. The increase in paid-up share capital was reported and accepted by Ministry of Law ans
Human Rights of the Republic Of Indonesia in its decision letter No. AHU-AH.01-03-0322053 dated 6
December 2022.
Based on Deed No. 768 of Notary Kartika S.H., M.Kn., dated 14 November 2023, the shareholders of
GSB approved the increase of authorized capital from Rp 300,000,000,000 to Rp 350,000,000,000 and
paid-up share capital from Rp 252,120,000,000 (2,521,200 shares) to Rp 259,720,000,000 (2,597,200
shares). From 76,000 new shares, ANJA subscribed and paid for 100% ownership, whereas the Company
will not participate in the capital increase. Thus, the percentage of ownership of new shares issued to
ANJA and the Company become 95.54% and 4.46% ownership, respectively. The increase in authorized
capital and paid-up share capital were approved, reported and accepted by Ministry of Law ans Human
Rights of the Republic Of Indonesia in its decision letter No. AHU-0071443.AH.01.02.TAHUN 2023 and
AHU-AH.01-03-0143594 dated 20 November 2023.
PT Putera Manunggal Perkasa (PMP)
Based on Deed No.342 of Notary Kartika, S.H., M.Kn. dated 2 December 2022, the shareholders of PMP
approved the increase of issued and paid up capital from Rp 1,659,515,000,000 to Rp 1,896,589,000,000
by issuing 237,074,000 new shares, all of which were subscribed and paid by ANJA. The increase in
capital was was reported and accepted by the Minister of Law and Human Rights of the Republic of
Indonesia in its decision letter No. AHU-AH.01.03-0322777 dated 7 December 2022. ANJA’s direct
ownership in PMP increased from 60.00% to 65.00% and Company’s direct ownership decreased from
40.00% to 35.00%.
Based on Deed No.769 of Notary Kartika, S.H., M.Kn. dated 14 November 2023, the shareholders of PMP
approved the increase of authorized capital from Rp 2,000,000,000,000 to Rp 2,500,000,000,000 and
paid up share capital from Rp 1,896,589,000,000 to Rp 1,952,371,000,000 by issuing 55,782,000 new
shares, all of which were subscribed and paid by ANJA. The increase in authorized capital and paid-up
share capital were approved, reported and accepted by the Minister of Law and Human Rights of the
Republic of Indonesia in its decision letter No. AHU·0071447.AH.01.02.TAHUN 2023 and AHU-AH.01.03-
0143605 dated 20 November 2023. ANJA’s direct ownership in PMP increased from 65.00% to 66.00%
and Company’s direct ownership decreased from 35.00% to 34.00%.
9
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
1. GENERAL (Continued)
d. Subsidiaries (Continued)
i. Details of the Group’s subsidiaries at the end of the reporting periods are as follows (Continued):
PT Permata Putera Mandiri (PPM)
Based on Deed No. 343 of Notary Kartika, S.H., M.Kn. dated 2 December 2022, the shareholders of PPM
approved the increase of issued and paid up capital from Rp 1,373,482,000,000 to Rp 1,569,694,000,000
by issuing 196,212,000 new shares,all of which were subscribed and paid by ANJA. The increase in
capital was was reported and accepted by the Minister of Law and Human Rights of the Republic of
Indonesia in its decision letter No. AHU-AH.01.03-0322771 dated 7 December 2022. ANJA’s direct
ownership in PPM increased from 60.00% to 65.00% and Company’s direct ownership decreased from
40.00% to 35.00%.
Based on Deed No. 773 of Notary Kartika, S.H., M.Kn. dated 14 November 2023, the shareholders of
PPM approved the increase of issued and paid up capital from Rp 1,569,694,000,000 to Rp
1,716,853,000,000 by issuing 147,159,000 new shares,all of which were subscribed and paid by ANJA.
The increase in capital was was reported and accepted by the Minister of Law and Human Rights of the
Republic of Indonesia in its decision letter No. AHU-AH.01.03-0143634 dated 20 November 2023. ANJA’s
direct ownership in PPM increased from 65.00% to 68.00% and Company’s direct ownership decreased
from 35.00% to 32.00%.
ii. Details of non-wholly owned subsidiaries that have non-controlling interests to the Group are further
disclosed in Note 30.
2. ADOPTION OF NEW AND REVISED STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS (“PSAK”)
a. PSAK effective in the current year
In the current year, the Group has applied a number of Amendments to PSAK issued by the Financial
Accounting Standards Board of the Indonesian Institute of Accountants that are relevant and effective for
accounting period beginning on 1 January 2023:
- Amendment to PSAK 1: “Disclosure of Accounting Policies”
Amendment to PSAK 1 requires entities to disclose “material accounting policy information” which was
previously “significant accounting policies” and clarifies that not all accounting policy information related
to transactions, other material events or conditions are material to the financial statements.
- Amendment to PSAK 25: “Accounting Policies, Changes in Accounting Estimates and Errors”
Amendment to PSAK 25 introduces the definition of accounting estimates and clarifies: (i) estimation and
valuation techniques are examples of measurement techniques used in developing accounting estimates,
(ii) changes in accounting estimates as a result of new information or developments that are not from
corrections of errors.
- Amendment to PSAK 46: “Deferred Tax related to Assets and Liabilities arising from a Single
Transaction”
This amendment requires an entity to recognize deferred tax on particular transactions that, on initial
recognition, give rise to equal amounts of taxable and deductible temporary differences. This amendment
applies to transactions for which an entity recognizes both an asset and a liability, such as leases and
decommissioning obligations.
The adoption of those amendments does not have material effect to the consolidated financial statements. \
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
2. ADOPTION OF NEW AND REVISED STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS (“PSAK”)
(Continued)
b. Standard issued but not yet adopted
The following standard was issued, but is not yet effective in 2023:
- Amendment to PSAK 73: “Leases”
Amendment to PSAK 73 confirms the subsequent measurement of right-of-use assets and leased
liabilities from sale and leaseback transactions. The seller-lessee (seller-lessee) measures the lease
liability in such a way that it will not recognize the amount of gain or loss associated with the retained
rights of use asset.
- Amendment to PSAK 1: “Classification of Liabilities as Current or Non-Current”
This amendment to PSAK 1 stipulates that long-term liabilities with covenants are presented as short-
term or long-term liabilities depending on the right to defer liabilities settlement. Covenants in this case
are divided into covenants that affect and do not affect the right to delay the settlement of liabilities for at
least 12 months after the reporting period.
Those amendments to PSAK will be efective for the financial reporting beginning on 1 January 2024. Early
adoption on the amendments is permitted.
As of the issuance date of the consolidated financial statements, management is still evaluating the effect of
adoption of those amendments on the consolidated financial statements.
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES
-
The accounting policies set out below have been applied consistently to all periods in these consolidated financial
statements.
a. Statement of Compliance
The consolidated financial statements of the Group have been prepared in accordance with Indonesian
Financial Accounting Standards.
b. Basis of Preparation
The Company’s directors approved the consolidated financial statements for issuance on 29 February 2024.
The consolidated financial statements, have been prepared on the accrual basis using the historical cost
concept, except where the accounting standards require fair value measurement at the end of each reporting
period, as explained in the accounting policies below. These consolidated financial statements are presented
in United States Dollar (US$), which is the Company’s functional currency.
Historical cost is generally based on the fair value of the consideration given in exchange for goods and
services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.
The consolidated statements of cash flows are prepared using the direct method with classification of cash
flows into operating, investing and financing activities.
c. Basis of Consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities
(including structured entities) controlled by the Company and its subsidiaries. Control is achieved when the
Company has the power over the investee; is exposed, or has rights, to variable returns from its involvement
with the investee; and has the ability to use its power to affect its returns.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
c. Basis of Consolidation (Continued)
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control listed above.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases
when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary
acquired or disposed during the year are included in the consolidated statement of profit or loss and other
comprehensive income from the date the Company gains control until the date when the Company ceases
to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the owners of the
Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to
the owners of the Company and to the non-controlling interests even if this results in the non-controlling
interests having a deficit balance.
The accounting policies adopted in these consolidated financial statements are consistently applied by the
Company and subsidiaries.
Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group
transactions, are eliminated.
Changes in the Company’s ownership interests in subsidiaries that do not result in the Company losing
control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the
Company’s interests and the non-controlling interests are adjusted to reflect the changes in their relative
interests in the subsidiaries. Any 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 Company.
When the Group loses control of a subsidiary, a gain or loss is recognized in profit or loss and is calculated
as the difference between (i) the aggregate of the fair value of the consideration received and the fair value
of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities
of the subsidiary and any non-controlling interests. All amounts previously recognized in other
comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed
of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another
category of equity as specified/permitted by the applicable accounting standards). The fair value of any
investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on
initial recognition for subsequent accounting under PSAK 71 or when applicable, the cost on initial
recognition of an investment in an associate or a jointly controlled entity.
d. Business Combination
Business combination is accounted for using the acquisition method. The consideration transferred in a
business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair
values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the
acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-
related costs are recognized in profit or loss as incurred.
At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their
fair value except for certain assets and liabilities that are measured in accordance with the relevant
standards.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
d. Business Combination (Continued)
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-
controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the
acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the
liabilities assumed. If, after the reassessment, the net of the acquisition-date amounts of the identifiable
assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of
any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in
the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase option.
Non-controlling interests that are present ownership interests and entitle their holders to a proportionate
share of the entity’s net assets in the event of liquidation may be initially measured either at fair value or at
the non-controlling interests’ proportionate share of the acquiree’s identifiable net assets. The choice of
measurement basis is made on a transaction-by-transaction basis. Other types of non-controlling interests
are measured at fair value or, when applicable, on the basis specified in another accounting standard.
When the consideration transferred by the Group in a business combination includes assets or liabilities
resulting from a contingent consideration arrangement, the contingent consideration is measured at its
acquisition-date fair value and included as part of the consideration transferred in a business combination.
Changes in the fair value of the contingent consideration that qualify as measurement period adjustments
are adjusted retrospectively against goodwill. Measurement period adjustments are adjustments that arise
from additional information obtained during the measurement period (which cannot exceed one year from
the acquisition date) about facts and circumstances that existed at the acquisition date.
The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify
as measurement period adjustments depends on how the contingent consideration is classified. Contingent
consideration that is classified as equity is not remeasured at subsequent reporting dates and its
subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset
or liability is remeasured subsequent to reporting dates at fair value, with changes in fair value recognized in
profit or loss.
When a business combination is achieved in stages, the Group’s previously held equity interest in the
acquiree is remeasured to fair value at the acquisition date and the resulting gain or loss, if any, is
recognized in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that
have previously been recognized in other comprehensive income are reclassified to profit or loss, where
such treatment would be appropriate if the interests were disposed of.
If the initial accounting for a business combination is incomplete by the end of the reporting period in which
the combination occurs, the Group reports provisional amounts for the items for which the accounting is
incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or
liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as
of the acquisition date that, if known, would have affected the amount recognized as of that date.
e. Business Combination Under Common Control
Business combination of entities under common control that qualifies as a business is accounted for using
pooling of interest method where assets and liabilities acquired in the business combination are recorded by
the acquirer at their book values.
The difference between the transfer price and the book value is presented as Additional Paid in Capital and
is not recycled to profit or loss.
The pooling of interest method is applied as if the entities had been combined from the period when the
merging entities were placed under common control.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
f. Foreign Currency Transactions and Translation
The individual financial statements of each Group’s entity are measured and presented in the currency of
the primary economic environment in which the entity operates (its functional currency). The consolidated
financial statements of the Group and the financial statements of the Company are presented in United
Stated Dollar, which is the functional currency of the Company and the presentation currency for the
consolidated financial statements.
In preparing the financial statements of each individual group entity, transactions in currencies other than
the entity’s functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the
dates of the transactions. At the end of each reporting period, monetary items denominated in foreign
currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that
are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value
was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are
not retranslated.
Exchange differences on monetary items are recognized in profit or loss in the period in which they arise
except for:
Exchange differences on foreign currency borrowing relating to assets under construction for future
productive use, which are included in the cost of those assets when they are regarded as an
adjustment to interest costs on those foreign currency borrowing.
Exchange differences on transaction entered into in order to hedge certain foreign currency risks.
Exchange differences on monetary items receivable from or payable to a foreign currency operation for
which settlement is neither planned nor likely to occur (therefore forming part of the net investment in
the foreign operation), which are recognized initially in other comprehensive income and reclassified
from equity to profit or loss on repayment of the monetary items.
g. Transactions with Related Parties
A related party is a person or entity that is related to the Group (the reporting entity):
(a) A person or a close member of that person's family is related to the reporting entity if that person:
i. has control or joint control over the reporting entity;
ii. has significant influence over the reporting entity; or
iii. is a member of the key management personnel of the reporting entity or of a parent of the reporting
entity.
(b) An entity is related to the reporting entity if any of the following conditions applies:
i. The entity and the reporting entity are members of the same group (which means that each parent,
subsidiaries and fellow subsidiaries is related to the other).
ii. One entity is an associate or joint venture of the other entity (or an associate or joint venture of a
member of a 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 of the third entity.
v. The entity is a post-employment benefit plan for the benefit of employees of either the reporting
entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the
sponsoring entities are also related to the reporting entity.
vi. The entity is controlled or jointly controlled by a person identified in (a).
vii. A person identified in (a) (i) has significant influence over the entity or is a member of the key
management personnel of the entity (or of a parent of the entity).
viii. The entity, or any member of a group of which it is a part, provides key management personnel
services to the reporting entity or to the parent of the reporting entity.
Significant transactions with related parties, whether or not made at similar terms and conditions as those
done with third parties, are disclosed in the consolidated financial statements.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
h. Financial Instruments
Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual
provisions of the instrument.
i. Financial Assets
On initial recognition, a financial asset is classified as measured at amortized cost; fair value through
other comprehensive income (“FVOCI”) - debt investment; FVOCI - equity investment; or, fair value
through profit or loss (“FVTPL”).
Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its
business model for managing financial assets in which case all affected financial assets are reclassified
on the first day of the first reporting period following the change in the business model.
The financial assets that are measured at amortized cost consist of cash in banks and cash equivalents,
investments in marketable securities, receivable from service concession arrangement, trade accounts
receivable, other receivables, refundable deposits and plasma receivable (recorded as other non-current
assets). These financial assets are initially recognized at fair value plus directly attributable transaction
costs, and subsequently are measured at amortized cost using the effective interest method. The
amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and
impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or
loss.
Investments in equity securities are categorized as measured-at-FVOCI financial assets. These financial
assets are recognized and measured at fair value. All gains or losses are recognized in other
comprehensive income and are not reclassified to the income statement when the investments are sold
or derecognized, aside from dividends which are recognized in the income statement when the right to
receive payment is established.
ii. Financial Liabilities
Financial liabilities are classified as either measured at amortized cost, or FVTPL. A financial liability is
classified as at FVTPL if it is classified as held-for-trading, if it is a derivative, or if it is designated as
such on initial recognition.
Bank loans, trade accounts payable, provision for service concession arrangement, other payables, and
accruals, are initially measured at fair value, plus transaction costs and subsequently measured at
amortized cost using the effective interest method. Interest expense and foreign exchange gains and
losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or
loss.
Derivative payables are classified as at FVTPL, and all gains or losses, and interest charges, are
recognized in profit or loss.
iii. Derecognition
Financial assets
The Group derecognizes a financial asset when the contractual rights to the cash flows from the
financial asset expire, or when it transfers the rights to receive the contractual cash flows in a transaction
in which substantially all of the risks and rewards of ownership of the financial asset are transferred: i.e.
when control over the financial asset is relinquished.
In a transaction where a financial asset is transferred but the risks and rewards associated with
ownership are somehow retained, the transferred asset is not derecognized.
15
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
h. Financial Instruments (Continued)
iii. Derecognition (Continued)
Financial liability
The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled,
or otherwise extinguished. The Group also derecognizes a financial liability when its terms are modified
and the cash flows of the modified liability are substantially different, in which case a new financial
liability, based on the modified terms, is recognized at fair value.
On derecognition of a financial liability, the difference between the carrying amount extinguished and the
consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in
profit or loss.
iv. Offsetting
Financial assets and liabilities are offset and the net amount presented in the statements of financial
position when, Group currently have legally enforceable right to set off the recognized amounts and
intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
v. Impairment
The Group recognizes loss allowances for expected credit loss (“ECL”) on financial assets measured at
amortized cost.
Measurement of ECLs
ECLs are a probability-weighted estimates of credit losses. Credit losses are measured as the present
value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with
the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective
interest rate of the financial asset.
Presentation of allowance for ECL in the consolidated statement of financial position
Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying
amount of the assets.
The Group measures loss allowances at an amount equal to lifetime ECL, except for bank balances for
which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not
increased significantly since initial recognition, which are measured as 12-month ECL.
Loss allowances for trade and other receivables measured at amortized cost are always measured at an
amount equal to lifetime ECL.
i. Cash and Cash Equivalents
For cash flow presentation purposes, cash and
cash equivalents consists of cash on hand and in banks and investments which (i) have maturities of three
months or less from the date of placement, (ii) are not pledged as collateral and (iii) are unrestricted.
j. Time Deposits
Time deposits with maturities of three months or less which are pledged as collateral or restricted and time
deposits with maturities of more than three months that are realizable within one year from reporting period are
presented separately.
16
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
k. Receivable from Service Concession Arrangement
Receivable due from concession project represents services provided in connection with the service
concession arrangement for which guaranteed minimum payments have been agreed irrespective of the
extent of use. Due to the length of the payment plans, receivables are measured at present value of amortized
cost.
The annual accumulation of interest on these discounted values is presented as interest income under
revenue. Customers’ payments divided into a portion to be deducted from the receivable and interest on the
unpaid amounts and a portion for the other concession services.
If collection is expected in one year or less, it is classified as current assets. Otherwise, it is presented as non-
current assets.
l. Inventories
Inventories are stated at cost or net realizable value, whichever is lower.
Net realizable value is the estimated selling price in the ordinary course of business, less the estimated cost of
completion and the estimated selling cost.
Cost of palm oil finished goods comprises fair value less costs to sell of fresh fruit bunch at the date of harvest
and processing cost. Cost of edamame transferred from biological assets is at its fair value less costs to sell at
the date of harvest. Cost of finished goods inventories are determined using the weighted average method.
Materials, spare parts and supplies are stated at cost, which is calculated using the weighted average method.
Allowance for decline in value of inventories is provided based on a review of the condition of the inventories
at year end.
m. Property, Plant and Equipment - Direct Acquisitions
Property, plant and equipment held for use in the production or supply of goods or services, or for
administrative purposes, are stated at cost, less accumulated depreciation and any accumulated impairment
losses.
Depreciation is recognized so as to write-off the cost of assets, computed on the cost of assets less estimated
residual value using the straight-line method based on the estimated useful lives of the assets as follows:
Years
Buildings, roads and bridges 4 – 20
Machinery and equipment 4 – 20
Computer and communication equipment 4
Office equipment, furniture and fixtures 4–8
Motor vehicles 4–8
The estimated useful lives and depreciation method are reviewed at each year end.
The cost of maintenance and repairs is charged to profit or loss as incurred. Other costs incurred
subsequently related to addition, replacement or service of property, plant and equipment are recognized as
asset if, and only if, it is probable that future economic benefits associated with the item will flow to the entity
and the cost of the item can be measured reliably.
When assets are retired or otherwise disposed of, their carrying values are removed from the accounts and
any resulting gain or loss is reflected in profit or loss.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
m. Property, Plant and Equipment - Direct Acquisitions (Continued)
Construction in progress is stated at cost, which include borrowing costs during construction on debts incurred
to finance the construction. Accumulated cost will be transferred to the respective property, plant and
equipment account when the construction is completed and the asset is ready for use.
Proceeds from the sale of the product when the asset is still during construction during the trial production is
recognized in profit or loss including the related production costs.
Land
Land is stated at cost and not depreciated.
Land cost consists of acquisition cost, land compensation cost and all legal processing cost of landrights.
During the process of obtaining legal landrights (i.e. Land Cultivation Rights or Hak Guna Usaha/HGU title), all
relevant expenses incurred will be recognized as advances and will be reclassified as land cost when the HGU
is obtained.
n. Goodwill
Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition
of the business less accumulated impairment losses, if any.
For the purpose of impairment testing, goodwill is allocated to each of the Group cash-generating units
expected to benefit from the synergies of the combination. A cash-generating unit to which goodwill has
been allocated is tested for impairment annually. If the recoverable amount of the cash-generating unit is
less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any
goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying
amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a
subsequent periods.
On the disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the
determination of the profit or loss on disposal.
o. Bearer Plants
Bearer plants (palm plantations) are classified as immature and mature plantations.
Immature plantations are stated at cost which represents accumulated costs incurred on the palm
plantations before they mature and produce crops. Such costs include the cost for nurseries, field
preparation, planting, fertilizing, maintenance, interest on debts incurred to finance the development of
plantations until maturity, and allocation of other indirect costs based on hectares planted. These costs
are accumulated up to the time the plantations are ready for harvest, for as long as the carrying value of
such immature plantations do not exceed the higher of replacement cost or recoverable amount.
Proceeds from sale of the products of bearer plants prior to the palm plantations are considered mature is
recognized in profit or loss including with the related cost such as the cost for fertilizing, maintenance,
harvesting and transport.
Palm plantations are considered mature when (1) the age of the plantations in a block are at the minimum
36 months old with the productivity at a minimum of 3.5 ton per hectare per year or (2) the age of the
plantations in a block has reached 48 months. At the time palm plantations are considered mature,
immature plantations are reclassified to mature plantations account and are depreciated from the date of
transfer.
Mature plantations are stated at cost as of the date of transfer, less accumulated depreciation. Mature
plantations are depreciated using the straight line method based on the estimated productive lives of the
mature plantations which is 20 years.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
p. Biological Assets
Biological assets comprise of agricultural produce growing on bearer plants up to the point to be harvested,
which are referred as Fresh Fruit Bunches (“FFB”) that grows on mature palm plantations and edamame
plants. Biological assets measured at fair value less costs to sell. Gains or losses arising from the initial
recognition and changes in fair value are recognized in the profit or loss for the period when they arise.
The fair value of FFB biological assets is estimated by reference to the projected harvest quantities and
market price of FFB as at the financial position date, net of depreciation, maintenance and harvesting costs
and estimated costs to sell. The fair value of edamame plants biological assets is estimated by reference to
the estimated harvesting yields and market price of edamame as at the financial position date, net of
maintenance and harvesting costs and estimated cost to sell. FFB and edamame plants biological assets
are presented as part of current assets in the consolidated statement of financial position.
q. Intangible Assets
Intangible assets comprise of deferred charges for landrights and computer software, which have finite
useful lives, and are measured at cost less accumulated amortization. Amortization is recognized in profit or
loss on a straight-line basis over the estimated useful lives of intangible assets, from the date they are
available for use. The Group’s estimated useful life of the computer software is 4 years while for deferred
charges of landrights is over the legal term of the renewal extension or over the economic life of the asset,
whichever is shorter, ranging from 20 – 55 years.
r. Impairment of Non-Financial Assets
At the end of each reporting period, the Group reviews the carrying amount of non-financial assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any). If it is not possible to estimate the recoverable amount of an individual asset, the
Group estimates the recoverable amount of the cash generating unit to which the asset belongs.
Estimated recoverable amount is the higher of fair value less cost to sell or value in use. In assessing value
in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset for
which the estimates of future cash flows have not been adjusted.
If the recoverable amount of a non-financial asset (cash generating unit) is less than its carrying amount, the
carrying amount of the asset (cash generating unit) is reduced to its recoverable amount and an impairment
loss is recognized immediately in profit or loss.
Further policy for impairment of financial assets is discussed in Note 3h, while for impairment of goodwill is
discussed in Note 3n.
s. Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or
contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time
in exchange for consideration. To assess whether a contract conveys the right to control the use of an
identified asset, the Group assesses whether:
- The contract involves the use of an identified asset – this may be specified explicitly or implicitly, and
should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If
the supplier has a substantive substitution right, then the asset is not identified;
- The Group has the right to obtain substantially all of the economic benefits from use of the asset
throughout the period of use; and
- The Group has the right to direct the use of the asset. The Company has this right when it has the
decision making rights that are most relevant to changing how and for what purpose the asset is used.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
s. Leases (Continued)
At inception or on reassessment of a contract that contains a lease component, the Group allocates the
consideration in the contract to each lease component on the basis of their relative stand-alone prices.
