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LAPORAN TAHUNAN 2023 | Annual Report   A   P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 2
    Laporan Tahunan 2023
    Annual Report 2023




    Sangkalan Dan Batasan Tanggung Jawab
    Laporan Tahunan ini dapat berisi beberapa pernyataan yang merupakan proyeksi dan pandangan masa depan yang menggambarkan cara pandang
    Perseroan terhadap kejadian-kejadian dan kinerja keuangan di masa depan, serta kondisi keuangan, hasil operasi dan hasil usaha, kondisi ekonomi,
    kondisi sektor, serta rencana dan tujuan terkait. Pandangan-pandangan ini didasarkan pada beberapa estimasi dan asumsi saat ini yang dapat berubah
    seiring dengan ketidakpastian, kontijensi dan berbagai risiko bisnis, ekonomi dan kompetisi yang dapat berubah sewaktu-waktu; dapat menyebabkan
    hasil, kinerja dan kejadian sebenarnya berbeda secara material dari yang telah diprediksi atau diproyeksi; dan hal ini berada di luar kendali Perseroan
    dan Direksi Perseroan. Pernyataan-pernyataan tersebut tidak terkait baik secara langsung maupun secara eksklusif dengan fakta-fakta historis dan
    tidak mencerminkan niat, rencana, ekspektasi, asumsi dan keyakinan Perseroan mengenai kejadian-kejadian di masa datang. Tidak ada jaminan bahwa
    kejadian di masa datang akan muncul, proyeksi akan tercapai, atau asumsi Perseroan benar. Pernyataan-pernyataan tersebut bukan dan tidak dapat
    dianggap sebagai representasi atas kinerja Perseroan di masa datang.


    Disclaimer
    This Annual Report may contain several statements of the Company’s future projections and views towards its the financial highlights, performance and
    conditions in the future, operational and business results, economic conditions, sector conditions, as well as related plans and objectives. These views
    are based on the current estimation and assumption that may change along with the uncertainty, contingencies and various business risks, economic
    and competitions that may change at any time; which results in a performance and events that may materially differ from the predictions or projections;
    these conditions are out of the Company’s and its Board of Directors’ control. The statements are not related directly or exclusively to the historical facts
    and does not the Company’s intentions, plans, expectations, assumptions and believes regarding the future events. There are no guarantees that the
    Company’s future predictions will come true, projections will be achieved, and assumptions is valid. These statements are not and cannot be considered
    as a representation of the Company’s performance in the future.



    Dalam Laporan Tahunan ini nama PT Indonesia Fibreboard Industry Tbk selanjutnya disebut Perseroan atau Perusahaan.
    This Annual Report will use the name “Company” as reference of PT Indonesia Fibreboard Industry Tbk.




LAPORAN TAHUNAN 2023 | Annual Report                                               i                                      P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 3
    Daftar Isi
    Table of Contents




    ii     Daftar Isi                                                            52    Profil Dewan Komisaris
                                               09
           Table of Contents                                                           Board of Commissioners
                                               Laporan Manajemen
    1      Kesinambungan Tema                                                          Profile
                                               Management Report
           Theme Continuity                                                      54    Profil Direksi
                                                                                       The Board of Directors Profile
                                          09     Laporan Dewan Komisaris
         04                                                                      56    Entitas Anak dan Entitas
                                                 The Board of Commissioners
         Ikhtisar Utama                                                                Asosiasi
                                                 Report
         Highlights                                                                    Subsidiaries and Associate
                                          17     Laporan Direksi
                                                                                       Company
                                                 The Board of Directors Report
    04     Ikhtisar Keuangan                                                     56    Pengelolaan dan
           Financial Highlights                                                        Pengembangan Sumber Daya
                                               28
    06     Informasi Saham                                                             Manusia
                                               Profil Perseroan
           Share Information                                                           Human Capital Management
                                               Company Profile
    06     Kronologis Pencatatan Saham                                                 and Development
           Chronology of Share Listing                                           61    Lembaga Profesi Penunjang
                                          28     Identitas Perseroan
    06     Data Perdagangan Saham                                                      Pasar Modal
                                                 Company Identity
           Perseroan                                                                   Capital Market Supporting
                                          30     Visi, Misi, dan Nilai Inti
           Company’s Share Trading                                                     Institutions
                                                 Perseroan
           Data                                                                  61    Alamat Perseroan
                                                 Vision, Mission, and Core
    07     Aktivitas Pergerakan Harga                                                  Company Address
                                                 Value of the Company
           Saham
                                          31     Profil Singkat
           Share Price Movement                                                       62
                                                 Brief Profile
           Activity                                                                   Analisa dan
                                          34     Jejak Langkah Perseroan
    08     Informasi mengenai Suspensi                                                Pembahasan
                                                 The Company Milestones
           dan/atau Delisting Saham                                                   Manajemen
                                          41     Produk dan Layanan
           Perseroan                                                                  Management Discussion
                                                 Perseroan
           Information about the                                                      and Analysis
                                                 Company Products and
           Company’s Shares
                                                 Services
           Suspension and/or Delisting                                           62    Tinjauan Kinerja Operasional
                                          44     Penghargaan dan Sertifikasi
    08     Riwayat Pembayaran Dividen                                                  Operational Performance
                                                 Awards and Certifications
           History of Dividend Payments                                                Review
                                          48     Struktur Grup Perseroan
    08     Ikhtisar Surat Berharga                                               67    Tinjauan Kinerja Keuangan
                                                 Company Group Structure
           Marketable Securities                                                       Financial Performance
                                          49     Struktur Organisasi Perseroan
           Highlights                                                                  Review
                                                 Company Organization
    08     Aksi Korporasi                                                        68    Laporan Laba Rugi dan Laba
                                                 Structure
           Corporate Actions                                                           Komprehensif Lain
                                          50     Komposisi Pemegang Saham
                                                                                       Statement of Profit or Loss
                                                 Shareholders Composition
                                                                                       and Other Comprehensive
                                                                                       Income




LAPORAN TAHUNAN 2023 | Annual Report                          ii                       P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
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    71   Laporan Posisi Keuangan           87    Penyelesaian Fasilitas
         Statements of Financial                 Tambahan Produksi MDF                 101
         Position                                Line Kedua dan Prasarana              Tata Kelola Perusahaan
    75   Laporan Arus Kas                        Pendukungnya                          Good
         Statements of Cash Flows                Completion Additional of              Good Corporate
    78   Rasio Keuangan                          MDF Second Line Production            Governance
         Financial Ratios                        Facilities and Supporting
    84   Tingkat Kolektibilitas Piutang          Infrastructure                  101     Dasar Tata Kelola Perusahaan
         Receivables Collectivity Level    90    Informasi Material mengenai             The Basis of Corporate
    85   Struktur Modal dan Kebijakan            Transaksi dengan Pihak                  Governance Implementation
         Manajemen atas Struktur                 Berelasi                        103     Prinsip Tata Kelola
         Modal                                   Material Information                    Perusahaan
         Capital Structure and                   regarding Transactions with             Good Corporate Governance
         Management Policy on                    Related Parties                         Principles
         Capital Structure                 90    Informasi Material mengenai     105     Tujuan Penerapan Tata Kelola
    86   Ikatan Material untuk Investasi         Transaksi dengan Pihak                  Perusahaan
         Barang Modal                            Afiliasi                                Purposes of Implementation
         Material Commitments for                Material Information                    of Corporate Governance
         Investment of Capital Goods             regarding Transactions with     106     Indikator Tata Kelola
    86   Realisasi Investasi Belanja             Affiliated Parties                      Perusahaan yang Baik
         Modal                             91    Informasi dan Fakta Material            Indicator of Good Corporate
         Realizations of Capital                 yang Terjadi Setelah Tanggal            Governance
         Expenditures                            Laporan Akuntan                 107     Struktur Tata Kelola
    86   Informasi Material mengenai             Material Information and                Perusahaan
         Investasi, Ekspansi, Divestasi,         Facts Subsequent to Date of             Corporate Governance
         Penggabungan/Peleburan                  Financial Statements                    Structure
         Usaha, Akuisisi, dan              91    Perubahan Undang-Undang         109     Rapat Umum Pemegang
         Restrukturisasi Utang/Modal             yang Berpengaruh Signifikan             Saham (RUPS)
         Material Information                    Regulatory Changes Bearing              General Meeting of
         regarding Investment,                   Significant Impacts                     Shareholders (GMS)
         Expansion, Divestment,            92    Perubahan Kebijakan             126     Dewan Komisaris
         Business Merger/                        Akuntansi                               Board of Commissioners
         Consolidation, Acquisition,             Changes in Accounting           141     Direksi
         and Debt/Capital                        Policies                                Board of Directors
         Restructuring                     94    Peristiwa Setelah Periode       151     Remunerasi Dewan Komisaris
    86   Informasi Material mengenai             Pelaporan                               dan Direksi
         Transaksi Material dan                  Significant Events After the            Remuneration of The Board
         Transaksi yang Mengandung               Reporting Period                        of Commissioners and the
         Benturan Kepentingan              95    Aspek Pemasaran                         Board of Directors
         Material Information                    Marketing Aspect                153     Keberagaman Komposisi
         regarding Material                96    Kebijakan Dividen                       Dewan Komisaris dan Direksi
         Transaction and Transactions            Dividend Policy                         Diversity Composition of the
         that Contain Conflict of          100   Realisasi Penggunaan Dana               Board of Commissioners and
         Interest                                Hasil Penawaran Umum                    Board of Directors
                                                 Perdana
                                                 Realization of Use of Initial
                                                 Public Offering Proceeds



LAPORAN TAHUNAN 2023 | Annual Report                         iii                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
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    155   Kebijakan Pengunduran Diri       222   Sistem Pelaporan                  234     Laporan Komite Audit
          Anggota Dewan Komisaris                Pelanggaran                               Audit Committee Report
          dan Direksi jika Terlibat              Whistleblowing System             236     Laporan Komite Nominasi dan
          Kejahatan Keuangan               224   Profesi Penunjang Pasar                   Remunerasi
          Resignation Policy of                  Modal                                     Nomination and
          Members of the Board of                Capital Market Supporting                 Remuneration Committee
          Commissioners and The                  Professions                               Report
          Board of Directors if Involved   224   Kebijakan Pencegahan Insider      237     Pernyataan Komitmen pada
          in a Financial Crime                   Trading, Anti Korupsi, dan                Implementasi Tata Kelola
    155   Komite Audit                           Anti-Fraud                                Perusahaan
          Audit Committee                        Insider Trading Prevention,               Statement of Commitment
    168   Komite Nominasi dan                    Anti-Corruption and Anti-                 to Corporate Governance
          Remunerasi                             Fraud Policy                              Implementation
          Nomination and                   225   Kebijakan tentang Seleksi dan
          Remuneration Committee                 Peningkatan Kemampuan                   238
    174   Sekretaris Perusahaan                  Pemasok                                 Tanggung Jawab Sosial
          Corporate Secretary                    Policy on Supplier Selection            Perusahaan
    200   Unit Audit Internal                    and Capability Improvement              Corporate Social
          Internal Audit Unit              225   Kebijakan Tentang                       Responsibility
    205   Sistem Pengendalian Internal           Pemenuhan Hak-Hak Kreditur
          Internal Control System                Policy on Fulfilling Creditors’         253
    208   Manajemen Risiko Usaha                 Rights                                  Tanggung Jawab
          Business Risk Management         225   Kebijakan Suksesi dalam                 Laporan Tahunan 2023
    213   Perkara Penting yang                   Proses Nominasi Anggota                 The Responsibility for
          Dihadapi Perseroan                     Direksi                                 Annual Report 2023
          Crucial Matter Faced by the            Succession Policy in the
          Company                                Nomination Process of the               254
    213   Sanksi Administrasi dari               Board of Directors                      Laporan Keuangan 2023
          Regulator                        225   Penggunaan Teknologi                    Financial Statements 2023
          Administrative Sanctions from          Informasi secara Lebih Luas
          Regulators                             selain Situs Web sebagai
    213   Auditor Eksternal                      Media Keterbukaan Informasi
          External Auditor                       Wider Use of Information
    215   Kode Etik                              Technology Apart from
          Code of Conduct                        the Website as a Media for
    216   Budaya Perusahaan                      Information Disclosure
          Corporate’s Values               226   Penerapan atas Pedoman
    217   Program Kepemilikan                    Tata Kelola Perusahaan
          Saham oleh Karyawan dan                Terbuka sesuai Peraturan
          Manajemen (ESOP/MSOP)                  Otoritas Jasa Keuangan
          Employee and Management                Implementation of Guidelines
          Share Ownership Program                for Good Corporate
          (ESOP/MSOP)                            Governance in Accordance
                                                 with the Regulations of the
                                                 Financial Services Authority




LAPORAN TAHUNAN 2023 | Annual Report                          iv                           P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 6
    Kesinambungan Tema
    Theme Continuity




                                                               2023
                                        Meningkatkan Kinerja Melewati Tantangan
                                         Improve Performance Through Challenges



    Tahun 2023 menjadi tahun yang penuh tantangan mulai dari potensi perlambatan ekonomi, peningkatan tensi geopolitik, risiko inflasi,
    hingga perubahan iklim. Bagi Perseroan, tantangan yang muncul menjadi motivasi untuk memacu kinerjanya dalam memperbaiki
    dan meningkatkan business process serta mengembangkan sejumlah strategi. Berkat upaya Perseroan yang beradaptasi secara
    cepat dan tepat dalam menghadapi perubahan kondisi ekonomi yang sangat dinamis di tahun 2023, Perseroan dapat melewati
    tantangan yang ada dengan tetap mencetak kinerja yang baik sebagaimana dicerminkan melalui pencapaian penjualan bersih yang
    meningkat sebesar Rp119.844 juta atau 13,82% dari Rp867.146 juta di tahun 2022 menjadi Rp986.990 juta di tahun 2023. Keberhasilan
    Perseroan dalam menjaga momentum pertumbuhan berkelanjutan ini juga berkat kerja sama dan kolaborasi seluruh pemangku
    kepentingan dalam menyesuaikan realitas tantangan dan kondisi pasar yang ada.


    The year 2023 was a year full of challenges ranging from potential economic slowdown, increased geopolitical tension, inflation
    risk, to climate change. For the Company, the challenges that arise become a motivation to spur its performance in improving
    and enhancing business processes and developing a number of strategies. Thanks to the Company's efforts to adapt quickly and
    appropriately in dealing with the very dynamic changes in economic conditions in 2023, the Company can overcome the existing
    challenges while still achieving a good performance as reflected in the achievement of net sales which increased by Rp119,844
    million or 13.82% from Rp867,146 million in 2022 to Rp986,990 million in 2023. The Company's success in maintaining the momentum
    of sustainable growth is also due to the cooperation and collaboration of all stakeholders in adjusting to the reality of existing
    challenges and market conditions.




LAPORAN TAHUNAN 2023 | Annual Report                                 1                              P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 7
    Perseroan    tetap   mampu     mencatatkan     pertumbuhan      berkelanjutan
    secara konsisten sejak tahun 2018 hingga tahun 2022 walaupun kondisi
    perekonomian nasional dan global masih diliputi ketidakpastian. Tren
    pertumbuhan positif ini merupakan modal berharga bagi Perseroan untuk
    menghadapi masa depan yang masih penuh tantangan, dimana Perseroan
    merespon tantangan tersebut dengan melakukan peningkatan kapasitas
    produksi MDF untuk perluasan jaringan pasar Perseroan secara nasional
    maupun global. Hal ini menunjukkan semangat dan komitmen Perseroan
    untuk terus mengembangkan masa depan yang berkelanjutan sehingga                               2022
    tetap memberikan nilai tambah kepada pemegang saham dan seluruh                    Mengembangkan Masa
    pemangku kepentingan Perseroan di masa mendatang.                                        Depan
                                                                                        Expanding the Future
    The Company is still able to record consistent sustainable growth from
    2018 to 2022 even though national and global economic conditions are
    still filled with uncertanity. This positive growth trend is a valuable capital
    for the Company to face a future that is still full of challenges, where the
    Company responds to these challenges by increasing its MDF production
    capacity to expand the Company’s market network nationally and globally.
    This shows the spirit and commitment of the Company to continue to
    develop a sustainable future so that it continues to provide added value to
    shareholders and all stakeholders of the Company in the future.




    Membawa Perseroan untuk lebih bertumbuh dan kompetitif di masa
    mendatang, membutuhkan kelincahan untuk bergerak dan berinovasi
    tiada henti dengan tetap menerapkan nilai inti Perseroan. Perseroan sejak
    pertengahan 2021, disaat ekonomi dunia masih belum stabil akibat pandemi
    COVID-19 berani mengambil tantangan dan kesempatan untuk berinvestasi
    guna memperluas pangsa pasar di tahun-tahun mendatang. Dan semua ini
    selaras dengan visi Perseroan untuk menjadi Perusahaan Kelas Dunia dalam
    bidang industri panel kayu.

                                                                                                   2021
    Bringing the Company to grow and be more competitive in the future, requires      Menata Arah Masa Depan
    the agility to move and innovate continuously while still implementing              Navigating the Future
    the core values of the Company. The Company since mid-2021, when the
    world economy is still unstable due to the COVID-19 pandemic, dares to
    take challenges and opportunities to invest in order to expand market share
    in the coming years. And all of this is in line with the Company's vision to
    become a World Class Company in the wood panel industry.




LAPORAN TAHUNAN 2023 | Annual Report                            2                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
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    Memasuki tahun 2020, dunia dihadapkan dengan pandemi COVID-19 yang tidak
    pernah diduga akan terjadi sebelumnya. Banyak perusahaan baik nasional maupun
    multinasional terdampak dengan pandemi tersebut. Kondisi ekonomi di banyak
    negara dan bahkan dunia pun mengalami kontraksi. Ditengah resesi ekonomi yang
    ditimbulkan sebagai dampak pandemi COVID-19 sepanjang tahun 2020 ini, Perseroan
    mampu membuktikan kemampuannya untuk bertahan di masa sulit dan menghadapi
    tantangan tersebut. Dan bahkan kinerja Perseroan mengalami peningkatan dari
    tahun-tahun sebelumnya. Hal ini dapat dilihat melalui pencapaian penjualan bersih
    dari tahun 2018 sebesar Rp608.680 juta yang meningkat sebesar Rp61.033 juta atau


                                                                                                            2020
    10,03% menjadi Rp669.713 juta di tahun 2019 serta di tahun 2020 penjualan bersih
    mengalami peningkatan sebesar Rp12.308 juta atau 1,84% menjadi Rp682.021 juta.
                                                                                                  Pertumbuhan yang
    Pencapaian yang positif tersebut merefleksikan kemampuan Perseroan dapat
                                                                                                  Berkesinambungan
    bertahan dalam masa sulit dan memiliki pertumbuhan yang tetap berkesinambungan.
                                                                                                    Continuity Growth
    Entering 2020, the world is faced with a COVID-19 pandemic that was never expected
    to happen before. Many companies, both national and multinational, have been
    affected by this pandemic. Economic conditions in many countries and even world
    economic conditions experienced contraction. In the midst of the economic recession
    caused by the COVID-19 pandemic throughout 2020, the Company was able to
    prove its ability to survive in difficult times and face these challenges. And even the
    Company’s performance has increased from previous years. This can be seen through
    the achievement of net sales from 2018 of Rp608,680 million which increased by
    Rp61,033 million or 10.03% to Rp669,713 million in 2019 and in 2020 net sales increased
    by Rp12,308 million or 1.84% to Rp682,021 million.


    This positive achievement reflects the Company's ability to survive during difficult
    times and have constantly growth.



    Pada Desember 2019, Perseroan memasuki tahapan baru yang bersejarah dalam
    perjalanan bisnis dengan mencatatkan namanya di Bursa Efek Indonesia. Tahapan
    baru ini juga sekaligus menandai kiprah Perseroan sebagai entitas yang menjunjung
    tinggi nilai-nilai Tata kelola Perusahaan yang baik sesuai standar Otoritas Jasa
    keuangan (OJK).


    Seiring dengan visi Perseroan untuk menjadi Perusahaan Kelas Dunia dalam Bidang
    Industri Panel Kayu, maka pada Januari 2020 dua perusahaan kelas dunia dari Jepang
    di bidang pemasaran dan produsen produk kayu, yaitu SMB Kenzai Co. Ltd., dan NODA
    Corporation, telah bergabung menjadi bagian dari pemegang saham Perseroan.
                                                                                                            2019
    Perseroan siap melakukan sinergi dan berkolaborasi dengan pemegang saham baru
                                                                                              Bersinergi dan Berkolaborasi
    untuk menggabungkan potensi yang ada dalam memaksimalkan kesempatan yang
    terbuka di pasar Jepang maupun negara lain.
                                                                                               untuk Kemajuan Bersama
                                                                                              Synergizing and Collaborating
    In December 2019, the Company has stepped into a historical new stage of business              for Mutual Growth
    course by listing it in the Indonesia Stock Exchange. This new stage also marks the
    Company’s progress as an entity that assures its compliance with the Good Corporate
    Governance values in accordance with the Financial Service Authority (FSA) standards.


    In line with the Corporate’s vision, that is to become a World Class Company in
    the Wood Panel Industry, in January 2020, two Japanese World-class companies
    majoring in marketing and wood products manufacturers, SMB Kenzai Co. Ltd. And
    NODA Corporation, have been consolidated as parts of Company’s shareholders.


    The Company has been well-prepared for building synergy and collaborating with
    new shareholders to bring the existing potentials together while maximizing the open
    opportunities in both Japanese and other countries’ markets.



LAPORAN TAHUNAN 2023 | Annual Report                                  3                           P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 9
    Ikhtisar Utama
    Highlights

    Ikhtisar Keuangan
    Financial Highlights

     PT Indonesia Fibreboard Industry Tbk
     Laporan Laba Rugi dan Penghasilan                                                                                             Statement of Profit or Loss and Other
                                                                 2023                2022                        2021
     Komprehensif Lain                                                                                                                          Comprehensive Income
     Penjualan Bersih                                           986.990             867.146                     714.582                                                       Net Sales

     Beban Pokok Penjualan                                      724.900             601.862                     502.323                                          Cost of Goods Sold

     Laba Bruto                                                 262.090             265.285                     212.259                                                    Gross Profit

     Laba Usaha                                                  133.516            150.826                     104.752                                              Operating Profit

     Laba Tahun Berjalan 1)                                     100.903              97.118                      82.349                                       Income for the Year 1)

     Laba Tahun Berjalan yang Dapat Diatribusikan
                                                                                                                                           Income for the Year Attributable to :
     kepada :

          Pemilik Entitas Induk                                 100.903              97.118                      82.349              Equity Holders of the Parent Company

          Kepentingan Non-Pengendali                                -                      -                        -                                Non-Controlling Interests

     Laba (Rugi) Komprehensif Lain                               (3.642)                 (359)                    1.501                   Other Comprehensive Income (Loss)

     Total Laba Komprehensif Tahun Berjalan                                                                                                        Total Comprehensive Income

     yang Dapat Diatribusikan Kepada :                                                                                                                for the Year Attributable to :

          Pemilik Entitas Induk                                  97.261              96.759                      83.851              Equity Holders of the Parent Company

          Kepentingan Non-Pengendali                                -                      -                        -                                Non-Controlling Interests

     Laba Per Saham                                                 11                    10                        9                                              Earning Per Share

     Posisi Keuangan                                             2023                2022                        2021                                          Financial Position
     Total Aset                                                1.894.388            1.746.807                  1.158.730                                                  Total Assets

     Total Aset Lancar                                          487.933             408.597                     341.748                                         Total Current Assets

     Modal Kerja Bersih 2)                                      160.232             262.620                     288.462                                       Net Working Capital 2)

     Total Liabilitas Jangka Pendek                              327.701            145.977                      53.286                                     Total Current Liabilities

     Total Liabilitas Jangka Panjang                             345.771            458.350                      22.075                               Total Non Current Liablities

     Total Liabilitas                                           673.472             604.327                      75.361                                                Total Liabilities

     Total Ekuitas                                              1.220.916           1.142.480                  1.083.369                                                   Total Equity

     Ekuitas yang Dapat Diatribusikan kepada :                                                                                                               Equity Attributable to :

          Pemilik Entitas Induk                                 1.220.916           1.142.480                  1.083.369             Equity Holders of the Parent Company

          Kepentingan Non-Pengendali                                -                      -                        -                                Non-Controlling Interests

     Total Saham Beredar                                     9.412.000.000       9.412.000.000               9.412.000.000                       Number of Outstanding Shares

     Rasio Keuangan                                              2023                2022                        2021                                              Financial Ratio
     Margin Laba Bruto                                             27%                   31%                      30%                                            Gross Profit Margin

     Margin Laba Bersih 3)                                         10%                   11%                      12%                                             Net Profit Margin 3)

     Laba Bersih terhadap Aset      4)
                                                                   5%                    6%                        7%                                             Return on Assets 4)

     Laba Bersih Terhadap Ekuitas 5)                               8%                    9%                        8%                                             Return on Equity 5)

     Rasio Liabilitas terhadap Total Aset                          36%                   35%                       7%                              Total Debt to Total Asset Ratio

     Rasio Liabilitas terhadap Ekuitas     6)
                                                                   55%                   53%                       7%                                 Total Debt to Equity Ratio 6)

     Rasio Lancar                                                  149%              280%                        641%                                                    Current Ratio

     Angka dinyatakan dalam jutaan rupiah kecuali data per saham                                 Numerical expresses in million rupiah, except per share data

     1)    Laba Tahun Berjalan yang Dapat diatribusikan Kepada Pemilik Entitas Induk +           1)   Income for the Year Attributable to Equity Holders of the Parent Company + Non-
           Kepentingan Non-Pengendali                                                                 Controlling Interest
     2)    Aset lancar - Liabilitas Jangka Pendek                                                2)   Current Asset - Current Liabilities
     3)    Laba Tahun Berjalan yang Dapat diatribusikan Kepada Pemilik Entitas Induk /           3)   Income for the Year Attributable to Equity Holders of the Parent Company / Net
           Penjualan Bersih                                                                           Sales
     4)    Laba Tahun Berjalan / Total Aset                                                      4)   Income for The Year / Total Assets
     5)    Laba Tahun Berjalan / Total Ekuitas                                                   5)   Income for the Year / Total Equity
     6)    Total Liabilitas / Total Ekuitas                                                      6)   Total Liabilities / Total Equity




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            Penjualan Netto                                                                            Total Aset
            Net Sales                                                                                  Total Assets

            Dalam Jutaan (IDR)    |     In Million (IDR)                                               Dalam Jutaan (IDR)   |   In Million (IDR)
                                                                   986.990                                                                                  1.894.388
            1.000.000                              867.146                                             2.000.000                      1.746.807

            800.000              714.582
                                                                                                       1.500.000
                                                                                                                       1.158.730
            600.000
                                                                                                       1.000.000
            400.000

                                                                                                       500.000
            200.000


            0                                                                                          0
                                 2021               2022           2023                                                2021             2022                2023



            Laba Tahun Berjalan yang Dapat diatribusikan                                               Laba Bersih per Saham
            Kepada Pemilik Entitas Induk                                                               Earning per Share
            Income for the Year Attributable to Equity
            Holders of the Parents Company

            Dalam Jutaan (IDR)    |     In Million (IDR)


            110.000                                  97.118        100.903                             12                                                       11
                                                                                                                                            10
            90.000               82.349                                                                10                   9

                                                                                                       8
            70.000
                                                                                                       6
            50.000
                                                                                                       4

            30.000
                                                                                                       2

            0                                                                                          0
                                 2021              2022            2023                                                2021             2022                2023



                                                       Penjualan berdasarkan Produk Utama
                                                                Share by Main Products
                                                           Dalam Jutaan (IDR)   |   In Million (IDR)



  250.000
                                      243.059                  600.000                                                      500.000
                236.526                                                   523.022
                                                                                                                                                     421.285
                                                               500.000
  200.000                 189.369                                                                                           400.000
                                                                                                                                        331.377
                                                               400.000
  150.000                                                                                                                   300.000
                                                               300.000                                                                                           220.234
                                                                                               250.958
  100.000                                                                                                                   200.000
                                                               200.000
                                                45.628
  50.000                                                                                                                    100.000
                                                               100.000               38.571                   54.595
                                                                                                                                                                               14.094
  0                                                            0                                                            0
                Jepang Timur Reguler Lain-lain                            Jepang Timur Reguler Lain-lain                                 Jepang Timur Reguler Lain-lain
                Japan Tengah Regular Others                               Japan Tengah Regular Others                                    Japan Tengah Regular Others
                       Middle                                                    Middle                                                         Middle
                        East                                                      East                                                           East

                 Jumlah    |   Total      714.582                           Jumlah     |    Total           867.146                        Jumlah       |    Total        986.990
                               2021                                                          2022                                                             2023




LAPORAN TAHUNAN 2023 | Annual Report                                                    5                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
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    Informasi Saham
    Share Information



    Kronologis Pencatatan Saham
    Chronology of Share Listing

    Keterangan                                           Tanggal                   Jumlah Saham             Jumlah Nominal Saham
    Description                                           Date                    Number of Shares          Total Nominal of Shares
    Penawaran Umum Perdana                           10 Desember 2019
                                                                                    1.412.000.000                  141.200.000.000
    Initial Public Offering                          December 10, 2019
    Pencatatan Penuh                                 10 Desember 2019
                                                                                    9.412.000.000                 941.200.000.000
    Company Listing                                  December 10, 2019




    Data Perdagangan Saham Perseroan
    Company’s Share Trading Data


    PT Indonesia Fibreboard Industry Tbk
                                                        Volume               Nilai                   Jumlah Saham            Kapitalisasi Pasar
                                                                                         Frekuensi
                                                     (Jutaan Unit)       (Jutaan Rp)                 Yang Beredar               (Jutaan Rp)
    Tahun         Tertinggi   Terendah   Penutupan                                          (Kali)
                                                        Volume              Value                        Total                     Market
    Year           Highest     Lowest     Closing                                        Frequency
                                                       (Million of        (Million of                 Outstanding             Capitalization
                                                                                           (Times)
                                                         Units)              Rp)                        Shares                 (Million of Rp)

    2022            180         141         158         95,22              14.933         26.053     9.412.000.000                 1.487.096
    Januari
                     176        146         170         30,80               4.981          9.948     9.412.000.000                 1.600.040
    January
    Februari
                     175        148         154          7,65               1.202          2.385     9.412.000.000                 1.449.448
    February
    Maret
                     167        150         159          5,32                828           1.695     9.412.000.000                 1.496.508
    March
    April
                     163        148         153          6,68               1.019          1.290     9.412.000.000                 1.440.036
    April
    Mei
                     155        141         149          7,65               1.115          1.514     9.412.000.000                 1.402.388
    May
    Juni
                     167        145         151          8,87               1.362          2.083     9.412.000.000                  1.421.212
    June
    Juli
                     173        146         152          8,43               1.286          1.731     9.412.000.000                 1.430.624
    July
    Agustus
                     158        149         152          4,66                711            913      9.412.000.000                 1.430.624
    August
    September
                    180         152         170          7,04               1.152          2.053     9.412.000.000                 1.600.040
    September
    Oktober
                     170        147         159          5,33                830           1.169     9.412.000.000                 1.496.508
    October
    November
                     169        154         163          2,28                368            869      9.412.000.000                  1.534.156
    November
    Desember
                    168         155         158          0,50                79             403      9.412.000.000                 1.487.096
    December




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    PT Indonesia Fibreboard Industry Tbk
                                                              Volume               Nilai                          Jumlah Saham            Kapitalisasi Pasar
                                                                                              Frekuensi
                                                           (Jutaan Unit)       (Jutaan Rp)                        Yang Beredar               (Jutaan Rp)
    Tahun         Tertinggi   Terendah        Penutupan                                          (Kali)
                                                              Volume              Value                               Total                     Market
    Year           Highest     Lowest          Closing                                        Frequency
                                                             (Million of        (Million of                        Outstanding             Capitalization
                                                                                                (Times)
                                                               Units)              Rp)                               Shares                 (Million of Rp)

    2023                216           -           153         35,52               6.158         14.227            9.412.000.000                 1.440.036
    Januari
                        180          153          163          3,73                605           1.688            9.412.000.000                  1.534.156
    January
    Februari
                        180          161          170          1,21                204               793          9.412.000.000                 1.600.040
    February
    Maret
                        216      167              191          9,30               1.778          3.496            9.412.000.000                  1.797.692
    March
    April
                        197          171          183          1,20                219               934          9.412.000.000                  1.722.396
    April
    Mei
                        198          171          187          2,34                422               952          9.412.000.000                 1.760.044
    May
    Juni
                        195      180              185           1,11               206               412          9.412.000.000                  1.741.220
    June
    Juli
                        191          177          180          2,71                497               585          9.412.000.000                 1.694.160
    July
    Agustus
                        192      155              172          3,18                535               948          9.412.000.000                 1.618.864
    August
    September
                        178          152          161          6,10                998           2.340            9.412.000.000                  1.515.332
    September
    Oktober
                        162      148              154          1,65                253               644          9.412.000.000                 1.449.448
    October
    November
                        159           -           152          1,55                231               769          9.412.000.000                 1.430.624
    November
    Desember
                        160      140              153          1,44                209           666              9.412.000.000                 1.440.036
    December



    Aktivitas Pergerakan Harga Saham (Kode: IFII)
    Share Price Movement Activity (Ticker Code: IFII)

    Berikut grafik pergerakan harga saham Perseroan di                            The following is the graph of Company’s share prices
    Bursa Efek Indonesia selama tahun 2023 :                                      movement on the Indonesia Stock Exchange during
                                                                                  2023 :
    Harga Saham
    Share Price
                  250
    (Rp)


                  200




                  150




                  100




                   50




                   0
                     Jan      Feb          Mar       Apr     Mei        Jun          Jul      Ags          Sep           Okt          Nov           Des
                     Jan       Feb         Mar       Apr     May        Jun          Jul      Aug          Sep           Oct          Nov           Dec
                    2023      2023         2023     2023     2023      2023         2023      2023         2023         2023          2023          2023




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    Informasi mengenai Suspensi dan/atau Delisting Saham Perseroan
    Information about The Company’s Shares Suspension and/or Delisting

    Sampai dengan 31 Desember 2023, Perseroan                          As of December 31, 2023, the Company has never
    tidak   pernah     menerima       sanksi   penghentian             received any stock trading sanctions either in the form
    sementara perdagangan saham (suspensi) dan/atau                    of stock trading suspension and/or stock delisting.
    penghapusan pencatatan saham (delisting).


    Riwayat Pembayaran Dividen
    History of Dividend Payments
    Riwayat pembayaran dividen Perseroan adalah sebagai                The Company’s dividend payment histosry is as follows:
    berikut:


                                                                                                                 Jumlah Dividen
    Tahun            Tanggal Pembayaran          Jenis      Tahun Buku      Dividen Per Saham (Rp)           dalam Miliar Rp (Kotor)
    Year                  Payment                Type      Financial Year   Dividend Per Share (Rp)               Total Dividend
                                                                                                               in billion Rp (Gross)

                        2 September
    2020                                          Final        2019                   2                             18.824.000.000
                        2 September
                        22 Desember
                                                 Interim       2020                   3                             28.236.000.000
                        22 December
                           8 Juli
    2022                                          Final        2021                   4                             37.648.000.000
                           8 July
                           21 Juli
    2023                                          Final        2022                   2                             18.824.000.000
                           21 July

                                                                                Jumlah | Total                     103.532.000.000


    Ikhtisar Surat Berharga
    Marketable Securities Highlights

    Sejak   Penawaran    Umum        Perdana   Saham pada              Since the Initial Public Offering at December 10,
    10 Desember 2019 sampai dengan tahun buku                          2019 until the 2023, the Company has never issued
    2023, Perseroan belum pernah menerbitkan Surat                     Marketable Securities neither in the form of Bond nor
    Berharga, baik dalam bentuk Obligasi maupun Sukuk.                 Sukuk. Therefore, there is no description regarding
    Oleh karena itu, tidak ada uraian mengenai Ikhtisar                Marketable Securities Highlights.
    Surat Berharga.



    Aksi Korporasi
    Corporate Actions
    Sejak awal pencatatan saham pada bulan Desember                    Since the beginning of the stock listing in December
    2019 hingga akhir tahun 2023, Perseroan belum                      2019 until the end of 2023, the Company has never
    pernah melakukan aksi korporasi yang berdampak                     carried out any corporate actions that has an impact
    pada perubahan jumlah saham beredar seperti                        on changes in the number of outstanding shares such
    pemecahan saham, penggabungan saham, dividen                       as stock splits, stock mergers, stock dividends, bonus
    saham, saham bonus, perubahan nilai nominal saham,                 shares, changes in share nominal value, issuance
    penerbitan efek konversi serta penambahan dan                      of convertible securities as well as additions and
    pengurangan modal.                                                 subtractions of capital.




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    Laporan Manajemen
    Management Reports


    Laporan Dewan Komisaris
    The Board of Commissioners Report


    Para Pemegang Saham dan Pemangku Kepentingan                 Dear Distinguished Shareholders and Stakeholders,
    yang Terhormat,


    Puji syukur kami panjatkan kepada Tuhan Yang                 Our gratitude goes to God Almighty for His blessings
    Maha Esa atas berkat dan rahmat-Nya, PT Indonesia            and grace, PT Indonesia Fibreboard Industry Tbk (the
    Fibreboard   Industry     Tbk   (“Perseroan”)   mampu        “Company”) has passed through the various challenges
    menghadapi berbagai macam tantangan di tengah                amid macroeconomic volatility, geopolitical tension,
    volatilitas makro ekonomi, tensi geopolitik, serta           and high interest rate trends. On this occasion,
    tren suku bunga yang tinggi. Pada kesempatan ini,            allow us to submit a supervisory report and provide
    izinkan kami menyampaikan laporan pengawasan                 advice to the Board of Directors on the management
    dan pemberian nasihat kepada Direksi atas jalannya           of the Company throughout 2023. The Board of
    kepengurusan Perseroan sepanjang tahun 2023.                 Commissioners gave the highest appreciation for
    Dewan Komisaris memberikan apresiasi setinggi-               the achievement of the Board of Directors who were
    tingginya atas pencapaian Direksi yang mampu                 able to provide the best performance in the midst of a
    memberikan kinerja yang terbaik di tengah kondisi            fairly challenging business environment in 2023.
    lingkungan bisnis yang cukup menantang di tahun
    2023.


    Selama    tahun   2023,    Dewan     Komisaris   telah       Throughout 2023, the Board of Commissioners has
    menjalankan fungsi dan tugas pengawasan serta                carried out its oversight functions and tasks as well as
    memberikan nasihat terhadap strategi dan kebijakan           provided advice on strategies and policies carried out
    yang dilakukan oleh Direksi dalam menjalankan tugas          by the Board of Director in carrying out their duties and
    dan tanggung jawab sebagaimana yang tercantum                responsibilities as stated in the Company’s Articles of
    dalam Anggaran Dasar Perseroan dan Peraturan                 Association and prevailing rules and regulations.
    Perundang-undangan yang berlaku.


    Ulasan Umum Ekonomi                                          General Review of Economics
    Tahun 2023 menjadi tahun yang penuh tantangan                The year 2023 has been a challenging year for the
    bagi perekonomian global. Meskipun pandemi telah             global economy. Despite the end of the pandemic,
    berakhir, peningkatan tensi geopolitik dan pengetatan        rising geopolitical tensions and tightening global
    likuiditas global membayangi aktivitas ekonomi               liquidity cast a shadow over global economic activity
    global sepanjang tahun 2023. Perang Rusia-Ukraina            throughout    2023.   The      ongoing            Russia-Ukraine
    yang masih berlangsung, konflik Hamas – Israel, dan          war, Hamas-Israel conflict, and increasing global
    meningkatnya fragmentasi global menambah disrupsi            fragmentation add to the supply-side disruptions
    sisi supply yang telah terjadi sejak pandemi COVID-19.       that have occurred since the COVID-19 pandemic.
    Sementara itu, El Nino yang berkepanjangan telah             Meanwhile, the prolonged El Nino has caused global
    menyebabkan naiknya harga komoditas pangan                   food commodity prices to rise. Although inflation




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    global. Meskipun inflasi mulai melandai di tahun 2023,           started to level off in 2023, benchmark interest rates in
    suku bunga acuan di berbagai negara bertahan di                  many countries remained at high levels until the end
    level tinggi hingga akhir tahun (high for longer). Pasar         of the year (high for longer). Global financial markets,
    keuangan global, khususnya di negara berkembang,                 particularly in emerging markets, experienced many
    mengalami banyak guncangan sepanjang tahun                       shocks throughout 2023. Capital outflows increased,
    2023. Aliran modal keluar meningkat sehingga                     putting pressure on local exchange rates. This has
    menimbulkan tekanan pada nilai tukar lokal. Hal ini              put severe pressure on the fiscal side with rising
    telah menimbulkan tekanan berat di sisi fiskal dengan            government debt burdens in many countries.
    meningkatnya beban utang Pemerintah di banyak
    negara.


    Di tengah ketidakpastian dan pelemahan ekonomi                   Amidst uncertainty and global economic downturn,
    global,    perekonomian   Indonesia    cukup    resilien.        Indonesia's   economy       was        resilient.         Indonesia's
    Pertumbuhan ekonomi indonesia tercatat sebesar                   economic growth was recorded at 5.05%, slightly
    5,05%, sedikit lebih rendah dari tahun 2022 sebelumnya           lower than the previous year which reached 5.31%. Not
    yang mencapai 5,31%. Tidak banyak negara-negara di               many countries in the world are able to grow above
    dunia yang mampu tumbuh di atas 5%, dan Indonesia                5%, and Indonesia is one of the countries that is able
    menjadi salah satu negara yang mampu tumbuh                      to grow strongly. The growth rate of 5.05% is higher
    kuat. Angka pertumbuhan sebesar 5,05% tersebut                   than the consensus forecast figure which previously
    lebih tinggi dari angka consensus forecast yang dulu             estimated Indonesia's economic growth in 2023 at
    diperkirakan pertumbuhan ekonomi Indonesia di tahun              5.03%. In addition, Indonesia's full-year economic
    2023 sebesar 5,03%. Selain itu, pertumbuhan ekonomi              growth in 2023 of 5.05% which showed an impressive
    indonesia secara full year tahun 2023 sebesar 5,05%              performance was also supported by the household
    yang menunjukkan kinerja impresif juga ditopang                  consumption expenditure component which grew by
    oleh komponen pengeluaran konsumsi rumah tangga                  4.82% (yoy), and Gross Fixed Capital Formation (PMTB)
    yang tumbuh sebesar 4,82% (yoy), serta Pembentukan               which reached 4.40% (yoy). Furthermore, in terms of
    Modal Tetap Bruto (PMTB) yang mencapai 4,40%                     business fields, the sector that experienced significant
    (yoy). Lebih lanjut dari sisi lapangan usaha, sektor             growth was transportation and warehousing at
    yang      mengalami   pertumbuhan     signifikan   yakni         13.96% (yoy). Meanwhile, on the expenditure side, the
    transportasi dan pergudangan sebesar 13,96% (yoy).               highest growth was experienced by consumption of
    Sedangkan pada sisi pengeluaran, pertumbuhan                     Household Non-Profit Institutions (LNPRT) at 9.83%
    tertinggi dialami oleh konsumsi Lembaga Non-                     (yoy).
    Profit Rumah Tangga (LNPRT) sebesar 9,83% (yoy).


    Laju inflasi juga terkendali pada rentang target                 The inflation rate is also under control within the
    Pemerintah. Inflasi tahun 2023 tercatat sebesar                  Government's target range. Inflation in 2023 was
    2,61% (yoy), turun signifikan dibanding tahun 2022               recorded at 2.61% (yoy), a significant decline compared
    sebesar 5,51% (yoy). Angka tersebut merupakan                    to 2022 at 5.51% (yoy). This figure is the lowest inflation
    inflasi terendah dalam 20 tahun terakhir, di luar                in the last 20 years, excluding the pandemic period in
    periode pandemi tahun 2020 dan 2021. Koordinasi                  2020 and 2021. The strong coordination of the Inflation
    yang kuat Tim Pengendalian Inflasi, baik di level                Control Team, both at the central and regional levels,
    pusat maupun daerah, serta efektivitas peran APBN                as well as the effectiveness of the State Revenue
    sebagai instrumen shock absorber menjadi faktor                  and Expenditure Budget (APBN)'s role as a shock
    kunci terkendalinya inflasi, khususnya inflasi pangan            absorber instrument are key factors in controlling
    yang terdampak oleh fenomena El Nino di tahun 2023.              inflation, especially food inflation affected by the El
                                                                     Nino phenomenon in 2023.




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    Penilaian Atas Kinerja Direksi                                       Assessment of Board of Directors’ Performance
    Dewan Komisaris menilai bahwa kinerja Perseroan                      The Board of Commissioners considers that the
    pada tahun 2023 menunjukkan hasil yang cukup baik.                   performance of the Company in 2023 shows quite
    Perseroan mengalami peningkatan yang ditunjukkan                     good results. The Company experienced an increase
    dari laba bersih yang semula Rp97.118 juta pada 31                   as indicated by the net profit which was originally
    Desember 2022 meningkat sebesar Rp3.785 juta atau                    Rp97,118 million on December 31, 2022, increasing
    3,90% menjadi Rp100.903 juta pada 31 Desember                        by Rp3,785 million or 3.90% to Rp100,903 million on
    2023. Peningkatan ini terutama dikarenakan terjadi                   December 31, 2023. This increase was mainly due to
    peningkatan pada penjualan bersih dan laba selisih                   an increase in net sales and foreign exchange gains -
    kurs-bersih, serta adanya penurunan pada beban                       net, as well as a decrease in selling expenses, general
    penjualan, beban umum dan administrasi, dan beban                    and administrative expenses, and financing costs. The
    keuangan. Perseroan juga mencatatkan peningkatan                     Company also recorded an increase in total assets by
    pada total aset sebesar 8,45% dari Rp1.746.807 juta                  8.45% from Rp1,746,807 million as of December 31,
    per 31 Desember 2022 menjadi Rp1.894.388 juta per 31                 2022 to Rp1,894,388 million as of December 31, 2023.
    Desember 2023. Jumlah ekuitas meningkat sebesar                      Total equity increased by 6.87% from Rp1,142,480
    6,87% dari Rp1.142.480 juta per 31 Desember 2022                     million as of December 31, 2022 to Rp1,220,916 million
    menjadi Rp1.220.916 juta per 31 Desember 2023.                       as of December 31, 2023.


    Atas      pencapaian     tersebut,     Dewan       Komisaris         Based   on    these   achievements,              the      Board         of
    menilai     Direksi   telah   menjalankan         tugas   dan        Commissioners considers that the Board of Directors
    tanggung jawabnya dengan baik dalam mengelola                        has carried out its duties and responsibilities well
    Perseroan di tahun 2023. Dewan Komisaris sangat                      in managing the Company in 2023. The Board of
    mengapreasiasi kinerja Direksi yang baik di tahun                    Commissioners highly appreciates the Board of
    2023      dalam       mempertahankan         pertumbuhan             Directors' good performance in 2023 in maintaining
    usaha tetap positif ditengah kondisi perekonomian                    positive business growth amid global and domestic
    global dan domestik yang masih penuh dengan                          economic conditions that are still full of challenges
    tantangan dan ketidakpastian. Dewan Komisaris                        and uncertainties. The Board of Commissioners will
    akan   terus    mendukung         Direksi   dan    jajarannya        continue to support the Board of Directors and its staff
    untuk mempertahankan dan meningkatkan kinerja                        to maintain and improve the Company's performance
    Perseroan di tahun-tahun mendatang, tentunya                         in the coming years, of course, by being diligent in
    dengan bersungguh-sungguh dalam menjalankan                          carrying out its roles, functions, and duties as the
    peran, fungsi, dan tugasnya sebagai Dewan Komisaris.                 Board of Commissioners.


    Pengawasan        Terhadap        Implementasi       Strategi        Supervision      of    the         Company’s                 Strategy
    Perseroan                                                            Implementation
    Dewan Komisaris memastikan bahwa Perseroan telah                     The Board of Commissioners ensures that the
    menerapkan prinsip-prinsip tata kelola perusahaan                    Company has implemented the principles of good
    yang baik/good corporate governance (GCG) di                         corporate governance (GCG) at all levels of the
    seluruh jenjang organisasi dan di setiap proses                      organization and in every business process. Overall,
    bisnis. Secara keseluruhan, pelaksanaan GCG di                       the implementation of GCG in the Company has
    Perseroan sudah berjalan dengan baik, terutama                       gone well, especially in terms of compliance with
    dalam hal kepatuhan terhadap peraturan perundang-                    prevailing laws and regulations. The Board of
    undangan       yang    berlaku.      Pengawasan       Dewan          Commissioners' supervision is carried out from the
    Komisaris dilakukan sejak awal perumusan hingga                      beginning of the formulation to the implementation
    implementasi strategi dan kebijakan Perseroan dalam                  of the Company's strategies and policies in order to




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    rangka meraih target yang telah ditetapkan. Di tahun             achieve the targets that have been set. In 2023, the
    2023, Dewan Komisaris telah melakukan penilaian dan              Board of Commissioners has thoroughly assessed
    pengawasan secara menyeluruh terhadap penerapan                  and supervised the implementation of strategic
    kebijakan strategi yang dilakukan oleh Direksi, serta            policies carried out by the Board of Directors, as well
    memberikan dukungan, saran, dan rekomendasi                      as provided support, advice and recommendations in
    dalam melaksanakan keputusannya.                                 implementing its decisions.


    Dewan Komisaris memperhatikan penerapan strategi                 The Board of Commissioners pays attention to
    yang dijalankan oleh Direksi dan kesesuaiannya                   the implementation of the strategy carried out by
    dengan     rencana     Perseroan   jangka     menengah           the Board of Directors and its suitability with the
    dan panjang serta dinamika bisnis yang dihadapi                  Company's medium and long term plans as well as
    oleh Perseroan. Dewan Komisaris secara berkala                   the business dynamics faced by the Company. The
    akan melakukan review terhadap perkembangan                      Board of Commissioners will periodically review the
    kinerja Perseroan melalui laporan-laporan yang                   development of the Company's performance through
    disampaikan Direksi. Dewan Komisaris juga dapat                  reports submitted by the Board of Directors. The Board
    meminta penjelasan kepada Direksi dan melakukan                  of Commissioners can also ask for explanations from
    pertemuan dengan Divisi terkait. Dewan Komisaris                 the Board of Directors and hold meetings with related
    juga menugaskan Komite Audit untuk melakukan                     Divisions. The Board of Commissioners also assigns
    pengawasan secara menyeluruh terhadap kebijakan                  the Audit Committee to conduct comprehensive
    dan   langkah-langkah     strategis    yang   dijalankan         oversight of the policies and strategic steps carried
    Direksi serta memberikan pelaporan secara langsung               out by the Board of Directors and provide direct
    sebagai masukan bagi Dewan Komisaris.                            reports as input to the Board of Commissioners.


    Dewan Komisaris menilai bahwa sepanjang tahun                    The Board of Commissioners assesses that throughout
    2023, Direksi telah melaksanakan tugasnya dengan                 2023, The Board of Directors has carried out its duties
    baik dengan mengimplementasikan strategi secara                  well by implementing strategies quickly and precisely
    cepat dan tepat ditengah-tengah kondisi ekonomi                  amidst very dynamic economic conditions in 2023.
    yang sangat dinamis di tahun 2023. Strategi dan                  The strategies and strategic policies implemented
    kebijakan strategis yang diimplementasikan selaras               are aligned with the Company's vision. The Board of
    dengan visi Perseroan. Dewan Komisaris meyakini                  Commissioners believes in the ability of the Board of
    kemampuan Direksi Perseroan dalam menjalankan                    Directors of the Company to carry out this strategy,
    strategi   tersebut,    beserta       semua    kebijakan         along with all policies that support the effective
    yang mendukung pelaksanaan strategi tersebut                     implementation of this strategy. This is reflected in
    secara efektif. Hal ini tercermin dari keberhasilan              the Company's success in recording sustainable
    Perseroan dalam mencatatkan pertumbuhan yang                     growth from year to year.
    berkesinambungan dari tahun ke tahun.


    Sepanjang tahun 2023 Dewan Komisaris telah                       Throughout 2023, the Board of Commissioners has
    menjalankan fungsi pengawasannya melalui rapat                   carried out its supervisory function through 6 (six)
    gabungan sebanyak 6 (enam) kali yaitu rapat bersama              joint meetings, namely joint meetings between the
    antara Dewan Komisaris dan Direksi untuk mengetahui              Board of Commissioners and the Board of Directors to
    dan mempelajari kondisi industri, perkembangan                   find out and study industry conditions, performance
    kinerja, prospek usaha, kebijakan, dan isu-isu strategis.        developments, business prospects, policies, and
                                                                     strategic issues.




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    Frekuensi dan Cara Pemberian Saran Kepada Anggota           Frequency and Method of Providing Advice to Member
    Direksi                                                     of The Board of Directors
    Dewan Komisaris senantiasa menjalankan fungsi               The Board of Commissioners continuously performs
    pengawasan dan pemberian nasihat kepada Direksi.            its supervisory and advisory functions to the Board
    Sesuai dengan tugas dan tanggung jawabnya                   of Directors. In accordance with its duties and
    dalam melakukan fungsi pengawasan terhadap                  responsibilities in performing the supervisory function
    kinerja Direksi tersebut, Dewan Komisaris dapat             on the performance of the Board of Directors, the Board
    mengungkapkan pertimbangan, rekomendasi, saran-             of Commissioners may express their considerations,
    saran, dan nasihat mereka kepada Direksi melalui            recommendations,     suggestions,            and        advice         to
    mekanisme rapat gabungan Dewan Komisaris dengan             the Board of Directors through the mechanism of
    Direksi (rapat Dewan Komisaris dengan mengundang            joint meetings of the Board of Commissioners with
    Direksi). Sepanjang tahun 2023, Dewan Komisaris             the Board of Directors (meetings of the Board of
    mengadakan rapat sebanyak 6 (enam) kali yang juga           Commissioners by inviting the Board of Directors).
    merupakan rapat gabungan dengan Direksi. Melalui            Throughout 2023, the Board of Commissioners held
    rapat-rapat yang diadakan tersebut, Dewan Komisaris         6 (six) meetings, which were also joint meetings with
    membahas berbagai hal di antaranya memberikan               the Board of Directors. Through these meetings, the
    arahan atas strategi dan rencana bisnis, kinerja            Board of Commissioners discussed various matters
    keuangan, dan laporan Komite-komite di bawah                including providing direction on strategies and
    Dewan Komisaris.                                            business plans, financial performance, and reports of
                                                                Committees under the Board of Commissioners.


    Dalam memberikan saran dan nasihat, Dewan                   In providing suggestion and advice, the Board of
    Komisaris mempertimbangkan masukan dari Komite-             Commissioners considers input from the Committees
    Komite yang berada di bawah Dewan Komisaris yang            under the Board of Commissioners that actively
    secara aktif melakukan pengawasan terhadap bidang-          supervise areas of responsibility, namely the Audit
    bidang yang menjadi tanggung jawabnya, yakni                Committee and the Nomination and Remuneration
    Komite Audit dan Komite Nominasi dan Remunerasi.            Committee.




    Penerapan Tata Kelola Perusahaan Yang Baik                  Good Corporate Governance Implementation
    Pelaksanaan prinsip Tata Kelola Perusahaan yang baik        The implementation of Good Corporate Governance
    atau Good Corporate Governance (GCG) menjadi salah          (GCG) principles is one of the main focuses of the
    satu fokus utama dalam pengawasan yang dilakukan            Board of Commissioners' supervision. We always
    Dewan Komisaris. Kami senantiasa mendorong Direksi          encourage the Board of Directors to continuously
    agar terus melakukan perbaikan dan penyempurnaan            improve and refine GCG in line with business needs.
    GCG secara berkelanjutan selaras dengan kebutuhan           The Board of Commissioners believes that the
    bisnis. Dewan Komisaris meyakini bahwa penerapan            implementation of Good Corporate Governance
    Tata Kelola Perusahaan yang Baik berperan penting           plays an important role in maintaining the trust of
    dalam menjaga kepercayaan para investor dan pihak-          investors and interested parties. Based on this belief,
    pihak yang berkepentingan. Atas keyakinan tersebut,         the Board of Commissioners continuously monitors
    Dewan     Komisaris   memantau    dan    memberikan         and provides direction on practices at all levels of
    pengarahan secara terus menerus atas praktik                operation in accordance with the principles of Good
    pada seluruh jenjang operasi yang sesuai dengan             Corporate Governance. The Board of Commissioners
    prinsip Tata Kelola Perusahaan yang Baik. Dewan             has also consistently improved the quality of
    Komisaris   juga   secara   konsisten   meningkatkan        the implementation of corporate governance in




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    kualitas penerapan tata kelola perusahaan sesuai                accordance      with    the    values         of     accountability,
    nilai akuntabilitas, transparansi, tanggung jawab,              transparency,    responsibility,         independence,                 and
    independensi, dan kewajaran. Pelaksanaan GCG                    fairness. The implementation of GCG is carried out to
    dilakukan    guna    memastikan     bahwa      Perseroan        ensure that the Company is managed properly and
    dikelola secara baik dan bersih agar menjadikan                 cleanly so that the company can operate in a healthy
    perusahaan dapat beroperasi secara sehat, terbebas              manner, free from fraud.
    dari tindakan kecurangan.


    Dewan Komisaris menilai bahwa Perseroan telah                   The Board of Commissioners assesses that the
    menerapkan prinsip Tata Kelola Perusahaan yang                  Company has implemented the principles of Good
    Baik. Perseroan melaksanakan keterbukaan informasi              Corporate Governance. The Company carries out
    dengan menyediakan informasi yang mudah diakses                 information disclosure by providing information that
    oleh investor, pembagian tugas organ Perseroan yang             is easily accessible to investors, the distribution of
    diperjelas dengan adanya piagam pedoman kerja,                  duties of the Company bodies which is clarified by
    mematuhi peraturan dan perundangan yang berlaku,                the existence of a work guideline charter, complying
    pengelolaan Perseroan secara independen, dan                    with applicable laws and regulations, managing the
    kesetaraan dalam pemenuhan hak dan kepentingan                  Company independently, and equality in fulfilling the
    pemangku kepentingan.                                           rights and interests of stakeholders.


    Penilaian Kinerja Komite di Bawah Dewan Komisaris               Performance Assessment of Committees under the
                                                                    Board of Commissioners
    Dewan Komisaris memiliki Komite-komite penunjang                The   Board     of     Commissioners               has     supporting
    yang telah memiliki tugas dan tanggung jawab untuk              Committees that have duties and responsibilities
    mendukung kinerja Dewan Komisaris. Komite-komite                to support the performance of the Board of
    tersebut telah memiliki pedoman kerja yang jelas,               Commissioners. These Committees have clear work
    sehingga pelaksanaan tugasnya bisa terarah dan                  guidelines, so that the implementation of their duties
    efektif. Komite-komite yang berada di bawah Dewan               can be directed and effective. The Committees
    Komisaris adalah Komite Audit, Komite Nominasi dan              under the Board of Commissioners are the Audit
    Remunerasi, dimana kedua Komite tersebut diketuai               Committee and the Nomination and Remuneration
    oleh Komisaris Independen.                                      Committee, both of which are chaired by Independent
                                                                    Commissioners.


    Dewan Komisaris secara berkala melakukan penilaian              The Board of Commissioners periodically assesses
    atas   efektivitas   kinerja   Komite-komite    dibawah         the   effectiveness     of    the      performance               of     the
    Dewan Komisaris. Dewan Komisaris menilai bahwa                  Committees under the Board of Commissioners. The
    selama tahun 2023, Komite-komite yang berada di                 Board of Commissioners considers that during 2023,
    bawah Dewan Komisaris telah melaksanakan tugas                  the Committees under the Board of Commissioners
    dan tanggung jawabnya dengan baik, dimana Komite                have carried out their duties and responsibilities well,
    Audit telah menjalankan peran secara profesional dan            where the Audit Committee has carried out its role
    independen serta Komite Nominasi dan Remunerasi                 professionally and independently and the Nomination
    telah menjalankan tugas dan tanggungjawabnya                    and Remuneration Committee has carried out its duties
    dibidang berkaitan dengan nominasi dan remunerasi.              and responsibilities in the field related to nomination
    Dewan Komisaris terus mendorong penerapan standar               and remuneration. The Board of Commissioners
    Tata Kelola Perusahaan yang baik pada semua aspek               continues to encourage the implementation of Good
    Perseroan dengan bantuan Komite dibawahnya.                     Corporate Governance standards in all aspects of the
                                                                    Company with the assistance of its Committees.




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    Dewan Komisaris memberikan apresiasi kepada                      The Board of Commissioners appreciates these
    Komite-komite eksekutif ini atas komitmen dan                    executive Committees for their commitment and
    kinerja mereka dalam pencapaian program maupun                   performance in achieving programs and work plans
    rencana kerja dan berharap kinerja Komite dapat                  and hopes that the performance of the Committees
    lebih ditingkatkan lagi sehingga mampu memberikan                can be further improved so as to be able to contribute
    kontribusi yang lebih dalam mendukung kinerja                    more in supporting the Company's performance.
    Perseroan.


    Pandangan Atas Prospek Usaha yang Disusun oleh                   View on Business Outlook Prepared by Board of
    Direksi                                                          Directors
    Dana Moneter Internasional (“IMF”) baru saja merilis             The International Monetary Fund (“IMF”) just released
    pandangan mereka mengenai pertumbuhan ekonomi                    their view on global economic growth, estimated
    global, yang diperkirakan sebesar 3,2% pada tahun                at 3.2% in 2023, would continue at the same pace in
    2023, dan akan berlanjut dengan laju yang sama pada              2024 and 2025. IMF’s forecast for 2024 was revised
    tahun 2024 dan 2025. Perkiraan IMF untuk tahun 2024              upward by 0.3% from their estimate in October 2023
    direvisi naik sebesar 0,3% dari perkiraan mereka pada            due to the unexpectedly resilient global economic
    bulan Oktober 2023 karena aktivitas perekonomian                 activities to date. Meanwhile, the IMF also provided
    global yang tidak terduga sampai saat ini. Sementara             their forecast for global growth five years from now
    itu, IMF juga memperkirakan pertumbuhan global                   at 3.1%, which is at its lowest in decades due to the
    lima   tahun    dari    sekarang     sebesar 3,1%, yang          imposed constraints such as still-high borrowing
    merupakan angka terendah dalam beberapa dekade                   costs and rising political tensions. However, the
    karena kendala yang ada seperti masih tingginya                  Company remains optimistic about the potential of
    biaya pinjaman dan meningkatnya ketegangan politik.              both domestic and export business. The Company is
    Meski demikian, Perseroan tetap optimis terhadap                 confident that under the effective leadership of the
    potensi bisnis domestik dan ekspor. Perseroan yakin              Board of Directors, as well as the dedication and hard
    bahwa di bawah kepemimpinan Direksi yang efektif,                work of all employees, the Company can overcome
    serta dedikasi dan kerja keras seluruh karyawan,                 business risks and grow better in the future.
    Perseroan dapat mengatasi risiko usaha dan tumbuh
    lebih baik di masa depan.


    Meskipun       laju     ekspansi     pada     tahun-tahun        Although the pace of the coming years’ expansion
    mendatang diperkirakan masih rendah, Perseroan                   is estimated to remain low, the Company projects a
    memproyeksikan          target    pertumbuhan    moderat         moderate growth target that aligns with economic
    sejalan dengan perkiraan pertumbuhan ekonomi                     growth estimates and current global conditions.
    dan pertimbangan keadaan global saat ini. Perseroan              The Company is trying to ensure that sales and net
    berusaha agar penjualan dan laba bersih di tahun                 profit next year can continue to experience favorable
    depan bisa tetap mengalami pertumbuhan yang                      growth compared to the previous year. One of the
    positif dibandingkan dengan tahun sebelumnya. Salah              main driving factors is that along with the increase in
    satu faktor pendorong utama adalah seiring dengan                production capacity in connection with the second
    bertambahnya          kapasitas    produksi   sehubungan         additional MDF Line production facility, which has
    dengan fasilitas produksi tambahan MDF Line kedua                started commercial production since April 2023, the
    yang sudah mulai berproduksi secara komersial                    Company is optimistic that sales and net profit will
    sejak bulan April 2023, Perseroan optimis penjualan              experience growth from the achievements in 2023.
    dan laba bersih akan mengalami pertumbuhan dari
    pencapaian tahun 2023 lalu.