The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The
right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability
adjusted for any lease payments made at or before the commencement date, plus any initial direct costs
incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the
underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement
date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The
estimated useful lives of right-of-use assets are determined on the same basis as those of fixed assets. In
addition, the right-of-use asset is periodically reduced by impairment losses if any, and adjusted for certain
remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be
readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental
borrowing rate as the discount rate.
Lease payments included in the measurement of the lease liability comprise the following:
- Fixed payments, including in-substance fixed payments;
- Variable lease payments that depend on the index or a rate, initially measured using the index or rate
as at the commencement date;
- Amounts expected to be payable under a residual value guarantee; and
- The exercise price under a purchase option that the Group is reasonably certain to exercise, lease
payments in an option renewal period if the Group is reasonably certain to exercise an extension
option, and penalties for early termination of a lease unless the Group is reasonably certain not to
terminate early.
When the lease liability is measured this way, a corresponding adjustment is made to the carrying amount
of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has
been reduced to zero.
Short term leases and leases of low-value assets
The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases that
have a lease term of 12 months or less and leases of low value assets. The Group recognizes the lease
payments associated with these leases as an expense on a straight-line basis over the lease term.
20
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
t. Provisions
Provision is recognized when: (i) the Group has a present obligation (legal or constructive) as a result of a past
event, (ii) it is probable that the Group will be required to settle the obligation, and (iii) a reliable estimate can be
made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle the present
obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the
obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its
carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a
third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received
and the amount of the receivable can be measured reliably.
Provision for Service Concession Arrangements
Under the concession arrangement, AANE as the service provider is responsible for the maintenance of
Electricity Generation Facility under its management. In this case, AANE is responsible to conduct a major
overhaul of gas engine, which varies every 12,000 hours (approximately 4 years) until 64,000 hours
(approximately 8 years) of its operation.
Since AANE are not specifically remunerated for its maintenance activities, such maintenance costs are then
recognized and measured in accordance with PSAK 57, Provision, Contingent Liabilities and Contingent
Assets, that is, at the present value of the expenditures expected to be required to settle the obligations using a
pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the obligations.
u. Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets including
development of immature plantations, which are assets that necessarily take a substantial period of time to get
ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are
substantially ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on
qualifying assets is deducted from the borrowing costs eligible for capitalization.
All other borrowing costs are recognized in profit or loss in the period in which they are incurred.
v. Revenue Recognition
Revenue is measured based on the consideration specified in a contract with a customer. The Group
recognizes revenue when it transfers control over a product to a customer.
The following is the information about the nature and timing of the satisfaction of performance obligations in
contracts with customers, including significant payment terms, and the related revenue recognition policies
under PSAK 72:
- Revenue is recognized when the customer obtains control of the goods. Export sales are recognized
when the control is transferred upon shipping in accordance with the sales term, while domestic sales
are recognized when the control is transferred upon delivery of the goods to the customers because by
that time the customer can direct the use of the goods and will obtain substantially all of the economic
benefits from the goods.
- The Group does not provide shipping and handling services after control of the goods is transferred to
the customers.
21
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
v. Revenue Recognition (Continued)
Service Concession Arrangement
Group recognizes a financial asset arising from a service concession arrangement when it has unconditional
contractual right to receive cash or another financial asset from or at the direction of the grantor. Such financial
assets are measured at fair value on initial recognition and classified as loan and receivables. Subsequent to
initial recognition, the financial assets are measured at amortized cost.
Construction services related to service concession arrangement are recognized as revenue in accordance with
PSAK 72 ”Revenue from Contracts with Customers” (previously PSAK 34 “Construction Contracts”) using the
percentage of completion method based on the assumption of zero profit margin, considering that the
construction cost is approximate to the fair value of construction revenue.
Under the service concession arrangement, AANE received only one consideration for its services.
Management is of the opinion that the margin of the overall consideration should then be split into two
different activities i.e. (1) financing activities and (2) operation and maintenance activities. AANE employed
the residual value method in allocating the margin of the overall consideration into financing, and operation
and maintenance activities. The finance income from the financing activities is determined based on
prevailing rate of lending for a similar concession arrangement.
Dividend Income
Dividend income from investments is recognized when the shareholders’ rights to receive the payment have
been established.
Interest Income
Interest income is recognized on a timely basis, by reference to the outstanding principal and at the
applicable effective interest rate.
w. Employee Benefits
The Company and certain subsidiary established defined benefit pension plan covering all the local
permanent employees. In addition, the Group also provides post-employment benefits as required under
Labor Law in Indonesia. For normal pension scheme, the Group calculates and recognizes the higher of the
benefits under the Labor Law and those under such pension plan.
The cost of providing benefits is determined using the projected unit credit method, with actuarial valuations
being carried out at the end of each annual reporting period.
Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if
applicable) and the return on plan assets (excluding interest), is reflected immediately in the consolidated
statement of financial position with a charge or credit recognized in other comprehensive income in the
period in which they occur. Remeasurement recognized in other comprehensive income is reflected
immediately in retained earning and will not be reclassified to profit or loss. Past service cost is recognized
in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at
the beginning of the period to the net defined benefit liability or asset.
Defined benefit costs are categorized as follows:
- Service cost (including current service cost, past service cost, as well as gains and losses on
curtailments and settlements).
- Net interest expense or income.
- Remeasurement.
The Group presents the first two components of defined benefit costs in profit or loss. Curtailment gains and
losses are accounted for as past service costs. Gains or losses arising from actuarial remeasurements of
the net defined benefit liability are recognized immediately in other comprehensive income.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
w. Employee Benefits (Continued)
The retirement benefit obligation recognized in the consolidated statement of financial position represents
the actual deficit or surplus in the Group’s defined benefit plans. Any surplus resulting from this calculation is
limited to the present value of any economic benefits available in the form of refunds from the plans or
reductions in future contributions to the plans.
A liability for a termination benefit is recognized at the earlier of when the entity can no longer withdraw the
offer of the termination benefit and when the entity recognizes any related restructuring costs.
x. Income Tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax
as reported in the consolidated statement of profit or loss and other comprehensive income because of
items of income or expense that are taxable or deductible in other years and items that are never taxable or
deductible.
Current tax expense is determined based on the taxable income for the period computed using prevailing
tax rates.
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities
in the consolidated financial statements and the corresponding tax bases used in the computation of taxable
profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax
assets are generally recognized for all deductible temporary differences to the extent that is probable that
taxable profits will be available against which those deductible temporary differences can be utilized. Such
deferred tax assets and liabilities are not recognized if the temporary differences arises from the initial
recognition (other than in a business combination) of assets and liabilities in a transaction that affects
neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognized if the
temporary differences arises from the initial recognition of goodwill.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in
which the liability is settled or the asset realized, based on the tax rates (and tax regulation) that have been
enacted, or substantively enacted, by the end of the reporting period.
The measurement of deferred tax assets and liabilities reflects the tax consequences that would follow from
the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying
amount of their assets and liabilities.
The carrying amount of deferred tax asset is reviewed at the end of each reporting period and reduced to
the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the
asset to be recovered.
Current and deferred tax are recognized as an expense or income in profit or loss, except when they relate
to items that are recognized outside of profit or loss (whether in other comprehensive income or directly in
equity), in which case the tax is also recognized outside of profit or loss, or where they arise from the initial
accounting for a business combination. In the case of a business combination, the tax effect is included in
the accounting for the business combination.
Deferred tax assets and liabilities are offset when there is legally enforceable right to set off current tax
assets against current tax liabilities and when they relate to income taxes levied by the same taxation
authority on either the same taxable entity or different taxable entities when there is an intention to settle its
current tax assets and current tax liabilities on a net basis, or to realize the assets and settle the liabilities
simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are
expected to be settled or recovered.
y. Earnings per Share
Basic earnings per share is calculated by dividing net income attributable to the owners of the Company by
the weighted average number of shares outstanding during the year.
Diluted earnings per share is calculated by dividing net income attributable to the owners of the Company
by the weighted average number of shares outstanding which has taken into account all effects of all
dilutive potential ordinary shares.
23
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
3. BASIS OF PREPARATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
z. Segment Information
Operating segments are identified based on internal reports on components of the Group that are
regularly reviewed by the chief operating decision maker in order to allocate resources to the segments
and to assess their performances.
An operating segment is a component of an entity:
a) That engages in business activities from which it may earn revenue and incur expenses (including
revenue and expenses relating to the transaction with other components of the same entity);
b) Whose operating results are reviewed regularly by the entity’s chief operating decision maker
responsible for resources allocation to the segments and assessment of its performance; and
c) For which discrete financial information is available.
Information reported to the chief operating decision maker for the purpose of resource allocation and
assessment of their performance is specifically focused on the category by industry.
4. CRITICAL ACCOUNTING JUDGMENTS AND ESTIMATES
In the application of the Group’s accounting policies, which are described in Note 3, the Board of Directors are
required to make judgments, estimates and assumptions that affect the application of the Group’s accounting
policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated
assumptions are made based on historical experience and other relevant factors. Actual results may differ
from these estimated amounts.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognized prospectively.
Critical Judgments in Applying Accounting Policies
In the process of applying the Group’s accounting policies described in Note 3, management has not made any
critical judgment that has significant impact on the amounts recognized in the consolidated financial statements,
apart from those involving estimates, which are described below.
Key Sources of Estimation Uncertainty
Information about the assumptions and estimation uncertainties that may result in causing a material
adjustment to the carrying amounts of assets and liabilities within the following year, are discussed below:
i. Impairment Loss on Loans and Receivables
The Group assesses its loans and receivables for impairment at the end of each reporting period.
Management makes judgement as to the methodology and assumptions for estimating the amount and
timing of future cash flows which are reviewed regularly to reduce any difference between the estimated
loss and actual loss. The carrying amount of loans and receivables are disclosed in Notes 7, 8, 20 and 43.
ii. Estimated Useful Lives of Bearer Plants and Property, Plant and Equipment
The useful life of each item of the Group’s palm oil plantations as well as property, plant and equipment are
estimated based on the period over which the asset is expected to be available for use. Such estimation is
made based on internal technical evaluation and experience with similar assets. The estimated useful life
of each asset is reviewed periodically and updated if expectation differs from previous estimates due to
physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the
asset. Future results of operation could be materially affected by changes in the amounts and timing of
recorded expenses brought about by changes in the factors mentioned above.
The carrying amount of bearer plants and property, plant and equipment are disclosed in Notes 13 and 14.
iii. Biological Assets Valuation
As described in Note 3p, the fair value of FFB biological assets is estimated by reference to the projected
harvest quantities and market price of FFB as at the financial position date, net of depreciation, upkeep
and harvesting costs and estimated costs to sell. The estimation of fair value of biological assets is highly
dependent on the weather, price and the related cost at the time of harvesting. The carrying amount of
biological assets is disclosed in Note 11.
24
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
4. CRITICAL ACCOUNTING JUDGMENTS AND ESTIMATES (Continued)
iv. Impairment of Goodwill
Determination of goodwill impairment requires an estimation of the value in use of the cash-generating
units to which goodwill has been allocated. The value in use calculation requires management to estimate
the future cash flows expected from the cash-generating unit using an appropriate growth rate and a
suitable discount rate in order to calculate present value. Where the actual future cash flows are less than
expected, a material impairment loss may arise.
The carrying amount of goodwill is disclosed in the consolidated statement of financial position and Note
18.
v. Allowance for Decline in Value of Inventories
The Group provides allowance for decline in value of inventories based on estimated future usage of such
inventories. While it is believed that the assumptions used in the estimation of the allowance for decline in
value of inventories are appropriate and reasonable, significant changes in these assumptions may
materially affect the assessment of the allowance for decline in value of inventories, which ultimately will
affect the result of the Group’s operation.
The carrying value of inventories after the provision of the impairment loss of inventories is disclosed in
Note 9.
vi. Realizability of Deferred Tax Assets
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to
the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the
deferred tax assets to be utilized. Based on current assessment, management believes that sufficient
taxable profit will be generated to allow all or part of the deferred tax assets to be utilized.
The carrying amount of deferred tax assets is disclosed in Note 37.
vii. Employment Benefits
The cost of defined benefit plan and present value of the pension obligation are determined based on
actuarial valuation which makes use of various assumptions such as discount rates, expected rates of
return on plan assets, rates of compensation increases and mortality rates. The defined benefit obligation
is highly sensitive to changes in the assumptions.
The carrying amount of the obligation is disclosed in Note 26.
viii. Impairment of Non-Financial Assets
Impairment exists when the carrying value of an asset exceeds its recoverable amount, which is the higher
of its fair value less costs to sell and its value in use. In assessing the value in use, the estimated net future
cash flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessment of the time value of money and the specific risks to the asset.
ix. Valuation of Financial Instruments
As described in Note 47, the Group uses valuation techniques that include inputs that are not based on
observable market data to estimate the fair value of certain types of financial instruments. Note 47 provides
detailed information about the key assumptions used in the determination of the fair value of financial
instruments, as well as the detailed sensitivity analysis for these assumptions.
The management believes that the chosen valuation techniques and assumptions used are appropriate in
determining the fair value of financial instruments.
x. Recoverability of advance for plasma and partnership plantation projects and plasma receivables
The Group uses valuation techniques to determine the recoverability of the advances for plasma and
partnership plantation projects and plasma receivables. The key assumptions used by management in
assessing the recoverability of the advances for plasma and partnership plantation projects projects and
plasma receivables are selling price of Fresh Fruit Bunch (FFB), total FFB purchased, estate costs
(excluding general cost and depreciation), and pre-tax discount rate.
The management believes that the chosen valuation techniques and assumptions used are appropriate in
determining the recoverability of the advances for plasma and partnership plantation projects and plasma
receivable.
25
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
5. CASH AND CASH EQUIVALENTS
31 December 2023 31 December 2022
US$ US$
Cash on hand 169,800 205,807
Bank - third parties
Rupiah
PT Bank Mandiri (Persero) Tbk 1,523,473 2,021,514
PT Bank OCBC NISP Tbk 980,992 5,346,951
PT Bank CIMB Niaga Tbk 330,359 238,411
PT Bank Negara Indonesia (Persero) Tbk 305,098 254,073
PT Bank Rakyat Indonesia Tbk 215,781 182,624
PT Bank Syariah Mandiri 163,480 168,997
PT Bank UOB Indonesia 79,093 44,716
PT Bank Central Asia Tbk 15,192 15,326
PT Bank Pembangunan Daerah Sumatera Selatan dan Bangka Belitung 890 63,923
U.S. Dollar
PT Bank OCBC NISP Tbk 988,033 806,492
PT Bank CIMB Niaga Tbk 194,791 86,497
Bank OCBC Singapore 151,349 152,050
PT Bank Mandiri (Persero) Tbk 106,057 339,032
J.P. Morgan International Bank Ltd. 72,258 47,285
PT Bank UOB Indonesia 9,114 8,684
Credit Suisse Singapore 2,366 2,406
PT Bank BTPN Tbk 998 1,211
PT Bank Central Asia Tbk - 68
Time Deposits - third parties
Rupiah
PT Bank Mandiri (Persero) Tbk 113,523 109,266
PT Bank OCBC NISP Tbk 120,005 158,922
U.S. Dollar
Credit Suisse Singapore 309,994 291,469
PT Bank OCBC NISP Tbk - 275,000
Total 5,852,646 10,820,724
Interest rate per annum of time deposits
Rupiah 2.25% - 4.5% 2.25% - 3.75%
U.S. Dollar 2.25% - 5.45% 0.25% - 2.8%
As of 31 December 2023 and 2022, all of the Company’s, ANJA’s, SMM’s, ANJAS’, PPM’s and PMP’s bank
accounts at PT Bank OCBC NISP Tbk were used as collateral for the bank loan obtained from PT Bank OCBC
NISP Tbk (Note 21).
6. INVESTMENTS IN MARKETABLE SECURITIES
The fair value of the investments in money market fund and bonds is based on market value at the end of
reporting period.
31 December 2023 dan 2022
Acquisition cost Unrealized loss Fair value
US$ US$ US$
Money market fund 490,209 - 490,209
Bonds 65,000 (65,000) -
Total 555,209 (65,000) 490,209
All investments in marketable securities are placed with third parties.
26
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
7. TRADE ACCOUNTS RECEIVABLE
31 December 2023 31 December 2022
US$ US$
Third parties
Palm oil 278,832 989,938
Sago starch 102,148 108,541
Electricity power 100,815 52,714
Others 128,671 160,359
Total 610,466 1,311,552
Less:
Allowance for impairment losses (19,508) (19,117)
Net 590,958 1,292,435
Details of trade accounts receivable based on their currencies are as follows:
31 December 2023 31 December 2022
US$ US$
U.S. Dollar 15,240 78,666
Rupiah 575,718 1,213,769
Total 590,958 1,292,435
The summary of the aging profile of trade accounts receivable is as follows:
31 December 2023 31 December 2022
US$ US$
Not yet due 453,657 297,845
Overdue <30 days 118,487 987,376
Overdue 31-60 days 12,850 7,214
Overdue >60 days 5,964 -
Total 590,958 1,292,435
Management believes that no allowance for impairment losses on trade accounts receivable is adequate.
8. OTHER RECEIVABLES
31 December 2023 31 December 2022
US$ US$
Employee receivables 255,093 167,141
Farmers receivables 652,483 495,628
Others 92,496 77,774
Total 1,000,072 740,543
Less: allowance for impairment losses (220,822) (216,400)
Total 779,250 524,143
Management believes that the allowance for impairment losses as of 31 December 2023 and 2022 of US$
220,822 and US$ 216,400, respectively are adequate to cover any possible losses from uncollectible other
receivables.
27
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
9. INVENTORIES
31 December 2023 31 December 2022
US$ US$
Palm Oil Products 5,467,747 8,352,697
Sago starch 1,406,800 1,452,022
Edamame 493,152 457,223
Supplementary materials, sparepart and others 8,222,589 8,669,268
Total 15,590,288 18,931,210
Allowance for decline in value of inventories (2,585,647) (2,270,077)
Net 13,004,641 16,661,133
31 December 2023 31 December 2022
US$ US$
Changes in the allowance for
decline in value of inventories:
Beginning balance 2,270,077 1,990,246
Addition 346,678 498,021
Write-off (20,242) (27,998)
Translation adjustments (10,866) (190,192)
Ending balance 2,585,647 2,270,077
Management believes that the allowance for decline in value of inventories is adequate.
As of 31 December 2023 and 2022, fiduciary of ANJA’s palm oil inventories amounting to US$ 4.5 million were
used as collateral for the bank loan obtained from PT Bank OCBC NISP Tbk (Note 21).
Palm oil inventories were insured against losses from fire and other risks under a blanket policy amounting to US$
11.1 million and Rp 62 billion as of 31 December 2023 (31 December 2022: US$ 15.2 million and Rp 74 billion).
Management believes that the insurance coverage is adequate to cover possible losses to the Group.
10. PREPAYMENTS AND ADVANCES
31 December 2023 31 December 2022
US$ US$
Prepaid expenses:
Insurance 254,062 289,698
Rent 123,871 113,450
Other 37,684 55,414
Value added taxes 29,744,161 24,206,465
Advances 599,478 551,783
Total 30,759,256 25,216,810
11. BIOLOGICAL ASSETS
The following is the carrying value movements of biological assets:
31 December 2023 31 December 2022
US$ US$
Fair value
Beginning balance 4,067,927 7,028,766
Net changes in the fair value of biological assets and harvested
agriculture produce transferred to inventories during the year (Note 32) (653,203) (2,960,839)
Translation adjustments (22) -
Ending balance 3,414,702 4,067,927
28
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
11. BIOLOGICAL ASSETS (Continued)
The fair value of biological assets FFB is estimated by reference to the projected harvest quantities of fruits for one
month after the reporting period and market price of FFB as at the financial position date, net of maintenance and
harvesting costs and estimated costs to sell. The fair value technique is included in fair value measurement
hierarchy level 3. The estimated fair value of biological assets would increase (decrease) if:
● The estimated prices for FFB were higher (lower);
● The estimated yields per hectare were higher (lower); and
● The estimated maintenance, harvesting and transportation costs were lower (higher).
The Group does not have bearer plants from edamame because the Group through its subsidiary, GMIT, applied
partnership system with farmers in edamame cultivation. In this partnership, farmers cultivate edamame and GMIT
purchases harvested edamame from farmers, therefore no biological assets from edamame were recognized.
12. INVESTMENTS IN EQUITY SECURITIES
This account represents the Group’s investments in shares of other investees with ownership interest of less than
20%.
31 December 2023
Acquisition cost Changes in fair
Acquisition cost after impairment value Fair value
US$ US$ US$ US$
PT Moon Lion Industries Indonesia 1,026,225 643,164 3,544,015 4,187,179
Cyprium Australia Pty Ltd . 2,911,153 111,913 (111,041) 872
Others 41,964 - - -
Total 3,979,342 755,077 3,432,974 4,188,051
31 December 2022
Acquisition cost Changes in fair
Acquisition cost after impairment value Fair value
US$ US$ US$ US$
PT Moon Lion Industries Indonesia 1,026,225 643,164 3,516,398 4,159,562
Cyprium Australia Pty Ltd . 2,911,153 111,913 (108,919) 2,994
Lain-lain 41,964 - - -
Jumlah 3,979,342 755,077 3,407,479 4,162,556
The Group made an irrevocable election to present changes in the fair value of equity investments that are not held for
trading in other comprehensive income. All gains or losses are recognized in other comprehensive income and are not
reclassified to the income statement when the investments are disposed of, aside from dividends which are recognized in
the income statement when the right to receive payment is established. Equity investments are recorded in non-current
assets unless they are expected to be sold within one year.
29
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
12. INVESTMENTS IN EQUITY SECURITIES (Continued)
PT Moon Lion Industries Indonesia
For the years ended 31 December 2023 and 2022, fair value adjustment of investment in PT Moon Lion Industries
Indonesia of US$ 27,617 and US$ 3,028,487, respectively was recognized in other comprehensive income.
Cyprium Australia Pty Ltd. (CYM)
For the years ended 31 December 2023 and 2022, based on the quoted market price of CYM shares, the increase
(decrease) in the fair value of CYM amounting to (US$ 2,122) and US$ 2,076, respectively, was recognized in
other comprehensive income.
PT Agro Muko
On 23 March 2022, PT Agro Muko repurchased all the shares owned by the Company at a price of US$ 5.5 million.
The difference between selling price and fair value is recognized in other comprehensive income and are not
reclassified to the income statement.
13. BEARER PLANTS
Translation
1 January 2023 Additions Deductions Reclassification adjustments 31 December 2023
US$ US$ US$ US$ US$ US$
Mature plantation
Cost 363,158,627 - (4,650,141) 42,195,017 2,418,518 403,122,021
Accumulated depreciation (139,726,063) (17,284,705) 4,644,239 - (215,359) (152,581,888)
223,432,564 (17,284,705) (5,902) 42,195,017 2,203,159 250,540,133
Immature plantation -
at cost 67,965,391 13,282,442 - (52,518,379) 1,262,317 29,991,771
291,397,955 280,531,904
Translation
1 January 2022 Additions Deductions Reclassification adjustments 31 December 2022
US$ US$ US$ US$ US$ US$
Mature plantation
Cost 334,772,371) -) (4,711,294) 45,657,801) (12,560,251)) 363,158,627)
Accumulated depreciation (130,112,769) (15,542,605) 4,709,406) -) 1,219,905 ) (139,726,063)
204,659,602) (15,542,605) (1,888)) 45,657,801) (11,340,346)) 223,432,564)
Immature plantation – at cost 100,115,927) 17,971,567) (2,879) (45,026,249) (5,092,975) 67,965,391)
304,775,529) 291,397,955)
Depreciation expense allocated to cost of revenue for the years ended 31 December 2023 and 2022 amounted to
US$ 17,284,705 and US$ 15,542,605, respectively (Note 32).
Borrowing cost capitalized to the acquisition cost of immature plantations for the year ended 31 December 2023 and
2022 amounted to US$ 1,488,652 and US$ 4,228,121, respectively.
In 2023, an amount of US$ 10,500,175 was reclassified from bearer plants in PPM to plasma receivable.
As of 31 December 2023, there was also an amount of US$ 176,813 from KAL relating to estate infrastructure was
reclassified from property, plant and equipment to bearer plants. As of 31 December 2022, an amount of US$
631,552 from ANJAS and KAL relating to estate infrastructure was reclassified from property, plant and equipment
to bearer plants.