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    Perubahan Komposisi Dewan Komisaris                                Changes in The Board of Commissioners’ Composition
    Pada tahun 2023, terdapat perubahan komposisi                      In 2023, there was a change in the composition of
    anggota     Dewan      Komisaris.   Berdasarkan      Akta          the members of the Board of Commissioners. Based
    Risalah Rapat Umum Pemegang Saham Luar Biasa                       on the Deed of Minutes of Extraordinary General
    No. 01 tanggal 01 Desember 2023, Pemegang                          Meeting of Shareholders No. 01 dated December
    Saham Perseroan menyetujui mengangkat Bapak                        01, 2023, the Company’s Shareholders approved to
    Kensuke Shuto sebagai anggota Dewan Komisaris                      appoint Mr. Kensuke Shuto as a member of the Board
    menggantikan Bapak Atsushi Takahama. Dengan                        of Commissioners replacing Mr. Atsushi Takahama.
    demikian hingga berakhirnya tahun buku 2023,                       Thus, until the end of the 2023 financial year, the
    komposisi    Dewan      Komisaris     Perseroan    adalah          composition of the Board of Commissioners is as
    sebagai berikut :                                                  follows :


    Komisaris Utama : Surja Hartono                                    President Commissioner : Surja Hartono
    Komisaris           : Kensuke Shuto                                Commissioner               : Kensuke Shuto
    Komisaris           : Sumarni                                      Commissioner               : Sumarni


    Penutup                                                            Closing Remark
    Sebagai penutup, atas nama Dewan Komisaris, kami                   As a final point, on behalf of the Board of
    memberikan apresiasi terhadap Direksi dan seluruh                  Commissioners, our appreciation goes to the Board
    karyawan atas pencapaian kinerjanya selama tahun                   of Directors and all employees for their performance
    2023. Pada kesempatan ini, kami juga mengucapkan                   achievement in 2023. On this occasion, we would
    terima    kasih     kepada   para   pemegang       saham           also like to thank our shareholders for the trust given
    atas kepercayaan yang diberikan kepada Dewan                       to the Board of Commissioners. We believe that a
    Komisaris. Kami yakin kerja sama yang solid di antara              solid cooperation between all parties will make the
    semua pihak akan membuat Perseroan semakin kuat,                   Company stronger so as to continue growing and
    terus bertumbuh dan berkembang di masa yang akan                   expanding business in the future.
    datang.




                                                       Jakarta, 26 April 2024


                                                  Atas nama Dewan Komisaris
                                            On Behalf of the Board of Commissioners




                                                          Surja Hartono
                                                         Komisaris Utama
                                                      President Commissioner




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    Laporan Direksi
    The Board of Directors Report




    Para Pemegang Saham dan Pemangku Kepentingan                    Dear Distinguished Shareholders and Stakeholders,
    yang Terhormat,


    Puji syukur kami panjatkan ke hadirat Tuhan Yang                Our gratitude goes to God Almighty for his blessings
    Maha Esa atas berkat dan karunia-Nya, PT Indonesia              and grace, PT Indonesia Fibreboard Industry Tbk
    Fibreboard Industry Tbk (“Perseroan”) dapat melalui             (the “Company”) can pass through 2023 with good
    tahun 2023 dengan capaian kinerja operasional dan               operational    and   business          performance               amidst
    bisnis yang baik ditengah kondisi yang dipenuhi                 challenging conditions such as the impact of
    dengan tantangan seperti dampak ketidakpastian                  global financial market uncertainty and conflicts in
    pasar keuangan global dan konflik di beberapa                   several regions. The achievement of the Company’s
    wilayah. Pencapaian kinerja Perseroan merefleksikan             performance reflects the positive growth that can
    pertumbuhan positif yang dapat diamati melalui                  be observed through net sales which increased by
    penjualan bersih yang meningkat sebesar Rp119.844               Rp119,844 million or 13.82% from the previous year of
    juta atau 13,82% dari tahun sebelumnya sebesar                  Rp867,146 million to Rp986,990 million. The Company
    Rp867.146 juta menjadi Rp986.990 juta. Perseroan                has succeeded in maintaining the momentum of
    berhasil    menjaga      momentum        pertumbuhan            sustainable growth thanks to the cooperation and
    berkelanjutan ini berkat kerja sama dan kolaborasi              collaboration of all stakeholders in adapting to the
    seluruh pemangku kepentingan dalam menyesuaikan                 realities of challenges and existing market conditions.
    realitas tantangan dan kondisi pasar yang ada.


    Melalui Laporan Tahunan ini, kami akan memaparkan               Through this Annual Report, we are pleased to
    pencapaian Perseroan sepanjang tahun 2023 sebagai               present the performance of the Company throughout
    salah   satu   wujud   pertanggungjawaban        Direksi        2023, as one of the responsibilities of the Board of
    Perseroan kepada pemegang saham beserta seluruh                 Directors of the Company to its shareholders and
    pemangku kepentingan lainnya. Laporan Tahunan ini               other stakeholders. This Annual Report also marks
    juga menjadi implementasi transparansi Perseroan                our transparency that underscores our steadfast
    yang senantiasa berupaya menjunjung tinggi prinsip-             commitment to uphold the principles of Good
    prinsip Tata Kelola Perusahaan yang Baik secara                 Corporate Governance consistently and continuously
    konsisten dan berkesinambungan dalam menjalankan                in our daily business activities.
    bisnis sehari-hari.


    Kondisi Ekonomi                                                 Economic Conditions
    Dinamika    perekonomian     global   berubah     cepat         The dynamics of the global economy are changing
    dengan     ketidakpastian   yang   tinggi.   Optimisme          rapidly with high uncertainty. Optimism for a recovery
    pemulihan pada awal 2023 berangsur meredup.                     in early 2023 has gradually faded. The increase in
    Kenaikan permintaan, khususnya di sektor jasa,                  demand, especially in the services sector, after the
    setelah pulihnya mobilitas manusia pasca COVID-19               recovery of human mobility after COVID-19 faces
    menghadapi keterbatasan sisi penawaran karena                   supply-side limitations due to the scarring effect on
    efek luka yang dalam (scarring effect) di sisi korporasi        the corporate side and immigration restrictions from




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    maupun pembatasan imigrasi dari kebijakan politik di          political policies in a number of Advanced Economies
    sejumlah negara maju (Advanced Economies / AEs).              (AEs).   Geopolitical-economic           fragmentation                has
    Fragmentasi    geopolitik-ekonomi   juga   meningkat          also increased with Russia's ongoing war in Ukraine
    dengan berlangsungnya perang Rusia di Ukraina                 causing supply constraints and persistently high
    yang menyebabkan keterbatasan pasokan serta                   global energy and food prices. Continuing trade
    tetap tingginya harga energi dan pangan global.               tensions between the United States (US) and China
    Berlanjutnya   ketegangan     perdagangan      antara         have resulted in a decline not only in the export-
    Amerika Serikat (AS) dan Tiongkok berdampak pada              import of the two countries, but also in the volume
    penurunan tidak hanya ekspor-impor kedua negara               of world trade. Tensions between Israel and Palestine
    tersebut, tetapi juga volume perdagangan dunia.               since early October 2023 added to geopolitical
    Ketegangan Israel dan Palestina sejak awal Oktober            tensions in the Middle East region and the world.
    2023 menambah ketegangan geopolitik di Kawasan                This has slowed down the global economic recovery
    Timur Tengah dan juga dunia. Hal ini mengakibatkan            process, accompanied by continued inflationary
    proses pemulihan ekonomi global melambat, disertai            pressures due to global energy and food prices, and
    dengan berlanjutnya tekanan inflasi karena harga              labor market tightness in a number of developed
    energi dan pangan dunia, serta keketatan pasar                countries.
    tenaga kerja di sejumlah negara maju.


    Perlambatan ekonomi dunia juga disebabkan oleh                The slowdown in the world economy was also
    pengetatan moneter yang harus ditempuh bank-bank              caused by the monetary tightening that central banks
    sentral untuk menurunkan inflasi, dengan kenaikan             had to resort to in order to bring down inflation, with
    suku bunga yang sangat tinggi di negara maju,                 very high interest rates rising in developed countries,
    khususnya AS. Melonjaknya utang pemerintah untuk              particularly the US. Soaring government debt to
    membiayai ekspansi kebijakan fiskal di negara maju,           finance fiscal policy expansion in developed countries,
    khususnya AS, makin mendorong suku bunga dan                  especially the US, further pushed up interest rates
    kuatnya dolar AS di pasar keuangan global sehingga            and the strength of the US dollar in global financial
    menarik aliran modal dunia dalam jumlah besar. Di             markets, attracting large capital flows. In Emerging
    negara Emerging Market and Developing Economies               Market       and   Developing        Economies               (EMDEs),
    (EMDEs), otoritas moneter diharuskan memperkuat               monetary authorities are required to strengthen
    respons kebijakan untuk menjaga stabilitas eksternal          policy responses to maintain external stability
    dari dampak negatif rambatan global tersebut,                 from the negative impacts of the global slowdown,
    termasuk pembalikan aliran investasi portofolio dan           including portfolio investment flow reversals and high
    tingginya tekanan pelemahan nilai tukar.                      exchange rate depreciation pressures.


    Proses pemulihan ekonomi global juga dipengaruhi              The global economic recovery process is also
    oleh   permasalahan    perubahan     iklim,   struktur        affected by climate change, demographic structure,
    demografi, dan digitalisasi. Cuaca ekstrem dingin di          and digitalization. Extreme cold weather in Europe
    Eropa pada awal tahun makin memperburuk dampak                at the beginning of the year further exacerbated
    terbatasnya pasokan energi dan pangan akibat                  the impact of limited energy and food supplies due
    perang Rusia di Ukraina terhadap pemulihan ekonomi            to Russia's war in Ukraine on the region's economic
    di kawasan itu. Sementara itu, kawasan Asia dilanda           recovery. Meanwhile, Asia was hit by El Nino-induced
    kekeringan akibat El Nino sehingga mengharuskan               drought, requiring authorities to ensure food supply
    otoritas memastikan pasokan dan ketahanan pangan              and security to address its impact on inflation and
    untuk mengatasi dampaknya terhadap inflasi dan                economic recovery.
    pemulihan ekonomi.




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    Pada tahun 2023, stabilitas makroekonomi dan sistem             In 2023, Indonesia's macroeconomic and financial
    keuangan Indonesia tetap terjaga dan pemulihan                  system stability was maintained and economic
    ekonomi terus berlanjut, meskipun saat bersamaan                recovery continued, although at the same time
    dinamika global berubah cepat dan memburuk,                     global dynamics changed rapidly and worsened, the
    ekonomi Indonesia masih mampu mencatatkan                       Indonesian economy was still able to record growth
    pertumbuhan sebesar 5,05%, sedikit lebih rendah                 of 5.05%, slightly lower than the previous year 2022
    dari tahun 2022 sebelumnya yang mencapai 5,31%,                 which reached 5.31%, supported by strong domestic
    ditopang oleh aktivitas permintaan domestik yang                demand        activities,   especially         consumption               and
    masih kuat, khususnya aktivitas konsumsi dan                    investment activities.
    investasi.


    Perkembangan       Neraca    Pembayaran      Indonesia          The development of the overall Indonesia’s Balance
    (“NPI”) secara keseluruhan tahun 2023 menunjukkan               of Payments (“NPI”) in 2023 shows that the resilience
    ketahanan sektor eksternal yang tetap kuat di tengah            of the external sector remains strong amidst high
    masih tingginya ketidakpastian ekonomi global. NPI              global economic uncertainty. The overall NPI in
    keseluruhan 2023 membukukan surplus sebesar                     2023 posted a surplus of US$6.30 billion, an increase
    US$6,30 miliar, meningkat dari tahun sebelumnya                 from the previous year which recorded a surplus
    yang mencatat surplus US$4,00 miliar, terutama                  of US$4.00 billion, mainly supported by the strong
    didukung kuatnya kinerja transaksi modal dan finansial.         performance of capital and financial transactions.
    Ke depan, Bank Indonesia senantiasa mencermati                  Going forward, Bank Indonesia continues to pay close
    dinamika     perekonomian      global    yang    dapat          attention to the dynamics of the global economy that
    memengaruhi prospek NPI dan terus memperkuat                    may affect the prospects of the NPI and continues
    respons bauran kebijakan yang didukung sinergi                  to strengthen the policy mix response supported
    kebijakan yang erat dengan Pemerintah dan otoritas              by close policy synergies with the Government and
    terkait guna memperkuat ketahanan sektor eksternal.             relevant authorities to strengthen external sector
                                                                    resilience.


    Inflasi Indeks Harga Konsumen (“IHK”) 2023 menjadi              Consumer Price Index (“CPI”) inflation in 2023 will be
    2,61% (yoy). Perkembangan inflasi 2023 ini lebih                2.61% (yoy). This 2023 inflation development is lower
    rendah dibandingkan dengan inflasi tahun 2022 yang              than the 2022 inflation which was recorded at 5.51%
    tercatat sebesar 5,51% (yoy). Inflasi yang terjaga dalam        (yoy). Inflation that is maintained within its target range
    kisaran sasarannya merupakan hasil dari konsistensi             is the result of the consistency of monetary policy
    kebijakan moneter serta eratnya sinergi pengendalian            and the close synergy of inflation control between
    inflasi antara Bank Indonesia dan Pemerintah (Pusat             Bank Indonesia and the Government (Central and
    dan Daerah) dalam Tim Pengendalian Inflasi Pusat dan            Regional) in the Central and Regional Inflation Control
    Daerah (TPIP dan TPID) melalui penguatan Gerakan                Team (TPIP and TPID) through strengthening the
    Nasional Pengendalian Inflasi Pangan (GNPIP) di                 National Movement for Food Inflation Control (GNPIP)
    berbagai daerah. Ke depan, Bank Indonesia meyakini              in various regions. Going forward, Bank Indonesia
    inflasi tet​ap terkendali dalam kisaran sasaran 1,5%-           believes inflation will remain under control within the
    3,5% pada tahun 2024.                                           target range of 1.5%-3.5% by 2024.




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    Kinerja Tahun 2023 - Perbandingan Antara Target                Performance in 2023 - a Comparison Between Targets
    dengan Hasil yang Dicapai                                      and Achievements
    Perseroan berhasil mempertahankan kinerja yang                 The    Company      successfully           maintained              good
    baik sepanjang tahun 2023 dengan mencapai target               performance throughout 2023 by achieving the set
    kinerja keuangan yang telah ditetapkan.                        financial performance targets that had been set.


    Dari segi profitabilitas, margin laba bersih yang              In terms of profitability, the net profit margin recorded
    dicatatkan pada tahun 2023 sebesar 10% terhadap                in 2023 is 10% of net sales. This percentage is still in
    penjualan bersih. Persentase tersebut masih sejalan            line with the target set by the Company.
    dengan target yang telah ditetapkan oleh Perseroan.


    Meskipun situasi perekonomian masih menantang,                 Despite the challenging economic situation, the
    Perseroan tetap mencatatkan kinerja keuangan                   Company continued to record positive financial
    positif. Pada tahun 2023, Perseroan mencatatkan                performance. In 2023, the Company recorded sales
    volume penjualan sebanyak 227.008 m , meningkat
                                              3
                                                                   volume of 227,008 m3, an increase of 93,917 m3 or
    sebanyak 93.917 m3 atau 70,57% dibandingkan                    70.57% compared to the achievement in 2022 of
    dengan pencapaian di tahun 2022 sebanyak 133.091               133,091 m3. The increase in sales volume occurred
    m3. Peningkatan pada volume penjualan terjadi                  due to the production of MDF second line so that the
    sehubungan dengan sudah berproduksinya MDF line                Company could meet the volume of demand that
    kedua sehingga Perseroan dapat memenuhi volume                 previously could not be met due to limited production
    permintaan yang sebelumnya tidak dapat terpenuhi               capacity, especially demand from countries in the
    karena keterbatasan kapasitas produksi, terutama               Middle East Region which continues to increase every
    permintaan dari negara-negara di Kawasan Timur                 year. In terms of net sales, the Company was able to
    Tengah yang terus meningkat setiap tahunnya. Dari              record net sales that grew positively in line with the
    sisi penjualan bersih, Perseroan mampu mencatatkan             target set by the Company at the beginning of the
    penjualan bersih yang tumbuh positif sejalan dengan            year with an increase of Rp119,844 million or 13.82%.
    target yang ditetapkan Perseroan pada awal tahun
    dengan peningkatan sebesar Rp119.844 juta atau
    13,82%.


    Sepanjang tahun 2023, salah satu kendala yang                  Throughout 2023, one of the obstacles faced by the
    dihadapi oleh Perseroan dalam menjalankan kegiatan             Company in carrying out its operational activities
    operasionalnya   adalah     perubahan     cuaca.   Saat        was the weather changes. During the rainy season,
    musim hujan kendala yang dihadapi yaitu kesulitan              the Company faces infrastructure difficulties due
    infrastruktur dikarenakan kondisi jalan yang rusak             to damaged roads that hamper the transportation
    mengakibatkan angkutan truk yang memasok bahan                 of trucks supplying wood raw materials. As an
    baku kayu jadi terhambat. Sebagai upaya merespons              effort to respond to this challenge, the Company
    tantangan ini, Perseroan membuat infrastruktur jalan           is building new road infrastructure from the main
    baru dari jalan raya utama menuju area pabrik pada             highway to the factory area in 2023 to help smooth
    tahun 2023 untuk membantu kelancaran transportasi              land transportation, in addition the Company also
    angkutan darat, selain itu Perseroan juga bekerja              cooperates with suppliers who use river transportation
    sama dengan pemasok yang menggunakan jalur                     routes in transporting raw materials. The Company
    transportasi sungai dalam pengangkutan bahan baku.             also regularly repairs the main road which is the
    Perseroan juga rutin melakukan perbaikan jalan utama           distribution route for raw material supply.
    yang merupakan jalur distribusi pasokan bahan baku.




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    Perseroan        juga      menghadapi           permasalahan             The Company also faces the problem of the existence
    yaitu keberadaan kebun sawit di sekitar pabrik.                          of oil palm plantations around the factory. Initially,
    Keberadaan       pabrik     awalnya       dapat    membantu              the presence of the factory helped in purchasing
    dalam membeli dan mengelola kayu khususnya                               and processing woods, especially rubber from the
    karet dari masyarakat. Namun demikian saat ini                           community. However, currently the community
    masyarakat lebih memilih menanam kelapa sawit                            prefers to plant oil palm rather than rubber due to the
    dibandingkan karet dikarenakan keuntungan yang                           bigger benefits offered by planting oil palm. Therefore,
    didapat menanam kelapa sawit lebih banyak. Maka                          the Company strives to implement various strategies
    dari itu, Perseroan terus berupaya untuk melakukan                       and more intensive approach to the surrounding
    berbagai strategi dan pendekatan yang lebih intensif                     community to switch back to planting rubber trees.
    kepada masyarakat sekitar agar kembali beralih untuk
    menanam pohon karet.


    Prospek Usaha Tahun 2024                                                 Business Prospects for 2024
    Perekonomian        dunia      diperkirakan     masih       terus        The world economy is predicted to continue to
    dibayangi berbagai kondisi ketidakpastian global                         be overshadowed by various conditions of global
    mulai dari risiko pertumbuhan ekonomi China dan                          uncertainty, starting from the risk of weakening
    Amerika yang melemah, geopolitik perang Ukraina-                         Chinese    and    American       economic             growth,          the
    Rusia   dan      konflik    Palestina-Israel,     fragmentasi            geopolitics of the Ukrainian-Russian war and the
    ekonomi (antitesis dari integrasi ekonomi), volatilitas                  Palestinian-Israeli conflict, economic fragmentation
    harga komoditas, ancaman perubahan iklim, kontraksi                      (the antithesis of economic integration), commodity
    PMI Manufaktur global, serta meningkatnya harga                          price volatility, the threat of climate change,
    minyak dunia. Konflik Geopolitik Iran dan Israel yang                    contraction Global Manufacturing PMI, as well as
    baru dimulai awal tahun 2024 diperkirakan masih                          increasing world oil prices. The Geopolitical Conflict
    berlanjut dan turut mempengaruhi ketidakpastian                          between Iran and Israel, which just started in early
    pertumbuhan        ekonomi      global.    Konflik       tersebut        2024, is expected to continue and also influence the
    menyebabkan harga minyak mentah global masih                             uncertainty in global economic growth. This conflict
    berfluktuasi.                                                            has caused global crude oil prices to still fluctuate.


    Bank Indonesia (BI) memperkirakan pertumbuhan                            Bank Indonesia (BI) estimates that global economic
    ekonomi global pada 2024 hanya akan mencapai                             growth in 2024 will only reach 3%, while in 2023 it will
    3%, sedangkan 2023 masih di level 3,1%. Meski lebih                      still be at 3.1%. Even though it is weaker, BI estimates
    lemah, BI memperkirakan, laju pertumbuhan ekonomi                        that the global economic growth rate in 2024 will be
    global 2024 lebih kuat dibandingkan perkiraan                            stronger than the previous estimate, namely only 2.8%.
    sebelumnya, yakni hanya 2,8%. Ini yang menyebabkan                       This is what causes BI's perspective on current global
    cara pandang BI terhadap kondisi ekonomi global saat                     economic conditions to be cautiously optimistic, or
    ini ialah cautiously optimistic, atau waspada tapi tetap                 cautious but still optimistic about the recovery. The
    optimistis terhadap pemulihan. Eskalasi ketegangan                       ongoing escalation of geopolitical tensions could also
    geopolitik      yang    masih     berlanjut       juga     dapat         disrupt supply chains. This condition has the potential
    mengganggu rantai pasokan. Kondisi itu berpotensi                        to increase food and energy commodity prices, as
    meningkatkan harga komoditas pangan dan energi,                          well as restrain the decline in global inflation.
    serta menahan laju penurunan inflasi global.


    Ditengah perlambatan ekonomi global, Indonesia                           In the midst of the global economic slowdown,
    diproyeksikan          masih      mampu           mencatatkan            Indonesia is projected to still be able to record positive,




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    pertumbuhan      ekonomi          yang   positif,   meskipun         albeit moderate, economic growth. The slowdown in
    moderat. Perlambatan pertumbuhan negara-negara                       growth of the world's largest economic countries in
    ekonomi terbesar di dunia dalam beberapa waktu                       recent times, which could have an impact on global
    terakhir, yang dapat berdampak pada perdagangan                      trade, including Indonesia. Demand from Japan still
    global, termasuk Indonesia. Permintaan dari Jepang                   shows sluggish market conditions where demand
    masih memperlihatkan kondisi pasar yang lesu                         growth is slowing due to economic conditions in
    dimana terjadi perlambatan pertumbuhan permintaan                    the country. However, demand for MDF products to
    yang dikarenakan kondisi perekonomian di negaranya.                  countries in the Middle East remains stable and tends
    Namun permintaan produk MDF ke negara di Kawasan                     to continue to increase even in the current global
    Timur Tengah masih tetap stabil dan cenderung terus                  crisis situation such as the conflict in the Red Sea and
    meningkat walaupun dalam situasi krisis global yang                  the geopolitical conflict between Iran and Israel. The
    saat ini sedang terjadi seperti konflik di Laut Merah                company projects a moderate growth target in line
    serta konflik Geopolitik iran dan Israel. Perseroan                  with economic growth estimates and current global
    memproyeksikan          target     pertumbuhan       moderat         conditions. The company is trying to ensure that sales
    sejalan dengan perkiraan pertumbuhan ekonomi                         and net profit in 2024 can continue to experience
    dan pertimbangan keadaan global saat ini. Perseroan                  positive growth compared to the previous year. One
    berusaha agar penjualan dan laba bersih di tahun                     of the main driving factors is that along with the
    2024 bisa tetap mengalami pertumbuhan yang positif                   increase in production capacity in connection with the
    dibandingkan dengan tahun sebelumnya. Salah                          second additional MDF Line production facility which
    satu faktor pendorong utama adalah seiring dengan                    has started commercial production since April 2023.
    bertambahnya      kapasitas        produksi     sehubungan           The increase in production capacity is expected to be
    dengan fasilitas produksi tambahan MDF Line kedua                    able to meet the volume of demand that previously
    yang sudah mulai berproduksi secara komersial                        could not be met due to limited production capacity,
    sejak   bulan   April     2023.    Peningkatan      kapasitas        especially demand from countries in the Middle East
    produksi ini diharapkan dapat memenuhi volume                        Region which continues to increase every year.
    permintaan yang sebelumnya tidak dapat terpenuhi
    karena keterbatasan kapasitas produksi, terutama
    permintaan dari negara-negara di Kawasan Timur
    Tengah yang terus meningkat setiap tahunnya.


    Secara jangka panjang, prospek bisnis MDF diyakini                   On a long terms basis, we believed the MDF’s business
    masih akan terus berkembang seiring dengan                           prospects will continue to grow in line with the
    terus meningkatnya proyek gedung dan hunian                          increase of building and residential property projects
    properti serta meningkatnya urbanisasi dan rumah                     as well as increasing urbanization and nuclear family
    tangga keluarga inti yang diharapkan akan semakin                    households which are expected to further encourage
    mendorong industri MDF di masa mendatang.                            the MDF industry in the future.


    Tata Kelola Perusahaan                                               Good Corporate Governance
    Sebagai komitmen untuk menerapkan pengelolaan                        As   a   commitment         to      implementing                 sound
    Perusahaan yang baik, Perseroan berupaya untuk                       corporate management, the Company endeavors
    terus konsisten dan berkelanjutan dalam menerapkan                   to consistently and sustainably apply the principles
    prinsip-prinsip Tata Kelola Perusahaan yang Baik atau                of Good Corporate Governance (GCG) in its daily
    Good Corporate Governance (GCG) dalam kegiatan                       business activities. The Company believes that
    usaha sehari-harinya. Perseroan meyakini bahwa                       the adoption of GCG is foundational to creating a




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    penerapan GCG merupakan dasar bagi terciptanya                        corporate governance culture system. This system
    sistem budaya tata kelola Perusahaan yang akan                        is the Company's strength in conducting sustainable
    menjadi kekuatan Perseroan dalam menjalankan                          business, maintaining superior competitiveness, and
    bisnis yang berkelanjutan, memiliki daya saing unggul,                providing value added to the Company.
    dan dapat memberikan nilai tambah bagi Perseroan.


    Selama menjalani tahun 2023, Perseroan senantiasa                     During the year 2023, the Company always strives
    berupaya         untuk      menerapkan         prinsip-prinsip        to implement the principles of Good Corporate
    Good Corporate Governance, yakni transparansi,                        Governance, namely transparency, accountability,
    akuntabilitas,     responsibilitas,    independensi       dan         responsibility, independence and fairness, at all levels
    kewajaran, pada semua level organisasi Perseroan.                     of the Company's organization. Thus, the Company
    Dengan demikian, Perseroan dapat menilai dan                          can assess and monitor the performance of all
    memantau kinerja semua level organisasi guna                          levels of the organization to ensure compliance with
    memastikan kepatuhan terhadap peraturan yang                          applicable regulations and encourage continuous
    berlaku dan mendorong perbaikan di setiap aktivitas                   improvement in each of the Company's business
    usaha Perseroan secara terus-menerus. Perseroan                       activities. The Company also ensures that all elements
    juga   memastikan        semua        elemen     tata   kelola        of corporate governance work in accordance with
    perusahaan bekerja sesuai dengan panduan kerja                        applicable work guidelines and code of ethics.
    dan kode etik yang berlaku.


    Bentuk penerapan prinsip Tata Kelola Perusahaan                       The form of application of the principles of Good
    yang Baik dilaksanakan melalui kegiatan penyampaian                   Corporate Governance is carried out through the
    keterbukaan informasi di website Perseroan maupun                     delivery of information disclosure on the Company's
    di Website pihak regulator        (Bursa Efek Indonesia               website and on the website of the regulator (Indonesia
    – Otoritas Jasa keuangan dan Kustodian Sentral                        Stock Exchange - Financial Services Authority
    Efek Indonesia), pembagian tugas organ Perseroan                      and Indonesian Central Securities Depository), the
    yang diperjelas dengan piagam pedoman kerja,                          distribution of duties of the Company bodies which are
    mematuhi peraturan dan perundangan yang berlaku,                      clarified by the charter of work guidelines, complying
    pengelolaan Perseroan secara independen, dan                          with regulations and applicable laws, independent
    kesetaraan dalam pemenuhan hak dan kepentingan                        management of the Company, and equality in fulfilling
    pemangku kepentingan. Perseroan juga membentuk                        the rights and interests of stakeholders. The Company
    komite pendukung yang dipersyaratkan peraturan                        also forms a supporting committee that is required
    yang   berlaku      serta    melakukan     penilaian     atas         by the applicable regulations and evaluates the
    pelaporan dari masing-masing komite. Komitmen                         reporting of each committee. The GCG commitment
    GCG juga meliputi pentingnya aspek sumber daya                        also includes the importance of aspects of human
    manusia dan teknologi informasi. Oleh karenanya                       resources and information technology. Therefore, we
    kami terus meningkatkan kompetensi sumber daya                        continue to improve the competence of our human
    manusia kami melalui pengembangan kemampuan                           resources through the development of the technical
    teknis dan soft skill sumber daya manusia Perseroan.                  capabilities and soft skills of the Company's human
                                                                          resources.


    Perseroan secara konsisten mengimplementasi Tata                      The   Company      consistently          implements               Good
    Kelola Perusahaan yang Baik sebagai salah satu                        Corporate Governance as a form of effort in creating
    bentuk upaya dalam menciptakan sistem kerja yang                      an effective and efficient work system, and in order




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    efektif dan efisien, serta agar dapat menghasilkan               to produce optimal performance. By adhering to
    kinerja yang optimal. Dengan tetap mengacu pada                  the prevailing regulations and laws in Indonesia, the
    regulasi dan perundang-undangan yang berlaku                     Company is committed to continuously improving
    di Indonesia, Perseroan berkomitmen untuk terus                  the quality of the implementation of corporate
    meningkatkan kualitas implementasi tata kelola                   governance that has been carried out so that the
    perusahaan yang sudah dijalankan agar kepentingan                interests of shareholders and other stakeholders are
    para pemegang saham serta pemangku kepentingan                   always maintained.
    lainnya senantiasa terjaga.


    Laporan Keberlanjutan                                            Sustainability Report
    Sebagai     perusahaan      yang    berorientasi   pada          As a company that is oriented towards sustainable
    pertumbuhan berkelanjutan, Perseroan berkomitmen                 growth, the Company is committed to implementing
    menerapkan      aspek     keberlanjutan    dalam   setiap        sustainability aspects in every activity of the Company
    aktivitas     Perseroan     serta   secara     konsisten         and consistently carrying out efforts that support
    menjalankan upaya-upaya yang mendukung tujuan                    this goal. Sustainability is a paradigm of achieving
    tersebut.   Keberlanjutan      merupakan      paradigma          financial performance while balancing the interests
    tercapainya     kinerja    keuangan       dengan   tetap         of good ESG (Environmental, Social, Governance) to
    menyeimbangkan kepentingan ESG (Lingkungan,                      generate added value, increase competitiveness, and
    Sosial, Tata Kelola) yang baik untuk menghasilkan                resilience of the Company as well as contribute to the
    nilai tambah, peningkatan daya saing, dan daya                   progress of the nation and long-term environmental
    tahan Perseroan serta berkontribusi pada kemajuan                sustainability. This year, the Company for the third
    bangsa dan kelestarian lingkungan jangka panjang.                time submitted a Sustainability Report for the
    Pada tahun ini, Perseroan untuk ketiga kalinya                   2023 financial year. This Sustainability Report is a
    menyampaikan Laporan Keberlanjutan untuk tahun                   report to all stakeholders regarding the Company's
    buku 2023. Laporan Keberlanjutan ini merupakan                   sustainability performance until the end of 2023 which
    laporan kepada seluruh pemangku kepentingan                      consists of three aspects, namely the economy,
    tentang kinerja keberlanjutan Perseroan sampai                   environmental, and social. The Sustainability Report
    dengan akhir tahun 2023 yang terdiri dari tiga                   is also considered as the Company's accountability
    aspek yaitu ekonomi, lingkungan hidup, dan sosial.               and transparency for the impact of its operations on
    Laporan Keberlanjutan dianggap juga sebagai wujud                the economy, environment, and society.
    akuntabilitas dan transparansi Perseroan atas dampak
    operasinya terhadap ekonomi, lingkungan hidup, dan
    sosial.


    Strategi dan Kebijakan Strategis Perseroan                       Company Strategy and Strategic Policy
    Strategi dan kebijakan strategis Perseroan tahun 2023            The Company’s strategies and strategic policies were
    sangat dipengaruhi oleh dinamika perekonomian yang               heavily influenced by the dynamics of the economy
    berkembang sepanjang tahun 2023. Kami menyadari                  in 2023. We realize that both strategy and strategic
    bahwa strategi dan kebijakan strategis memiliki                  policy have significant importance in the decision to
    peran penting dalam pelaksanaan keputusan untuk                  determine the best course to achieve the Company’s
    menentukan cara terbaik dalam rangka mencapai                    objective. As an organ of Corporate Governance with
    tujuan Perseroan. Sebagai organ Tata Kelola yang                 strategic implication in the direction and leadership of
    berperan strategis dalam mengarahkan dan memimpin                the Company, the Board of Directors has a key role in
    untuk mencapai tujuan Perseroan, Direksi memegang                the formulation of strategy and strategic policy of the




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    peranan penting dalam perumusan strategi dan                    Company. Business strategy and policy are derived
    kebijakan strategis tersebut. Strategi dan kebijakan            from the decision and formulation of the Board of
    strategis merupakan keputusan yang disusun dan                  Directors. All members of the Board of Directors play
    diformulasikan oleh Direksi. Seluruh anggota Direksi            an important role in the process of formulating the
    berperan penting dalam proses perumusan strategi                Company's strategy and strategic policy. This is also a
    dan kebijakan strategis Perseroan. Hal ini sekaligus            manifestation of the collegiate implementation of the
    menjadi perwujudan atas pelaksanaan tugas dan                   duties and responsibilities of the Board of Directors as
    tanggung jawab Direksi secara kolegial sebagaimana              stated in the Board of Directors Charter.
    tercantum dalam Piagam Direksi.


    Strategi dan kebijakan strategis Perseroan di tahun             The Company's strategies and strategic policies
    2023 difokuskan kepada upaya Perseroan dalam                    in 2023 are focused on the Company's efforts
    mengantisipasi setiap tantangan yang ada agar                   to anticipate every existing challenge so that it
    kemudian menjadi peluang pertumbuhan. Strategi-                 becomes a growth opportunity. These strategies
    strategi tersebut telah diimplementasikan secara                have been implemented effectively supported by
    efektif yang didukung oleh komitmen Direksi dan                 the commitment of the Board of Directors and all
    seluruh karyawan Perseroan. Ke depannya, Perseroan              employees of the Company. Moving forward, the
    akan terus melakukan perbaikan-perbaikan agar                   Company will continue to make improvements so
    kinerja Perseroan bisa tetap terjaga dan mendorong              that the Company's performance can be maintained
    pengembangan usaha ke depannya.                                 and encourage future business development.


    Dalam menghadapi kondisi ekonomi yang penuh                     In facing uncertain economic conditions, the Company
    ketidakpastian,   Perusahaan       selalu      berusaha         always tries to take steps to anticipate global
    mengambil    langkah-langkah      antisipasi   terhadap         economic conditions every year, one of which is by
    kondisi perekonomian global setiap tahun salah                  continuously analyzing the impact on the Company's
    satunya dengan terus menganalisa dampaknya                      margins as a whole, seeking other alternative markets,
    terhadap margin Perusahaan secara keseluruhan,                  using raw materials and increasing the selling price of
    mencari alternatif pasar lainnya, penggunaan bahan              the Company's products so that the composition of
    baku serta menaikan harga jual produk Perseroan                 the Company's margin can still be maintained.
    supaya komposisi margin Perseroan tetap bisa terjaga.


    Peranan Direksi dalam Perumusan Strategi dan                    Board of Directors Role in Formulating Corporate
    Kebijakan Strategis Perseroan                                   Strategies and Strategic Policies
    Setiap tahun, Direksi menetapkan target usaha,                  Annually, the Board of Directors formulates business
    anggaran, strategi dan kebijakan strategis dalam                objectives, allocates financial resources, devises
    bentuk Rencana Kerja dan Anggaran Perusahaan                    strategies,   and   establishes         strategic          directives
    (RKAP)   berdasarkan    gambaran      umum       kondisi        through the development of the Company Work
    eksternal dan internal. RKAP disusun secara detil               Plan and Budget (RKAP). This process is meticulously
    mempertimbangkan        analisa     faktor     eksternal        carried out with a thorough analysis of both external
    dan internal. Kondisi eksternal meliputi proyeksi               and internal factors. External conditions include
    pertumbuhan ekonomi, indikator makroekonomi,                    projections of economic growth, macroeconomic
    kondisi pasar, proyeksi harga bahan baku utama dan              indicators, market conditions, projected prices of main
    persaingan usaha. Sedangkan kondisi internal antara             raw materials and business competition. Meanwhile,
    lain mencakup kesiapan Sumber Daya Manusia,                     internal conditions include the readiness of Human




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    kapasitas produksi, dan data historis kinerja penjualan.        Resources,     production     capacity,           and       historical
    Direksi akan melakukan pemaparan RKAP kepada                    sales performance data. The Board of Directors
    Dewan Komisaris di dalam rapat bersama Direksi dan              presents the RKAP to the Board of Commissioners
    Dewan Komisaris untuk mendapatkan pandangan,                    in a joint meeting with the Board of Directors and
    rekomendasi serta persetujuan Dewan Komisaris.                  the Board of Commissioners. Furthermore, the
    Direksi memaparkan RKAP tersebut kepada Dewan                   Board of Commissioners provides its views and
    Komisaris di dalam rapat bersama Direksi dan Dewan              recommendations as well as its approval.
    Komisaris. Selanjutnya, Dewan Komisaris memberikan
    pandangan dan rekomendasi serta persetujuannya.


    Proses yang dilakukan Direksi untuk Memastikan                  The Process Carried Out by the Board of Directors to
    Implementasi Strategi                                           Ensure Strategy Implementation.
    Direksi terlibat aktif dalam perumusan strategi dan             The Board of Directors is actively involved in the
    kebijakan strategis serta konsisten memberikan                  formulation of strategies and strategic policies and
    arahan sepanjang proses implementasi agar selaras               consistently   provides     guidance           throughout             the
    dengan visi dan misi Perusahaan. Selain itu, Direksi            implementation process to align with the Company's
    memantau dan memastikan penerapan strategi                      vision and mission. Additionally, the Board of Directors
    secara tepat dan mengevaluasi hasil dari strategi dan           monitors and ensures the precise implementation
    kebijakan yang diterapkan.                                      of strategies and evaluates the outcomes of these
                                                                    implemented strategies and policies.


    Dalam rangka memastikan implementasi strategi                   In order to ensure that the implementation of the
    Perseroan berjalan sesuai dengan rencana strategi,              Company's strategy goes according to the strategic
    Perseroan melakukan evaluasi hasil usaha Perseroan              plan, the Company evaluates the results of the
    dan laporan progress Kinerja per Divisi secara berkala          Company's operations and reports on the progress
    yaitu setiap 1 (bulan) sekali. Hal ini dilakukan agar           of Performance per Division on a regular basis, i.e.
    dapat mengawasi dan mengetahui perkembangan                     once every 1 (month) period. This is done in order to
    pengelolaan Perseroan dari sisi pemasaran, produksi,            monitor and know the development of the Company's
    keuangan, perpajakan, sumber daya manusia bahkan                management in terms of marketing, production,
    proyek operasional. Kegiatan pengawasan ini juga                finance,   taxation,   human        resources            and       even
    memudahkan mengetahui sejak dini jika terindikasi               operational projects. This monitoring activity also
    adanya penyimpangan masing-masing divisi sampai                 makes it easier to know early on if there are indications
    proyek yang sedang berjalan.                                    of deviations from each division to ongoing projects.


    Perubahan Komposisi Direksi                                     Changes in The Board of Directors’s Composition
    Tidak ada perubahan dalam komposisi Direksi pada                There were no changes in the composition of the
    tahun 2023.                                                     Board of Directors in 2023.


    Penutup                                                         Closing Remark
    Sebagai penutup, kami atas nama Direksi Perseroan               As a final point, we on behalf of the Company’s Board of
    mengucapkan terima kasih yang sebesar-besarnya                  Directors would like to express our deepest gratitude
    kepada seluruh Pemegang Saham, Dewan Komisaris,                 to all Shareholders, the Board of Commissioners,
    Komite Audit serta seluruh karyawan, mitra bisnis,              Audit Committee and all employees, business
    pelanggan dan pemangku kepentingan lainnya atas                 partners, customers and other stakeholders for the




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    dukungan yang diberikan sehingga Perseroan dapat             support provided so that the Company can achieve
    mencapai kinerja positif di tahun 2023. Semoga Tuhan         positive performance in 2023. May the Almighty God
    Yang Maha Esa selalu melimpahkan rahmat dan                  always bestow His blessings and kindness on us
    berkat-Nya kepada kita semua dan menjadi semangat            all and be a spirit for all peoples in the Company to
    bagi seluruh insan Perseroan untuk menciptakan               create sustainable growth for many years to come.
    pertumbuhan yang berkelanjutan di tahun-tahun
    mendatang.




                                                  Jakarta, 26 April 2024


                                                    Atas nama Direksi
                                           On Behalf of the Board of Directors




                                                      Heffy Hartono
                                                     Direktur Utama
                                                   President Director




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    Profil Perseroan
    Company Profile


    Identitas Perusahaan
    Company Identity




    Nama Perseroan                                      Company Name
    PT Indonesia Fibreboard Industry Tbk                PT Indonesia Fibreboard Industry Tbk




    Tanggal Pendirian                                   Date of Establishment
    24 September 2007                                   September 24, 2007




    Dasar Hukum Pendirian                               Legal Basis of Establishment
    Akta Notaris No. 94 oleh                            Deed No.94 by
    Notaris Johny Dwikora Aron, S.H                     Notary Johny Dwikora Aron, S.H




    Bidang Usaha                                        Line of Business
    Industri Medium Density Fibreboard (MDF) dan        Medium Density Fibreboard industry
    produk kayu olahan lainnya                          and other wood processed products




    Kepemilikan pada 31 Desember 2023                   Ownership as of December 31, 2023
    PT Adrindo Intiperkasa 51%                          PT Adrindo Intiperkasa 51%
    SMB Kenzai Co., Ltd 25%                             SMB Kenzai Co., Ltd 25%
    Heffy Hartono 5,98%                                 Heffy Hartono 5.98%
    Masyarakat 18,02%                                   Public 18.02%




    Modal Dasar                                         Authorized Capital
    Rp2.000.000.000.000                                 Rp2,000,000,000,000




    Modal Ditempatkan dan Disetor Penuh                 Issued and Fully Paid Up Capital
    Rp941.200.000.000                                   Rp941,200,000,000




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    Pencatatan Saham                                                Listing
    Bursa Efek Indonesia                                            Indonesia Stock Exchange
    pada tanggal 10 Desember 2019                                   on December 10, 2019




    Kode Saham                                                      Ticker Code
    IFII                                                            IFII


    Kantor Pusat                                                    Head Office
    Wisma ADR Lantai 3                                              Wisma ADR 3rd Floor
    Jl. Pluit Raya I No.1, Penjaringan                              Jl. Pluit Raya I No.1, Penjaringan
    Jakarta Utara 14440, Indonesia                                  Jakarta Utara 14440, Indonesia
    Tel. +6221 661 5555                                             Tel. +6221 661 5555
    Fax. +6221 661 9301                                             Fax. +6221 661 9301
    Website www.pt-ifi.com                                          Website www.pt-ifi.com
    Email corporate.secretary@pt-ifi.com                            Email corporate.secretary@pt-ifi.com




    Pabrik                                                          Plant
    Desa Mendis Jaya KM. 121                                        Desa Mendis Jaya KM. 121
    Bayung Lencir, Musi Banyuasin                                   Bayung Lencir, Musi Banyuasin
    Sumatra Selatan 30756, Indonesia                                Sumatra Selatan 30756, Indonesia
    Tel. +6221 661 5555 ext: 9                                      Tel. +6221 661 5555 ext: 9




    Pasar yang Dilayani di Tahun 2023                               Served Market in 2023
    Indonesia, Malaysia, Amerika Serikat, Taiwan, Afrika            Indonesia, Malaysia, United States of America, Taiwan,
    Selatan, China, Korea, Jepang, Vietnam, Arab Saudi,             South Africa, China, Korea, Japan, Vietnam, Saudi
    Lebanon, Irak, Yordania, Pantai Gading, Guinea                  Arabia, Lebanon, Iraq, Jordan, Ivory Coast, Equatorial
    Khatulistiwa, Uni Emirat Arab, dan Mesir.                       Guinea, United Arab Emirates, and Egypt.




    Keanggotaan pada Asosiasi                                       Member of Association
    yy Perseroan menjadi anggota Asosiasi Panel Kayu                yy The Company has been a member of the
       Indonesia (APKINDO) sejak tanggal 30 September                  Indonesian Wood Panel Association (APKINDO)
       2019.                                                           since September 30, 2019.
    yy Perseroan    menjadi      anggota   Asosiasi   Emiten        yy The Company has been a member of Indonesian
       Indonesia (AEI) sejak tahun 2019.                               Public Listed Company Association (AEI) since
                                                                       2019.
    yy Perseroan menjadi anggota Indonesia Corporate                yy The Company has been a member of Indonesian
       Secretary Association (ICSA) sejak tahun 2020.                  Corporate Secretary Association (ICSA) since 2020.




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         Visi, Misi, dan Nilai Inti Perseroan
         Vision, Mission, and Core Value of the Company




                Visi
                Menjadi Perusahaan kelas dunia dalam bidang
                industri panel kayu.


                Vision
                To become a world class Company in the wood panel
                industry.




                                              Misi
                                              Selalu   berkembang      untuk       menciptakan       panel
                                              kayu berkualitas tinggi yang akan bermanfaat bagi
                                              masyarakat, kemitraan dan bumi untuk masa depan
                                              yang lebih baik.


                                              Mission
                                              Continuous improvement to produce best quality
                                              wood panel which will benefit the society, partnership,
                                              and the Earth for a better future.




                       Nilai Inti
                       1. Berkembang bersama pemangku kepentingan
                       2. Berjuang menjadi yang terbaik
                       3. Saling menghargai sesama tim
                       4. Tanggap terhadap perubahan


                       Core Value
                       1. Growing together with Stakeholders
                       2. Striving for the best
                       3. Respecting each other as team members
                       4. Responsive to changes




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    Profil Singkat
    Brief Profile




    PT Indonesia Fibreboard Industry Tbk (“Perseroan”)           PT Indonesia Fibreboard Industry Tbk (the “Company”)
    didirikan di Indonesia pada tanggal 24 September 2007        was established in Indonesia on September 24, 2007
    berdasarkan Akta Pendirian No. 94 yang dibuat oleh           based on the Notarial Deed No. 94 made by Johny
    Johny Dwikora Aron, S.H. Akta pendirian Perseroan            Dwikora Aron, S.H. The deed of establishment was
    telah disahkan oleh Menteri Kehakiman dan Hak Asasi          approved by the Ministry of Justice and Human Rights
    Manusia Republik Indonesia dalam Surat Keputusan             of the Republic of Indonesia through its decision
    No. C-05183 HT.01.01.TH.2007 tanggal 3 Desember              letter No. C-05183 HT.01.01.TH.2007 dated December
    2007.                                                        3, 2007.


    Perseroan bergerak dalam bidang industri Medium              The Company engage in the industry of Medium
    Density Fibreboard (papan serat berkerapatan sedang          Density Fibreboard (MDF) and other processed wood
    - MDF) dan produk kayu olahan lainnya. Perseroan             products. The Company started its commercial
    memulai    kegiatan   operasi   komersialnya   sejak         operations in middle of 2012. Initially, the Company
    pertengahan tahun 2012. Pada awalnya, Perseroan              only produced Medium Density Fibreboard (MDF)
    hanya memproduksi Medium Density Fibreboard (MDF)            with an installed machine capacity of 250,000 m3
    dengan kapasitas mesin terpasang sebesar 250.000             per year. Furthermore, the Company developed
    m3 per tahun. Selanjutnya Perseroan berkembang               and expanded the variety of other processed wood
    dan memperluas variasi produk kayu olahan lainnya            products such as Plywood, High Moisture Resistant
    seperti Plywood, High Moisture Resistant (HMR), dan          (HMR), and Veneer. The Company's products are
    Veneer. Produk Perseroan dipasarkan baik di dalam            marketed either domestically or exported abroad.
    ataupun diekspor ke luar negeri. Negara tujuan ekspor        The export destinations for the Company's products
    produk Perseroan di tahun 2023 meliputi Indonesia,           in 2023 include Indonesia, Malaysia, United States of




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    Malaysia, Amerika Serikat, Taiwan, Afrika Selatan,                   America, Taiwan, South Africa, China, Korea, Japan,
    China, Korea, Jepang, Vietnam, Arab Saudi, Lebanon,                  Vietnam, Saudi Arabia, Lebanon, Iraq, Jordan, Ivory
    Irak, Yordania, Pantai Gading, Guinea Khatulistiwa,                  Coast, Equatorial Guinea, United Arab Emirates, and
    Uni Emirat Arab, dan Mesir. Pabrik pengolahan kayu                   Egypt. The Company's integrated wood processing
    terpadu Perseroan berlokasi di Desa Mendis Jaya,                     factory is located in Mendis Jaya Village, Bayung
    Kecamatan Bayung Lencir, Musi Banyuasin, Sumatra                     Lencir District, Musi Banyuasin, South Sumatra with a
    Selatan dengan tanah seluas 496.676 m .      2
                                                                         land area of 496,676 m2.


    Pada   tanggal    02     Desember     2019,        Perseroan         On December 02, 2019, the Company obtained
    memperoleh       pernyataan     efektif     dari     Otoritas        the effective statement from the Financial Service
    Jasa   Keuangan     (”OJK”)    dengan       suratnya     No.         Authority (”FSA”) in its letter No. S-186/D.04/2019 to
    S-186/D.04/2019        untuk   melakukan         penawaran           conduct Initial Public Offering (”IPO”) of 1,412,000,000
    umum perdana (”IPO”) sebanyak 1.412.000.000 saham                    common shares with a par value Rp100 per share,
    biasa dengan nilai nominal Rp100 per saham dengan                    while the offering price of Rp105 per share.
    harga penawaran Rp105 per saham.


    Pada tanggal 10 Desember 2019, saham Perseroan                       On December 10, 2019, all of the Company’s shares
    telah tercatat pada Bursa Efek            Indonesia (“BEI”)          were listed on the Indonesia Stock Exchange
    berdasarkan Surat No. S-07900/BEI.PP1/12-2019                        (“IDX”) pursuant to Letter No. S-07900/BEI.PP1/12-
    perihal Persetujuan Pencatatan Efek tertanggal 5                     2019 regarding Approval of Shares Listing dated
    Desember 2019 dengan kode saham IFII. Pada aksi                      on December 5, 2019 with share code of IFII. In
    korporasi ini, Perseroan menunjuk PT Investindo                      this corporate action, the Company appointed PT
    Nusantara Sekuritas sebagai penjamin pelaksana                       Investindo Nusantara Sekuritas as the lead underwriter.
    emisi efek. Sementara itu, PT Corpus Sekuritas                       Meanwhile, PT Corpus Sekuritas Indonesia and PT
    Indonesia dan PT Panin Sekuritas Tbk bertindak                       Panin Sekuritas Tbk acted as underwriter.
    sebagai penjamin emisi efek.


    Pada awal tahun 2020, tiga perusahaan asal Jepang                    In early 2020, three Japanese companies that focus
    yang berfokus pada bisnis kayu masuk sebagai                         on wood business came in as new shareholders of
    pemegang saham baru Perseroan. Ketiga perusahaan                     the Company. The three Japanese companies are
    Jepang tersebut adalah SMB Kenzai Co Ltd, Noda                       SMB Kenzai Co Ltd, Noda Corporation, and Ishinomaki
    Corporation, dan Ishinomaki Plywood Mfg Ltd. SMB                     Plywood Mfg Ltd. SMB Kenzai Co., Ltd purchased 25%
    Kenzai Co, Ltd membeli sebanyak 25% saham atau                       shares or 2,353,000,000 shares at a price of Rp185 per
    2.353.000.000 lembar dengan harga Rp185 per saham.                   share. The total fund for the purchase of shares was
    Total dana pembelian saham sebanyak Rp435.305                        Rp435,305 million. Noda Corporation purchased 3.72%
    juta. Noda Corporation membeli 3,72% atau sebanyak                   or as much as 350,000,000 shares at a price of Rp185
    350.000.000 lembar dengan harga Rp185 per saham.                     per share. The total fund for the purchase of shares
    Dana untuk pembelian saham itu sebanyak Rp64.750                     was Rp64,750 million. Meanwhile, Ishinomaki Plywood
    juta. Sedangkan Ishinomaki Plywood Mfg Ltd membeli                   Mfg Ltd purchased 3.72% or as much as 350,000,000
    sebanyak 3,72% saham atau 350.000.000 lembar                         shares at a price of Rp185 per share. The funds for the
    dengan harga Rp185 per saham. Total dana pembelian                   purchase of the shares amounted to Rp64,750 million.
    saham sebanyak Rp64.750 juta. Kehadiran para                         The presence of these new investors is expectedly
    investor baru ini tentunya diharapkan bisa menjadi                   to build a good synergy in the development of wood
    suatu sinergi yang baik dalam pengembangan produk                    products and strengthen the export market of the
    kayu dan memperkuat pasar ekspor Perseroan.                          Company.




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    Selanjutnya tanggal 29 Juli 2021, Perseroan memulai            Furthermore, on July 29, 2021, the Company started
    pembangunan fasilitas tambahan produksi MDF line               the construction of additional MDF second line
    kedua beserta prasarana pendukungnya pada lokasi               production facilities and its supporting infrastructure
    pabrik Perseroan, dibangun berdekatan dengan                   at the Company's factory site, built near to the
    fasilitas produksi MDF yang sudah ada sebelumnya.              existing MDF production facilities. The construction of
    Pembangunan fasilitas tambahan produksi MDF                    additional MDF second line production facilities and
    line kedua beserta prasarana pendukungnya telah                its supporting infrastructure has been approved by the
    mendapat persetujuan Rapat Umum Pemegang                       Company’s Annual General Meeting of Shareholders
    Saham Tahunan Perseroan pada tanggal 28 Juni                   on June 28, 2021 as stated in the Deed of Minutes
    2021 sebagaimana ternyata dalam Akta Risalah                   of the Annual General Meeting of Shareholders No.
    Rapat Umum Pemegang Saham Tahunan No. 29                       29 dated June 28, 2021. The Company has entered
    tanggal 28 Juni 2021. Perseroan sudah memasuki                 the completion stage of the construction of the
    tahap penyelesaian pembangunan pada bulan Maret                Company’s additional MDF second line production
    2023 yang akan meningkatkan kapasitas terpasang                facilities in March 2023, it will increase the installed
    produksi MDF yang sebelumnya 250.000 m /tahun 3
                                                                   capacity of MDF production from prior 250,000
    menjadi sekitar 450.000 m /tahun. Pada bulan April
                              3
                                                                   m3/year to around 450,000 m3/ year. In April 2023,
    2023, Fasilitas tambahan produksi MDF line kedua               the Company’s additional MDF 2nd line production
    Perseroan ini telah melakukan produksi secara                  facilities has started commercial production.
    komersial.


    Perubahan    Anggaran   Dasar    Terakhir   Perseroan          The latest amendment to the Company's Articles of
    berdasarkan Akta    Pernyataan    Keputusan       Rapat        Association based on the deed of Meeting Resolution
    (“PKR”) No.15 tanggal 27 Juni 2022, yang dibuat                (“PKR”) No.15 dated June 27, 2022, made by Notary
    oleh Notaris Kamelina, S.H di Jakarta. Perubahan               Kamelina, S.H in Jakarta. These changes were made
    tersebut dilakukan dalam rangka menyesuaikan                   in order to conform the Article 3 of the Company's
    Anggaran Dasar Perseroan Pasal 3 mengenai maksud               Articles of Association concerning the Company’s
    dan tujuan Perseroan untuk disesuaikan dengan                  purpose and objectives to be adjusted to the
    klasifikasi Baku Lapangan Usaha Indonesia 2020 (KBLI           Indonesian Standard Classification of Business Fields
    2020). Perubahan Anggaran Dasar tersebut telah                 2020 (KBLI 2020). The amendment to the Articles of
    memperoleh persetujuan dari Menteri Hukum dan                  Association has been approved by Ministry of Laws
    Hak Asasi Manusia Republik Indonesia sebagaimana               and Human Rights of the Republic of Indonesia
    ternyata dalam Surat Keputusan No. AHU-0045708.                as stated in its Decree Letter No.                AHU-0045708.
    AH.01.02 TAHUN 2022 tanggal 4 Juli 2022, dan telah             AH.01.02 TAHUN 2022 dated July 4, 2022, and has
    diterima dan dicatat didalam Sistem Administrasi               been acknowledged and recorded in the Legal
    Badan Hukum Kementerian Hukum dan Hak Asasi                    Administration System database of the Ministry of
    Manusia Republik Indonesia dengan Suratnya No.                 Laws and Human Rights of the Republic of Indonesia
    AHU-AH.01.09-0028943 tanggal 4 Juli 2022.                      in its Letter No. AHU-AH.01.09-0028943 dated July 4,
                                                                   2022.




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      Jejak Langkah Perseroan
      The Company Milestones




                                                                   2007
                                                2010          Perseroan didirikan
                                                              The Company was established

                           Pembangunan lokasi usaha


                                                                   2012
                     Construction of business locations




                                                              • Produksi pertama MDF


                                               2013
                                                                The first production of MDF

                                                              • Ekspor perdana dengan tujuan ke negara Malaysia
                                                                The first export to Malaysia
                              Sertifikasi SNI ISO 9001:2008
            Certification of Confirmity SNI ISO 9001:2008     • Sertifikasi California Air Resources Board (CARB)
                                                                Certification of Confirmity of California Air resources Board (CARB)

                                                              • Sertifikasi Kesesuaian Sistem Verifikasi Legalitas Kayu (SVLK)
                                                                Certification of Confirmity Timber Legality Assurance System (SULK)


                                               2014
                                                                   2015
                              Pembangunan pabrik lem
                               Glue factory construction



                                                              Sertifikasi JIS A5905 (U-Type)
                                                              Certification of Confirmity JIS (U-Type)


                                               2016
                         • Sertifikasi JIS A5905 (M-Type)
                 Certification of Confirmity JIS (M-Type)
                                                                   2017
                           • Pembangunan Veneer line          • Sertifikasi Kesesuaian SNI ISO 9001:2015
                               Veneer line construction         Certification of Confirmity SNI ISO 9001:2015

                                                              • Sertifikasi US EPA 40 CFR Part 770 TSCA Title VI
                                                                Certification of Confirmity US EPA 40 CFR Part 770 TSCA Title VI


                                               2018
                         • Sertifikasi JIS A5905 (P-Type))
                 Certification of Confirmity JIS (P-Type)

• Penghargaan PROPER Peringkat Biru Periode 2017-2018
           Blue PROPER Award for the 2017-2018 Period




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                                            2019
                          • Produksi Pertama Plywood
                        The first Production of Plywood

       • Penawaran Umum Perdana Saham Perseroan
                         Initial Public Offering (IPO)        2020
• Penghargaan PROPER Peringkat Biru Periode 2018-2019
           Blue PROPER Award for the 2018-2019 Period     • SMB Kenzai Co.,Ltd, Noda Corporation, dan Ishinomaki Plywood Mfg.Co.Ltd
                                                            menjadi Pemegang Saham Perseroan
                                                            SMB Kenzai Co., Ltd, Noda Corporation, and Ishinomaki Plywood Mfg.Co.Ltd
                                                            become the Company’s Shareholders

                                                          • Piala Penghargaan IPC Customer of the Year 2020 the Best Customer of

                                            2021            Jambi Category Containerized Cargo Owner
                                                            Award Cup for IPC Customer of the Year 2020 the Best Customer of Jambi
                                                            Category Containerized Cargo Owner

       • Mulai pembangunan Pabrik MDF Line kedua di
                                                          • Piagam Penghargaan Upaya Pencegahan dan Pengendalian COVID-19
                                      Sumatra Selatan
                                                            Award for COVID-19 Prevention and Control Efforts
       The Construction of the MDF second line Factory
                         has started in South Sumatra
                                                          • Sertifikat Penghargaan Sistem Manajemen Keselamatan dan Kesehatan
                                                            Kerja (SMK3)
       • Penghargaan Peringkat Biru Periode 2020-2021
                                                            Occupational Health and Safety (OHS) Management System Award
            Blue PROPER Award for the 2020-2021 Period
                                                            Certificate

       • Piagam Penghargaan atas Kepatuhan dalam
                                                          • Penghargaan Peringkat Biru Periode 2019-2020
              Membayar Pajak Bumi dan Bangunan di
                                                            Blue PROPER Award for the 2019-2020 Period
                            Kabupaten Musi Banyuasin
             Award for Compliance in Paying Land and
               Building Tax in Musi Banyuasin Regency


                                                                 2022
                                                          • Penghargaan Peringkat Biru Periode 2021-2022
                                                            Blue PROPER Award for the 2021-2022 Period



                                           2023
                                                          • Piagam Penghargaan dalam Bidang Keselamatan dan
                                                            Keamanan Nuklir Kegiatan Pengukuran dan Analisa
                                                            Award in the Field of Nuclear Safety and Security for
                                                            Measurement and Analysis Activities
     • MDF line kedua mulai produksi secara komersial
                                       sejak April 2023
              MDF second line has started commercial
                           production since April 2023

      • Penghargaan Peringkat Biru Periode 2022-2023
           Blue PROPER Award for the 2022-2023 Period

       • Sertifikat Perusahaan Penerima Penghargaan
        Pajak Daerah (PBB) Kabupaten Musi Banyuasin
                                     Tahun Pajak 2022
        Certificate of Company Receiving Regional Tax
           Award (Land and Building Tax / PBB) of Musi
                 Banyuasin Regency for Fiscal Year 2022




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    PT Indonesia Fibreboard Industry Tbk (Perseroan)                       PT Indonesia Fibreboard Industry Tbk (the Company)
    didirikan pada tanggal 24 September 2007. Kegiatan                     was established on September 24, 2007. The
    usaha         Perseroan    pada     saat   pendirian    sampai         Company's business activities from its establishment
    dengan tahun 2012 yaitu melakukan pekerjaan                            up to 2012 were undertaking production preparation
    persiapan produksi seperti pengurusan perizinan                        work such as managing related permits, sources
    terkait, mencari sumber pembiayaan, pengadaan                          funding, working capital provision, procurement of
    modal kerja, pengadaan sumber daya manusia dan                         human resources and other production preparations.
    persiapan produksi lainnya.


    Perseroan mulai membangun lokasi usaha yang                            The Company began building a business location
    berlokasi di Desa Mendis Jaya, Kecamatan Bayung                        located in Mendis Jaya Village, Bayung Lencir District,
    Lencir, Kabupaten Musi Banyuasin, Sumatra Selatan                      Musi Banyuasin Regency, South Sumatra in 2010.
    di tahun 2010.