30
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
13. BEARER PLANTS (Continued)
The area of mature and immature plantations based on location are as follows:
31 December 2023
Immature Total planted
Mature plantation plantation area
(hectare) (hectare) (hectare)
Belitung, Bangka Belitung 11,906 2,379 14,285
Ketapang, West Kalimantan 8,928 123 9,051
Binanga, North Sumatera 6,683 2,614 9,297
Batang Angkola, North Sumatera 7,752 - 7,752
South Sorong, Southwest Papua 7,407 - 7,407
Empat Lawang, South Sumatera 724 - 724
Total 43,400 5,116 48,516
31 December 2022
Immature Total planted
Mature plantation plantation area
(hectare) (hectare) (hectare)
Belitung, Bangka Belitung 11,990 2,313 14,303
Ketapang, West Kalimantan 8,928 123 9,051
Binanga, North Sumatera 6,849 2,608 9,457
Batang Angkola, North Sumatera 7,752 - 7,752
South Sorong, Southwest Papua 6,129 1,993 8,122
Empat Lawang, South Sumatera 589 135 724
Jumlah 42,237 7,172 49,409
The Group has insurance policies to cover certain business and operation risks with regards to its plantation
operational activities (see Note 14).
Management reviews whether there are any impairment on bearer plants and believes that there is no impairment
on immature plantations and mature plantations as of 31 December 2023 and 2022.
14. PROPERTY, PLANT AND EQUIPMENT
Translation
1 January 2023 Additions Deductions Reclassification adjustments 31 December 2023
US$ US$ US$ US$ US$ US$
Cost
Direct acquisitions
Land 77,244,115 - - - 193,550 77,437,665
Buildings, roads, and bridges 118,346,530 5,408,904 (433,907) 4,334,276 708,804 128,364,607
Machinery and equipment 109,210,242 4,071,381 (1,771,382) 2,305,592 829,909 114,645,742
Computer and communication equipment 943,100 73,694 (93,761) - 83,299 1,006,332
Office equipment, furniture and fixtures 5,875,934 387,935 (43,376) 12,731 (42,851) 6,190,373
Motor vehicles 9,481,643 805,332 (727,890) 4,806 86,512 9,650,403
Construction in progress 13,782,435 9,963,647 (23,147) (6,835,378) 104,881 16,992,438
Total cost 334,883,999 20,710,893 (3,093,463) (177,973) 1,964,104 354,287,560
Accum ulated depreciation
Direct acquisitions
Buildings, roads, and bridges (49,598,956) (6,378,588) 361,710 - (142,515) (55,758,349)
Machinery and equipment (54,997,919) (4,595,824) 1,545,147 - (173,208) (58,221,804)
Computer and communication equipment (581,526) (97,847) 93,721 - (47,793) (633,445)
Office equipment, furniture and fixtures (5,082,159) (416,628) 44,004 - 21,730 (5,433,053)
Motor vehicles (7,084,007) (577,511) 703,390 - (64,038) (7,022,166)
Total accumulated depreciation (117,344,567) (12,066,398) 2,747,972 - (405,824) (127,068,817)
Impairment provision (11,522,076) - - - (235,434) (11,757,510)
Net carrying am ount 206,017,356 215,461,233
31
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
14. PROPERTY, PLANT AND EQUIPMENT (Continued)
Translation
1 January 2022 Additions Deductions Reclassification adjustments 31 December 2022
US$ US$ US$ US$ US$ US$
Cost
Direct acquisitions
Land 78,214,652 - - - (970,537) 77,244,115
Buildings, roads, and bridges 116,520,467 2,472,567 (211,221) 3,149,806 (3,585,089) 118,346,530
Machinery and equipment 113,438,310 3,611,567 (4,029,198) 320,113 (4,130,550) 109,210,242
Computer and communication equipment 926,875 82,360 (3,349) - (62,786) 943,100
Office equipment, furniture and fixtures 5,741,596 285,741 (25,659) 18,432 (144,176) 5,875,934
Motor vehicles 9,181,178 749,910 (400,001) 377,540 (426,984) 9,481,643
Construction in progress 8,926,237 9,999,207 (58,165) (4,497,443) (587,401) 13,782,435
Total cost 332,949,315 17,201,352 (4,727,593) (631,552) (9,907,523) 334,883,999
Accum ulated depreciation
Direct acquisitions
Buildings, roads, and bridges (44,389,874) (6,014,036) 83,358 - 721,596 (49,598,956)
Machinery and equipment (53,816,970) (4,280,235) 2,244,446 - 854,840 (54,997,919)
Computer and communication equipment (567,375) (122,346) 3,296 - 104,899 (581,526)
Office equipment, furniture and fixtures (4,725,661) (426,172) 25,211 - 44,463 (5,082,159)
Motor vehicles (7,142,784) (642,068) 398,052 - 302,793 (7,084,007)
Total accumulated depreciation (110,642,664) (11,484,857) 2,754,363 - 2,028,591 (117,344,567)
Impairment provision (14,081,883) - 1,379,255 - 1,180,552 (11,522,076)
Net carrying am ount 208,224,768 206,017,356
During 2023, property, plant and equipment amounted to US$ 176,813 from KAL’s estate infrastructure was
reclassified to bearer plants and US$ 1,160 from GMIT’s construction in progress was reclassified to intangible
asset. In 2022, property, plant and equipment amounted to US$ 262,666 and US$ 368,886 from the estate
infrastructure of ANJAS and KAL, respectively, were reclassified to bearer plants.
As of 31 December 2023 and 2022, management believes that the fair value of the property, plant and equipment
is not significantly different from its net carrying amount, except for land. As of 31 December 2023, the total
estimated fair value of land is US$ 585,397,690 (as of 31 December 2023, the carrying amount of these land is
US$ 77,437,665). The fair value of these assets is estimated by a qualified appraiser using the market
comparison (fair value level 2). The valuation model considers quoted market prices for similar assets when they
are available.
Depreciation expense for the years ended 31 December 2023 and 2022 were allocated as follows:
2023 2022
US$ US$
Cost of revenue (Note 32) 11,732,352 10,662,968
General and administrative expenses (Note 34) 334,046 374,757
Capitalized to immature plantation - 447,132
Total 12,066,398 11,484,857
Borrowing cost capitalized to the acquisition cost of property, plant and equipment for the years ended 31
December 2023 and 2022 amounted to US$ 99,156 and US$ 47,510, respectively.
ANJA and its subsidiaries own several parcels of land with cultivation rights title (HGU) totaling to 91,212
hectares in Binanga, Ramba, Batang Angkola and Siais (North Sumatera Province), Gantung and Dendang
(Bangka and Belitung Province), Laman Satong, Kuala Satong and Kuala Tolak (West Kalimantan Province),
Metamani, Kais, North Kokoda and South Aifat (Southwest Papua Province) and land with building use rights title
(HGB) covering a total area of 189 hectares in Dendang and Laman Satong. Those HGU and HGB will expire
between 2035 and 2091.
GMIT and LSP own several parcels of land with HGB in Jember and Lumajang (East Java) and Sorong
(Southwest Papua). This HGB will expire between 2024 and 2042.
The Company owns land with HGU totaling to 30,515.75 hectares in Womba, Sorong, Southwest Papua. This
HGU will expire in 2050.
32
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
14. PROPERTY, PLANT AND EQUIPMENT (Continued)
As of 31 December 2023, construction in progress represents buildings, roads and bridges under construction as
well as machinery and equipment under installation which belong to the subsidiaries. These construction in
progress are estimated to be completed between 2024-2025.
Property, plant and equipment, except land, were insured against fire, theft, earthquake, flood and other possible
risks for a total coverage of US$ 91,823 thousand and Rp 899 billion as of 31 December 2023 (31 December
2022: US$ 72,827 thousand and Rp 1,062 billion). Management believes that the insurance coverage is
adequate to cover the possible losses on the assets insured.
Cost of fully depreciated property, plant and equipment which were still utilized in operation as of 31 December
2023 and 2022 amounted to US$ 49,644,326 and US$ 46,815,563, respectively.
Certain property, plant and equipment were sold and disposed in the years ended 31 December 2023 and 2022.
The reconciliation between gain on sale and disposal of property, plant and equipment and proceeds from sale of
property, plant and equipment are as follows:
2023 2022
US$ US$
Proceeds from sale/deduction of property,plant and equipment 180,003.) 711,268)
Net carrying amount of property, plant and equipment sold and disposed (345,491). (593,975)
(Loss) gain on sale and disposal of property, plant and equipment (Note 36) (165,488) 117,293
In March 2022, mini mill asset that has been impaired in KAL amounting to US$ 1.4 million, was sold at Rp 4
billion (equivalent to US$ 278 thousand).
15. INTANGIBLE ASSETS
Translation
1 January 2023 Additions Deductions Reclassification adjustments 31 December 2023
US$ US$ US$ US$ US$ US$
Landrights
Cost 1,040,026 - - - 8,275 1,048,301
Accumulated amortization (218,347) (15,371) - - (4,302) (238,020)
821,679 (15,371) - - 3,973 810,281
Software and implementation
Cost 2,250,303 6,045 (111,654) 1,160 5,212 2,151,066
Accumulated amortization (2,033,389) (63,091) 111,654 - (4,610) (1,989,436)
216,914 161,630
1,038,593 971,911
1 January Translation
2022 Additions Deductions Reclassification adjustments 31 December 2022
US$ US$ US$ US$ US$ US$
Landrights
Cost 1,081,522 - - - (41,496) 1,040,026
Accumulated amortization (224,286) (15,769) - - 21,708 (218,347)
857,236 (15,769) - - (19,788) 821,679
Software and implementation
Cost 2,065,043 210,376 - - (25,116) 2,250,303
Accumulated amortization (2,028,225) (28,469) - - 23,305 (2,033,389)
36,818 216,914
894,054 1,038,593
As of 31 December 2023, an amount of US$ 1,160 from GMIT relating to software was reclassified from property,
plant and equipment to intangible assets.
Amortization expense for the years ended 31 December 2023 and 2022 were allocated as follows:
2023 2022
US$ US$
General and administrative expense (Note 34) 63,762 29,155
Cost of revenue 14,700 15,083
Total 78,462 44,238
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
16. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES
The Group leases office space and machineries. The leases of office space run for a period of 5 years and the
leases of machineries run for a period of 2 year. There is an option to renew the lease of office space and
machineries after the end of the contract term.
Right-of-use assets
Translation
1 January 2023 Additions Deductions adjustments 31 December 2023
US$ US$ US$ US$ US$
Property
Cost 1,100,599 113,877 (227,514) 101,058 1,088,020
Accumulated depreciation (667,968) (240,523) 227,514 (39,801) (720,778)
432,631 (126,646) - 61,257 367,242
Machine
Cost 1,199,531 - - (56,583) 1,142,948
Accumulated depreciation (633,597) (514,430) - 30,615 (1,117,412)
565,934 (514,430) - (25,968) 25,536
Total, net 998,565 392,778
Translation
1 January 2022 Additions Deductions adjustments 31 December 2022
US$ US$ US$ US$ US$
Property
Cost 1,112,187 - - (11,588) 1,100,599
Accumulated depreciation (366,546) (275,961) - (25,461) (667,968)
745,641 (275,961) - (37,049) 432,631
Machine
Cost 1,154,707 74,016 (10,367) (18,825) 1,199,531
Accumulated depreciation (51,288) (571,073) 10,367 (21,603) (633,597)
1,103,419 (497,057) - (40,428) 565,934
Total, net 1,849,060 998,565
Depreciation expense for the years ended 31 December 2023 and 2022 were allocated as follows:
2023 2022
US$ US$
Cost of revenue (Note 32) 495,098 554,091
General and administrative expenses (Note 34) 259,855 292,943
Total 754,953 847,034
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
16. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Continued)
Lease liabilities
Future minimum lease payments for these leases as of 31 December 2023 and 2022 was as follows:
31 December 2023 31 December 2022
US$ US$
Finance lease liabilities are payable as follows:
2023 - 882,365
2024 325,813 260,866
2025 18,234 17,869
2026 2,588 2,535
Total future minimum lease payments 346,635 1,163,635
Interest portion of the lease payments (21,843) (76,553)
Present value of minimum lease payments 324,792 1,087,082
Lease liabilities-current maturities (304,924) (822,607)
Lease liabilities-net current of current maturities 19,868 264,475
Amount recognized in profit or loss: 2023 2022
US$ US$
Depreciation of right-of-use assets 754,953 847,034
Interest on lease liabilities (Note 35) 61,774 117,680
Expense relating to short-term leases (Note 34) 402,899 404,048
Total 1,219,626 1,368,762
Some leases of offices contain extension option exercisabe by the Group before the end of the non-cancellable
contract period. The Group assesses at lease commencement whether it is reasonably certain to exercise the
extension options. The Group reassesses this assessment if there is a significant event or significant change in
circumstances within its control. The discount rate used in calculating the present value of the lease liabilities
denominated in Rupiah is 8.25%-9.25% as of 31 December 2023.
The following summarizes the component of changes in the liabilities arising from leases:
31 December 2023 31 December 2022
US$ US$
Beginning balance 1,087,082 1,925,245
Addition 113,877 74,016
Non-cash changes: interest amortization 61,774 117,680
Cash flows: payment of lease liabilities (978,219) (931,730)
Translation adjustments 40,278 (98,129)
Ending balance 324,792 1,087,082
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
17. ADVANCES
31 December 2023 31 December 2022
US$ US$
Third parties:
Advances for legal processing of landrights 8,297,174 7,761,571
Advances for palm plantation 2,256,279 2,242,413
Advances for purchase of property, plant and equipment 924,292 761,972
Other advances 95,769 19,883
Total 11,573,514 10,785,839
Advances for legal processing of landrights represent payments to obtain HGU in Empat Lawang estate.
Advances for palm plantation represent down payments paid to third party contractors for land clearing and other
activities related to the immature plantation.
18. GOODWILL
Goodwill represents the excess of acquisition cost over the Company’s interest in the fair value of the net assets of
ANJA and its subsidiaries at the acquisition date.
Management believes that there is no impairment loss on goodwill as of 31 December 2023 and 2022.
Impairment test of goodwill
The recoverable amount of the cash generating unit/CGU was based on its value in use and was determined by
discounting the future cash flows to be generated from the continuing use of CGU.
The key assumptions used in the calculation of the recoverable amount are set out below:
31 December 31 December
2023 2022
Discount rate 10% 10%
Terminal value multiple 14 14
Budgeted revenue growth rate or the next five years 4.43% 1.38%
The discount rate was a post-tax measure estimated based on past experience, and the relevant CGU's weighted
average cost of capital.
The terminal value multiple is assumed based on management’s experience and understanding of the relevant
industry sector and capital market.
In 2023 and 2022, five years of future cash flows were included in the discounted cash flow model. A long-term growth
rate into perpetuity has been determined as the lower of the nominal industry growth rate for the country in which the
CGU operates and the budgeted revenue growth rate estimated by management. The budgeted revenue growth rate
was based on the past experience of the CGU and management’s best knowledge of future industry outlook.
36
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
19. CLAIMS FOR TAX REFUND
31 December 2023 31 December 2022
US$ US$
Claims for tax refund:
ANJA:
VAT fiscal year 2013 600,601 588,576
Witholding income tax 2019 283,592 282,779
SMM:
VAT fiscal year 2019 1,280,730 -
VAT fiscal year 2021 216,096 -
KAL
VAT fiscal year 2019 259,337 254,144
VAT period February-December 2018 359,145 351,953
VAT period February-March 2020 39,116 38,333
Witholding income tax 2017 115,543 113,229
Total claims for tax refund 3,154,160 1,629,014
Overpayment of corporate income tax:
The Company:
Fiscal year 2020 - 127,330
Fiscal year 2021 12,708 48,458
Fiscal year 2022 64,285 64,285
Fiscal year 2023 56,649 -
ANJA:
Fiscal year 2019 949,370 949,370
Fiscal year 2023 2,161,089 -
ANJAS:
Fiscal year 2022 462,513 462,513
Fiscal year 2023 1,897,916 -
SMM:
Fiscal year 2019 1,858,786 1,858,786
Fiscal year 2023 153,980 -
KAL:
Fiscal year 2023 650,287 -
Total overpayment of corporate income tax 8,267,583 3,510,742
Total 11,421,743 5,139,756
Overpayment of corporate income tax
As of 31 December 2022, ANJA and SMM’s claim on income tax overpayment for fiscal year 2019 is in tax appeal at
the Tax Court, while the Company’s claim on corporate income tax overpayment for fiscal year 2020 is in tax objection
at the Directorate General of Taxation. In April 2023, the Company’s tax objection on the corporate income tax
overpayment for fiscal year 2020 is approved and the Company has received the refund on 24 May 2023. The
Company’s claim on corporate income tax overpayment for fiscal year 2021 is partially approved and the Company is
in tax objection at the Directorate General of Taxation. As of 31 December 2023, ANJAS and the Company’s claim on
income tax overpayment for fiscal year 2022 is on tax audit. Up to the date of the issuance of these consolidated
financial statements, ANJA, SMM, ANJAS and the Company have not received any tax decision.
37
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
19. CLAIMS FOR TAX REFUND (Continued)
Other claims for tax refund
In February 2023, SMM paid for VAT underpayment for fiscal period January-June 2021 amounting to US$ 147,023.
The remaining amount of the outstanding VAT claim for 2021 amounting to US$ 69,073. SMM filed a tax appeal on the
VAT underpayment and the remaining outstanding VAT claim for 2021 which have not been received. Up to the date
of the issuance of these consolidated financial statements, SMM is still in progress for the tax appeal.
As of 31 December 2023, ANJA’s claim on VAT for fiscal year 2013 is in judicial review stage at the Supreme Court.
ANJA's claim on withholding tax for fiscal year 2019, SMM’s claim on VAT for fiscal year 2019, KAL’s claim on
withholding tax for fiscal year 2017, VAT for fiscal year 2019, fiscal period February-December 2018 and fiscal period
February-March 2020 are in tax appeal at the Tax Court. Up to the date of the issuance of these consolidated financial
statements, ANJA and KAL have not received any tax decision.
20. OTHER NON-CURRENT ASSETS
31 December 2023 31 December 2022
US$ US$
Advances for plasma and partnership plantation projects-net - 11,078,233
Plasma receivables - net 25,151,179 4,335,068
MSOP and ESPP loan 1,443,314 1,450,925
Others 438,942 396,394
Total 27,033,435 17,260,620
Advances for plasma and partnership plantation projects represent payments made to develop plasma palm oil
plantation in PPM and PMP and have been reclassified to plasma receivables in 2023. Plasma receivables represent
all payments made to develop palm oil plasma and partnership plantation in KAL, SMM, ANJAS, PPM and PMP, net
of proceeds from loan facility for plasma financing. KAL, SMM and ANJAS have commitments on this plasma
plantation project (Note 42d, 42f).
As of 31 December 2023, there was a reclassification of plasma receivables amounting to US$ 10,500,175 from
PPM’s bearer plants (Note 13).
Management reviews whether there are any impairment on plasma receivables in PPM and PMP and believes that
there is no impairment on both plasma receivables as of 31 December 2023 and 2022.
The Group provided an interest bearing loan to the Group’s eligible employees to finance the purchase of the
Company’s shares through Management Stock Option Program (MSOP) and Employee Stock Purchase Plan
(ESPP). The number of new shares issued for the MSOP and the number of treasury shares issued under ESPP are
18,650,000 shares and 15,000,000 shares, respectively. The loan bears interest at 5% per annum until the due date
on 15 May 2021 and in May 2021, the loan was extended until 15 May 2026 with interest rate at 3.5% per annum. As
of 31 December 2023 and 2022, the balance of MSOP and ESPP loan amounting to Rp 22.3 billion (equivalent to
US$ 1,443,314) and Rp 22.8 billion (equivalent to US$ 1,450,925), respectively.
38
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
21. BANK LOANS
31 December 2023 31 December 2022
US$ US$
Short-term bank loans
Rupiah
PT Bank UOB Indonesia
Subsidiaries 1,297,353 635,687
PT Bank OCBC NISP Tbk.
Subsidiaries 5,254,281 -
U.S. Dollar
PT Bank CIMB Niaga Tbk
Subsidiaries 14,000,000 -
PT Bank OCBC NISP Tbk.
Subsidiaries 2,700,000 4,000,000
Total 23,251,634 4,635,687
Long-term bank loans
Rupiah
PT Bank OCBC NISP Tbk
Subsidiaries 56,234,432 53,694,298
U.S. Dollar
PT Bank OCBC NISP Tbk
Subsidiaries 64,281,250 66,681,250
PT Bank BTPN Tbk
Subsidiaries 2,000,000 3,600,000
PT Bank CIMB Niaga Tbk
Subsidiaries 5,402,445 6,002,445
Total 127,918,127 129,977,993
Less: deferred financing cost (227,152) (371,345)
Total 127,690,975 129,606,648
Long-term bank loan current maturities (5,806,250) (4,600,000)
Long-term bank loans-net
of current maturities 121,884,725 125,006,648
Effective interest rates per annum
Short-term bank loans
Rupiah 6.59%-9.01% 5.97%-8.85%
U.S. Dollar 6.13%-7.48% 2.60%-6.69%
Long-term bank loans
Rupiah 8.13%-8.25% 7.75%-8.25%
U.S. Dollar 6.66%-7.70% 2.60%-7.24%
39
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
21. BANK LOANS (Continued)
The following table summarizes the repayment schedule for principal balance of long-term bank loans as of 31
December 2023 and 2022:
31 Decem ber 2023 31 Decem ber 2022
US$ US$
Due in the year:
Within one year 5,806,250 4,600,000
1 - 5 years 122,111,877 125,377,993
Total 127,918,127 129,977,993
PT Bank CIMB Niaga Tbk with the Company, ANJA, ANJAS, PPM, PMP and SMM
On 28 July 2015, the Company, KAL, and ANJA entered into a short-term loan agreement with PT Bank CIMB
Niaga Tbk for a total facility of US$ 35 million. The loan agreement has been amended several times whereas KAL
was no longer the party in the loan agreement and the total facility become US$ 30 million.
On 3 October 2023, the loan agreement was extended until 28 July 2024 and included ANJAS, PPM, PMP and
SMM as parties in the loan agreement.
The loan bears floating annual interest rate as follow:
For withdrawal 2 weeks tenor:
a. Term Secured Overnight Financing Rate (SOFR) + 1.75% p.a. for the withdrawals denominated in
U.S. Dollar.
b. Jakarta Interbank Offerred Rate (JIBOR) 1 month + 2.25% p.a. for the withdrawals denominated in
Rupiah.
For withdrawal 1 month tenor:
a. Term Secured Overnight Financing Rate (SOFR) + 1.75% p.a. for the withdrawals denominated in
U.S. Dollar.
b. Jakarta Interbank Offerred Rate (JIBOR) 1 month + 3% p.a. for the withdrawals denominated in
Rupiah.
The loan facility is secured with corporate guarantee from ANJA, ANJAS and SMM.
PT Bank CIMB Niaga Tbk with KAL
On 19 December 2016, ANJA and KAL entered into a long-term loan agreement with PT Bank CIMB Niaga Tbk.
which was recently amended on 12 August 2022 whereas ANJA was no longer the party in the loan agreement and
the credit facility of Rp 115 billion was converted into US$ 2.15 million with due date 31 December 2026, and
provide additional credit facility of US$ 4 million with due date 5 years from first withdrawal date. The interest rate
were change effective from 1 November 2023 to SOFR + 1.75% p.a.
The credit facilities are guaranteed with the fiduciary of machinery and equipment in KAL’s mill and bulking
amounting to Rp 390.9 billion, assignment of insurance proceeds of machinery and equipment in KAL’s mill and
bulking amounting to Rp 390.9 billion and corporate guarantee from ANJA, ANJAS and SMM.
KAL should fulfill certain financial covenants in ANJA’s consolidated financial statements which among others
maintaining a maximum leverage of 1.5x, interest bearing debt to EBITDA ratio of not more than 5.5x, 4.5x, and
3.5x for financial year 2021, 2022, and 2023 and thereafter, respectively, interest service coverage ratio of not less
than 2x and debt service coverage ratio of not less than 1.25x.
As of 31 December 2023 and 2022, KAL is in compliance with the terms and conditions of the loan agreement
except for current ratio of not less than 1x. KAL has received the waiver approval from the bank in relation to the
required current ratio financial covenants.