    Perseroan        melakukan        uji   coba   produksi   MDF          The Company started its first trial MDF Production
    pertama pada Juni 2012 dengan kapasitas produksi                       in June 2012 with production capacity of 250,000 m3
    sebesar 250.000 m3 per tahun. Pada Agustus 2012,                       per year. In August 2012, the Company conducted
    Perseroan melakukan produksi komersial pertama                         an initial export to Malaysia of 30.3 m3. MDF (Medium
    dan melakukan ekspor Perdana ke Malaysia sebesar                       Density Fibreboard) product is a fibreboard with
    30,3 m . Produk MDF (Medium Density Fibreboard)
              3
                                                                           medium density which has the advantage of a
    merupakan papan serat berkerapatan sedang yang                         smoother surface so that when painted there are
    memiliki keunggulan permukaan yang lebih halus                         no surfaces with holes or large pores so that it can
    sehingga ketika dicat tidak ada permukaan yang                         produce better quality furniture. MDF is commonly
    berlubang atau berpori-pori besar sehingga dapat                       used as a substitute for Plywood as a raw material
    menghasilkan kualitas furnitur yang lebih baik. MDF                    for furniture.
    biasa digunakan sebagai pengganti dari Plywood
    sebagai bahan baku untuk furniture.


    Dalam meningkatkan pengelolaan mutu produksi,                          In   order       to    improve          production                quality
    Perseroan telah mendapatkan Sertifikasi Kepatuhan                      management,           the Company has obtained the
    terhadap Ketentuan California Air Resources Board                      Certification of Compliance with the Provision of
    (CARB)         No.     TPC 6/CARBATCM/M106/MDF008                      California Air Resources Board                (CARB) No. TPC6/
    tanggal 10 Oktober 2012 dan Sertifikasi Kesesuaian                     CARBATCM/M106/MDF008                    dated          October           10,
    Sistem Verifikasi dan Legalitas Kayu dengan No. LVLK-                  2012 and Certification of Comfirmity Timber Legality
    003/MUTU/LK-085 tanggal 21 Desember 2012. Pada                         Assurance System No. LVLK-003/MUTU/LK-085
    tanggal 24 Mei 2013, Perseroan juga mendapatkan                        dated December 21, 2012. On May 24, 2013, the
    Sertifikasi Kesesuaian SNI ISO 9001:2008 No. QMS/440                   Company also received a Certification of Conformity
    dan telah mendaftar Sertifikasi untuk lingkup MDF                      SNI ISO 9001:2008 No. QMS/440 and has registered
    Process dan Glue Manufacturing Process. Pada tahun                     Certification for the scope of the MDF Process and
    2014, Perseroan melakukan pembangunan pabrik lem                       Glue Manufacturing Process. In 2014, the Company
    untuk penggunaan internal.                                             built a glue factory for internal use.


    Seiring dengan semakin besarnya potensi penjualan                      Along with the growing potential of export sales and
    ekspor,        dalam      memperluas       pangsa      pasarnya        expanding its market share the Company continues
    Perseroan terus meningkatkan kualitas mutu produksi                    to improve the quality of production in order to meet




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    agar bisa sesuai dengan permintaan penjualan ke                the sales demand to other countries. In 2015, the
    negara-negara lainnya. Pada tahun 2015, Perseroan              Company obtained a Certification for export purposes
    telah mendapatkan Sertifikasi yang digunakan untuk             to Japan with the Japanese Industrial Standards (JIS)
    tujuan ekspor ke Jepang dengan Japanese Industrial             to regulate the permitted emission standards for MDF
    Standards (JIS) untuk yang mengatur standar emisi              products with the U-type adhesive classification.
    yang diizinkan untuk produk MDF dengan klasifikasi             Furthermore, the Company obtained a Certification
    adhesive U-type. Selanjutnya Perseroan mendapatkan             used for export purposes to Japan namely Japanese
    Sertifikasi yang digunakan untuk tujuan ekspor ke              Industrial Standards (JIS) for regulating the permitted
    Jepang yaitu Japanese Industrial Standards (JIS)               emission standards for MDF products with M-type
    untuk yang mengatur standar emisi yang diizinkan               adhesive classification in 2016 and P-type in 2018. With
    untuk produk MDF dengan klasifikasi adhesive M-type            this Certification, hence the Company's MDF products
    di tahun 2016 dan P-type di tahun 2018. Dengan                 can penetrate the Japanese market which is known
    adanya Sertifikasi ini, maka produk MDF Perseroan              to be very selective and have high quality standards
    bisa menembus pasaran Jepang yang dikenal sangat               for timber products. Currently, the Company has
    selektif dan memiliki standar kualitas tinggi terhadap         made export sales to various regions and countries
    produk perkayuan. Saat ini Perseroan telah melakukan           in the world. The export destination countries for the
    penjualan ekspor ke berbagai kawasan dan negara di             Company's products in 2023 include Malaysia, United
    dunia. Pada tahun 2023, negara tujuan ekspor produk            States of America, Taiwan, South Africa, China, Korea,
    Perseroan meliputi Malaysia, Amerika Serikat, Taiwan,          Japan, Vietnam, Saudi Arabia, Lebanon, Iraq, Jordan,
    Afrika Selatan, China, Korea, Jepang, Vietnam, Arab            Ivory Coast, Equatorial Guinea, United Arab Emirates,
    Saudi, Lebanon, Irak, Yordania, Pantai Gading, Guinea          and Egypt.
    Khatulistiwa, Uni Emirat Arab, dan Mesir.


    Pada tahun 2016, Perseroan membangun variasi                   In 2016, the Company developed a new variety
    produk kayu olahan baru yakni Veneer line. Pada                of processed wood products, namely the Veneer
    tanggal 17 Maret 2017, Perseroan mendapatkan                   line. On March 17, 2017, the Company received the
    Sertifikasi   Kesesuaian   SNI   ISO    9001:2015   No.        Certification of Conformity of SNI ISO 9001:2015 No.
    QMS/440. Sertifikasi SNI ISO 9001:2015 merupakan               QMS/440. The Certification of SNI ISO 9001:2015 is
    pembaharuan dari versi Sistem Manajemen Mutu                   an update from the previous version of the Quality
    yang berlaku sebelumnya SNI ISO 9001:2008.                     Management System, SNI ISO 9001:2008.


    Selain produksi MDF, Perseroan juga mengembangkan              In addition to MDF production, the Company has also
    lini usaha produk kayu olahan lainnya yaitu High               developed a business line for other processed wood
    Moisture Resistant (HMR), Finger Joint dan Veneer.             products, such as High Moisture Resistant (HMR),
    Yang terakhir, Perseroan menambah lini usaha baru              Finger Joint and Veneer. Recently, the Company has
    yaitu Plywood pada tahun 2019 yang nantinya akan               added a new business line, Plywood, in 2019, which
    dikembangkan produk MDF +              Plywood sebagai         will be develop into MDF + Plywood products as
    produk barang jadi unggulan. Pengembangan produk               the superior finished products. The development of
    MDF + Plywood ini diharapkan mampu menambah                    MDF + Plywood products is expected to increase the
    pendapatan Perseroan di masa mendatang.                        Company's revenue in the future.


    Pada tanggal 10 Desember 2019, Perseroan melakukan             On December 10, 2019, the Company conducted an
    Penawaran Umum Perdana (IPO) dengan harga                      Initial Public Offering (IPO) with an offering price of
    penawaran sebesar Rp105 per saham. Jumlah saham                Rp105 per share. The number of shares offered to
    yang ditawarkan ke publik sebanyak 1.412.000.000               the public was 1,412,000,000 shares and the total




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    saham dan total dana yang terkumpul melalui IPO               funds raised through the IPO amounted to Rp148,260
    sebesar Rp148.260 juta.                                       million.


    Pada Januari 2020, tiga perusahaan asal Jepang                In January 2020, three Japanese companies entered
    masuk sebagai pemegang saham baru Perseroan.                  as new shareholders of the Company. The three
    Ketiga perusahaan Jepang tersebut adalah SMB                  Japanese companies are SMB Kenzai Co., Ltd., Noda
    Kenzai Co., Ltd., Noda Corporation, dan Ishinomaki            Corporation, and Ishinomaki Plywood Mfg Co., Ltd.
    Plywood Mfg Co., Ltd. Ketiga perusahaan yang berbasis         The three companies based in Japan are focused
    di Jepang ini berfokus pada bisnis produk kayu                on the wood product business, especially in the
    khususnya di pasaran Jepang. Perseroan berharap               Japanese market. The Company hopes that this
    dengan adanya investor baru ini dapat menciptakan             new investor can create good business synergy in
    sinergi usaha yang baik dalam memperkuat pasar                strengthening the export market, technology transfer
    ekspor, transfer teknologi dan kemampuan yang                 and capabilities that provide added value to the
    memberikan nilai tambah bagi Perseroan. Di tahun              Company. In 2020, the Company also received the
    2020, Perseroan juga memperoleh Piala Penghargaan             IPC Customer of the Year 2020 the Best Customer of
    IPC Customer of the Year 2020 the Best Customer               Jambi Category Containerized Cargo Owner Award
    of Jambi Category Containerized Cargo Owner dan               Cup and also the COVID-19 Prevention and Control
    juga Piagam Penghargaan Upaya Pencegahan dan                  Efforts Award.
    Pengendalian COVID-19.


    Perseroan       memperoleh    Penghargaan      Sistem         The Company obtained the Occupational Health and
    Manajemen Keselamatan dan Kesehatan Kerja (SMK3)              Safety Management System (SMK3) certification on
    pada tanggal 17 September 2020. Implementasi SMK3             September 17, 2020. The implementation of SMK3 will
    akan sangat membantu dalam rangka pencegahan                  greatly assist in preventing the risk of accidents related
    risiko kecelakaan yang berkaitan dengan kegiatan              to work activities in order to create a safe, efficient
    kerja guna terciptanya tempat kerja yang aman, efisien        and productive workplace. The implementation of
    dan produktif. Penerapan SMK3 merupakan upaya                 SMK3 is the Company's effort to harmonize work
    Perseroan dalam menyerasikan antara kapasitas                 capacity, workload, and work environment so that
    kerja, beban kerja, dan lingkungan kerja agar setiap          every employee can work safely and healthily without
    karyawan dapat bekerja secara aman dan sehat                  endangering himself or the surrounding community
    tanpa membahayakan dirinya maupun masyarakat                  so that optimal work productivity will be obtained.
    sekelilingnya sehingga diperoleh produktivitas kerja
    yang optimal.


    Selanjutnya tanggal 29 Juli 2021, Perseroan memulai           Furthermore, on July 29, 2021, the Company started
    pembangunan fasilitas tambahan produksi MDF line              the construction of additional MDF second line
    kedua beserta prasarana pendukungnya pada lokasi              production facilities and its supporting infrastructure
    pabrik Perseroan. Fasilitas tambahan produksi MDF             at the Company's factory site. The additional MDF
    line kedua tersebut dibangun berdekatan dengan                second line production facilities was built near to the
    fasilitas produksi MDF yang sudah ada sebelumnya.             existing MDF production facilities. The construction of
    Pembangunan fasilitas tambahan produksi MDF                   additional MDF second line production facilities and
    line kedua beserta prasarana pendukungnya telah               its supporting infrastructure has been approved by the
    mendapat persetujuan Rapat Umum Pemegang                      Company’s Annual General Meeting of Shareholders
    Saham Tahunan Perseroan pada tanggal 28 Juni 2021             on June 28, 2021 as stated in the Deed of Minutes of




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    sebagaimana ternyata dalam Akta Risalah Rapat                 the Annual General Meeting of Shareholders No. 29
    Umum Pemegang Saham Tahunan No. 29 tanggal 28                 dated June 28, 2021.
    Juni 2021.


    Perseroan     memperoleh        Piagam     Penghargaan        The Company received the Award Certificate in the
    dalam Bidang Keselamatan dan Keamanan Nuklir                  Field of Nuclear Safety and Security Measurement
    Kegiatan Pengukuran dan Analisa pada tanggal                  and Analysis Activities on November 8, 2022. This
    8 November 2022. Penghargaan ini diberikan oleh               award was given by BAPETEN (Nuclear Energy
    BAPETEN (Badan Pengawas Tenaga Nuklir) kepada                 Regulatory Agency) to the Company because the
    Perseroan    karena    Perseroan   telah   menerapkan         Company has implemented good manufacturing
    praktik manufaktur yang baik, dimana fasilitas                practices, where the Company's production facilities
    produksi     Perseroan    didukung   dengan     adopsi        are supported by the adoption of technology and
    teknologi dan inovasi, selalu menerapkan proses               innovation,   always   implementing               good         control
    kontrol yang baik, serta mengutamakan keselamatan             processes, and prioritizing safety and security. This
    dan keamanan. Penghargaan ini merupakan salah                 award is a form of appreciation for the Company's
    satu bentuk apresiasi atas komitmen Perseroan                 commitment to the implementation of safety and
    terhadap penerapan keselamatan dan keamanan                   security in the utilization of nuclear power, where the
    dalam pemanfaatan tenaga nuklir, dimana Perseroan             Company utilizes nuclear power, namely radiation
    memanfaatkan tenaga nuklir yaitu sumber radiasi               sources (gamma rays) to measure levels in the MDF
    (sinar gamma) untuk mengukur level di refiner MDF             first and second line refiner and radiation generator
    line pertama dan kedua serta pembangkit radiasi               (x-ray) in the MDF first and second line density
    (x-ray) di Laboratorium alat density profile MDF              profile tool laboratory. The award is also a proof of
    line pertama dan kedua. Penghargaan tersebut                  the Company's consistency in implementing risk
    juga menjadi bukti konsistensi Perseroan dalam                management. Good risk management governance
    penerapan manajemen risiko. Tata kelola manajemen             provides information and indications of possible risks
    risiko yang baik memberikan informasi dan indikasi            that will occur in the company so that early prevention
    terhadap kemungkinan risiko yang akan terjadi pada            and evaluation can be carried out. In the future, the
    perusahaan sehingga dapat dilakukan pencegahan                Company will continue to improve the quality of risk
    dan evaluasi dini. Kedepannya, Perseroan akan terus           management implementation and always mitigate
    meningkatkan kualitas penerapan manajemen risiko              the risks that may be faced.
    dan senantiasa melakukan mitigasi terhadap risiko-
    risiko yang mungkin akan dihadapi.


    Pada tanggal 7 Maret 2023, Perseroan berhasil                 On March 7, 2023, the Company successfully
    melakukan uji coba produksi papan kayu pertama                conducted the production trials for the first board
    dengan menggunakan fasilitas tambahan produksi                using the additional MDF second line production
    MDF line kedua. Selanjutnya pada bulan April 2023,            facility. Furthermore, in April 2023, the MDF second
    fasilitas tambahan produksi MDF line kedua tersebut           line production facility began commercial production
    mulai melakukan produksi secara komersial yang                which increased production capacity to 450,000
    meningkatkan kapasitas produksi menjadi 450.000               m3/year from the previous maximum capacity of
    m3/tahun     dari   kapasitas   maksimal sebelumnya           250,000 m3/year. This additional production capacity
    sebesar 250.000 m3/tahun. Tambahan kapasitas                  is expected to meet the needs of MDF in the global
    produksi ini diharapkan dapat memenuhi kebutuhan              market which is believed to be increasing every year.
    MDF di pasar global yang diyakini akan semakin
    meningkat setiap tahunnya.




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    Di   bidang   Perpajakan,     Perseroan   memperoleh            In the field of Taxation, the Company received an
    Penghargaan atas Kepatuhan dalam Membayar Pajak                 Award for Compliance in Paying Land and Building
    Bumi dan Bangunan di Kabupaten Musi Banyuasin                   Tax in Musi Banyuasin Regency on November 15,
    pada tanggal 15 November 2021 dan Sertifikat                    2021 and Certificate of Company Receiving Regional
    Perusahaan Penerima Penghargaan Pajak Daerah                    Tax Award (Land and Building Tax/PBB) of Musi
    (PBB) Kabupaten Musi Banyuasin Tahun Pajak 2022                 Banyuasin Regency for Fiscal Year 2022 in March
    pada bulan Maret 2023.                                          2023.


    Perseroan juga memperoleh Sertifikasi US EPA 40 CFR             The Company also obtained US EPA 40 CFR Part
    Part 770 TSCA Title VI di tahun 2017. Kemudian di tahun         770 TSCA Title VI Certification in 2017. Then in 2018-
    2018-2021, atas kinerja yang baik dalam pengelolaan             2021, for its good performance in environmental
    lingkungan hidup, Perseroan mendapatkan Sertifikasi             management, the Company received Blue Rank
    Peringkat Biru Periode 2017-2018, 2018-2019, 2019-              Certification for the 2017-2018, 2018-2019, 2019-2020,
    2020, 2020-2021, dan 2021-2022 yang dikeluarkan                 2020-2021, and 2021-2022 Periods issued by the
    oleh Menteri Lingkungan Hidup dan Kehutanan                     Minister of Environment and Forestry of the Republic
    Republik Indonesia. Di tahun 2023, Perseroan kembali            of Indonesia. In 2023, the Company has regained the
    mendapatkan     Sertifikasi   Peringkat   Biru   periode        Blue Rank Certification for the 2022-2023 period. This
    2022-2023. Raihan prestasi ini menandakan bahwa                 achievement indicates that the Company has made
    Perseroan telah melakukan upaya pengelolaan                     efforts to manage the environment in accordance
    lingkungan hidup yang sesuai dengan persyaratan                 with the requirements stipulated in the laws and
    yang diatur pada peraturan perundang-undangan.                  regulations.




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    Produk dan Layanan Perseroan
    Company Products and Services


    Produk
    Products

    Secara umum produk yang ditawarkan Perseroan               Generally the products offered by the Company are
    meliputi :                                                 as follows:


                                       Papan Serat Berkepadatan Sedang
                                       Medium Density Fibreboard (MDF)


                                       MDF merupakan kayu olahan berupa papan/panel yang digunakan sebagai
                                       alternatif pengganti dari kayu lapis sebagai bahan baku pembuatan perabotan.
                                       MDF terbuat dari serbuk kayu halus dan bahan kimia resin yang direkatkan dan
                                       dipadatkan dengan suhu dan tekanan yang tinggi. Bahan baku kayu yang biasa
                                       digunakan antara lain kayu karet, buah-buahan, atau kayu sisa perkebunan
                                       ataupun bambu. Bentuknya berupa papan atau lembaran yang siap dipotong
                                       sesuai dengan kebutuhan. Untuk jenis papan berkerapatan lebih tinggi disebut
                                       dengan HDF (High Density Fibreboard).


                                       MDF is processed wood in the form of board/panel used as an alternative to
                                       substitute plywood as raw material for making furniture. MDF is made of fine
                                       wood fiber and chemical resin which is bonded and compacted under high
                                       temperature and pressure. The wood raw materials commonly used include
                                       rubber wood, fruit, or wood waste from plantation or bamboo. The form is in
                                       the boards or sheets that are ready to be cut as needed. The type of board
                                       with a higher density is called HDF (High Density Fibreboard).




                                       High Moisture Resistant (HMR) - MDF


                                       HMR adalah salah satu jenis MDF yang mempunyai daya tahan lebih baik
                                       terhadap kelembapan dan juga air.


                                       HMR is a type of MDF that has better resistance to moisture and water.




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                                       Kayu Lembar
                                       Veneer


                                       Veneer adalah lembaran kayu yang dihasilkan dari irisan, kupasan dan serutan
                                       gelondongan kayu. Ketebalan veneer merupakan faktor penting dalam
                                       menentukan durabilitasnya. Semakin tebal veneer, maka semakin tahan
                                       lama karena akan mendekati sifat kayu asli. Selain itu, ketebalan veneer juga
                                       memastikan apakah kerusakan veneer dapat diperbaiki atau tidak. Veneer yang
                                       lebih tebal bisa diamplas lagi untuk memunculkan tekstur kayu aslinya.


                                       Veneer is a sheet of wood produced from slices, peels and shavings of logs.
                                       Veneer thickness is an important factor in determining its durability. More
                                       thicker the veneer, more durable it will be because it is closer to the properties
                                       of real wood. In addition, the thickness of the veneer also ensures whether the
                                       veneer damage can be repaired or not. Thicker veneer can be sanded again to
                                       reveal the original wood texture.




                                       Produk Kayu Lapis
                                       Plywood


                                       Kayu lapis merupakan bahan kayu olahan yang biasa kita kenal dengan
                                       sebutan triplek atau multiplek. Kayu lapis dibentuk dari beberapa lembaran
                                       kayu yang direkatkan dengan tekanan tinggi. Ketebalan plywood menentukan
                                       kekuatan dan kestabilannya.


                                       Jenis kayu ini paling banyak dipakai sebagai material pembuat kitchen set,
                                       lemari, meja, dan tempat tidur. Oleh karena plywood mempunyai permukaan
                                       polos dan tidak memiliki serat yang khas maka kadang perlu diberi pelapis
                                       tambahan seperti veneer (lapisan kayu tipis), PVC ataupun melaminto. Harga
                                       kayu lapis lebih murah dari kayu solid tapi lebih mahal dari kayu olahan lainnya.


                                       Plywood is a processed wood material which we usually know as plywood or
                                       multiplex. Plywood is formed from several sheets of wood that are bonded
                                       under high pressure. The thickness of the plywood determines its strength
                                       and stability.


                                       This type of wood is most widely used as a material for making kitchen sets,
                                       cabinets, tables and beds. Because plywood has a plain surface and does not
                                       have a distinctive fiber, sometimes it is necessary to provide additional coatings
                                       such as veneers (thin layers of wood), PVC or melaminto. The price of plywood
                                       is cheaper than solid wood but more expensive than other processed wood.




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                                              Plywood MDF


                                              Plywood MDF ini merupakan produk kombinasi antara MDF & kayu lapis,
                                              dimana kayu lapis dijadikan sebagai inti tengah (core) dari papan, sedangkan
                                              MDF dijadikan sebagai lapisan sisi atas & bawah papan (face and back).


                                              Pada umumnya, produk ini digunakan pada produsen kedua yang mencari
                                              kekuatan properties yang lebih tinggi dibandingkan MDF, namun permukaan
                                              sisi atas dan bawah yang lebih rata.


                                              Plywood MDF is a combination between MDF and plywood whereas the
                                              plywood is used as a middle core of the board while MDF is used as the top
                                              and bottom layer of the board (face and back).


                                              In general, this product is used by the second producer who are looking for
                                              higher strength properties than MDF, but the required top and bottom surfaces
                                              are more flatter.




    Layanan
    Services



    Berikut adalah beberapa hal yang dilakukan Perseroan               The following are some of the things that the
    untuk meningkatkan pelayanan kepada pelanggan:                     Company has done to improve services to customers:


    1. Kunjungan       berkala     ke     pelanggan     untuk          1. Regular visits to customers to find out about the
       mengetahui        kondisi        perusahaan      secara            condition of the company as a whole, exchange
       keseluruhan,     pertukaran      informasi    mengenai             information about market conditions, and discuss
       kondisi pasar, serta membahas peluang untuk                        opportunities for new product development,
       pengembangan produk baru yang pada akhirnya                        which in turn aims to increase the Company’s
       bertujuan      untuk      meningkatkan        penjualan            sales to customers.
       Perseroan ke pelanggan.
    2. Perseroan       menyediakan          layanan      email         2. The        Company      provides             email           service
       info@pt-ifi.com yang tersedia di website www.pt-                   info@pt-ifi.com which available on the website
       ifi.com. Tujuannya adalah untuk menghubungkan                      www.pt-ifi.com. The goal is to connect prospective
       calon pembeli dengan pihak Perseroan secara                        customers with the Company easily and quickly.
       mudah dan cepat.
    3. Pengiriman kuesioner kepuasan pelanggan yang                    3. Sending the customer satisfaction questionnaires
       dilakukan setiap awal tahun bertujuan untuk                        conducted at the beginning of each year aims
       mengetahui evaluasi dari pelanggan terhadap                        to determine the evaluation of customers on the
       kinerja penjualan Perseroan dalam hal kualitas                     Company’s sales performance in terms of product
       produk, ketepatan waktu pengiriman, dan juga                       quality, on time delivery, and also service from
       pelayanan      dari    bagian    penjualan     terhadap            sales division to customers.
       pelanggan.




LAPORAN TAHUNAN 2023 | Annual Report                              43                            P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 49
    Penghargaan dan Sertifikasi
    Awards and Certifications



    Penghargaan
    Awards




                          2023                                                    2023
       Penghargaan Peringkat Biru Kinerja Perusahaan        Sertifikat Perusahaan Penerima Penghargaan Pajak
       dalam Pengelolaan Lingkungan Hidup Periode           Daerah (PBB) Kabupaten Musi Banyuasin Tahun
       2022-2023 berdasarkan SK. 1353/MENLHK/               Pajak 2022.
       SETJEN/KUM.1/12/2023.
                                                            Certificate of Company Receiving Regional Tax
       Blue Rating Award for Company Performance            Award (Land and Building Tax / PBB) of Musi
       in Environmental Management for 2022-2023            Banyuasin Regency for Fiscal Year 2022.
       Period based on SK. 1353/MENLHK/SETJEN/
       KUM.1/12/2023.




                          2022                                                    2022
       Penghargaan Peringkat Biru Kinerja Perusahaan        Piagam Penghargaan dalam Bidang Keselamatan
       Dalam Pengelolaan Lingkungan Hidup Periode           dan Keamanan Nuklir Kegiatan Pengukuran dan
       2021-2022 berdasarkan SK. 1299/MENLHK/               Analisa.
       SETJEN/KUM.1/12/2022.
                                                            Award in the Field of Nuclear Safety and Security for
       Blue Rating Award for Company Performance            Measurement and Analysis Activities.
       in Environmental Management for 2021-2022
       period based on SK. 1299/MENLHK /SETJEN/
       KUM.1/12/2022.




LAPORAN TAHUNAN 2023 | Annual Report                   44                          P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 50
                            2021                                                      2021
       Penghargaan Peringkat Biru Kinerja Perusahaan             Piagam Penghargaan atas Kepatuhan dalam
       dalam Pengelolaan Lingkungan Hidup Periode                Membayar Pajak Bumi dan Bangunan di Kabupaten
       2020-2021 berdasarkan SK. 1307/MENLHK/                    Musi Banyuasin.
       SETJEN/KUM.1/12/2021.
                                                                 Award for Compliance in Paying Land and Building
       Blue Rating Award for Company Performance                 Tax in Musi Banyuasin Regency.
       in Environmental Management for 2020-2021
       Period based on SK. 1307/MENLHK/SETJEN/
       KUM.1/12/2021.




                            2020                                                      2020
       Piala Penghargaan IPC Customer of the Year 2020           Piagam Penghargaan Upaya Pencegahan dan
       the Best Customer of Jambi Category Containerized         Pengendalian COVID-19.
       Cargo Owner.
                                                                 Award for COVID-19 Prevention and Control Efforts.
       Award Trophy for IPC Customer of the Year 2020 the
       Best Customer of Jambi Category Containerized
       Cargo Owner.




LAPORAN TAHUNAN 2023 | Annual Report                        45                         P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 51
                           2020                                                  2020
       Sertifikat Penghargaan    Sistem    Manajemen          Penghargaan Peringkat Biru Kinerja Perusahaan
       Keselamatan dan Kesehatan Kerja (SMK3).                dalam Pengelolaan Lingkungan Hidup Periode
                                                              2019-2020  berdasarkan    SK.  460/MENLHK/
       Occupational Health and Safety (OHS) Management        KUM.1/12/2020.
       System Award Certificate.
                                                              Blue Rating Award for Company Performance in
                                                              Environmental Management for 2019-2020 Period
                                                              based on SK. 460/MENLHK/KUM.1/12/2020.




                           2019                                                  2018
       Penghargaan Peringkat Biru Kinerja Perusahaan          Penghargaan Peringkat Biru Kinerja Perusahaan
       dalam Pengelolaan Lingkungan Hidup Periode             dalam Pengelolaan Lingkungan Hidup Periode
       2018-2019 berdasarkan SK. 1049/MENLHK/                 2017-2018 berdasarkan SK. 613/MENLHK/SETJEN/
       SETJEN/PKL.4/12/2019.                                  KUM.1/12/2018.

       Blue Rating Award for Company Performance              Blue Rating Award for Company Performance in
       in Environmental Management for 2018-2019              Environmental Management for 2017-2018 Period
       Period based on SK. 1049/MENLHK/SETJEN/                based on SK. 613/ MENLHK/SETJEN/KUM.1/12/2
       PKL.4/12/2019.                                         018.




LAPORAN TAHUNAN 2023 | Annual Report                     46                       P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 52
    Sertifikasi
    Certifications




                  2017                                             2015                                             2013
    Sertifikasi US EPA TSCA Title VI. Masa        Sertifikasi    Kesesuaian  Japanese           Sertifikat Kesesuaian ISO 9001:2015
    berlaku diperpanjang sampai dengan            Industrial Standards (JIS) dengan             Quality Management System. Masa
    tanggal 9 Oktober 2024.                       klasifikasi terhadap Perekat U-Type,          berlaku sampai dengan tanggal 24
                                                  M-Type dan P-Type. Masa berlaku               Mei 2025.
    Certification of US EPA TSCA Title            diperpanjang sampai dengan tanggal
    VI. The expiration date has been              23 September 2024.                            ISO 9001: 2015 Quality Management
    extended until October 9, 2024.                                                             System Certificate of Conformity.
                                                  Certification    of   Conformity   for        Expiration date May 24, 2025.
                                                  Japanese Industrial Standards (JIS)
                                                  with classification of U-Type, M-Type
                                                  and P-Type Adhesives. The expiration
                                                  date has been extended until
                                                  September 23, 2024.




                             2012                                                                  2012
    Sertifikasi Kepatuhan terhadap Ketentuan California Code of           Sertifikasi Pemenuhan Kriteria dan Indikator Verifikasi
    Regulation 93120 tentang Tindakan Pengendalian Racun di               Legalitas Kayu sesuai Peraturan Direktur Jenderal Bina
    Udara untuk Mengurangi Emisi Formaldehida dari Produk                 Pengelolaan Hutan Produksi Lestari. Masa berlaku
    Kayu Komposit. Masa berlaku diperpanjang sampai dengan                diperpanjang sampai dengan tanggal 20 Desember 2027.
    tanggal 9 Oktober 2024.
                                                                          Certification of Fulfillment of the Criteria and Indicators
    Certification of Compliance with the Provision of California          of Timber Legality Verification in accordance with the
    Code of Regulation 93120 concerning Airbone Toxic Control             Regulations of the Director General of Sustainable Production
    Measure to Reduce Formaldehyde Emission from Composite                Forest Management. The expiration date has been extended
    Wood Product. The expiration date has been extended until             until December 20, 2027.
    October 9, 2024.




LAPORAN TAHUNAN 2023 | Annual Report                                47                              P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 53
    Struktur Grup Perseroan
    Company Group Structure




         Pemegang Saham Pengendali                                                                                          Ultimate Shareholder




                    Eddy                 Johan                 Surja               Meryana                 Djojo                     Suryadi
                   Hartono             Kurniawan              Hartono              Hartono                Hartono                    Hartono

                    71,68%              19,00%                3,08%                 2,08%                  2,08%                      2,08%




                 SMB Kenzai                 NODA                      PT Adrindo                    Heffy                       Masyarakat1)
                   Co., Ltd              Corporation2)               Intiperkasa                   Hartono                        Public


                   25,00%                    7,44%                        51,00%                    5,98%                           10,58%




                                                                        Perseroan




    Keterangan :                                                                   Note :

    1.   Masing-masing dengan kepemilikan di bawah 5%.                             1.   Each with ownership interest below 5%.

    2. Noda Corporation memiliki kepemilikan saham secara langsung                 2. Noda Corporation has a direct share ownership in the Company of
       terhadap Perseroan sebesar 3.72%, dan memiliki kepemilikan                     3.72%, and has indirect share ownership through its consolidated
       saham secara tidak langsung melalui anak perusahaan                            subsidiary, Ishinomaki Plywood MFG. Co., Ltd of 3.72%.
       terkonsolidasinya yaitu Ishinomaki Plywood MFG. Co., Ltd sebesar
       3.72%.




LAPORAN TAHUNAN 2023 | Annual Report                                        48                                   P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 54
    Struktur Organisasi Perseroan
    Company Organization Structure

                                                                 RUPS | GMS



                                                              Dewan Komisaris
                                                           Board of Commissioners

                                                  Surja Hartono
                                                  Komisaris Utama | President Commissioner

                                                  Kensuke Shuto
                                                  Komisaris | Commissioner *)

                                                  Sumarni
                                                  Komisaris Independen | Independent Commissioner


             Komite Nominasi
              & Remunerasi
              Nomination &
              Remuneration                                                                                                     Komite Audit
               Committee                                                                                                     Audit Committee

               Sumarni                                             Direksi                                                       Sumarni
               Ketua | Chairwoman                             Board of Directors                                                 Ketua | Chairwoman

               Surja Hartono                                                                                                     Maryana Widjaja
                                                           Heffy Hartono
               Anggota | Member                                                                                                  Anggota | Member
                                                           Direktur Utama | President Director
               Luluana Triputri Setiawan                                                                                         Tsun Tien Wen Lie
                                                           Ang Andri Pribadi
               Anggota | Member                                                                                                  Anggota | Member
                                                           Direktur | Director

                                                           Setiawan Tjutju
                                                           Direktur | Director

                                                           Takuji Okamoto
                                                           Direktur | Director



             Audit Internal                                                                                             Sekretaris Perusahaan
             Internal Audit                                                                                              Corporate Secretary

               Billy Dwi Putra                                                                                                   Evan Kristian




                  Divisi                      Divisi                Divisi                           Divisi                             Divisi
           Keuangan, Akuntasi              Operasional          Pemasaran &                       Kepatuhan &                        Pemasaran
             & Administrasi                Operational            Penjualan                     Corporate Affairs                   Negara Jepang
                Finance,                    Division               Sales &                       Compliance &                       Japan Country
               Accounting                                         Marketing                     Corporate Affairs                     Marketing
            & Administration                                       Division                         Division                           Division
                Division


                 Setiawan Tjutju                         Heffy Hartono                             Ang Andri Pribadi                   Takuji Okamoto




    Keterangan                                                                   Note

    *)   Efektif pada tanggal 1 Desember 2023, Komisaris Perseroan               *)   Effective at December 1, 2023, the Company’s Commissioners is
         adalah Kensuke Shuto.                                                        Kensuke Shuto.




LAPORAN TAHUNAN 2023 | Annual Report                                  49                                      P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 55
    Komposisi Pemegang Saham
    Shareholders Composition


    Komposisi  pemegang  saham  pada  tanggal  31 Desember 2023 dan 2022
    The compositions of shareholders of the Company as of December 31, 2023 and 2022



    2023

                                               Jumlah Pemegang
    Kepemilikan Saham 31 Desember 2023                                                  Jumlah Saham
                                                    Saham                 %                                                     %
    Shares Ownership December 31, 2023                                                 Number of Shares
                                             Number of Shareholders

    Institusi Asing | Foreign Institutions             8                0,6400           3.053.244.200                     32,4399

    Institusi Lokal | Local Institutions               3                0,2400           5.505.173.600                     58,4910

    Individual Asing | Foreign Individual              2                0,1600             145.300                          0,0016

    Individual Lokal | Local Individual               1.237            98,9600           853.436.900                        9,0675

    Jumlah | Total                                    1.250              100            9.412.000.000                         100


    2022

                                               Jumlah Pemegang
    Kepemilikan Saham 31 Desember 2022                                                  Jumlah Saham
                                                    Saham                 %                                                     %
    Shares Ownership December 31, 2022                                                 Number of Shares
                                             Number of Shareholders

    Institusi Asing | Foreign Institutions             8                0,5642           3.053.223.500                     32,4397

    Institusi Lokal | Local Institutions               3                0,2116           5.505.173.600                     58,4910

    Individual Asing | Foreign Individual              2                0,1410              40.700                          0,0004

    Individual Lokal | Local Individual               1.405            99,0832           853.562.200                        9,0689

    Jumlah | Total                                    1.418              100            9.412.000.000                         100




LAPORAN TAHUNAN 2023 | Annual Report                          50                          P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 56
    Kepemilikan saham Dewan Komisaris dan Direksi pada tanggal 31 Desember 2023 dan 2022
    Shares ownership of the Board of Commissioners and Board of Directors as of December 31, 2023 and 2022


    2023

    Jabatan                                                Nama            Jumlah Saham                       Jumlah Nominal (Rp)
                                                                                                   %
    Positions                                              Name           Number of Shares                     Nominal Value (Rp)

    Komisaris Utama | President Commissioner            Surja Hartono               -              -                          -

    Komisaris | Commissioner                           Kensuke Shuto                -              -                          -

    Komisaris Independen | Independent Commissioner       Sumarni                   -              -                          -

    Direktur Utama | President Director                 Heffy Hartono          562.600.000       5,98              56.260.000.000

    Direktur | Director                               Ang Andri Pribadi             -              -                          -

    Direktur | Director                                Setiawan Tjutju              -              -                          -

    Direktur | Director                                Takuji Okamoto               -              -                          -

    Jumlah | Total                                                             562.600.000       5,98             56.260.000.000




    2022

    Jabatan                                                Nama            Jumlah Saham                       Jumlah Nominal (Rp)
                                                                                                   %
    Positions                                              Name           Number of Shares                     Nominal Value (Rp)

    Komisaris Utama | President Commissioner            Surja Hartono               -              -                          -

    Komisaris | Commissioner                          Atsushi Takahama              -              -                          -

    Komisaris Independen | Independent Commissioner       Sumarni                   -              -                          -

    Direktur Utama | President Director                 Heffy Hartono          562.600.000       5,98              56.260.000.000

    Direktur | Director                               Ang Andri Pribadi             -              -                          -

    Direktur | Director                               Thomas Verdiyanto             -              -                          -

    Direktur | Director                                Takuji Okamoto               -              -                          -

    Jumlah | Total                                                             562.600.000       5,98             56.260.000.000




    Kepemilikan saham tidak langsung oleh Dewan                     Indirect    shares   ownership           by      the       Board          of
    Komisaris dan Direksi                                           Commissioners and Board of Directors
    Seluruh Dewan Komisaris dan Direksi Perseroan tidak             The entire Board of Commissioners and Board of
    memiliki kepemilikan saham tidak langsung atas                  Directors of the Company do not have indirect share
    saham Perseroan pada awal dan akhir tahun buku                  ownership of the Company's shares at the beginning
    2023.                                                           and end of the 2023 financial year.




LAPORAN TAHUNAN 2023 | Annual Report                         51                              P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 57
    Profil Dewan Komisaris
    Board Of Commissioners Profile




                                                                                         SURJA HARTONO
                                                                                         Komisaris Utama
                                                                                         President Commissioner




    Warga Negara Indonesia, lahir tahun 1972. Menjabat                       An Indonesian citizen, born in 1972. He was appointed
    sebagai Komisaris Utama Perseroan sejak 2019.                            as President Commissioner of the Company since
    Bergabung dengan Kelompok Usaha ADR sejak                                2019. He joined the ADR Group of Companies in
    tahun 1994 dan saat ini juga menjabat sebagai                            1994 and currently serves as Director of PT Adrindo
    Direktur PT Adrindo Intiperkasa, Direktur PT Anugerah                    Intiperkasa, Director of PT Anugerah Aneka Industri,
    Aneka     Industri,   Komisaris     Utama      PT    Hydraxle            President Commissioners of PT Hydraxle Perkasa,
    Perkasa, Komisaris Utama PT Selamat Sempurna Tbk,                        President Commissioners of PT Selamat Sempurna
    Komisaris Utama PT Prapat Tunggal Cipta, Presiden                        Tbk, President Commissioners of PT Prapat Tunggal
    Komisaris PT Tokyo Radiator Selamat Sempurna,                            Cipta, President Commissioners of PT Tokyo Radiator
    Komisaris PT Adrindo Intisarana, dan Komisaris PT                        Selamat Sempurna, Commissioner of PT Adrindo
    Griya Inti Perkasa.        Sebelumnya pernah bekerja                     Intisarana, and Commissioner of PT Griya Inti Perkasa.
    sebagai Kepala Pabrik PT Selamat Sempurna Tbk                            He is a former Factory Manager of PT Selamat
    (1998-2000). Menyelesaikan pendidikan sarjana di                         Sempurna Tbk (1998-2000). He graduated with a
    California State University Long Beach, USA pada                         bachelor degree from California State University Long
    tahun 1994 dan Magister Manajemen di Institute                           Beach, USA in 1994 and Master of Management from
    Pendidikan      Pengembangan          Manajemen,       Jakarta           Institute Pendidikan Pengembangan Manajemen,
    pada tahun 1996.                                                         Jakarta in year 1996.


    Dasar Hukum Pengangkatan Akta No. 05 pada tanggal 06 Agustus 2019
    Legal Basis of Appointment Deed No. 05 dated August 06, 2019




LAPORAN TAHUNAN 2023 | Annual Report                                    52                           P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 58
                                                                                         KENSUKE SHUTO
                                                                                         Komisaris
                                                                                         Commissioner


    Warga negara Jepang yang lahir pada tahun 1969.                          A Japanese citizen born in 1969. He has more than
    Beliau memiliki pengalaman berkarir lebih dari                           30 years of career experience, especially in risk
    30 tahun, terutama di bidang manajemen risiko.                           management. He currently serves as Director and
    Saat ini beliau menjabat sebagai Direktur dan                            Managing Executive Officer of SMB Kenzai Co., Ltd.
    Pejabat Pengelola Eksekutif SMB Kenzai Co., Ltd.                         Previously, he worked in New York as General Manager
    Sebelumnya memiliki pengalaman kerja di New York                         (2017-2023) of the Risk Management Department of
    sebagai General Manajer (2017-2023) di Departemen                        Mitsui & Co. (U.S.A), Inc. He joined Mitsui & Co., Ltd.
    Manajemen Risiko Mitsui & Co. (U.S.A), Inc. Pernah                       as one of the world’s largest multinational trading
    bergabung dengan Mitsui & Co., Ltd. yang merupakan                       houses in 1993. He obtained a bachelor’s degree from
    salah satu perusahaan perdagangan multinasional                          the University of Tokyo, Japan in 1993.
    terbesar di dunia pada tahun 1993. Beliau meraih
    gelar sarjana dari Universitas Tokyo, Jepang pada
    tahun 1993.


    Dasar Hukum Pengangkatan Akta No. 01 pada tanggal 1 Desember 2023
    Legal Basis of Appointment Deed No. 01 dated December 1, 2023




                                                                                         SUMARNI
                                                                                         Komisaris Independen
                                                                                         Independent Commissioner


    Warga Negara Indonesia, lahir pada tahun 1981.                           An Indonesian citizen, born in 1981. She was appointed
    Beliau    diangkat     sebagai     Komisaris     Independen              as Independent Commissioner of the Company in
    Perseroan pada 2019. Sebelumnya Beliau pernah                            2019, She is experienced as a Finance Accounting
    bekerja sebagai Manajer Keuangan & Akuntansi PT                          Manager of PT Selamat Sempurna Tbk (2003 - 2019).
    Selamat Sempurna Tbk (2003-2019). Menyelesaikan                          She obtained her bachelor's degree from the Trisakti
    pendidikan sarjana di Sekolah Tinggi Ilmu Ekonomi                        School of Economics, Jakarta in 2003.
    Trisakti, Jakarta, 2003.


    Dasar Hukum Pengangkatan Akta No. 05 pada tanggal 06 Agustus 2019
    Legal Basis of Appointment Deed No. 05 dated August 06, 2019




LAPORAN TAHUNAN 2023 | Annual Report                                    53                          P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 59
    Profil Direksi
    Board Of Directors Profile
                                                                                         HEFFY HARTONO
                                                                                         Direktur Utama
                                                                                         President Director

   Warga negara Indonesia, lahir pada tahun 1968.                           An Indonesian citizen, born in 1968. He was appointed
   Menjabat         sebagai      Direktur    Utama       Perseroan          as President Director of the Company since 2007. He
   sejak       2007.          Saat    ini     juga       menjabat           currently serves as Director PT Anugrah Bina Cipta,
   sebagai         Direktur     PT    Anugrah        Bina     Cipta,        PT Adrindo Agro Perkasa, PT Prima Hijau Mandiri, PT
   PT Adrindo Agro Perkasa, PT Prima Hijau Mandiri,                         Kasih Agro Mandiri and PT Agronusa Bumi Lestari,
   PT      Kasih     Agro      Mandiri      dan   PT     Agronusa           Commisioner of PT Wahana Lestari Makmur Sukses,
   Bumi        Lestari,          Komisaris        PT        Wahana          President Commissioner of PT Musi Agro Sejahtera,
   Lestari     Makmur           Sukses,      Komisaris       Utama          and President Director of PT Bayung Agro Sawita.
   PT Musi Agro Sejahtera, dan Direktur Utama PT Bayung                     He graduated with a bachelor degree from HKBP
   Agro Sawita.        Menyelesaikan pendidikan sarjana di                  Nommensen University, North Sumatra in 1990.
   Universitas HKBP Nommensen, Sumatra Utara, 1990.


   Dasar Hukum Pengangkatan Akta No. 05 pada tanggal 06 Agustus 2019
   Legal Basis of Appointment Deed No. 05 dated August 06, 2019




                                                                                         ANG ANDRI PRIBADI
                                                                                         Direktur
                                                                                         Director

   Warga negara Indonesia, lahir pada tahun 1966.                           An Indonesian citizen, born in 1966. He was appointed
   Menjabat sebagai Direktur Perseroan sejak 2013. Saat ini                 as Director of the Company since 2013. He currently
   menjabat sebagai CFO Kelompok Usaha ADR, Direktur                        serves as CFO of ADR Group of Companies, Director of
   PT Selamat Sempurna Tbk, Direktur Utama PT Prapat                        PT Selamat Sempurna Tbk, President Director of
   Tunggal Cipta dan PT Griya Inti Kelola, Direktur Griya Inti              PT Prapat Tunggal Cipta and PT Griya Inti Kelola,
   Perkasa, Direktur PT Hydraxle Perkasa, Komisaris Utama                   Director of PT Griya Inti Perkasa, Director of PT
   PT Greenwood Sejahtera Tbk, dan Komisaris PT POSCO                       Hydraxle    Perkasa,    President           Commissioner                  of
   Indonesia Jakarta Processing Center. Sebelumnya                          PT Greenwood Sejahtera Tbk, and Commissioner of
   pernah bekerja sebagai Internal Audit Manager dan                        PT POSCO Indonesia Jakarta Processing Center. He is
   Deputy General Manager in Finance & Accounting                           a former Internal Audit Manager and Deputy General
   PT Sac Nusantara (1990-1997), Direktur dan Corporate                     Manager in Finance & Accounting of PT Sac Nusantara
   Secretary PT Andhi Chandra Automotive Products Tbk                       (1990-1997), Director and Corporate Secretary of PT
   (2003-2006) serta Corporate Secretary PT Selamat                         Andhi Chandra Automotive Products Tbk (2003-2006)
   Sempurna Tbk (2003-2013). Menyelesaikan pendidikan                       and Corporate Secretary of PT Selamat Sempurna Tbk
   sarjana di Universitas Katolik Parahyangan, Bandung,                     (2003-2013). He graduated with a bachelor degree from
   1990 dan Magister Manajemen, Universitas Indonesia,                      Parahyangan Catholic University, Bandung in 1990 and
   Jakarta, 1992.                                                           Master of Management from University of Indonesia,
                                                                            Jakarta in 1992.

   Dasar Hukum Pengangkatan Akta No. 05 pada tanggal 06 Agustus 2019
   Legal Basis of Appointment Deed No. 05 dated August 06, 2019




LAPORAN TAHUNAN 2023 | Annual Report                                   54                           P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
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                                                                                            SETIAWAN TJUTJU
                                                                                            Direktur
                                                                                            Director

   Warga negara Indonesia yang lahir pada tahun 1966.                          An Indonesian citizen who was born in 1966. He
   Beliau pengalaman berkarir lebih dari 30 tahun                              has more than 30 years of career experience in
   dibeberapa perusahaan nasional dan internasional                            several   national   and      international            companies              in
   dalam     bidang      keuangan       dan     akuntansi.      Beliau         finance and accounting. He joined the ADR Group of
   bergabung       dengan      kelompok        usaha     ADR      sejak        Companies in 1995 and currently serves as Financial
   tahun 1995 dan saat ini menjabat sebagai Financial                          Controller of ADR Group of Companies, Director of PT
   Controller     Kelompok        Usaha       ADR,     Direktur     PT         Adrindo Intisarana, PT Ruberrindo Unggul Perkasa,
   Adrindo Intisarana, PT Ruberrindo Unggul Perkasa,                           PT Mangatur Dharma, PT Dinamika Jaya Bumi Persada,
   PT Mangatur Dharma, PT Dinamika Jaya Bumi Persada,                          and PT Prima Honeycomb International. He also had a
   dan PT Prima Honeycomb International. Beliau juga                           career at the Public Accounting Firm of Prasetio Utomo
   pernah berkarir di Kantor Akuntan Publik Prasetio Utomo                     & Co (1991-1993). He graduated with a bachelor’s degree
   & Co (1991-1993). Ia meraih gelar sarjana dari Universitas                  from Parahyangan Catholic University, Bandung in 1990.
   Katolik Parahyangan, Bandung pada tahun 1990.


   Dasar Hukum Pengangkatan Akta No. 15 pada tanggal 27 Juni 2022
   Legal Basis of Appointment Deed No. 15 dated Juni 27, 2022




                                                                                            TAKUJI OKAMOTO
                                                                                            Direktur
                                                                                            Director

   Warga Negara Jepang yang lahir pada tahun 1964.                             A Japanese citizen who was born in 1964. He was
   Menjabat sebagai Direktur Perseroan pada 2020. Beliau                       appointed as Director of the Company in 2020. He
   pengalaman berkarir lebih dari 33 tahun di beberapa                         has more than 33 years career experience in several
   perusahaan nasional dan internasional dalam bidang                          national and international companies in sales and
   penjualan dan pemasaran. Saat ini Beliau juga menjabat                      marketing. He also currently serves as Executive
   sebagai Pejabat Eksekutif Divisi Bahan Bangunan Kayu                        Officer of Wooden Building Materials Division of
   SMB Kenzai Co.,Ltd. Sebelumnya pernah memiliki karir                        SMB Kenzai Co.,Ltd. Previously, he had a career at
   di PT Marubeni Indonesia di Jakarta dan Surabaya (1988-                     PT Marubeni Indonesia in Jakarta and Surabaya (1988-
   1993), Kantor Pusat Marubeni (1993-2004), dan Marubeni                      1993), Marubeni Head Office (1993-2004), and Marubeni
   Building Materials Co.,Ltd (2004-2016) dengan posisi                        Building Materials Co.,Ltd (2004-2016) with last position
   terakhir sebagai Direktur Penjualan. Ia meraih gelar                        as Sales Director. He is bachelor degree graduated
   sarjana dari Universitas Sophia, Jepang pada tahun 1987.                    from Sophia University, Japan in 1987.



   Dasar Hukum Pengangkatan Akta No. 19 pada tanggal 30 Juli 2020
   Legal Basis of Appointment Deed No. 19 dated July 30, 2020




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    Entitas Anak dan Entitas Asosiasi
    Human Capital Management and Development

    Pada tanggal 31 Desember 2023, Perseroan tidak                    As of December 31, 2023, the Company has no
    memiliki entitas anak dan entitas asosiasi.                       subsidiaries and associated entities.



    Pengelolaan dan Pengembangan Sumber Daya Manusia
    Human Capital Management and Development

    Perseroan menyadari sepenuhnya bahwa Sumber                       The Company is fully aware that human capital is an
    Daya Manusia (SDM) merupakan suatu unsur penting                  important element to improve the performance of
    untuk meningkatkan kinerja Perseroan. Perseroan                   the Company. The Company considers human capital
    menjadikan SDM sebagai partner organic dalam                      as an organic partner in the growth of the Company.
    pertumbuhan      Perseroan.    Karena      itu   Perseroan        Therefore the Company continuously develops and
    secara berkesinambungan mengembangkan dan                         fully supports the improvement of HR quality.
    mendukung sepenuhnya atas peningkatan kualitas
    SDM.


    Perseroan    melakukan      kebijakan      pengangkatan,          The Company carries out policies on appointment,
    penempatan, kepangkatan, jabatan, gaji atau upah                  placement,    grade,    position,          minimum              wages,
    minimum,      kesejahteraan      dan       pemberhentian          employee welfare and dismissal, which are arranged
    karyawan, diatur dan ditetapkan sesuai dengan                     and designated in accordance with applicable laws
    peraturan perundang-undangan yang berlaku.                        and regulations.


    Dalam usaha peningkatan kesejahteraan karyawan,                   In the event of improving the employee’s welfare,
    Perseroan memberikan program penyertaan Jaminan                   the Company provides Employee Social Insurance of
    Sosial Tenaga Kerja pada BPJS Ketenagakerjaan dan                 BPJS Ketenagakerjaan and BPJS Kesehatan, holiday
    BPJS Kesehatan, Tunjangan Hari Raya (THR), serta                  allowances, as well as providing employee mess
    penyediaan fasilitas mess dan housing karyawan,                   and housing facilities, worship facilities and sports
    fasilitas ibadah dan fasilitas olahraga.                          facilities.


    Rekrutmen                                                         Recruitment
    Guna memenuhi kebutuhan SDM yang berkualitas                      To meet the needs for qualified human capital and
    dan siap bersaing dalam menghadapi perubahan                      to address the increasing business competition, the
    bisnis yang makin kompetitif, Perseroan menerapkan                Company runs an effective selection and recruitment
    proses seleksi dan rekrutmen dengan melibatkan para               process, involving working units and business
    pimpinan unit kerja dan unit usaha, untuk memastikan              leaders, who take part in ensuring that the recruited
    bahwa kandidat yang direkrut memiliki kompetensi,                 candidates possess the competences, potentials and
    potensi dan karakter yang sesuai dengan kebutuhan                 characters that meet the organization’s needs and
    dan budaya organisasi.                                            culture.


    Beberapa program dilakukan dalam memastikan                       The Company carries out various programs to ensure
    Perseroan untuk mendapatkan kandidat terbaik,                     the Company gets the best candidate, which includes
    diantaranya mengikuti bursa lowongan kerja dan                    its participation in job fairs and while also maximizing
    memaksimalkan pemberdayaan database pelamar                       database from online or e-mail applications.
    yang mendaftar secara online maupun email.




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    Proses rekrutmen berdasarkan kebutuhan seiring                     Recruitment process is based on the needs of the
    dengan perkembangan usaha dan pertumbuhan                          organization’s business development and growth. The
    organisasi. Proses rekrutmen bersifat terbuka dan                  recruitment process is open and done professionally
    menjunjung tinggi profesionalisme dengan membuka                   with equal opportunity for all candidates. The
    kesempatan yang setara bagi semua kandidat.                        Company applies a merit-based selection process
    Perseroan menetapkan proses seleksi berdasarkan                    related to the candidates’s competence.
    kompetensi yang di miliki oleh kandidat.


    Pelatihan dan Pengembangan Kompetensi                              Competence Training and Development
    Perseroan percaya bahwa SDM merupakan aset                         The Company believes that human capital are the
    terpenting Perseroan, dan oleh karena itu Perseroan                most important asset of the Company, and therefore
    memiliki komitmen kuat untuk mengembangkan                         the Company has a strong commitment to develop
    potensi     karyawan.       Pengembangan     karyawan              the employees’s potentials. Employee development
    dilakukan melalui metode pelatihan yang sesuai untuk               is done through appropriate training methods to
    memberdayakan serta meningkatkan keterampilan                      empower and improve their skills and expertise. The
    dan   keahlian    mereka.    Program   pengembangan                Company’s competence development programs
    kompetensi Perseroan meliputi aspek bisnis dan                     include business and organizations aspects, as well as
    organisasi, serta mencakup pengetahuan produk,                     product knowledge, control and compliance, related
    kontrol dan kepatuhan, pengembangan diri terkait                   to the effectiveness of individual self-development,
    efektivitas individu, kompetensi fungsional, serta                 functional competence, leadership and character
    pengembangan karakter kepemimpinan karyawan.                       development of employee’s leadership character.


    Perseroan     juga   memberikan    kesempatan     bagi             In addition, the Company also provides opportunities
    karyawan untuk mengikuti berbagai program pelatihan                for employees to participate in various management
    manajemen dan teknis yang diselenggarakan oleh                     and technical training programs conducted by
    institusi eksternal di Indonesia dan di luar negeri.               external institutions in Indonesia and at International
    Perseroan menyadari bahwa kinerja dan daya saing                   level. The Company recognizes that the Company’s
    Perseroan perlu didukung oleh tenaga kerja yang                    performance and competitiveness need to be
    penuh motivasi.                                                    boosted by a highly-motivated workforce.




    Sepanjang tahun 2023, Perseroan telah melakukan                    In 2023, the Company has conducted various
    berbagai program peningkatan kompetensi SDM                        competency improvement programs, such as training
    dalam rupa pelatihan dan pengembangan, sebagai                     and development, as follows :
    berikut :


                                                                                                                       Jumlah Peserta
                   Bulan                                            Pelatihan
     No                                                                                                                   Number of
                   Month                                             Training
                                                                                                                         Participants

                                   Pelatihan Pengujian Berdasarkan Metode JIS A 5905/1460
      1   Januari | January                                                                                                        7
                                   Testing Training Based on JIS A 5905/1460 Method
                                   Pelatihan Auditor SMK3
                                                                                                                                   1
                                   OHS Management System Auditor Training
                                   Pelatihan dan Sertifikasi Penanggung Jawab Pengendalian dan Pencemaran
      2   Februari | February      Air (PPPA)                                                                                      1
                                   Training and Certification for Water Control and Pollution PIC (PPPA)
                                   Uji Kompetensi Ganisph - PKG-R
                                                                                                                                   2
                                   Ganisph – PKG-R Competency Assessment




LAPORAN TAHUNAN 2023 | Annual Report                           57                             P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
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                                                                                                                 Jumlah Peserta
                    Bulan                                        Pelatihan
     No                                                                                                             Number of
                    Month                                         Training
                                                                                                                   Participants

                             Uji Kompetensi Ganisph - PKB-R
                                                                                                                            6
                             Ganisph – PKB-R Competency Assessment
                             Uji Kompetensi Ganisph - CHIP
                                                                                                                             1
                             Ganisph – CHIPS Competency Assessment
                             Uji Kompetensi Ganisph PKB
     3    Maret | March                                                                                                      1
                             Ganisph – PKB Competency Assessment
                             Uji Kompetensi Ganisph PKL
                                                                                                                             2
                             Ganisph – PKL Competency Assessment
                             Penyegaran Petugas Proteksi Radiasi (PPR)
     4    Mei | May                                                                                                          1
                             Radiation Protection Officer (PPR) Refresher
                             Training Quality Control & Quality Assurance
                                                                                                                            11
                             Training Quality Control & Quality Assurance
                             Uji Kompetensi Ganisph CHIPS
     5    Juli | July                                                                                                        1
                             Ganisph – CHIPS Competency Assessment
                             PPIC dan Pergudangan Sesuai SCM Modern
                                                                                                                             2
                             PPIC and Warehousing According to Modern SCM
                             TIA Portal Programming 2
                                                                                                                             4
                             TIA Portal Programming 2
                             AK3 Kimia
     6    Agustus | August                                                                                                   1
                             Chemical OHS Expert
                             Training Leadership - Basic Managerial Skill
                                                                                                                            26
                             Training Leadership - Basic Managerial Skill
                             Training Leadership - Effective Leadership Skill
                                                                                                                            25
                             Training Leadership - Effective Leadership Skill
                             Inhouse Training Leadership - Millenial Leadership
                                                                                                                            24
                             Training Leadership - Millenial Leadership
                             Inhouse Training Leadership - Problem Solving And Decision Making
                                                                                                                            26
                             Training Leadership - Problem Solving And Decision Making
                             Training Work Ethic And Professional
                                                                                                                            32
                             Training Work Ethic And Professional
                             Pelatihan dan Pembinaan Pemadam Kebakaran Kelas D
                                                                                                                            14
                             Firefighter Training and Development Class D
                             Precision Shaft Alignment Trainee
                                                                                                                             4
                             Precision Shaft Alignment Trainee
                             Training 5S
                                                                                                                            26
                             5S Training
                             Training P3K
                                                                                                                             5
                             First Aid Training
                             Training SIO Forklift
                                                                                                                             3
                             Forklift SIO Training
                             Training SIO Operator Crane Kelas 2
                                                                                                                             1
                             Class 2 Crane Operator SIO Training
                             Training SIO Operator Crane Kelas 3
                                                                                                                             2
                             Class 3 Crane Operator SIO Training
                             Training SIO Operator Excavator
                                                                                                                             3
                             Excavator Operator SIO Training
                             Training SIO Operator Grader
                                                                                                                             1
                             Grader Operator SIO Training




LAPORAN TAHUNAN 2023 | Annual Report                        58                          P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
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                                                                                                                                          Jumlah Peserta
                       Bulan                                                    Pelatihan
     No                                                                                                                                      Number of
                       Month                                                     Training
                                                                                                                                            Participants

                                          Petugas K3 Kimia
      7       September | September                                                                                                                   1
                                          Chemical OHS Officer
                                          Training SIO Boiler Kelas 1
                                                                                                                                                      3
                                          Class 1 Boiler SIO Training
                                          Training Sertifikasi Pesawat Angkat Angkut (SIO) Excavator
                                                                                                                                                      2
                                          Excavator Lifting and Transporting (SIO) Certification Training
                                          Training 5s
                                                                                                                                                     59
                                          5S Training
                                          Pelatihan Ahli K3 Listrik (AK3 Listrik)
      8       Oktober | October                                                                                                                       1
                                          Electrical OHS Expert Training
                                          Training Effective Leadership For General Manager
                                                                                                                                                      9
                                          Training Effective Leadership For General Manager
                                          Petugas Damkar Kelas C
      9       November | November                                                                                                                     4
                                          Class C Firefighter Training
                                          Petugas Damkar Kelas DCBA
                                                                                                                                                      1
                                          Class DCBA Firefighter Training
                                          Training Petugas Damkar Kelas CB
                                                                                                                                                      1
                                          Class CB Firefighter Training
                                          Training Effective Leadership For Supervisor
                                                                                                                                                     16
                                          Training Effective Leadership For Supervisor

                  Jumlah | Total                                                                                                                    330



    Pelatihan dan Pengembangan Kompetensi                                            Human Resources Profile
    Pada akhir 2023, total jumlah karyawan tetap                                     As of end of 2023, the total number of permanent
    Perseroan sebanyak 625 karyawan, yang bekerja baik                               employees of the Company were 625 employees,
    di kantor pusat maupun di pabrik Perseroan dengan                                who worked both at the head office and at the
    klasifikasi berdasarkan beberapa kategori sebagai                                Company's factory with classification based on
    berikut :                                                                        several categories as follows:


     Komposisi Karyawan Perseroan Berdasarkan Jenis Kelamin
     Composition of the Company Employee Based on Gender

                          Jenis Kelamin                                   2023                                             2022
     NO
                             Gender                         Total | People                   %              Total | People                     %
          1     Pria | Male                                        574                     91.26%                521                       91,24%
          2     Wanita | Female                                    55                      8.74%                  50                        8,76%
                Jumlah | Total                                    629                      100%                  571                        100%




     Komposisi Karyawan Perseroan Berdasarkan Jenjang Jabatan
     Composition of the Company Employee Based on Position Level

                           Jenjang Jabatan                                          2023                                             2022
     NO
                            Position Level                         Total | People                    %           Total | People                           %
          1     General Manajer | General Manager                         5                        0.79%                    4                        0,70%
          2     Manajer   | Manager                                       13                        2.07%                  12                        3,33%
       3        Staf | Staff                                             611                       97.14%                 555                       95,97%
       4        Non Staf | Non Staff                                      0                          0                      0                             0
                Jumlah | Total                                           629                        100%                  571                        100%




LAPORAN TAHUNAN 2023 | Annual Report                                       59                                    P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
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    Komposisi Karyawan Perseroan  Berdasarkan Jenjang Pendidikan
    Composition of the Company Employee Based on Education Level

                   Jenjang Pendidikan                          2023                                2022
    NO
                     Education Level               Total | People       %      Total | People                         %
      1   S2 | Master Degree                             5            0.79%               2                        0,35%
      2   S1 | Bachelor Degree                           174          27.66%            150                       26,27%
      3   Diploma |     Diploma                          131          20.83%            119                       20,84%
      4   SMA | Senior High School                      295           46.90%            278                       48,69%
      5   < SMA   | < Senior High School                 24           3.82%              22                        3,85%
          Jumlah | Total                                629           100%              571                        100%


    Komposisi Karyawan Perseroan  Berdasarkan Jenjang Usia
    Composition of the Company Employee Based on Age

                         Jenjang Usia                          2023                                2022
    NO
                             Age                   Total | People       %      Total | People                         %
      1   > 50 tahun | years                             21           3.34%              20                        3,50%
      2   41 - 50 tahun | years                          111          17.65%             91                       15,94%
      3   31 - 40 tahun | years                         173           27.50%            179                       31,35%
      4   < 30 tahun | years                            324           51.51%            281                       49,21%
          Jumlah | Total                                629           100%              571                        100%


    Komposisi Karyawan Perseroan Berdasarkan Status Karyawan
    Composition of the Company Employee Based on Employment Status

                         Penempatan                            2023                                2022
    NO
                          Placement                Total | People       %      Total | People                         %
      1   Tetap | Permanent                             620           98.57%             411                      71.98%
      2   Kontrak | Contract                             9            1.43%             160                       28.02%
          Jumlah | Total                                629           100%              571                        100%



    Komposisi Karyawan Perseroan Berdasarkan Penempatan
    Composition of the Company Employee Based on Placement

                         Penempatan                            2023                                2022
    NO
                          Placement                Total | People       %      Total | People                         %
      1   Kantor Pusat | Head Office                     41           6.52%              34                        5,95%
      2   Pabrik / Lokasi Lain | Plant / Others         588           93.48%            537                       94.05%
          Jumlah | Total                                629           100%              571                        100%




    Komposisi Karyawan Perseroan  Berdasarkan Lama Kerja
    Composition of the Company Employee Based on Years of Service

                          Lama Kerja                           2023                                2022
    NO
                        Years of Service           Total | People       %      Total | People                         %
      1   Dibawah 1 tahun | Under 1 year                120           19.08%            159                       27,85%
      2   1-3 tahun | 1-3 years                         178           28.30%            100                        17,51%
      3   4-5 tahun |        4-5 years                   56           8.90%              48                        8,41%
      4   6-10 tahun |       6-10 years                  111          17.65%            244                       42,73%
      5   11-15 tahun    |    11-15 years               164           26.07%             20                        3,50%
          Jumlah | Total                                629           100%              571                        100%




LAPORAN TAHUNAN 2023 | Annual Report                      60                   P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
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    Lembaga Profesi Penunjang  Pasar Modal
    Capital Market Supporting Institutions


    Kantor Akuntan Publik                                    Kustodian
    Public Accountant                                        Custody
    Teramihardja, Pradhono & Chandra                         PT Kustodian Sentral Efek Indonesia (KSEI)
    AXA TOWER 27    th
                         Floor Suite 03                      Gedung Bursa Efek Indonesia (BEI) Tower I Lantai 5
    Jl. Prof. Dr. Satrio Kav. 18, Kuningan, Setiabudi        Jl. Jenderal Sudirman Kav. 52-53
    Jakarta 12940, Indonesia                                 Jakarta 12190, Indonesia
    Telp : (021) 30056267, 30056268                          Telp : (021) 52991099
    Fax : (021) 30056269                                     Fax : (021) 52991199



    Biro Administrasi Efek                                   Notaris
    Share Registrar                                          Public Notary
    PT Sinartama Gunita                                      Kamelina, S.H
    Sinarmas Land Plaza, Tower 1 Lantai 9                    Jl. Danau Sunter Utara Blok G-7A No.6
    Jl. MH Thamrin No. 51                                    Jakarta Utara 14350, Indonesia
    Jakarta 10350, Indonesia                                 Telp : (021) 6400727
    Telp : (021) 3922332                                     Fax : (021) 6400728
    Fax : (021) 3923003




    Alamat Perseroan
    Company Address


    Kantor Pusat                                             Pabrik
    Head Office                                              Plant
    Wisma ADR, 3rd Floor                                     Desa Mendis Jaya KM. 121
    Jl. Pluit Raya I No.1, Penjaringan                       Bayung Lencir, Musi Banyuasin
    Jakarta Utara 14440, Indonesia                           Sumatra Selatan 30756, Indonesia
    Telp : (021) 6615555                                     Telp : (021) 6615555 ext : 9
    Fax : (021) 6619301
    Situs Web | Website : www.pt-ifi.com




LAPORAN TAHUNAN 2023 | Annual Report                    61                           P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
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    Analisa dan Pembahasan Manajemen
    Management Discussion and Analysis


    Tinjauan Kinerja Operasional                                         Operational Performance Review

    Produksi per Segmen Operasi                                          Production per Operating Segment
    Total keseluruhan volume produksi MDF tahun                          The total volume of MDF production in 2023 amounted
    2023 sebesar 251.115 m3 atau sekitar 55,80% dari                     to 251,115 m3 or around 55.80% of the Company's
    kapasitas maksimum Perseroan yaitu 450.000 m3                        maximum capacity of 450,000 m3 per year. The
    per tahun. Pencapaian produksi MDF tahun 2023                        production achievement of MDF in 2023 increased
    meningkat secara signifikan sebesar 112.784 m           3            significantly by 112,784 m3 or 81.53% compared to
    atau 81,53% dibandingkan tahun 2022 yang sebesar                     2022 which amounted to 138,331 m3. The increase in
    138.331 m3. Peningkatan jumlah produksi ini terutama                 production volume was mainly due to an increase
    dikarenakan adanya peningkatan volume produksi                       in MDF production volume in the Middle East. This
    MDF Middle East. Hal ini didorong seiring dengan                     was driven along with the increase in production
    sudah bertambahnya kapasitas produksi sehubungan                     capacity related to the additional MDF second line
    dengan fasilitas produksi tambahan MDF Line kedua                    production facility, which has started commercial
    yang sudah mulai berproduksi secara komersial                        production since April 2023, the Company focuses on
    sejak bulan April 2023, Perseroan berfokus pada                      increasing production volume for export markets in
    peningkatan volume produksi untuk pasar ekspor di                    Middle East countries, which could not be met due to
    negara-negara kawasan Timur Tengah yang selama                       limited production capacity. Production per operating
    ini tidak bisa dipenuhi karena keterbatasan kapasitas                segment can be seen in the table below :
    produksi. Produksi per segmen operasi dapat dilihat
    pada tabel dibawah ini :


    Tabel Produksi                                                                                                 Table of Production
                                                                                                        Kenaikan | (Penurunan)
                                         2023                               2022
                                                                                                         Increase | (Decrease)

          Produk                            % terhadap                           % terhadap
          Product              Volume      Total Produksi       Volume          Total Produksi         Volume
                                                                                                                                      %
                                (m3)         % of Total          (m3)             % of Total            (m3)
                                            Production                           Production


    MDF Japan                  42.887           16,97%          71.929             48,52%              (29.042)                  (40,38%)


    MDF Reguler                47.579           18,83%          51.704             34,88%               (4.125)                   (7,98)%


    MDF Middle East            159.414          63,09%          12.210              8,24%              147.204                   1205,60%


    MDF Splitter                1.235            0,49%           2.488              1,68%               (1.253)                  (50,36%)


       Subtotal MDF            251.115          99,38%          138.331            93,32%              112.784                    81,53%

    Produk lainnya
                                1.557            0,62%           9.908              6,68%               (8.351)                  (84,29%)
    Other Products

       Jumlah
                               252.672          100,00%         148.239            100,00%             104.433                    70,45%
       Total




LAPORAN TAHUNAN 2023 | Annual Report                            62                               P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 68
    Produksi per Segmen Operasi                                      Production per Operating Segment
    Tahapan produksi produk Medium Density Fibreboard                The production stages of the Company's Medium
    (MDF), Veneer, dan Plywood Perseroan dapat dilihat               Density Fibreboard (MDF), Veneer and Plywood
    pada tabel dibawah ini :                                         products can be seen in the table below:


            Jenis Produk                             Tahapan Produksi
     No.
            Types of Products                        Production Stage

       1.   Papan Serat berkepadatan sedang          Pemilihan kualitas kayu | Selection of log quality
            Medium Density Fibreboard
                                                     Pengelupasan kulit kayu | Wood bark stripping

                                                     Pembentukan chip | Chip formation

                                                     Pembersihan | Cleaning

                                                     Penghalusan | Smoothing

                                                     Pengeringan | Drying

                                                     Pencetakan papan | Board forming

                                                     Pra pengempaan | Pre-compression

                                                     Pengempaan panas | Hot press

                                                     Pemotongan | Cutting

       2.   Kayu Lembar                              Pemilihan kualitas kayu | Selection of log quality
            Veneer
                                                     Pemotongan kayu | Wood cutting

                                                     Pengupasan kayu | Wood stripping

                                                     Pelunakan kayu | Wood Softening

                                                     Penyayatan | Slicing

                                                     Pengeringan | Drying

       3.   Kayu Lapis                               Pemilihan kualitas kayu | Selection of log quality
            Plywood
                                                     Pengupasan kayu | Wood stripping

                                                     Pengeringan | Drying

                                                     Perbaikan dan setting ulang | Repair and setting

                                                     Penyelesaian | Finishing

                                                     Pemilahan | Grading



    Penjualan per Segmen Operasi                                     Sales per Operating Segment
    Sepanjang      tahun        2023,   Perseroan   mampu            Throughout 2023, the Company was able to record
    membukukan volume penjualan sebanyak 227.008                     sales volume of 227,008 m3, an increase of 93,917 m3
    m3, meningkat sebanyak 93.917 m3 atau 70,57%                     or 70.57% compared to the achievement in 2022 of
    dibandingkan dengan pencapaian di tahun 2022                     133,091 m3. This increase was due to the increase in
    sebanyak 133.091 m3. Peningkatan ini disebabkan oleh             sales volume to Middle East countries by 125,433 m3
    meningkatnya volume penjualan ke negara Timur                    or 1,213.44% from 10,337 m3 in 2022 to 135,770 m3 in
    Tengah sebanyak 125.433 m3 atau 1.213,44% dari yang              2023. The largest sales in 2023 were mainly from MDF
    semula sebanyak 10.337 m di tahun 2022 menjadi
                                    3
                                                                     products with sales volume of 224,376 m3. Sales per
    135.770 m3 di tahun 2023. Penjualan terbesar di tahun            operating segment can be seen in the table below:




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    2023 terutama dari produk MDF dengan volume
    penjualan sebesar 224.376 m3. Penjualan per segmen
    operasi dapat dilihat pada tabel dibawah ini :

    Tabel Penjualan                                                                                                                                  Table of Sales
                                                                                                                         Kenaikan | (Penurunan)
                                       2023                                         2022
                                                                                                                          Increase | (Decrease)

                                     Dalam           %                          Dalam            %                                              Dalam
                                     Jutaan      terhadap                       Jutaan       terhadap                                           Jutaan
        Produk                        (Rp)         Total                         (Rp)          Total                                             (Rp)
        Product       Volume                     Penjualan         Volume                    Penjualan     Volume
                                                                                                                                  %                                  %
                       (m3)                        Bersih           (m3)                       Bersih       (m3)
                                        In          % of                          In            % of                                              In
                                     Millions    Total Net                     Millions      Total Net                                         Millions
                                      (Rp)         Sales                        (Rp)           Sales                                            (Rp)

    MDF Japan          40.861        331.377       33,57%          62.414      523.022        60,31%       (21.553)          (34,53)%          (191.645)        (36,64%)

    MDF Reguler        47.745        220.234       22,32%          52.224      250.958        28,94%           (4.479)        (8,58%)          (30.724)         (12,24%)

    MDF Middle
                       135.770       421.285       42,68%          10.337       38.571         4,45%       125.433          1.213,44%           382.714         992,23%
    East

      Subtotal MDF    224.376        972.896       98.57%          124.975     812.551        93.70%        99.401            79,54%           160.345           19,73%

    Produk lainnya
                           2.632      14.094       1,43%            8.116       54.595        6,30%         (5.484)          (67,57%)          (40.501)         (74,18)%
    Other Products
      Jumlah
                      227.008        986.990      100,00%          133.091     867.146       100,00%        93.917            70,57%           119.844           13,82%
      Total




    Profitabilitas Produk per Segmen Operasi                                            Product Profitability per Operating Segment
    Pada tahun 2023, laba bruto Perseroan sebesar                                       In 2023, the Company's Gross Profit amounted to
    Rp262.090 juta, menurun sebesar Rp3.195 juta atau                                   Rp262,090 million, a decrease of Rp3,195 million
    1,20% dibanding pencapaian tahun 2022 sebesar                                       or 1.20% compared to the achievement in 2022 of
    Rp265.285 juta.                                                                     Rp265,285 million.

    Tabel Profitabilitas                                                                                                                   Table of Profitability
                                                                                                                                Kenaikan | (Penurunan)
                                                2023                                         2022
                                                                                                                                 Increase | (Decrease)
                                                       % terhadap                                   % terhadap
                                 Dalam                                         Dalam                                          Dalam
          Produk                                          Total                                        Total
                               Jutaan (Rp)                                   Jutaan (Rp)                                    Jutaan (Rp)
          Product                                      Penjualan                                    Penjualan
                                                         Bersih                                       Bersih                                                  %
                                                           % of                                         % of
                                     In                                            In                                            In
                                                        Total Net                                    Total Net
                               Millions (Rp)                                 Millions (Rp)                                 Millions (Rp)
                                                          Sales                                        Sales

    MDF Japan                      98.956                10,03%                183.873                 21,20%                  (84.917)                   (46,18%)

    MDF Reguler                    49.566                5,02%                  65.859                 7,59%                   (16.293)                   (24,74%)

    MDF Middle East                121.852               12,35%                 10.496                 1,21%                    111.356                 1.060,94%

       Subtotal MDF                270.374               27,39%                260.228               30,01%                     10.146                     3,90%

    Produk lainnya
                                   (8.284)               (0,84%)                5.057                  0,58%                    (13.341)                 (263,81%)
    Other Products
       Jumlah
                                   262.090              26,55%                 265.285               30,59%                     (3.195)                   (1,20%)
       Total




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    Prospek Usaha Perseroan                                       Business Prospects of the Company
    Di tengah perlambatan ekonomi global, peningkatan             Based on data from the Central Statistics Agency
    tensi geopolitik, risiko inflasi, penurunan harga             (BPS), Indonesia's overall economic growth in 2023
    komoditas ekspor unggulan, hingga perubahan iklim,            amounted to 5.05% year on year (yoy) or lower
    ekonomi Indonesia tetap tumbuh solid. Berdasarkan             compared to 2022 of 5.31% (yoy). Although this
    data Badan Pusat Statistik (BPS), pertumbuhan                 growth is slower than the previous year, Indonesia is
    perekonomian Indonesia secara keseluruhan di                  still able to maintain a relatively resilient economic
    tahun 2023 sebesar 5,05% year on year (yoy) atau              performance.     Supported           by        high         domestic
    lebih rendah dibandingkan dengan tahun 2022 yang              consumption, investment, and surplus trade balance
    sebesar 5,31% (yoy). Meskipun pertumbuhan ini lebih           despite the pressure of declining global commodities
    lambat dibandingkan tahun sebelumnya, namun                   prices, Indonesia continued to maintain a balanced
    Indonesia masih mampu mempertahankan kinerja                  fiscal and monetary policy that can sustain inflation
    ekonomi yang relatif tangguh. Dengan didukung                 and Rupiah relatively stable, therefore supporting
    tingginya konsumsi domestik, investasi, serta neraca          Indonesia economic stability insulated against global
    perdagangan yang masih tetap surplus ditengah                 pressures.
    tekanan penurunan harga komoditas global, Indonesia
    terus menerapkan keseimbangan kebijakan fiskal dan
    moneter yang mampu menjaga inflasi dan Rupiah
    relatif stabil, dengan demikian dapat menopang
    stabilitas perekonomian Indonesia dari dampak
    tekanan global.


    Kedepannya, prospek bisnis di tahun 2024 diprediksi           Looking ahead, the business outlook for 2024
    masih akan mengalami perlambatan pertumbuhan                  is predicted to experience slowing growth due
    dikarenakan kondisi global yang masih dipenuhi                to global conditions that are still fraught with
    dengan ketidakpastian. Permintaan dari Jepang masih           uncertainty. Demand from Japan continues to show
    memperlihatkan kondisi pasar yang lesu dimana                 sluggish market conditions, with demand growth
    terjadi perlambatan pertumbuhan permintaan yang               slowing due to economic conditions in the country.
    dikarenakan kondisi perekonomian di negaranya.                However, demand for MDF products from countries
    Namun permintaan produk MDF ke negara di Kawasan              in the Middle East region remains stable and tends
    Timur Tengah masih tetap stabil dan cenderung terus           to increase despite the current global crisis situation,
    meningkat walaupun dalam situasi krisis global yang           such as the conflict in the Red Sea. The Company
    saat ini sedang terjadi seperti konflik di Laut Merah.        projects a moderate growth target in line with the
    Perseroan memproyeksikan target pertumbuhan                   estimated economic growth and taking into account
    moderat sejalan dengan perkiraan pertumbuhan                  the current global situation. The Company aims to
    ekonomi dan pertimbangan keadaan global saat ini.             continue to achieve positive growth in sales and net
    Perseroan berusaha agar penjualan dan laba bersih di          profit in the coming year compared to the previous
    tahun depan bisa tetap mengalami pertumbuhan yang             year. One of the main driving factors is that together
    positif dibandingkan dengan tahun sebelumnya. Salah           with the increase in production capacity in connection
    satu faktor pendorong utama adalah seiring dengan             with the additional MDF second line production
    bertambahnya      kapasitas   produksi   sehubungan           facility which started commercial production in April
    dengan fasilitas produksi tambahan MDF Line kedua             2023, the Company is optimistic that sales and net
    yang sudah mulai berproduksi secara komersial                 profit will experience growth from the achievement
    sejak bulan April 2023, Perseroan optimis penjualan           in 2023.
    dan laba bersih akan mengalami pertumbuhan dari
    pencapaian tahun 2023 lalu.




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    Secara jangka panjang, prospek bisnis MDF diyakini            On a long terms basis, we believed the MDF’s business
    masih akan terus berkembang seiring dengan                    prospects will continue to grow in line with the
    terus meningkatnya proyek gedung dan hunian                   increase of building and residential property projects
    properti serta meningkatnya urbanisasi dan rumah              as well as increasing urbanization and nuclear family
    tangga keluarga inti yang diharapkan akan semakin             households which are expected to further encourage
    mendorong industri MDF di masa mendatang.                     the MDF industry in the future.


    Perbandingan Target/Proyeksi Awal Tahun dengan                Comparison of the Target / Projections at the Beginning
    Realisasi                                                     of the Year with the Realization
    Perseroan   mencatatkan    pertumbuhan       penjualan        The Company recorded positive net sales growth
    bersih yang positif melebihi target yang ditetapkan           exceeding the target set by the Company at the
    Perseroan pada awal tahun. Penjualan bersih pada              beginning of the year. Net sales in 2023 amounted to
    tahun 2023 sebesar Rp986.990 juta, naik sebesar               Rp986,990 million, an increase of Rp119,844 million
    Rp119.844 juta atau 13,82% dari tahun sebelumnya              or 13.82% from the previous year which amounted to
    yang sebesar Rp867.146 juta di tahun 2022.                    Rp867,146 million in 2022.


    Laba bersih pada tahun 2023 tercatat sebesar                  Net profit in 2023 was recorded at Rp100,903 million,
    Rp100.903 juta, atau bertumbuh sebesar Rp3.785 juta           or grew by Rp3,785 million or 3.90% from the previous
    atau 3,90% dari tahun sebelumnya sebesar Rp97.118             year of Rp97,118 million in 2022.
    juta di tahun 2022.


    Dari segi profitabilitas, margin laba bersih yang             In terms of profitability, the net profit margin recorded
    dicatatkan pada tahun 2023 sebesar 10% terhadap               in 2023 is 10% of net sales. This percentage is still in
    penjualan bersih. Persentase tersebut masih sejalan           line with the target set by the Company.
    dengan target yang telah ditetapkan oleh Perseroan.


    Komposisi struktur modal pada tahun 2023 terdiri              The composition of the capital structure in 2023
    dari liabilitas sebesar Rp673.472 juta atau 35,55%            consists of liabilities of Rp673,472 million or 35.55%
    dan ekuitas sebesar Rp1.220.916 juta atau 64,45%.             and equity of Rp1,220,916 million or 64.45%. The
    Liabilitas Perseroan mengalami peningkatan sebesar            Company's liabilities increased by Rp69,145 million
    Rp69.145 juta atau 11,44% dan ekuitas mengalami               or 11.44% and equity increased by Rp78,436 million
    peningkatan sebesar Rp78.436 juta atau 6,87% jika             or 6.87% compared to the realization in 2022, namely
    dibandingkan dengan realisasi pada tahun 2022 yaitu           liabilities of Rp604,327 million or 34.60% and equity of
    liabilitas sebesar Rp604.327 juta atau 34,60% dan             Rp1,142,480 million or 65.40%.
    ekuitas sebesar Rp1.142.480 juta atau 65,40%.


    Target/Proyeksi Perseroan 1 (Satu) Tahun Mendatang            Target/Projection of the Company for the Next 1 (one)
                                                                  Year
    Tahun 2024 masih akan diwarnai oleh tantangan                 The year 2024 will continue to be characterized
    global yang signifikan. Proyeksi Dana Moneter                 by significant global challenges. The International
    Internasional   (IMF)   menyebutkan    pertumbuhan            Monetary Fund (IMF) predicts that global economic
    ekonomi global di tahun 2024 tetap sama dari tahun            growth in 2024 will remain flat from 2023, with a growth
    2023, dengan tingkat pertumbuhan sebesar 3,2%,                rate of 3.2%, and that this sluggish growth trajectory
    pertumbuhan yang lambat ini akan berlanjut di tahun-          will continue in the coming years. In the midst of
    tahun mendatang. Di tengah kondisi perekonomian               these uncertain economic conditions, the Company




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    yang tidak pasti tersebut, Perseroan tetap optimis            remains optimistic that the business prospects for
    menilai prospek bisnis produk olahan kayu di tahun            processed wood products in 2024 are still high, as
    2024 masih tinggi, dimana potensi permintaan produk           the potential demand for MDF products produced
    MDF yang dihasilkan oleh Perseroan masih cukup                by the Company is still quite high and in demand by
    tinggi dan diminati oleh konsumen dan kami yakin              consumers, and we believe that the selling price of
    harga jual produk Perseroan masih bersaing dengan             the Company's products is still competitive with other
    pabrik lain di negara kompetitor ataupun di Indonesia.        factories in competing countries or in Indonesia.


    Penetapan target terhadap struktur modal dan                  The targeting of capital structure and dividend
    kebijakan pembagian dividen masih sulit diprediksi            distribution policy is still difficult to predict given the
    mengingat kondisi saat ini yang masih sangat                  current condition which is still heavily influenced
    dipengaruhi oleh kondisi pasar dan perkembangan               by market conditions and economic developments
    ekonomi yang kemungkinan masih terus berfluktuasi             which may continue to fluctuate amid the unstable
    ditengah kondisi ekonomi yang masih tidak menentu.            economic conditions. The Company projects a
    Perseroan memproyeksikan target pertumbuhan                   moderate growth target in line with the economic
    moderat sejalan dengan perkiraan pertumbuhan                  growth forecast and consideration of the current
    ekonomi dan pertimbangan keadaan global saat ini.             global situation. The Company strives for sales and
    Perusahaan berusaha agar penjualan dan laba bersih            net profit next year to continue to experience positive
    di tahun depan bisa tetap mengalami pertumbuhan               growth compared to the previous year.
    yang positif dibandingkan tahun sebelumnya.




    Tinjauan Kinerja Keuangan                                     Financial Performance Reviews

    Tinjauan kinerja keuangan ini dibuat berdasarkan              The review of financial performance was based on
    informasi yang diperoleh dari Laporan Keuangan                the Financial Statements of the Company for the
    Perseroan untuk periode 31 Desember 2023 yang                 December 31, 2023 period which was audited by
    telah diaudit oleh Kantor Akuntan Publik Teramihardja,        Public Accounting Firm Teramihardja, Pradhono &
    Pradhono & Chandra, dan memperoleh pendapat                   Chandra with the opinion of fair, in all material aspects,
    wajar, dalam semua hal yang material, posisi                  the Company’s financial position as of December 31,
    keuangan Perseroan tanggal 31 Desember 2023,                  2023, and their financial performance and their cash
    serta kinerja keuangan dan arus kasnya untuk tahun            flows for the year ended on that date, in accordance
    yang berakhir pada tanggal tersebut, sesuai dengan            with the Indonesian Financial Accounting Standards.
    Standar Akuntansi Keuangan di Indonesia.


    Kinerja keuangan Perseroan di tahun 2023 yang                 The Company’s 2023 financial performance, which is
    diperbandingkan dengan tahun 2022 dapat dilihat               compared to its performance in 2022 can be found in
    pada penjelasan dibawah ini.                                  the explanation below.




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    Laporan Laba Rugi dan Laba                               Statements of Profit or Loss and Other
    Komprehensif Lain                                        Comprehensive Income



    Tabel Laporan Laba Rugi dan                                                 Table of Statements of Profit or loss
    Laba Komprehensif Lain                                                       and Other Comprehensive Income

                                                                                                       Naik (Turun)
                                                               2023         2022
                                                                                                   Increase (Decrease)
                       Keterangan | Description
                                                             Rp Jutaan    Rp Jutaan           Rp Jutaan
                                                                                                                              %
                                                             Rp Million   Rp Million          Rp Million

    Penjualan Bersih
                                                              986.990      867.146               119.844                  13,82%
    Net Sales
    Beban Pokok Penjualan
                                                             (724.900)    (601.862)              123.038                  20,44%
    Cost of Goods Sold
    Laba Bruto
                                                              262.090      265.284                (3.194)                 (1,20%)
    Gross Profit
    Beban Usaha
                                                             (128.574)     (114.458)              14.116                  12,33%
    Operating Expenses
    Beban Lain-lain
                                                              (3.699)      (25.993)              (22.294)                (85,77%)
    Other Expenses
    Laba Sebelum Beban Pajak Penghasilan
                                                              129.817      124.833                4.984                   3,99%
    Profit Before Income Tax Expense
    Beban Pajak Penghasilan
                                                              (28.914)     (27.715)                1.199                   4,33%
    Income Tax Expenses
    Laba Tahun Berjalan
                                                              100.903       97.118                3.785                   3,90%
    Income for the Year
    Rugi Komprehensif Lain -Setelah Pajak
                                                              (3.642)       (359)                 3.283                  914,50%
    Other Comprehensive Loss -Net of Tax
    Jumlah Laba Komprehensif Tahun Berjalan
                                                               97.261      96.759                   502                   0,52%
    Total Comprehensive Income for the Year
    Laba Tahun Berjalan
                                                              100.903       97.118                3.785                   3,90%
    Income for the Year
    Laba per Saham Dasar
                                                                 11           10                      1                     10%
    Basic and Diluted Earnings per Share




    Penjualan Bersih                                         Net Sales
    Ditahun 2023, Perseroan mengalami peningkatan            In 2023, the Company experienced a increase in sales
    volume penjualan dari 133.091 m di tahun 2022
                                            3                volume from 133,091 m3 in 2022 to 227,008 m3. The
    menjadi 227.008 m3. Peningkatan volume penjualan         increase in sales volume was due to the increase
    ini dikarenakan meningkatnya penjualan produk MDF        in sales of MDF Middle East products. Although the
    Middle East. Walaupun margin penjualan ekspor            margin of export sales to Middle East countries is
    ke negara-negara kawasan Timur Tengah lebih              lower than Japan or other countries, the higher sales
    rendah daripada negara Jepang ataupun negara             volume can cover the loss of sales margin from the
    lainnya, namun jumlah volume penjualan yang lebih        Company's declining export destination countries.
    tinggi dapat menutupi kehilangan margin penjualan
    dari negara-negara tujuan ekspor Perseroan yang
    menurun.




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    Penjualan Bersih per Segmen Geografis                                 Net Sales by Geographical Segment


    Tabel Penjualan Bersih per Segmen Geografis                                        Table of Net Sales by Geographical Segment

                                                                                                              Naik | (Turun)
                                                                2023                    2022
                                                                                                          Increase | (Decrease)
                         Keterangan
                         Description
                                                              Rp Jutaan              Rp Jutaan       Rp Jutaan
                                                                                                                                        %
                                                              Rp Million             Rp Million      Rp Million

    Timur Tengah | Middle East                                 421.285                 38.570           382.715                    992,26%

    Jepang | Japan                                             313.143                 488.323         (175.180)                   (35,87%)

    Indonesia | Indonesia                                      197.641                 240.933         (43.292)                    (17,97%)

    Lain-lain | Others                                          54.921                 99.320          (44.399)                    (44,70%)

    Jumlah | Total                                             986.990                 867.146         119.844                      13,82%



    Beban Pokok Penjualan                                                 Cost of Goods Sold
    Sejalan   dengan     peningkatan     penjualan,   beban               Along with the sales growth, the cost of goods sold
    pokok penjualan pada tahun 2023 tercatat sebesar                      in 2023 was recorded at Rp724,900 million or an
    Rp724.900 juta atau meningkat sebesar 20,44%                          increase of 20.44% compared to 2022 of Rp601,862
    dibandingkan tahun 2022 sebesar Rp601.862 juta.                       million.


    Beban Pokok Penjualan terdiri dari :                                  Cost of Goods Sold comprised of :


     Tabel Beban Pokok Penjualan                                                                    Table of Cost of Goods Sold

                                                                                                           Naik | (Turun)
                                                                2023                   2022
                                                                                                       Increase | (Decrease)
                         Keterangan
                         Description
                                                              Rp Jutaan              Rp Jutaan      Rp Jutaan
                                                                                                                                    %
                                                              Rp Million             Rp Million     Rp Million

     Bahan Baku dan Bahan Pembantu yang digunakan
                                                               445.986                428.667         17.319                     4,04%
     Raw Materials and Indirect Materials Used

     Upah Langsung | Direct Labor                              80.300                 70.997          9.303                     13,10%

     Beban Produksi | Production Costs                         237.080                160.240        76.840                     47,95%

     Jumlah Beban Pabrikasi
                                                               763.366                659.904        103.462                    15,68%
     Total Cost of Goods Manufactured

     Persediaan Barang Dalam Proses
     Work In-Process Inventory

       Awal Tahun | Beginning Balance                           18.643                 12.535         6.108                     48,73%

       Akhir Tahun | Ending Balance                            (13.466)               (18.642)        (5.176)                  (27,77%)

     Beban Pokok Produksi | Total Manufacturing Cost           768.543                653.797        114.746                    17,55%

     Persediaan Barang Jadi
     Finished Goods Inventory

       Awal Tahun | Beginning Balance                           79.710                 27.775         51.935                   186.98%

       Akhir Tahun | Ending Balance                            (123.353)              (79.710)        43.643                    54,75%

     Beban Pokok Penjualan | Cost of Goods Sold                724.900                601.862        123.038                    20,44%




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    Laba Bruto                                                             Gross Profit
    Pada tahun 2023, laba bruto Perseroan mengalami                        In 2023, the Company's gross profit decreased slightly
    sedikit penurunan sekitar Rp3.194 juta atau sekitar                    by around Rp3,194 million or about 1.20% from last
    1,20% dari tahun lalu, yaitu dari Rp265.284 juta menjadi               year, from Rp265,284 million to Rp262,090 million.
    Rp262.090 juta. Penurunan laba bruto tersebut                          The decrease in gross profit was mainly due to an
    terutama disebabkan oleh adanya peningkatan                            increase in cost of goods sold of 20.44% higher than
    beban pokok penjualan sebesar 20,44% lebih tinggi                      the increase in net sales of 13.82%.
    dibandingkan dengan peningkatan penjualan bersih
    sebesar 13,82%.


    Beban Usaha                                                            Operating Expenses
    Beban usaha terdiri dari beban penjualan, beban                        Operating Expenses consist of selling expenses,
    umum dan administrasi dengan penjelasan sebagai                        general and administration expenses with explanation
    berikut :                                                              as below :


     Tabel Beban Usaha                                                                                Table of Operating Expenses

                                                                                                              Naik | (Turun)
                                                                  2023                  2022
                                                                                                          Increase | (Decrease)
                            Keterangan
                            Description
                                                                Rp Jutaan          Rp Jutaan         Rp Jutaan
                                                                                                                                        %
                                                                Rp Million         Rp Million        Rp Million

     Beban Penjualan | Selling Expenses                          101.696                89.176          12.520                      14,04%

     Beban Umum dan Administrasi
                                                                 26.878                 25.282           1.596                       6,31%
     General and Administrative Expenses

     Jumlah Beban Usaha | Total Operating Expenses               128.574            114.458             14.116                      12,33%



    Beban       penjualan    pada     tahun   2023   tercatat              Selling expenses in 2023 were recorded at Rp101,696
    sebesar Rp101.696 juta, meningkat sebesar 14,04%                       million, an increase of 14.04% compared to selling
    dibandingkan dengan beban penjualan di tahun                           expenses in 2022 of Rp89,176 million. This increase
    2022 sebesar Rp89.176 juta. Peningkatan ini terutama                   was mainly due to an increase in freight costs.
    disebabkan oleh adanya peningkatan biaya angkutan.


    Beban umum dan administrasi pada tahun 2023                            General and administrative expenses in 2023 were
    tercatat sebesar Rp26.878 juta, meningkat sebesar                      recorded at Rp26,878 million, an increase of 6.31%
    6,31% dibandingkan dengan beban umum dan                               compared to general and administrative expenses
    administrasi di tahun 2022 sebesar Rp25.282 juta.                      in 2022 of Rp25,282 million. This increase was mainly
    Peningkatan ini terutama disebabkan oleh adanya                        due to an increase in salaries and allowances as well
    peningkatan gaji dan tunjangan serta imbalan kerja                     as employees benefits.
    karyawan.


    Laba Sebelum Beban Pajak Penghasilan                                   Profit Before Income Tax Expenses
    Seiring dengan peningkatan penjualan, laba sebelum                     Along with the increase in sales, profit before income
    beban       pajak   penghasilan   tahun   2022   sebesar               tax expenses in 2022 amounted to Rp124,833 million,
    Rp124.833 juta, mengalami peningkatan sebesar                          increased by Rp4,984 million or 3.99% to Rp129,817
    Rp4.984 juta atau 3,99% menjadi Rp129.817 juta di




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    tahun 2023 terutama dikarenakan oleh meningkatnya            million in 2023 mainly due to an increase in foreign
    laba selisih kurs-bersih sebesar Rp49.522 juta atau          exchange gains - net of Rp49,522 million or 196.05%.
    196,05%.


    Beban pajak penghasilan juga meningkat dari                  Income tax expense also increased from Rp27,715
    Rp27.715 juta di tahun 2022 menjadi Rp28.914 juta di         million in 2022 to Rp28,914 million in 2023.
    tahun 2023.


    Laba Tahun Berjalan                                          Income For the Year
    Faktor-faktor tersebut diatas menyebabkan laba tahun         The factors mentioned above caused the income for
    berjalan pada tahun 2023 tercatat sebesar Rp100.903          the year in 2023 to be recorded at Rp100,903 million,
    juta, mengalami peningkatan sekitar Rp3.785 juta atau        an increase of around Rp3,785 million or 3.90%
    sekitar 3,90% dibandingkan tahun 2022 yang tercatat          compared to 2022 which was recorded at Rp97,118
    sebesar Rp97.118 juta.                                       million.


    Rugi Komprehensif Lain – Setelah Pajak dan Total             Other Comprehensive Loss – Net of Tax and Total
    Laba Komprehensif Tahun Berjalan                             Comprehensive Income for the Year
    Rugi komprehensif lain mengalami peningkatan                 Other comprehensive loss was increased by Rp3,283
    sebesar Rp3.283     juta   atau   914,50%. Walaupun          million or 914.50%. Nevertheless, the Company’s total
    demikian, total laba komprehensif tahun berjalan             comprehensive income for the year still increased
    Perseroan tetap meningkat sebesar Rp502 juta                 by Rp502 million or 0.52% to Rp97,261 million in 2023
    atau 0,52% menjadi Rp97.261 juta di tahun 2023 dari          from Rp96,759 million in 2022.
    Rp96.759 juta pada tahun 2022.




    Laporan Posisi Keuangan                                      Statements of Financial Position

    Perseroan     meyakini     pentingnya   pengelolaan          The Company recognizes the importance of a
    keuangan yang berhati-hati dan seksama, agar                 prudent and thorough financial management so as
    Perseroan dapat secara konsisten mempertahankan              to consistently maintain a robust financial position.
    posisi keuangan yang kuat. Perseroan percaya                 The Company believes that a strong financial position
    bahwa posisi keuangan yang kuat akan menciptakan             creates internal stability to cope with the volatile
    stabilitas internal untuk menghadapi kondisi makro           conditions of global and domestic macro economy
    ekonomi global dan domestik yang dapat berubah               at any time, as well as provides flexibility to support
    setiap waktu, serta memberikan fleksibilitas dalam           business expansion.
    mendukung perluasan usaha.




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    Tabel Laporan Posisi Keuangan                                                         Table of Statement of Financial Position

                                                                                                              Naik | (Turun)
                                                                      2023             2022
                                                                                                          Increase | (Decrease)
                            Keterangan
                            Description
                                                                 Rp Jutaan           Rp Jutaan        Rp Jutaan
                                                                                                                                       %
                                                                 Rp Million          Rp Million       Rp Million

    Aset Lancar | Current Assets                                  487.933             408.597            79.336                     19,42%

    Aset Tidak Lancar | Non-Current Assets                       1.406.456           1.338.210           68.246                     5,10%

       Jumlah Aset | Total Assets                                 1.894.388           1.746.807           147.581                     8,45%

    Liabilitas Jangka Pendek | Current Liabilities                327.701             145.977            181.724                   124,49%

    Liabilitas Jangka Panjang | Non-Current Liabilities           345.771             458.350           (112.579)                  (24,56%)

       Jumlah Liabilitas | Total Liabilities                          673.472          604.327             69.145                    11,44%

    Ekuitas | Equity                                             1.220.916           1.142.480           78.436                     6,87%

       Jumlah Liabilitas dan Ekuitas
                                                                  1.894.388           1.746.807           147.581                     8,45%
       Total Liabilities and Equity



    Aset                                                                  Assets

    Total aset Perseroan per tanggal 31 Desember                          As of December 31, 2023, the Company’s total assets
    2023 tercatat sebesar Rp1.894.388 juta, mengalami                     were recorded at Rp1,894,388 million, an increase of
    peningkatan     sebesar 8,45%         dibandingkan    pada            8.45% compared to December 31, 2022 of Rp1,746,807
    tanggal 31 Desember 2022 yang tercatat sebesar                        million.
    Rp1.746.807 juta.


    Aset Lancar                                                           Current Assets
    Aset lancar Perseroan meningkat sebesar Rp79.336                      The Company's current assets increased by Rp79,336
    juta dari Rp408.597 juta pada tahun 2022 menjadi                      million from Rp408,597 million in 2022 to Rp487,933
    Rp487.933 juta di tahun 2023. Peningkatan ini                         million in 2023. This increase was mainly caused by
    terutama disebabkan karena naiknya piutang usaha                      increasing of account receivables and inventories –
    dan persediaan bersih.                                                net.

    Tabel Aset Lancar                                                                                          Table of Current Assets

                                                                                                              Naik | (Turun)
                                                                      2023             2022
                                                                                                          Increase | (Decrease)
                            Keterangan
                            Description
                                                                 Rp Jutaan           Rp Jutaan        Rp Jutaan
                                                                                                                                       %
                                                                 Rp Million          Rp Million       Rp Million

    Aset Lancar | Current Assets

       Kas dan Bank | Cash on Hand and in Banks                       1.471            11.871           (10.400)                   (87,61%)

       Piutang Usaha | Account Receivables                        144.261             65.953             78.307                    118,73%

       Piutang Lain-lain | Other Receivables                           80               29                  51                     175,86%

       Persediaan Bersih | Inventories - Net                      292.954             284.784             8.170                     2,87%

       Uang Muka | Advances                                       27.608              23.054              4.554                     19,75%

       Biaya dibayar di muka | Prepayments                            3.415            2.292              1.123                    49,00%

       Pajak dibayar di muka | Prepaid Taxes                          18.144          20.614             (2.470)                    11,98%

    Jumlah Aset Lancar | Total Current Assets                     487.933             408.597            79.336                    19,42%




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    Aset Tidak Lancar                                                 Non-Current Assets
    Aset tidak lancar mengalami peningkatan sebesar                   Non-current assets increased by Rp68,246 million
    Rp68.246 juta atau sekitar 5,10% dari Rp1.338.210 juta            or by 5.10% from Rp1,338,210 million in 2022 to
    pada tahun 2022 menjadi Rp1.406.456 juta di tahun                 Rp1,406,456 million in 2023 which was mainly caused
    2023 yang terutama disebabkan oleh peningkatan                    by increase in advance payment for purchase of
    uang muka pembelian aset tetap dan aset tetap-                    fixed assets and fixed assets-net of accumulated
    setelah dikurangi akumulasi penyusutan.                           depreciation.


     Tabel Aset Tidak Lancar                                                                     Table of Non Current Assets

                                                                                                        Naik | (Turun)
                                                                   2023           2022
                                                                                                    Increase | (Decrease)
                             Keterangan
                             Description
                                                              Rp Jutaan        Rp Jutaan        Rp Jutaan
                                                                                                                                 %
                                                              Rp Million       Rp Million       Rp Million

     Aset Tidak Lancar | Non-Current Assets

       Uang Muka Pembelian Aset Tetap
                                                                34.179            8.962            25.217                    281,38%
       Advance Payment for Purchase of Fixed Assets
       Aset Tetap-Setelah Dikurangi Akumulasi Penyusutan
                                                              1.354.809         1.312.231          42.578                     3,24%
       Fixed Assets-Net of Accumulated Depreciation

       Aset Hak Guna-Bersih | Right–of-Use Assets-Net              1.629          3.007            (1.378)                   (45,83%)

       Aset Pajak Tangguhan-Bersih
                                                               15.807            13.956             1.851                     13,26%
       Deferred Tax Assets-Net

       Aset Tidak Lancar Lainnya | Other Non-Current Assets         32                54             (22)                    (40,74%)

     Jumlah Aset Tidak Lancar | Total Non-Current Assets      1.406.456         1.338.210          68.246                     5,10%




    Liabilitas                                                        Liabilities

    Liabilitas   Perseroan    per   tanggal 31   Desember             The Company's liabilities as of December 31, 2023
    2023 tercatat sebesar Rp673.472 juta, mengalami                   were recorded at Rp673,472 million, an increase of
    peningkatan sebesar Rp69.145 juta atau sekitar 11,44%             Rp69,145 million or around 11.44% compared to 2022
    dibandingkan tahun 2022 yang tercatat sebesar                     of Rp604,327 million. This increase was mainly due
    Rp604.327 juta. Peningkatan ini terutama disebabkan               to an increase in short-term bank loans of Rp100,053
    oleh meningkatnya utang bank jangka pendek                        million, advances from customers of Rp11,633 million,
    sebesar Rp100.053 juta, uang muka dari pelanggan                  accrued expenses of Rp10,106 million, and taxes
    sebesar Rp11.633 juta, biaya masih harus dibayar                  payables of Rp7,099 million.
    sebesar Rp10.106 juta, dan utang pajak sebesar
    Rp7.099 juta.




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    Tabel Liabilitas                                                                                            Table of Liabilities

                                                                                                       Naik | (Turun)
                                                                 2023           2022
                                                                                                   Increase | (Decrease)
                               Keterangan
                               Description
                                                            Rp Jutaan         Rp Jutaan        Rp Jutaan
                                                                                                                                %
                                                            Rp Million        Rp Million       Rp Million

    Liabilitas | Liabilities

    Liabilitas Jangka Pendek | Current Liabilities

    Utang Bank Jangka Pendek | Short-Term Bank Loans         138.960            38.907           100.053                    257,16%

    Utang Usaha | Account Payables                           48.931             47.345             1.586                     3,35%

    Utang Lain-Lain - Pihak Ketiga
                                                                  933            1.189             (256)                    (21,53%)
    Other Payables - Third Parties

    Utang Pajak | Taxes Payables                              14.585            7.486              7.099                    94,83%

    Biaya Masih Harus Dibayar | Accrued Expenses              18.148            8.042             10.106                    125,67%

    Uang Muka dari Pelanggan
                                                                 12.532          899              11.633                  1.293,99%
    Advance from Customers

    Utang Jangka Panjang yang Jatuh Tempo dalam Waktu
    Satu Tahun
    Current Maturities of Long-Term Debts

      Utang Bank | Bank Loans                                92.048             40.638            51.410                    126,51%

      Liabilitas Sewa | Lease Liabilities                        1.564           1.471               93                      6,32%

    Jumlah Liabilitas Jangka Pendek
                                                             327.701           145.977           181.724                   124,49%
    Total Current Liabilities



    Liabilitas Jangka Panjang | Non-Current Liabilities

    Utang Jangka Panjang-Setelah Dikurangi Bagian yang
    Jatuh Tempo dalam Waktu Satu Tahun
    Long-Term Debt-Net of Current Maturities

      Utang Bank | Bank Loans                                330.524           445.803           (115.279)                 (25,86%)

      Liabilitas Sewa | Lease Liabilities                         212            1.733            (1.521)                   (87,77%)

    Estimasi Liabilitas atas Imbalan Kerja Karyawan
                                                              15.035            10.814             4.221                    39,03%
    Employee Benefits Liabilities

    Jumlah Liabilitas Jangka Panjang
                                                             345.771           458.350           (112.579)                  24,56%
    Total Non-Current Liabilities

    Jumlah Liabilitas | Total Liabilities                    673.472           604.327            69.145                    11,44%




    Ekuitas                                                          Equity

    Jumlah ekuitas per tanggal 31 Desember 2023                      The total equity as of December 31, 2023 increased
    mengalami peningkatan sebesar Rp78.436 juta atau                 by Rp78,436 million or 6.87%, from Rp1,142,480
    sebesar 6,87% yaitu dari Rp1.142.480 juta di tahun               million in 2022 to Rp1,220,916 million in 2023. The
    2022 menjadi Rp1.220.916 juta di tahun 2023. Kenaikan            increase in equity mainly came from an increase in
    ekuitas terutama berasal dari peningkatan saldo laba             unappropriated retained earnings.
    yang belum ditentukan penggunaannya.




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    Tabel Ekuitas                                                                                                       Table of Equity

                                                                                                          Naik | (Turun)
                                                                   2023           2022
                                                                                                      Increase | (Decrease)
                          Keterangan
                          Description
                                                              Rp Jutaan         Rp Jutaan         Rp Jutaan
                                                                                                                                   %
                                                              Rp Million        Rp Million        Rp Million

    Ekuitas | Equity

    Modal Saham – Nilai Nominal Rp100 per Saham
    Capital Stock – Rp100 Par Value per Share
       Modal Dasar – 20.000.000.000 Saham
       Authorized – 20,000,000,000 Shares
       Modal Ditempatkan dan Disetor Penuh - 9.412.000.000
       Saham                                                   941.200           941.200                 -                      0,00%
       Issued and Fully Paid – 9,412,000,000 Shares
    Tambahan Modal Disetor-Bersih
                                                                   2.898          2.898                  -                      0,00%
    Additional Paid-In Capital-Net

    Laba Komprehensif Lain
                                                                   2.568           6.211             (3.643)                  (58,65%)
    Other Comprehensive Income

    Saldo Laba | Retained Earnings

    Telah Ditentukan Penggunaannya | Appropriated                  4.000          3.000               1.000                     33,33%

    Belum Ditentukan Penggunaannya | Unappropriated            270.250            189.171            81.079                    42,86%

    Jumlah Ekuitas | Total Equity                             1.220.916         1.142.480            78.436                     6,87%




    Laporan Arus Kas                                                  Statement of Cash Flows

    Kemampuan Perseroan untuk menghasilkan arus                       The Company’s ability to generate healthy cash flow
    kas yang sehat merupakan bukti kinerja keuangan                   is deemed as a sign of positive financial performance
    yang positif dan menjadi landasan untuk mendukung                 and a foundation to support business expansion in
    perluasan   usaha   di   masa yang      akan    datang.           the future. The Company continues to take steps
    Perseroan terus mengambil langkah-langkah untuk                   to improve its ability to generate cash flow through
    meningkatkan kemampuannya dalam menghasilkan                      efforts to increase productivity and strengthen its
    arus kas melalui upaya peningkatan produktivitas dan              cash flow cycle through continuous supply chain
    memperkokoh siklus arus kasnya melalui perbaikan                  improvements that have resulted in a more optimal
    rantai pasokan secara berkelanjutan yang telah                    level of net operating cycle.
    menghasilkan level siklus operasional bersih yang
    lebih optimal.


    Arus Kas dari Aktivitas Operasi                                   Cash Flows from Operating Activities
    Pada tahun 2023, arus kas bersih yang diperoleh dari              In 2023, net cash flows provided by operating activities
    aktivitas operasi mencapai Rp125.625 juta, meningkat              reached Rp125,625 million, an increase of Rp36,163
    sebesar Rp36.163 juta atau sebesar 40,42% dari                    million or 40.42% from Rp89,462 million recorded in
    Rp89.462 juta yang tercatat di tahun 2022. Peningkatan            2022. This increase was mainly due to the increase in
    ini terutama disebabkan oleh peningkatan penjualan                the Company’s net sales.
    bersih Perseroan.




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    Tabel Arus Kas dari Aktivitas Operasi                                    Table of Cash Flows from Operating Activities

                                                                                                        Naik | (Turun)
                                                             2023                2022
                                                                                                    Increase | (Decrease)
                        Keterangan
                        Description
                                                           Rp Jutaan          Rp Jutaan         Rp Jutaan
                                                                                                                                 %
                                                           Rp Million         Rp Million        Rp Million

    Arus Kas dari Aktivitas Operasi
    Cash Flows from Operating Activities

    Penerimaan dari Pelanggan
                                                            920.316            872.819             47.497                     5,44%
    Receipts from Customers

    Pembayaran kepada Pemasok
                                                           (538.508)           (555.655)           (17.147)                  (3,09%)
    Payments to Suppliers

    Pembayaran kepada Karyawan
                                                            (98.786)           (88.216)            10.570                     11,98%
    Payments to Employees

    Pembayaran untuk Beban Usaha
                                                            (99.983)           (114.208)          (14.225)                   (12,46%)
    Payments for Operational Expenses

    Pembayaran untuk Beban Keuangan
                                                            (37.246)           (14.886)            22.360                    150,21%
    Payments for Financing Costs

    Pembayaran Pajak Penghasilan dan Pajak
    Pertambahan Nilai - Bersih                              (20.168)           (10.392)             9.776                    94,07%
    Payments for Income Tax and Value-Added Tax - Net

    Arus Kas yang Diperoleh dari Aktivitas Operasi
                                                            125.625             89.462             36.163                    40,42%
    Net Cash Flows Provided by Operating Activities



    Arus Kas dari Aktivitas Investasi                               Cash Flows from Investing Activities
    Pada tahun 2023, arus kas bersih yang digunakan                 In 2023, net cash flows used in investing activities
    untuk aktivitas investasi mencapai Rp177.438 juta,              reached Rp177,438 million, a decrease of Rp392,998
    menurun sebesar Rp392.998 juta atau sebesar                     million or 68.89% from Rp570,436 million recorded in
    68,89% dari Rp570.436 juta yang tercatat di tahun               2022. The decrease in net cash flows used in investing
    2022. Penurunan arus kas bersih yang digunakan                  activities was mainly due to the decrease in acquisition
    untuk aktivitas investasi terutama karena menurunnya            of fixed assets of Rp411,316 million or 73.16%.
    perolehan aset tetap sebesar Rp411.316 juta atau
    sebesar 73,16%.




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    Tabel Arus Kas dari Aktivitas Investasi                                    Table of Cash Flows from Investing Activities

                                                                                                         Naik | (Turun)
                                                            2023                  2022
                                                                                                     Increase | (Decrease)
                          Keterangan
                          Description
                                                          Rp Jutaan            Rp Jutaan         Rp Jutaan
                                                                                                                                  %
                                                          Rp Million           Rp Million        Rp Million

    Arus Kas dari Aktivitas Investasi
    Cash Flows from Investing Activities

    Perolehan Aset Tetap
                                                          (150.873)             (562.189)          (411.316)                  (73.16%)
    Acquisition of Fixed Assets

    Pembayaran Uang Muka Pembelian Aset Tetap
                                                           (27.486)              (8.962)            18.524                   206,69%
    Advance Payments for Purchase of Fixed Assets

    Penerimaan dari Penjualan Aset Tetap
                                                             921                  745                 176                     23,62%
    Proceeds from Sale of Fixed Assets

    Perolehan Aset Tidak Lancar Lainnya
                                                                -                 (30)                (30)                  (100,00%)
    Acqusition of Other Non-Current Assets

    Arus Kas yang Digunakan
    Untuk Aktivitas Investasi                             (177.438)             (570.436)         (392.998)                  (68,89%)
    Net Cash Flows Used in Investing Activities


    Arus Kas dari Aktivitas Pendanaan                               Cash Flows from Financing Activities
    Pada tahun 2023, arus kas bersih yang diperoleh                 In 2023, net cash flows provided by financing activities
    dari aktivitas pendanaan mencapai Rp41.412 juta,                reached Rp41,412 million, a decrease of Rp436,331
    menurun sebesar Rp436.331 juta atau sebesar                     million or 91.33% from Rp477,743 million recorded
    91.33% dari Rp477.743 juta yang tercatat di tahun               in 2022. The decrease in net cash flows provided by
    2022. Penurunan arus kas bersih yang diperoleh dari             financing activities was mainly due to the decrease
    aktivitas pendanaan terutama karena menurunnya                  in proceeds from long-term bank loans of Rp477,902
    penerimaan atas utang bank jangka panjang sebesar               million.
    Rp477.902 juta.

    Tabel Arus Kas dari Aktivitas Pendanaan                                    Table of Cash Flows from Financing Activities

                                                                                                         Naik | (Turun)
                                                            2023                  2022
                                                                                                     Increase | (Decrease)
                          Keterangan
                          Description
                                                          Rp Jutaan            Rp Jutaan         Rp Jutaan
                                                                                                                                  %
                                                          Rp Million           Rp Million        Rp Million

    Arus Kas dari Aktivitas Pendanaan
    Cash Flows from Financing Activities

    Penerimaan atas Utang Bank Jangka Pendek
                                                           141.500               78.907             62.593                    79,33%
    Proceeds from Short-Term Bank Loans

    Pembayaran Utang Bank Jangka Pendek
                                                           (41.447)             (40.000)             1.447                     3,62%
    Payments of Short-Term Bank Loans

    Penerimaan atas Utang Bank Jangka Panjang
                                                                -               477.902           (477.902)                 (100,00%)
    Proceeds from Long-Term Bank Loans

    Pembayaran Utang Bank Jangka Panjang
                                                           (38.328)                 -               38.328                   100,00%
    Payments of Long-Term Bank Loans

    Pembayaran Dividen Tunai
                                                           (18.824)             (37.648)           (18.824)                  (50,00%)
    Payments of Cash Dividends

    Pembayaran Porsi Pokok Liabilitas Sewa
                                                           (1.489)               (1.418)               71                      5,01%
    Payments of Principal Portion of Lease Liabilities

    Arus Kas Bersih yang Diperoleh dari Aktivitas
    Pendanaan                                              41.412               477.743           (436.331)                  (91,33%)
    Net Cash Flows Provided by Financing Activities




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    Rasio Keuangan                                                           Financial Ratios

    Rasio Likuiditas                                                         Liquidity Ratios
    Rasio likuiditas mencerminkan kemampuan Perseroan                        Liquidity ratio represents the Company’s ability to
    untuk melunasi liabilitas jangka pendek. Beberapa                        fulfill its current liabilities. Several liquidity ratios
    rasio likuiditas antara lain rasio lancar, rasio kas, dan                include current ratio, cash ratio, and quick ratio.
    rasio cepat.


    Rasio Lancar                                                             Current Ratio
    Rasio   lancar     merupakan      rasio   likuiditas   yang              The current ratio is the liquidity ratio used to measure
    digunakan untuk mengukur kemampuan Perseroan                             the Company's ability to pay current liabilities using
    dalam membayar liabilitas jangka pendek dengan                           its current assets. The current ratio is measured
    menggunakan aktiva lancarnya. Rasio lancar diukur                        by comparing the current assets of the Company
    dengan membandingkan antara aset lancar Perseroan                        with current liabilities. The current ratio in 2023 was
    dengan liabilitas jangka pendek. Rasio lancar tahun                      recorded at 149%, while in 2022 it was recorded at
    2023 tercatat sebesar 149%, sedangkan pada tahun                         280%.
    2022 tercatat sebesar 280%.

     Tabel Rasio Lancar                                                                                             Table of Current Ratio

                                                                                                                Naik | (Turun)
                                                                    2023                2022
                                                                                                            Increase | (Decrease)
                           Keterangan
                           Description
                                                                  Rp Jutaan          Rp Jutaan         Rp Jutaan
                                                                                                                                          %
                                                                  Rp Million         Rp Million        Rp Million

     Aset Lancar | Cash on Hand and in Banks                       487.933             408.597            70.336                      19,42%

     Liabilitas Jangka Pendek | Current Liabilities                327.701             145.977            181.724                    124,49%

     Rasio Lancar | Current Ratio                                   149%                280%



    Rasio Kas                                                                Cash Ratio
    Rasio kas merupakan rasio likuiditas yang digunakan                      The cash ratio is the liquidity ratio used to assess the
    untuk menilai perbandingan antara total kas dan                          ratio between total cash and cash equivalents and
    setara kas dengan liabilitas jangka pendek Perseroan.                    the Company's current liabilities. The Company's cash
    Rasio kas Perseroan pada tahun 2023 tercatat sebesar                     ratio in 2023 was recorded at 0.45%, while in 2022 it
    0,45%, sedangkan pada tahun 2022 tercatat sebesar                        was recorded at 8%.
    8%.


     Tabel Rasio Kas                                                                                                   Table of Cash Ratio

                                                                                                                Naik | (Turun)
                                                                    2023                2022
                                                                                                            Increase | (Decrease)
                           Keterangan
                           Description
                                                                  Rp Jutaan          Rp Jutaan         Rp Jutaan
                                                                                                                                          %
                                                                  Rp Million         Rp Million        Rp Million

     Kas dan Bank | Cash on Hand and in Banks                       1.471               11.871           (10.400)                    (87,61%)

     Liabilitas Jangka Pendek | Current Liabilities                327.701             145.977            181.724                    124,49%

     Rasio Kas | Cash Ratio                                         0,45%                 8%




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    Rasio Cepat                                                               Quick Ratio
    Rasio    cepat       merupakan    rasio    likuiditas   yang              The quick ratio is a liquidity ratio that is used to
    digunakan untuk mengukur kemampuan Perseroan                              measure a company's ability to pay current liabilities
    dalam membayar liabilitas jangka pendek dengan                            using current assets without entering the inventory
    menggunakan aset lancar tanpa memasukkan nilai                            value. The Company's quick ratio in 2023 was
    persediaan. Rasio cepat Perseroan pada tahun 2023                         recorded at 60%, while in 2022 it was recorded at 85%.
    tercatat sebesar 60%, sedangkan pada tahun 2022
    tercatat sebesar 85%.


     Tabel Rasio Cepat                                                                                                 Table of Quick Ratio

                                                                                                                 Naik | (Turun)
                                                                     2023                2022
                                                                                                             Increase | (Decrease)
                            Keterangan
                            Description
                                                                   Rp Jutaan           Rp Jutaan        Rp Jutaan
                                                                                                                                           %
                                                                   Rp Million          Rp Million       Rp Million

     Aset Lancar (kecuali Persediaan)
                                                                    194.979             123.813            71.166                      57,48%
     Current Assets (exclude Inventory)

     Liabilitas Jangka Pendek | Current Liabilities                 327.701             145.977            181.724                    124,49%

     Rasio Cepat | Quick Ratio                                       60%                  85%



    Rasio Solvabilitas                                                        Solvency Ratios
    Rasio solvabilitas merupakan rasio yang digunakan                         Solvency Ratio is a ratio used to measure the level
    untuk mengukur tingkat pengelolaan sumber dana                            of management of the Company's sources of funds.
    Perseroan. Rasio solvabilitas antara lain rasio liabilitas                Solvency ratios include debt to equity ratio and debt
    terhadap ekuitas dan rasio liabilitas terhadap aset.                      to assets ratio.


    Rasio Liabilitas Terhadap Ekuitas                                         Debt to Equity Ratio
    Rasio   liabilitas    terhadap   ekuitas    mencerminkan                  The debt to equity ratio reflects the Company's ability
    kemampuan Perseroan untuk memenuhi seluruh                                to meet all of its liabilities as measured by comparing
    liabilitasnya yang diukur dengan membandingkan                            the Company's total liabilities with its equity. The debt
    antara jumlah liabilitas Perseroan dengan ekuitasnya.                     to equity ratio in 2023 was recorded at 55%, while in
    Rasio liabilitas terhadap ekuitas pada tahun 2023                         2022 it was recorded at 53%. The increase in the debt
    tercatat sebesar 55%, sedangkan pada tahun 2022                           to equity ratio of the Company by 2% from 2022 was
    tercatat sebesar 53%. Peningkatan rasio liabilitas                        due to the percentage increase in liabilities, which
    terhadap ekuitas Perseroan sebesar 2% dari tahun 2022                     amounted to 11.44% higher than the percentage
    disebabkan oleh persentase peningkatan liabilitas,                        increase in equity of 6.87%. The increase in this ratio
    yaitu sebesar 11,44% lebih tinggi dibandingkan                            reflects the increase in liabilities, especially in short-
    persentase peningkatan ekuitas sebesar 6,87%.                             term bank loans used for working capital needs for
    Peningkatan rasio ini menggambarkan peningkatan                           production operations in 2023.
    liabilitas terutama pada utang bank jangka pendek
    yang digunakan untuk kebutuhan modal kerja untuk
    kegiatan operasional produksi di tahun 2023.




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     Tabel Rasio Liabilitas Terhadap Ekuitas                                                                   Table Debt to Equity Ratio

                                                                                                                  Naik | (Turun)
                                                                      2023                 2022
                                                                                                              Increase | (Decrease)
                            Keterangan
                            Description
                                                                    Rp Jutaan            Rp Jutaan       Rp Jutaan
                                                                                                                                            %
                                                                    Rp Million           Rp Million      Rp Million

     Jumlah Liabilitas | Total Liabilities                           673.472              604.327           69.145                      11,44%

     Jumlah Ekuitas | Total Equity                                  1.220.916            1.142.480          78.436                       6,87%

     Rasio Liabilitas Terhadap Ekuitas
                                                                       55%                  53%
     Debt to Equity Ratio


    Rasio Liabilitas Terhadap Aset                                             Debt to Assets Ratio
    Rasio    liabilitas    terhadap       aset    mencerminkan                 The debt to assets ratio represent the Company's
    kemampuan Perseroan untuk memenuhi seluruh                                 ability to meet all of its liabilities as measured by
    liabilitasnya yang diukur dengan membandingkan                             comparing the total liabilities of the Company with its
    antara jumlah liabilitas Perseroan dengan asetnya.                         assets.