40
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
21. BANK LOANS (Continued)
PT Bank OCBC NISP Tbk (OCBC NISP)
OCBC NISP with the Company, ANJA, PPM, PMP, ANJAS and SMM
On 20 March 2020, the Company, ANJA, PPM, PMP, ANJAS and SMM entered into a loan agreement with OCBC
NISP. The loan agreement has been amended several times until
18 July 2023 and therefore the credit facilities were as follows:
Overdraft credit facility of US$ 5 million with the allocation limit to the Company, ANJA, PMP and PPM of US$ 2
million, US$ 2 million, US$ 0.5 million and US$ 0.5 million, respectively.
Demand Loan 1 credit facility of US$ 11.12 million or its equivalent in Rupiah.
Demand Loan 2 credit facility of Rp 55 billion available only in Rupiah.
Term Loan 1 credit facility of US$ 7 million or its equivalent in Rupiah for ANJA (31 December 2022: US$ 21
million).
Term Loan 2 credit facility of US$ 24,493,750 million or its equivalent in Rupiah for SMM (31 December 2022:
US$ 26,493,750).
Term Loan 3 credit facility of US$ 19,587,500 or its equivalent in Rupiah for ANJAS (31 December 2022: US$
21,587,500).
Term Loan 4 credit facility of US$ 45,052,000 or equivalent to Rp 673,424,125,000 for PPM and PMP (31
December 2022: US$ 44,782,984 or equivalent to Rp 673,424,125,000).
Term Loan 5 credit facility of US$ 18 million or its equivalent in Rupiah for the Company, PPM and PMP.
Foreign exchange transaction facility of US$ 20 million.
Combined Trade Facility of US$ 12 million or its equivalent in Rupiah.
Interest Rate Swap Facility with the maximum notional amount US$ 50 million.
Loan facilities bear annual interest rate at at Term Secured Overnight Financing Rate (SOFR) + Credit Adjustment
Spread (CAS) + 2.25% for the U.S. Dollar withdrawal and 8.25% for the Rupiah withdrawal.
The interest rate for loan facilities denominated in USD were change effective from 26 July 2023 to SOFR + 1.75%
p.a.
Overdraft, demand loan, combined trade credit facilities and foreign exchange transaction facility are extended to 20
March 2024, the Term loan credit faciilities are due on 19 March 2025 and can be extended until 19 March 2028,
while Interest Rate Swap facility is due on 9 March 2026.
The loan facilities are guaranteed with:
Pledges of ANJA’s shares in SMM;
Pledges of ANJA’s shares in ANJAS;
Pledges of the Company’s shares in PMP;
Pledges of the Company’s shares in PPM;
Pledges of ANJA’s shares in PMP;
Pledges of ANJA’s shares in PPM;
Corporate guarantee from ANJA;
Fiduciary of inventory in the amount of US$ 4.5 million from ANJA;
Charge over all accounts of the Company, ANJA, SMM, ANJAS, PPM and PMP at OCBC NISP; and;
Assignment of insurance proceeds of inventory in the amount of US$ 4.5 million from ANJA.
Combined Trade Facilities are guaranteed with fiduciary of account receivable in the amount of US$ 3 million
each from ANJA, SMM and ANJAS; and US$ 1.5 million each from PPM and PMP. As of 31 December 2023 and
2022, there was no outstanding combined trade loan.
The Company, ANJA, PPM, PMP, ANJAS and SMM should fulfill certain financial covenants in the Group’s
consolidated financial statement which among others maintain debt to equity ratio at a maximum of 1x, debt
service coverage ratio of not less than 1.25x and debt to EBITDA ratio of not more than 4.5x for the financial year
2022 and 3.5x for the financial year 2023 and thereafter.
41
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
21. BANK LOANS (Continued)
OCBC NISP with the Company, ANJA, PPM, PMP, ANJAS and SMM (Continued)
The Company, ANJA, PPM, PMP, ANJAS and SMM should also fulfill certain non-financial covenants which
among others maintain the ownership of Tahija family at least at 51%, restrict the Group to incur financial
activities in the amounts which equivalent with the loan financing, submit the annual budget plan to the bank for
the next accounting year at the latest 30 days after the year end of the current year and submit the loan
monitoring report at the latest 60 days after the year end.
As at 31 December 2023 and 2022, the Company, ANJA, PPM, PMP, ANJAS and SMM are in compliance with
the terms and conditions of the loan agreement.
OCBC NISP with KAL
On 29 January 2016, KAL entered into loan agreement with OCBC NISP. The loan agreement has been
amended several times until 20 June 2022, therefore the credit facilities were as follows:
Term Loan 2 credit facility of Rp 5.7 billion and can be converted into U.S. Dollar at once. The loan facility
will be due on 31 July 2024.
Demand Loan facility amounting to US$ 4 million. The loan facility will be due on 31 July 2023.
Foreign exchange transaction facility of US$ 4.5 million. The loan facility will be due on 31 July
2023.
Term Loan 4 credit facility of US$ 16 million. The loan facility will be due on 20 June 2027.
Subsequently in July 2023, the loan agreement was amended to be as follows:
Terminate the Term Loan 2 credit facility, so that all clauses related to the Term Loan 2 credit facility
become invalid in the Loan Agreement.
Demand Loan facility amounting to US$ 4 million. The loan facility will be due on 31 July 2024.
Foreign exchange transaction facility of US$ 4.5 million. The loan facility will be due on 31 July
2024.
Term Loan 4 credit facility of US$ 14.4 million. The loan facility will be due on 21 June 2027.
The interest rate for loan facilities denominated in Rupiah were change several times with the latest change
effective from 1 December 2022 to 8.25% p.a. while loan facilities denominated in U.S. Dollar effective from 26
July 2023 bear annual interest rate at Term SOFR + 1.75%.
KAL should fulfill certain financial covenants which among others maintain debt to equity ratio at a maximum of
2x and debt service coverage ratio of not less than 1.25x and current ratio of not less than 1x, which is reviewed
every semester on 30 June and 31 December.
The credit facilities are guaranteed with the similar collateral to PT Bank CIMB Niaga Tbk. which are valid
propotionally (pari passu), which includes fiduciary of machinery and equipment in KAL’s mill and bulking
amounting to Rp 390.9 billion, assignment of insurance proceeds of machinery and equipment in KAL’s mill and
bulking amounting to Rp 390.9 billion and corporate guarantee from ANJA, ANJAS and SMM.
As at 31 December 2023 and 2022, KAL did not meet financial covenant from the banks, specifically current ratio
of not less than 1x. KAL has received the waiver approval from the bank in relation to the required current ratio
financial covenants.
42
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
21. BANK LOANS (Continued)
PT Bank UOB Indonesia with GMIT
Credit facilities Bank UOB Indonesia consist of:
Uncommitted Revolving Credit Facility (“RCF”), is used for working capital with a total facility of Rp 10 billion
or other amount approved by the Bank. The loan period is 12 months from the date of signing the credit deed
and can be extended upon the agreement of the Parties. The repayment date/tenor is 3 months from the
withdrawal date. The current interest rate charged for the facility is JIBOR plus a margin of 2.25% per annum
which must be paid by the Debtor to the Bank.
The Uncommitted Invoice Financing (“IF”) facility, which is a sublimit of the RCF Facility, is used to finance -
the company's working capital needs amounting to Rp 10 billion or other amount approved by the Bank.
Facility Term is 12 months from the signing date of this Credit Agreement and can be extended upon
agreement of the Parties. Repayment Date/Tenor is up to the due date of payment of the principal invoice;
until receipt of invoice payment in escrow account; or a maximum of 3 months from the date of withdrawal,
whichever is earlier. The interest rate charged is the funding fee or JIBOR plus a margin of 2.00% per annum
that must be paid by the debtor to the bank.
Foreign Exchange (“FX”) facilities are used for hedging purposes amounting to USD 1 million and/or its -
equivalent in the currency approved by the Bank or other amount approved by the Bank. Facility Term is 12
months from the signing date of this Credit Agreement and can be extended upon agreement of the Parties.
Repayment date/tenor is maximum 3 months for Forward transactions.
The outstanding amount of combined RCF Facility, IF Facility and FX Facility from time to time shall not exceed
Rp 10 billion and USD 1 million.
Subsequently in February 2023, the loan agreement was amended to be as follows:
Uncomitted Revolving Credit Facility (“RCF”) with a total facility IDR 20 billion. The loan facility will be due
on 31 March 2024.
Uncomitted Invoice Financing (“IF”) facility with a total facility IDR 20 billion. The loan facility will be
due on 31 March 2024.
Foreign Exchange (“FX”) facility will be due on 31 March 2024.
The outstanding amount of combined RCF Facility and IF Facility from time to time shall not exceed Rp 20 billion.
The credit facilities are guaranteed with the corporate guarantee from SMM (related parties).
The loan agreement required GMIT to maintain a financial ratio which is current ratio of not less than 1x.
As of 31 December 2023 and 2022, GMIT is in compliance with the terms and conditions of the loan agreement.
43
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
21. BANK LOANS (Continued)
PT Bank BTPN Tbk with the Company, ANJA, ANJAS and SMM
On 16 March 2020, the Company, ANJA, ANJAS, and SMM entered into loan agreement with PT Bank BTPN
Tbk. to obtain the following credit facilities:
Loan on certificate facility of US$ 8 million with the allocation limit to the Company, ANJA, ANJAS and SMM
of US$ 10 thousand, US$ 8 million, US$ 8 million and US$ 8 million, respectively. The credit facility is
available until 30 September 2020 and due on 31 March 2025 with annual interest rate at 2.5% above
LIBOR for the U.S. Dollar withdrawal and floating annual interest rate at 3.25% above JIBOR for the Rupiah
withdrawal.
Loan on note facility of US$ 2 million or its equivalent in Rupiah with the allocation limit to the Company,
ANJA, ANJAS and SMM of US$ 10 thousand, US$ 2 million, US$ 2 million and US$ 2 million, respectively.
The credit facility is available until 31 March 2023 and due in three months after the last utilization date of the
facility with annual interest rate at Cost of Fund plus 2.25% p.a. for the U.S. Dollar withdrawal and annual
interest rate at 2.25% above JIBOR for the Rupiah withdrawal.
Subsequently in March 2023, annual interest on Loan on Certificate facility was amended to Term SOFR plus
2.30% p.a. for the U.S. Dollar withdrawal.
The Company, ANJA, ANJAS and SMM should fulfill certain financial covenants in ANJA’s consolidated financial
statements which among others maintain debt to equity ratio at a maximum of 1.25x and debt service coverage
ratio of not less than 1.25x.
The credit facilities are guaranteed with the fiduciary of ANJAS’ present and future crude palm oil, machineries
and the infrastructures amounting to Rp 100 billion.
As of 31 December 2023 and 2022, the Company, ANJA, ANJAS and SMM are in compliance with the terms
and conditions of the loan agreement.
22. TRADE ACCOUNTS PAYABLE
31 December 2023 31 December 2022
US$ US$
Third parties
Palm oil 5,949,109 6,113,786
Sago 79,445 120,714
Other 112,495 82,820
Total 6,141,049 6,317,320
Based on currencies:
31 December 2023 31 December 2022
US$ US$
United States Dollar 98,107 149,154
Rupiah 6,042,942 6,168,166
Total 6,141,049 6,317,320
44
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
23. TAXES PAYABLE
31 December 2023 31 December 2022
US$ US$
Corporate income tax
Subidiaries - 2,917,525
Income taxes
Article 21 1,349,528 644,981
Article 25 1,155,856 457,285
Other taxes 115,325 193,318
Total 2,620,709 4,213,109
24. OTHER PAYABLES
31 December 2023 31 December 2022
US$ US$
Utang dividen 7,875 -
Payable to third parties 7,066,764 4,989,724
Contract liabilities 1,646,945 7,875,910
Total 8,713,709 12,865,634
Contract liabilities mainly represent receipt of cash advances from several customers for the sale of crude palm oil
which deliveries will be made based on further instructions from those customers.
All other payable is payable to third parties.
25. ACCRUED EXPENSES
31 December 2023 31 December 2022
US$ US$
Salaries, bonuses and allowances 4,115,940 4,693,599
Profesional fees 601,828 1,255,196
Interest 119,002 115,994
Contractor 110,241 -
Others 829,289 714,872
Total 5,776,300 6,779,661
26. EMPLOYEE BENEFITS OBLIGATION
Defined Benefit Pension Plan
The Group provides post-employment benefits for their eligible employees in accordance with Labor Law in
Indonesia.
The pension fund for the Company’s employees is managed by Dana Pensiun Lembaga Keuangan (DPLK)
Manulife Indonesia, the deed of establishment of which was approved by the Minister of Finance of the Republic of
Indonesia in its decision letter No. KEP-231/KM.17/1994 dated 5 August 1994.
The defined benefit pension plan typically expose the Group to actuarial risks such as: investment risk, interest rate
risk and salary risk.
Investment Risk
The present value of the defined benefit plan liability is calculated using a discount rate determined by reference to
high quality corporate bond yields; if the return on plan asset is below this rate, it will create a plan deficit.
Currently, the plan assets are placed at the state owned banks and in money market.
45
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
26. EMPLOYEE BENEFITS OBLIGATION (Continued)
Interest Risk
A decrease in the bond interest rate will increase the plan liability, however this will be partially offset by an
increase in the return on the plan’s assets.
The present value of the defined benefit obligation is calculated by reference to the future salaries of the plan’s
participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.
Amounts recognized in profit or loss and other comprehensive income in respect of the defined benefit costs are as
follows:
31 December 2023 31 December 2022
US$ US$
Recognized in profit or loss
Current service cost 1,840,227 1,729,779
Past service cost (30,788) 66,103
Adjustment due to press release related to PSAK 24 - (1,211,204)
Severance, curtailment, and settlement cost 261,114 672,129
Interest from asset ceiling 18,814 -
Interest cost 884,871 937,396
Interest income on plan assets (66,570) (101,316)
Component of defined benefit costs recognized in profit or loss 2,907,668 2,092,887
Recognized in other comprehensive income:
Remeasurement on the net defined benefit asset/liability
Return on plan assets 32,319 79,694
Actuarial gains (258,120) (1,768,855)
Impact from asset restriction (245,320) (121,353)
Components of defined benefit other recognized in other comprehensive income (471,121) (1,810,514)
Total 2,436,547 282,373
All the expenses for the years ended 31 December 2023 and 2022 amounted to US$ 2,907,668 and US$
2,092,887 respectively, are recorded as part of personnel expenses and cost of revenue.
The amounts included in the consolidated statement of financial position arising from the Group’s obligation in
respect of the defined benefits plan is as follows:
31 December 2023 31 December 2022
US$ US$
Present value of defined benefit obligation (PVDBO) 14,484,514 12,432,338
Fair value of plan assets (853,591) (1,026,194)
Impact of asset ceiling 30,900 249,934
Net liability 13,661,823 11,656,078
46
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
26. EMPLOYEE BENEFITS OBLIGATION (Continued)
Movements in the present value of the defined benefit obligation (PVDBO) were as follows:
31 December 2023 31 December 2022
US$ US$
Opening balance of defined benefit obligation 12,432,338 15,614,984
Current service cost 1,840,227 1,729,779
Past service cost (30,788) 66,103
Interest cost 884,871 937,396
Benefit paid (880,184) (2,231,958)
Adjustment due to press release related to PSAK 24 - (1,211,204)
Provision for termination cost 261,114 647,061
Remeasurement on the net defined benefit liability
Actuarial losses (gains) arising from changes in financial assumptions 474,306 (359,899)
Actuarial gains from experience adjustments (732,426) (1,408,957)
Foreign exchange differential 235,056 (1,350,967)
Ending balance of defined benefit obligation 14,484,514 12,432,338
Movements in the fair value of the plan assets were as follows:
31 December 2023 31 December 2022
US$ US$
Opening balance of fair value of plan assets 1,026,194 2,146,541
Interest income 66,570 101,316
Remeasurement loss:
Return on plan assets (32,319) (79,694)
Contribution from the employer 110,610 805,363
Foreign exchange differences on plans 25,131 (145,770)
Benefits paid (342,595) (1,801,562)
Ending balance of fair value of plan assets 853,591 1,026,194
Cumulative actuarial gain recognized in other comprehensive income are as follows:
31 December 2023 31 December 2022
US$ US$
Cumulative amounts at beginning of year 4,186,890 2,376,376
Actuarial gain (loss) for the year 471,121 1,810,514
Cumulative amounts at end of year 4,658,011 4,186,890
The major category of plan assets, and the expected rate of return at the end of the reporting period for each
category, are as follows:
Expected rate of return Fair value of plan assets
31 December 2023 31 December 2022 31 December 2023 31 December 2022
% % US$ US$
Investment in money market 5.67% 3.28% 853,591 1,026,194
Fair value of plan assets 853,591 1,026,194
The fair value of the investments in money market are determined based on quoted market prices in active
markets. This policy has been implemented during the current and prior years.
47
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
26. EMPLOYEE BENEFITS OBLIGATION (Continued)
As of 31 December 2023 and 2022, the cost of providing employee benefits is calculated annually by a qualified
actuary, Kantor Konsultan Aktuaria Steven & Mourits. The actuarial valuation was carried out using the following
key assumptions:
31 December 2023 31 December 2022
Mortality rate TMI 4 2019 TMI 4 2019
Normal pension age 56-60 years 56-60 years
Salary increment rate per annum 8% 8%
Discount rate per annum 6.70% -6.90% 7.20% -7.42%
31 December 31 December 31 December 31 December 31 December
Historical information: 2023 2022 2021 2020 2019
US$ US$ US$ US$ US$
Present value of defined benefit
obligation 14,484,514) 12,432,338) 15,614,984 26,552,905 21,549,023)
Experience adjustments (732,426) (1,408,957) 255,001 105,552 83,834)
Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected salary
increase rate and mortality rate. The sensitivity analysis below have been determined based on reasonably
possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other
assumptions constant.
If the discount rate is 1% higher (lower), the defined benefit obligation would decrease to US$ 13,379,022
(increase to US$ 15,720,731) on 31 December 2023 and would decrease to US$ 11,512,486 (increase to
US$ 13,471,721) on 31 December 2022.
If the expected salary growth increases (decreases) by 1%, the defined benefit obligation would increase to
US$ 15,844,398 (decrease to US$ 13,256,277) on 31 December 2023 and increase to US$ 13,585,118
(decrease to US$ 11,400,052) on 31 December 2022.
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the
assumptions may be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has
been calculated using the projected unit credit method at the end of the reporting period, which is the same as that
applied in calculating the defined benefit liability recognized in the consolidated statement of financial position.
There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
Defined benefit pension plan of the Company, ANJA, ANJAS, SMM, KAL, PMP, PPM and GMIT are funded
through DPLK Manulife Indonesia. There is no minimum funding requirement under the arrangement with DPLK
Manulife Indonesia nor is there a minimum funding requirement under the prevailing regulations.
The average duration of the benefit obligation as of 31 December 2023 is 12.75 – 18.71 years (2022: 12.17 –
19.37 years). This number can be analysed from average expected future service of active members is 8.42 –
13.19 years for 2023 (2022: 8.32 – 13.20 years).
48
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
27. CAPITAL STOCK AND TREASURY STOCK
The composition of the Company’s shareholders is as follows:
31 December 2023
Percentage of
Name of shareholders Number of shares ownership Total paid-in capital stock
Rp Equivalent in US$
PT Memimpin Dengan Nurani 1,370,050,012 40.8461% 137,005,001,200 14,040,188
PT Austindo Kencana Jaya 1,370,050,012 40.8461% 137,005,001,200 14,040,188
Mr. George Santosa Tahija 158,988,351 4.7400% 15,898,835,100 7,545,604
Mr. Sjakon George Tahija 158,891,813 4.7371% 15,889,181,300 7,541,023
Yayasan Tahija 1,500 0.0001% 150,000 73
Public (each below 5%) 296,193,312 8.8306% 29,619,331,200 3,568,232
Total outstanding shares, issued and fully paid 3,354,175,000 100.0000% 335,417,500,000 46,735,308
31 December 2022
Percentage of
Name of shareholders Number of shares ownership Total paid-in capital stock
Rp Equivalent in US$
PT Memimpin Dengan Nurani 1,370,050,012 41.1031% 137,005,001,200 14,040,188
PT Austindo Kencana Jaya 1,370,050,012 41.1031% 137,005,001,200 14,040,188
Mr. George Santosa Tahija 158,988,351 4.7698% 15,898,835,100 7,545,604
Mr. Sjakon George Tahija 158,891,813 4.7669% 15,889,181,300 7,541,023
Yayasan Tahija 1.500 0.0001% 150,000 73
Public (each below 5%) 275,222,400 8.2570% 27,522,240,000 3,353,146
Total outstanding shares 3,333,204,088 100.0000% 333,320,408,800 46,520,222
Treasury stock 20,970,912 - 2,097,091,200 215,086
Total outstanding shares, issued and fully paid 3,354,175,000 100.0000% 335,417,500,000 46,735,308
As discussed in Note 1c, the Company has acquired 115,651,300 shares of its issued and paid up shares
from the shareholders who disagreed with the resolution of the Extraordinary General Meeting of
Shareholders held on 22 June 2015 regarding the merger between the Company and PAM. Total
acquisition cost of these treasury stock which was paid by the Company on 30 June 2015 amounted to Rp
141,840 million (including other direct acquisition cost of Rp 283 million) or equivalent to US$ 10.6 million.
These shares are recorded as part of “treasury stock” in Equity. As of 31 December 2023, total treasury
stock which were held by the Company was nil (31 December 2022: 20,970,912 shares with the value of
US$ 1,973,591 at its acquisition cost).
As of 31 December 2023 and 2022, the total Company’s public shares owned by the Company’s Directors
are 13,109,563 and 11,909,563 shares, respectively.
28. ADDITIONAL PAID IN CAPITAL
31 December 2023 31 December 2022
US$ US$
Excess of IPO price over par value 37,643,466) 37,643,466)
Share issuance costs (5,496,381) (5,496,381)
Net excess of IPO proceeds over paid in capital 32,147,085) 32,147,085)
Management Stock Option Plan exercised 2,179,887) 2,179,887)
Lapsed Management Stock Option Plan 370,964) 370,964)
Sale of treasury stock 1,200,075) 2,188,562)
Subtotal 35,898,011) 36,886,498)
Differences in value from restructuring transaction between entities
under common control:
Sale of investment in shares of ANJHC 8,024,263) 8,024,263)
Sale of investment in shares of BKM 1,490,208) 1,490,208)
Sale of investment in properties 32,592) 32,592)
Sale of property, plant and equipment 3,569,959) 3,569,959)
Sale of other assets (112,689) (112,689)
Subtotal
13,004,333) 13,004,333
Total 48,902,344) 49,890,831
49
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
28. ADDITIONAL PAID IN CAPITAL (Continued)
The difference in value from restructuring transaction between entities under common control arised from the following
transactions:
Sale of investment in shares of ANJHC
On 7 May 2012, the Company transferred 165,837,499 shares or 99.99% ownership in PT Austindo Nusantara Jaya
Healthcare (ANJHC) to PT Austindo Nusantara Jaya Husada Cemerlang with the selling price of US$ 20,000,000. The
difference between the selling price and the book value of equity transferred of US$ 8,024,263 represents difference in
value from restructuring transaction between entities under common control.
Sale of investment in shares of BKM
On 23 July 2012, the Company transferred 27,750 shares in PT Bina Kosala Metropolitan (BKM) to PT Austindo
Nusantara Jaya Husada Cemerlang with the selling price of US$ 2,630,886. The difference between the selling price
and the book value of equity transferred of US$ 1,490,208 represents the difference in value from restructuring
transaction between entities under common control.
Sale of investment properties
On 14 August 2012, the Company sold its investment in land and buildings to PT Memimpin Dengan Nurani and PT
Austindo Kencana Jaya with total selling price of US$ 2,606,165. The difference between the selling price and the
book value of US$ 994,316 represents the difference in value from restructuring transaction between entities under
common control.
On 5 September 2012, the Company sold its investment in properties to PT Austindo Nusantara Jaya Husada
Cemerlang with the total selling price of US$ 4,324,371. The difference between the selling price and the book value of
(US$ 961,724) represents the difference in value from restructuring transaction between entities under common
control.
Sale of property, plant and equipment
On 6 December 2012, the Company sold building, office equipment, furniture and fixtures to PT Memimpin Dengan
Nurani and PT Austindo Kencana Jaya with a total selling price of US$ 2,970,834. The difference between the selling
price and the book value of US$ 2,392,599 represents the difference in value from restructuring transaction between
entities under common control.
On 16 May 2012, GMIT sold its land and building located in Jember to entities under common control, PT Memimpin
Dengan Nurani and PT Austindo Kencana Jaya. The difference between the selling price and the book value of those
land and building of US$ 1,177,360 was recorded as difference in value from restructuring transaction between entities
under common control.
Sale of other assets
On 29 June 2012, the Company sold other assets to Mr. Sjakon George Tahija with a selling price of US$ 42,440. The
difference between the selling price and the book value of (US$ 112,689) represents the difference in value from
restructuring transaction between entities under common control.
29. DIFFERENCE IN VALUE DUE TO CHANGES IN EQUITY OF SUBSIDIARIES AND OTHER RESERVES
Difference in Value Due to Changes in Equity of Subsidiaries
31 December 2023 31 December 2022
US$ US$
Effect of changes in equity resulting from
step acquisition of ANJA 29,217,031) 29,217,031)
Effect of changes in equity resulting
from remeasurement of functional currency in SMM 1,860,354) 1,860,354)
Effect of changes in equity of ANJA from option conversion
and purchase of shares from non-controlling interests (469,794) (469,794)
Effect of changes in equity from share ownership in GMIT 98,775) 98,775)
Total 30,706,366) 30,706,366)
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
29. DIFFERENCE IN VALUE DUE TO CHANGES IN EQUITY OF SUBSIDIARIES AND OTHER RESERVES
(Continued)
Other Reserves
31 December 2023 31 December 2022
US$ US$
Unrealized gain on investments
in investments in equity securities
Beginning balance 2,7)22,719,821 2,679,301)
Changes in fair value of investments in equity securities (Note 12) 25,495 3,026,771.
Income tax on change in fair value investment in equity securities (5,609) (665,890)
Sale of investments in equity securities:
Difference between selling price and fair value -) 81,314)
Reclassification to retained earnings -) (2,401,675)
Subtotal 2,739,707) 2,719,821)
Difference in translation of
subsidiaries’ financial statements in foreign currencies
Beginning balance (53,488,373) (34,088,620)
Difference in translation of subsidiaries’ financial statements in foreign
currencies 4,131,174) (19,399,753)
Subtotal (49,357,199) (53,488,373)
Total (46,617,492) (50,768,552)
In 2022, difference between selling price on investment in PT Agro Muko and its acquisition cost, net of tax
was reclassified to retained earnings.
30. NON-CONTROLLING INTERESTS
31 December 2023 31 December 2022
US$ US$
PT Gading Mas Indonesia Teguh 1,293,736 1,977,831
PT Lestari Sagu Papua 128,664 121,973
PT Austindo Aufwind New Energy 7,033 5,523
Total 1,429,433 2,105,327
Summarized financial information in respect to PT Gading Mas Indonesia Teguh and PT Lestari Sagu Papua,
subsidiaries that has material non-controlling interest is set out below. The summarized financial information
below represents amounts before intragroup eliminations.
31 December 2023 31 December 2022
US$ US$
PT Gading Mas Indonesia Teguh
Balance at beginning of year 1,977,831 2,281,578
Addition from capital injection - 450,000
Share of profit (loss) for the year (730,353) (569,364)
Share of other comprehensive income 321 2,839
Translation adjustments 45,937 (187,222)
Total 1,293,736 1,977,831
PT Lestari Sagu Papua
Balance at beginning of year 121,973 131,918
Share of profit for the year 4,243 2,450
Translation adjustments 2,448 (12,395)
Total 128,664 121,973
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
30. NON-CONTROLLING INTERESTS (Continued)
Other
subsidiaries
PT Gading with immaterial
PT Lestari Mas Indonesia non-controlling
31 December 2023 Sagu Papua Teguh interests Total
Non-controlling interests percentage of ownership 49% 20%
Current assets 181,792 2,362,458
Non-current assets 80,788 8,908,600
Current liabilities - (1,696,833)
Non-current liabilities - (171,903)
Capital paid in advance (2,933,645)
Net assets attributable to owners of the Company 262,580 6,468,677
Net assets attributable to non-controlling interests 128,664 1,293,736 7,033 1,429,433
Revenue 13,011 1,829,148
Expenses (4,352) (5,480,915)
Profit (loss) for the year 8,659 (3,651,767)
Total comprehensive income (loss) attributable to owners of the Company 8,659 (3,650,165)
Total net income (loss) attributable to non-controlling interests 4,243 (730,353) 1,421 (724,689)
Total other comprehensive income attributable to non-controlling interests - 321 (9) 312
Difference in translation of subsidiaries’ financial statements in foreign currencies 2,448 45,937 98 48,483
Total comprehensive income (loss) attributable to non-controlling interests
after translation 6,691 (684,095) 1,510 (675,894)
Cash flows (used in) operating activities 5,599 (3,164,769)
Cash flows (used in) investing activities - (247,601)
Cash flows from financing activities - 3,465,894
Net increase in cash and cash equivalents 5,599 53,524
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
30. NON-CONTROLLING INTERESTS (Continued)
Other
subsidiaries
PT Gading Mas with immaterial
PT Lestari Indonesia non-controlling
31 December 2022 Sagu Papua Teguh interests Total
Non-controlling interests percentage of ownership 49% 20%
Current assets 173,135 1,847,830
Non-current assets 79,171 9,154,131
Current liabilities (3,381) (964,359)
Non-current liabilities - (139,419)
Net assets attributable to owners of the Company
248,925 9,898,183
Net assets attributable to non-controlling interests 121,973 1,979,637 3,717 2,105,327
Revenue 12,704 1,680,332
Expenses (7,705) (4,527,154)
Profit (loss) for the year 4,999 (2,846,822)
Total comprehensive income (loss) attributable to owners of the Company 4,999 (2,832,625)
Total net income (loss) attributable to non-controlling interests 2,450 (569,364) 926 (565,988)
Total other comprehensive income attributable to non-controlling
interests - 2,839 (4) 2,835
Difference in translation of subsidiaries’ financial statements in foreign currencies (12,395) (187,222) (524) (200,141)
Total comprehensive income (loss) attributable to non-controlling
interests after translation (9,945) (753,747) 398 (763,294)
Cash flows from (used in) operating activities 3,388 (2,694,322)
Cash flows from investing activities - (283,189)
Cash flows from financing activities - 2,993,488
Net increase in cash and cash equivalents 3,388 15,977
31. REVENUE
Revenue consists of revenue from sales and service concession revenue.
2023 2022
US$ US$
Revenue from sales 235,935,454 268,586,966
Service concession revenue 576,249 579,755
Total 236,511,703 269,166,721
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
31. REVENUE (Continued)
a. Revenue from Sales
2023 2022
US$ US$
Crude palm oil (CPO) 211,938,056 232,567,904
Palm kernel (PK) 18,811,737 30,761,600
Palm kernel oil (PKO) 769,900 1,033,785
Sago starch 883,679 1,584,480
Edamame 1,884,846 1,680,333
Fresh fruit bunches (FFB) 1,612,004 931,861
Others 35,232 27,003
Total 235,935,454 268,586,966
The revenue from the sales of CPO and PK includes the sales of physical RSPO certifcates of US$ 1,778,578
for the year ended 31 December 2023.
b. Service Concession Revenue
2023 2022
US$ US$
Service concession revenue 495,805 487,658
Financing revenue from service
concession 80,444 92,097
Total 576,249 579,755
32. COST OF REVENUE
Cost of revenue consists of cost of sales and cost of service concession.
2023 2022
US$ US$
Cost of sales 204,581,397 214,924,655
Cost of service concession 371,444 370,169
Total 204,952,841 215,294,824
a. Cost of Sales
2023 2022
US$ US$
Crude palm oil, palm kernal oil and palm kernel 193,696,046 202,344,886
Edamame 4,728,061 3,846,173
Sago starch 4,647,871 7,375,747
Fresh fruit bunches 1,492,924 1,343,767
Others 16,495 14,082
Total 204,581,397 214,924,655
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
32. COST OF REVENUE (Continued)
a. Cost of Sales (Continued)
2023 2022
US$ US$
Palm oil production costs
Harvesting expenses 21,814,234 18,836,520
Maintenance costs of mature plantation 29,565,640 27,098,271
Factory overhead and indirect costs 41,885,832 38,095,867
Depreciation of mature plantation (Note 13) 17,284,705 15,542,605
Depreciation of property, plant and equipment (Note 14) 10,152,359 9,053,771
Depreciation of right-of-use assets (Note 16) 495,098 554,091
Purchases of FFB 69,899,250 88,758,284
Impairment inventories 540,526 540,239
Fair value adjustment on derivative instruments - 13,975
Realized (gain) loss from derivative transaction, net (23,018) 138,650
Total palm oil production costs 191,614,626 198,632,273
Sago starch production costs
Sago logs harvesting costs 690,624 972,029
Sago processing costs 3,074,915 5,351,379
(Reversal) Impairment of inventories (207,395) 396,180
Depreciation of property, plant and equipment (Note 14) 1,014,112 1,049,565
Total sago starch production costs 4,572,256 7,769,153
Edamame production costs
Raw material consumption 2,052,736 1,557,295
Reversal impairment for inventories (6,695) (438,398)
Edamame processing costs 2,143,005 1,852,101
Depreciation of property, plant and equipment (Note 14) 565,881 559,632
Total edamame production costs 4,754,927 3,530,630
Others 10,375 13,422
Finished goods:
Beginning of year
Palm oil product 8,352,697 10,620,593
Sago starch 1,452,022 1,190,820
Edamame 457,223 832,903
End of year
Palm oil product (5,467,747) (8,352,697)
Sago starch (1,406,800) (1,452,022)
Edamame (493,152) (457,223)
Translation adjustments of inventories 81,767 (364,036)
Net changes in the fair values of biological assets and harvested agriculture produce
transferred to inventories during the year (Note 11) 653,203 2,960,839
Cost of sales 204,581,397 214,924,655
The details of suppliers with purchases exceeding 10% of the total consolidated net fresh fruit bunches (FFB)
purchases are as follows:
2023 2022
Percentage of net Percentage of net
Name Amount purchases Amount purchases
US$ % US$ %
Haji Sati Rambe 14,770,048 21 21,147,881 22
UD. Boru Namora 7,616,177 11 - -
Total 22,386,225 32 21,147,881 22
b. Cost of Service Concession
For the years ended 31 December 2023 and 2022, this account mainly represents expenses in order to maintain
production capacity according to the service concession contract, which amounted to US$ 371,444 and US$
370,169, respectively.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
33. PERSONNEL EXPENSES
This account represents salaries, allowances, bonuses and employee benefit expenses (Note 26).
34. GENERAL AND ADMINISTRATIVE EXPENSES
2023 2022
US$ US$
Professional fees 1,311,073 1,728,830
Travel and transportation 605,529 406,261
Training, seminars and meeting 466,274 376,774
Rent (Note 16) 402,899 404,048
Depreciation of property, plant and equipment (Note 14) 334,046 374,757
Depreciation of right of use assets (Note 16) 259,855 292,943
Membership and subscription fees 209,306 171,604
Office expenses 160,958 142,887
Insurance 128,045 133,283
Communication and electricity 109,647 112,017
Repairs and maintenance 95,608 73,122
Tax penalty expenses 83,817 327,448
Amortization of intangible assets (Note 15) 63,762 29,155
Custodian fees and bank charges 21,221 39,442
Donation 2,790 5,917
Others
Total 114,486 265,850
Total 4,369,316 4,884,338
35. FINANCE COSTS, NET
2023 2022
US$ US$
Financial income:
Interest income from time deposit and current account 155,747 279,476
Others 152,776 191,997
Total 308,523 471,473
Financial charges:
Loan interest expense (9,651,484) (4,949,142)
Interest expense from lease liabilities (Note 16) (61,774) (117,680)
Amortization of financing cost (146,593) (174,083)
Total (9,859,851) (5,240,905)
Total, net (9,551,328) (4,769,432)
36. OTHER INCOME , NET
2023 2022
US$ US$
Other income:
Management service income from
plasma and other third parties 515,885 605,344
Gain on sale of property, plant, and equipment - 117,293
Income from palm shell sales 809,438 881,543
Sales of RSPO certificates 247,834 196,305
Others 986,627 465,974
Total 2,559,784 2,266,459
Other expenses:
Loss on sale of property, plant, and equipment (165,488) -
Loss on bearer plants write off - (499)
Others (26,998) (3,283)
Total (192,486) (3,782)
Total, net 2,367,298 2,262,677
Total sales of RSPO certificates for the year ended 31 December 2023 amounts to US$ 2,026,412 which consists
of US$ 1,778,578 through the physical sales (Note 31) and US$ 247,834 through the online trading (palm e-
trace).
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
37. INCOME TAXES
Income tax expense of the Group consists of the following:
2023 2022
US$ US$
Recognized in profit and loss:
Current tax 9,357,023 13,792,829
Deferred tax (1,690,952) (440,306)
Total 7,666,071 13,352,523
Recognized in other comprehensive income:
Deferred tax (109,256) (364,915)
Total (109,256) (364,915)
Total income tax expense of the Group 7,556,815 12,987,608
Current Tax
The reconciliation between consolidated profit before tax per consolidated statements of profit or loss and other
comprehensive income and taxable income of the Company is as follows:
2023 2022
US$ US$
Consolidated profit before tax 9,567,725 34,507,811
Less: profit before tax per subsidiaries (11,235,728) (35,999,777)
Profit adjustment based on cost method 6,502,276 6,486,021
Profit before tax of the Company 4,834,273 4,994,055
Temporary differences:
Bonus (91,822) (143,431)
Post-employment benefits 233,364 89,248
Rental (21,644) (65,595)
Depreciation and amortization 65,810 48,043
Subtotal 185,708 (71,735)
Non-tax-deductible expenses
(non-taxable income/subject to final tax):
Dividend income from subsidiaries and associates (6,976,754) (7,120,099)
Interest income (6,195) (31,322)
Donation 5,325 54,207
Personnel expenses 345,625 859,905
Gain on sale of investment - 3,259,892
Others 56,562 30,171
Subtotal (6,575,437) (2,947,246)
Total taxable (loss) income of the Company (1,555,456) 1,975,074
2023 2022
US$ US$
Current income tax expense -
subsidiaries
PT Austindo Nusantara Jaya Agri and subsidiaries 9,355,913 13,792,509
PT Lestari Sagu Papua 1,110 320
Income tax expense - current 9,357,023 13,792,829
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
37. INCOME TAXES (Continued)
The Company has submitted its corporate income tax return for fiscal year 2022 in April 2023. As of the issuance of
these consolidated financial statements, the Company has not submitted its corporate income tax return for fiscal year
2023. The calculation above will be used as the basis to submit the 2023 corporate income tax return.
Deferred Tax
As of 31 December 2023 and 2022, the Company had temporary differences from employee benefits obligation, fixed
assets, security deposit, investments in equity securities, bonus and right-of-use assets.
The following deferred tax assets of the Group have not been recognized:
2023 2022
US$ US$
Tax loss carry forwards 18,450,098 15,864,449
Impairment provision of property, plant and equipment 2,524,122 2,473,578
Allowance for decline in value of inventories 273,061 369,187
Provision for service concession concession arrangement 14,129 118,110
Total 21,261,410 18,825,324
The Group’s tax loss carry forwards, which as of 31 December 2023 and 2022 amounting to US$ 87,885,209 and US$
68,879,313, respectively, will expire between 2024 and 2028 (2022: will expire between 2023 and 2027) if not utilized
against future taxable profits. Deferred tax assets are not recognized because it is not probable that future taxable
profits will be available against which the Group can utilize the benefits therefrom. Realization of the Company’s and
subsidiary’s deferred tax assets is dependent upon their profitable operations. Management believes that these
deferred tax assets below are probable of being realized through offset against taxes due on future taxable income.
The details of deferred tax assets and liabilities of the Group are as follows:
Credited Credited
(charged) (charged)
Credited to other to available
1 January (charged) comprehensive investment Translation 31 December
2023 to profit or loss income revaluation adjustments 2023
US$ US$ US$ US$ US$ US$
Deferred tax assets
The Company 123,852 40,856 (51,340) (5,609) - 107,759
GMIT 36,308 (2,983) (452) - 778 33,651
ANJA 883,509 1,040,838 (57,046) - (24,600) 1,842,701
ANJAP 71,463 1,982 (5,968) - 1,502 68,979
AANE - 16,812 344 - (1,773) 15,383
Total 1,115,132 1,097,505 (114,462) (5,609) (24,093) 2,068,473
Deferred tax liabilities
ANJA (729,629) 541,876 10,815 - - (176,938)
AANE (51,571) 51,571 - - - -
Total (781,200) 593,447 10,815 - - (176,938)
Net 1,690,952 (103,647) (5,609)
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
37. INCOME TAXES (Continued)
Deferred Tax (Continued)
Credited
(charged)
Credited to other
1 January (charged) comprehensive Translation 31 December
2022 to profit or loss income adjustments 2022
US$ US$ US$ US$ US$
Deferred tax assets
The Company 125,871 (15,781) 13,762 - 123,852
GMIT 64,202 (19,193) (4,004) (4,697) 36,308
ANJA 684,769 486,474 (284,618) (3,116) 883,509
ANJAP 99,990 (6,834) (13,514) (8,179) 71,463
Total 974,832 444,666 (288,374) (15,992) 1,115,132
Deferred tax liabilities
AANE (49,322) (7,425) 196 4,980 (51,571)
ANJA (697,937) 3,065 (76,737) 41,980 (729,629)
Total (747,259) (4,360) (76,541) 46,960 (781,200)
Net 440,306 (364,915)
A reconciliation between total income tax expense of the Group and the amount computed by applying the prevailing
tax rates to profit before tax of the Company is as follows:
2023 2022
US$ US$
Profit before tax of the Company 4,834,273 4,994,055
Tax expense at prevailing tax rates (1,063,540) (1,098,692)
Effect of non-tax-deductible expenses
(non-taxable income/subjected to final tax): 1,534,886 1,566,422
Dividend income from subsidiaries
Interest income 1,363 6,891
Donation (1,171) (11,926)
Personnel expenses (76,038) (189,179)
Gain on sale of investment - (717,176)
Others (12,444) (6,638)
Total 1,446,596 648,394
Recognition of previously unrecognized tax losses - 434,517
Current year's unrecognized tax losses (342,200) -
Total tax expense of the Company recognized in profit or loss 40,856 (15,781)
Tax expense of subsidiaries (7,706,927) (13,336,742)
Total Group's tax expense (7,666,071) (13,352,523)
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
38. EARNING PER SHARE
The computation of earning per share attributable to the owners of the Company is based on the following data:
2023 2022
US$ US$
Income
Net income attributable to owners of the Company 2,626,343 21,721,276
Number of shares
Weighted average number of ordinary shares outstanding for basic
income per share computation 3,352,427,424 3,328,875,821
Weighted average number of ordinary shares outstanding for diluted
income per share computation 3,352,427,424 3,328,875,821
Earning per share
Basic 0.0008 0.0065
Diluted 0.0008 0.0065
As of 31 December 2023 and 2022, the Company has no dilutive potential common shares.
39. CASH DIVIDENDS
In the Annual General Shareholders’ Meeting held on 7 June 2023, the shareholders of the Company approved the
distribution of cash dividends of Rp 93,246.06 million or Rp 27.8 (full amount) per share (equivalent to US$ 6,239,282
or US$ 0.0019 per share) from the unappropriated retained earnings as of 31 December 2022 to the shareholders
recorded on the shareholders register on 19 June 2023 (recording date). The dividend was paid to the shareholders on
7 July 2023.
In the Annual General Shareholders’ Meeting held on 8 June 2022, the shareholders of the Company approved the
distribution of cash dividends of Rp 143,327.78 million or Rp 43 (full amount) per share (equivalent to US$ 9,666,022
or US$ 0.0029 per share) from the unappropriated retained earnings as of 31 December 2021 to the shareholders
recorded on the shareholders register on 20 June 2022 (recording date). The dividend was paid to the shareholders on
8 July 2022.
40. DERIVATIVE INSTRUMENTS
a. The Company, ANJA, ANJAS, SMM, PPM dan PMP entered into forward currency contract facilities with PT
Bank OCBC NISP Tbk to minimize foreign exchange exposure. Foreign currency contracts require ANJA,
at a future date, to buy and sell U.S. Dollar against Rupiah using the rates agreed at the inception of the
contracts. As of 31 December 2023, there was no outstanding balance of the facility.
b. ANJA and SMM have CPO commodity swap contracts with several financial institution. As of 31 December
2023, there is no outstanding commodity swap contracts.
c. On 9 March 2020, the Company, ANJA, SMM entered into a forward currency contract agreement for a total
facility of US$ 20 million with PT Bank UOB Indonesia to minimize foreign exchange exposure. As of
31 December 2023, there was no outstanding balance of the facility.
d. On 11 May 2021, GMIT entered into a foreign currency contract agreement for a total facility of US$ 1 million
with PT Bank UOB Indonesia for hedging. As of 31 December 2023, there was no outstanding balance of the
facility.
e. On 20 October 2020, the Company, ANJA, dan KAL entered into a forward currency contract agreement for a
total facility of US$ 15 million with PT Bank CIMB Niaga Tbk to minimize foreign exchange exposure. This facility
is due on 28 July 2024. On 31 December 2023, there was no outstanding balance of the facility.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
41. NATURE OF RELATIONSHIP AND TRANSACTION WITH RELATED PARTIES
Nature of Relationship
Mr. George Santosa Tahija, Mr. Sjakon George Tahija, Yayasan Tahija, PT Memimpin Dengan Nurani (MDN)
and PT Austindo Kencana Jaya (AKJ) are the Company’s shareholders.
Transaction with Related Parties
GMIT utilizes land and building in Jember owned by AKJ and MDN as its office, employee housing, training centre
and warehouse in accordance with the lend and use agreement dated 17 May 2012. This agreement has been
renewed and valid until 17 May 2024. Based on this lend and use agreement, GMIT has no obligation to pay
anything to AKJ or MDN, however, GMIT has to bear and pay the Land and Building tax, fire insurance, repair and
maintenance, electricity, water, telephone, security and all other maintenance costs related to the land and building
during the lend and use period.
42. COMMITMENTS AND CONTINGENCIES
COMMITMENTS
a. On 29 November 2012, Perusahaan Listrik Negara (PLN) and AANE entered into a Power Purchase
Agreement (PPA) which is valid for 15 years since the signing date. AANE agreed to sell electricity power to
PLN and PLN agreed to purchase the electricity power generated by the power plant built by AANE with a
capacity of 1,200 kW in Desa Jangkang, subdistrict Dendang, regency of Belitung Timur. AANE has an agreed
price of Rp 975/kWh, adjustable to new price if announced by PLN. AANE will also be responsible in designing,
building, providing fund, construction, testing, commissioning and providing interconnection facilities and
transaction points to connect the power plant owned by AANE to PLN’s electricity system, operating and
maintaining the power plant in accordance with standard operating procedures (SOP) as determined and
agreed by both parties. Commercial date of operation for the electricity sales from AANE to PLN was
31 December 2013.
On 18 December 2015, the PPA was amended to increase the electricity production capacity by 600 kW to
1,800 kW. All increase in electricity production from this capacity will continue to be sold to PLN. On 29
January 2016, PLN and AANE have signed the Commercial Operation Date Agreement for the increase of 600
kW electricity capacity.
b. On 17 June 2021, ANJA, ANJAS, PPM, and PMP entered into a security service agreement with PT G4S
Security Services to provide security services. The agreement for ANJA and ANJAS is valid from 8 June 2021
until 8 June 2023, and the agreement for PPM and PMP valid from 21 June 2021 until
21 June 2023. Total fees related to these security services is Rp 20 billion per year. On 20 August 2023,
security service agreement between ANJA, ANJAS, PPM, and PMP with PT G4S Security Services was
extended until 23 June 2024.
c. On 7 June 2018, the Company entered into a lease agreement with PT Bahanasemesta Citranusantara for
leasing of 1,853.96 square meters office space at Menara BTPN. The office lease period is effective from
1 April 2019 until 31 March 2025. The rental fee will be charged to the Company, SMM, ANJAP, AANE, PPM,
PMP and ANJB with certain office lease space. The rental fee is Rp 155,000/sqm for the period until 31 March
2022 and Rp 170,000/sqm for the period until 31 March 2025, and the service charges is Rp 85,000/sqm and
should be paid quarterly in advance. The Group has paid Rp 1.4 billion (equivalent to US$ 0.1 million) security
deposits, which is recorded as other non-current assets.
d. Based on the Ministry of Agriculture Regulation No. 26 year 2007, KAL has plasma obligation for a minimum c
20% of total area. In July 2014, KAL allocate 2,431 hectares for plasma plantation that are owned by Bina
Satong Lestari Cooperative, Laman Mayang Sentosa Cooperative and for cooperative in Desa Kuala Tolak
which its establishment is still in process. Management cooperation agreements between KAL and Bina
Satong Lestari Cooperative and Laman Mayang Sentosa Cooperative were signed on 19 August 2014,
whereas KAL (referred to as the Nucleus) is required to perform the following, among others:
Act as business partner to develop the plantation for smallholders based on the mutual agreement between
the Nucleus and the Cooperatives.