    Rasio liabilitas terhadap aset pada tahun 2023                             The debt to assets ratio in 2023 was recorded at 36%,
    tercatat sebesar 36%, sedangkan pada tahun 2022                            while in 2022 it was recorded at 35%. The increase in
    tercatat sebesar 35%. Peningkatan rasio liabilitas                         the debt to assets ratio of the Company by 1% from
    terhadap aset Perseroan sebesar 1% dari tahun 2022                         2022 was due to the percentage increase in liabilities,
    disebabkan oleh persentase peningkatan liabilitas,                         which amounted to 11.44% higher than the percentage
    yaitu sebesar 11,44% lebih tinggi dibandingkan                             increase in assets of 8.45%. The increase in this ratio
    persentase       peningkatan       aset      sebesar   8,45%.              reflects the increase in liabilities, especially in short-
    Peningkatan rasio ini menggambarkan peningkatan                            term bank loans used for working capital needs for
    liabilitas terutama pada utang bank jangka pendek                          production operations in 2023.
    yang digunakan untuk kebutuhan modal kerja untuk
    kegiatan operasional produksi di tahun 2023.

     Tabel Rasio Liabilitas Terhadap Aset                                                                     Table Debt to Assets Ratio

                                                                                                                  Naik | (Turun)
                                                                      2023                 2022
                                                                                                              Increase | (Decrease)
                            Keterangan
                            Description
                                                                    Rp Jutaan            Rp Jutaan       Rp Jutaan
                                                                                                                                            %
                                                                    Rp Million           Rp Million      Rp Million

     Jumlah Liabilitas | Total Liabilities                           673.472              604.327           69.145                      11,44%

     Jumlah Aset | Total Assets                                     1.894.388            1.746.807          147.581                      8,45%

     Rasio Liabilitas Terhadap Aset
                                                                      36%                   35%
     Debt to Assets Ratio


    Rasio Profitabilitas                                                       Profitability Ratio
    Rasio profitabilitas merupakan rasio yang digunakan                        Profitability ratio is a ratio used to measure the
    untuk mengukur kemampuan Perseroan dalam                                   Company's ability to generate profits. This ratio also
    menghasilkan keuntungan. Rasio ini juga memberikan                         provides a measure of the level of effectiveness of
    ukuran tingkat efektivitas manajemen Perseroan yang                        the Company's management as indicated by the profit
    ditunjukkan dari laba yang dihasilkan dari penjualan                       generated from sales or from investment income.
    atau dari pendapatan investasi. Beberapa rasio                             Several profitability ratios include Gross Profit Margin,
    Profitabilitas antara lain Margin Laba Kotor, Margin                       Operating Profit Margin, Net Profit Margin, Earnings
    Laba Operasi, Margin Laba Bersih, Laba Per Saham,                          Per Share, Return on Assets and Return on Equity.
    Return on Assets dan Return on Equity.



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    Margin Laba Kotor                                                   Gross Profit Margin
    Rasio margin laba kotor mencerminkan kemampuan                      The gross profit margin ratio reflects the Company's
    Perseroan dalam menghasilkan laba kotor pada                        ability to generate gross profit at a certain sales level.
    tingkat penjualan tertentu. Margin laba kotor pada                  The gross profit margin in 2023 was recorded at 27%,
    tahun 2023 tercatat sebesar 27%, menurun sebesar                    a decrease of 4% compared to gross profit margin in
    4% dibandingkan dengan margin laba kotor di tahun                   2022 of 31%. This decrease was due to the percentage
    2022 sebesar 31%. Penurunan ini disebabkan oleh                     change in gross profit decreasing by 1.20%, while net
    persentase perubahan pada laba kotor menurun                        sales increased by 13.82%.
    sebesar 1,20%, sementara penjualan bersih meningkat
    sebesar 13,82%.


    Tabel Margin Laba Kotor                                                                          Table of Gross Profit Margin

                                                                                                           Naik | (Turun)
                                                               2023                2022
                                                                                                       Increase | (Decrease)
                          Keterangan
                          Description
                                                             Rp Jutaan          Rp Jutaan         Rp Jutaan
                                                                                                                                     %
                                                             Rp Million         Rp Million        Rp Million

    Laba Kotor | Gross Profit                                 262.090             265.285            (3.195)                     (1,20%)

    Penjualan Bersih | Net Sales                              986.990             867.146            119.844                     13,82%

    Margin Laba Kotor | Gross Profit Margin                     27%                 31%




    Margin Laba Operasi                                                 Operating Profit Margin
    Rasio    margin      laba      operasi    mencerminkan              The operating profit margin ratio reflects the
    kemampuan Perseroan dalam menghasilkan laba                         Company's ability to generate operating profit from
    operasi (laba usaha) dari penjualan bersih Perseroan                the Company's net sales during a certain period.
    selama periode tertentu. Laba operasi merupakan                     Operating profit is net profit before tax and interest
    laba bersih sebelum pajak dan bunga yang dihitung                   which is calculated as a result of the deduction
    sebagai hasil pengurangan antara laba kotor dan                     between gross profit and operational expenses.
    beban operasional. Beban operasional terdiri dari                   Operational expenses consist of selling expenses
    beban penjualan serta beban umum dan administrasi.                  and general and administrative expenses. The
    Margin laba operasi pada tahun 2023 tercatat sebesar                operating profit margin in 2023 was recorded at 14%,
    14%, sedangkan pada tahun 2022 tercatat sebesar 17%.                while in 2022 it was recorded at 17%. The decrease in
    Penurunan margin laba operasi sebesar 3% dari tahun                 operating profit margin by 3% from 2022 was due to
    2022 disebabkan oleh persentase perubahan pada                      the percentage change in operating profit decreasing
    laba operasi menurun sebesar 11,48%, sementara                      by 1.20%, while net sales increased by 13.82%.
    penjualan bersih meningkat sebesar 13,82%.


    Tabel Margin Laba Operasi                                                                  Table of Operating Profit Margin

                                                                                                           Naik | (Turun)
                                                               2023                2022
                                                                                                       Increase | (Decrease)
                          Keterangan
                          Description
                                                             Rp Jutaan          Rp Jutaan         Rp Jutaan
                                                                                                                                     %
                                                             Rp Million         Rp Million        Rp Million

    Laba Operasi | Operating Profit                           133.516             150.826            (17.310)                   (11,48%)

    Penjualan Bersih | Net Sales                              986.990             867.146            119.844                     13,82%

    Margin Laba Operasi | Operating Profit Margin               14%                 17%




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    Margin Laba Bersih                                                 Net Profit Margin
    Rasio margin laba bersih merupakan rasio yang                      Net profit margin ratio is the ratio used to measure
    digunakan untuk mengukur persentase laba bersih                    the percentage of net income after deducting interest
    setelah dikurangi bunga dan pajak yang dihasilkan dari             and taxes generated from each sale. The Company’s
    setiap penjualan. Margin laba bersih Perseroan pada                net profit margin in 2023 was recorded at 10%,
    tahun 2023 tercatat sebesar 10%, sedangkan pada                    while in 2022 it was recorded at 11%. The decrease
    tahun 2022 tercatat sebesar 11%. Penurunan margin                  in net profit margin of 1% from 2022 was due to the
    laba bersih sebesar 1% dari tahun 2022 disebabkan                  percentage increase in the Company's net income,
    oleh persentase peningkatan laba bersih Perseroan,                 which amounted to 3.90% lower than the percentage
    yaitu sebesar 3,90% lebih rendah dari persentase                   increase in net sales of 13.82%.
    peningkatan penjualan bersih, yaitu sebesar 13,82%.


    Tabel Margin Laba Bersih                                                                            Table of Net Profit Margin

                                                                                                          Naik | (Turun)
                                                               2023               2022
                                                                                                      Increase | (Decrease)
                          Keterangan
                          Description
                                                             Rp Jutaan         Rp Jutaan         Rp Jutaan
                                                                                                                                    %
                                                             Rp Million        Rp Million        Rp Million

    Laba Bersih | Net Income                                  100.903            97.118              3.785                       3,90%

    Penjualan Bersih | Net Sales                              986.990            867.146            119.844                     13,82%

    Margin Laba Bersih | Net Profit Margin                      10%               11%




    Laba Per Saham                                                     Earnings Per Share (EPS)
    Laba per saham merupakan rasio yang digunakan                      Earnings per share is a ratio used to measure how
    untuk mengukur seberapa besar kemampuan setiap                     much the ability of each share of the Company to
    lembar saham Perseroan dalam menghasilkan laba.                    generate profits. Earnings per share of the Company
    Laba per saham Perseroan pada tahun 2023 tercatat                  in 2023 was recorded at Rp11, while in 2022 it was
    sebesar Rp11, sedangkan pada tahun 2022 tercatat                   recorded at Rp10. The increase in earnings per share
    sebesar Rp10. Peningkatan laba per saham dari tahun                from the previous year was due to the increase in
    sebelumnya disebabkan oleh meningkatnya laba                       earning available for shareholders of the Company by
    yang tersedia untuk pemegang saham Perseroan                       Rp3,785 million or 3.90%.
    sebesar Rp3.785 juta atau 3,90%.


    Tabel Laba Per Saham                                                                            Table of Earnings Per Share

                                                                                                          Naik | (Turun)
                                                               2023               2022
                                                                                                      Increase | (Decrease)
                          Keterangan
                          Description
                                                             Rp Jutaan         Rp Jutaan         Rp Jutaan
                                                                                                                                    %
                                                             Rp Million        Rp Million        Rp Million

    Laba yang Tersedia untuk Pemegang Saham
    (Rp Jutaan)                                               100.903            97.118              3.785                       3,90%
    Earning Available for Shareholders (Rp Million)
    Jumlah Saham yang Beredar (Rp Jutaan)
                                                               9.412              9.412                 0                          0%
    Number of Share Outstanding (Rp Million)
    Laba Per Saham (Rp)
                                                                11                 10
    Earning Per Share (Rp)




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    Return On Assets (ROA)                                             Return On Assets (ROA)
    Return on Assets merupakan rasio yang digunakan                    Return on Assets is a ratio used to measure a
    untuk mengukur kemampuan Perseroan dalam                           Company's ability to use assets to earn a profit. In
    memanfaatkan aktiva untuk memperoleh laba. Selain                  addition, this ratio is also used to measure the rate
    itu rasio ini juga digunakan untuk mengukur tingkat                of return on investment that has been made by the
    pengembalian investasi yang telah dilakukan oleh                   Company by using all the funds (assets owned). The
    Perseroan dengan menggunakan seluruh dana                          Company's Return on Assets in 2023 was recorded at
    (aktiva yang dimiliki). Return on Assets Perseroan pada            5%, while in 2022 it was recorded at 6%. The decrease
    tahun 2023 tercatat sebesar 5%, sedangkan pada                     in Return on Assets of 1% from 2022 was due to the
    tahun 2022 tercatat sebesar 6%. Penurunan Return                   percentage increase in the Company's net income,
    on Assets sebesar 1% dari tahun 2022 disebabkan                    which amounted to 3.90% lower than the percentage
    oleh persentase peningkatan laba bersih Perseroan,                 increase in the Company’s total assets of 8.45%.
    yaitu sebesar 3,90% lebih rendah dari persentase
    peningkatan total aset Perseroan, yaitu sebesar 8,45%.


    Tabel Return On Assets                                                                            Table of Return On Assets

                                                                                                         Naik | (Turun)
                                                                2023             2022
                                                                                                     Increase | (Decrease)
                          Keterangan
                          Description
                                                              Rp Jutaan        Rp Jutaan        Rp Jutaan
                                                                                                                                   %
                                                              Rp Million       Rp Million       Rp Million

    Laba Bersih | Net Income                                   100.903           97.118             3.785                       3,90%

    Total Aset | Total Assets                                 1.894.388        1.746.807           147.581                      8,45%

    Return On Assets | Return On Assets                          5%               6%




    Return On Equity (ROE)                                             Return On Equity (ROE)
    Return on Equity merupakan rasio yang digunakan                    Return on Equity is the ratio used to assess the
    untuk   menilai     kemampuan       Perseroan   dalam              Company's ability to generate returns from the
    menghasilkan laba dari investasi pemegang saham                    investment of the Company's shareholders. Return
    Perseroan. Return on equity menunjukkan seberapa                   on equity shows how successfully the Company
    berhasil Perseroan mengelola modalnya (net worth)                  manages its capital (net worth) so that the level of
    sehingga tingkat keuntungan diukur dari investasi                  return is measured by the investment of the owner
    pemilik modal atau pemegang saham Perseroan.                       of the capital or the Company's shareholders. The
    Return on Equity Perseroan pada tahun 2023 tercatat                Company's Return on Equity in 2023 was recorded at
    sebesar 8%, sedangkan pada tahun 2022 tercatat                     8%, while in 2022 it was recorded at 9%. The decrease
    sebesar 9%. Penurunan Return on Equity sebesar                     in Return on Equity of 1% from 2022 was due to the
    1% dari tahun 2022 disebabkan oleh persentase                      percentage increase in the Company's net income,
    peningkatan laba bersih Perseroan, yaitu sebesar                   which amounted to 3.90% lower than the percentage
    3,90% lebih rendah dari persentase peningkatan total               increase in the Company's total equity of 6.87%.
    ekuitas Perseroan, yaitu sebesar 6,87%.




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     Tabel Return On Equity                                                                                       Table of Return On Equity

                                                                                                                    Naik | (Turun)
                                                                  2023                   2022
                                                                                                                Increase | (Decrease)
                             Keterangan
                             Description
                                                                Rp Jutaan           Rp Jutaan              Rp Jutaan
                                                                                                                                              %
                                                                Rp Million          Rp Million             Rp Million

     Laba Bersih | Net Income                                    100.903                 97.118                3.785                       3,90%

     Total Ekuitas | Total Equity                               1.220.916               1.142.480             78.436                       6,87%

     Return On Equity | Return On Equity                             8%                   9%




    Tingkat Kolektibilitas Piutang                                        Receivables Collectibility Level

    Piutang usaha Perseroan pada akhir 2023 sebesar                       The Company’s account receivables at the end of
    Rp144.261 juta. Dari nilai tersebut, Rp143.814 juta atau              2023 amounted to Rp144,261 million. Of this value
    99,69% masuk dalam kategori “belum jatuh tempo”.                      Rp143,814 million or 99.69% were categorized as
    Hanya sekitar 0,34% dari jumlah piutang usaha yang                    “not yet due”. Only about 0.34% of the total account
    telah jatuh tempo lebih dari 60 hari. Pada tahun 2023,                receivables has been due for more than 60 days. In
    Periode penagihan piutang Perseroan meningkat                         2023, The Company’s account receivables collection
    sebesar 89,29% dari 28 hari di tahun 2022 menjadi 53                  period increased by 89.29% from 28 days in 2022 to
    hari di tahun 2023. Hal ini menunjukkan bahwa waktu                   53 days in 2023. This shows that the time needed to
    yang dibutuhkan untuk melakukan penagihan piutang                     collect receivables in 2023 is higher than in 2022.
    di tahun 2023 lebih tinggi dibandingkan tahun 2022.


     Tabel Analisa Umur Piutang Usaha                                                             Table of the Account Receivable Aging
                                                                           2023                                             2022
                       Piutang Usaha
                     Account Receivable                    Rp Jutaan                                     Rp Jutaan
                                                                                         %                                                   %
                                                           Rp Million                                    Rp Million
     Belum Jatuh Tempo | Not Yet Due                           143.814              99,69%                  63.533                       96,33%
     Lewat Jatuh Tempo | Past Due
     1-30 hari | 1-30 days                                      973                     0,67%                1.488                        2,26%
     31-60 hari | 31-60 days                                     0                       0%                    911                        1,38%
    61-90 hari | 61-90 days                                      0                       0%                    279                        0,42%
    Lebih dari 90 hari | Over 90 days                           494                     0,34%                  644                        0,98%
    Dikurangi Penyisihan atas Kerugian Penurunan Nilai
                                                               (1.020)              (0,70%)                   (902)                       (1,37%)
    Less Allowance for Impairment Losses
    Jumlah | Total                                             144.261             100,00%                  65.953                      100,00%




     Tabel Tingkat Kolektibilitas Piutang berdasarkan Periode Penagihan
     Table of Account Receivable Collectivity Level Based on Collection Period
                                                                                                               Naik | (Turun)
                                                           Dalam Hari | In Days
                                                                                                           Increase | (Decrease)
                        Keterangan
                        Description
                                                                                                        Selisih
                                                          2023                    2022                                                        %
                                                                                                  Dalam Hari | In Days

     Periode Penagihan | Collection Period                 53                      28                        25                           89,29%




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    Struktur Modal dan Kebijakan                                              Capital Structure and Management
    Manajemen atas Struktur Modal                                             Policy on Capital Structure

    Struktur Modal                                                            Capital Structure
    Struktur permodalan Perseroan pada 31 Desember                            The Company's capital structure as of December
    2023 terdiri dari liabilitas sebesar Rp673.472 juta atau                  31, 2023 consists of Rp673,472 million or 35.55%
    35,55% dan ekuitas sebesar Rp1.220.916 juta atau                          liabilities and Rp1,220,916 million or 64.45% equity.
    64,45%. Komposisi struktur modal untuk periode 31                         The composition of the capital structure for the
    Desember 2023 berasal dari peningkatan liabilitas                         period December 31, 2023 is derived by an increase
    sebesar 11,44% dan peningkatan ekuitas sebesar                            in liabilities of 11.44% and an increase in equity of
    6,87% dibandingkan dengan tahun yang berakhir                             6.87% compared to the period ended December 31,
    pada 31 Desember 2022. Secara keseluruhan, jumlah                         2022. Overall, the Company's total capital increased
    modal Perseroan meningkat sebesar 8,45%.                                  by 8.45%.



                                                                                                                       Naik | (Turun)
                                               2023                             2022
                                                                                                                   Increase | (Decrease)
                Keterangan
                Description
                                             Rp Jutaan                        Rp Jutaan                          Rp Jutaan
                                                                  %                               %                                             %
                                             Rp Million                       Rp Million                         Rp Million

     Liabilitas | Liabilities                 673.472           35,55%         604.327         34,60%               69.145                   11,44%

     Ekuitas | Equity                        1.220.916          64,45%        1.142.480        65,40%               78.436                   6,87%

     Jumlah Liabilitas dan Ekuitas
                                             1.894.388          100,00%       1.746.807       100,00%              147.581                   8,45%
     Total Liabilities and Equity




    Kebijakan Manajemen atas Struktur Modal                                   Management Policy on Capital Structure
    Perseroan      mengelola         struktur permodalan        dan           The Company manages its capital structure and makes
    melakukan         penyesuaian        terhadap     perubahan               adjustments to the changing economic conditions.
    kondisi ekonomi. Dalam rangka memelihara dan                              In order to maintain and adjust the capital structure,
    menyesuaikan          struktur     permodalan,       Perseroan            the Company can adjust dividend payments to the
    dapat menyesuaikan pembayaran dividen kepada                              shareholders or issue new shares. The Company
    pemegang saham atau menerbitkan saham baru.                               policy is to maintain a healthy capital ratios in order to
    Kebijakan Perseroan adalah untuk menjaga rasio                            secure financing at a reasonable cost.
    modal yang sehat dalam rangka untuk mengamankan
    pembiayaan pada biaya yang wajar.


    Perseroan meyakini pentingnya menjaga likuiditas                          The Company believes in the importance of
    untuk mendukung aktivitas dan pertumbuhan bisnis.                         maintaining liquidity to support business activities
    Total kas dan Bank Perseroan mencapai Rp1,47                              and growth. The Company's total cash and bank
    miliar pada tahun 2023. Perseroan mempertahankan                          accounts reached Rp1.47 billion in 2023. The Company
    kemampuannya           untuk      menghasilkan       arus   kas           maintained its ability to generate solid operating cash
    operasional yang solid selama tahun 2023, yang                            flows during 2023, which were then used for capital
    untuk kemudian          digunakan dalam belanja modal,                    expenditures, debt repayments as well as financing
    pembayaran        hutang     serta    membiayai       berbagai            various funding and investment needs.
    kebutuhan pendanaan dan investasi.




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    Perseroan juga dapat memperoleh pembiayaan dari                   The Company can also obtain financing from the
    sektor perbankan. Selama tahun 2023, Perseroan                    banking sector. During 2023, the Company has bank
    memiliki fasilitas pendanaan bank untuk mendukung                 funding facilities to support the Company's working
    kebutuhan modal kerja Perseroan.                                  capital needs.


    Ikatan Material untuk Investasi                                   Material Commitments for Investment
    Barang Modal                                                      Of Capital Goods

    Sepanjang 2023, Perseroan tidak memiliki ikatan                   Throughout 2023, the Company did not exercise any
    material untuk investasi barang modal dan belum                   material commitments for capital goods investment
    memiliki langkah yang direncanakan untuk melindungi               and has no planned steps to ptotect the risk from the
    risiko dari posisi mata uang asing yang terkait.                  related foreign currency position.


    Realisasi Investasi Belanja Modal                                 Realization of Capital Expenditures

    Sepanjang 2023, Perseroan telah melakukan belanja                 Throughout 2023, the Company has spending for
    modal sekitar Rp151 miliar, yang sebagian besar                   capital expenditure worth of Rp151 billion, which was
    digunakan untuk pembelian mesin dan peralatan                     mostly used for the purchase of production machinery
    produksi, pembelian kendaraan, pembelian peralatan                and equipment, vehicle, office equipment, furnitures
    kantor, pembelian perabotan dan perlengkapan,                     and fixtures, construction of production facilities and
    pembangunan fasilitas produksi beserta sarana dan                 buildings and infrastructures in order to support the
    prasarananya dalam rangka menunjang perluasan                     Company’s business expansion.
    usaha Perseroan.




    Informasi Material mengenai                                       Material Information regarding
    Investasi, Ekspansi, Divestasi,                                   Investment, Expansion, Divestment,
    Penggabungan/ Peleburan Usaha,                                    Business Merger/Consolidation,
    Akuisisi, dan Restrukturisasi Utang/                              Acquisition, and Debt/Capital
    Modal                                                             Restructuring

    Tidak terdapat informasi material dalam bentuk                    No material information in the form of investment,
    investasi,    ekspansi,      divestasi,   penggabungan/           expansion,       divestment,          business               merger/
    peleburan usaha, akuisisi, dan restrukturisasi utang/             consolidation,     acquisition,          and          debt/capital
    modal yang terjadi pada tahun buku 2023.                          restructuring that occured in 2023 financial year.




    Informasi Material mengenai                                       Material Information regarding Material
    Transaksi Material dan Transaksi                                  Transaction and Transactions That
    yang Mengandung Benturan                                          Contain Conflicts of Interest
    Kepentingan
                                                                      During 2023, there were no material transactions and
    Selama       tahun   2023,    tidak   terdapat   transaksi        transactions containing conflicts of interest, so there
    material dan transaksi yang mengandung benturan                   is no information disclosed by the Company.
    kepentingan, sehingga tidak ada informasi yang
    diungkapkan oleh Perseroan.




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    Penyelesaian Fasilitas Tambahan                             Completion Additional of MDF
    Produksi MDF Line Kedua dan                                 Second Line Production Facilities and
    Prasarana Pendukungnya                                      Supporting Infrastructure

    Sejak tanggal 29 Juli 2021, Perseroan memulai               Since July 29, 2021, the Company started the
    pembangunan fasilitas tambahan produksi MDF line            construction of additional MDF production facilities
    kedua pada lokasi pabrik Perseroan, berdekatan              at the Company’s factory site, near to the existing
    dengan fasilitas produksi MDF yang sudah ada                MDF production facilities. The construction of these
    sebelumnya. Pembangunan fasilitas tambahan ini              additional production facilities has been approved
    telah mendapat persetujuan Rapat Umum Pemegang              by the Company’s Annual General Meeting of
    Saham Tahunan Perseroan pada tanggal 28 Juni 2021           Shareholders on June 28, 2021 as stated in the
    sebagaimana ternyata dalam Akta Risalah Rapat               Deed of Minutes of the Annual General Meeting
    Umum Pemegang Saham Tahunan No. 29 tanggal 28               of Shareholders No. 29 dated June 28, 2021. The
    Juni 2021. Perseroan memasuki tahap penyelesaian            Company entered the construction completion
    pembangunan pada bulan Maret 2023. Pada tanggal             stage in March 2023. On March 7, 2023 the Company
    7 Maret 2023, Perseroan berhasil memproduksi                succeeded in producing its first wood board using the
    papan kayu pertama dengan menggunakan fasilitas             new MDF second line production facilities and started
    produksi baru MDF line kedua dan mulai memasuki             commercial production in April 2023.
    tahap produksi secara komersial pada bulan April
    2023.


    Penambahan fasilitas produksi MDF line kedua                The addition of MDF second line production facility
    dilakukan dengan meningkatkan kapasitas terpasang           aims to increase the installed capacity of MDF
    produksi MDF dari sebelumnya 250.000 m /tahun
                                                3               production from 250,000 m3/year to around 450,000
    menjadi sekitar 450.000 m3/tahun. Fasilitas produksi        m3/year. The MDF production facility employs the
    MDF ini menggunakan proses produksi yang sama               same production process as MDF first line, utilizing
    seperti MDF line pertama yaitu menggunakan mesin            Continuous Press Line MDF machines and Power
    Continuous Press Line MDF dan Power Plant sebagai           Plant for electricity supply equipped with CFB Boiler
    suplai energi listrik dilengkapi dengan Boiler CFB          and Steam Turbine. The new building complex for the
    dan Steam Turbine. Kompleks bangunan baru untuk             MDF production facility covers the PPIC Warehouse,
    fasilitas produksi MDF mencakup Warehouse PPIC,             MDF Building, Energy Plant, Refiner, Barker Chipper,
    MDF Building, Energy Plant, Refiner, Barker Chipper,        Chips Silo, Power Plant, and Material Warehouse.
    Chips Silo, Power Plant, dan Warehouse Material.            Supporting facilities for the MDF production facility
    Pendukung fasilitas produksi MDF termasuk logyard,          include a log yard, roads, employee housing, as well
    jalan, perumahan karyawan, serta fasilitas kecil            as other minor facilities.
    lainnya.




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    Ringkasan Realisasi Proyek MDF                                     Summary of the MDF Second Line
    Line Kedua                                                         Project Realization



                                                Keterangan
                                                Description
                                                Area Pabrik PT IFI Tbk, Jl. Besar Jambi, Palembang, Desa Mendis Jaya, Kecamatan
    Lokasi
                                                Bayung Lencir, Musi Banyuasin, Sumatra Selatan

                                                PT IFI Tbk Factory Area, Jl. Besar Jambi, Palembang, Mendis Jaya Village, Bayung
    Location
                                                Lencir District, Musi Banyuasin, South Sumatra.
    Luas area pembangunan                       + 6 Ha (Hektar)

    Construction area                           + 6 Ha (Hectares)
    Mesin utama                                 1. MDF/HDF Production Line with 4 Feet Wide x 38,7 meter Continuous Press
                                                2. Power Plant with 1 x 80ton/h CFB Boiler dan 1 x 15 MW Steam Turbine

    Main machine                                1. MDF/HDF Production Line with 4 Feet Wide x 38,7 meter Continuous Press
                                                2. Power Plant with 1 x 80ton/h CFB Boiler and 1 x 15 MW Steam Turbine
    Bangunan utama                              Warehouse PPIC, MDF Building, Energy Plant, Refiner, Barker Chipper, Chip Silo,
                                                Power Plant, dan Warehouse Material

    Main building                               Warehouse PPIC, MDF Building, Energy Plant, Refiner, Barker Chipper, Chip Silo,
                                                Power Plant, and Warehouse material
    Bangunan dan fasilitas pendukung lainnya    Logyard, jalan, perumahan karyawan, dan fasilitas kecil lainnya

    Buildings and other supporting facilities   Logyard, road , employee housing, and other small facilities
    Kapasitas tambahan produksi MDF             + 200.000 m3 (meter kubik)

    Additional MDF production capacity          + 200,000 m3 (cubic meter)
    Realisasi biaya proyek                      + Rp819 Miliar

    Project cost realization                    + Rp819 Billion
    Mulai Produksi Komersial
                                                April 2023

    Date of Commencement of Commercial
                                                April 2023
    Production

    Pembiayaan proyek                           1. 70% dari Bank (pinjaman investasi dengan PT Bank Danamon Indonesia Tbk
                                                   maksimum sebesar USD 31.000.000)
                                                2. 30% dari cash flow Perseroan

    Project financing                           1. 70% from the Bank (investment loan with PT Bank Danamon Indonesia Tbk
                                                   amounting to USD 31,000,000)
                                                2. 30% from the Company’s operational cash flow




    Berikut adalah dokumentasi bagian mesin MDF line                   The following are the documentation of parts of the
    kedua yang sudah beroperasi sejak April 2023 :                     MDF second line machine which has been operating
                                                                       since April 2023 :




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                  Debarker & Chipper              Refiner




                    Dryer & Shifter         Forming & Press Line




                       Sanding                  Cut to Size




                     Power Plant




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    Informasi Material mengenai                                                 Material Information regarding
    Transaksi dengan Pihak Berelasi                                             Transactions with Related Parties

    Dalam kegiatan usaha normal, Perseroan melakukan                            In normal business activity, the Company engages
    transaksi    dengan      pihak-pihak      berelasi    tertentu.             in transactions with certain related parties. The
    Perseroan        melakukan        transaksi       berdasarkan               Company conducts transactions based on terms and
    persyaratan dan ketentuan yang disepakati bersama                           conditions agreed upon together with the related
    dengan      pihak-pihak      berelasi.    Rincian     transaksi             parties. The details of transactions with related parties
    dengan pihak berelasi adalah sebagai berikut:                               are as follows:


               Pihak-pihak Berelasi                                Sifat Relasi                                   Jenis Transaksi
              Name of Related Parties                         Nature of Relationship                           Nature of Transactions

                                                          Pemegang saham Perusahaan                                Transaksi usaha
    SMB Kenzai Co., Ltd
                                                                 Shareholder                                     Business transaction

                                                               Pihak berelasi lainnya                              Transaksi usaha
    PT Karya Agung Abadi
                                                               Other related parties                             Business transaction

                                                      Entitas dengan pengendalian bersama                          Transaksi usaha
    PT Prapat Tunggal Cipta
                                                          Entities under common control                          Business transaction

                                                      Entitas dengan pengendalian bersama                           Transaksi sewa
    CV Auto Diesel Radiators Co
                                                          Entities under common control                            Rental transaction

                                                      Entitas dengan pengendalian bersama                           Transaksi sewa
    PT Surya Fajar Lestari
                                                          Entities under common control                            Rental transaction

                                                      Entitas dengan pengendalian bersama                          Transaksi usaha
    PT Wahana Lestari Makmur Sukses
                                                          Entities under common control                          Business transaction

                                                      Entitas dengan pengendalian bersama                 Transaksi sewa dan usaha
    PT Wanakasita Nusantara *)
                                                          Entities under common control                 Rental and Business transaction

                                                      Entitas dengan pengendalian bersama                      Transaksi pembelian aset
    PT Griya Inti Perkasa
                                                          Entities under common control                       Asset purchase transaction

    *)   Pada tanggal 11 April 2023 PT Wanakasita Nusantara sudah bukan merupakan pihak berelasi Perusahaan
         On April 11, 2023, PT Wanakasita Nusantara is no longer a related party of the Company.




    Rincian saldo dan transaksi selengkapnya dapat                              Balances and transactions to/from related parties can
    dilihat dalam Laporan Keuangan 31 Desember 2023                             be found in the Financial Statement as of December
    dalam Laporan Tahunan ini.                                                  31, 2023 as part of this Annual Report.




    Informasi Material mengenai                                                 Material Information regarding
    Transaksi dengan Pihak Afiliasi                                             Transactions with Affiliated Parties

    Selama tahun 2023, tidak terdapat informasi material                        During 2023, there were no material information
    mengenai transaksi dengan pihak afiliasi sehingga                           regarding transactions with affiliated parties, so there
    tidak ada informasi yang diungkapkan oleh Perseroan.                        is no information disclosed by the Company.




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    Informasi dan Fakta Material yang                                          Material Information and Facts
    Terjadi Setelah Tanggal Laporan                                            Subsequent to Date of Financial
    Akuntan                                                                    Statements

    Tidak terdapat informasi dan fakta material yang                           There are no material information and facts to report
    terjadi   setelah      tanggal        diterbitkannya    Laporan            on that occurred after the publication date of the
    Keuangan Perseroan Tahun Buku 2023 oleh Akuntan                            Company’s Financial Statements for fiscal year 2023
    Independen, hingga Laporan Tahunan ini diterbitkan.                        by the Independent Auditor, until this Annual Report
                                                                               is published.




    Perubahan Undang-Undang yang                                               Regulatory Changes Bearing Significant
    Berpengaruh Signifikan                                                     Impacts

    Di     tahun   2023,    terdapat        perubahan      peraturan           In 2023, there were changes in the laws and
    perundang-undangan yang berpengaruh terhadap                               regulations that affect the Company. Information
    Perseroan. Informasi perubahan peraturan perundang-                        on the amendments to laws and regulations can be
    undangan tersebut dapat diuraikan sebagai berikut :                        described as follows :


                                            Pokok Pengaturan pada Regulasi Baru
                Peraturan                  atau Pokok Perubahan Pengaturan yang                                            Dampak terhadap
                                                                                           Pengaruh terhadap
               Perundang-                    Signifikan dari Regulasi Sebelumnya                                          Laporan Keuangan
     No.                                                                                         Perseroan
                Undangan                 Principles of Regulations in New Regulations                                     Impact on Financial
                                                                                          Effect on the Company
               Legislation                     or Points of Significant Changes in                                           Statements
                                            Regulations from Previous Regulations.

      1.    Peraturan Otoritas       •     Pihak (Bank Umum, emiten dan Perusahaan •      Perseroan            wajib Tidak  berdampak
            Jasa Keuangan                  Publik) dapat menggunakan kembali jasa         membatasi penggunaan terhadap komposisi
            Nomor 9 Tahun                  audit setelah melewati masa jeda :             jasa audit atas informasi Laporan Keuangan.
            2023 tanggal 11                a. Akuntan Publik (“AP”) bertindak sebagai     keuangan           historis
            Juli 2023 tentang                 Rekan perikatan, masa jeda 5 (lima) tahun   tahunan dari AP yang
            Penggunaan Jasa                   buku pelaporan secara berturut-turut.       sama untuk 7 (tujuh)
            Akuntan Publik dan             b. AP bertindak sebagai penanggung             tahun kumulatif, sejak
            Kantor Akuntan                    jawab penelaahan pengendalian mutu          tahun 2017. AP yang
            Publik dalam                      perikatan, masa jeda 3 (tiga) tahun buku    bertindak         sebagai
            Kegiatan Jasa                     pelaporan secara berturut-turut.            mitra perikatan dengan
            Keuangan.                      c. Rekan perikatan lainnya, masa jeda          Perseroan saat ini telah
                                              2 (dua) tahun buku pelaporan secara         dilakukan analisa dan
                                              berturut-turut.                             belum melebihi 7 (tujuh)
                                     •     Pihak selain diatas wajib membatasi            tahun kumulatif, sejak
                                           penggunaan jasa audit dari AP yang sama        tahun 2017.
                                           paling lama untuk periode selama audit •       Perseroan            wajib
                                           5 (lima) tahun berturut-turut, juga berlaku    menyampaikan laporan
                                           bagi AP yang merupakan pihak terasosiasi       berkala setiap tahun
                                           dan personil KAP dengan jabatan 1 (satu)       ke    OJK      mengenai
                                           level di bawah AP yang terlibat dalam          penunjukan AP dan
                                           pemberian jasa audit. Selain itu juga hanya    KAP     dan       realisasi
                                           dapat menggunakan kembali jasa audit           penggunaan jasa AP
                                           setelah melewati masa jeda selama 2 (dua)      dan KAP.
                                           tahun berturut-turut.
                                     •     Pihak wajib menyampaikan laporan berkala
                                           setiap tahun kepada Otoritas Jasa Keuangan
                                           (OJK) secara daring melalui sistem pelaporan
                                           OJK mengenai :
                                           a. Penunjukan AP dan KAP paling lama 10
                                              (sepuluh) hari kerja setelah perjanjian
                                              kerja.
                                           b. Realisasi penggunaan jasa AP dan KAP
                                              paling lama 6 (enam) bulan setelah tahun
                                              buku berakhir.




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                                          Pokok Pengaturan pada Regulasi Baru
                 Peraturan               atau Pokok Perubahan Pengaturan yang                                                Dampak terhadap
                                                                                             Pengaruh terhadap
                Perundang-                 Signifikan dari Regulasi Sebelumnya                                              Laporan Keuangan
     No.                                                                                           Perseroan
                 Undangan              Principles of Regulations in New Regulations                                         Impact on Financial
                                                                                            Effect on the Company
                Legislation                  or Points of Significant Changes in                                               Statements
                                          Regulations from Previous Regulations.

      1.   Financial Services      •     Parties (Commercial Banks, issuers and •           The Company shall limit It had no impact on
           Authority Regulation          Public Companies) can reuse audit services         the use of audit services the composition of
           Number 9 of 2023              after passing the gap period:                      on annual historical financial Statements.
           dated July 11, 2023           a. Public Accountant (PA) acts as an               financial     information
           concerning                        engagement partner, a gap period of 5          from the same PA for
           the Use of Public                 (five) consecutive reporting years.            7 (seven) cumulative
           Accountant                    b. AP acts as the person in charge of              years,     since     2017.
           Services and Public               reviewing the quality control of the           The PA acting as the
           Accounting Firms in               engagement, a gap period of 3 (three)          engagement         partner
           Financial Services                consecutive reporting years.                   with the Company has
           Activities.                   c. Other engagement partners, the gap              currently been analyzed
                                             period of 2 (two) consecutive reporting        and has not exceeded
                                             years.                                         7 (seven) cumulative
                                   •     Parties other than the above must limit the        years, since 2017.
                                         use of audit services from the same PA •           The       Company       is
                                         for a maximum period during the audit of           required     to    submit
                                         5 (five) consecutive years, also applies to        periodic reports every
                                         PA who are associated parties and Public           year to FSA regarding
                                         Accountant Firm (PAF) personnel with               the appointment of
                                         positions 1 (one) level below the PA involved      PA and PAF and the
                                         in providing audit services. In addition, it can   realization of the use of
                                         only reuse audit services after passing a gap      PA and PAF services.
                                         period for 2 (two) consecutive years.
                                   •     The parties are obliged to submit periodic
                                         reports annually to the Financial Services
                                         Authority (FSA) through FSA online reporting
                                         system
                                         a. Appointment of PA and PAF no later
                                             than 10 (ten) working days after the
                                             employment agreement.
                                         b. Realization of the use of PA and PAF
                                             services no later than 6 (six) months after
                                             the financial year ends.




    Perubahan Kebijakan Akuntansi                                              Changes in Accounting Policies

    Kebijakan     akuntansi       yang       diterapkan      dalam             The accounting policies adopted in the financial
    penyusunan      laporan       keuangan       adalah     selaras            statements arrangement are consistent with those
    dengan kebijakan akuntansi yang diterapkan dalam                           adopted in the arrangement of the Company’s
    penyusunan laporan keuangan Perseroan yang                                 financial statements for the year ended December 31,
    berakhir pada tanggal 31 Desember 2022.                                    2022.


    Perubahan atas Kebijakan Akuntansi :                                       Change in Accounting Policy :
    yy PSAK 16 (Amendemen), “Aset Tetap”: Hasil Sebelum                        yy PSAK 16 (Amendment), “Property, Plant and
      Penggunaan yang Diintensikan                                                Equipment”: Proceeds before Intended Use


      Pada      tanggal   1   Januari         2023,    Perusahaan                 On January 1, 2023, the Company adopted the
      menerapkan amandemen PSAK 16 yang melarang                                  amendments to PSAK 16 which prohibit an entity
      entitas untuk mengurangkan dari biaya perolehan                             from deducting from the cost of a property, plant
      aset tetap hasil yang diterima dari penjualan item                          and equipment the proceeds received from




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      yang diproduksi oleh aset tetap tersebut sebelum                  selling items produced by the property, plant and
      siap digunakan sesuai tujuannya. Sebaliknya,                      equipment before it is ready for its intended use.
      entitas mengakui hasil penjualan item tersebut,                   Instead, an entity recognises the proceeds from
      dan biaya produksi item tersebut, dalam laba rugi.                selling such items, and the costs of producing
                                                                        those items, in profit or loss.


      Amandemen       ini    tidak    mempunyai       dampak            The amendments have no impact on the financial
      terhadap laporan keuangan karena tidak ada                        statements of the Company as there were no sales
      penjualan item yang dihasilkan dari aset tetap yang               of such items produced by property, plant and
      tersedia untuk digunakan pada atau setelah awal                   equipment made available for use on or after the
      periode penyajian paling awal.                                    beginning of the earliest period presented.


    Amendemen/Penyesuaian            Standar   yang    Berlaku        Amendments/Improvements to Standards Effective in
    Efektif pada Tahun Berjalan :                                     the Current Year :
    Dalam tahun berjalan, Perusahaan telah menerapkan                 In the current year, the Company has applied other
    sejumlah amendemen/penyesuaian PSAK lainnya                       amendments/improvements                to     PSAK          that      are
    yang relevan dengan operasinya dan efektif untuk                  relevant to its operations and effective for accounting
    periode akuntansi yang dimulai pada atau setelah                  period beginning on or after January 1, 2023. The
    1 Januari 2023. Penerapan atas PSAK revisi tidak                  adoption of these revised PSAKs does not result in
    mengakibatkan perubahan atas kebijakan akuntansi                  changes to the Company’s accounting policies and
    Perusahaan dan tidak memiliki dampak material                     has no material effect on the amounts reported for
    terhadap jumlah yang dilaporkan pada tahun berjalan               the current or prior years.
    atau tahun-tahun sebelumnya.


    yy PSAK    1   (Amendemen),         “Penyajian    Laporan         yy PSAK 1 (Amendment), “Presentation of Financial
      Keuangan”: Pengungkapan Kebijakan Akuntansi;                      Statements”: Disclosure of Accounting Policies;


      Amendemen       ini    memberikan        panduan     dan          This amendment provides guidance and examples
      contoh untuk membantu entitas menerapkan                          to help entities apply materiality judgments to
      pertimbangan materialitas dalam pengungkapan                      accounting policy disclosures. The amendment
      kebijakan    akuntansi.        Amendemen        tersebut          aims to help entities provide accounting policy
      bertujuan untuk membantu entitas menyediakan                      disclosures that are more useful by replacing the
      pengungkapan kebijakan akuntansi yang lebih                       requirement for entities to disclose their ‘significant’
      berguna dengan mengganti persyaratan untuk                        accounting policies with a requirement to disclose
      mengungkapkan kebijakan akuntansi 'signifikan’                    their ‘material’ accounting policies and adding
      entitas dengan persyaratan untuk mengungkapkan                    guidance on how entities apply the concept of
      kebijakan    akuntansi     'material'      entitas   dan          materiality in making decisions about accounting
      menambahkan       panduan        tentang     bagaimana            policy disclosures.
      entitas menerapkan konsep materialitas dalam
      membuat      keputusan     tentang       pengungkapan
      kebijakan akuntansi.


    yy PSAK 25 (Amendemen), “Kebijakan Akuntansi,                     yy PSAK 25 (Amendment), “Accounting Policies,
      Perubahan Estimasi Akuntansi, dan Kesalahan”:                     Changes in Accounting Estimates and Errors”:
      Definisi Estimasi Akuntansi;                                      Definition of Accounting Estimates;




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         Amendemen tersebut memperkenalkan definisi                            The    amendment       introduces             a     definition         of
         'estimasi akuntansi' dan mengklarifikasi perbedaan                    ‘accounting estimates’ and clarify the distinction
         antara perubahan estimasi akuntansi dan perubahan                     between changes in accounting estimates and
         kebijakan    akuntansi    dan     koreksi    kesalahan.               changes in accounting policies and the correction
         Amendemen        tersebut       juga     mengklarifikasi              of errors. Also, they clarify how entities use
         bagaimana       entitas     menggunakan            teknik             measurement techniques and inputs to develop
         pengukuran dan input untuk mengembangkan                              accounting estimates.
         estimasi akuntansi.


    yy PSAK 46 (Amendemen), “Pajak Penghasilan”: Pajak                    yy PSAK 46 (Amendment), “Income Taxes”: Deferred
         Tangguhan terkait Aset dan Liabilitas yang Timbul                     Tax related to Assets and Liabilities arising from a
         dari Transaksi Tunggal;                                               Single Transaction;


         Amendemen       ini   mengusulkan         agar    entitas             This amendment proposes that entities recognize
         mengakui aset maupun liabilitas pajak tangguhan                       deferred tax assets and liabilities at the time of initial
         pada saat pengakuan awalnya sebagai contoh dari                       recognition, for example from a lease transaction,
         transaksi sewa, untuk mengeliminasi perbedaan                         to eliminate differences in current practice for such
         praktik saat ini atas transaksi tersebut dan transaksi                transactions and similar transactions.
         lain yang serupa.




    Peristiwa Setelah Periode Pelaporan                                   Significant Events After the Reporting
                                                                          Period

    PT Bank CIMB Niaga Tbk (Bank Niaga)                                   PT Bank CIMB Niaga Tbk (Bank Niaga)
    Berdasarkan amendemen perjanjian pinjaman pada                        Based on amendment in the loan agreement dated
    tanggal 19 Februari 2024, Bank CIMB Niaga menyetujui                  February 19, 2024, Bank CIMB Niaga agreed to change
    permohonan perpanjangan fasilitas kredit, sebagai                     the loan facility, as follows:
    berikut:
    a.    Fasilitas Pinjaman Tetap (PT) dengan jumlah                     a.    Fixed Loan (PT) facilities with a maximum facility
          fasilitas maksimum sebesar Rp 35.000.000.000,                         of Rp 35,000,000,000 will mature on February 22,
          jatuh tempo tanggal 22 Februari 2025, dengan                          2025, with an interest rate of 7,50% per annum.
          tingkat bunga 7,50% per tahun.
    b.    Fasilitas   Pinjaman     Rekening        Koran    (PRK)         b.    The overdraft facility with a maximum facility of
          dengan jumlah fasilitas maksimum sebesar Rp                           Rp 15,000,000,000 will mature on February 22,
          15.000.000.000, jatuh tempo tanggal 22 Februari                       2025, with an interest rate of 7.75% per annum.
          2025, dengan tingkat bunga 7,75% per tahun.
    c.    Fasilitas   Negoisasi    Wesel        Eksport    (NEW)/         c.    Export Notes Negotiation Facility (NEW)/Export
          Diskonto Wesel Eksport (DWE) dengan jumlah                            Notes Discount (DWE) with a maximum facility
          fasilitas maksimum sebesar US$ 3.000.000, jatuh                       amount of US$ 3,000,000, due on February 22,
          tempo tanggal 22 Februari 2025, dengan tingkat                        2025, with a Telegraphic Transfer International
          bunga Telegraphic Transfer International (TTI)                        (TTI) interest rate of 5.50% per year for currency
          5,50% per tahun untuk mata uang Dolar Amerika                         United States Dollars and 7.50% per year for
          Serikat dan 7,50% per tahun untuk mata uang                           Rupiah.
          Rupiah.




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    d.   Fasilitas Negosiasi Wesel Ekspor/Diskonto Wesel            d.   Export Notes Negotiation Facility/iB Export Notes
         Ekspor iB dengan jumlah fasilitas maksimum                      Discount Facility with maximum facility amount of
         sebesar US$ 3.000.000, jatuh tempo tanggal 22                   US$ 3,000,000, maturity date February 22, 2025.
         Februari 2025.
    e.   Fasilitas Pinjaman PSF dengan jumlah fasilitas             e.   The PSF facility loan, with a maximum facility
         maksimum sebesar US$ 3.000.000, jatuh tempo                     amount of US$ 3,000,000, will mature on February
         tanggal 22 Februari 2025, dengan tingkat bunga                  22, 2025, with an interest rate of Telegraphic
         Telegraphic Transfer International (TTI) 5,5% per               Transfer International (TTI) of 5.5% per annum for
         tahun untuk mata uang Dolar Amerika Serikat dan                 the United States Dollar and 7.50% per annum for
         7,50% per tahun untuk mata uang Rupiah.                         the Rupiah.


    Sehubungan dengan fasilitas pinjaman tersebut,                  In connection with the loan facility, the Company is
    Perusahaan diwajibkan untuk memenuhi persyaratan                required to fulfill certain requirements such as the
    tertentu    seperti   kewajiban    pemenuhan       rasio        obligation to fulfill financial ratios, which include
    keuangan, antara lain meliputi, current ratio minimum           minimum current ratio of 1x, debt service coverage
    1x, debt service coverage ratio minimum 1x serta Debt           ratio minimum 1x and Debt to Equity maximum 2.0x.
    to Equity maksimum 2,0x.


    Pajak Pertambahan Nilai (PPN)                                   Value Added tax (VAT)
    Pada tanggal 11 Januari 2024, Perusahaan menerima               On January 11, 2024, the Company received SKPPKP
    SKPPKP      No.   KEP-00002/SKPPKP/KPP.2106/2024                No. KEP-00002/SKPPKP/KPP.2106/2024 of VAT for
    untuk PPN Masa Pajak November 2023, yang                        the Tax Period of November 2022, which states that
    menyatakan bahwa Perusahaan memiliki kelebihan                  the Company has an overpayment amounting Rp
    bayar sebesar Rp 14.265.824.778. Pada tanggal 13                14,265,824,778. On February 13, 2024, the Company
    Februari 2024, Perusahaan menerima pengembalian                 received the refund of VAT.
    atas PPN tersebut.


    Pada tanggal 21 Februari 2024, Perusahaan menerima              On February 21, 2024, the Company received SKPPKP
    SKPPKP      No.   KEP-00009/SKPPKP/KPP.2106/2024                No. KEP-00009/SKPPKP/KPP.2106/2024 of VAT
    untuk PPN Masa Pajak Desember 2023, yang                        for the Tax Period of December 2023, which states
    menyatakan bahwa Perusahaan memiliki kelebihan                  that the Company has an overpayment amounting
    bayar sebesar Rp 3.619.706.973. Pada tanggal 4 Maret            Rp 3,619,706,973. On March 4, 2024, the Company
    2024, Perusahaan menerima pengembalian atas PPN                 received the refund of VAT.
    tersebut.




    Aspek Pemasaran                                                 Marketing Aspect

    Tahun 2023 merupakan tahun dimana ekonomi di dunia              2023 was a year where the world economy began to
    mulai bangkit setelah pandemi COVID-19, termasuk                recover after pandemic COVID-19, including the wood
    industri produk olahan kayu. Selain itu, dimulai dari Q2        processed product industry. In addition, starting from
    tahun 2023, Perseroan telah mengoperasikan MDF line             Q2 of 2023, the Company has operated MDF second
    kedua untuk meningkatkan kapasitas produksi lebih               line to increase production capacity more than 2 (two)
    dari 2 (dua) kali lipat dari yang sebelumnya. Dengan            times from the previous one. With the operation of
    beroperasinya produksi MDF line kedua, maka salah               production MDF second line, one of the Company's




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    satu sasaran utama Perseroan adalah peningkatan                  main targets is to increase sales and expand in the
    penjualan dan ekspansi pasar Timur Tengah.                       Middle East market.


    Strategi pemasaran merupakan hal yang sangat                     The marketing strategy is very important for a
    penting bagi sebuah perusahaan untuk mencapai visi               company to achieve the vision and mission which has
    dan misi yang telah ditetapkan. Dalam menjalankan                been set. In carrying out its marketing activities, the
    aktivitas pemasarannya Perseroan didukung oleh                   Company is supported by a solid marketing team as
    tim pemasaran yang solid sebagai ujung tombak                    the spearhead of the Company's marketing activities,
    kegiatan pemasaran Perseroan, dan tentunya tidak                 which are not simply focusing on the sales, but also
    hanya berorientasi pada penjualan saja, namun                    the quality of products. The Company seeks to find
    juga mengutamakan kualitas produk. Perseroan                     new market share and maintains the existing market
    berupaya mencari pangsa pasar baru dan tetap                     by providing competitive prices.
    mempertahankan        pasar     yang     ada      dengan
    memberikan harga yang kompetitif.


    Tantangan bagi Perseroan masih terkait dengan                    The challenges for the Company are still related
    pembenahan dan mengatur dengan ketat dari sisi                   to improvement and strictly regulating in terms of
    produktivitas, efisiensi, kualitas, dan inovasi guna             productivity, efficiency, quality, and innovation in order
    meningkatkan daya saing dan memberikan kepuasan                  to improve competitiveness and provide satisfaction
    kepada pelanggan Perseroan.                                      to the Company's customers.


    Selama    tahun    2023,    Perseroan    terus   menjalin        During 2023, the Company continued to maintain
    hubungan baik dengan pelanggan yang telah                        good relations with the existing customers, evidently
    ada (existing customer), hal ini dibuktikan dengan               by repeat orders and huge demand volume from
    repeat order dan volume permintaan yang lebih                    customers during 2023. Furthermore, the Company
    banyak dari pelanggan selama tahun 2023. Selain                  also penetrated several new customers including new
    itu perusahaan juga melakukan penetrasi kepada                   regions so as a results of new business relationship
    beberapa pelanggan baru mencakup regional baru                   that are sustainable. Some of the regions served by
    sehingga menghasilkan hubungan bisnis baru yang                  the Company include Southeast Asia, East Asia, North
    berkelanjutan. Beberapa regional yang dilayani oleh              America, Africa, and Middle East.
    Perseroan antara lain Asia Tenggara, Asia Timur,
    Amerika Utara, Afrika, dan Timur Tengah.




    Kebijakan Dividen                                                Dividend Policy

    Seluruh   saham     biasa    atas    nama   yang    telah        All common shares that have been issued and fully
    ditempatkan dan disetor penuh, termasuk saham                    paid, including common shares that were offered in
    biasa atas nama yang ditawarkan dalam Penawaran                  the Initial Public Offering, have equal rights including
    Umum Perdana Saham, mempunyai hak yang sama                      the right to dividend distribution.
    dan sederajat termasuk hak atas pembagian dividen.


    Sesuai    dengan    peraturan       perundang-undangan           In accordance with Indonesian laws and regulations,
    Indonesia,   khususnya      UUPT,     Perseroan    dapat         especially   the   Indonesian         Company             Law,        the
    membagikan dividen. Pembagian dividen mengacu                    Company      can    distribute        dividends.             Dividend




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    pada    ketentuan-ketentuan        yang    terdapat    pada          distribution refers to the regulations stated in the
    Anggaran Dasar Perseroan dan persetujuan pemegang                    Company's Articles of Association and shareholders'
    saham    pada    RUPS      serta     mempertimbangkan                approval at the GMS and considers the fairness of the
    kewajaran atas pembagian dividen tersebut dan juga                   distribution of dividends and also the interests of the
    kepentingan Perseroan. Pembagian dividen hanya                       Company. Dividend distribution can only be done if
    dapat dilakukan apabila Perseroan mencatatkan laba                   the Company records positive retained earnings.
    ditahan yang positif.


    Perseroan    dapat      membagikan        dividen     interim        The Company can distribute interim dividends before
    sebelum tahun buku Perseroan berakhir sepanjang                      the end of the Company's financial year as long as it
    diatur dalam anggaran dasar Perseroan. Pembagian                     is regulated in the Company's articles of association.
    dividen dapat dilakukan apabila jumlah kekayaan                      Dividend distribution can be done if the amount of
    bersih Perseroan tidak menjadi lebih kecil daripada                  the Company's net worth does not become smaller
    jumlah modal ditempatkan dan disetor ditambah                        than the amount of issued and paid up capital plus
    cadangan wajib. Pembagian dividen tidak boleh                        mandatory reserves. The distribution of dividends
    mengganggu atau menyebabkan Perseroan tidak                          may not interfere or cause the Company to not be
    dapat memenuhi kewajibannya pada kreditur atau                       able to fulfill its obligations to creditors or interfere
    mengganggu kegiatan Perseroan. Pembagian dividen                     the Company's activities. Interim dividend distribution
    interim ditetapkan berdasarkan keputusan Direksi                     is determined based on the decision of the Board
    setelah memperoleh persetujuan Dewan Komisaris.                      of Directors after obtaining the approval of the
    Dalam hal setelah tahun buku berakhir ternyata                       Board of Commissioners. In the event that after the
    Perseroan menderita kerugian, dividen interim yang                   financial year ends, the Company suffers losses, the
    telah dibagikan harus dikembalikan oleh pemegang                     interim dividends distributed must be returned by the
    saham kepada Perseroan. Direksi dan Dewan Komisaris                  shareholders to the Company. The Board of Directors
    bertanggung jawab secara tanggung renteng atas                       and Board of Commissioners are jointly and severally
    kerugian Perseroan, dalam hal pemegang saham                         liable for the Company's losses, in the event that
    tidak dapat mengembalikan dividen interim.                           shareholders cannot return interim dividends.


    Sesuai dengan Kebijakan dividen yang tercantum                       In accordance with the dividend policy stated in
    dalam    Prospektus,     Perseroan    berencana        untuk         the Prospectus, the Company plans to distribute
    membagikan dividen kepada pemegang saham                             dividends to shareholders of the Company with a
    Perseroan dengan nilai sekurang-kurangnya 30%                        value of at least 30% (thirty percent) of net income of
    (tiga puluh persen) dari laba bersih tahun buku yang                 the running fiscal year, starting from 2020 based on
    bersangkutan, dimulai dari tahun 2020 berdasarkan                    net income for fiscal year 2019.
    laba bersih tahun buku 2019.


    Pembagian dividen dilakukan dengan memperhatikan                     The distribution of dividends is done by taking into
    keputusan para pemegang saham dalam RUPS.                            account the decisions of the shareholders at the GMS.
    Apabila RUPS menyetujui adanya pembagian dividen,                    If the GMS approves the distribution of dividends,
    maka dividen tersebut akan dibagikan kepada seluruh                  the dividends will be distributed to all shareholders
    pemegang saham yang tercatat pada tanggal daftar                     listed on the date of the list of shareholders entitled
    pemegang saham yang berhak atas dividen, dengan                      to dividends, taking into account income tax and
    memperhitungkan PPh dan pemotongan pajak sesuai                      withholding tax in accordance with the prevailing
    ketentuan yang berlaku, jika ada. Perseroan dapat                    regulations, if any. The Company can make changes




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    melakukan perubahan kebijakan dividen setiap waktu,             to the dividend policy at any time, subject to the
    dengan tunduk pada persetujuan dari pemegang                    approval of the shareholders through the GMS.
    saham melalui RUPS.


    Penentuan jumlah dan pembagian dividen tersebut                 The settled amount and distribution of dividends
    akan bergantung pada rekomendasi Direksi Perseroan              will depend on the recommendations given by the
    dengan mempertimbangkan beberapa faktor yang                    Company's Board of Directors by considering several
    meliputi antara lain:                                           factors which include:
    yy Laba ditahan, hasil usaha dan keuangan, kondisi              yy Retained earnings, operating and financial yields,
         keuangan, kondisi likuiditas, prospek usaha di                  financial conditions, liquidity conditions, future
         masa depan (termasuk belanja modal dan akuisisi),               business prospects (including capital expenditure
         kebutuhan kas, kesempatan bisnis; dan                           and acquisitions), cash requirements, business
                                                                         opportunities; and
    yy Faktor-faktor lain yang dianggap relevan oleh                yy Other factors that considered relevant by the
         Direksi.                                                        Board of Directors.


    Di tahun 2020, Perseroan melakukan pembagian dan                In 2020, the Company has distributed and paid
    pembayaran dividen sebanyak 2 (dua) kali yang dapat             dividends 2 (two) times which can be described as
    dijabarkan sebagai berikut :                                    follows:
    1.    Berdasarkan keputusan Rapat Umum Pemegang                 1.    Based on the decision of the Annual General
          Saham (RUPS) Tahunan tanggal 30 Juli 2020 atas                  Meeting of Shareholders (GMS) dated July 30,
          laba bersih Perseroan tahun buku 2019 sebesar                   2020, on the Company's net profit for the 2019
          Rp59,26 miliar, Perseroan membagikan dividen                    financial year of Rp59.26 billion, the Company
          tunai sebesar Rp2 per lembar saham atau Rp18,82                 distributes cash dividends of Rp2 per share or
          miliar, yaitu 31,76% dari laba bersih Perseroan.                Rp18.82 billion, namely 31.76% of the Company's
          Pembayaran dividen tersebut dibayarkan pada                     net profit. The dividend payment will be paid on
          tanggal 2 September 2020.                                       September 2, 2020.
    2.    Sesuai keputusan Direksi yang telah disetujui oleh        2.    In accordance with the Board of Directors'
          Dewan Komisaris pada tanggal 24 November                        decision which was approved by the Board
          2020,       Perseroan   melaksanakan   pembagian                of Commissioners on November 24, 2020, the
          dividen interim untuk tahun buku 2020 sebesar                   Company will distribute an interim dividend for the
          Rp28,24 miliar atau Rp3 per lembar saham, yang                  2020 financial year amounting to Rp28.24 billion
          telah dibayarkan pada tanggal 22 Desember                       or Rp3 per share, which was paid on December
          2020. Data keuangan yang mendasari pembagian                    22, 2020. The financial data that underlies the
          dividen interim ini merupakan data keuangan                     distribution of the interim dividends are financial
          per 30 September 2020 dengan rincian sebagai                    data as of September 30, 2020 with the following
          berikut :                                                       details:




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                                                                                               Per 30 September 2020
     Keterangan                                                                                        Rp Jutaan
     Description                                                                               As of September 30, 2020
                                                                                                      (Rp Million)

     Laba Bersih Berjalan yang diatribusikan ke:
     Profit for the Period attributable to:
       Pemilik Entitas Induk
                                                                                                              55.654
       Equity Holders of the Parent Company
       Kepentingan Non-Pengendali
                                                                                                                  -
       Non-Controlling Interest
     Saldo Laba:
     Retained Earnings:
       Yang Telah ditentukan Penggunaannya
                                                                                                              1.000
       Appropriated
       Yang Belum ditentukan Penggunaannya
                                                                                                             59.655
       Unappropriated
     Ekuitas yang diatribusikan ke:
     Equity Attributable to:
       Pemilik Entitas Induk
                                                                                                           1.009.075
       Equity Holders of the Parent Company
       Kepentingan Non-Pengendali
                                                                                                                  -
       Non-Controlling Interests




    Di tahun 2022, Perseroan melakukan pembagian                    In 2022, the Company has distributed and paid
    dan pembayaran dividen sebanyak 1 (satu) kali.                  dividends 1 (one) time. Based on the Resolution of
    Berdasarkan Keputusan Rapat Umum Pemegang                       the Annual General Meeting of Shareholders (AGMS)
    Saham (RUPS) Tahunan tanggal 7 Juni 2022 atas                   dated June 7, 2022 for the Company’s net profit for
    laba bersih Perseroan tahun buku 2021 sebesar                   the 2021 fiscal year of Rp82,349,452,240, the Company
    Rp82.349.452.240, Perseroan membagikan dividen                  distributed cash dividends of Rp4 per share or Rp37.65
    tunai sebesar Rp4 per lembar saham atau Rp37,65                 billion which is 45.72% of the Company’s net profit.
    miliar yaitu 45,72% dari laba bersih Perseroan.                 The dividend payment was paid on July 8, 2022.
    Pembayaran       dividen    tersebut   dibayarkan   pada
    tanggal 8 Juli 2022.