Purchase the fresh fruit bunches (FFB) produced by plasma plantations at prevailing price in West
Kalimantan Province.
61
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
42. COMMITMENTS AND CONTINGENCIES (Continued)
Plasma financing is derived from bank loan made between bank and the Cooperatives.
The period of the agreement is 30 years.
Meanwhile, the bank loan agreements between Bina Satong Lestari Cooperative, Laman Mayang Sentosa
Cooperative and PT Bank Mandiri (Persero) Tbk (Bank Mandiri) were signed on 22 August 2014. The loan
facility was Rp 31.6 billion and Rp 130.3 billion, respectively and guaranteed by KAL. The bank loan period is
until 2025, bearing floating interest rate of 10.75% p.a. In February 2021, the loan from Bank Mandiri to Laman
Mayang Sentosa Cooperative was fully repaid through the loan facility from PT Bank OCBC NISP Tbk, as
explained below.
On 16 December 2020, Laman Mayang Sentosa Cooperative entered into loan agreement with PT Bank
OCBC NISP Tbk. to obtain Term Loan Credit facility amounting to Rp 97.8 billion to refinance its loan from
PT Bank Mandiri (Persero) Tbk. The loan is guaranteed by the mortgage on plasma plantation HGU and
corporate guarantee from KAL. The loan will be due in 2026 with floating interest rate at 8.75% p.a. effective
from 26 November 2022.
On 14 September 2021, Bina Satong Lestari Cooperative entered into loan agreement with PT Bank OCBC
NISP Tbk. to obtain Term Loan Credit facility amounting to Rp 25.0 billion to refinance its loan from PT Bank
Mandiri (Persero) Tbk. The loan is guaranteed by the mortgage on plasma plantation HGU and corporate
guarantee from KAL. The loan will be due in 2026, bearing floating interest rate at 8.75% p.a. effective from
26 November 2022.
e. ANJA, ANJAS, KAL and SMM has sales commitments of CPO and PK with several customers, for delivery of
CPO in 2024 maximum of 26,500 metric tonnes per month and for delivery of PK in 2024 maximum of 8,050
metric tonnes per month. The average sales price under this sales commitment is subject to variance
adjustment calculated based on formula defined in these agreements. These commitments are cancellable
with 1 to 3 months notice in advance.
f. SMM entered into cooperation agreements related to development and management of palm oil plantation
with Mitra Anugrah Cooperative and Mitra Lestari Cooperative on 30 October 2014 and with Lindong Raya
Cooperative, Gunong Nyerundong Cooperative, Sambar Jaya Makmur Cooperative and Tiong Sejahtera
Cooperative on 13 April 2018, whereas SMM (referred to as the Nucleus) is required to perform the
following, among others:
Act as business partner to develop the plantation for smallholders based on the mutual agreement
between the Nucleus and the Cooperatives (smallholders).
Purchase the fresh fruit bunches (FFB) produced by plasma plantation at prevailing price in Bangka
Belitung Province.
Plasma financing is derived from bank loan made between bank and the Cooperatives.
The period of the agreement is 30 years.
The bank loan agreements between Mitra Anugrah Cooperative and Mitra Lestari Cooperative and PT Bank
CIMB Niaga Tbk were signed on 27 July 2016. The loan facility was Rp 3.7 billion and Rp 3.6 billion,
respectively, and guaranteed by SMM. The bank loans’ periods are until 2026 for Mitra Anugrah Cooperative
and until 2024 for Mitra Lestari Cooperative, bearing floating interest rate of 9% p.a. effective from February
2023.
Meanwhile, the bank loan agreements between Sambar Jaya Makmur Cooperative, Gunong Nyerudong
Cooperative, Tiong Sejahtera Cooperative, Lindong Raya Cooperative and PT Bank CIMB Niaga Tbk were
signed on 18 September 2018. The loan facility was Rp 3.9 billion, Rp 10.3 billion, Rp 3.7 billion and Rp 24.3
billion, respectively, and guaranteed by SMM. The bank loans’ periods are until 2026 for Sambar Jaya
Makmur Cooperative, Gunong Nyerudong Cooperative and Tiong Sejahtera Cooperative and until 2028 for
Lindong Raya Cooperative, bearing floating interest rate 9% p.a. effective from February 2023.
62
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
42. COMMITMENTS AND CONTINGENCIES (Continued)
g. Other than the above commitments, the Group through its various subsidiaries have various contracts to
assist the Group to develop its plantations. The contracts will expire throughout 2023. The total significant
contracts commitment as of 31 December 2023 is as follows:
Total amount g.
Contract value have been paid h.
i.
IDR Rp 104.3 billion Rp 54.3 billion g.
CONTINGENCIES
As of 31 December 2023, ANJA, KAL, SMM and ANJAS are in the judicial review process relating to the request
filed by the tax authorities with the Supreme Court. ANJA, KAL, SMM and ANJAS have not recorded additional
tax liabilities in relation to those ongoing judicial review because ANJA, KAL, SMM and ANJAS assessed that
ANJA, KAL, SMM and ANJAS have technical ground to support its tax position.
43. SERVICE CONCESSION ARRANGEMENT
Energy Sales Contract (ESC) of AANE (Note 42a) fulfill all characteristics of a concession arrangement and
the infrastructure arising from those contracts is controlled by the grantor, therefore, the management treated
those contracts as service concession arrangements.
Receivable from Service Concession Arrangement
The movement in the net carrying amount of receivable from service concession arrangement is as follows:
31 December 31 December
2023 2022
US$ US$
Balance at beginning of year 633,465 770,623
Repayment (76,912) (69,333)
Translation adjustments 13,747 (67,825)
Balance at end of year 570,300 633,465
Less:
Current maturity (86,614) (74,585)
Non-current portion 483,686 558,880
AANE have used an implicit interest rate of 13%.
Provision For Service Concession Arrangement
The provision for service concession arrangement represents the present value of minimum contractual
obligations from the related service concession arrangement.
The movement of provision recognized in the consolidated statements of financial position is as follows:
31 December 2023 31 December 2022
US$ US$
Balance at beginning of year 536,865 486,613
Provision during the year 111,838 143,679
Realization during the year (272,704) (42,674)
Translation adjustment 12,649 (50,753)
Balance at end of year 388,648 536,865
Less:
Current maturity (147,095) (236,067)
Non-current portion 241,553 300,798
The discount rate used in calculating the present value of the AANE’s provision is 6.12%-6.72%.
63
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
44. SEGMENT INFORMATION
For management reporting purposes, the Group is segmented into 4 segments based on product line,
comprising of palm oil, sago, energy and others. These segments form the basis for operation segment
reporting of the Group.
The organization of the Group is not entirely grouped by each business segment, therefore the segment
information available on the earnings and assets is directly related to the main activity. The Group has no
reasonable basis for allocating revenues, expenses and other assets to each segment. The Group’s business
segments operate in Indonesia.
Entity wide information
For the years ended 31 December 2023 and 2022, total revenue to external customers by geographical areas
are as follows:
31 Decem ber 2023 31 Decem ber 2022
US$ US$
Dom es tic 235,944,452 268,289,315
Offs hore countries 567,251 877,406
236,511,703 269,166,721
As of 31 Desember 2023 and 2022, the total of non-current assets other than financial instruments and
deferred tax assets amounted to US$ 525,320,339 and US$ 520,345,320, respectively, and all is located in
Indonesia.
Below is the operating segment information:
a. Segment Results
31 December 2023
Palm oil Energy Sago Others Total Elimination Consolidated
US$ US$ US$ US$ US$ US$ US$
Revenue 233,131,697 576,249 883,679 1,920,078 236,511,703 - 236,511,703
Cost of revenue (195,188,970) (371,444) (4,647,871) (4,744,556) (204,952,841) - (204,952,841)
Gross profit (loss) 37,942,727 204,805 (3,764,192) (2,824,478) 31,558,862 - 31,558,862
Foreign exchange gain (loss), net 157,220 (220) 740 (3,556) 154,184 (6,336) 147,848
Selling expense (631,914) - (11,010) (13,453) (656,377) - (656,377)
Personnel expense (6,082,651) (74,439) (80,009) (440,499) (6,677,598) - (6,677,598)
General & administrative expense (5,262,722) (48,798) (188,695) (328,639) (5,828,854) 2,694,246 (3,134,608)
Others, net 2,126,309 (5,472) (1,237) 1,959 2,121,559 (20,339) 2,101,220
Operating profit (loss) 28,248,969 75,876 (4,044,403) (3,608,666) 20,671,776 2,667,571 23,339,347
Financial income (charges), net (9,387,455) 37,946 14,808 (100,871) (9,435,572) 198,724 (9,236,848)
Segment income (loss) before tax 18,861,514 113,822 (4,029,595) (3,709,537) 11,236,204 2,866,295 14,102,499
Unallocated income before tax 4,834,273 (9,369,047) (4,534,774)
Profit before tax 16,070,477 (6,502,752) 9,567,725
Tax expense:
Segment (7,773,199) 68,383 872 (2,983) (7,706,927) - (7,706,927)
Unallocated 40,856 - 40,856
Total tax expense (7,666,071) - (7,666,071)
Profit for the year 8,404,406 (6,502,752) 1,901,654
Profit for the year attributable to:
Owners of the Company 9,129,095 (6,502,752) 2,626,343
Non-controlling interest (724,689) - (724,689)
Profit for the year 8,404,406 (6,502,752) 1,901,654
Total comprehensive income (loss) for the year attributable to:
Owners of the Company 13,647,317 (6,502,752) 7,144,565
Non-controlling interest: (675,894) - (675,894)
Total comprehensive income (loss) 12,971,423 (6,502,752) 6,468,671
64
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
44. SEGMENT INFORMATION (Continued)
a. Segment Results (Continued)
31 December 2022
Palm oil Energy Sago Others Total Elimination Consolidated
US$ US$ US$ US$ US$ US$ US$
COMPREHENSIVE INCOME
Revenue 265,295,150 579,755 1,584,480 1,707,996 269,167,381 (660.00) 269,166,721
Cost of revenue (203,689,314) (370,169) (7,375,747) (3,860,254) (215,295,484) 660.00 (215,294,824)
Gross profit (loss) 61,605,836 209,586 (5,791,267) (2,152,258) 53,871,897 - 53,871,897
Foreign exchange (loss) gain, net (2,416,897) (19) 1,861 10,201 (2,404,854) 109,516 (2,295,338)
Selling expense (560,569) - (32,607) (11,916) (605,092) - (605,092)
Personnel expense (5,396,582) (57,028) (74,924) (357,743) (5,886,277) - (5,886,277)
General & administrative expense (5,914,274) (50,138) (184,706) (353,979) (6,503,097) 2,939,006 (3,564,091)
Others, net 2,283,570 (3,822) 995 2,625 2,283,368 (20,690) 2,262,678
Operating profit (loss) 49,601,084 98,579 (6,080,648) (2,863,070) 40,755,945 3,027,832 43,783,777
Financial income (charges), net (4,711,281) 27,576 14,256 (35,792) (4,705,241) 16,514 (4,688,727)
Segment loss before tax 44,889,803 126,155 (6,066,392) (2,898,862) 36,050,704 3,044,346 39,095,050
Unallocated income before tax 4,994,055 (9,581,294) (4,587,239)
Profit before tax 41,044,759 (6,536,948) 34,507,811
Tax expense:
Segment (13,302,970) (7,425) (7,154) (19,193) (13,336,742) - (13,336,742)
Unallocated (15,781) - (15,781)
Total tax expense (13,352,523) - (13,352,523)
Profit for the year 27,692,236 (6,536,948) 21,155,288
Profit for the year attributable to:
Owners of the Company 28,258,224 (6,536,948) 21,721,276
Non-controlling interest (565,988) - (565,988)
Profit for the year 27,692,236 (6,536,948) 21,155,288
Total comprehensive income (loss) for the year attributable to:
Owners of the Company 13,409,320 (6,536,948) 6,872,372
Non-controlling interest: (763,294) - (763,294)
Total comprehensive income (loss) 12,646,026 (6,536,948) 6,109,078
b. Segment Assets and Liabilities
31 December 2023
Palm oil Energy Sago Others Total Elimination Consolidated
US$ US$ US$ US$ US$ US$ US$
CONSOLIDATED FINANCIAL POSITION
ASSETS
Segment assets 561,288,068 1,383,250 13,365,151 11,270,984 587,307,453 (3,448,050) 583,859,403
Unallocated assets - - - - 346,762,824 (316,549,967) 30,212,857
614,072,260
Total consolidated assets
LIABILITIES
Segment liabilities 186,020,238 481,626 954,472 1,868,736 189,325,072 (5,595,696) 183,729,376
Unallocated liabilities - - - - 5,315,278 (298,077) 5,017,201
188,746,577
Total consolidated liabilities))
Capital expenditure
Segment 33,325,313 9,873 468,482 177,031 33,980,699 - 33,980,699
Unallocated - - - - 18,681 - 18,681
Total capital expenditure 33,999,380
Depreciation and amortization
Segment
Unallocated 28,250,123 3,661 1,034,858 601,810 29,889,952 - 29,889,952
Total depreciation and amortization - - - - 294,564 - 294,564
30,184,516
65
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
44. SEGMENT INFORMATION (Continued)
b. Segment Assets and Liabilities (Continued)
31 December 2022
Palm oil Energy Sago Others Total Elimination Consolidated
US$ US$ US$ US$ US$ US$ US$
CONSOLIDATED FINANCIAL POSITION
ASSETS
Segment assets 546,694,896 1,351,572 13,596,265 11,001,961 572,644,694 (890,115) 571,751,579
Unallocated assets 344,231,336 (313,395,441) 30,835,895
602,590,474
Total consolidated assets
LIABILITIES
Segment liabilities 175,829,221 643,512 1,055,099 1,103,778 178,631,610 (2,550,935) 176,080,675
Unallocated liabilities 2,606,647 (208,038) 2,398,609
178,479,284
Total consolidated liabilities))
Capital expenditure
Segment 35,215,976 1,465 673,109 284,667 36,175,217 - 36,175,217
Unallocated 42,558 - 42,558
Total capital expenditure 36,217,775
Depreciation and amortization
Segment 25,919,883 2,494 1,074,183 598,792 27,595,352 - 27,595,352
Unallocated - - - - 323,382 -) 323,382
27,918,734
Total depreciation and amortization ) ) ) ) ) -
45. MONETARY ASSETS AND LIABILITIES DENOMINATED IN CURRENCIES OTHER THAN U.S. DOLLARS
As of 31 December 2023 and 2022, the Group had monetary assets and liabilities in currencies other than U.S.
Dollars as follows:
31 December 2023 31 December 2022
Foreign currencies Equivalent to Foreign currencies Equivalent to
US$ US$
Assets
Cash and cash equivalents
Rupiah 61,472,625,776 3,987,587 138,124,944,330 8,780,430
Trade accounts receivable
Rupiah 8,875,268,688 575,718 19,093,806,328 1,213,769
Other receivable
Rupiah 12,012,918,000 779,250 8,245,293,533 524,143
Receivable from service concession arrangement
Rupiah 8,791,744,800 570,300 9,965,037,915 633,465
Prepayments – Value Added Taxes
Rupiah 458,535,985,976 29,744,161 380,791,900,915 24,206,465
Claims for tax refund
Rupiah 48,624,545,976 3,154,161 25,626,020,247 1,629,014
Other non-current assets
Rupiah 412,727,465,304 26,772,669 267,785,891,401 17,022,814
Total 65,583,846 54,010,100
Liabilities
Short-term bank loans
Rupiah 101,000,000,000 6,551,635 10,000,000,000 635,687
Trade accounts payable
Rupiah 93,157,993,872 6,042,942 97,031,419,346 6,168,166
Taxes payable
Rupiah 22,582,173,848 1,464,853 13,187,281,569 838,299
Long-term bank loans
Rupiah 866,910,000,000 56,234,432 844,665,000,000 53,694,298
Other payable
Rupiah 108,941,233,824 7,066,764 78,493,346,328 4,989,724
Provision for service concession arrangement
Rupiah 5,991,397,568 388,648 8,445,423,315 536,865
Accrued expenses
Rupiah 89,032,502,696 5,775,331 98,409,002,935 6,255,737
Lease liabilities
Rupiah 5,006,993,472 324,792 17,100,886,942 1,087,082
Employee benefits obligation
Rupiah 210,610,663,368 13,661,823 183,361,763,018 11,656,078
Total 97,511,219 85,861,936
Total liabilities, net (31,927,373) (31,851,836)
66
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
45. MONETARY ASSETS AND LIABILITIES DENOMINATED IN CURRENCIES OTHER THAN U.S. DOLLARS
(Continued)
As of 31 December 2023 and 2022, the conversion rates used by the Group were as follows:
31 December 2023 31 December 2022
US$ US$
Currencies:
1 Rupiah 0.000065 0.000064
1 Euro 1.111832 1.062425
In relation to the fluctuation of the U.S. Dollar exchange rate against foreign currencies, the Group recorded the
foreign exchange gain (loss), net of US$ 175,665 and (US$ 2,583,039), respectively for the years ended 31
December 2023 and 2022.
46. FINANCIAL RISK AND CAPITAL RISK MANAGEMENT
a. Capital Risk Management
The Group manages capital risk to ensure that they will be able to continue as a going concern, in addition to
maximizing shareholders profit through the optimization of the balance of debt and equity.
Management periodically reviews the Group’s capital structure. As part of this review, the Board of Directors
considers the cost of capital and related risk.
The Group's capital structure consists of equity attributable to the owners of the Company (consisting of capital
stock, additional paid in capital, difference in value due to changes in equity of subsidiaries, management stock
option, other comprehensive income, and retained earnings) and debt. The Group is not required to meet certain
capital requirements.
The debt to equity ratio as of 31 December 2023 and 2022 were as follows:
31 December 2023 31 December 2022
US$ US$
Debts
Short term bank loans 23,251,634 4,635,687
Long-term bank loan – current maturities 5,806,250 4,600,000
Long-term bank loans- net of current maturities 121,884,725 125,006,648
Lease liabilities – current maturities 304,924 822,607
Lease liabilities- net of current maturities 19,868 264,475
Total debt 151,267,401 135,329,417
Equity attributable to the owners of the Company 423,896,250 422,005,863
Debt to equity ratio 35.69% 32.07%
67
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
46. FINANCIAL RISK AND CAPITAL RISK MANAGEMENT (Continued)
a. Capital Risk Management (Continued)
Categories and classes of financial instruments
Financial Financial assets/
assets/ liabilities at fair
liabilities at Investment in equity value through profit
amortized cost securities or loss (FVTPL)
US$ US$ US$
31 December 2023
Current financial assets
Cash in banks and cash equivalents 5,682,846 - -
Investment in marketable securities - - 490,209
Receivable from service concession arrangement 86,614 - -
Trade accounts receivable 590,958 - -
Other receivable 779,250 - -
Non-current financial assets
Receivable from service concession arrangement 483,686 - -
Other investments - 4,188,051 -
Other assets 26,800,069 - -
Current financial liabilities
Short-term bank loans (23,251,634) - -
Trade accounts payable (6,141,049) - -
Other payables (7,066,764) - -
Accrued expenses (5,776,300) - -
Long term bank loan - current maturities (5,806,250) - -
Lease liabilities - current maturities (304,924) - -
Provision for service consession arrangement - current maturities (147,095) - -
Non-current financial liabilities
Long-term bank loans - net of current maturities (122,111,877) - -
Lease liabilities - net of current maturities (19,868) - -
Provision for service concession arrangement - net of current maturities (241,553) - -
Total (136,443,891) 4,188,051 490,209
Financial Financial as s ets /
as s ets / liabilities at fair
liabilities at Inves tment in equity value through profit
amortized cos t s ecurities or los s (FVTPL)
US$ US$ US$
31 December 2022
Current financial assets
Cas h in banks and cas h equivalents 10,614,917 - -
Inves tment in marketable s ecurities - - 490,209
Receivable from s ervice conces s ion arrangement 74,585 - -
Trade accounts receivable 1,292,435 - -
Other receivable 524,143 - -
Non-current financial assets
Receivable from s ervice conces s ion arrangement 558,880 - -
Inves tments in equity s ecurities - 4,162,556 -
Other non-current as s ets 17,050,214 - -
Current financial liabilities
Short-term bank loans (4,635,687) - -
Trade accounts payable (6,317,320) - -
Other payables (4,989,724) - -
Accrued expens es (6,779,661) - -
Long term bank loan - current maturities (4,600,000) - -
Leas e liabilities - current maturities (822,607) - -
Provis ion for s ervice cons es s ion arrangement - current maturities (236,067) - -
Non-current financial liabilities
Long-term bank loans - net of current maturities (125,377,993) - -
Leas e liabilities - net of current maturities (264,475) - -
Provis ion for s ervice conces s ion arrangement - net of current maturities (300,798) - -
Total (124,209,158) 4,162,556 490,209
68
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
46. FINANCIAL RISK AND CAPITAL RISK MANAGEMENT (Continued)
b. Financial Risk Management Objectives and Policies
The Group’s financial risk management objective and policy are implemented to ensure that adequate
financial resources are available for operation and development of its business, while managing its
exposure to foreign currency risk, foreign currency sensitivity, interest rate risk, price risk, credit risk and
liquidity risk. The Group operates within defined guidelines that are approved by the Board of Directors.
The Group divides risks into the following categories: market risk, credit risk and liquidity risk. Market
risks include foreign exchange rate risk, interest rate risk and price risk. In managing risk, the Group
considers priorities based on the probability of the risk will materialize and the scale of potential impacts if
the risk occurs.
i. Foreign Currency Risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument
fluctuates following changes in foreign exchange currency rates.
The Group has monetary assets and liabilities denominated in currencies other than U.S. Dollar
(mostly Rupiah) as disclosed in Note 45. In the event of sharp fluctuations, the operating performance
may be affected. However, management mitigates this risk exposure by monitoring the foreign
currency rate fluctuation and maintaining the balance between present and future assets and liabilities
in foreign currency.
Foreign currency sensitivity
The following table details the Group’s sensitivity to 3% and 1% increase and decrease in U.S. Dollar
rate against Rupiah in 31 December 2023 and 2022, respectively. The increase and decrease
represent management’s assessment of reasonable possible change in foreign exchange rates after
considering the current economic conditions. The sensitivity analysis includes only the outstanding
foreign currency denominated monetary assets and liabilities and shows their translation effects at
period end for every 3% change in the foreign currency rates of Rupiah at 31 December 2023.
31 December 2023
Impact from Rupiah
3% -3%
US$ US$
Assets
Cash and cash equivalents (119,628) 119,628
Trade accounts receivable (17,272) 17,272
Other receivable (23,378) 23,378
Receivable from service concession arrangement (17,109) 17,109
Prepayments – Value Added Taxes (892,325) 892,325
Claim for tax refund (94,625) 94,625
Other non-current assets (803,180) 803,180
Total *) (1,967,517) 1,967,517
Liabilities
Short term bank loan 196,549 (196,549)
Trade accounts payable 181,288 (181,288)
Taxes payable 43,946 (43,946)
Long-term bank loans 1,687,033 (1,687,033)
Other payable 212,003 (212,003)
Provision for service arrangement 11,659 (11,659)
Accrued expenses 173,260 (173,260)
Lease liabilities 9,744 (9,744)
Employee benefit obligation 409,855 (409,855)
Total *) 2,925,337 (2,925,337)
Total assets (liabilities) net 957,820 (957,820)
69
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
46. FINANCIAL RISK AND CAPITAL RISK MANAGEMENT (Continued)
b. Financial Risk Management Objectives and Policies (Continued)
i. Foreign Currency Risk (Continued)
31 December 2022
Impact f rom Rupiah
1% -1%
US$ US$
As s e ts
Cash and cash equivalents (87,804) 87,804
Trade accounts receivable (12,138) 12,138
Other receivable (5,241) 5,241
Receivable f rom service concession arrangement (6,335) 6,335
Prepayments – Value Added Taxes (242,065) 242,065
Claim f or tax ref und (16,290) 16,290
Other non-current assets (170,228) 170,228
Total *) (540,101) 540,101
Liabilitie s
Short term bank loan 6,357 (6,357)
Trade accounts payable 61,682 (61,682)
Taxes payable 8,383 (8,383)
Long-term bank loans 536,943 (536,943)
Other payable 49,897 (49,897)
Provision f or service arrangement 5,369 (5,369)
Accrued expenses 62,557 (62,557)
Lease liabilities 10,871 (10,871)
Employee benef it obligation 116,561 (116,561)
Total *) 858,620 (858,620)
Total assets (liabilities) net 318,519 (318,519)
*) included the 31 December 2023 translation effect of assets and liabilities amounted to Rp 559.2 billion and Rp 1.1
trillion (31 December 2022: Rp 435.7 billion and Rp 970.4 billion), respectively, from subsidiaries with Rupiah reporting
currency.
Other than its impact to monetary assets and liabilities value of each entity within the Group, an increase or
decrease of Rupiah to U.S. Dollar currency will also affect the Group’s equity as a whole. The impact comes
from the difference in net equity translation adjustments of subsidiaries with Rupiah reporting currency when
they are consolidated into the Group’s consolidated financial statements in U.S. Dollar. This impact is
recorded as ‟Difference in translation of subsidiaries financial statements in foreign currencies” (part of other
reserves).
The following table shows impact to other comprehensive income from the translation adjustments, if the
U.S. Dollar increases or decreases by 3% and 1% against Rupiah, respectively for the year ended
31 Desember 2023 and 2022:
31 December 2023 31 December 2022
3% -3% 1% -1%
US$ US$ US$ US$
Translation adjustments 5,637,146 (5,637,146) 1,964,173 (1,964,173)
ii. Interest Rate Risk iii.
The Group is exposed to the interest rate risk since it has cash and cash equivalents and certain financial
assets and financial liabilities with both fixed and floating interest rates.
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
46. FINANCIAL RISK AND CAPITAL RISK MANAGEMENT (Continued)
ii. Interest Rate Risk (Continued)
Interest rate profile
The Group financial instruments that are exposed to fair value interest rate risk (i.e. fixed rate instruments)
and cash flow interest rate risk (i.e. floating rate instruments), are as follows:
Carrying am ount
31 Decem ber 31 Decem ber
2023 2022
US$ US$
Financial assets:
Floating rate
Cas h in banks 5,139,324 9,780,260
Tim e depos its 543,521 834,657
Inves tm ents in m arketable s ecurities 490,209 490,209
Total 6,173,054 11,105,126
Fixed rate
Receivable from s ervice conces s ion arrangem ent 570,300 633,465
Financial liabilities:
Floating rate
Short-term bank loans 23,251,634 4,635,687
Long-term bank loans 127,918,127 129,977,993
Total 151,169,761 134,613,680
Fixed rate
Leas e liabilities 324,791 1,087,083
Provis ion for s ervice conces s ion arrangem ent 388,649 536,865
Total 713,440 1,623,948
The Group accounts for the fixed interest rate bearing financial instruments using amortized cost method.
Therefore, changes in interest rate do not have any impact to profit or loss and equity of the Group.
Sensitivity analysis for floating rate financial instruments
The following cash flows sensitivity analysis has been determined based on the exposure to interest rates for
the Group’s financial instruments outstanding at the reporting date. This analysis is prepared assuming the
amount of financial instruments outstanding at the end of reporting period represents the balance throughout
the year, taking into account the movement of the actual principal amount throughout the year. This sensitivity
analysis utilizes the assumption of an increase and decrease of 25 basis points on the relevant interest rates
with other variables held constant. The 25 basis points increase and decrease represents the management’s
assessment on rational interest rate changes after considering the current economic conditions.
31 December 2023
+ 25 basis - 25 basis
points points
US$ US$
Financial assets
Cash in bank 12,848 (12,848)
Time deposits 1,359 (1,359)
Investments in marketable securities 1,226 (1,226)
Financial liabilities
Short-term bank loans (58,129) 58,129
Long-term bank loans (319,795) 319,795
Total (362,491) 362,491
71
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
46. FINANCIAL RISK AND CAPITAL RISK MANAGEMENT (Continued)
ii. Interest Rate Risk (Continued)
31 December 2022
+ 25 basis - 25 basis
points points
US$ US$
Financial assets
Cash in bank 24,451 (24,451)
Time deposits 2,087 (2,087)
Investments in marketable securities 1,226 (1,226)
Financial liabilities
Short-term bank loans (11,589) 11,589
Long-term bank loans (324,945) 324,945
Total (308,770) 308,770
iii. Price Risk
The Group is exposed to price risks arising from investments in marketable securities which are classified as
financial assets at FVTPL. Investments in marketable securities is held for trading purposes. To manage
price risk arising from investments in marketable securities, the Group diversifies its portfolio. Diversification
of the portfolio is performed within the limits set by the Board of Directors.
The Group’s investments in marketable securities (consisting of money market funds) is described in Note 6.
The Group faces commodity price risk because crude palm oil (“CPO”), palm kernel oil (“PKO”) and palm
kernel (“PK”) are commodity products traded in the global markets. CPO, PKO and PK prices are generally
determined based on an international index as benchmark, which tend to be highly cyclical and subject to
significant fluctuations. As a global commodity product, CPO, PKO and PK prices are principally dependent
on the supply and demand dynamics of those products in the global export market. The Group has not
entered into any CPO, PKO and PK pricing agreements to hedge its exposure to fluctuations in the prices but
it may do so in the future. However, in order to minimize the risk, CPO, PKO and PK prices are negotiated
with the customers to obtain favorable prices. ANJA and SMM entered into certain derivatives transactions
for the purpose of economic hedge against commodity price risk.
iv. Credit Risk
Credit risk refers to the risk of a counterparty defaulting on its contractual obligation, resulting in a loss to
the Group.
The Group’s credit risk is primarily attributed to its cash and cash equivalents, trade receivables and plasma
receivables. The Group places its cash and cash equivalents with credit worthy financial institutions.
Management believes on its ability to control and maintain minimal exposure on credit risk considering the
Group monitor the receivable collection in accordance with the credit terms in the sales agreements.
As for plasma receivables, the Group minimizes the credit risk by entering into legal agreement for sale of
fresh fruit bunches by plasma plantations to the Group (Notes 42d, 42f).
Trade accounts receivable aging profile is disclosed in Note 7.
The carrying amount of financial assets recorded in the consolidated financial statements, net of any
allowance for losses represents the Group’s exposure to credit risk.
v. Liquidity Risk
The Group manages liquidity risk by maintaining adequate reserves by continuously monitoring forecast
and actual cash flows and matching the maturity profiles of its financial assets and liabilities.
72
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
46. FINANCIAL RISK AND CAPITAL RISK MANAGEMENT (Continued)
v. Liquidity Risk (Continued)
The following tables detail the Group’s contractual details of financial assets and liabilities based on the
remaining maturity profile as of 31 December 2023 and 2022. The tables represent the undiscounted cash
flows and carrying amount of financial assets and liabilities based on the earliest required payment date:
31 December 2023
Contractual Cash Flows
Less than Beyond Carrying
1 year 1 – 5 years 5 years Total Amount
US$ US$ US$ US$ US$
Financial assets:
Cash in banks and cash equivalents 5,682,846 - - 5,682,846 5,852,646
Investments in marketable securities 490,209 - - 490,209 490,209
Receivable from service concession arrangement 155,713 622,852 778,565 570,300
Trade accounts receivable 590,958 - - 590,958 590,958
Other receivable 779,250 - - 779,250 779,250
Other non-current
Other current assets
assets - 26,800,069 - 26,800,069 26,800,069
Total financial assets 7,698,976 27,422,921 - 35,121,897 35,083,432
Financial liabilities:
Short-term bank loans
Rupiah 6,659,983 - - 6,659,983 6,551,635
U.S. Dollar 16,924,181 - - 16,924,181 16,700,000
Trade accounts payable 6,141,049 - - 6,141,049 6,141,049
Provision for service concession
arrangement 148,658 250,444 - 399,102 388,648
Long-term bank loans
Rupiah 4,516,903 57,356,156 - 61,873,059 56,234,432
U.S. Dollar 10,588,377 69,133,057 - 79,721,434 71,683,695
Other payable 7,066,764 - - 7,066,764 7,066,764
Lease liabilities 325,813 20,822 - 346,635 324,792
Accruals 5,776,300 - - 5,776,300 5,776,300
Total financial liabilities 58,148,028 126,760,479 - 184,908,507 170,867,315
Total net liabilities (50,449,052) (99,337,558) - (149,786,610) (135,783,883)
31 December 2022
Contractual Cash Flows
Less than Beyond Carrying
1 year 1 – 5 years 5 years Total Amount
US$ US$ US$ US$ US$
Financial assets:
Cash in banks and cash equivalents 10,614,917 - - 10,614,917 10,614,917
Investments in marketable securities 490,209 - - 490,209 490,209
Receivable from service concession arrangement 152,595 762,975 - 915,570 633,465
Trade accounts receivable 1,292,435 - - 1,292,435 1,292,435
Other receivable 524,143 - - 524,143 524,143
Other non-current
Total financial assets
assets - 17,050,214 - 17,050,214 17,050,214
Total financial assets 13,074,299 17,813,189 - 30,887,488 30,605,383
Financial liabilities:
Short-term bank loans
Rupiah 643,597 - - 643,597 635,687
U.S. Dollar 4,261,650 - - 4,261,650 4,000,000
Trade accounts payable 6,317,320 - - 6,317,320 6,317,320
Provision for service concession
arrangement 247,857 308,213 - 556,070 536,865
Long-term bank loans
Rupiah 4,479,486 59,169,511 - 63,648,997 53,694,298
U.S. Dollar 10,617,958 76,819,038 - 87,436,996 76,283,695
Other payable 4,989,724 - - 4,989,724 4,989,724
Lease liabilities 882,365 281,270 - 1,163,635 1,087,082
Accruals 6,779,661 - - 6,779,661 6,779,661
Total financial liabilities 39,219,618 136,578,032 - 175,797,650 154,324,332
Total net liabilities (26,145,319) (118,764,843) - (144,910,162) (123,718,949)
73
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
47. FAIR VALUE MEASUREMENTS
Fair value of financial instruments carried at amortized cost
Management considers that the carrying amounts of financial assets and financial liabilities recorded at
amortized cost approximate their fair values due to their short-term maturities, the insignificant impact of
discounting or they carry market interest rate.
Valuation techniques and assumptions applied for the purposes of measuring fair value
The fair values of financial assets and financial liabilities are determined as follows:
The fair values of financial assets and financial liabilities with standard terms and conditions and traded
on active liquid markets are determined with reference to quoted market prices.
The fair values of derivative instruments are calculated using quoted prices. Where such prices are not
available, a discounted cash flow analysis is performed using the applicable yield curve for the duration of
the instruments for non-optional derivatives, and option pricing models for optional derivatives. Foreign
currency forward contracts are measured using quoted forward exchange rates and yield curves derived
from quoted interest rates matching maturities of the contracts. Interest rate swaps are measured at the
present value of future cash flows estimated and discounted based on the applicable yield curves derived
from quoted interest rates.
The fair values of other financial assets and financial liabilities (excluding those described above) are
determined in accordance with generally accepted pricing models based on discounted cash flow
analysis using prices from observable current market transactions and dealer quotes for similar
instruments.
Fair value measurement hierarchy of the Group’s assets and liabilities
The following tables summarize the carrying amounts and fair values of the assets and liabilities, analyzed
among those whose fair value is based on:
Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for
identical assets or liabilities;
Level 2 fair value measurements are those derived from inputs other than quoted prices included within
Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived
from prices). The fair value measurements are based on market and net asset value adjusted with price
of sales and purchase agreement, net present value and discounted cash flow models, comparison with
similar instruments for which market observable price exist, or other valuation models;
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the
asset or liability that are not based on observable market data (unobservable inputs). The fair value
measurements are based on net present value and discounted cash flow models that include information
of projection for which that are no market observable exist such as CPO production, estimated capital
expenditures and interest rates used for discount rate estimation.
31 December 2023 Level 1 Level 2 Level 3 Total
US$ US$ US$ US$
Financial assets
Financial assets at
FVTPL
Investments in money market fund 490,209 - - 490,209
Investments in equity securities
Other Investment 872 - 4,187,179 4,188,051
Non-financial assets
Biological assets - - 3,414,702 3,414,702
Total 491,081 - 7,601,881 8,092,962
74
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
47. FAIR VALUE MEASUREMENTS (Continued)
Fair value measurement hierarchy of the Group’s assets and liabilities (Continued)
31 December 2022 Level 1 Level 2 Level 3 Total
US$ US$ US$ US$
Financial assets
Financial assets at
FVTPL
Investments in money market fund 490,209 - - 490,209
Investments in equity securities
Other Investment 2,994 - 4,159,562 4,162,556
Non-financial assets
Biological assets - - 4,067,927 4,067,927
Total 493,203 - 8,227,489 8,720,692
To determine the fair value of financial assets of investments in equity securities at Level 2, management used a
Discounted Cash Flows valuation technique in which certain significant inputs were based on non-observable
market data, such as production volume, production cost and interest rate used for discount rate estimation.
There were no transfers between Level 1 and 2 during the year and no transfers in either direction in 2023 and
2022.
48. NON-CASH FINANCING AND INVESTING ACTIVITIES
31 December 31 December
2023 2022
US$ US$
Non-cash financing and investing activities:
Addition of plasma receivable through reclassification from bearer plants 10,500,175 -
Acquisitions of property, plant and
equipment through:
Other Payable 1,251,798 1,240,877
Reclassification from advances - 613,736
Addition of bearer plants through:
Amortization of financing cost - 52,895
Capitalization of depreciation of property, plant and equipment (Note 14) - 447,132
Addition of right of use asset through lease liabilities 54,599 93,568
The following summarizes the components of change in the liabilities arising from financing activities during the
year:
31 December 31 December
2023 2022
US$ US$
Begining balance of short-term and long-term bank loans (Note 21) 134,242,335 169,246,031
Cash flows:
Proceeds from short-term bank loans 64,883,886 12,266,355
Proceeds from long-term bank loans 1,435,810 20,000,000
Payments of short-term bank loans (46,209,160) (9,568,747)
Payments of long-term bank loans (4,600,000) (51,428,428)
Payments for deferred financing - (235,807)
Non-cash changes:
Capitalization of amortization of financing cost - 52,895
Amortization of financing cost costs 146,593 174,083
Foreign exchange differences 1,043,145 (6,264,047)
Ending balance of short-term and long-term bank loans (Note 21) 150,942,609 134,242,335
75
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PT AUSTINDO NUSANTARA JAYA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED 31 DECEMBER 2023 AND 2022
49. SUPPLEMENTARY INFORMATION
- On 5 January 2022, the Ministry of Environment and Forestry (“MOEF”) issued Decree No.
SK.01/MENLHK/SETJEN/KUM.1/1/2022 regarding Revocation of Forest Area Concession Permits (“SK01”) which
revokes a number of forestry concession licenses, including those under the Approval for Relinquishment of
Forestry Area (Persetujuan Pelepasan Kawasan Hutan). SK01, however, calls for a decree to be issued by three
Director Generals under the MOEF for an “official” revocation of forestry concession licenses (“Official Revocation
Decree”). One of concession in Southwest Papua under the land cultivation right (Hak Guna Usaha, “HGU”) which
are legally owned directly by the Company was included in the list of concession permits which were revoked by
SK01. Subsequently on 12 April 2022, the Minister of Agrarian and Spatial Affairs / Head of National Land Agency
issued a letter No. HT.01.01/528/IV/2022 to the Chairman of Indonesian Palm Oil Association regarding the status
of HGU under SK01 (“HT 01 Letter”). HT 01 Letter confirms that the HGU of the Company remains valid but at
“status quo” until data verification and spatial analysis process have been completed and a decree by the Task
Force for Land Use and Investment Affairs is issued. On 21 June 2023, Company has received Decree from
Minister of Enviroment and Forestry of the Republic of Indonesia which excluded the Company from list of
concession permits which were revoked by SK01. Therefore, HGU of the Company remains valid.
- The supplementary information on Appendices 1 to 10 presented the statements of financial position, profit or loss -
and other comprehensive income, changes in equity, cash flows and other explanatory information of the parent
entity only. The parent entity only financial statements, which exclude the balances of the Company’s subsidiaries,
have been prepared using the accounting policies that are consistent with those applied to the Group’s
consolidated financial statements, except for investments in subsidiaries, which have been presented at cost.
76
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PT AUSTINDO NUSANTARA JAYA Tbk
SUPPLEMENTARY INFORMATION
STATEMENTS OF FINANCIAL POSITION
PARENT ENTITY ONLY
31 DECEMBER 2023 AND 2022
31 December
Notes 2023 2022
US$ US$
ASSETS
CURRENT ASSETS
Cash and cash equivalents 635,736) 821,250)
Investments in marketable securities 490,209) 490,209)
Other receivables 1,243,658) 1,139,667)
Prepayments and advances 67,655) 68,952)
TOTAL CURRENT ASSETS 2,437,258) 2,520,078)
NON-CURRENT ASSETS
Investments in subsidiaries 312,572,994) 311,527,677)
Investments in equity securities 4,188,051) 4,162,556)
Advances 4,762,590) 2,811,890)
Deferred tax assets 2 107,760) 123,853)
Property and equipment 22,218,425) 22,333,812)
Right-of-use assets 194,305) 349,748)
Overpayment of corporate income tax 133,641) 240,072)
Other non-current assets 147,800) 150,802)
TOTAL NON-CURRENT ASSETS 344,325,566) 341,700,410)
)
TOTAL ASSETS 346,762,824) 344,220,488)
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Taxes payable 1 396,434) 162,291)
Other payables 412,216) 217,166)
Due from related parties 4,011,935) 1,200,000)
Accruals 292,001) 636,564)
Lease liabilities-current maturities 202,689) 181,145)
TOTAL CURRENT LIABILITIES 5,315,275) 2,397,166)
NON-CURRENT LIABILITIES
Lease liabilities-net of current maturities/ TOTAL NON-CURRENT LIABILITIES -) 198,631)
TOTAL LIABILITIES 5,315,275) 2,595,797)
EQUITY
Capital stock - Rp 100 par value per share
Authorized - 12,000,000,000 shares
Issued and paid-up - 3,354,175,000 shares as of 31 December 2023 and 2022 46,735,308) 46,735,308)
Additional paid in capital 39,731,197) 40,719,686)
Treasury stock -) (1,973,591)
Other reserves 3,876,048) 3,856,163)
Retained earnings
Appropriated 6,824,453) 6,824,453)
Unappropriated 244,280,543) 245,462,672)
TOTAL EQUITY 341,447,549) 341,624,691)
TOTAL LIABILITIES AND EQUITY 346,762,824) 344,220,488)
Appendix 1
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PT AUSTINDO NUSANTARA JAYA Tbk
SUPPLEMENTARY INFORMATION
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
PARENT ENTITY ONLY
YEARS ENDED 31 DECEMBER 2023 AND 2022
Year ended 31 December
Notes 2023 2022
US$ US$
Dividend income 7,001,056) 7,126,297)
Revenue from management services 3 2,667,572) 3,042,721)
Interest income 46,288) 31,414)
Foreign exchange gain 27,817) -)
Other income 266,073) -)
TOTAL REVENUE 10,008,806) 10,200,432)
Personnel expenses (3,777,558) (3,537,347)
General and administrative expenses (1,235,410) (1,321,761)
Finance costs (161,565) (59,567)
Foreign exchange loss -) (287,702)
TOTAL EXPENSES (5,174,533) (5,206,377)
PROFIT BEFORE TAX 4,834,273) 4,994,055)
Income tax benefit (expense) 2 40,856) (15,781)
PROFIT FOR THE YEAR 4,875,129) 4,978,274)
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to profit or loss:
Changes resulting from actuarial remeasurements of employee benefits obligation 233,364) 89,248)
Changes in fair value of investments in equity securities 25,494) 3,026,771)
Gain on sale of investment in equity securities -) 81,314)
Income tax on items that will not be reclassified to profit or loss 2 (56,949) 13,763)
Other comprehensive income, net of tax 201,909) 3,211,096)
TOTAL COMPREHENSIVE FOR THE YEAR 5,077,038) 8,189,370)
Appendix 2
Page 293
PT AUSTINDO NUSANTARA JAYA Tbk
SUPPLEMENTARY INFORMATION
STATEMENTS OF CHANGES IN EQUITY
PARENT ENTITY ONLY
YEARS ENDED 31 DECEMBER 2023 AND 2022
Other reserves Retained earnings
Unrealized
Additional gain (loss) on
paid Treasury investments in Translation
Capital stock in capital stock equity securities adjustments Appropriated Unappropriated Total equity
US$ US$ US$ US$ US$ US$ US$ US$
Balance as of 31 December 2021 46,735,308) 41,052,464) (3,668,309) 2,679,301) 1,136,342 6,824,453 246,979,844) 341,739,403)
Sales of treasury stock -) (332,778) 1,694,718. -) -) -) -) 1,361,940.
Profit for the year -) -) -) -) -) -) 4,978,274. 4,978,274.
Other comprehensive income:
Changes in fair value of investments in equity securities -) -) -) 3,026,771. -) -) -) 3,026,771.
Changes resulting from actuarial remeasurements of employee
benefits obligation, -) -) -) -) -) -) 89,248) 89,248)
Gain from sale of investment in equity securities -) -) -) 81,314. -) -) -). 81,314.
Reclassification from sale of investment in equity securities -) -) -) (3,100,963) -) -) 3,100,963) -
Income tax on items that will not be reclassified to
profit or loss -) -) -) 33,398) -) -) (19,635) 13,763)
Cash dividend -) -) -) -) -) -) (9,666,022) (9,666,022)
Balance as of 31 December 2022 46,735,308 40,719,686). (1,973,591) 2,719,821. 1,136,342 6,824,453) 245,462,672. 341,624,691.
Sales of treasury stock -) (988,489) 1,973,591 -) - -) -. 985,102.
Profit for the year -) - -) - -) 4,875,129. 4,875,129.
Other comprehensive income: -)
Changes in fair value of investments in equity securities -) -) - 25,494. - -) -. 25,494.
Changes resulting from actuarial remeasurements of employee
benefits obligation, -) -) - - - -) 233,364. 233,364.
Income tax on items that will not be reclassified to
profit or loss -) -) - (5,609) - -) (51,340) (56,949)
Cash dividend -) -) - -) - -) (6,239,282) (6,239,282)
Balance as of 31 December 2023 46,735,308 39,731,197. - 2,739,706. 1,136,342 6,824,453 244,280,543. 341,447,549.