    Pada    tahun    2023,     Perseroan    juga   melakukan        In 2023, the Company also distributed and paid
    pembagian dan pembayaran dividen sebanyak 1                     dividends 1 (one) time. Based on the Resolution of
    (satu) kali. Berdasarkan Keputusan Rapat Umum                   the Annual General Meeting of Shareholders (AGMS)
    Pemegang Saham (RUPS) Tahunan tanggal 20 Juni                   dated June 20, 2023 for the Company's net profit for
    2023 atas laba bersih Perseroan tahun buku 2022                 the 2022 fiscal year of Rp97,118,215,205, the Company
    sebesar Rp97,118,215,205, Perseroan membagikan                  distributed cash dividends of Rp2 per share or Rp18.82
    dividen tunai sebesar Rp2 per lembar saham atau                 billion, which is 19.38% of the Company's net profit.
    Rp18,82 miliar yaitu 19,38% dari laba bersih Perseroan.         The dividend payment was paid on July 21, 2023.
    Pembayaran       dividen    tersebut   dibayarkan   pada
    tanggal 21 Juli 2023.




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    Realisasi Penggunaan Dana Hasil                                     Realization of Use of Initial Public
    Penawaran Umum Perdana                                              Offering Proceeds

    Pada       tahun     2019,   Perseroan     melaksanakan             In 2019, the Company conducted an Initial Public
    Penawaran          Umum      Perdana     (IPO)   sejumlah           Offering (IPO) of 1,412,000,000 shares with a nominal
    1.412.000.000 saham dengan nominal nilai Rp100                      value of Rp100 per share and a share offering
    per saham dan harga penawaran saham Rp105 per                       price of Rp105 per share, with a total acquisition of
    saham, dengan total perolehan dana yang didapatkan                  Rp148,260,000,000 before deducting the cost of
    sebesar     Rp148.260.000.000,     sebelum       dikurangi          a public offering. The total cost of Public Offering is
    biaya penawaran umum. Total biaya penawaran                         Rp4,161,928,700 so that the net proceeds from the
    umum       sebesar     Rp4.161.928.700    sehingga    hasil         IPO proceeds after deducting the cost of the public
    bersih penerimaan dana IPO setelah dikurangi biaya                  offering is Rp144,098,071,300.
    penawaran umum adalah sebesar Rp144.098.071.300.


    Per 31 Desember 2020, Dana IPO telah digunakan                      As of December 31, 2020, IPO funds have been fully
    seluruhnya.        Rincian   penggunaan     hasil    bersih         used. The details of the use of the net proceeds from
    penerimaan dana IPO oleh Perseroan adalah sebagai                   the IPO proceeds by the Company are as follows:
    berikut:
    1.   Sebesar Rp90.231.119.000 atau sebesar 62,62%                   1.   Rp90,231,119,000 or 62.62% used to settlement
         yang digunakan untuk pelunasan hutang bank                          the Company's bank loans.
         Perseroan.
    2.   Sebesar Rp25.226.960.192 atau sebesar 17,51%                   2.   Rp25,226,960,192 or 17.51% used for capital and
         yang digunakan untuk belanja modal dan                              equipment expenditure.
         peralatan.
    3.   Sebesar Rp28.639.992.109 atau sebesar 19,87%                   3.   Rp28,639,992,109 or 19.87% used for working
         yang digunakan untuk modal kerja.                                   capital.




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    Tata Kelola Perusahaan
    Good Corporate Governance




    Dasar Tata Kelola Perusahaan                                       The Basis of Corporate Governance
                                                                       Implementation

    Tata Kelola Perusahaan yang Baik atau Good                         Good Corporate Governance (GCG) is the foundation
    Corporate Governance (GCG) merupakan fondasi bagi                  for creating the trust of market players and business
    terciptanya kepercayaan pelaku pasar dan bisnis                    with integrity. Both are the pillars for sustainable
    yang berintegritas. Keduanya merupakan pilar bagi                  competitive     advantage.     Sustainable             competitive
    keunggulan daya saing berkelanjutan. Keunggulan                    advantage is reflected in the Company’s adaptability
    daya saing berkelanjutan tercermin dari kemampuan                  to changes in the business environment, having
    adaptasi     perusahaan       menghadapi      perubahan            resilience in the face of intense competition, having
    lingkungan    bisnis,   memiliki     ketahanan       dalam         operational and financial performance in accordance
    menghadapi ketatnya persaingan, memiliki kinerja                   with the expectations of shareholders and market
    operasional dan keuangan yang sesuai dengan                        players, and ultimately growing into a leading
    ekspektasi pemegang saham dan pelaku pasar, dan                    company in maintain its credibility and reputation.
    pada akhirnya tumbuh menjadi perusahaan terdepan
    dalam menjaga kredibilitas dan reputasinya.


    Untuk memastikan keberlanjutan usahanya dalam                      To ensure its business continuity in the long-term,
    jangka panjang, Perseroan senantiasa menjaga dan                   the Company always maintains and improves its
    meningkatkan tata kelola perusahaannya, dengan                     corporate governance, by referring to all applicable
    mengacu kepada seluruh peraturan-peraturan dan                     regulations and professional practices, and grounding
    praktik profesional yang berlaku, dan dilandaskan                  such practices on the principles of Good Corporate
    pada prinsip-prinsip Tata Kelola Perusahaan yang                   Governance (GCG). Good Corporate Governance
    Baik (GCG). Good Corporate Governance sudah bukan                  is no longer an option for business people, but is a
    merupakan pilihan lagi bagi pelaku bisnis, tetapi                  requirement and a necessity. Every action requires
    sudah merupakan suatu keharusan dan kebutuhan.                     accountability, including business action. Through
    Setiap tindakan memerlukan pertanggungjawaban,                     the implementation of Good Corporate Governance,
    termasuk     didalamnya       tindakan   bisnis.   Melalui         a company shows its accountability to the trust given
    penerapan Tata Kelola Perusahaan yang Baik, suatu                  by investors.
    Perseroan    menunjukkan       pertanggungjawabannya
    terhadap kepercayaan yang diberikan para investor.


    Penerapan     Tata   Kelola    Perusahaan     yang    Baik         The implementation of Good Corporate Governance
    (Good Corporate Governance) memerlukan adanya                      requires       understanding,          commitment,                   and
    pemahaman, komitmen dan konsistensi dari seluruh                   consistency from all company bodies especially the
    organ perusahaan khususnya Direksi dan Dewan                       Board of Directors and the Board of Commissioners
    Komisaris mengenai bagaimana seharusnya proses                     regarding how the management process should be
    pengelolaan tersebut dijalankan.                                   carried out.




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    Untuk memastikan proses tata kelola dilaksanakan                    To ensure that the governance process is well
    secara baik. Perseroan secara berkala melakukan                     implemented. The Company periodically reviews
    review dan penyesuaian terhadap kebijakan tata kelola               and adjusts the governance policy as a form of
    sebagai salah satu wujud komitmen peningkatan                       commitment to improve the quality of governance
    kualitas penerapan tata kelola dalam Perseroan.                     implementation in the Company.


    Penerapan praktik Tata Kelola Perusahaan yang Baik                  The Good Corporate Governance practices in the
    di Perseroan mengacu pada pedoman dan peraturan                     Company refers to the following guidelines and
    berikut:                                                            regulations:
    yy Undang-Undang Republik Indonesia No. 40 Tahun                    yy Law of the Republic of Indonesia No. 40 of 2007
      2007 tentang Perseroan Terbatas;                                    concerning Limited Liability Companies;
    yy Undang-Undang Republik Indonesia No. 8 Tahun                     yy Law of the Republic of Indonesia No. 8 of 1995
      1995 tentang Pasar Modal;                                           concerning Capital Market;
    yy Peraturan   Otoritas   Jasa     Keuangan     No.    33/          yy Financial Services Authority Regulation No. 33/
      POJK.04/2014 tentang Direksi dan Dewan Komisaris                    POJK.04/2014 concerning Board of Directors and
      Emiten dan Perusahaan Publik;                                       Board of Commissioners of Issuers and Public
                                                                          Companies;
    yy Peraturan   Otoritas   Jasa     Keuangan     No.    34/          yy Financial Services Authority Regulation No. 34/
      POJK.04/2014     tentang Komite        Nominasi      dan            POJK.04/2014      concerning            Nomination               and
      Renumerasi Emiten atau Perusahaan Publik;                           Renumeration Committee of Issuers and Public
                                                                          Companies;
    yy Peraturan   Otoritas   Jasa     Keuangan     No.    35/          yy Financial Services Authority Regulation No. 35/
      POJK.04/2014     tentang       Sekretaris   Perusahaan              POJK.04/2014 concerning Corporate Secretary of
      Emiten atau Perusahaan Publik;                                      Issuers and Public Companies;
    yy Peraturan   Otoritas   Jasa     Keuangan     No.     21/         yy Financial Services Authority Regulation No. 21/
      POJK.04/2015 tentang Pedoman Penerapan Tata                         POJK.04/2015 concerning the implementation
      Kelola Perusahaan Terbuka;                                          of Corporate Governance Guidelines for Public
                                                                          Companies;
    yy Peraturan   Otoritas   Jasa     Keuangan     No.     31/         yy Financial Services Authority Regulation No.31/
      POJK.04/2015 tentang Keterbukaan Informasi atau                     POJK.04/2015      concerning           Transparency                 of
      fakta material oleh Emiten atau Perusahaan Publik;                  Information or Material Facts in Issuers or Public
                                                                          Companies;
    yy Peraturan   Otoritas   Jasa     Keuangan     No.    55/          yy Financial Services Authority Regulation No. 55/
      POJK.04/2015      tentang        Pembentukan         dan            POJK.04/2015 concerning the Audit Committee
      Pedoman Pelaksanaan Kerja Komite Audit;                             Establishment and Implementation Guidelines;
    yy Peraturan   Otoritas   Jasa     Keuangan     No.    56/          yy Financial Services Authority Regulation No. 56/
      POJK.04/2015      tentang        Pembentukan         dan            POJK.04/2015 concerning Internal Audit Charter
      Pedoman Penyusunan Piagam Unit Audit Internal;                      Establishment and Implementation Guidelines;
    yy Peraturan   Otoritas    Jasa      Keuangan         No.8/         yy Financial Services Authority Regulation No.8/
      POJK.04/2015 tentang Situs Web Emiten atau                          POJK.04/2015 concerning Websites of Issuers or
      Perusahaan Publik;                                                  Public Company;
    yy Surat Edaran Otoritas Jasa Keuangan Nomor 32/                    yy Circular Letter of Financial Services Authority
      SEOJK.04/2015 tentang Pedoman Tata Kelola                           No.32/SEOJK.04/2015          concerning               Corporate
      Perusahaan Terbuka;                                                 Governance Guidelines for Public Company;




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    yy Peraturan    Otoritas    Jasa    Keuangan       No.29/          yy Financial Services Authority Regulation No.29/
      POJK.04/2016 tentang Laporan Tahunan Emiten                        POJK.04/2016 concerning Annual Report of the
      atau Perusahaan publik;                                            Issuer or Public Company;
    yy Peraturan    Otoritas    Jasa    Keuangan       No.11/          yy Financial Services Authority Regulation No.11/
      POJK.04/2017 tentang Laporan kepemilikan atau                      POJK.04/2017       concerning            Ownership             Reports
      Setiap Perubahan Kepemilikan Saham Perusahaan                      or Any Changes in Share Ownership of Public
      Terbuka;                                                           Companies;
    yy Peraturan    Otoritas   Jasa    Keuangan      No.   15/         yy Financial    Services      Authority           Regulation             No.
      POJK.04/2020          tentang          Rencana       dan           15/POJK.04/2020           concerning              Planning            and
      Penyelenggaraan Rapat Umum Pemegang Saham                          Convening General Meeting of Shareholders of
      Perusahaan Terbuka;                                                Public Companies;
    yy Peraturan    Otoritas    Jasa    Keuangan       No.16/          yy Financial Services Authority Regulation No.16/
      POJK.04/2020 tentang Pelaksanaan Rapat Umum                        POJK.04/2020 concerning the Implementation
      Pemegang Saham Perusahaan Terbuka Secara                           of the General Meeting of Shareholders of Public
      Elektronik;                                                        Companies Electronically;
    yy Surat Edaran Otoritas Jasa Keuangan No.16/                      yy Circular Letter    of Financial Services Authority
      SEOJK.04/2021 tentang Bentuk dan Isi Laporan                       No.16/SEOJK.04/2021 concerning the Form and
      Tahunan Emiten/Perusahaan Publik;                                  Content of the Annual Report of Issuers / Public
                                                                         Companies;
    yy Peraturan Otoritas Jasa Keuangan No. 9 Tahun                    yy Financial Services Authority Regulation No. 9 of
      2023 tentang Penggunaan Jasa Akuntan Publik                        2023 concerning the Use of Public Accountant
      dan Kantor Akuntan Publik dalam Kegiatan Jasa                      and Public Accountant Firms in Financial Services
      Keuangan;                                                          Activities;
    yy Surat Edaran Otoritas Jasa Keuangan No. 18/                     yy Circular Letter    of Financial Services Authority
      SEOJK.03/2023 tentang Tata Cara Penggunaan                         No.18/SEOJK.03/2023 concerning the Procedure
      Jasa Akuntan Publik dan Kantor Akuntan Publik                      for the Use of Public Accountant and Public
      dalam Kegiatan Jasa Keuangan;                                      Accountant Firms in Financial Services Activities;
    yy Pedoman Umum Governansi Korporat Indonesia                      yy The Indonesian General Guidelines for Corporate
      (PUGKI) yang dikembangkan oleh Komite Nasional                     Governance (PUGKI) developed by the National
      Kebijakan Governansi (KNKG); dan                                   Committee on Governance Policy (KNKG); and
    yy ASEAN Corporate Governance Scorecard (ACGS)                     yy ASEAN Corporate Governance Scorecared (ACGS)
      yang dikeluarkan oleh Organization for Economic                    issued by Organization for Economic Cooperation
      Cooperation and Development (OECD).                                and Development (OECD).




    Prinsip Tata Kelola Perusahaan                                     Good Corporate Governance Principles

    Praktik Tata Kelola Perusahaan yang Baik yang                      Good Corporate Governance practices implemented
    diimplementasikan oleh Perseroan tidak lepas dari                  by the Company are based on the 5 (five) basic
    5 (lima) prinsip dasar, yaitu sebagai berikut:                     principles, which is follows:
    yy Transparansi                                                    yy Transparency
      Keterbukaan       dalam     melaksanakan         proses            Transparency in the decision-making process and
      pengambilan       keputusan      dan     pengungkapan              disclosure of material and relevant information
      informasi material dan relevan terkait usaha                       regarding the Company’s business.
      Perseroan.




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      Perusahaan harus menyediakan informasi yang                        The Company must provide material and relevant
      material dan relevan dengan akses yang mudah                       information with easy access and understanding
      dilakukan dan dipahami          oleh para pemangku                 by stakeholders and in a timely manner to be
      kepentingan        serta   secara   tepat waktu    agar            useful in decision making by shareholders and
      berguna dalam pengambilan keputusan oleh                           other stakeholders. The implementation of the
      pemegang saham dan pemangku kepentingan                            transparency principle carried out by the Company
      lainnya. Implementasi prinsip transparansi yang                    is to publish financial information both quarterly
      dilaksanakan oleh Perseroan yakni melakukan                        and annually in a timely manner as well as other
      publikasi informasi keuangan baik triwulan maupun                  important information that needs to be known by
      tahunan secara tepat waktu serta informasi penting                 stakeholders. Stakeholders can access information
      lainnya yang perlu diketahui oleh para pemangku                    through the Company's website, Indonesia Stock
      kepentingan.        Para    pemangku       kepentingan             Exchange’s (IDX) website, and Indonesia Central
      dapat mengakses informasi melalui situs web                        Securities Depository’s website.
      perusahaan, situs Bursa Efek Indonesia (BEI), dan
      situs KSEI.


    yy Akuntabilitas                                                   yy Accountability
      Adanya Kejelasan fungsi dan pertanggungjawaban                     There is clarity on the functions and responsibilities
      setiap divisi dalam Perseroan agar pengelolaan                     of each division in the Company so that business
      usaha dapat terlaksana secara efektif. Dalam                       management can be carried out effectively.
      penerapan prinsip Akuntabilitas ini, Perseroan                     In applying the principle of accountability, the
      menetapkan Piagam pedoman kerja bagi Organ                         Company establishes a work guideline charter for
      Perseroan seperti Komite Audit dan Unit Audit                      the Company bodies such as the Audit Committee
      Internal. Piagam pedoman tersebut merupakan                        and Internal Audit Unit. The charter of guidelines
      pedoman kerja organ Perseroan yang memperjelas                     is a work guideline for the Company bodies which
      tanggung jawab dan wewenang organ di Perseroan.                    clarifies the responsibilities and authorities of
                                                                         bodies in the Company.


    yy Tanggung jawab                                                  yy Responsibility
      Kepatuhan Perseroan terhadap peraturan dan                         The   Company’s      compliance            with       rules       and
      perundangan yang diterbitkan oleh Pemerintah                       regulations issued by the government and other
      dan pihak lain yang berwenang dan memastikan                       authorities and ensuring that management is
      pengelolaannya dilakukan secara profesional agar                   conducted in a professional manner in order to
      tidak terjadi benturan kepentingan dan tekanan                     avoid conflict of interest and pressure from other
      dari pihak lain.                                                   parties.


      Perseroan mematuhi ketentuan dan peraturan                         The Company complies with the applicable laws
      perundang-undangan             yang     berlaku    serta           and regulations as well as the principles of sound
      prinsip-prinsip      pengelolaan      perusahaan   yang            corporate management as a form of responsible
      sehat    sebagai      bentuk    perilaku    perusahaan             corporate behavior. In its application, the company
      yang bertanggungjawab. Dalam penerapannya,                         complies with laws, Financial Services Authority
      perusahaan           mematuhi          Undang-undang,              regulations, tax regulations, labor, work safety, and
      peraturan Otoritas Jasa keuangan, peraturan                        other regulations.
      pajak, ketenagakerjaan,        keselamatan kerja, dan
      peraturan lainnya.




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    yy Independensi                                                    yy Independence
         Tata kelola Perseroan secara profesional tanpa                     Company governance in a professional manner
         benturan kepentingan dan tekanan dari pihak                        without any conflict of interest and pressure from
         manapun yang tidak sesuai dengan peraturan                         any party that does not comply with the applicable
         perundang-undangan yang berlaku dan prinsip-                       legislation and sound business principles. The
         prinsip   korporasi    yang    sehat.     Perusahaan               company is managed independently so each
         dikelola secara independen sehingga tiap organ                     company bodies does not dominate each other
         perusahaan tidak saling mendominasi dan tidak                      and intervened by other parties.
         dapat diintervensi oleh pihak lain.


    yy Keadilan dan Kesetaraan                                         yy Fairness and Equality
         Kesetaraan dalam pemenuhan hak dan kepentingan                     Equality in the fulfillment of the rights and interests
         pemangku kepentingan dengan mengikuti praktik                      of stakeholders by implementing best practices in
         terbaik di industri dan sesuai dengan peraturan                    the industry and in accordance with the applicable
         perundang-undangan yang berlaku.                                   legislation.




    Tujuan Penerapan Tata Kelola                                       Purposes of Implementation of
    Perusahaan                                                         Corporate Governance

    Tujuan penerapan Good Corporate Governance di                      The objectives of implementing Good Corporate
    Perseroan adalah sebagai berikut:                                  Governance in the Company are as follows:
    1.    Meningkatkan nilai perusahaan di mata investor.              1.    Increase the value of the company in the eyes
          Perusahaan yang melakukan peningkatan pada                         of investors. Companies that improve the quality
          kualitas GCG menunjukkan peningkatan penilaian                     of GCG show an increase in market valuation,
          pasar, sedangkan perusahaan yang mengalami                         while companies that experience a decrease in
          penurunan kualitas GCG, cenderung menunjukan                       GCG quality, tend to show a decrease in market
          penurunan     pada    penilaian      pasar.   Dengan               valuation. With an increase in market valuation,
          peningkatan penilaian pasar, perusahaan mampu                      companies are able to compete and live
          untuk bersaing dan hidup berkesinambungan.                         sustainably.
    2.    Menciptakan dan mendorong pemberdayaan                       2.    Create and encourage empowerment of the
          fungsi dan kemandirian masing-masing organ                         functions and independence of each body in the
          dalam Perseroan, yaitu Dewan komisaris, Direksi,                   Company, namely the Board of Commissioners,
          dan Rapat Umum Pemegang Saham (RUPS).                              the Board of Directors, and the General Meeting
                                                                             of Shareholders (GMS).
    3.    Meningkatkan pertanggungjawaban pengelolaan                  3.    Increase the accountability of the management
          Perseroan    kepada    Pemegang saham dengan                       of the Company to the shareholders while
          tetap    memperhatikan        kepentingan       para               still paying attention to the interests of the
          pemangku kepentingan.                                              stakeholders.
    4.    Mendorong pemegang saham, anggota Dewan                      4.    Encourage      shareholders,          members              of     the
          Komisaris dan anggota Direksi agar dalam                           Board of Commissioners, and members of the
          pengambilan keputusan dan pelaksanaannya                           Board of Directors so that decision making and
          dilandasi oleh nilai moral yang tinggi dan                         implementation are based on high moral values​​
          kepatuhan     terhadap    peraturan      perundang-                and compliance with laws and regulations.
          undangan.




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    5.   Meningkatkan kinerja Perseroan dengan adanya                5.   Improve the performance of the Company
         proses pengambilan keputusan yang lebih baik                     through better decision making processes and
         dan meningkatkan reputasi Perseroan.                             enhance the Company's reputation.




    Indikator Tata Kelola Perusahaan                                 Indicator of Good Corporate
    Yang Baik                                                        Governance

    1.   Kepemilikan Manajerial                                      1.   Managerial Ownership
         Kepemilikan manajerial adalah kepemilikan hak                    Managerial ownership is the ownership of the
         atas saham perusahaan yang dimiliki oleh pihak                   rights to a company’s shares by insiders or
         insider atau pengurus perusahaan, seperti Direksi                company’s management, such as the Board of
         dan     Dewan    Komisaris.    Adanya   kepemilikan              Directors and the Board of Commissioners. The
         manajerial dapat mempersatukan kepentingan                       existence of managerial ownership can unite the
         manajerial atau pengurus perusahaan dengan                       interests of managerial or company management
         kepentingan pemegang saham eksternal. Dengan                     with the interests of external shareholders. The
         adanya proporsi kepemilikan saham yang dimiliki                  proportion of management share ownership in
         oleh pihak manajemen dalam perusahaan akan                       the Company will encourage the management
         mendorong manajemen merasakan memiliki                           to feel ownership of the Company so that they
         perusahaan sehingga berusaha lebih giat untuk                    will make more efforts to maximize the interests
         memaksimalkan kepentingan pemegang saham.                        of the shareholders. The existing management
         Kepemilikan manajerial yang ada Perseroan                        ownership of the Company is owned by Mr.
         dimiliki oleh Bapak Heffy Hartono selaku Direktur                Heffy Hartono as the President Director of the
         utama Perseroan yang memiliki kepemilikan                        Company, who owns 5.98% of the total number of
         saham sebesar 5,98% dari seluruh jumlah saham                    shares of the Company outstanding in the market.
         perseroan yang beredar di pasar.


    2.   Komisaris Independen                                        2.   Independent Commissioner
         Komisaris Independen adalah anggota Dewan                        Independent    Commissioner               is     a      member
         Komisaris yang tidak memiliki hubungan bisnis,                   of the Board of Commissioners who does
         kepemilikan saham, kepengurusan, keuangan,                       not   have   any   business          relationship,           share
         maupun hubungan keluarga dengan Direksi dan                      ownership, management, financial, or family
         Dewan Komisaris lainnya serta pemegang saham                     relationship with the other Board of Directors
         pengendali yang dapat menyebabkan pengaruh                       and Board of Commissioners and controlling
         untuk    tidak   bertindak     independen    dalam               shareholders that could cause them to not act
         menjalankan tugas dan tanggung jawabnya                          independently in carrying out their duties and
         yakni sebagai pengawas kinerja manajemen                         responsibilities, namely as supervisor of the
         perusahaan.      Dewan    Komisaris     memegang                 Company's     management             performance.               The
         peran penting dalam pengawasan Direksi yang                      Board of Commissioners plays an important role
         bertujuan agar dapat mencapai target kinerja                     in supervising the Board of Directors, which aims
         yang    direncanakan     dan    turut   memberikan               to achieve the planned performance targets, and
         nasihat kepada Direksi mengenai penyimpangan                     also advises the Board of Directors on deviations
         pengelolaan usaha yang tidak sesuai dengan                       in the management that are not in line with the
         arah yang ingin dicapai perusahaan. Dalam hal ini                direction the Company wants to achieve. In this
         Komisaris Independen berperan penting untuk                      case, the Independent Comissioner plays an




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         melindungi pemegang saham minoritas, karena                      important role in protecting minority shareholders
         Komisaris Independen berfungsi memastikan                        by ensuring that the policies adopted by the Board
         bahwa kebijakan yang dibuat oleh Dewan                           of Commissioners do not favor the interests of the
         Komisaris tidak memihak pada kepentingan                         Board of Directors or certain parties. There are 3
         Direksi maupun pihak tertentu. Anggota Dewan                     (three) members of the Board of Commissioners
         Komisaris Perseroan berjumlah 3 (tiga) orang                     and one of them is an Independent Commissioner.
         dan salah satu diantaranya merupakan Komisaris
         Independen.


    3.   Komite Audit                                                3.   Audit Committee
         Komite Audit Perseroan merupakan komite yang                     The Audit Committee of the Company is a
         dibentuk oleh Dewan Komisaris untuk membantu                     committee formed by the Board of Commissioners
         tugas Komisaris dalam melakukan pengawasan,                      to assist the duties of the Commissioners in
         pemeriksaan atau penelitian yang dianggap                        conducting supervision, examination or research
         perlu   terhadap   pelaksanaan     fungsi   Direksi              which is deemed necessary for the implementation
         dalam    mengelola   perusahaan.    Keanggotaan                  of the functions of the Board of Directors in
         Komite Audit sekurang-kurangnya terdiri dari 3                   managing the company. The membership of the
         orang, dimana seorang di antaranya merupakan                     Audit Committee consists of at least 3 people, one
         Komisaris Independen yang sekaligus merangkap                    of which is an Independent Commissioner who is
         sebagai Ketua Komite Audit, sedangkan dua                        also the Chairman of the Audit Committee, while
         anggota lainnya merupakan pihak dari luar                        the other two members are independent parties
         Perseroan yang Independen. Perseroan memiliki                    from outside the Company. The Company has 3
         anggota Komite Audit sebanyak 3 (tiga) orang                     (three) members of the Audit Committee, one of
         dengan salah satu dari ketiga anggota tersebut                   which is an Independent Commissioner who also
         merupakan      Komisaris    Independen       yang                serves as the Chairman of the Audit Committee.
         merangkap menjadi Ketua Komite Audit. Anggota                    The elected members of the Audit Committee
         Komite Audit yang dipilih merupakan pihak yang                   are independent parties.
         independen.




    Struktur Tata Kelola Perusahaan                                  Corporate Governance Structure

    Berdasarkan      ketentuan   peraturan     perundang-            Based on the provisions of the limited liability company
    undangan perseroan terbatas dan pasar modal,                     and capital market laws and regulations, the corporate
    struktur tata kelola Perseroan adalah sebagai berikut:           governance structure is as follows:




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                                                    RUPS | GMS




                                               Dewan Komisaris
                                            Board of Commissioners

                                                                                                  Komite Audit
                                                                                                Audit Committee



                                                    Direksi
                                               Board of Directors

                                                                                              Komite Nominasi
                                                                                                & Remunerasi
                                                                                          Nomination & Remuneration
                                                                                                 Committee




                      Audit Internal                                   Sekretaris Perusahaan
                      Internal Audit                                    Corporate Secretary




    Berdasarkan struktur tata kelola diatas, Perseroan                 Based on the above governance structure, the
    memiliki organ utama yang terdiri dari RUPS, Dewan                 Company has primary bodies consisting of the
    Komisaris, dan Direksi. Perseroan juga telah memiliki              GMS, the Board of Commissioners, and the Board of
    organ pendukung yang terdiri dari organ pendukung                  Directors. The Company also has supporting bodies
    Dewan Komisaris (Komite Audit dan Komite Nominasi                  consisting of supporting bodies of the Board of
    dan Remunerasi) dan organ pendukung Direksi                        Commissioners (Audit Committee and Nomination
    (Sekretaris Perusahaan dan Unit Audit Internal). Setiap            and   Remuneration      Committee)             and       supporting
    organ Perseroan memiliki peran penting dalam                       bodies of the Board of Directors (Corporate Secretary
    pelaksanaan GCG secara efektif. Organ Perusahaan                   and Internal Audit Unit). Each corporate body has
    harus   menjalankan        fungsinya   sesuai     dengan           an important role in the effective implementation
    ketentuan yang berlaku atas dasar prinsip bahwa                    of GCG. The Company's bodies shall perform their
    masing-masing      organ     mempunyai    transparansi,            functions in accordance with applicable regulations
    akuntabilitas,   pertanggungjawaban,     independensi              based on the principle that each body shall be
    dan kewajaran dalam melaksanakan tugas, fungsi dan                 transparent, accountable, responsible, independent
    tanggung jawabnya untuk kepentingan Perseroan.                     and fair in the performance of its duties, functions and
                                                                       responsibilities for the benefit of the Company.


    Penjelasan masing-masing organ dalam struktur tata                 Explanation of each body in the Company's corporate
    kelola Perseroan tersebut dijelaskan sebagai berikut:              governance structure is explained as follows:




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    Rapat Umum Pemegang Saham                                         General Meeting of Shareholders (GMS)
    (RUPS)

    Berdasarkan Undang-Undang Republik Indonesia                      Based on Law of the Republic of Indonesia No. 40
    No. 40 Tahun 2007 tentang Perseroan Terbatas,                     of 2007 concerning Limited Liability Companies, the
    Rapat Umum Pemegang Saham (RUPS) adalah organ                     General Meeting of Shareholders (GMS) is an body
    atau bagian Perseroan yang memiliki kewenangan                    or part of the Company that has exclusive authority
    yang tidak diberikan kepada Direksi maupun Dewan                  that not given to the Board of Directors or Board of
    Komisaris dalam batas yang telah ditentukan oleh                  Commissioners within the limits determined by the
    Undang-Undang dan/atau Anggaran Dasar. Rapat                      Law and/or Articles of Association. The General
    Umum Pemegang Saham menjadi struktur tata kelola                  Meeting of Shareholders becomes the highest
    tertinggi dalam Perseroan.                                        corporate governance structure in the Company.


    RUPS      mempunyai    kewenangan     tertinggi    untuk          GMS constitutes the highest authority to make
    mengambil     keputusan-keputusan       penting     yang          important decisions related to the business activity
    berhubungan dengan kegiatan usaha dan operasional                 and the Company operations such as approval of
    Perseroan seperti persetujuan Laporan Tahunan                     Annual Report and Financial Statement, stipulation
    dan Laporan Keuangan, penetapan penggunaan                        of Company’s profit usage, appointment of the
    laba   Perseroan,    pengangkatan     anggota     Direksi         member of the Board of Directors and the Board
    dan Dewan Komisaris, perubahan Anggaran Dasar,                    of Commissioners, amandments of the Articles of
    serta pemberian otorisasi kepada Direksi untuk                    Association, and granting authorization to the Board
    menindaklanjuti keputusan RUPS.                                   of Directors to follow up GMS resolution.


    Pemegang Saham                                                    Shareholders
    Pemegang saham adalah individu atau badan hukum                   The Shareholders is an individual or legal entity that
    yang secara sah memiliki saham Perseroan. Melalui                 rightfully owned the Company's shares. Through the
    RUPS, para pemegang saham mengambil keputusan                     GMS, the shareholders make important decisions
    penting yang berkaitan dengan modal yang ditanam                  regarding their investment in the Company, in
    dalam Perseroan dengan memperhatikan ketentuan                    accordance with the provisions of the Articles of
    Anggaran Dasar dan peraturan perundang-undangan.                  Association and prevailing laws and regulations.
    Pengambilan keputusan dalam RUPS harus dilakukan                  Decision making in the GMS must be conducted
    secara wajar dan transparan dan didasarkan pada                   in a fair and transparent manner and based on the
    kepentingan usaha Perseroan dalam jangka panjang.                 Company's long-term business interests. However, the
    Namun demikian pemegang saham tidak dapat                         shareholders cannot intervene in the implementation
    melakukan intervensi terhadap pelaksanaan tugas,                  of the duties, functions, and authorities of the Board
    fungsi, dan wewenang Dewan Komisaris dan Direksi.                 of Commissioners and Board of Directors.


    Pemilik    Perseroan   atau   yang    dikenal     dengan          All     owners    of   the    Company              also       known          as
    pemegang saham memiliki hak untuk:                                shareholders have the right to:
    yy Menghadiri,      menyampaikan      pendapat,      dan          yy Attend, give opinion, and vote in the GMS based on
      memberikan suara dalam RUPS berdasarkan                               the principle of “one vote, one share”;
      prinsip “satu suara, satu saham”;
    yy Menerima informasi tentang Perseroan secara                    yy Receive information about the Company in a
      tepat waktu, akurat dan secara rutin, kecuali yang                    timely, accurate and regular manner, except in
      berkaitan dengan hal-hal rahasia, agar dapat                          relation to confidential matters, in order to make




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         membuat keputusan investasi atas Perseroan                     investment decisions on the Company based on
         berdasarkan informasi yang akurat;                             accurate information;
    yy Menerima bagian keuntungan Perseroan yang                   yy Receive a share of the profits of the Company
         dialokasikan bagi pemegang saham dalam bentuk                  allocated to shareholders in the form of dividends
         dividen dan bentuk pembagian keuntungan lainnya                and other profit sharing in proportion to the number
         secara proporsional sesuai dengan jumlah saham                 of shares held; and
         yang dimiliki; dan
    yy Menerima penjelasan dan informasi akurat secara             yy Receive comprehensive explanation and accurate
         menyeluruh tentang prosedur pelaksanaan RUPS,                  information on the procedures for the execution of
         dan berpartisipasi dalam proses pengambilan                    the GMS, and participate in the decision-making
         keputusan.                                                     process.


    Pelaksanaan RUPS                                               Execution of GMS
    Rapat umum pemegang saham (RUPS) terdiri dari                  There are two types of general meetings of
    dua jenis, yaitu:                                              shareholders (GMS):
    1.    Rapat    Umum       Pemegang   Saham    Tahunan          1.    Annual      General     Meeting            of      Shareholders
          (“RUPST”); dan                                                 (“AGMS”); and
    2.    Rapat Umum Pemegang Saham Luar Biasa                     2.    Extraordinary General Meeting of Shareholders
          (“RUPSLB”).                                                    (“EGMS”).


    RUPST Perseroan wajib dilaksanakan setiap tahun                The Company’s AGMS must be held annually, at the
    paling lambat enam bulan setelah berakhirnya tahun             latest six months after the end of a financial year.
    buku. RUPST diadakan satu tahun sekali sebagai forum           The Annual GMS (AGMS) is held once a year as a
    dimana Direksi dan Dewan Komisaris melaporkan dan              forum where the Board of Directors and the Board
    mempertanggung-jawabkan          kinerjanya   terhadap         of Commissioners report and hold its performance
    Pemegang Saham, dan RUPS Luar Biasa (RUPSLB)                   accountable with respect to the Shareholders, and
    dapat diadakan sewaktu-waktu apabila dianggap                  Extraordinary GMS (EGMS) which could be held at
    perlu sesuai kebutuhan.                                        any time whenever deemed necessary in accordance
                                                                   with the needs.


    Selama tahun 2023, Perseroan telah melaksanakan                During 2023, the Company held 2 (two) General
    2 (dua) kali RUPS, yaitu 1 (satu) kali Rapat Umum              Meeting of Shareholder, namely 1 (one) Annual
    Pemegang Saham Tahunan (RUPST) pada tanggal 20                 General Meeting of Shareholders (AGMS) held on
    Juni 2023 dan 1 (satu) kali Rapat Umum Pemegang                June 20, 2023 and 1 (one) Extraordinary General
    Saham Luar Biasa (RUPSLB) pada tanggal 1 Desember              Meeting of Shareholders (EGMS) held on December
    2023 dengan keterangan sebagai berikut:                        1, 2023 with the following information:




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                               RUPS                              Tanggal                    Waktu                             Tempat
     No.
                               GMS                                Date                      Time                               Place
    1      Rapat Umum Pemegang Saham Tahunan                   20 Juni 2023            09:25-09:55 WIB            Wisma ADR Lantai 9,
           (RUPST)                                                                                                Jl. Pluit Raya I No.1,
                                                                                                                  Jakarta Utara 14440

           Annual General Meeting of Shareholders              June 20, 2023       09:25-09:55 a.m Western        Wisma ADR 9th Floor,
           (AGMS)                                                                      Indonesian Time            Jl. Pluit Raya I No.1,
                                                                                                                  North Jakarta 14440
    2      Rapat Umum Pemegang Saham Luar Biasa              1 Desember 2023           09:16-09:26 WIB            Wisma ADR Lantai 9,
           (RUPSLB)                                                                                               Jl. Pluit Raya I No.1,
                                                                                                                  Jakarta Utara 14440

           Extraordinary General Meeting of Shareholders    December 1, 2023       09:16-09:26 a.m Western        Wisma ADR 9th Floor,
           (EGMS)                                                                      Indonesian Time            Jl. Pluit Raya I No.1,
                                                                                                                  North Jakarta 14440




    Pelaksanaan Rapat Umum                                                  2023 Annual General Meeting of
    Pemegang Saham Tahunan                                                  Shareholders (AGMS) Implementation
    (RUPST) 2023

    Tahapan Penyelenggaraan RUPST:                                          The Stages of Holding the AGMS:
    Adapun tahapan penyelenggaraan RUPST 2023                               The stages for holding the 2023 AGMS are as follows:
    adalah sebagai berikut:



                                                                                                            Ringkasan Risalah RUPST
              Pemberitahuan                      Pengumuman                         Panggilan
                                                                                                            Summary of Minutes of the
                Notification                     Announcement                       Invitation
                                                                                                                     AGMS

    5 Mei 2023                            12 Mei 2023                       29 Mei 2023                   21 Juni 2023
    Melalui Surat No.028/CORSEC-          Melalui situs web Bursa           Melalui situs web Bursa       Melalui situs web Bursa
    IFII/V/2023 kepada Otoritas Jasa      Efek Indonesia (IDX), situs       Efek Indonesia (IDX), situs   Efek Indonesia (IDX), situs
    Keuangan (OJK) dan Bursa Efek         web Kustodian Sentral Efek        web Kustodian Sentral         web Kustodian Sentral Efek
    Indonesia (BEI).                      Indonesia (KSEI), dan situs web   Efek    Indonesia   (KSEI),   Indonesia (KSEI), dan situs
                                          Perseroan.      Pengumuman        dan situs web Perseroan.      web Perseroan. Ringkasan
                                          RUPST dilaporkan ke OJK           Pemanggilan        RUPST      risalah RUPST dilaporkan ke
                                          dan BEI melalui surat No.         dilaporkan ke OJK dan         OJK dan BEI melalui surat No.
                                          037/CORSEC-IFII/V/2023            BEI melalui surat No. 040/    054/CORSEC-IFII/VI/2023
                                          dan surat No. 038/CORSEC-         CORSEC-IFII/V/2023 dan        dan surat No. 056/CORSEC-
                                          IFII/V/2023.                      surat No. 041/CORSEC-         IFII/VI/2023.
                                                                            IFII/V/2023.



    May 5, 2023                           May 12, 2023                      May 29, 2023                  June 21, 2023
    Through Letter No. 028/CORSEC-        Through      the    Indonesia     Through the Indonesia         Through       the    Indonesia
    IFII/V/2023 to Financial Services     Stock Exchange website, the       Stock Exchange website,       Stock Exchange website, the
    Authority (FSA) and Indonesia Stock   Indonesia Central Securities      the     Indonesia   Central   Indonesia Central Securities
    Exchange (IDX).                       Depository     website,  and      Securities       Depository   Depository      website,  and
                                          the    Company's      website.    website,       and      the   the    Company's       website.
                                          Announcement of the AGMS          Company's          website.   Summary of Minutes of the
                                          is reported to FSA and IDX        Invitation of the AGMS is     AGMS are reported to FSA
                                          through letter No. 037/           reported to FSA and IDX       and IDX through letter No.
                                          CORSEC-IFII/V/2023       and      through letter No. 040/       054/CORSEC-IFII/VI/2023
                                          letter   No.    038/CORSEC-       CORSEC-IFII/V/2023 and        and letter No. 056/CORSEC-
                                          IFII/V/2023.                      letter No. 041/CORSEC-        IFII/VI/2023.
                                                                            IFII/V/2023.




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    Kehadiran          Dewan     Komisaris,    Direksi,   Pihak          Attendance of the Board of Commissioners, Board of
    Independen, dan Pemegang Saham dalam RUPST                           Directors, Independent Parties and Shareholders at
                                                                         the AGMS


    Susunan Anggota Dewan Komisaris, Direksi, pihak                      The composition of the members of the Board of
    independen, dan pemegang saham yang hadir pada                       Commissioners, Board of Directors, independent
    saat RUPST pada tanggal 20 Juni 2023 adalah sebagai                  parties, and shareholders who attended the AGMS on
    berikut:                                                             June 20, 2023 is as follows:


    Dewan Komisaris:                                                     Board of Commissioners:
    Komisaris Utama              : Surja Hartono                         President Commissioner           : Surja Hartono
    Komisaris                    : Atsushi Takahama                      Commissioner                     : Atsushi Takahama
    Komisaris Independen : Sumarni                                       Independent Commissioner : Sumarni


    Direksi:                                                             Board of Directors:
    Direktur Utama               : Heffy Hartono                         President Director               : Heffy Hartono
    Direktur                     : Ang Andri Pribadi                     Director                         : Ang Andri Pribadi
    Direktur                     : Setiawan Tjutju                       Director                         : Setiawan Tjutju
    Direktur                     : Takuji Okamoto                        Director                         : Takuji Okamoto


    Pihak Independen:                                                    Independent Parties:
    Notaris                      : Kamelina, SH                          Public Notary                    : Kamelina, SH
    Biro Administrasi Efek : PT Sinartama Gunita                         Share Registrar                  : PT Sinartama Gunita


    Pemegang Saham : 9.122.639.800 saham atau                            Shareholders      : 9,122,639,800 shares or 96.93% of
    96,93%      dari    jumlah    keseluruhan      9.412.000.000         the total 9,412,000,000 shares of the Company were
    saham Perseroan hadir atau diwakili pada pertemuan                   present or represented at the meeting.
    tersebut.


    Jumlah saham Perseroan dengan hak suara yang sah                     The number of shares in the Company with valid
    yang hadir pada saat RUPST adalah 9.122.639.800                      voting right present at the AGMS was 9,122,639,800
    saham atau 96,93% dari jumlah seluruh saham                          shares or 96.93% of the total shares in the Company
    Perseroan yang mempunyai hak suara yang sah.                         with valid voting right. Thus the provisions of the
    Dengan       demikian        ketentuan    kuorum      RUPST          AGMS quorum as regulated in the Company’s Articles
    sebagaimana diatur dalam Anggaran Dasar Perseroan                    of Association have been fulfilled and the Meeting is
    telah terpenuhi dan penyelenggaraan RUPST adalah                     therefore valid and entitled to make legitimate and
    sah serta dapat mengambil keputusan yang mengikat.                   binding decisions.


    RUPST dipimpin oleh Surja Hartono, selaku Komisaris                  The AGMS is chaired by Surja Hartono, as the
    Utama Perseroan, yang telah ditunjuk berdasarkan                     Company's President Commissioner, who has been
    Surat Penunjukan tanggal 16 Mei 2023.                                appointed based on the Letter of Appointment dated
                                                                         May 16, 2023.




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    Keputusan RUPST dan Realisasi Keputusan RUPST                      The Resolutions of the AGMS and Realization of the
                                                                       Resolutions of the AGMS
    Adapun keputusan RUPST, hasil voting dan realisasi                 The resolutions of the AGMS, the result of voting and
    keputusan RUPST adalah sebagai berikut:                            the realization of the resolutions of the AGMS are as
                                                                       follows:


    MATA ACARA PERTAMA                                                 FIRST AGENDA
    Persetujuan     atas    Laporan      Tahunan    Perseroan          Approval of the Company’s Annual Report including
    termasuk pengesahan Laporan Tugas Pengawasan                       ratification of the Supervisory Report of the Board
    Dewan    Komisaris      Perseroan,    serta    pengesahan          of Commissioners of the Company, as well as the
    Laporan Keuangan Perseroan untuk tahun buku yang                   ratification of the Company’s Financial Statement for
    berakhir 31 Desember 2022.                                         financial year ended December 31st, 2022.


    Penjelasan mata acara:                                             Explanation of the agenda:
    Mata acara rutin dalam RUPST sesuai ketentuan                      Regular agenda held in the AGMS of the Company,
    Anggaran Dasar Perseroan.                                          in accordance with the Article of Association of the
                                                                       Company.


    Jumlah     pemegang       saham       yang     mengajukan          The number of shareholders raising questions and/ or
    pertanyaan dan/atau pendapat terkait mata acara                    opinions relating to the agenda of the AGMS:
    RUPST:
    Tidak ada pemegang saham yang mengajukan                           None of the shareholders raised any questions or
    pertanyaan dan/atau pendapat.                                      opinions.


    Hasil voting:                                                      Voting result:
    1.   Setuju       : 9.122.639.800 saham (100,00%)                  1.   Agreed       : 9,122,639,800 shares (100.00%)
    2.   Tidak Setuju : 0 saham (0,00%)                                2.   Disagreed    : 0 shares (0.00%)
    3.   Abstain      : 0 saham (0,00%)                                3.   Abstained    : 0 shares (0.00%)


    Keputusan:                                                         Resolution:
    Menyetujui dan menerima baik Laporan Tahunan                       Approve and accept the Annual Report for financial
    untuk tahun buku 2022, termasuk mengesahkan                        year 2022, including ratification of the Board of
    Laporan Tugas Pengawasan Dewan Komisaris, serta                    Commissioners’ Supervisory Report, and ratification
    mengesahkan Laporan Keuangan Perseroan untuk                       of the Company’s Financial Statements for the
    tahun    buku    yang    berakhir     31 Desember 2022             financial year ended December 31st, 2022 which                       has
    yang telah diaudit oleh Kantor Akuntan Publik                      been   audited   by   the     Public        Accountant Firm
    Teramihardja, Pradhono & Chandra sebagaimana                       Teramihardja,    Pradhono      &      Chandra           as      stated
    termuat dalam laporannya Nomor 00038/2.0851/                       in his report Number 00038/2.0851/AU.1/04/1114-
    AU.1/04/1114-2/1/III/2023      tertanggal       15   Maret         2/1/III/2023 dated March 15th, 2023, with the opinion
    2023 dengan pendapat bahwa ”Laporan Keuangan                       that “Financial Statements presented fairly, in all
    menyajikan secara wajar, dalam semua hal yang                      material respects”, as well as granting a full release
    material”, sekaligus memberikan pelunasan dan                      and discharge of responsibility (volledig acquit et
    pembebasan tanggung jawab sepenuhnya (volledig                     de charge) to members of the Board of Directors
    acquit et de charge) kepada anggota Direksi dan                    and the Board of Commissioners of the Company
    Dewan Komisaris Perseroan atas tindakan pengurusan                 over the management and supervision actions of the




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    dan pengawasan Perseroan yang telah dijalankan                Company carried out throughout the financial year
    selama tahun buku 2022, sepanjang tercermin                   2022, as reflected in the Annual Report and recorded
    dalam Laporan Tahunan dan tercatat pada Laporan               in the Company’s Financial Statements.
    Keuangan Perseroan.


    Realisasi:                                                    Realization:
    Telah terealisasi pada tahun 2023. Laporan Tahunan            Implemented in year 2023. The Company’s Annual
    Perseroan telah disetujui dan disahkan oleh RUPST.            Report has approved and ratified by the AGMS.




    MATA ACARA KEDUA                                              SECOND AGENDA
    Persetujuan penggunaan laba bersih Perseroan untuk            Approval for the use of the Company's net profit for
    tahun buku yang berakhir 31 Desember 2022.                    financial year ended December 31st, 2022.


    Penjelasan mata acara:                                        Explanation of the agenda:
    Mata acara rutin dalam RUPST sesuai ketentuan                 Regular agenda held in the AGMS of the Company,
    Anggaran Dasar Perseroan.                                     in accordance with the Article of Association of the
                                                                  Company.


    Jumlah       pemegang    saham    yang    mengajukan          The number of shareholders raising questions and/ or
    pertanyaan dan/atau pendapat terkait mata acara               opinions relating to the agenda of the AGMS:
    RUPST:
    Tidak ada pemegang saham yang mengajukan                      None of the shareholders raised any questions or
    pertanyaan dan/atau pendapat.                                 opinions.


    Hasil voting:                                                 Voting result:
    1.   Setuju       : 9.122.638.800 saham (99,99%)              1.   Agreed          : 9,122,638,800 shares (99.99%)
    2.   Tidak Setuju : 1000 saham (0,01%)                        2.   Disagreed       : 1,000 shares (0.01%)
    3.   Abstain      : 0 saham (0,00%)                           3.   Abstained       : 0 shares (0.00%)


    Keputusan:                                                    Resolution:
    Menyetujui penggunaan laba bersih Perseroan untuk             Approve the net profit of the Company for financial
    tahun buku yang berakhir pada tanggal 31 Desember             year   ended     December           31st,      2022        amounting
    2022 sebesar Rp97.118.215.205 sebagai berikut:                Rp97,118,215,205 to be appropriated as follows:
    1.   Untuk cadangan wajib sebesar Rp1.000.000.000;            1.   The Company will allocate Rp1,000,000,000 as
                                                                       reserve fund;
    2.   a. Sebesar   Rp18.824.000.000    atau Rp2 setiap         2.   a. Rp18,824,000,000            or        Rp2         per       share
           saham dibagikan sebagai dividen tunai, yang                   will    be distributed as cash dividend, the
           pelaksanaan pembayarannya akan dilakukan                      implementation of the payment will be made
           pada tanggal 21 Juli 2023 kepada pemegang                     on July 21st, 2023 to the Shareholders of the
           saham Perseroan yang namanya tercatat                         Company which whose name are recorded
           dalam Daftar Pemegang Saham Perseroan                         in the Shareholders Register of the Company
           pada tanggal 5 Juli 2023 pukul 16.00 WIB;                     (Recording Date) dated July 5th, 2023 at 04:00
                                                                         p.m. Western Indonesian Time;




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         b. Memberikan        wewenang      kepada       Direksi              b. Authorize the Board of Directors of the
           Perseroan untuk        melaksanakan pembagian                        Company to carry out the dividend distribution
           dividen tersebut dan untuk melakukan semua                           and to do all necessary actions. The dividend
           tindakan yang diperlukan. Pembayaran dividen                         payment will be made with due observance to
           akan     dilakukan     dengan     memperhatikan                      the prevailing tax, Indonesia Stock Exchange
           ketentuan     pajak,    ketentuan     Bursa     Efek                 and other Capital Market regulations; and
           Indonesia dan ketentuan pasar modal lainnya
           yang berlaku; dan
    3.   Sisanya    sebesar    Rp77.294.215.205    dibukukan             3.   The remaining, an amount Rp77,294,215,205 to be
         sebagai laba ditahan Perseroan.                                      recorded as retained earning of the Company.


    Realisasi:                                                           Realization:
    Telah terealisasi pada tahun 2023.                                   It has been realized in 2023.




    MATA ACARA KETIGA                                                    THIRD AGENDA
    Penetapan honorarium dan/atau tunjangan anggota                      Determination of the honorarium and/or benefit
    Dewan Komisaris, dan penetapan gaji dan/atau                         of members of the Board of Commissioners and
    tunjangan anggota Direksi Perseroan untuk tahun                      determination on the salaries and/or benefit of
    buku 2023.                                                           member of the Board of Directors of the Company for
                                                                         financial year 2023.


    Penjelasan mata acara:                                               Explanation of the agenda:
    Mata acara rutin dalam RUPST sesuai ketentuan                        Regular agenda held in the AGMS of the Company,
    Anggaran Dasar Perseroan.                                            in accordance with the Article of Association of the
                                                                         Company.


    Jumlah       pemegang      saham      yang    mengajukan             The number of shareholders raising questions and/ or
    pertanyaan dan/atau pendapat terkait mata acara                      opinions relating to the agenda of the AGMS:
    RUPST:                                                               None of the shareholders raised any questions or
    Tidak ada pemegang saham yang mengajukan                             opinions.
    pertanyaan dan/atau pendapat.
                                                                         Voting result:
    Hasil voting:                                                        1.   Agreed       : 9,122,638,800 shares (99.99%)
    1.   Setuju        : 9.122.638.800 saham (99,99%)                    2.   Disagreed    : 1,000 shares (0.01%)
    2.   Tidak Setuju : 1.000 saham (0,01%)                              3.   Abstained    : 0 shares (0.00%)
    3.   Abstain       : 0 saham (0,00%)
                                                                         Resolution:
    Keputusan:                                                           Determine that the salary or honorarium and benefits
    Menetapkan       untuk      seluruh    anggota       Dewan           for all members of the Board of Commissioners and
    Komisaris dan Direksi Perseroan, pemberian gaji atau                 Board of Directors of the Company for the 2023
    honorarium dan tunjangan untuk tahun buku 2023                       financial year will be in the maximum increase of
    dengan kenaikan maksimum sebesar 10% (sepuluh                        10% (ten percent) from the 2022 financial year, after
    persen) dari tahun buku 2022, setelah dipotong pajak                 income tax with due observance to the opinion of
    penghasilan (PPh) dengan memperhatikan pendapat                      the Nomination and Remuneration Committee of the
    Komite Nominasi dan Remunerasi Perseroan.                            Company.




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    Realisasi:                                                       Realization:
    Telah terealisasi pada tahun 2023.                               It has been realized in 2023.


    MATA ACARA KEEMPAT                                               FOURTH AGENDA
    Penunjukan Kantor Akuntan Publik untuk melakukan                 Appointment of Public Accountant Firm to audit the
    audit terhadap Laporan Keuangan Perseroan tahun                  Company's Financial year 2023 and/or the other audit
    buku 2023 dan/atau audit lain yang dibutuhkan                    as required by the Company.
    Perseroan.


    Penjelasan mata acara:                                           Explanation of the agenda:
    Mata acara rutin dalam RUPST sesuai ketentuan                    Regular agenda held in the AGMS of the Company,
    Anggaran Dasar Perseroan.                                        in accordance with the Article of Association of the
                                                                     Company.


    Jumlah       pemegang    saham      yang   mengajukan            The number of shareholders raising questions and/ or
    pertanyaan dan/atau pendapat terkait mata acara                  opinions relating to the agenda of the AGMS:
    RUPST:
    Tidak ada pemegang saham yang mengajukan                         None of the shareholders raised any questions or
    pertanyaan dan/atau pendapat.                                    opinions.


    Hasil voting:                                                    Voting result:
    1.   Setuju       : 9.122.639.800 saham (100%)                   1.   Agreed       : 9,122,639,800 shares (100%)
    2.   Tidak Setuju : 0 saham (0,00%)                              2.   Disagreed    : 0 shares (0.00%)
    3.   Abstain      : 0 saham (0,00%)                              3.   Abstained    : 0 shares (0.00%)


    Keputusan:                                                       Resolution:
    1.   Menyetujui penunjukan Kantor Akuntan Publik                 1.   Approve the Appointment of Public Accountant
         Teramihardja, Pradhono & Chandra dengan                          Firm Teramihardja, Pradhono & Chandra with
         Akuntan Publik Ibu Novida Winata, terdaftar                      Novida Winata as the Public Accountant, which
         di Otoritas Jasa Keuangan, untuk melakukan                       is registered in Financial Services Authority, to
         audit Laporan Keuangan Perseroan untuk tahun                     perform audit on the Financial Statements of the
         buku 2023 dan/atau audit lain yang dibutuhkan                    Company for the 2023 financial year and/or other
         Perseroan;                                                       audit as deemed required by the Company;
    2.   Memberikan      wewenang         kepada     Direksi         2.   Authorize the Board of Directors to determine the
         Perseroan dalam menetapkan jumlah honorarium                     honorarium and other terms and conditions of
         dan persyaratan lainnya sehubungan dengan                        the appointment of such Public Accountant Firm
         penunjukan Kantor Akuntan Publik tersebut dan/                   and/or Public Accountant; and
         atau Akuntan Publik tersebut; dan
    3.   Menyetujui pemberian wewenang dan kuasa                     3.   Approve to grant authority to the Board of
         kepada     Dewan   Komisaris    Perseroan    untuk               Commissioners of the Company to appoint
         menunjuk Kantor Akuntan Publik Pengganti dan/                    Subtitute   Public      Accountant              Firm         and/or
         atau Akuntan Publik Pengganti, yang terdaftar di                 Subtitute Public Accountant, which is registered
         Otoritas Jasa Keuangan berdasarkan rekomendasi                   in the Financial Services Authority based on the
         Komite Audit, dalam hal Kantor Akuntan Publik                    Audit Committee recommendation if for some
         Teramihardja, Pradhono & Chandra dengan                          reasons, the appointed Public Accountant Firm
         Akuntan Publik Ibu Novida Winata karena sebab                    Teramihardja, Pradhono & Chandra with Novida




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        apapun tidak dapat menyelesaikan audit Laporan                          Winata as the Public Accountant, for any reason
        Keuangan Perseroan serta menyetujui pemberian                           whatsoever is unable to perform their duties
        wewenang dan kuasa kepada Direksi Perseroan                             and to grant authority to the Board of Directors
        untuk menetapkan imbalan jasa audit dan                                 to determine honorarium and other term and
        persyaratan lainnya bagi Kantor Akuntan Publik                          conditions for appoint Subtitute Public Accountant
        Pengganti dan/atau Akuntan Publik Pengganti                             Firm and/or Subtitute Public Accountant.
        tersebut.


    Realisasi:                                                              Realization:
    Telah terealisasi pada tahun 2023. Laporan Keuangan                     It was realized in 2023. The Company's Financial
    Perseroan untuk tahun buku 2023 telah diaudit oleh                      Statements for the 2023 financial year have been
    KAP Teramihardja, Pradhono & Chandra dengan                             audited by Public Accountant Firm Teramihardja,
    Akuntan Publik Novida Winata dan telah dilaporkan                       Pradhono & Chandra with Novida Winata as the Public
    ke OJK & BEI pada tanggal 18 Maret 2024.                                Accountant and have been reported to FSA & IDX on
                                                                            March 18, 2024.




    Pelaksanaan Rapat Umum                                                  2023 Extraordinary General Meeting of
    Pemegang Saham Luar Biasa                                               Shareholders (EGMS) Implementation
    (RUPSLB) 2023

    Tahapan Penyelenggaraan RUPSLB:                                         The Stages of Holding the EGMS:
    Adapun tahapan penyelenggaraan RUPSLB 2023                              The stages for holding the 2023 EGMS are as follows:
    adalah sebagai berikut:


                                                                                                            Ringkasan Risalah RUPSLB
             Pemberitahuan                       Pengumuman                         Panggilan
                                                                                                            Summary of Minutes of the
               Notification                      Announcement                       Invitation
                                                                                                                     EGMS

    18 Oktober 2023                       25 Oktober 2023                   9 November 2023                1 Desember 2023
    Melalui Surat No. 088/CORSEC-         Melalui situs web Bursa           Melalui situs web Bursa        Melalui situs web Bursa
    IFII/X/2023 kepada Otoritas Jasa      Efek Indonesia (IDX), situs       Efek Indonesia (IDX), situs    Efek Indonesia (IDX), situs
    Keuangan (OJK) dan Bursa Efek         web Kustodian Sentral Efek        web Kustodian Sentral          web Kustodian Sentral Efek
    Indonesia (BEI).                      Indonesia (KSEI), dan situs web   Efek    Indonesia   (KSEI),    Indonesia (KSEI), dan situs
                                          Perseroan.      Pengumuman        dan situs web Perseroan.       web Perseroan. Ringkasan
                                          RUPSLB dilaporkan ke OJK          Pemanggilan       RUPSLB       risalah RUPSLB dilaporkan ke
                                          dan BEI melalui surat No.         dilaporkan ke OJK dan          OJK dan BEI melalui surat No.
                                          090/CORSEC-IFII/X/2023            BEI melalui surat No. 101/     117/CORSEC-IFII/XII/2023
                                          dan surat No. 091/CORSEC-         CORSEC-IFII/XI/2023 dan        dan surat No. 119/CORSEC-
                                          IFII/X/2023.                      surat No. 102/CORSEC-          IFII/XII/2023.
                                                                            IFII/XI/2023.

    October 18, 2023                      October 25, 2023                  November 9, 2023               December 1, 2023
    Through Letter No. 088/CORSEC-        Through the Indonesia Stock       Through the Indonesia          Through the Indonesia Stock
    IFII/X/2023 to Financial Services     Exchange (IDX) website, the       Stock    Exchange     (IDX)    Exchange (IDX) website, the
    Authority (FSA) and Indonesia Stock   Indonesia Central Securities      website, the Indonesia         Indonesia Central Securities
    Exchange (IDX).                       Depository (KSEI) website,        Central           Securities   Depository (KSEI) website,
                                          and the Company's website.        Depository (KSEI) website,     and the Company's website.
                                          Announcement of the EGMS          and     the     Company's      Summary of Minutes of the
                                          is reported to FSA and IDX        website. Invitation of the     EGMS Results are reported to
                                          through letter No. 090/           EGMS is reported to FSA        FSA and IDX through letter No.
                                          CORSEC-IFII/X/2023      and       and IDX through letter         117/CORSEC-IFII/XII/2023
                                          letter   No.   091/CORSEC-        No.      101/CORSEC-IFII/      and letter No. 119/CORSEC-
                                          IFII/X/2023.                      XI/2023 and letter No.         IFII/XII/2023.
                                                                            102/CORSEC-IFII/XI/2023.




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    Kehadiran       Dewan       Komisaris,    Direksi,     Pihak         Attendance of the Board of Commissioners, Board of
    Independen dan Pemegang Saham dalam RUPSLB                           Directors, Independent Parties and Shareholders at
                                                                         the EGMS
    Susunan Anggota Dewan Komisaris, Direksi, pihak                      Members of the Board of Commissioners, Board of
    independen, dan pemegang saham yang hadir pada                       Directors, independent parties, and shareholders
    saat RUPSLB pada tanggal 1 Desember 2023 adalah                      who attended the EGMS on December 1, 2023 is as
    sebagai berikut:                                                     follows:


    Dewan Komisaris:                                                     Board of Commissioners:
    Komisaris Utama             : Surja Hartono                          President Commissioner               : Surja Hartono
    Komisaris Independen : Sumarni                                       Independent Commissioner : Sumarni


    Direksi:                                                             Board of Directors:
    Direktur Utama              : Heffy Hartono                          President Director                   : Heffy Hartono
    Direktur                    : Ang Andri Pribadi                      Director                             : Ang Andri Pribadi
    Direktur                    : Setiawan Tjutju                        Director                             : Setiawan Tjutju
    Direktur                    : Takuji Okamoto                         Director                             : Takuji Okamoto


    Pihak Independen:                                                    Independent Parties:
    Notaris                     : Kamelina, SH                           Public Notary                        : Kamelina, SH
    Biro Administrasi Efek : PT Sinartama Gunita                         Share Registrar                      : PT Sinartama Gunita


    Pemegang Saham:                                                      Shareholders:
    9.120.775.200    saham       atau   96,91%    dari    jumlah         9,120,775,200     shares      or      96.91%          of     the       total
    keseluruhan 9.412.000.000 saham Perseroan hadir                      9,412,000,000 shares of the Company were present
    atau diwakili pada pertemuan tersebut.                               or represented at the meeting.