Appendix 3
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PT AUSTINDO NUSANTARA JAYA Tbk
SUPPLEMENTARY INFORMATION
STATEMENTS OF CASH FLOWS
PARENT ENTITY ONLY
YEARS ENDED 2023 DECEMBER 2023 AND 2022
Year ended 31 December
2023 2022
US$ US$
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from rendering of services 2,668,671) 3,422,518)
Payments to employees (3,366,080) (3,580,038)
Cash received from income tax refund 163,080) -
Income taxes paid (56,649) (64,284)
Payments of employee benefits -) (3,074)
Interest received 46,288) 31,414)
Payments for operating activities (854,357) (1,108,319)
Net cash used in operating activities (1,399,047) (1,301,783)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash dividends received 77,001,056) 7,126,297)
Acquisition of property and equipment (16,244) (16,452)
Proceeds from sale of property and equipment 384) -)
Proceeds from sale investment in equity securities -) 5,500,000)
Acquisitions investments in subsidiaries (2,989,278) (1,876,565)
Acquisition of other non-current assets (2,437) (26,106)
Net cash provided by investing activities 3,993,481) 10,707,174)
CASH FLOWS FROM FINANCING ACTIVITIES
Sale of treasury shares 985,102) 1,361,940)
Proceeds from short-term bank loan 5-) 5,500,000)
Payments of short-term bank loan -) (7,500,000)
Receipt of loan from a subsidiary 2,811,936) 1,200,000)
Payments of interest (160,617) (59,567)
Payments of dividends (6,239,282) (9,666,022)
Lease liabilities payment (177,087) (221,038)
Net cash used in financing activities))) (2,779,948) (9,384,687)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (185,514) 20,704)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 821,250) 800,546)
CASH AND CASH EQUIVALENTS AT END OF YEAR 635,736) 821,250)
Appendix 4
Page 295
PT AUSTINDO NUSANTARA JAYA Tbk
SUPPLEMENTARY INFORMATION
NOTES TO THE FINANCIAL STATEMENTS
PARENT ENTITY ONLY
YEARS ENDED 31 DECEMBER 2023 AND 2022
1. TAXES PAYABLES
31 December 31 December
2023 2022
US$ US$
Income tax:
Article 4 (2) 8,770 8,056
Article 21 383,462 123,077
Article 23/26 4,202 3,520
Value Added Taxes - 27,638
Total 396,434 162,291
2. INCOME TAX
Income tax expense of the Company consists of the followings:
2023 2022
US$ US$
Recognized in profit and loss:
Deferred tax (40,856) 15,781)
Recognized in other comprehensive income:))
Deferred tax 56,949) (13,763)
Income tax expense of the Company 16,093) 2,018)
Current tax
The reconciliation between profit before tax of the Company per statements of profit or loss and other
comprehensive income and taxable income of the Company is as follows:
2023 2022
US$ US$
Profit before tax of the Company 4,834,273) 4,994,055)
Temporary differences:
Bonus (91,822) (143,431)
Employee benefits 233,364) 89,248)
Depreciation and amortization 65,810) 48,043)
Rental (21,644) (65,595)
Subtotal 185,708) (71,735)
Non-tax-deductible expenses
(non-taxable income/subject to final tax):
Dividend income (6,976,754) (7,120,099)
Interest income (6,195) (31,322)
Personnel expenses 345,625) 859,905)
Gain on sales of investment -) 3,259,892)
Others 61,887) 84,378)
Subtotal (6,575,437) (2,947,246)
Total taxable (loss) income of the Company (1,555,456) 1,975,074)
Tax loss carryforward utilized -) (1,975,074)
Total income tax expense - current -) -)
Appendix 5
Page 296
PT AUSTINDO NUSANTARA JAYA Tbk
SUPPLEMENTARY INFORMATION
NOTES TO THE FINANCIAL STATEMENTS
PARENT ENTITY ONLY (Continued)
YEARS ENDED 31 DECEMBER 2023 AND 2022
2. INCOME TAX (Continued)
Current corporate income tax expense and tax overpayment of the Company are computed as follows:
2023 2022
US$ US$
Beban pajak kini - Perusahaan -) -.
Dikurangi pajak dibayar di muka:
Pasal 23 - Perusahaan (56,649) (64,284)
Lebih bayar pajak penghasilan badan (56,649) (64,284)
Deferred Tax
As of 31 December 2023 and 2022, the Company has temporary differences from employee benefits, fixed assets,
security deposit, investments in equity, bonus and right-of-use asset. Realization of the Company’s deferred tax
assets is dependent upon their profitable operations. Management believes that these deferred tax assets below
are probable of being realized through offset against taxes due on future taxable income.
The details of deferred tax assets of the Company are as follows:
Credited to other
1 January Credited (charged) to comprehensive 31 December
2023 profit or loss income 2023
US$ US$ US$ US$
Employee benefits obligation -) 51,340. (51,340) -.
Security deposits 27,280) -. -. 27,280.
Investments in equity securities (40,307) (5,609) (45,916)
Fixed assets 63,848) 14,479. -. 78,327)
Bonus 66,426) (20,201) -. 46,225)
Lease liabilities* 83,551) (38,959) -. 44,592)
Right-of-use Assets* (76,945) 34,197. -. (42,748)
Total 123,853) 40,856. (56,949) 107,760.
Credited to other
Credited (charged) to comprehensive 31 December
1 January 2022 profit or loss income 2022
US$ US$ US$ US$
Employee benefits obligation -) 19.635. (19.635) -)
Security deposits 27.280) -. -. 27.280)
Investments in equity securities (73.705) -. (33.398) (40.307)
Fixed assets 53.278) 10.570. -. 63.848)
Bonus 97.981) (31.555) -. 66.426)
Lease liabilities* 132.179) (48.628) -) 83.551.
Right-of-use Assets* (111.142) 34.197. -) (76.945)
Total 125.871) (15.781) 13.763) 123.853.
*The Company applied Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendment to PSAK 46) from 1 January
2023. Following the amendments, the Company has recognized a separate deferred tax assets in relation its lease liabilities and a deferred tax
liability in relation to its right-of-use assets. However, there was no impact on the statement of financial position because the balances qualify for
offsetting under paragraph 74 of PSAK 46.
Appendix 6
Page 297
PT AUSTINDO NUSANTARA JAYA Tbk
SUPPLEMENTARY INFORMATION
NOTES TO THE FINANCIAL STATEMENTS
PARENT ENTITY ONLY (Continued)
YEARS ENDED 31 DECEMBER 2023 AND 2022
2. INCOME TAX (Continued)
A reconciliation between income tax expense of the Company and the amount computed by applying the prevailing
tax rates to profit before tax of the Company is as follows:
2023 2022
US$ US$
Profit before tax of the Company 4,834,272. 4,994,055)
Tax expense at prevailing tax rates (1,063,540) (1,098,692)
2023 2022
US$ US$
Effect of non-tax deductible expenses
(non-taxable income/subject to final tax):
Dividend income 1,534,886. 1,566,422)
Interest income 1,363. 6,891)
Personnel expenses (76,038) (189,179)
Gain on sale of investment -) (717,176)
Others (13,615) (18,564)
Total 1,446,596. 648,394)
Recognition of previously unrecognized tax losses -) 434,517.
Current year’s unrecognized tax losses (342,200) -)
Income tax expense of the Company 40,856) (15,781)
3. NATURE OF RELATIONSHIP AND TRANSACTION WITH RELATED PARTIES
Nature of relationship
During 2023 and 2022, the following related parties, in which the Company is a shareholder (directly or indirectly),
has transactions with the Company:
PT Austindo Nusantara Jaya Agri (ANJA)
PT Gading Mas Indonesia Teguh (GMIT)
PT Sahabat Mewah dan Makmur (SMM)
PT Austindo Nusantara Jaya Agri Siais (ANJAS)
PT Kayung Agro Lestari (KAL)
PT Galempa Sejahtera Bersama (GSB)
PT ANJ Agri Papua (ANJAP)
PT Permata Putera Mandiri (PPM)
PT Putera Manunggal Perkasa (PMP)
PT Austindo Nusantara Jaya Boga (ANJB)
PT Austindo Aufwind New Energy (AANE)
Transaction with related parties
In the normal course of business, the Company entered into certain transactions with its related parties, including
the followings:
Appendix 7
Page 298
PT AUSTINDO NUSANTARA JAYA Tbk
SUPPLEMENTARY INFORMATION
NOTES TO THE FINANCIAL STATEMENTS
PARENT ENTITY ONLY (Continued)
YEARS ENDED 31 DECEMBER 2023 AND 2022
3. NATURE OF RELATIONSHIP AND TRANSACTION WITH RELATED PARTIES (Continued)
Transaction with related parties (Continued)
On 14 December 2015, the Company entered into a Management Service Agreement with each of its
subsidiaries, to provide the subsidiaries with certain management assistance to support the business operation
of the subsidiaries. In return, the subsidiaries shall pay the Company management fee on a monthly basis, as
specified in the agreement between the Company and each subsidiary. This agreement was recently amended
on 17 March 2022 for the period until 31 December 2022 and will be automatically extended for another one
year period. Management fee charged to subsidiaries is amounted to US$ 2,667,572 and US$ 3,042,721 for the
years ended 31 December 2023 and 2022, respectively.
During 2023 and 2022, the Company has outstanding loan from SMM to finance the Company's operational and
working capital activities amounted to US$ 4.0 million and US$ 1.2 million, respectively. During 2023 and 2022,
the Company recorded finance cost amounted to US$ 131 thousand and US$ 14 thousand, respectively.
For the years ended 31 December 2023 and 2022, the Company received dividend distributions from the
following related parties:
2023 2022
US$ US$
PT Austindo Nusantara Jaya Agri 6,499,553 6,484,221
PT Sahabat Mewah dan Makmur 2,719 1,801
6,502,272 6,486,022
Appendix 8
Page 299
PT AUSTINDO NUSANTARA JAYA Tbk
SUPPLEMENTARY INFORMATION
NOTES TO THE INVESTMENTS IN SUBSIDIARIES AND ASSOCIATES
YEARS ENDED 31 DECEMBER 2023 AND 2022
INVESTMENTS IN SUBSIDIARIES
As of 31 December 2023 and 2022, investments in subsidiaries were as follows:
Percentage of Percentage of
Company’s Company’s voting
ownership rights
Subsidiaries and associates names Domicile Nature of business 2023 2022 2023 2022
% % % %
Direct Subsidiaries
PT Austindo Aufwind New Energy (AANE) Belitung, Bangka Belitung Renewable energy 99.22 99.22 99.22 99.22
PT Austindo Nusantara Jaya Agri (ANJA) Binanga, North Sumatera Agribusiness 99.99 99.99 99.99 99.99
PT Austindo Nusantara Jaya Boga (ANJB) Jakarta Consumer products 99.99 99.99 99.99 99.99
PT Gading Mas Indonesia Teguh (GMIT) Jember Agribusiness 80.00 80.00 80.00 80.00
PT ANJ Agri Papua (ANJAP) South Sorong, Papua Agribusiness 80.14 85.38 99.99 99.99
Entitas Anak Tidak Langsung
PT Galempa Sejahtera Bersama (GSB) South Sumatera Agribusiness 4.46 4.60 99.99 99.99
PT Putera Manunggal Perkasa (PMP) South Sorong and Maybrat, Agribusiness 34.00 35.00 99.99 99.99
Papua
PT Permata Putera Mandiri (PPM) South Sorong, Papua Agribusiness 32.00 35.00 99.99 99.99
PT Sahabat Mewah dan Makmur (SMM) Belitung, Bangka Belitung Agribusiness 0.04 0.04 99.99 99.99
PT Austindo Nusantara Jaya Agri SIAIS (ANJAS) South Angkola, North Sumatera Agribusiness - - 99.99 99.99
PT Kayung Agro Lestari (KAL) Ketapang, West Kalimantan Agribusiness - - 99.99 99.99
PT Lestari Sagu Papua (LSP) South Sorong, Papua Agribusiness - - 51.00 51.00
Appendix 9
Page 300
Siddharta Widjaja & Rekan
Registered Public Accountants
35 th Floor Jakarta Mori Tower
40-41, JI. Jend. Sudirman
Jakarta 1021 0
Indonesia
+62 (21) 574 2333 I 574 2888
Independent Auditors' Report
No.: 00054/2.1005/ AU.1/01 /0854-3/ 1/Il/2024
The Shareholders,
Board of Commissioners and Board of Directors
PT Austindo Nusantara Jaya Tok:
Opinion
We have audited the consolidated financial statements of PT Austindo Nusantara Jaya Tbk and its subsidiaries ("the
Group"), wh ich comprise the consolidated statement of financial position as of 3 1 December 2023 , the consolidated
statements of profit or loss and other comprehensive income, changes in equity, and cash flows for the year then
ended, and notes , comprising material accounting policies and other exp lanatory information.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the
consolidated financial position of the Group as of3 l December 2023 , and its consolidated financial performance and
its consolidated cash flows for the year then ended in accordance with Indonesian Financial Accounting Standards.
Basis for Opinion
We conducted our audit in accordance with Standards on Auditing established by the Indonesian Institute of
Certified Public Accountants. Our responsibilities under those standards are further described in the Auditors '
Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of
the Group in accordance with the ethical requirements that are relevant to our audit of the conso li dated financial
statements in Indonesia, and we have fulfilled our other ethical responsibilities in accordance with these
requirements . We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit of
the conso lidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
Bearer plants' impairm ent assessment
Refer to Note 3r (Summary of material accounting po licies - Impairment of non-financial assets) , Note 4viii
(Critical accounting judgments and estimates - Key Sources of Estimation Uncertainty - Impairment of non-
financial assets) and Note 13 to the consolidated financial statements .
S1ddharta Wid1a1a & Rekan - Registered Public Accountants. an Indonesian partnership and a member firm of the KPMG global organization of
License No.: 916/KM 1/2014
independent member firms affiliated with KPMG International Limited, a private English company hmited by guarantee
Page 301
Bearer plants fall within the scope of PSAK 16 Property, Plant and Equipment and are held at historical cost less
depreciation . PSAK 48 Impairment of Assets requires management perform assessment at the end of each reporting
period whether there is any indication that an asset may be impaired. If any such indication exists, management is
required to estimate the recoverable amount of the assets .
As of 31 December 2023 , the bearer plants of two subsidiaries were identified with such indicators and an
impai1ment test for those plantations have been carried out by management.
We identified the impairment test of the bearer plants as a key audit matter because the method used are complex
and judgement in nature, utilizing assumption s on future market and/or economic conditions. The assumptions used
include future cash flow projections, growth rates, discount rates and sensitivity analysis, with a greater focus on
more recent trends and current market interest rate, and less reliance on historical trends.
Our audit procedures to respond the bearer plants ' impairment assessment, among others , include the followings:
• We assessed management's determination of the recoverable amount based on a valuation using cash flow
projection (value in use) covering the asset's lifetime based on a long-range plan approved by management.
Management assessed that the asset's value in use is expected to be higher than the fair value less cost to sell.
• We assessed whether all assets and li abilities that should have been included in the cash generating unit
(CGU) are included, and assets and liabiliti es that shou ld not be included in the CGU are excluded, by making
inquiries of management and inspecting relevant audit evidence.
• We tested the reasonableness of the discounted cash flow model by comparing the Group's assumptions to
externa lly derived data such as relevant industry information , projected prices, inflation and discount rates as
well as the comparable peer data within the Group .
• We performed the sensitiv ity analysis on the discount rate used to evaluate the impact on the impairment
assessment.
Impairment assessment of plasma receivables (part of other non-current assets)
Refer to Note 3h (Summary of material accounting policies - Financial instruments), Note 4x (Critical accounting
judgments and estimates - Key Sources of Estimation Uncertainty - Recoverability of advance for plasma and
partnership projects and plasma receivables) and Note 20 to the consolidated financial statements.
As of 31 December 2023, the plasma receivables of two subsidiaries were identified with impairment indicators
and an impairment test for those plasma receivables have been carried out by management.
We identified the impairment assessment of these plasma receivables as a key audit matter because of the
significant judgments and estimates used by management to determine the recoverability of the plasma receivables.
The key assum ption s used by management in assessing the recoverability of the plasma receivables are selling
price of Fresh Fruit Bunch (FFB), total FFB purchased, estate costs (excluding general cost and depreciation) , and
pre-tax discount rate.
Our audit procedures in relation with plasma receivables include the followings:
• We assessed the reliability of management's projections through the comparison of actual past financial
performances against previous forecasted results;
• We assessed the reasonab leness of the key assumptions, which were used by management in developing the
discounted cash flows projections , by comparing against historical data as well as industry and comparable
peers data within the Group;
• We assessed the key assumptions on cashflows projections from additional project for the same cash
generating unit that contributed to the increase in the value in use; and
• We performed the sensitivity analysis on the discount rate used to evaluate the impact on the impairment
assessment.
Page 302
~ Other matter Our audit was performed for the purpose of forming an opinion on the consolidated financial statements taken as a whole. The supplementary information included in Appendices I through 9, which comprises the statement of financial position of PT Austin do Nusantara Jay a Tbk (parent entity only), and the related statements of profit or loss and other comprehensive income, changes in equity, cash flows for the year then ended, is presented for the purposes of additional analysis and is not a required part of the consolidated financial statements in accordance with Indonesian Financial Accounting Standards. Such information has been subjected to the auditing procedures applied in the audit of the consolidated financial statements and, in our opinion, is fairly stated in all material respects in relation to the consolidated financial statements taken as a whole. Other Information Management is responsible for the other information. The other information comprises the information included in the Group's 2023 annual report, but does not include the consolidated financial statements and our auditor' s report thereon . The Group's 2023 annual report is expected to be made available to us after the date of this auditors ' report. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. When we read the Group ' s 2023 annual report, ifwe conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take appropriate actions based on the applicable laws and regulations. Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Indonesian Financial Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group ' s financial reporting process.
Page 303
Auditors' Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our
opinion . Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with the Standards on Auditing will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated
financial statements.
As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resu lting from error, as fraud may involve collusion, forgery ,
intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the aud it in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Group 's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of management' s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Group' s ability to continue as a going concern. Ifwe conclude that a material
uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the
consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future
events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the
disclosures, and whether the conso lidated financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or bu siness
activities within the Group to express an opinion on the consolidated financial statements. We are responsible
for the direction , supervision and performance of the group audit. We remain so lely responsible for our audit
opinion .
We communicate w ith those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings , including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant eth ical
requirements regarding independence, and communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicab le, related safeguards.
Page 304
From the matters communicated with those charged with governance, we deterrn ine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated
in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.
Registered Public Accountants
Siddharta Widjaja & Rekan
Susanto, S.E., CPA
Public Accountant License No. AP. 0854
29 February 2024
Page 305
Names mentioned 154 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Gading Mas Indonesia Teguh
p.2 ×13
unresolved
org
PT Austindo Nusantara Jaya Boga
p.2 ×10
unresolved
org
PT Austindo Nusantara Jaya Agri CPO ANJAS
p.2
unresolved
org
PT Austindo Nusantara Jaya Agri Siais
p.2 ×12
unresolved
org
PT Sahabat Mewah
p.2 ×10
unresolved
org
PT Kayung Agro Lestari
p.2 ×13
unresolved
org
PT Galempa Sejahtera Bersama FFB PPM Fresh Fruit
p.2
unresolved
org
PT Putera Manunggal Perkasa Nucleus ANJAP
p.2
unresolved
org
PT ANJ Agri Papua
p.2 ×12
unresolved
org
PT Lestari Sagu Papua
p.2 ×7
unresolved
org
PT Austindo Aufwind New Energy
p.2 ×11
unresolved
org
Ministry of Environment Sukka Mandiri Bersama Cooperative and Maju
p.17
unresolved
org
Ministry of Environment and Forestry
p.22 ×3
unresolved
org
Ministry of Environment and Forestry. This
p.23
unresolved
org
Ministry of Environment and Forestry Decree Overall
p.30
unresolved
person
Vice
· President Director
p.37 ×2
unresolved
person
Dr. Ide Anak Agung Gde Agung
p.40 ×7
unresolved
org
PT Austindo Teguh Jaya
p.42
unresolved
org
Indonesia Stock Exchange
p.42 ×3
unresolved
org
AJI HK Limited
p.47 ×4
unresolved
org
PT Austindo Agro Nusantara
p.48
unresolved
org
PT Austindo Nusantara Resources
p.48
unresolved
org
PT Eka Pendawa Sakti
p.48
unresolved
org
Verdaine Investments Ltd.
p.48
unresolved
org
PT Austindo Investama Jaya
p.48
unresolved
org
PT Austindo Mining Corporindo
p.48
unresolved
org
PT Austindo Nusantara Energi
p.48
unresolved
org
PT Pusaka Agro Ondop Perkasa Makmur
p.48
unresolved
org
PT Pusaka Agro Makmur
p.48
unresolved
org
PT Puncakjaya Power
p.49
unresolved
org
PT Darajat Geothermal Indonesia
p.49
unresolved
org
PT Star Energy Geothermal
p.49
unresolved
org
PT Surya Makmur
p.49
unresolved
org
PT Bilah Plantindo
p.49
unresolved
org
PT Agro Muko
p.49 ×2
unresolved
person
Christina Dwi Utami
p.54 ×15
unresolved
org
PT AUSTINDO NUSANTARA JAYA AGRI
p.56 ×13
unresolved
org
PT SAHABAT MEWAH DAN MAKMUR
p.56 ×2
unresolved
org
PT GALEMPA SEJAHTERA BERSAMA
p.56 ×12
unresolved
org
Plasma & Partners
p.58
unresolved
person
H. MANALU Head
p.59
unresolved
person
Machribie
p.64 ×6
unresolved
org
Gold Inc.
p.64
unresolved
org
PT Freeport Indonesia
p.64 ×5
unresolved
org
Non-Executive Director Intrepid Mines Ltd.
p.64
unresolved
org
PT Media Televisi Indonesia
p.64
unresolved
person
Tahija
· Commissioner
p.65 ×14
unresolved
person
Mala Mukti
p.65
unresolved
org
PT Austindo Nusantara Jaya Healthcare
p.65 ×4
unresolved
org
PT Melintas Cakrawala Indonesia
p.65
unresolved
org
PT Asuransi Indrapura
p.65 ×2
unresolved
org
Pearl Energy Pte. Ltd.
p.65
unresolved
org
PT Elbatama Finance
p.66
unresolved
org
PT Aceh Timur
p.66
unresolved
org
PT ANJ Healthcare
p.66
unresolved
person
Wahyuhadi
p.67 ×5
unresolved
org
PT Optik KMN
p.67
unresolved
org
PT Rothmans
p.67
unresolved
org
PT Faroka SA
p.67
unresolved
org
PT Anwar Sierad Group
p.67
unresolved
person
Kristiadi
· Independent Commissioner
p.68 ×9
unresolved
person
Dr. Noerhadi
· Independent Commissioner
p.69 ×7
unresolved
org
PT Creador Indonesia
p.69
unresolved
org
PT Kliring Deposit Efek Indonesia
p.69
unresolved
person
Siddharta
· Commissioner
p.70 ×4
unresolved
person
Kurniawan
p.74 ×7
unresolved
org
Wibisana & Rekan
p.74 ×2
unresolved
org
PricewaterhouseCoopers International Ltd
p.74
unresolved
org
KPMG Ltd.
p.74
unresolved
person
Govindan
p.75 ×6
unresolved
org
PT Sinar Mas Agro Resources
p.75
unresolved
org
Technology Tbk
p.75
unresolved
org
PT REA Kaltim Plantations
p.75
unresolved
person
D’Cruz
p.77 ×4
unresolved
org
Plantations Co Ltd
p.77
unresolved
person
Nopri
· Director
p.78 ×5
unresolved
person
Fitriyansyah
p.79 ×5
unresolved
org
PT Rekayasa Industri
p.79
unresolved
org
PT Balfour Beatty Sakti Indonesia
p.79
unresolved
org
PT JGC Indonesia
p.79
unresolved
person
ANJB
· President Director
p.80 ×2
unresolved
person
ANJA
· Director
p.80
unresolved
person
Maharani
p.80 ×3
unresolved
org
Interlink Technology Services Pty Ltd
p.80
unresolved
person
PPM
· Director
p.80
unresolved
person
SMM
· President Director
p.81 ×2
unresolved
person
Purba
p.81
unresolved
person
KAL
· Director
p.81
unresolved
person
Jerileva Purba
p.81
unresolved
org
PT Asiatic Persada
p.81
unresolved
org
PT Cargill Indonesia. He
p.81
unresolved
person
GMIT
· President Director
p.82 ×3
unresolved
person
AANE
· Director
p.82
unresolved
person
Sutikno
p.82 ×2
unresolved
org
PT Black Platinum Energy Ltd.
p.82
unresolved
org
PT APL Indonesia
p.82
unresolved
org
PT Austindo
p.85 ×2
unresolved
org
PT Memimpin Kencana
p.85
unresolved
org
Yayasan Santosa
p.85
unresolved
—
As of January 1, 2023
· As of December 31, 2023
p.86
unresolved
org
PT Memimpin
p.90
unresolved
org
PT Moon Lion Industries Indonesia
p.90
unresolved
org
Aufwind Schmack Asia Holding GmbH
p.90
unresolved
org
PT Gading Mas
p.95
unresolved
org
PT Gading
p.95
unresolved
org
Ministry of Environment
p.97 ×3
unresolved
org
Ministry of Environment and Forestry SMK
p.98 ×2
unresolved
org
Ministry of Labor and Transmigration RSPO
p.98 ×3
unresolved
org
Ministry of Labor and Transmigration PROPER
p.98 ×2
unresolved
org
Ministry of Environment and Forestry RSPO
p.98 ×2
unresolved
org
Ministry of Labor and Transmigration Brand Reputation
p.98
unresolved
org
Ministry of Labor and Transmigration Halal Certificate
p.98
unresolved
org
Ministry of Agriculture
p.99
unresolved
org
SHARE REGISTRAR Siddharta Widjaja & Rekan
p.101
unresolved
org
PT Datindo Entrycom Accountants
p.101
unresolved
org
REVIEW THE CPO PRICE FLUCTUATED WITHIN A LIMITED
p.109
unresolved
org
Minister of Environment
p.112
unresolved
org
Siddharta Widjaja & Rekan
p.122
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