    Jumlah saham Perseroan dengan hak suara yang sah                     The number of shares in the Company with valid
    yang hadir pada saat RUPSLB adalah 9.120.775.200                     voting right present at the EGMS was 9,120,775,200
    saham atau 96,91% dari jumlah seluruh saham                          shares or 96.91% of the total shares in the Company
    Perseroan yang mempunyai hak suara yang sah.                         with valid voting right. Thus the provisions of the
    Dengan      demikian    ketentuan        kuorum      RUPSLB          EGMS quorum as regulated in the Company’s Articles
    sebagaimana diatur dalam Anggaran Dasar Perseroan                    of Association have been fulfilled and the Meeting is
    telah     terpenuhi   dan    penyelenggaraan         RUPSLB          therefore valid and entitled to make legitimate and
    adalah sah serta dapat mengambil keputusan yang                      binding decisions.
    mengikat.


    RUPSLB dipimpin oleh Surja Hartono, selaku Komisaris                 The EGMS is chaired by Surja Hartono, as the
    Utama Perseroan, yang telah ditunjuk berdasarkan                     Company's President Commissioner, who has been
    Surat Penunjukan tanggal 6 November 2023.                            appointed based on the Letter of Appointment dated
                                                                         November 6, 2023.




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    Keputusan        RUPSLB dan Realisasi Keputusan                        The Resolutions of the EGMS and Realization of the
    RUPSLB                                                                 Resolutions of the EGMS
    Adapun keputusan RUPSLB, hasil voting dan realisasi                    The resolutions of the EGMS, the result of voting and
    keputusan RUPSLB adalah sebagai berikut:                               the realization of the resolutions of the EGMS are as
                                                                           follows:


    MATA ACARA RAPAT                                                       MEETING AGENDA
    Perubahan susunan anggota Komisaris Perseroan                          Changes in the composition of the Company’s Board
                                                                           of Commissioners.


    Penjelasan mata acara Rapat:                                           Explanation of the agenda of the Meeting:
    Mata acara Rapat ini sesuai dengan ketentuan                           The Meeting agenda is in accordance with the
    Anggaran       Dasar    Perseroan       bahwa     persetujuan          provisions of the Company’s Article of Association
    pengangkatan dan pemberhentian anggota Komisaris                       that approval for the appointment and dismissal of
    harus disetujui dalam Rapat Umum Pemegang                              members of the Board of Commissioners must be
    Saham.                                                                 approved at the General Meeting of Shareholders.


    Jumlah     pemegang            saham    yang      mengajukan           The number of shareholders raising questions and/ or
    pertanyaan dan/atau pendapat terkait mata acara                        opinions relating to the agenda of the EGMS:
    RUPSLB:
    Tidak ada pemegang saham yang mengajukan                               None of the shareholders raised any questions and/
    pertanyaan dan/atau pendapat.                                          or opinions.


    Hasil voting:                                                          Voting result:
    1.   Setuju        : 9.120.775.200 saham (100%)                        1.   Agreed        : 9,120,775,200 shares (100.00%)
    2.   Tidak Setuju : 0 saham (0,00%)                                    2.   Disagreed     : 0 shares (0.00%)
    3.   Abstain       : 0 saham (0,00%)                                   3.   Abstained     : 0 shares (0.00%)


    Keputusan:                                                             Resolution:
    1.   Menyetujui        dan      menerima       dengan     baik         1.   Approve and accept the resignation of Mr. Atsushi
         pengunduran        diri    Bapak   Atsushi    Takahama                 Takahama as the Commissioner of the Company,
         selaku Komisaris Perseroan, serta memberikan                           and grant release and discharge (volledig acquit et
         pelunasan dan pembebasan tanggung jawab                                decharge) to him for all respective management
         sepenuhnya        (volledig   acquit   et    de   charge)              duties and authority during his term of office as
         kepadanya untuk semua tindakan pengurusan                              Commissioner of the Company, throughout the
         dan pelaksanaan kewenangan selama masa                                 actions reflected and recorded in the Company's
         jabatan beliau sebagai Komisaris Perseroan,                            financial statements from January 2023 until the
         sepanjang tindakan tersebut tercermin dan                              closing of this Meeting.
         tercatat dalam laporan keuangan Perseroan dari
         Januari 2023 sampai ditutupnya Rapat ini.


    2.   Menyetujui untuk mengangkat Bapak Kensuke                         2.   Approve to appoint Mr. Kensuke Shuto as the
         Shuto sebagai Komisaris Perseroan, sehingga                            Company's Commissioner, effective as at the
         terhitung sejak penutupan Rapat ini sampai                             closing of this Meeting until the closing of the
         dengan penutupan Rapat Umum Pemegang                                   2024 Annual General Meeting of Shareholders,




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         Saham Tahunan tahun 2024, susunan anggota                               the composition of the Board of Commissioners
         Komisaris Perseroan menjadi sebagai berikut:                            of the Company shall be as follows:


         Komisaris                                                               Board of Commissioners
         Komisaris Utama               : Surja Hartono                           President Commissioner                 : Surja Hartono
         Komisaris                     : Kensuke Shuto                           Commissioner                           : Kensuke Shuto
         Komisaris Independen : Sumarni                                          Independent Commissioner : Sumarni


    3.   Menyetujui      untuk    memberikan          kuasa    dan          3.   Approved to grant power and authority with
         wewenang dengan hak substitusi kepada Direksi                           substitution rights to the Board of Directors of the
         Perseroan untuk:                                                        Company to:
         (i)   Menyatakan        dan     menegaskan        kembali               (i)   Declare and reaffirm all or part of the
               seluruh   atau     sebagian keputusan Rapat                             resolution of the Meeting in relation to the
               sehubungan dengan keputusan Rapat Umum                                  resolutions of this Extraordinary General
               Pemegang Saham Luar Biasa ini ke dalam akta                             Meeting of Shareholders into a notarial deed
               notaris serta memberitahukan kepada Menteri                             and notify the Minister of Law and Human
               Hukum dan Hak Asasi Manusia Republik                                    Rights of the Republic of Indonesia on the
               Indonesia atas Penerimaan Pemberitahuan                                 Acceptance of the Notification of Amendment
               Perubahan    Data        Perseroan,    Penerimaan                       to Company Data, Acceptance of Notification
               Pemberitahuan Perubahan Anggaran Dasar                                  of Amendment to the Company’s Articles
               Perseroan, Persetujuan Perubahan Anggaran                               of Assocation, Approval of Amendments to
               Dasar Perseroan dan melakukan pencatatan                                the Company’s Articles of Association and
               dalam Daftar Perusahaan;                                                records in the Company Register;
         (ii) Menandatangani           surat-surat,    akta,   atau              (ii) Sign letters, deeds, or other documents;
               dokumen-dokumen lainnya;
         (iii) Menghadap di hadapan notaris dan/atau                             (iii) Appear before the Notary and/or the relevant
               pejabat berwenang; serta                                                authorities; and
         (iv) Untuk melakukan semua tindakan yang                                (iv) Take all necessary actions in compliance with
               diperlukan dan disyaratkan oleh peraturan                               the prevailing regulations.
               perundang-undangan yang berlaku.


    Realisasi:                                                              Realization:
    Keputusan langsung berlaku dan telah diaktakan                          Resolution effective immediately and has been
    dalam Akta Notaris Kamelina, S.H. No. 1 tertanggal 1                    notarized in Deed No. 1 of Notary Kamelina, S.H. dated
    Desember 2023.                                                          December 1, 2023.


    Keputusan RUPS dan Pelaksanaan Keputusan RUPS                           GMS Decisions of the Previous Year and its
    Tahun Sebelumnya                                                        Implementation
    Berdasarkan Surat Edaran OJK No. 16/SEOJK.04/2021                       Based on the Circular Letter of Financial Services
    Tentang Bentuk dan Isi Laporan Tahunan Emiten Atau                      Authority No. 16/SEOJK.04/2021 on the Form and
    Perusahaan Publik, maka Laporan ini menyertakan                         Contents of the Annual Report of Issuers or Public
    juga Informasi Mengenai RUPS 1 (satu) tahun                             Companies, this Report also includes Information
    sebelumnya.                                                             about the GMS of the preceding year.




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    Pada tahun 2022, Perseroan melaksanakan 1 (satu)                  In 2022, the Company held 1 (one) Annual General
    kali Rapat Umum Pemegang Saham Tahunan (RUPST)                    Meeting of Shareholders (AGMS) held on June 7, 2022
    pada tanggal 7 Juni 2022 dengan rincian mata acara                with details of the agenda and realization of the AGMS
    dan realisasi keputusan RUPST sebagai berikut:                    decisions as follows:


    MATA ACARA PERTAMA:                                               FIRST AGENDA:
    Persetujuan     atas    Laporan      Tahunan    Perseroan         Approval of the Company’s Annual Report including
    termasuk pengesahan Laporan Tugas Pengawasan                      ratification of the Supervisory Report of the Board
    Dewan    Komisaris      Perseroan,    serta    pengesahan         of Commissioners of the Company, as well as the
    Laporan Keuangan Perseroan untuk tahun buku yang                  ratification of the Company’s Financial Statement for
    berakhir 31 Desember 2021.                                        financial year ended December 31st, 2021.


    Keputusan:                                                        Resolution:
    Menyetujui dan menerima baik Laporan Tahunan                      Approve and accept the Annual Report for financial
    untuk tahun buku 2021, termasuk mengesahkan                       year 2021, including ratification of the Board of
    Laporan Tugas Pengawasan Dewan Komisaris, serta                   Commissioners’ Supervisory Report, and ratification of
    mengesahkan Laporan Keuangan Perseroan untuk                      the Company’s Financial Statements for the financial
    tahun buku yang berakhir 31 Desember 2021 yang                    year ended December 31, 2021 which has been
    telah diaudit oleh Kantor Akuntan Publik Teramihardja,            audited by the Public Accountant Firm Teramihardja,
    Pradhono & Chandra (firma anggota Rödl International              Pradhono & Chandra (Member firm of Rödl International
    GmbH) sebagaimana termuat dalam laporannya                        GmbH) as stated in his report Number 00035/2.0851/
    Nomor         00035/2.0851/AU.1/04/1114-1/1/III/2022              AU.1/04/1114-1/1/III/2022 dated March 9, 2022, with
    tertanggal 9 Maret 2022 dengan pendapat bahwa                     the opinion that “Financial Statements presented
    “Laporan Keuangan menyajikan secara wajar, dalam                  fairly, in all material respects”, as well as granting a
    semua hal yang material”, sekaligus memberikan                    full release and discharge of responsibility (volledig
    pelunasan     dan      pembebasan      tanggung     jawab         acquit et de charge) to members of the Board of
    sepenuhnya (volledig acquit et de charge) kepada                  Directors and the Board of Commissioners of the
    anggota Direksi dan Dewan Komisaris Perseroan atas                Company over the management and supervision
    tindakan pengurusan dan pengawasan Perseroan                      actions of the Company carried out throughout the
    yang telah dijalankan selama tahun buku 2021,                     financial year 2021, as reflected in the Annual Report
    sepanjang tercermin dalam Laporan Tahunan dan                     and recorded in the Company’s Financial Statements.
    tercatat pada Laporan Keuangan Perseroan.


    Realisasi:                                                        Realization:
    Telah terealisasi pada tahun 2022. Laporan Tahunan                Implemented in year 2022. The Company’s Annual
    Perseroan telah disetujui dan disahkan oleh RUPST.                Report has approved and ratified by the AGMS.


    MATA ACARA KEDUA:                                                 SECOND AGENDA:
    Persetujuan penggunaan laba bersih Perseroan untuk                Approval for the use of the Company’s net profit for
    tahun buku yang berakhir 31 Desember 2021.                        financial year ended December 31, 2021.


    Keputusan:                                                        Resolution:
    Menyetujui penggunaan laba bersih Perseroan untuk                 Approve the net profit of the Company for Financial
    Tahun Buku yang berakhir pada tanggal 31 Desember                 Year ending as at December 31, 2021 amounting
    2021 sebesar Rp82.349.452.240 sebagai berikut:                    Rp82,349,452,240 to be appropriated as follows:




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    1.   Untuk cadangan wajib sebesar Rp1.000.000.000;                  1.   The Company will allocate Rp1,000,000,000 as
                                                                             reserve fund;
    2.   a. Sebesar Rp37.648.000.000 atau        Rp4 setiap             2.   a. Rp37,648,000,000           or      Rp4        per         share
           saham dibagikan sebagai dividen tunai, yang                         will    be distributed as cash dividend, the
           pelaksanaan pembayarannya akan dilakukan                            implementation of the payment will be made
           pada tanggal 8 Juli 2022 kepada pemegang                            on July 8, 2022 to the Shareholders of the
           saham Perseroan        yang   namanya     tercatat                  Company which whose name are recorded
           dalam Daftar Pemegang Saham Perseroan                               in the Shareholders Register of the Company
           pada tanggal 17 Juni 2022 pukul 16.00 WIB;                          (Recording Date) dated June 17, 2022 at 04:00
                                                                               p.m. Western Indonesian Time;
         b. Memberikan      wewenang       kepada       Direksi              b. Authorize the Board of Directors of the
           Perseroan untuk        melaksanakan pembagian                       Company to carry out the dividend distribution
           dividen tersebut dan untuk melakukan semua                          and to do all necessary actions. The dividend
           tindakan yang diperlukan. Pembayaran dividen                        payment will be made with due observance to
           akan    dilakukan      dengan     memperhatikan                     the prevailing tax, Indonesia Stock Exchange,
           ketentuan     pajak,    ketentuan    Bursa     Efek                 and other Capital Market regulations; and
           Indonesia, dan ketentuan pasar modal lainnya
           yang berlaku; dan
    3.   Sisanya sebesar     Rp43.701.452.240    dibukukan              3.   The remaining, an amount Rp43,701,452,240 to
         sebagai laba ditahan Perseroan.                                     be recorded as retained earning of the Company.


    Realisasi:                                                          Realization:
    Telah terealisasi pada tahun 2022.                                  It has been realized in 2022.


    MATA ACARA KETIGA:                                                  THIRD AGENDA:
    Penetapan honorarium dan/atau tunjangan anggota                     Determination of the honorarium and/or benefit
    Dewan Komisaris, dan penetapan gaji dan/atau                        of members of the Board of Commissioners and
    tunjangan anggota Direksi Perseroan untuk tahun                     determination on the salaries and/or benefit of
    buku 2022.                                                          member of the Board of Directors of the Company for
                                                                        financial year 2022.


    Keputusan:                                                          Resolution:
    Menetapkan      untuk      seluruh     anggota      Dewan           Determine that the salary or honorarium and benefits
    Komisaris dan Direksi Perseroan, pemberian gaji atau                for all members of the Board of Commissioners
    honorarium dan tunjangan untuk tahun buku 2022                      and Board of Directors of the Company for the 2022
    dengan kenaikan maksimum sebesar 10% (sepuluh                       financial year will be in the maximum increase of
    persen) dari tahun buku 2021, setelah dipotong pajak                10% (ten percent) from the 2021 financial year, after
    penghasilan (PPh) dengan memperhatikan pendapat                     income tax with due observance to the opinion of
    Komite Nominasi dan Remunerasi Perseroan.                           the Nomination and Remuneration Committee of the
                                                                        Company.




    Realisasi:                                                          Realization:
    Telah terealisasi pada tahun 2022.                                  It has been realized in 2022.




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    MATA ACARA KEEMPAT:                                                FOURTH AGENDA:
    Penunjukan Kantor Akuntan Publik untuk melakukan                   Appointment of Public Accountant Firm to audit the
    audit terhadap Laporan Keuangan Perseroan tahun                    Company’s financial year 2022 and/or the other audit
    buku 2022 dan/atau audit lain yang dibutuhkan                      as required by the Company.
    Perseroan.


    Keputusan:                                                         Resolution:
    1.   Menyetujui penunjukan Kantor Akuntan Publik                   1.   To approve the Appointment of Public Accountant
         Teramihardja, Pradhono & Chandra (firma anggota                    Firm   Teramihardja,       Pradhono              &      Chandra
         Rödl    International   GmbH)     yang   merupakan                 (member firm of Rödl International GmbH), which
         Kantor Akuntan Publik terdaftar di Otoritas Jasa                   is registered with Financial Services Authority, to
         Keuangan,     untuk     melakukan   audit   Laporan                audit the Financial Statements of the Company
         Keuangan Perseroan untuk tahun buku 2022 dan/                      for financial year 2022 and/or other audit as
         atau audit lain yang dibutuhkan Perseroan;                         deemed required by the Company;
    2.   Memberikan       wewenang         kepada      Direksi         2.   Authorize the Board of Directors to determine the
         Perseroan dalam menetapkan jumlah honorarium                       honorarium and other terms and conditions of the
         dan persyaratan lainnya sehubungan dengan                          appointment of such Public Accountant Firm; and
         penunjukan Kantor Akuntan Publik tersebut; dan
    3.   Menyetujui pemberian wewenang dan kuasa                       3.   Approve to grant authority to the Board of
         kepada     Dewan      Komisaris   Perseroan    untuk               Commissioners of the Company to appoint Other
         menunjuk Kantor Akuntan Publik Pengganti yang                      Public Accountant Firm which is registered in the
         terdaftar di Otoritas Jasa Keuangan berdasarkan                    Financial Services Authority based on the Audit
         rekomendasi Komite Audit, dalam hal Kantor                         Committee recommendation if for some reasons,
         Akuntan Publik karena sebab apapun tidak                           the appointed Public Accountant Firm is unable
         dapat menyelesaikan audit Laporan Keuangan                         to perform their duties and to grant authority to
         Perseroan      serta      menyetujui     pemberian                 the Board of Directors to determine honorarium
         wewenang dan kuasa kepada Direksi Perseroan                        and other term and conditions for Other Public
         untuk menetapkan imbalan jasa audit dan                            Accountant Firm.
         persyaratan lainnya bagi Kantor Akuntan Publik
         Pengganti tersebut.


    Realisasi:                                                         Realization:
    Telah terealisasi pada tahun 2022. Laporan Keuangan                It was realized in 2022. The Company's Financial
    Perseroan untuk tahun buku 2022 telah diaudit oleh                 Statements for the 2022 financial year have been
    KAP Teramihardja, Pradhono & Chandra (firma anggota                audited by KAP Teramihardja, Pradhono & Chandra
    Rödl International GmbH) dan telah dilaporkan ke OJK               (member firm of Rödl International GmbH) and have
    & BEI pada tanggal 17 Maret 2023.                                  been reported to FSA & IDX on March 17, 2023.




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    MATA ACARA KELIMA:                                                    FIFTH AGENDA:
    Perubahan susunan Direksi Perseroan.                                  Changes in the composition of the Company’s Board
                                                                          of Directors.


    Keputusan:                                                            Resolution:
    1.   Menyetujui      dan     menerima        dengan      baik         1.   Approve and accept the resignation of Mr. Thomas
         pengunduran diri Bapak Thomas Verdiyanto                              Verdiyanto as the Director of the Company, and
         selaku Direktur Perseroan, serta memberikan                           grant release and discharge (volledig acquit et
         pelunasan dan pembebasan tanggung jawab                               decharge) for all respective management duties
         sepenuhnya (volledig acquit et decharge) atas                         and authority to the Company, to the extent
         semua tindakan pengurusan dan wewenang                                that their actions are reflected in the Company’s
         kepada Perseroan, sepanjang tercermin dan                             financial statements of 2021. The resignation is
         tercatat dalam laporan keuangan Perseroan                             valid as of the closing of this Meeting.
         tahun buku 2021.         Adapun pengunduran diri
         tersebut berlaku terhitung sejak Rapat ini ditutup.
    2.   Menyetujui untuk mengangkat Bapak Setiawan                       2.   Approve to appoint Mr. Setiawan Tjutju as the
         Tjutju sebagai Direktur Perseroan, sehingga                           Company's Director, effective as at the closing of
         terhitung sejak penutupan Rapat ini sampai                            this Meeting until the closing of the 2024 General
         dengan penutupan Rapat Umum Pemegang                                  Meeting of Shareholders, the composition of the
         Saham tahun 2024, susunan anggota Direksi                             Board of Directors of the Company shall be as
         Perseroan menjadi sebagai berikut:                                    follows:


         Direksi                                                               Board of Directors
         Direktur Utama : Heffy Hartono                                        President Director : Heffy Hartono
         Direktur          : Ang Andri Pribadi                                 Director               : Ang Andri Pribadi
         Direktur          : Setiawan Tjutju                                   Director               : Setiawan Tjutju
         Direktur          : Takuji Okamoto                                    Director               : Takuji Okamoto


    3.   Menyetujui      untuk    memberikan         kuasa   dan          3.   Approved to grant power and authority with
         wewenang dengan hak substitusi kepada Direksi                         substitution rights to the Board of Directors of the
         Perseroan untuk:                                                      Company to:
         (i)   Menyatakan       dan     menegaskan       kembali               (i)   Declare and reaffirm all or part of the
               seluruh   atau    sebagian keputusan Rapat                            resolution of the Meeting in relation to the
               sehubungan dengan keputusan Rapat Umum                                resolutions of this Annual General Meeting of
               Pemegang Saham Tahunan ini ke dalam akta                              Shareholders into a notarial deed and notify
               notaris serta memberitahukan kepada Menteri                           the Minister of Law and Human Rights of the
               Hukum dan Hak Asasi Manusia Republik                                  Republic of Indonesia on the Acceptance
               Indonesia atas Penerimaan Pemberitahuan                               of   the   Notification        of      Amendment                to
               Perubahan    Data      Perseroan,     Penerimaan                      Company Data, Acceptance of Notification
               Pemberitahuan Perubahan Anggaran Dasar                                of Amendment to the Company’s Articles
               Perseroan, Persetujuan Perubahan Anggaran                             of Assocation, Approval of Amendments to
               Dasar Perseroan, dan melakukan pencatatan                             the Company’s Articles of Association, and
               dalam Daftar Perusahaan;                                              records in the Company Register;
         (ii) Menandatangani          surat-surat,   akta,   atau              (ii) Sign letters, deeds, or other documents;
               dokumen-dokumen lainnya;




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         (iii) Menghadap di hadapan notaris dan/atau                        (iii) Appear before the Notary and/or the relevant
               pejabat berwenang; serta                                           authorities; and
         (iv) Untuk melakukan semua tindakan yang                           (iv) Take all necessary actions in compliance with
               diperlukan dan disyaratkan oleh peraturan                          the prevailing regulations.
               perundang-undangan yang berlaku.


    Realisasi:                                                         Realization:
    Keputusan langsung berlaku dan telah diaktakan                     Resolution effective immediately and has been
    dalam Akta Notaris Kamelina, S.H. No. 3 tertanggal 7               notarized in Deed No. 3 of Notary Kamelina, S.H.
    Juni 2022.                                                         dated June 7, 2022.


    MATA ACARA KEENAM:                                                 SIXTH AGENDA :
    Persetujuan Perubahan Anggaran Dasar Pasal 3                       Approval of the Amendment to Article 3 of the
    Perseroan mengenai Maksud dan Tujuan Perseroan                     Company’s Articles of Association regarding the
    untuk disesuaikan dengan Klasifikasi Baku Lapangan                 Company’s Purpose and Objectives to be adjusted
    Usaha Indonesia 2020 (KBLI 2020).                                  to the Indonesian Standard Classification of Business
                                                                       Fields 2020 (KBLI 2020).


    Keputusan:                                                         Resolution:
    1.   Menyetujui dan memutuskan untuk menyesuaikan                  1.   Approved and determined to conform the
         bidang usaha Perseroan dengan Klasifikasi Baku                     Company’s line of business with the Indonesian
         Lapangan Usaha Indonesia (2020), sehingga                          Standard Classification of Business Fields (2020),
         dengan demikian mengubah Pasal 3 Anggaran                          thereby amending Article 3 of the Company’s
         Dasar Perseroan.                                                   Articles of Association.
    2.   Menyetujui     untuk   memberikan        kuasa   dan          2.   Approved to grant power and authority with
         wewenang dengan hak substitusi kepada Direksi                      substitution rights to the Board of Directors of the
         Perseroan untuk:                                                   Company to:
         (i)   Menyatakan    dan     menegaskan       kembali               (i)   Declare and reaffirm all or part of the
               seluruh atau sebagian keputusan Rapat                              resolution of the Meeting in relation to the
               sehubungan dengan keputusan Rapat Umum                             resolutions of this Annual General Meeting of
               Pemegang Saham Tahunan ini ke dalam akta                           Shareholders into a notarial deed and notify
               notaris serta memberitahukan kepada Menteri                        the Minister of Law and Human Rights of the
               Hukum dan Hak Asasi Manusia Republik                               Republic of Indonesia on the Acceptance
               Indonesia atas Penerimaan Pemberitahuan                            of   the   Notification        of      Amendment                to
               Perubahan    Data   Perseroan,     Penerimaan                      Company Data, Acceptance of Notification
               Pemberitahuan Perubahan Anggaran Dasar                             of Amendment to the Company’s Articles
               Perseroan, Persetujuan Perubahan Anggaran                          of Assocation, Approval of Amendments to
               Dasar Perseroan dan melakukan pencatatan                           the Company’s Articles of Association and
               dalam Daftar Perusahaan;                                           records in the Company Register;
         (ii) Menandatangani       surat-surat,   akta,   atau              (ii) Sign letters, deeds, or other documents;
               dokumen-dokumen lainnya;
         (iii) Menghadap di hadapan notaris dan/atau                        (iii) Appear before the Notary and/or the relevant
               pejabat berwenang; serta                                           authorities; and
         (iv) Untuk melakukan semua tindakan yang                           (iv) Take all necessary actions in compliance with
               diperlukan dan disyaratkan oleh peraturan                          the prevailing regulations.
               perundang-undangan yang berlaku.




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    Realisasi:                                                      Realization:
    Keputusan langsung berlaku dan telah diaktakan                  Resolution effective immediately and has been
    dalam Akta Notaris Kamelina, S.H. No. 3 tertanggal 7            notarized in Deed No. 3 of Notary Kamelina, S.H.
    Juni 2022.                                                      dated June 7, 2022.




    Dewan Komisaris                                                 Board of Commissioners

    Dewan Komisaris adalah salah satu organ tata kelola             The     Board    of   Commissioners               is     one       of     the
    Perseroan yang fungsi dan tanggung jawabnya                     corporate      governance        bodies          whose          functions
    secara kolektif adalah untuk mengawasi secara                   and responsibilities collectively are to supervise
    menyeluruh kinerja operasional dan finansial termasuk           thoroughly the operational and financial performance
    pengelolaan Perseroan yang dijalankan oleh Direksi,             including the Company management by the Board of
    serta memberikan saran dan masukan kepada                       Directors, as well as to provide advice and input to
    Direksi. Dewan Komisaris mewakili kepentingan                   the Board of Directors. The Board of Commissioners
    pemegang        saham       dan      bertanggungjawab           represents the interests of shareholders and is directly
    langsung kepada RUPS. Dewan Komisaris juga                      responsible to the GMS. The Board of Commissioners
    bertanggungjawab memastikan          bahwa Perseroan            is also responsible for ensuring that the Company
    melaksanakan      GCG       pada   seluruh    tingkatan         implements GCG at all levels of the organization.
    organisasi. Pertanggungjawaban Dewan Komisaris                  The responsibility of the Board of Commissioners
    kepada RUPS merupakan perwujudan akuntabilitas                  to the GMS is a manifestation of the supervisory
    pengawasan atas pengelolaan perusahaan dalam                    accountability for the management of the company
    rangka pelaksanaan prinsip-prinsip GCG.                         in the context of implementing GCG principles.


    Dewan Komisaris terdiri dari anggota dengan keahlian            The Board of Commissioners comprises members
    yang berbeda-beda serta pembagian tugas dan                     with diverse expertise and clear division of duties
    tanggung jawab yang jelas untuk menciptakan                     and responsibilities in order to create accountability
    akuntabilitas dan mendorong komitmen dari setiap                and encourage commitment from each member in
    anggota dalam menjalankan fungsi pengawasan                     carrying out their controlling function.
    mereka.


    Tugas, Tanggung Jawab, dan Kewenangan Anggota                   Duties, Responsibilities, and Authority of Members of
    Dewan Komisaris                                                 the Board of Commissioners
    Tugas, tanggung jawab dan wewenang Dewan                        The duties, responsibilities, and authority of the Board
    Komisaris sebagaimana tercantum dalam POJK No.                  of Commissioners as stated in FSA Regulation No.
    33/2014 adalah sebagai berikut:                                 33/2014 is as follows:
    1.   Dewan      Komisaris      bertugas      melakukan          1.    The Board of Commissioners has the duty to
         pengawasan    dan      bertanggung    jawab   atas               supervise and responsible for overseeing the
         pengawasan terhadap kebijakan pengurusan,                        management policies, the way of management
         jalannya   pengurusan    pada    umumnya,     baik               in general, both regarding the Company and the
         mengenai Perseroan maupun usaha Perseroan                        Company’s business and providing advice to the
         dan memberi nasihat kepada Direksi.                              Board of Directors.
    2.   Dalam kondisi tertentu, Dewan Komisaris wajib              2.    Under     certain     conditions,            the       Board          of
         menyelenggarakan RUPS tahunan dan RUPS                           Commissioners must hold an annual GMS and
         lainnya sesuai dengan kewenangan sebagaimana                     other GMS in accordance with the authority




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         diatur dalam peraturan perundang-undangan                           as stated in the law regulations and Articles of
         dan Anggaran Dasar.                                                 Association.
    3.   Anggota Dewan Komisaris wajib melaksanakan                     3.   Members of the Board of Commissioners must
         tugas     dan   tanggung    jawab        sebagaimana                conduct their duties and responsibilities as
         dimaksud dengan itikad baik, penuh tanggung                         referred to in good faith, full of responsibility and
         jawab dan kehati-hatian.                                            prudence.
    4.   Dalam        rangka     mendukung          efektivitas         4.   In order to support the effectiveness of the
         pelaksanaan tugas dan tanggung jawabnya,                            implementation of its duties and responsibilities,
         Dewan Komisaris wajib membentuk Komite Audit                        the Board of Commissioners must establish
         dan dapat membentuk Komite lainnya.                                 an Audit Committee and may establish other
                                                                             Committees.
    5.   Dewan Komisaris wajib melakukan evaluasi                       5.   The Board of Commissioners shall evaluate the
         terhadap     kinerja   komite     yang     membantu                 performance of the Committees that assist the
         pelaksanaan tugas dan tanggung jawabnya                             implementation of their duties and responsibilities
         setiap akhir tahun buku.                                            at the end of each financial year.


    Pedoman atau Piagam Dewan Komisaris                                 Board of Commissioners Guidelines or Charter
    Dalam rangka mendukung pelaksanaan tugas dan                        In order to support the implementation of the
    tanggung jawab serta wewenang Dewan Komisaris,                      duties and responsibilities as well as the authority
    Perseroan telah memiliki Pedoman atau Piagam Kerja                  of the Board of Commissioners, the Company had
    Dewan Komisaris. Pedoman atau Piagam Dewan                          the Board of Commissioners Charter. The Board
    Komisaris disusun berdasarkan Anggaran Dasar                        of Commissioners’ Charter is prepared based on
    Perseroan,     Undang-Undang         Republik    Indonesia          the Articles of Association of the Company, Law of
    No. 40 Tahun 2007 tentang Perseroan Terbatas                        the Republic of Indonesia No. 40 of 2007 regarding
    dan Peraturan Otoritas Jasa Keuangan No. 33/                        Limited    Liability   Companies           and       the       Financial
    POJK.04/2014 tentang Direksi dan Dewan Komisaris                    Services Authority Regulation No. 33/POJK.04/2014
    Emiten atau Perusahaan publik.                                      concerning the Board of Directors and Board of
                                                                        Commissioners of Issuers or Public Companies.


    Piagam Dewan Komisaris mengatur mengenai hal-                       The Charter of the Board of Commissioners regulates
    hal berikut:                                                        the following matters:
    1.   Komposisi, pengangkatan, pemberhentian serta                   1.   Composition, appointment, dismissal and tenure
         masa jabatan Dewan Komisaris;                                       of the Board of Commissioners;
    2.   Persyaratan Keanggotaan Dewan Komisaris;                       2.   Membership requirements for the Board of
                                                                             Commissioners;
    3.   Tugas, tanggungjawab, dan wewenang Dewan                       3.   Duties, responsibilities, and authorities of the
         Komisaris;                                                          Board of Commissioners;
    4.   Kode etik;                                                     4.   Code of conduct;
    5.   Pertanggungjawaban Dewan Komisaris;                            5.   Accountability of the Board of Commissioners;
    6.   Mekanisme dan tata tertib rapat Dewan Komisaris;               6.   Mechanism and rules for Board of Commissioners’
                                                                             meeting;
    7.   Evaluasi Kinerja Dewan Komisaris;                              7.   Performance       Evaluation         of      the       Board         of
                                                                             Commissioners;
    8.   Rangkap Jabatan;                                               8.   Concurrent Positions;
    9.   Program pengenalan anggota Komisaris;                          9.   Induction program of the Board of Commissioners’
                                                                             member;




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    10. Remunerasi dan pendidikan berkelanjutan bagi                        10. Remuneration and continuing education for the
       Dewan Komisaris; dan                                                     Board of Commissioners; and
    11. Komite penunjang Dewan Komisaris.                                   11. Supporting      Committees          for     the       Board         of
                                                                                Commissioners.


    Pedoman Dewan Komisaris akan diperbaharui dari                          The Board of Commissioners Charter will be updated
    waktu ke waktu untuk memastikan kesesuaian dengan                       from time to time to ensure compliance with the
    peraturan perundang-undangan yang berlaku atau                          prevailing laws and regulations or if there are changes
    apabila terdapat perubahan yang dianggap perlu oleh                     deemed necessary by the Company. The Board of
    Perseroan. Pedoman Dewan Komisaris tersebut telah                       Commissioners Charter has been published in full
    dimuat secara lengkap dalam situs web Perseroan                         on the Company's website (www.pt-ifi.com) to make
    (www.pt-ifi.com) sehingga memudahkan investor dan                       it easier for investors and other interested parties to
    pihak berkepentingan lainnya untuk mengaksesnya.                        access it.


    Jumlah, Komposisi, dan Masa Jabatan Dewan                               Number, Composition, and Tenure of Board of
    Komisaris                                                               Commissioners
    Perseroan    memiliki      3    (tiga)    orang      Komisaris,         The Company has 3 (three) Commissioners, consisting
    yang   terdiri    dari     2    (dua)     orang      Komisaris          of 2 (two) Commissioners who are Indonesian citizens
    berkewarganegaraan Indonesia dan 1 (satu) orang                         and 1 (one) Commissioner who is Japanese citizen.
    Komisaris berkewarganegaraan Jepang.


    Penentuan    jumlah        anggota        Dewan      Komisaris          The determination of the number of members of
    berpedoman pada peraturan yang berlaku dan                              the Board of Commissioners is based on prevailing
    mempertimbangkan           kondisi       Perseroan     sebagai          regulations and considers the condition of the
    perusahaan       terbuka       serta     efektivitas    dalam           Company as a public company and its effectiveness
    pengambilan keputusan. Jumlah anggota Dewan                             in decision making. The number of members of the
    Komisaris Perseroan terdiri dari lebih dari 2 (dua)                     Company's Board of Commissioners consists of more
    orang anggota Dewan Komisaris, dimana jumlah                            than 2 (two) members of the Board of Commissioners,
    Komisaris Independen wajib paling kurang 30% (tiga                      where the number of Independent Commissioners
    puluh persen) dari jumlah seluruh anggota Dewan                         must be at least 30% (thirty percent) of the total
    Komisaris. Dimana 1 (satu) diantara anggota Dewan                       members of the Board of Commissioners. Where 1
    Komisaris diangkat menjadi Komisaris Utama.                             (one) of the members of the Board of Commissioners
                                                                            is appointed as the President Commissioner.


    Masa jabatan Dewan Komisaris paling lama 5 (lima)                       The tenure of Board of Commissioners no later than
    tahun atau sampai dengan penutupan Rapat Umum                           5 (five) years or until the closing of Annual General
    Pemegang Saham Tahunan (RUPST) pada akhir                               Meeting of Shareholders (AGMS) at the end of 1 (one)
    1 (satu) periode masa jabatan dimaksud. Dewan                           period of the tenure. The Board of Commissioners
    Komisaris diangkat sejak tanggal yang ditentukan                        shall be appointed from the date determined by the
    oleh RUPS yang mengangkat mereka sampai dengan                          GMS appointing them until the closing of the second
    ditutupnya RUPST yang kedua yang diadakan setelah                       AGMS held after the date of the GMS appointing them
    tanggal RUPS yang mengangkat mereka dengan                              without prejudice to the right of the GMS to discharge
    tidak mengurangi hak RUPS untuk memberhentikan                          them at any time.
    mereka sewaktu-waktu.




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    Selama tahun 2023, terdapat perubahan dalam                          During 2023, there were changes in the composition of
    komposisi    Dewan         Komisaris.   Pada      tanggal            the Board of Commissioners. On September 15, 2023,
    15 September 2023, Perseroan menerima surat                          the Company received a letter of resignation from Mr.
    pengunduran diri dari Bapak Atsushi Takahama dari                    Atsushi Takahama from his position as Commissioner
    posisinya sebagai Komisaris Perseroan. Lebih lanjut,                 of the Company. In addition, an Extraordinary General
    Rapat Umum Pemegang Saham Luar Biasa (“RUPSLB”)                      Meeting of Shareholders (“EGMS”) held on December
    pada   tanggal     01    Desember       2023   menyetujui            01, 2023 approved the resignation of Mr. Atsushi
    pengunduran diri Bapak Atsushi Takahama dari                         Takahama from the Commissioner of the Company.
    Komisaris Perseroan. Dalam RUPSLB tersebut juga                      The EGMS also approved the appointment of Mr.
    menyetujui untuk mengangkat Bapak Kensuke Shuto                      Kensuke Shuto as a Commissioner of the Company,
    sebagai Komisaris Perseroan dengan masa jabatan                      with an effective period of service since the closing of
    efektif terhitung sejak penutupan RUPSLB ini sampai                  this EGMS until the closing of the 2024 AGMS.
    dengan penutupan RUPST tahun 2024.


    Susunan anggota Dewan Komisaris sampai dengan                        The composition of the members of the Board of
    penutupan RUPSLB tanggal 1 Desember 2023 adalah                      Commissioners until the closing of the EGMS on
    sebagai berikut:                                                     December 1, 2023 is as follow:



                            Jabatan                                Nama               Anggota Sejak                    Masa Jabatan
                            Positions                              Name               Member Since                    Period of Service
    Komisaris Utama | President Commissioner                    Surja Hartono              2019                           2019 - 2024
    Komisaris | Commissioner                                Atsushi Takahama               2020                           2020 - 2023
    Komisaris Independen | Independent Commissioner               Sumarni                  2019                           2019 - 2024


    Susunan anggota Dewan Komisaris Perseroan hasil                      The new composition of the members of the Board
    keputusan RUPSLB tanggal 1 Desember 2023 adalah                      of Commissioners of the Company as a result of the
    sebagai berikut:                                                     EGMS resolution on December 1, 2023 are as follow:



                            Jabatan                                Nama               Anggota Sejak                    Masa Jabatan
                            Positions                              Name               Member Since                    Period of Service
    Komisaris Utama | President Commissioner                    Surja Hartono              2019                           2019 - 2024
    Komisaris | Commissioner                                    Kensuke Shuto              2023                           2023 - 2024
    Komisaris Independen | Independent Commissioner               Sumarni                  2019                           2019 - 2024




    Rapat Dewan Komisaris                                                Meeting of the Board of Commissioners
    Rapat Dewan komisaris dihadiri oleh para anggota                     The Board of Commissioners meeting is attended by
    Dewan Komisaris. Berdasarkan Peraturan Otoritas                      members of the Board of Commissioners. Based on
    Jasa   keuangan     No.      33/POJK.04/2014,     Dewan              the Indonesia Financial Services Authority Regulation
    Komisaris juga diwajibkan untuk menyelenggarakan                     No. 33/POJK.04/2014, the Board of Commissioners is
    rapat gabungan bersama Direksi. Rapat Gabungan                       also required to hold joint meetings with the Board
    akan dihadiri oleh para anggota Dewan Komisaris dan                  of Directors. The Joint Meeting will be attended
    anggota Direksi Perseroan.                                           by members of the Board of Commissioners and
                                                                         members of the Board of Directors of the Company.




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Page 135
    Kebijakan Rapat Dewan Komisaris                                    Board of Commissioners Meeting Policy
    Kebijakan frekuensi rapat dan tingkat kehadiran                    Meeting Frequency and attendance rate policies
    anggota Dewan Komisaris sebagai berikut:                           of members of the Board of Commissioners are as
    1.   Dewan Komisaris wajib mengadakan rapat paling                 follows:
         kurang 1 (satu) kali dalam 2 (dua) bulan dan Dewan            1.   The Board of Commissioners must hold a meeting
         Komisaris wajib mengadakan rapat bersama                           at least 1 (one) time in 2 (two) months and they
         Direksi secara berkala paling kurang 1 (satu) kali                 must hold meetings with the Board of Directors
         dalam 4 (empat) bulan.                                             periodically at least 1 (one) time in 4 (four) months.
    2.   Rapat Dewan Komisaris sah dan dapat mengambil                 2.   The Board of Commissioners meeting is valid
         keputusan yang mengikat apabila dihadiri atau                      and can make binding resolutions if attended
         diwakili oleh lebih dari ½ (satu perdua) bagian                    or represented by more than ½ (half) of the
         dari jumlah anggota Dewan Komisaris. Seluruh                       total number of members of the Board of
         keputusan      Rapat   Dewan    Komisaris     diambil              Commissioners. All decisions taken in a meeting
         berdasarkan      musyawarah       untuk      mufakat.              with deliberation and consensus; In the case that
         Dalam    hal    keputusan      musyawarah      untuk               the deliberation decision to reach a consensus
         mufakat tidak tercapai maka keputusan diambil                      is not achieved then the decisions is taken
         dengan pemungutan suara setuju lebih dari ½                        by voting in favor of more than ½ (half) of the
         (satu per dua) bagian dari jumlah suara yang                       number of votes legally cast in the meeting. If the
         dikeluarkan dengan sah dalam Rapat tersebut.                       voice impartial agree and do not agree then the
         Apabila suara yang setuju dan tidak setuju sama                    Chairman of meeting will decide it.
         berimbang maka Ketua Rapat Komisaris yang
         memutuskannya.
    3.   Pemanggilan Rapat Dewan Komisaris harus                       3.   Board of Commissioners’ meeting invitation
         dikirimkan kepada anggota Dewan Komisaris                          must be sent to members of the Board of
         selambat-lambatnya       3   (tiga)   hari   kalender              Commissioners no later than 3 (three) calendar
         sebelum Rapat diadakan.                                            days before the meeting was held.
    4.   Pada Rapat yang telah dijadwalkan, bahan rapat                4.   At the scheduled meeting, the meeting materials
         disampaikan kepada peserta paling lambat 5                         are submitted to the participants no later than 5
         (lima) hari sebelum rapat diselenggarakan.                         (five) days before the meeting is held.
    5.   Hasil Rapat Dewan Komisaris wajib dituangkan                  5.   The result of the meeting of the Board of
         dalam Risalah Rapat yang ditandatangani oleh                       Commissioners must be stated in the Minutes
         seluruh anggota Dewan Komisaris yang hadir                         of Meeting which are signed by all members of
         dan dikirimkan kepada seluruh anggota Dewan                        the Board of Commissioners who are present in
         Komisaris.                                                         the meeting and sent to all member of Board of
                                                                            Commissioners.


    Pelaksanaan Rapat Dewan Komisaris dan Rapat                        Implementation of Board of Commissioners Meeting
    Gabungan                                                           and Joint meeting
    Pada tahun 2023, Dewan Komisaris Perseroan telah                   In 2023, the Company's Board of Commissioners held
    melakukan rapat Dewan Komisaris sebanyak 6                         6 (six) meetings of the Board of Commissioners which
    (enam) kali yang juga merupakan rapat gabungan                     was also a joint meeting with the Board of Directors.
    dengan Direksi. Agenda rapat Dewan Komisaris dan                   The agenda for the Board of Commissioners meeting
    rapat gabungan antara lain membahas hasil kinerja                  and joint meeting includes discussing the results of
    Perseroan dan rencana bisnis.                                      the Company's performance and business plans.




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Page 136
    Rincian kehadiran anggota Dewan Komisaris dalam                            Details of the attendance of members of the Board
    rapat Dewan Komisaris dan rapat gabungan Dewan                             of Commissioners at the Board of Commissioners
    Komisaris dengan Direksi adalah sebagai berikut:                           meeting and joint meeting between the Board of
                                                                               Commissioners and the Board of Directors are as
                                                                               follows:


                                                                                           Rapat Gabungan Dewan Komisaris dengan
                                               Rapat Dewan Komisaris                                        Direksi
                                           Board of Commissioners’ Meeting                    Joint Meeting between the Board of
         Dewan Komisaris                                                                     Commissioners and Board of Directors
      Board of Commissioners                             Jumlah                           Jumlah Rapat            Jumlah
                                    Jumlah Rapat                              %                                                               %
                                                       Kehadiran                            Gabungan            Kehadiran
                                      Number of                          Kehadiran                                                       Kehadiran
                                                          Total                             Number of              Total
                                      Meetings                           Attendance                                                      Attendance
                                                       Attendance                         Joint Meetings        Attendance

    Surja Hartono                          6                 6                 100              6                       6                      100
    Sumarni                                6                 6                 100              6                       6                      100
    Atsushi Takahama*                      5                 5                 100              5                       5                      100
    Kensuke Shuto**                        1                 1                 100              1                       1                      100
    Catatan | Notes :
    * anggota sampai dengan 1 Desember 2023 | member until December 1, 2023.
    **anggota sejak 1 Desember 2023 | member since December 1, 2023.




    Pelatihan dan Program Orientasi                                            Board of Commissioners Training and
    Dewan Komisaris                                                            Orientation Program

    Kebijakan Pelatihan dan Pengembangan Kompetensi                            Board of Commissioners Training and Competency
    Dewan Komisaris                                                            Development Policy
    Pelatihan dan Pengembangan Kompetensi Dewan                                The Board of Commissioners' Competency Training
    Komisaris telah diatur dalam Pedoman Dewan                                 and Development has been regulated in the
    Komisaris. Agar Dewan Komisaris dapat menjalankan                          Commissioners' Guidelines. In order for the Board of
    tugas     pengawasan        atas     kepengurusan         dan              Commissioners to carry out their supervisory duties
    pemberian nasihat kepada Direksi, maka anggota                             on management and provide advice to the Board of
    Dewan Komisaris harus senantiasa menambah dan                              Directors, members of the Board of Commissioners
    memperbaharui pengetahuannya. Untuk memfasilitasi                          must constantly add and update their knowledge. To
    terjadinya update knowledge tersebut, maka anggota                         facilitate the updating of knowledge, members of the
    Dewan Komisaris perlu untuk pelatihan, workshop,                           Board of Commissioners need training, workshops,
    seminar, conference, yang dapat bermanfaat dalam                           seminars, conferences, which can be useful in
    meningkatkan efektifitas fungsi Dewan Komisaris.                           increasing the effectiveness of the functions of the
                                                                               Board of Commissioners.


    Program    pelatihan     dan    pengembangan          Dewan                The    Board     of   Commissioners’                    training         and
    Komisaris diperlukan agar Anggota Dewan Komisaris                          development      programs            are       needed            so      that
    dapat senantiasa memperbaharui informasi terkait                           members of the Board of Commissioners can always
    perkembangan industri terkini dan pengetahuan                              update information regarding the latest industry
    lainnya terkait dengan pelaksanaan tugas dan                               developments and other knowledge related to the
    tanggung jawab Dewan Komisaris.                                            implementation of the duties and responsibilities of
                                                                               the Board of Commissioners.




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Page 137
    Program        Orientasi/Pengenalan      Anggota      Dewan               Orientation/Induction Program for Members of The
    Komisaris                                                                 Board of Commissioners
    1.    Anggota Dewan Komisaris baru yang diangkat                          1.   New members of the Board of Commissioners
          untuk pertama kalinya wajib diberikan program                            who are appointed for the first time must be given
          orientasi mengenai Perseroan. Tanggung jawab                             an orientation program regarding the Company.
          untuk mengadakan program orientasi tersebut                              The responsibility for conducting the orientation
          berada pada Sekretaris Perusahaan atau siapapun                          program rests with the Corporate Secretary
          yang menjalankan fungsi sebagai Sekretaris                               or anyone who performs the function as the
          Perusahaan.                                                              Corporate Secretary.
    2.    Program orientasi meliputi:                                         2.   Orientation program includes:
          1)    Gambaran      Umum      Perseroan      berkaitan                   1)   Overview of the Company related to the
                dengan visi, misi, kegiatan usaha, dan kinerja                          vision,   mission,     business            activities,        and
                keuangan.                                                               financial performance.
          2)    Pelaksanaan     prinsip-prinsip     GCG      oleh                  2)   Implementation of GCG principles by the
                Perseroan.                                                              Company.
          3)    Keterangan berkaitan dengan kewenangan                             3)   Information relating to delegated authority,
                yang   didelegasikan,     audit   internal   dan                        internal and external audits, internal control
                eksternal, sistem dan kebijakan pengendalian                            systems and policies, including Committees.
                internal, termasuk Komite.
          4)    Keterangan mengenai tugas dan tanggung                             4)   Information     regarding            the       duties         and
                jawab Dewan Komisaris serta hal-hal yang                                responsibilities of the Board of Commissioners
                tidak diperbolehkan.                                                    as well as things that are not allowed.


    Sepanjang tahun 2023, Dewan Komisaris telah                               Throughout 2023, the Board of Commissioners
    mengikuti pelatihan sebagai berikut:                                      participate in the following training:




         Nama           Nama Training, Seminar, Workshop                    Penyelenggara               Tanggal                       Tempat
         Name           Training, Workshop, Seminar’s Name                    Organizer                  Date                         Location

     Surja        Webinar “Etika dalam Bisnis, Ekonomi dan            Dewan      Guru    Besar        10 Juni 2023                Virtual melalui
     Hartono      Lingkungannya”.                                     Universitas    Indonesia                                    Zoom Meeting
                                                                      (DGB UI)

                  Webinar of “Ethics in Business, Economics and its   The Board of Professsors        June 10, 2023              Virtual via Zoom
                  Environment”.                                       of Universitas Indonesia                                       Meeting
                                                                      (DGB UI)



                  Webinar “Mencermati Penerapan PMK Nomor Asosiasi                       Emiten     1 Agustus 2023                Virtual melalui
                  66 Tahun 2023 Tentang       Perlakuan  Pajak Indonesia (AEI)                                                    Zoom Meeting
                  Penghasilan Atas Penggantian Atau Imbalan
                  Sehubungan Dengan Pekerjaan Atau Jasa Dalam
                  Bentuk Natura Dan/Atau Kenikmatan”.

                  Webinar “Observing the Application of PMK Indonesian Public Listed               August 1, 2023                Virtual via Zoom
                  Number 66 of 2023 concerning the Income Tax Company   Association                                                  Meeting
                  Treatment of Reimbursement or the Compensation (AEI)
                  in connection with Work or Services in the Form of
                  In-kind and/or Enjoyment”.




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Page 138
     Nama          Nama Training, Seminar, Workshop                   Penyelenggara               Tanggal                       Tempat
     Name          Training, Workshop, Seminar’s Name                   Organizer                  Date                         Location

    Sumarni   Webinar Natura dan/atau Kenikmatan Sesuai PP ORTAX                               20 Januari 2023              Virtual melalui
              55 Tahun 2022.                                                                                                Zoom Meeting

              Webinar Natura and/or Enjoyment in accordance ORTAX                             January 20, 2023             Virtual via Zoom
              with PP 55 Year 2022.                                                                                            Meeting
              Sosialisasi    Perundang-undangan         Bidang Gabungan            Produsen   14 Februari 2023              Virtual melalui
              Perpajakan Terbaru dalam Rangka Reformasi Makanan                    Minuman                                  Zoom Meeting
              Perpajakan di Indonesia oleh Ditjen Pajak – Seri 1 Indonesia
              Sosialisasi PERPU Nomor 2 Tahun 2022, PP Nomor
              44 Tahun 2022, dan PMK Nomor 112/PMK.03/2022.

              Socialization of the Latest Tax Legislation in the Indonesian Food and          February 14, 2023            Virtual via Zoom
              Framework of Tax Reform in Indonesia by the Beverage Manufacturers                                               Meeting
              Directorate General of Taxes - Series 1 Socialization Association.
              of PERPU Number 2 Year 2022, PP Number 44 Year
              2022, and PMK Number 112/PMK.03/2022.
              Seminar Update Perpajakan dalam Mencermati Asosiasi                    Emiten   15 February 2023            Gedung Permata
              Penerapan PP 50 & PP 55 Tahun 2022.        Indonesia (AEI)                                                  Kuningan Lt. 10,
                                                                                                                           Jakarta Selatan

              Seminar on Taxation Update in Observing the Indonesian Public Listed            February 15, 2023           Gedung Permata
              Implementation of PP 50 & PP 55 Year 2022.  Company     Association                                        Kuningan 10th floor,
                                                          (AEI)                                                            Jakarta Selatan
              Sosialisasi    Perundang-undangan         Bidang Gabungan            Produsen   16 February 2023              Virtual melalui
              Perpajakan Terbaru Dalam Rangka Reformasi Makanan                    Minuman                                  Zoom Meeting
              Perpajakan Di Indonesia oleh Ditjen Pajak-Seri 2. Indonesia



              Socialization of the Latest Taxation Legislation in Indonesian Food and         February 16, 2023            Virtual via Zoom
              the Framework of Tax Reform in Indonesia by the Beverage Manufacturers                                           Meeting
              Directorate General of Taxes-Series 2.              Association
              Sosialisasi    Perundang-undangan         Bidang Gabungan            Produsen   21 February 2023              Virtual melalui
              Perpajakan Terbaru Dalam Rangka Reformasi Makanan                    Minuman                                  Zoom Meeting
              Perpajakan Di Indonesia oleh Ditjen Pajak-Seri 3. Indonesia

              Socialization of the Latest Tax Legislation in the Indonesian Food and          February 21, 2023            Virtual via Zoom
              Framework of Tax Reform in Indonesia by the Beverage Manufacturers                                               Meeting
              Directorate General of Taxes-Series 3.             Association
              Kelas Pajak Tentang PP Nomor 55 Tahun 2022 Kanwil              DJP    Jakarta   24 February 2023              Virtual melalui
              Tentang Penyesuaian Pengaturan Di Bidang Pajak Khusus                                                         Zoom Meeting
              Penghasilan.

              Tax Class on Government Regulation Number 55 Special Jakarta             DGT February 24, 2023               Virtual via Zoom
              Year 2022 on Adjustment of Regulations in the Regional Office                                                    Meeting
              Field of Income Tax.
              Sosialisasi E-Filling SPT Tahunan Pribadi & KPP Pratama Tigaraksa                 6 Maret 2023                Virtual melalui
              Pemadanan NIK-NPWP.                                                                                           Zoom Meeting

              Socialization of E-Filling Personal Annual Tax KPP Pratama Tigaraksa             March 6, 2023               Virtual via Zoom
              Returns & NIK-NPWP Matching.                                                                                     Meeting
              Seminar Update Perpajakan Terkait Penerapan PP Asosiasi                Emiten     10 April 2023               Virtual melalui
              44 & 49 Tahun 2022.                            Indonesia (AEI)                                                Zoom Meeting

              Taxation Update Seminar Related to          the   Indonesian Public Listed        April 10, 2023             Virtual via Zoom
              Implementation of PP 44 & 49 Year 2022.           Company     Association                                        Meeting
                                                                (AEI)




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Page 139
     Nama         Nama Training, Seminar, Workshop                     Penyelenggara            Tanggal                       Tempat
     Name         Training, Workshop, Seminar’s Name                     Organizer               Date                         Location

            Sosialisasi Buletin Implementasi DSAK IAI.           Ikatan Akuntan Indonesia     11 April 2023               Virtual melalui
                                                                 (IAI)                                                    Zoom Meeting

            Socialization of DSAK IAI Implementation Bulletin.   Institute of Indonesia       April 11, 2023             Virtual via Zoom
                                                                 Chartered Accountants                                       Meeting
                                                                 (IAI)
            Etika dalam Bisnis, Ekonomi, dan Lingkungannya.      Dewan      Guru    Besar     10 Juni 2023                Virtual melalui
                                                                 Universitas Indonesia                                    Zoom Meeting

            Ethics in Business,      Economics,     and   the The Board of Professsors        June 10, 2023              Virtual via Zoom
            Environment.                                      of Universitas Indonesia                                       Meeting
                                                              (DGB UI)
            Mengenal     Teknologi    Informasi   Perpajakan Perkumpulan       Praktisi       15 Juni 2023                Virtual melalui
            Indonesia.                                       dan Profesi Konsultan                                        Zoom Meeting
                                                             Pajak Indonesia (P3KPI)

            Getting to know Indonesian Tax Information Indonesian            Tax              June 15, 2023              Virtual via Zoom
            Technology.                                Consultant Practitioner                                               Meeting
                                                       and          Professional
                                                       Association (P3KPI).
            TP Dispute Webinar Series.                           Tax Sign                     23 Juni 2023                Virtual melalui
                                                                                                                          Zoom Meeting

            TP Dispute Webinar Series.                           Tax Sign                     June 23, 2023              Virtual via Zoom
                                                                                                                             Meeting
            Seminar Mendadak TP Doc Edisi Jabodetabek.           Tax Sign                     01 Juli 2023             Hotel Citra Dream,
                                                                                                                            Bintaro

            TP Doc Seminar Jabodetabek Edition.                  Tax Sign                     July 01, 2023            Citra Dream Hotel,
                                                                                                                             Bintaro
            Webinar Tax Update : Pengaturan Natura dan Tax    Education  and                   11 Juli 2023               Virtual melalui
            Kenikmatan Sesuai PMK 66/2023              Research Center LPEM                                               Zoom Meeting
                                                       & Departemen Akuntansi
                                                       FEB UI

            Tax Update Webinar: Regulation of Fringe Benefits Tax    Education  and           July 11, 2023              Virtual via Zoom
            and Enjoyment in accordance with PMK 66/2023. Research Center LPEM                                               Meeting
                                                              & Departemen Akuntansi
                                                              FEB UI
            Kelas Pajak Online Kupas Tuntas PMK 66 tahun KPP Perusahaan Masuk                  13 Juli 2023               Virtual melalui
            2023.                                        Bursa                                                            Zoom Meeting

            Online Tax Class regarding Complete Review PMK KPP Perusahaan Masuk               July 13, 2023              Virtual via Zoom
            66 of 2023.                                    Bursa                                                             Meeting


            Sosialisasi PMK Nomor 66 Tahun 2023 tentang          Direktorat Jenderal Pajak,    18 Juli 2023           Cakti Buddhi Bhakti
            Perlakuan Pajak Penghasilan atas Penggantian         Asosiasi      Pengusaha                              Auditorium, Kantor
            atau Imbalan Sehubungan dengan Pekerjaan atau        Indonesia     (APINDO)&                                   Pusat DJP
            Jasa dalam Bentuk Natura dan/atau Kenikmatan         Kamar     Dagang      dan
            dan Update Reformasi Perpajakan.                     Industri       Indonesia
                                                                 (KADIN).

            Socialization of PMK Regulation Number 66 Year       Directorate      General     July 18, 2023              Cakti Buddhi
            2023 on Income Tax Treatment of Reimbursement        of Taxes, Indonesian                                 Bhakti Auditorium,
            or Reward in Connection with Work or Services        Employers Association                                Head Office of the
            in the Form of Natura and/or Enjoyment and Tax       (APINDO) & Indonesian                                Directorate General
            Reform Update.                                       Chamber of Commerce                                        of Taxes
                                                                 and Industry (KADIN).




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Page 140
     Nama         Nama Training, Seminar, Workshop                  Penyelenggara            Tanggal                       Tempat
     Name         Training, Workshop, Seminar’s Name                  Organizer               Date                         Location

            Tax Breakfast Briefing : Discussion on the New PWC Indonesia                    20 Juli 2023           World Trade Center
            Rules of Benefits In-Kinds                                                                              3 Lt. 42, Jakarta
                                                                                                                        Selatan

            Tax Breakfast Briefing : Discussion on the New PwC Indonesia                   July 20, 2023           World Trade Center
            Rules of Benefits In-Kinds                                                                             3, 42nd Floor, Jakarta
                                                                                                                          Selatan


            2023 Annual Technical Update.                     PWC Indonesia                 25 Juli 2023           World Trade Center
                                                                                                                    3 Lt. 42, Jakarta
                                                                                                                        Selatan

            2023 Annual Technical Update.                     PwC Indonesia                July 25, 2023           World Trade Center
                                                                                                                     3, 42nd Floor ,
                                                                                                                    Jakarta Selatan


            Webinar Asosiasi Emiten Indonesia Mencermati      Asosiasi           Emiten   01 Agustus 2023              Virtual melalui
            Penerapan PMK No. 66 Tahun 2023 Tentang           Indonesia    (AEI)   dan                                 Zoom Meeting
            Perlakuan Pajak Penghasilan Atas Penggantian      Direktorat Jenderal Pajak
            atau Imbalan Sehubungan dengan Pekerjaan atau     (DJP).
            Jasa dalam Bentuk Natura dan/atau Kenikmatan.

            Indonesian Public Listed Company Association      Indonesian Public Listed    August 01, 2023             Virtual via Zoom
            Webinar to Observe the Implementation of          Company      Association                                    Meeting
            PMK No. 66 Year 2023 concerning Income Tax        (AEI)   and Directorate
            Treatment of Reimbursement or Reward in           General of Taxes (DJP)
            Connection with Work or Services in the Form of
            Natura and/or Enjoyment.
            Breakfast Session : Understanding more the New Ernst&Young Indonesia          04 Agustus 2023            Indonesia Stock
            Rules on Benefits in Kind Based on PMK 66.                                                              Exchange Building
                                                                                                                     Tower II, Jakarta
                                                                                                                         Selatan

            Breakfast Session : Understanding more the New Ernst&Young Indonesia          August 04, 2023            Indonesia Stock
            Rules on Benefits in Kind Based on PMK 66.                                                              Exchange Building
                                                                                                                      Tower II, South
                                                                                                                         Jakarta
            Kupas Tuntas PMK 66 Tahun 2023 dan PMK 72 Direktorat Jenderal Pajak           15 Agustus 2023              Virtual melalui
            Tahun 2023 beserta Komplikasinya.         dan Perkumpulan Praktisi                                         Zoom Meeting
                                                      dan Profesi Konsultan
                                                      Pajak Indonesia (P3KPI)

            Completely Examine MK 66 Year 2023 and PMK 72 Directorate General of          August 15, 2023             Virtual via Zoom
            Year 2023 and its Complications.              Taxes and Association                                           Meeting
                                                          of    Indonesian     Tax
                                                          Consultant Practitioners
                                                          and Professionals (P3KPI)
            Sosialisasi PMK 66 Tahun 2023.                    KPP Madya Jakarta Utara     29 Agustus 2023              Virtual melalui
                                                                                                                       Zoom Meeting

            Socialization of PMK 66 Year 2023.                KPP Madya North Jakarta     August 29, 2023             Virtual via Zoom
                                                                                                                          Meeting
            Seminar   Nasional-Growth    Mindset   –SMK APINDO                            17 Oktober 2023              Virtual melalui
            Mengembangkan Link dan Match, Menghasilkan                                                                 Zoom Meeting
            Kompetensi Lulusan Sesuai Kebutuhan Dudi.

            National  Seminar-Growth      Mindset     -SMK APINDO                         October 17, 2023            Virtual via Zoom
            Develops Link and Match, Producing Graduate                                                                   Meeting
            Competencies according to Industry Needs.




LAPORAN TAHUNAN 2023 | Annual Report                          135                             P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 141
     Nama           Nama Training, Seminar, Workshop                  Penyelenggara            Tanggal                       Tempat
     Name           Training, Workshop, Seminar’s Name                  Organizer               Date                         Location

              Undangan Sosialisasi Dampak NPWP 16 Digit dan     KPP Madya Jakarta Utara       8 November             Cakti Buddhi Bhakti
              NITKU.                                                                             2023                Auditorium, Kantor
                                                                                                                          Pusat DJP

              Invitation to Socialize the Impact of 16 Digit NPWP KPP Madya Jakarta Utara     November 8,            Cakti Buddhi Bhakti
              and NITKU.                                                                         2023                Auditorium, Kantor
                                                                                                                          Pusat DJP
              Kelas Pajak Online Penyusutan Harta Berwujud KPP     Madya              Dua    17 November                 Virtual melalui
              dan/atau Amortisasi Harta Tak Berwujud (PMK- Tangerang                             2023                    Zoom Meeting
              72/2023).

              Online Tax Class for Depreciation of Tangible PwC Indonesia                    November 17,               Virtual via Zoom
              Assets and/or Amortization of Intangible Assets                                   2023                        Meeting
              (PMK-72/2023).
              EY Indonesia Thought Leadership-Accounting Ernst & Young Indonesia             22 November                 Virtual melalui
              Sustainability Reporting, and Tax Updates.                                         2023                    Zoom Meeting

              EY Indonesia Thought Leadership-Accounting Ernst & Young Indonesia             November 22,               Virtual via Zoom
              Sustainability Reporting, and Tax Updates.                                        2023                        Meeting
              Seminar Transfer Pricing “Mengelola Risiko Tax Flash & CV Cipta                25 November                  Hotel Novotel
              Perpajakan Transaksi Afiliasi dan Teknik Dasar Pelita Adikarya (CPA)               2023                      Tangerang
              Menyusun Transfer Pricing Documentation.

              Transfer Pricing Seminar "Managing Tax Risks of Tax Flash & CV Cipta           November 25,                 Hotel Novotel
              Affiliated Transactions and Basic Techniques for Pelita Adikarya (CPA)            2023                       Tangerang
              Drafting Transfer Pricing Documentation.
              Bank Mizuho Indonesia Seminar 2023 “Business Bank Mizuho                      6 Desember 2023           Catur Dharma Hall,
              and Economic Opportunities in the Political Year                                                        Lt. 5, Menara Astra
              2024: Economic Outlook & Tax Policy.”                                                                          Building

              Bank Mizuho Indonesia Seminar 2023 "Business Bank Mizuho                        Desember 6,             Catur Dharma Hall,
              and Economic Opportunities in the Political Year                                   2023                  5th Floor, Menara
              2024: Economic Outlook & Tax Policy."                                                                     Astra Building


    Independensi Dewan Komisaris                                        Independency Board of Commissioner
    Anggota    Dewan       Komisaris   Perseroan   saat   ini           There are currently 3 (three) members of the
    berjumlah 3 (tiga) orang dengan 1 (satu) orang                      Company's Board of Commissioners with 1 (one)
    diantaranya sebagai Komisaris Independen yang                       of them as Independent Commissioners, which
    berarti persentase jumlah Komisaris Independen                      means that the percentage of the Company's
    perseroan sebesar 33% dari jumlah seluruh anggota                   number of Independent Commissioners is 33% of
    Dewan     Komisaris.     Komposisi   anggota     Dewan              the total members of the Board of Commissioners.
    Komisaris telah memenuhi ketentuan Peraturan                        The composition of the members of the Board
    Otoritas Jasa keuangan No. 33/POJK.04/ 2014 tentang                 of Commissioners has met the provisions of the
    Direksi dan Dewan Komisaris emiten atau perusahaan                  Indonesia Financial Services Authority Regulation
    publik yang mengatur bahwa paling kurang 30% (tiga                  No. 33/ POJK.04/2014 concerning the Board of
    puluh persen) dari jumlah anggota Dewan Komisaris                   Directors and Board of Commissioners of issuers or
    adalah Komisaris Independen. Komisaris Independen                   public companies which stipulate that at least 30%
    tidak memiliki keterkaitan dengan Perseroan selain                  (thirty percent) of the total members of the Board
    dari penugasannya sebagai Komisaris sesuai dengan                   of Commissioners are Independent Commissioners.
    ketentuan Anggaran Dasar Perseroan.                                 Independent     Commissioners              has        no       relation
                                                                        with the Company other than the assignment as
                                                                        Commissioners in accordance with the provisions of
                                                                        the Company's Articles of Association.




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    Hubungan keluarga dan hubungan keuangan Dewan                               The Family and financial relationship of the Board of
    Komisaris dapat dilihat pada tabel berikut:                                 Commissioners can be seen in the following table:



                                        Hubungan Keluarga dengan                                  Hubungan Keuangan dengan
                                           Family Relation with                                     Financial Relation with
                                                                      Pemegang                                                          Pemegang
                                                                                            Dewan
                            Dewan Komisaris           Direksi           Saham                                     Direksi                 Saham
            Nama                                                                           Komisaris
                               Board of              Board of         Pengendali                                 Board of               Pengendali
            Name                                                                           Board of
                             Commissioners           Directors        Controlling                                Directors              Controlling
                                                                                         Commissioners
                                                                      Shareholder                                                       Shareholder
                             Ya       Tidak        Ya       Tidak    Ya         Tidak     Ya      Tidak        Ya        Tidak          Ya         Tidak
                             Yes       No          Yes       No      Yes         No       Yes      No          Yes        No            Yes         No
    Surja Hartono                         √         √                  √                              √                       √           √
    Kensuke Shuto                         √                   √                   √                   √                       √                        √

    Sumarni                               √                   √                   √                   √                       √                        √




    Rangkap Jabatan Dewan Komisaris                                             Concurrent Position of Board of Commissioners
    Rincian rangkap jabatan Dewan Komisaris adalah                              Details of concurrent positions for the Board of
    sebagai berikut :                                                           Commissioners are as follows:


         Nama              Jabatan                       Jabatan Lain dalam Perseroan                      Jabatan Lain di Emiten Lain
         Name              Position                      Other Position in the Company                    Other Positions in Other Issuers

                                                                                                                Komisaris Utama di
                        Komisaris Utama          Anggota Komite Nominasi dan Remunerasi
                                                                                                             PT Selamat Sempurna Tbk
    Surja Hartono          President             Member of Nomination and Remuneration
                                                                                                             President Commissioner at
                         Commissioner                          Committee
                                                                                                             PT Selamat Sempurna Tbk

                           Komisaris                                Tidak ada                                             Tidak ada
    Kensuke Shuto
                         Commissioner                                 None                                                  None

                                              1. Ketua Komite Audit
                            Komisaris
                                                 Chairwoman of Audit Committee
                          Independen                                                                                      Tidak ada
    Sumarni                                   2. Ketua Komite Nominasi dan Remunerasi
                         Independent                                                                                        None
                                                 Chairwoman of Nomination and Remuneration
                         Commissioner
                                                 Committee




    Penilaian Kinerja Dewan Komisaris                                           Performance      Assessment              of       the         Board         of
                                                                                Commissioners
    Penilaian Kinerja Dewan Komisaris dilakukan melalui                         The     Board    of       Commissioners'                Performance
    self assessment atas kinerja Dewan Komisaris dan                            Assessment is conducted through self-assessment
    dilaporkan serta dipertanggungjawabkan dalam RUPS.                          of the Board of Commissioners' performance and is
    Dalam setiap tahunnya Dewan Komisaris memberi                               reported and accounted for in the GMS. Every year,
    laporan pertanggungjawaban terhadap kinerja yang                            the Board of Commissioners provide an accountability
    dilakukan sepanjang tahun buku pada RUPS. RUPS                              report on the performance conducted throughout the
    memiliki kewenangan untuk memberikan persetujuan                            fiscal year to the GMS. The GMS has an authority to
    atau menolak laporan pertanggungjawaban Dewan                               grant approval or denial of the accountability report
    Komisaris atas pengawasan (acquit et de charge) yang                        of Board of Commissioners. The GMS also provides
    telah dijalankan untuk tahun buku yang berakhir.                            disclaimer to members of Board of Commissioners on
                                                                                the supervision (acquit et de charge) that have been
                                                                                carried out for the last fiscal year.




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    Prosedur Pelaksanaan Penilaian Kinerja Dewan                Board of Commissioners performance appraisal
    Komisaris                                                   procedures
    Kinerja Dewan Komisaris dievaluasi setiap tahun             The performance of the Board of Commissioners is
    berdasarkan unsur-unsur penilaian kinerja yang              evaluated annually based on performance appraisal
    disusun secara mandiri oleh Dewan Komisaris melalui         elements prepared independently by the Board
    mekanisme self-assesment atas tugas, wewenang dan           of    Commissioners      through          a     self-assessment
    kewajiban Dewan Komisaris sebagaimana ditetapkan            mechanism of the duties, powers and obligations
    dalam Anggaran Dasar dan peraturan perundang-               of the Board of Commissioners as stipulated in the
    undangan yang berlaku, dengan memperhatikan                 Articles of Association and applicable laws and
    rekomendasi Komite Nominasi & Remunerasi.                   regulations, taking into account the recommendations
                                                                of the Nomination & Remuneration Committee.


    Kriteria yang Digunakan                                     Criteria Used
    Kinerja Dewan Komisaris dievaluasi berdasarkan              The performance of the Board of Commissioners
    kriteria evaluasi kinerja yang ditetapkan secara            is evaluated based on independent performance
    independen, yang meliputi:                                  evaluation criteria, which include:
    yy Kontribusi dan dukungan pada pelaksanaan tata            yy Contribution and support to the implementation of
      kelola di Perseroan.                                           Good Corporate Governance.
    yy Efektivitas pelaksanaan tugas pengawasan atas            yy Effectiveness of the implementation of supervisory
      kinerja Direksi sesuai Anggaran Dasar.                         duties on the performance of the Board of Directors
                                                                     in accordance with the Articles of Association.
    yy Kepatuhan terhadap peraturan yang berlaku.               yy Compliance with applicable regulations.
    yy Efektivitas pelaksanaan tanggung jawab Komite            yy Effectiveness    of   the     implementation                 of     the
      dibawah Dewan Komisaris.                                       responsibilities of the Committee under the Board
                                                                     of Commissioners.
    yy Tingkat kehadiran dan kontribusi dalam rapat             yy Attendance and contribution levels in Board of
      Dewan Komisaris, rapat bersama Direksi dan rapat               Commissioners meetings, joint meeting with the
      Komite.                                                        Board of Directors and Committee meetings.


    Pihak yang Melakukan Penilaian                              Parties Conducting the Assessment
    Penilaian kinerja Dewan Komisaris di tahun buku             Collegially assess the performance of the Board of
    secara kolegial dalam Rapat Umum Pemegang                   Commissioners in the financial year at the Annual
    Saham Tahunan (RUPST) pada saat penyampaian                 General Meeting of Shareholders (AGMS) at the
    Laporan Tugas Pengawasan Dewan Komisaris dalam              time of submission of the Board of Commissioners'
    Laporan Tahunan Perseroan di mana berdasarkan               Supervisory Report in the Company's Annual Report,
    Laporan tersebut RUPS selanjutnya memberikan                based on the report, the GMS further provides full
    pelunasan   dan    pembebasan     tanggung   jawab          release and discharge of responsibilities (volledig
    sepenuhnya (volledig acquit et decharge) kepada             acquit et de charge) to the Board of Commissioners
    Dewan Komisaris atas Pengawasan selama tahun                for Supervision during the financial year.
    buku tersebut.


    Penilaian Kinerja Komite di Bawah Dewan Komisaris           Performance Assessment of Committees under the
                                                                Board of Commissioners
    Dewan Komisaris Perseroan dibantu oleh Komite               The Board of Commissioners of the Company is
    Penunjang, yaitu Komite Audit serta Komite Nominasi         assisted by the Supporting Committee, namely




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    dan Remunerasi. Sepanjang tahun 2023, Komite-                       the Audit Committee and the Nomination and
    komite di bawah Dewan Komisaris telah menjalankan                   Remuneration Committee. Throughout 2023, the
    fungsi dan tanggung jawabnya dengan baik.                           Committees under the Board of Commissioners
                                                                        have carried out their functions and responsibilities
                                                                        properly.


    Prosedur dan Kriteria Penilaian Kinerja                             Performance Appraisal Procedures and Criteria
    Setiap tahun Dewan Komisaris melakukan penilaian                    Each year the Board of Commissioners conducts
    kinerja Komite-komite yang bertugas di bawah                        performance appraisals of the Committees under
    pengawasan mereka terkait dengan tugas dan                          their supervision in relation to the duties and
    tanggung jawab masing-masing Komite.                                responsibilities of each Committee.


    Kriteria penilaian terhadap kinerja Komite yang                     The criteria for evaluating the performance of the
    membantu pelaksanaan tugas Dewan Komisaris                          Committees that help carry out the duties of the
    adalah sebagai berikut :                                            Board of Commissioners are as follows:
    a.   Komposisi dan kompetensi anggota Komite-                       a.   The    composition      and       competence                of     the
         komite sudah sesuai dengan peraturan yang                           members of the Committees are in accordance
         berlaku.                                                            with the applicable regulations.
    b.   Komite     telah     melaksanakan        tugas   dan           b.   The committee has carried out its duties and
         tanggungjawabnya dengan baik sesuai dengan                          responsibilities properly in accordance with the
         pedoman kerja internal Perseroan dan telah                          Company's internal work guidelines and has been
         terlaksana secara efektif dan efisien.                              carried out effectively and efficiently.


    Setiap tahunnya setiap Komite diwajibkan membuat                    Every year each Committee is required to prepare an
    laporan tahunan pelaksanaan kegiatan Komite dan                     annual report on the implementation of Committee
    dilaporkan kepada Dewan Komisaris. Di tahun 2023,                   activities and report it to the Board of Commissioners.
    Komite-komite di bawah Dewan Komisaris memiliki                     In 2023, the Committees under the Board of
    kinerja yang baik dan dapat melaksanakan tugas dan                  Commissioners have performed well and can carry
    tanggungjawabnya sesuai dengan pedoman kerja                        out their duties and responsibilities in accordance with
    yang ada yang dapat dijabarkan sebagai berikut :                    the existing work guidelines which can be described
                                                                        as follows:

                   Komite                                                      Kinerja 2023
                  Committee                                                  2023 Performance

                                       1.   Membantu Dewan Komisaris dalam mengawasi proses audit yang dilakukan oleh auditor
                                            independen dengan baik.
                                            Assisted the Board of Commissioners in overseeing the audit process conducted by
                                            independent auditors properly.

                                       2.   Membantu mengevaluasi dan memberikan rekomendasi atas hasil pelaksanaan audit
                                            internal dengan baik.
                                            Helped evaluate and provided recommendations on the results of the implementation of
     Komite Audit                           internal audits properly.
     Audit Committee
                                       3.   Mengevaluasi hasil pelaksanaan audit atas laporan keuangan tahun 2022 yang diperiksa
                                            oleh Kantor Akuntan Publik Teramihardja, Pradhono & Chandra dan memberikan
                                            rekomendasi penunjukan KAP yang akan melakukan pemeriksaan Laporan Keuangan
                                            tahun buku 2023.
                                            Evaluated the results of the audit of the 2022 financial statements which were audited
                                            by the Teramihardja, Pradhono & Chandra Public Accountants Firm and provided
                                            recommendations for the appointment of a KAP that will conduct an audit of the 2023
                                            Financial Report.




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                 Komite                                                          Kinerja 2023
                Committee                                                      2023 Performance

     Komite Audit                         4.   Menyelenggarakan rapat berkala Komite Audit sebanyak 4 (empat) kali di tahun 2023.
     Audit Committee                           Held regular Audit Committee meetings 4 (four) times in 2023.
                                          1.   Membantu merumuskan usulan remunerasi Dewan Komisaris, Direksi dan top
                                               management dengan tepat dan wajar sesuai posisi dan kompetensinya.
                                               Assisted in formulating remuneration proposals for the Board of Commissioners, Directors
                                               and top management appropriately and fairly according to their position and competence.

                                          2.   Memberikan rekomendasi mengenai calon anggota Komisaris kepada Dewan Komisaris
                                               untuk disampaikan kepada RUPSLB tanggal 1 Desember 2023.
     Komite Nominasi dan Remunerasi            Provided recommendations regarding candidates for members of the Board of Directors
     Nomination and Remuneration               to be submitted to the EGMS on December 1, 2023.
     Committee
                                          3.   Melakukan review terhadap kebijakan nominasi dan remunerasi yang ada.
                                               Reviewed the existing nomination and remuneration policies.

                                          4.   Menyelenggarakan rapat berkala Komite Nominasi dan Remunerasi sebanyak 3 (tiga) kali
                                               di 2023.
                                               Held regular Nomination and Remuneration Committee meetings 3 (three) times in 2023.




    Kepemilikan Saham Dewan Komisaris                                       Share Ownership of Board of Commissioners
    Berdasarkan     Peraturan       OJK   No.11/POJK.04/2017                Based    on    OJK    Regulation         No.11/POJK.04/2017
    tentang Laporan Kepemilikan atau Setiap Perubahan                       concerning Ownership Report or Any Change of Share
    Kepemilikan Saham Perusahaan Terbuka, setiap                            Ownership Publicly listed company, each member of
    anggota     Dewan       Komisaris      diwajibkan      untuk            the Board of Commissioners is required to submit
    menyampaikan informasi kepada Perseroan mengenai                        information to the Company regarding ownership and
    kepemilikan dan setiap perubahan kepemilikannya                         any changes in ownership of the Company shares no
    atas saham Perseroan paling lambat 3 (tiga) hari kerja                  later than 3 (three) working days after the transaction
    setelah terjadinya transaksi. Selanjutnya, Perseroan                    occurrence. Furthermore, the Company is required to
    wajib menyampaikan laporan kepada OJK atas                              submit a report to OJK on the transaction no later than
    transaksi tersebut selambat-lambatnya 10 (sepuluh)                      10 (ten) days since the transaction.
    hari sejak terjadi transaksi.


    Di tahun 2023, Perseroan juga telah menyampaikan                        In 2023, the Company has also submitted a monthly
    laporan    kepemilikan      saham      Perseroan      setiap            report on the Company's share ownership. This
    bulannya. Di dalam laporan bulanan ini diungkapkan                      monthly report discloses the Company's share
    mengenai kepemilikan saham Perseroan yang dimiliki                      ownership owned by the Company's Board of
    oleh Dewan Komisaris Perseroan.                                         Commissioners.


    Pada Posisi 31 Desember 2023, tidak terdapat                            As of December 31, 2023, there were no members of
    anggota Dewan Komisaris yang memiliki saham                             the Board of Commissioners who owned shares that
    yang mencapai 5% (lima persen) atau lebih pada PT                       reached 5% (five percent) or more in PT Indonesia
    Indonesia Fibreboard Industry Tbk.                                      Fibreboard Industry Tbk.




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    Direksi                                                       Board of Directors

    Direksi bertanggung jawab penuh untuk mengelola               The Board of Directors is fully responsible for prudent
    Perseroan secara hati-hati dan sesuai dengan                  management of the Company and to comply with
    peraturan yang berlaku demi kepentingan dan sejalan           prevailing regulations in order to protect the interest
    dengan tujuan Perseroan. Direktur, baik perorangan            of the Company and to operate in line with the
    maupun kolektif, harus bertindak secara tepat, hati-          purpose of the Company. The Directors whether
    hati, dengan mempertimbangkan seluruh aspek                   individually or collectively must act with precision,
    dalam menjalankan tugas mereka.                               prudence, and consider all aspects of a situation in
                                                                  carrying out their duties.


    Tugas, Tanggung Jawab, dan Kewenangan Anggota                 Duties, Responsibilities, and Authority of Members of
    Direksi                                                       the Board of Directors
    Tugas, tanggung jawab dan wewenang Direksi                    The duties, responsibilities and authority of the Board
    sebagaimana tercantum dalam POJK No. 33/2014                  of   Directors as stated in POJK No. 33/2014 is as
    adalah sebagai berikut :                                      follows:
    1.   Direksi bertugas menjalankan dan bertanggung             1.   The Board of Directors has the duty to implement
         jawab atas pengurusan Emiten atau Perusahaan                  and responsible for the management of the Issuer
         Publik untuk kepentingan Emiten atau Perusahaan               or Public Company for the benefit of the Issuer
         Publik sesuai dengan maksud dan tujuan Emiten                 or Public Company in accordance with the aims
         atau Perusahaan Publik yang ditetapkan dalam                  and objectives of the Issuer or Public Company as
         Anggaran Dasar.                                               stated in the Articles of Association.
    2.   Dalam menjalankan tugas dan tanggung jawab               2.   In carrying out the duties and responsibilities for
         atas pengurusan sebagaimana dimaksud pada                     the management as referred to in paragraph (1),
         ayat (1), Direksi wajib menyelenggarakan RUPS                 the Board of Directors must hold an annual GMS
         tahunan dan RUPS lainnya sebagaimana diatur                   and other GMS as stated in the law regulations
         dalam     peraturan   perundang-undangan    dan               and Articles of Association.
         Anggaran Dasar.
    3.   Setiap anggota Direksi wajib melaksanakan tugas          3.   Each member of the Board of Directors must carry
         dan tanggung jawab sebagaimana dimaksud                       out the duties and responsibilities as referred to
         pada ayat (1) dengan itikad baik, penuh tanggung              in paragraph (1) in good faith, full of responsibility
         jawab, dan kehati-hatian.                                     and prudence.
    4.   Dalam rangka mendukung efektivitas pelaksanaan           4.   In order to support the effectiveness of the
         tugas     dan   tanggung    jawab    sebagaimana              implementation of duties and responsibilities as
         dimaksud pada ayat (1) Direksi dapat membentuk                referred to in paragraph (1) the Board of Directors
         komite.                                                       may establish a committee.
    5.   Dalam     hal   dibentuk    komite   sebagaimana         5.   In the event that a committee is established as
         dimaksud pada ayat (4), Direksi wajib melakukan               referred to in paragraph (4), the Board of Directors
         evaluasi terhadap kinerja komite setiap akhir                 must evaluate the performance of the committee
         tahun buku.                                                   at the end of the financial year.


    Pedoman dan Tata Tertib Direksi                               Board of Directors’s Charter and Work Rules
    PT Indonesia Fibreboard Industry Tbk telah memiliki           PT Indonesia Fiberboard Industry Tbk has a Charter
    Pedoman dan Tata Tertib Kerja atau Piagam Direksi             of Board of Directors and Work Guidelines which
    yang disusun berdasarkan Anggaran Dasar Perseroan,            were prepared based on the Company's Articles of




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    Undang-Undang Republik Indonesia No 40 Tahun                    Association, Law of the Republic of Indonesia No 40
    2007 tentang Perseroan Terbatas dan Peraturan                   of 2007 concerning Limited Liability Companies and
    Otoritas Jasa Keuangan No. 33/ POJK.04/2014                     the Financial Services Authority Regulation No. 33/
    tentang Direksi dan Dewan Komisaris Emiten atau                 POJK.04/2014 concerning the Board of Directors
    Perusahaan publik.                                              and Board of Commissioners of Issuers or Public
                                                                    Companies.


    Piagam Direksi mengatur mengenai hal-hal berikut:               The Charter of the Board of Directors regulates the
                                                                    following matters:
    1.   Komposisi, pengangkatan, pemberhentian serta               1.   Composition, appointment, dismissal and tenure
         masa jabatan Direksi.                                           of the Board of Directors.
    2.   Persyaratan keanggotaan Direksi.                           2.   Membership requirements for the Board of
                                                                         Directors.
    3.   Tugas dan wewenang Direksi.                                3.   Duties and authorities of the Board of Directors.
    4.   Kode etik.                                                 4.   Code of conduct.
    5.   Pertanggungjawaban Direksi.                                5.   Accountability of the Board of Directors.
    6.   Mekanisme dan tata tertib rapat Direksi.                   6.   Mechanism and rules for Board of Directors’s
                                                                         meeting.
    7.   Evaluasi kinerja Direksi.                                  7.   Performance Evaluation of the Board of Directors.
    8.   Rangkap jabatan.                                           8.   Concurrent Positions.
    9.   Program pengenalan anggota Direksi.                        9.   Induction program for members of the Board of
                                                                         Directors.
    10. Remunerasi dan pendidikan berkelanjutan bagi                10. Remuneration and continuing education for the
         Direksi.                                                        Board of Directors.


    Pedoman Direksi akan diperbaharui dari waktu                    The Board of Directors Guidelines will be updated
    ke waktu untuk memastikan kesesuaian dengan                     from time to time to ensure compliance with
    peraturan perundang-undangan yang berlaku atau                  applicable laws and regulations or if there are
    apabila terdapat perubahan yang dianggap perlu oleh             changes deemed necessary by the Company. The
    Perseroan. Pedoman Direksi tersebut telah dimuat                Board of Directors Charter has been published in full
    secara lengkap dalam situs web Perseroan (www.                  on the Company's website (www.pt-ifi.com) to make
    pt-ifi.com) sehingga memudahkan investor dan pihak              it easier for investors and other interested parties to
    berkepentingan lainnya untuk mengaksesnya.                      access it.


    Jumlah, Komposisi, dan Masa Jabatan Direksi                     Number, Composition, and Tenure of Board of
                                                                    Directors
    Perseroan memiliki 4 (empat) orang Direksi, yang                The Company has 4 (four) Directors, consisting of 3
    terdiri dari 3 (tiga) orang Direksi berkewarganegaraan          (three) Directors who are Indonesian citizens and 1
    Indonesia       dan     1     (satu)   orang    Direksi         (one) Directors who are Japanese citizens. The Board
    berkewarganegaraan Jepang. Direksi dipimpin oleh 1              of Directors is led by 1 (one) Main Director.
    (satu) orang Direksi Utama.


    Penentuan jumlah anggota Direksi berpedoman pada                The determination of the number of members of
    peraturan yang berlaku dan mempertimbangkan                     the Board of Directors is based on the prevailing
    kondisi Perseroan sebagai perusahaan terbuka yakni              regulations and takes into account the condition of
    Direksi perusahaan publik paling kurang terdiri dari            the Company as a public company, namely the Board




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    2 (dua) orang anggota Direksi dan 1 (satu) di antara                        of Directors of a public company consists of at least
    anggota Direksi diangkat menjadi Direktur utama.                            2 (two) members of the Board of Directors and 1 (one)
                                                                                of the members of the Board of Directors is appointed
                                                                                as the President Director.


    Masa jabatan Direksi paling lama 5 (lima) tahun atau                        The term of office of the Board of Directors is no
    sampai dengan penutupan RUPST pada akhir 1 (satu)                           longer than 5 (five) years or until the closing of the
    periode masa jabatan dimaksud. Direksi diangkat                             AGMS at the end of 1 (one) term of the term of office
    sejak tanggal yang ditentukan oleh RUPS yang                                concerned. The Board of Directors is appointed from
    mengangkat mereka sampai dengan ditutupnya                                  the date determined by the GMS which appointed
    RUPST yang kedua yang diadakan setelah tanggal                              them until the closing of the second AGMS which was
    RUPS yang mengangkat mereka dengan tidak                                    held after the date of the GMS which appointed them
    mengurangi       hak     RUPS    untuk      memberhentikan                  without prejudice to the right of the GMS to dismiss
    mereka sewaktu-waktu.                                                       them at any time.


    Selama tahun 2023, tidak ada perubahan dalam                                During 2023, there were no changes in the composition
    komposisi Direksi. Susunan anggota Direksi Perseroan                        of the Board of Directors. The composition of
    per tanggal 31 Desember 2023 adalah sebagai                                 members of the Board of Directors as of December
    berikut :                                                                   31, 2023 are as follows:

                 Jabatan                               Nama                           Anggota Sejak                        Masa Jabatan
                 Position                              Name                           Member Since                        Period of Service
     Direktur Utama
                                                   Heffy Hartono                           2019                               2019 - 2024
     President Director
     Direktur
                                                  Ang Andri Pribadi                        2019                               2019 - 2024
     Director
     Direktur
                                                   Setiawan Tjutju                         2022                               2022 - 2024
     Director
     Direktur
                                                  Takuji Okamoto                           2020                               2020 - 2024
     Director



    Pembagian        tugas    dan    tanggung       jawab    serta              Distribution of duties and responsibilities and authority
    kewenangan masing-masing Anggota Direksi                                    of each member of the Board of Directors
    Pembagian        tugas    dan    tanggung       jawab    serta              Distribution      of   duties   and        responsibilities             and
    kewenangan masing-masing anggota Direksi adalah                             authority of each member of the Board of Directors
    sebagai berikut :                                                           is as follows :

          Nama                         Jabatan                                          Tugas dan Tanggung Jawab
          Name                         Position                                          Duties and Responsibilities

     Heffy Hartono         Direktur Utama                      1.    Bertanggung jawab untuk memimpin dan mengkoordinasikan seluruh
                           President Director                        aktivitas usaha Perseroan.
                                                               2.    Terkait dengan tugasnya dalam hal operasional, Direktur Utama
                                                                     bertanggung jawab dalam mengendalikan dan mengevaluasi kegiatan
                                                                     usaha yang berkaitan dengan operasional produksi, pemasaran, dan
                                                                     penjualan.

                                                               1.    Responsible for leading and coordinating all of the Company's
                                                                     business activities.
                                                               2.    In relation to his duties in terms of operations, the President Director
                                                                     is responsible for controlling and evaluating business activities related
                                                                     to production, marketing, and sales operations.




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            Nama                      Jabatan                                       Tugas dan Tanggung Jawab
            Name                      Position                                       Duties and Responsibilities

     Ang Andri Pribadi    Direktur (Direktur Kepatuhan &     1.   Bertanggung jawab untuk menyusun strategi kepatuhan, termasuk
                          Corporate Affair)                       hal yang terkait dengan kebijakan dan prinsip kepatuhan.
                          Director (Compliance &             2.   Memastikan seluruh regulasi (kebijakan, sistem, prosedur) internal
                          Corporate Affairs Director)             Perseroan telah sejalan dengan peraturan dan regulasi eksternal yang
                                                                  terkait, termasuk juga bertanggung jawab melakukan pengelolaan
                                                                  risiko hukum Perseroan.

                                                             1.   Responsible for developing a compliance strategy, including matters
                                                                  related to compliance policies and principles.
                                                             2.   Ensure that all internal regulations (policies, systems, procedures) of
                                                                  the Company are in line with relevant external rules and regulations,
                                                                  including being responsible for risk management of the Company.
     Setiawan Tjutju      Direktur (Keuangan, Akuntansi & 1.      Bertanggung jawab untuk memimpin, mengendalikan, dan
                          Administrasi)                           mengevaluasi tugas operasional di bidang keuangan, anggaran,
                          Director (Finance, Accounting &         akuntansi dan perpajakan.
                          Administration)                 2.      Memastikan tersedianya pendanaan bagi pengembangan bisnis
                                                                  perusahaan dan sumber daya.

                                                             1.   Responsible for chairing, controlling, and evaluating the operational
                                                                  activities of finance, budget, accounting and taxation sections.
                                                             2.   Ensuring adequate funding is available for the Company’s business
                                                                  development and resources.
     Takuji Okamoto       Direktur (Direktur Pemasaran       1.   Bertanggung jawab untuk memantau dan mengevaluasi kegiatan
                          Khusus Negara Jepang)                   pemasaran Perseroan khusus untuk negara Jepang.
                          Director (Marketing Director       2.   Mengevaluasi kondisi pemasaran di Jepang.
                          Specially for Japan)
                                                             1.   Responsible for monitoring and evaluating the Company's marketing
                                                                  activities specifically for Japan.
                                                             2.   Evaluating the marketing conditions in Japan.


    Rapat Direksi                                                            Meeting of the Board of Directors
    Rapat Direksi dihadiri oleh para anggota Direksi.                        The Board of Directors meeting is attended by
    Berdasarkan        Peraturan   Otoritas    Jasa   keuangan               members of the Board of Directors. Based on the
    No.    33/POJK.04/2014,        Direksi    diwajibkan   untuk             Financial Services Authority Regulation No. 33/
    menyelenggarakan rapat gabungan bersama Dewan                            POJK.04/2014, the Board of Directors is required to
    Komisaris. Direksi wajib mengadakan rapat Direksi                        hold joint meetings with the Board of Commissioners.
    bersama Dewan Komisaris secara berkala paling                            The Board of Directors must hold a meeting of
    kurang 1 (satu) kali dalam 4 (empat) bulan. Rapat                        the Board of Directors together with the Board of
    Gabungan akan dihadiri oleh para anggota Dewan                           Commissioners periodically at least 1 (one) time in
    Komisaris dan anggota Direksi Perseroan.                                 4 (four) months. The Joint Meeting will be attended
                                                                             by members of the Board of Commissioners and
                                                                             members of the Board of Directors of the Company.


    Kebijakan Rapat Direksi                                                  Board of Directors Meeting Policy
    Kebijakan Frekuensi rapat dan tingkat kehadiran                          Meeting frequency and attendance rate policies of
    anggota Direksi adalah sebagai berikut :                                 members of the Board of Directors are as follows :
    1.    Direksi wajib mengadakan rapat Direksi secara                      1.   The Board of Directors must hold a meeting at
          berkala paling kurang 1 (satu) kali dalam setiap                        least 1 (one) time each month.
          bulan.
    2.    Direksi wajib mengadakan Rapat Direksi bersama                     2.   The Board of Directors must hold a meeting with
          Dewan Komisaris secara berkala paling kurang 1                          the Board of Commissioners at least 1 (one) time
          (satu) kali dalam 4 (empat) bulan.                                      in 4 (four) months.




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    3.   Rapat      Direksi   dapat   dilangsungkan       apabila                3.     The Board of Directors' Meeting can be held
         dihadiri mayoritas dari seluruh anggota Direksi.                               if attended by a majority of all members of the
                                                                                        Board of Directors.
    4.   Rapat Direksi dipimpin oleh Direktur Utama. Dalam                       4.     The Board of Directors meeting is led by the
         hal Direktur Utama tidak ada atau berhalangan                                  president Director. If the President Director is
         untuk menghadiri Rapat Direksi, hal mana tidak                                 absent or unable to attend the meeting of Board
         perlu dibuktikan kepada pihak ketiga, maka salah                               of Director, which does not need to be proven
         seorang anggota Direksi yang hadir dan dipilih                                 to a third party, then a member of the Board
         dalam Rapat tersebut dapat mengetuai Rapat                                     of Directors who is present and elected at the
         Direksi.                                                                       Meeting may chair the Meeting of the Board of
                                                                                        Directors.
    5.   Keputusan Rapat Direksi diambil berdasarkan                             5.     Resolutions of the Board of Directors Meeting are
         musyawarah untuk mufakat. Dalam hal keputusan                                  taken based on deliberation to reach a consensus.
         musyawarah untuk mufakat tidak tercapai maka                                   In the case that the deliberation decision to reach
         keputusan diambil dengan pemungutan suara                                      a consensus is not achieved then the decisions
         setuju lebih dari ½ (satu per dua) bagian dari                                 is taken by voting with the agreed votes of more
         jumlah suara yang dikeluarkan dengan sah dalam                                 than ½ (half) of the number of votes legally cast
         Rapat tersebut. Apabila suara yang setuju dan                                  in the meeting. If the voice impartial agree and do
         tidak setuju sama berimbang maka Ketua Rapat                                   not agree then the Chairman of the meeting of
         Direksi yang memutuskannya.                                                    the Board of Directors will decide it.


    Pelaksanaan Rapat Direksi dan Rapat Gabungan                                 Implementation of Board of Directors Meeting and
                                                                                 Joint meeting
    Pada tahun 2023, Direksi Perseroan telah mengadakan                          In 2023, the Company's Board of Directors held 12
    rapat Direksi sebanyak 12 (dua belas) kali, dimana 6                         (twelve) meetings of the Board of Directors, of which
    (enam) kali diantaranya merupakan rapat gabungan                             6 (six) meetings were joint meeting with the Board of
    dengan Dewan Komisaris. Agenda rapat Direksi dan                             Commissioners. The agenda for the Board of Directors
    rapat gabungan antara lain membahas hasil kinerja                            meeting and joint meeting includes discussing the
    Perseroan dan rencana bisnis.                                                results of the Company's performance and business
                                                                                 plans.


    Rincian kehadiran anggota Direksi dalam rapat Direksi                        The attendance details of the members of the Board
    dan rapat gabungan Direksi dengan Dewan Komisaris                            of Directors at the Board of Directors meeting and
    adalah sebagai berikut :                                                     joint meeting beetwen the Board of Directors and the
                                                                                 Board of Commissioners are as follows:



                                                                                              Rapat Gabungan Direksi dengan Dewan Komisaris
                                                    Rapat Direksi
                                                                                            Joint Meeting between the Board of Directors and Board
                                              Board of Directors Meeting
                                                                                                              of Commissioners
              Direksi
         Board of Directors                            Jumlah                                Jumlah Rapat           Jumlah
                                                                                %                                                                 %
                                 Jumlah Rapat        Kehadiran                                 Gabungan           Kehadiran
                                                                           Kehadiran                                                         Kehadiran
                                 No. of Meetings        Total                                    No. of              Total
                                                                           Attendance                                                        Attendance
                                                     Attendance                              Joint Meetings       Attendance

     Heffy Hartono                     12                12                   100                    6                   6                        100
     Ang Andri Pribadi                 12                12                   100                    6                   6                        100
     Takuji Okamoto                    12                12                   100                    6                   6                        100
     Setiawan Tjutju                   12                12                   100                    6                   6                        100




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    Pelatihan dan Program Orientasi                                           Board of Directors Training and
    Direksi                                                                   Orientation Program

    Kebijakan Pelatihan dan Pengembangan Kompetensi                           Board     of   Directors     Training          and       Competency
    Direksi                                                                   Development Policy
    Pelatihan dan Pengembangan Kompetensi Direksi                             The Board of Directors' Competency Training and
    telah diatur dalam Pedoman Direksi. Agar Direksi                          Development has been regulated in the Board
    dapat       menjalankan       tugas     pengurusan,         maka          of Directors' Guidelines. In order for the Board of
    anggota       Direksi     harus     senantiasa     menambah               Directors to carry out management duties, members
    dan        memperbaharui        pengetahuannya          (update           of the Board of Directors must constantly add and
    knowledge). Untuk memfasilitasi terjadinya update                         update their knowledge. To facilitate the updating of
    knowledge tersebut, maka anggota Direksi perlu                            knowledge, members of the Board of Directors need
    untuk pelatihan, workshop, seminar, conference, yang                      training, workshops, seminars, conferences, which
    dapat bermanfaat dalam meningkatkan efektivitas                           can be useful in increasing the effectiveness of the
    fungsi Direksi.                                                           functions of the Board of Directors.


    Program       pelatihan     dan     pengembangan         Direksi          The Board of Directors’s training and development
    diperlukan agar Anggota Direksi dapat senantiasa                          programs are needed so that members of the
    memperbaharui           informasi   terkait     perkembangan              Board of Directors can always update information
    industri terkini dan pengetahuan lainnya terkait                          regarding the latest industry developments and other
    dengan pelaksanaan tugas dan tanggung jawab                               knowledge related to the implementation of the
    Direksi.                                                                  duties and responsibilities of the Board of Directors.


    Program Orientasi/Pengenalan Anggota Direksi                              Orientation/Induction Program For Members Of The
                                                                              Board of Directors
    1.    Anggota Direksi baru yang diangkat untuk                            1.   Each new member of the Board of Directors who
          pertama kalinya wajib diberikan program orientasi                        are appointed for the first time must be given
          mengenai Perseroan. Tanggung jawab untuk                                 an orientation program regarding the Company.
          mengadakan program orientasi tersebut berada                             The responsibility for conducting the orientation
          pada     Sekretaris     Perusahaan        atau   siapapun                program rests with the Corporate Secretary
          yang menjalankan fungsi sebagai Sekretaris                               or anyone who performs the function as the
          Perusahaan.                                                              Corporate Secretary.
    2.    Program orientasi meliputi :                                        2.   Orientation program includes :
          1)    Gambaran        Umum       Perseroan       berkaitan               1)   An overview of the Company relating to
                dengan visi, misi, kegiatan usaha, dan kinerja                          the vision, mission, business activities, and
                keuangan.                                                               financial performance.
          2)    Pelaksanaan       prinsip-prinsip      GCG      oleh               2)   Implementation of GCG principles by the
                Perseroan.                                                              Company.
          3)    Keterangan berkaitan dengan kewenangan                             3)   Information relating to delegated authority,
                yang    didelegasikan,      audit    internal    dan                    internal and external audits, internal control
                eksternal, sistem dan kebijakan pengendalian                            systems and policies, including committees.
                internal, termasuk komite.
          4)    Keterangan mengenai tugas dan tanggung                             4)   Information      regarding           the       duties         and
                jawab   Direksi    serta    hal-hal yang        tidak                   responsibilities of the Board of Directors as
                diperbolehkan.                                                          well as things that are not allowed.




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    Sepanjang tahun 2023, Direksi telah mengikuti                     Throughout 2023, the Board of Directors participate in
    pelatihan sebagai berikut :                                       the following training:


          Nama           Nama Training, Seminar, Workshop      Penyelenggara                      Tanggal                       Tempat
          Name           Training, Workshop, Seminar’s Name    Organizer                           Date                         Location

    Ang Andri Pribadi   Acara Hearing e-Tax Court.             Sekretariat      Pengadilan      11 Mei 2023                Virtual melalui
                                                               Pajak                                                       Zoom Meeting

                        E-Tax Court Hearing Event.             Tax Court Secretariat            May 11, 2023              Virtual via Zoom
                                                                                                                              Meeting
                        Webinar “Etika dalam Bisnis, Ekonomi   Dewan       Guru     Besar       10 Juni 2023               Virtual melalui
                        dan Lingkungannya”.                    Universitas      Indonesia                                  Zoom Meeting
                                                               (DGB UI)

                        Webinar of “Ethics in Business,        University of Indonesia         June 10, 2023              Virtual via Zoom
                        Economics and its Environment”.        Board of Professors (DGB                                       Meeting
                                                               UI).
                        Webinar “Mencermati Penerapan PMK Asosiasi Emitten Indonesia           1 Agustus 2023              Virtual melalui
                        Nomor 66 Tahun 2023 Tentang Perlakuan (AEI)                                                        Zoom Meeting
                        Pajak Penghasilan Atas Penggantian
                        Atau    Imbalan Sehubungan Dengan
                        Pekerjaan Atau Jasa Dalam Bentuk
                        Natura Dan/Atau Kenikmatan”.

                        Webinar “Observing the Application of Indonesian Public Listed         August 1, 2023             Virtual via Zoom
                        PMK Number 66 of 2023 concerning the Companies     Association                                        Meeting
                        Income Tax Treatment of Reimbursement (AEI)
                        or the Compensation in connection with
                        Work or Services in the Form of In-kind
                        and/or Enjoyment”.
                        CEO Networking 2023 “Achieving         Otoritas Jasa Keuangan         7 November 2023               The Ballroom
                        Sustainable Growth through Cohesive    (OJK), Bursa Efek Indonesia                                 Fairmont Hotel
                        Collaboration”.                        (BEI), PT Kliring Penjaminan
                                                               Efek Indonesia (IDClear),
                                                               dan Kustodian Sentral Efek
                                                               Indonesia (KSEI)

                        CEO Networking 2023 “Achieving         Financial          Services    November 7, 2023              The Ballroom
                        Sustainable Growth through Cohesive    Authority (FSA), Indonesia                                  Fairmont Hotel
                        Collaboration”.                        Stock Exchange (IDX),
                                                               Indonesia Clearing and
                                                               Guarantee     Corporation
                                                               (IDClear), and Indonesia
                                                               Sentral          Securities
                                                               Depository (KSEI)
                        Economic Outlook 2024 - Strategies for Bank BTPN                        22 November               Grand Ballroom
                        Resilience & Growth.                                                        2023                  Hotel Indonesia
                                                                                                                            Kempinski
                                                                                                                              Jakarta

                        Economic Outlook 2024 - Strategies for Bank BTPN                       November 22,               Grand Ballroom
                        Resilience & Growth.                                                      2023                    Hotel Indonesia
                                                                                                                            Kempinski
                                                                                                                              Jakarta
    Setiawan Tjutju     Effective   Leadership   for   General Lambert       Consulting   &    27-28 Oktober                Wisma ADR,
                        Manager.                               Training                            2023                     Penjaringan,
                                                                                                                            Jakarta Utara

                        Effective   Leadership   for   General Lambert       Consulting   &    October 27-28,                Wisma Adr,
                        Manager.                               Training                            2023                     Penjaringan,
                                                                                                                            North Jakarta




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          Nama               Nama Training, Seminar, Workshop     Penyelenggara                       Tanggal                       Tempat
          Name               Training, Workshop, Seminar’s Name   Organizer                            Date                         Location

                         CEO Networking 2023 “Achieving           Otoritas Jasa Keuangan         7 November 2023                The Ballroom
                         Sustainable Growth through Cohesive      (OJK), Bursa Efek Indonesia                                  Fairmont Hotel
                         Collaboration”.                          (BEI), PT Kliring Penjaminan
                                                                  Efek Indonesia (IDClear),
                                                                  dan Kustodian Sentral Efek
                                                                  Indonesia (KSEI)

                         CEO Networking 2023 “Achieving           Financial          Services    November 7, 2023               The Ballroom
                         Sustainable Growth through Cohesive      Authority (FSA), Indonesia                                   Fairmont Hotel
                         Collaboration”.                          Stock Exchange (IDX),
                                                                  Indonesia Clearing and
                                                                  Guarantee     Corporation
                                                                  (IDClear), and Indonesia
                                                                  Sentral          Securities
                                                                  Depository (KSEI)



    Independensi Direksi                                                 Independency Board of Directors
    Anggota Direksi Perseroan saat ini berjumlah 4 (empat)               There are currently 4 (four) members of the
    orang. Mayoritas anggota Direksi Perseroan tidak                     Company's Board of Directors. The majority members
    memiliki hubungan keuangan, dan/atau hubungan                        of the Board of Directors of the Company have no
    keluarga dengan anggota Direksi lainnya, anggota                     financial relationship, and/or family relationship with
    Dewan       Komisaris,    dan/atau    Pemegang      Saham            other members of the Board of Directors, members
    Pengendali yang bisa memengaruhi kemampuannya                        of the Board of Commissioners, and/or Controlling
    untuk bertindak independen.                                          Shareholders that could affect their ability to act
                                                                         independently.


    Hubungan keluarga dan hubungan keuangan Direksi                      The Family and financial relationship of the Board of
    dapat dilihat pada tabel berikut:                                    Directors can be seen in the following table :


                                         Hubungan Keluarga dengan                           Hubungan Keuangan dengan
                                            Family Relation with                              Financial Relation with
                                                                  Pemegang                                                        Pemegang
                                                                                      Dewan
                               Dewan Komisaris       Direksi        Saham                                   Direksi                 Saham
                Nama                                                                 Komisaris
                                  Board of          Board of      Pengendali                               Board of               Pengendali
                Name                                                                 Board of
                                Commissioners       Directors     Controlling                              Directors              Controlling
                                                                                   Commissioners
                                                                  Shareholder                                                     Shareholder
                                 Ya      Tidak    Ya     Tidak    Ya     Tidak      Ya       Tidak       Ya        Tidak          Ya         Tidak
                                 Yes      No      Yes     No      Yes     No        Yes       No         Yes        No            Yes         No
     Heffy Hartono                √                        √       √                             √                     √            √
     Ang Andri Pribadi                     √               √               √                     √                     √                         √

     Setiawan Tjutju                       √               √               √                     √                     √                         √

     Takuji Okamoto                        √               √               √                     √                     √                         √




    Rangkap Jabatan Direksi                                              Concurrent Position of Board of Directors
    Rincian rangkap jabatan Direksi adalah sebagai                       Details of concurrent positions for the Board of
    berikut :                                                            Directors are as follows :




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          Nama                   Jabatan           Jabatan Lain dalam Perseroan                 Jabatan Lain di Emiten Lain
          Name                   Position          Other Position in the Company               Other Positions in Other Issuers

    Heffy Hartono            Direktur Utama                      Tidak ada                                 Tidak ada
                            President Director                     None                                      None

    Ang Andri Pribadi            Direktur                        Tidak ada              1. Komisaris Utama di PT Greenwood
                                 Director                          None                    Sejahtera Tbk
                                                                                           President Commissioner at PT Greenwood
                                                                                           Sejahtera Tbk

                                                                                        2. Direktur di PT Selamat Sempurna Tbk
                                                                                           Director at PT Selamat Sempurna Tbk
    Setiawan Tjutju              Direktur                        Tidak ada                                 Tidak ada
                                 Director                          None                                      None
    Takuji Okamoto               Direktur                        Tidak ada                                 Tidak ada
                                 Director                          None                                      None


    Penilaian Kinerja Direksi                                                Performance Assessment of the Board of Directors
    Penilaian Kinerja Direksi dilakukan melalui self                         The performance appraisal of the Board of Directors
    assessment, dilaporkan serta dipertanggungjawabkan                       is carried out through self-assessment, reported
    dalam RUPS. Dalam setiap tahunnya Direksi memberi                        and accounted in the GMS. Each year the Board
    laporan pertanggungjawaban terhadap kinerja yang                         of Directors provides an accountability report on
    dilakukan sepanjang tahun buku pada RUPS. RUPS                           performance during the financial year at the GMS.
    memiliki kewenangan untuk memberikan persetujuan                         The GMS has the authority to approve or reject the
    atau menolak laporan pertanggungjawaban Direksi                          accountability report of the Board of Directors on
    atas pengurusan (acquit et de charge) yang telah                         the management (acquit et de charge) that has been
    dijalankan untuk tahun buku yang berakhir.                               carried out for the financial year ended.


    Prosedur Pelaksanaan Penilaian Kinerja Direksi                           The Procedure for Implementing the Performance
                                                                             Appraisal of the Board of Directors
    Direksi melakukan penilaian terhadap kinerjanya                          The Board of Directors evaluates their performance
    dalam bentuk self-assessment. Penilaian atas kinerja                     in the form of self-assessment. Assessment of the
    Direksi mengacu pada pencapaian key performance                          performance of the Board of Directors refers to the
    indicator (“KPI”) Direksi dalam pelaksanaan dari tugas                   achievement of the key performance indicators ("KPI")
    dan tanggung jawabnya berdasarkan ruang lingkup                          of the Board of Directors in the implementation of
    kerja masing-masing Direktur dan realisasi maupun                        their duties and responsibilities based on the scope
    pencapaian target Perseroan.                                             of work of each Director and the realization and
                                                                             achievement of the Company's targets.


    Kriteria yang Digunakan                                                  Criteria Used
    Kriteria KPI yang digunakan dalam pelaksanaan                            The KPI criteria used in the assessment of the
    assessment atas kinerja anggota Direksi yaitu:                           performance of the members of the Board of
                                                                             Directors are:
    yy Kinerja keuangan dan bisnis;                                          yy Financial and business performance;
    yy Efektivitas Produk dan Proses;                                        yy Product and Process Effectiveness;
    yy Fokus Pelanggan;                                                      yy Customer Focus;
    yy Dukungan       terhadap   pelaksanaan     tata   kelola               yy Support for the implementation of corporate
      perusahaan di Perseroan; dan                                             governance in the Company; and
    yy Kepatuhan terhadap peraturan yang berlaku;                            yy Compliance with applicable regulations;




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    Pihak yang Melakukan Penilaian                                  Parties Conducting the Assessment
    Secara keseluruhan, kinerja Direksi dinilai secara              Overall, the performance of the Board of Directors is
    mandiri oleh anggota Direksi, oleh Dewan Komisaris,             assessed independently by members of the Board
    dan oleh Pemegang Saham melalui mekanisme                       of Directors, by the Board of Commissioners, and
    RUPS Tahunan termasuk penyampaian Laporan                       by the Shareholders through the mechanism of the
    Direksi dalam Laporan Tahunan Perseroan di mana                 Annual GMS including the submission of the Board
    berdasarkan Laporan tersebut RUPS menyatakan                    of Directors' Report in the Company's Annual Report,
    serta memberikan pembebasan sepenuhnya (volledig                based on the report, the GMS declares and grants full
    acquit et de charge) kepada Direksi atas tindakan               release (volledig acquit et de charge) to the Board
    pengurusan yang dilakukan dalam tahun buku yang                 of Directors for management actions taken in the
    berakhir pada akhir tahun.                                      financial year ending at the end of the year


    Penilaian     Kinerja     Komite    yang   mendukung            Performance Assessment of Committees that support
    Pelaksanaan Tugas Direksi                                       the Implementation of the Duties of the Board of
                                                                    Directors
    Perseroan tidak memiliki Komite di bawah Direksi.               The Company does not have a Committee under the
    Kinerja Direksi dalam melaksanakan tugas dan                    Board of Directors. The performance of the Board of
    tanggung jawabnya didukung oleh unit kerja yang                 Directors in carrying out its duties and responsibilities
    dipimpin oleh masing-masing Direksi.                            is supported by a work unit led by each member of
                                                                    Board of Directors.


    Kepemilikan Saham Direksi                                       Share Ownership of Board of Directors
    Berdasarkan     Peraturan    OJK    No.11/POJK.04/2017          Based    on   OJK     Regulation         No.11/POJK.04/2017
    tentang Laporan Kepemilikan atau Setiap Perubahan               concerning Ownership Report or Any Change of Share
    Kepemilikan Saham Perusahaan Terbuka, setiap                    Ownership Publicly listed company, each member
    anggota Direksi diwajibkan untuk menyampaikan                   of the Board of Directors is required to submit
    informasi kepada Perseroan mengenai kepemilikan                 information to the Company regarding ownership and
    dan setiap perubahan kepemilikannya atas saham                  any changes in ownership of the Company shares no
    Perseroan paling lambat 3 (tiga) hari kerja setelah             later than 3 (three) working days after the transaction
    terjadinya transaksi. Selanjutnya, Perseroan wajib              occurrence. Furthermore, the Company is required to
    menyampaikan laporan kepada OJK atas transaksi                  submit a report to OJK on the transaction no later than
    tersebut selambat-lambatnya 10 (sepuluh) hari sejak             10 (ten) days since the transaction.
    terjadi transaksi.


    Di tahun 2023, Perseroan juga telah menyampaikan                In 2023, the Company has also submitted a monthly
    laporan     kepemilikan     saham    Perseroan   setiap         report on the Company's share ownership. This
    bulannya. Di dalam laporan bulanan ini diungkapkan              monthly report discloses the Company's share
    mengenai kepemilikan saham Perseroan yang dimiliki              ownership owned by the Company's Board of
    oleh Direksi Perseroan.                                         Directors.


    Pada Posisi 31 Desember 2023, terdapat anggota                  As of December 31, 2023, there are a member of the
    Direksi yang memiliki saham yang mencapai 5% (lima              Board of Directors who own shares that reach 5% (five
    persen) atau lebih pada Perseroan.                              percent) or more in the Company.


    Rincian kepemilikan saham anggota Direksi tersebut              Details of the share ownership of the members of the
    dapat dilihat pada tabel berikut ini :                          Board of Directors can be seen in the following table:




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                Nama                       Jabatan                 Jumlah saham yang dimiliki           Persentase saham yang dimiliki
                Name                       Position                The number of shares owned             Percentage of shares owned
                                        Direktur Utama
             Heffy Hartono                                                   562.600.000                                   5,98%
                                       President Director
                                            Direktur
           Ang Andri Pribadi                                                      -                                            -
                                            Director
                                            Direktur
            Setiawan Tjutju                                                       -                                            -
                                            Director
                                            Direktur
           Takuji Okamoto                                                         -                                            -
                                            Director




    Remunerasi Dewan Komisaris dan                                             Remuneration of the Board of
    Direksi                                                                    Commissioners and the Board of
                                                                               Directors

    Besarnya Remunerasi                                                        Amount of Remuneration
    Pada tahun 2022 dan 2023, Jumlah Remunerasi                                In 2022 and 2023, the total remuneration for the Board
    Dewan Komisaris dan Direksi adalah sebesar Rp6,3                           of Commissioners and Directors is Rp6.3 billion and
    Miliar dan Rp7,1 Miliar.                                                   Rp7.1 billion.


    Struktur Remunerasi                                                        Remuneration Structure
    Struktur remunerasi Dewan Komisaris dan Direksi                            The remuneration structure of the Company's Board
    Perseroan di tahun 2023 hanya berupa honorarium.                           of Commissioners and Directors in 2023 is only in the
                                                                               form of honorarium.


    Dasar Penetapan Remunerasi                                                 Basis for Determining Remuneration
    Setiap     anggota       Dewan     Komisaris       dan   Direksi           Each     member     of    the      Company's               Board         of
    Perseroan      berhak      untuk   menerima         remunerasi             Commissioners and Board of Directors has the right
    yang     sepadan      dengan       tanggung        jawab    dan            to receive remuneration commensurate with the
    pengalaman, pengetahuan, serta keterampilan yang                           responsibilities, experience, knowledge and skills
    dikontribusikan ke dalam Perseroan. Komite Nominasi                        contributed to the Company. The Nomination and
    dan Remunerasi mempertimbangkan sejumlah faktor                            Remuneration      Committee          considers           a     number
    lain dalam menentukan jumlah remunerasi, seperti:                          of other factors in determining the amount of
                                                                               remuneration, such as:


    yy Kinerja keuangan Perseroan dan pemenuhan                                yy The      Company's    financial         performance                and
      kewajiban keuangannya;                                                      fulfillment of its financial obligations;
    yy Kinerja dan pencapaian anggota Komisaris dan                            yy The performance and achievements of the
      Direksi secara individu dan kolektif berdasarkan                            member of Board of Commissioners and Board
      penilaian kinerja;                                                          of Directors individually and collectively based on
                                                                                  performance appraisals;
    yy Tugas, tanggung jawab dan wewenang masing-                              yy The duties, responsibilities, and authority of each
      masing anggota Dewan Komisaris dan Direksi; dan                             member of Board of Commissioners and Board of
                                                                                  Directors; and
    yy Pencapaian tujuan kinerja jangka pendek atau                            yy Achievement of short or long term performance
      jangka panjang yang selaras dengan strategi                                 goals that are in line with the Company's strategy.
      Perseroan.




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    Prosedur Penetapan Remunerasi                                    Remuneration Determination Procedure
    Dalam penetapan besaran remunerasi untuk anggota                 In determining the amount of remuneration for
    Dewan Komisaris dan Direksi, Dewan Komisaris                     members of the Board of Commissioners and
    dibantu oleh Komite Nominasi dan Remunerasi yang                 Board of Directors, the Board of Commissioners
    memberikan masukan kepada Dewan Komisaris                        is assisted by the Nomination and Remuneration
    dalam   bentuk    kebijakan      remunerasi     dengan           Committee which provides input to the Board of
    mempertimbangkan kinerja keuangan Perseroan,                     Commissioners in the form of a remuneration policy
    kinerja dan pencapaian anggota Dewan Komisaris,                  taking into account the financial performance of
    tugas dan tanggung jawab masing-masing anggota,                  the Company, the performance and achievements
    serta pencapaian tujuan kinerja baik jangka pendek               of members of the Board of Commissioners, duties
    atau jangka panjang yang selaras dengan strategi                 and responsibilities of each member, as well as the
    Perseroan. Dewan Komisaris kemudian mengusulkan                  achievement of short-term or long-term performance
    nilai remunerasi tahunan dan/atau paket remunerasi               goals that are in line with the Company's strategy. The
    berdasarkan   tinjauan    dan    rekomendasi    Komite           Board of Commissioners then proposes the annual
    Nominasi   dan   Remunerasi      Perseroan     ke   para         remuneration value and/or remuneration package
    pemegang      saham      untuk   disetujui   oleh   para         based on the reviews and recommendations of the
    pemegang saham di dalam Rapat Umum Pemegang                      Company's Nomination and Remuneration Committee
    Saham Tahunan (RUPST).                                           to the shareholders for approval by the shareholders
                                                                     at the Annual General Meeting of Shareholders.


    Merujuk Pasal 113 dan 96 UU Perseroan Terbatas No.               Referring to Article 113 and 96 of the Limited Liability
    40 tahun 2007, diatur ketentuan bahwa besarnya gaji              Company Law No. 40 of 2007, stipulates that the
    atau honorarium serta tunjangan bagi anggota Dewan               amount of salary or honorarium and allowances for
    Komisaris dan Direksi ditetapkan oleh Rapat Umum                 members of the Board of Commissioners and Board
    Pemegang Saham (RUPS). Berdasarkan keputusan                     of Directors is determined by the General Meeting
    Rapat Umum Pemegang Saham (RUPS) Tahunan                         of Shareholders (GMS). Based on the decision of the
    Perseroan tahun buku 2022 yang diselenggarakan                   Company's Annual General Meeting of Shareholders
    pada tanggal 20 Juni 2023, Rapat Umum Pemegang                   (AGMS) for the financial year 2022 which was held
    Saham (RUPS) Tahunan menetapkan untuk seluruh                    on June 20, 2023, the Annual General Meeting
    anggota Dewan Komisaris dan Direksi Perseroan,                   of Shareholders (AGMS) determined that for all
    pemberian gaji atau honorarium dan tunjangan                     members of the Board of Commissioners and Board
    untuk tahun buku 2023 dengan kenaikan maksimum                   of Directors of the Company, the provision of salaries
    sebesar 10% (sepuluh persen) dari tahun buku 2022,               or honoraria and benefits for the 2023 financial year.
    setelah dipotong pajak penghasilan (PPh) dengan                  with a maximum increase of 10% (ten percent) from the
    memperhatikan pendapat Komite Nominasi dan                       2022 financial year, after deducting income tax (PPh)
    Remunerasi Perseroan. Jumlah besaran remunerasi                  by taking into account the opinion of the Company's
    yang telah ditetapkan juga akan dievaluasi secara                Nomination and Remuneration Committee. The
    berkala sesuai dengan perkembangan kondisi pasar.                amount of remuneration that has been determined
                                                                     will also be evaluated periodically in accordance with
                                                                     developments in market conditions.




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    Keberagaman Komposisi Dewan                                           Diversity Composition of the Board of
    Komisaris dan Direksi                                                 Commissioners and Board of Directors

    Dalam       Lampiran    Surat    Edaran      Otoritas    Jasa         In   the   Attachment    to     the       Financial          Services
    Keuangan        Nomor       32/SEOJK.04/2015        tentang           Authority Circular Letter Number 32/SEOJK.04/2015
    Pedoman Tata Kelola Perusahaan Terbuka tercantum                      concerning     Guidelines        for       Public          Company
    bahwa komposisi Dewan Komisaris dan Direksi                           Governance, it is stated that the composition of the
    direkomendasikan        memperhatikan        keberagaman              Board of Commissioners and Board of Directors is
    keahlian,    pengetahuan,       dan    pengalaman        yang         recommended to pay attention to the diversity of
    dibutuhkan.                                                           expertise, knowledge and experience required.


    Komposisi Dewan Komisaris merupakan kombinasi                         The composition of the Board of Commissioners
    karakteristik baik dari segi organ Dewan Komisaris                    is a combination of characteristics both in terms
    maupun anggota Dewan Komisaris secara individu,                       of the body of the Board of Commissioners and
    sesuai dengan kebutuhan Perusahaan Terbuka.                           members of the Board of Commissioners individually,
    Karakteristik    tersebut     dapat     tercermin       dalam         according to the needs of the Public Company. These
    penentuan keahlian, pengetahuan, dan pengalaman                       characteristics can be reflected in the determination
    yang      dibutuhkan     dalam        pelaksanaan       tugas         of the expertise, knowledge and experience required
    pengawasan dan pemberian nasihat oleh Dewan                           in the implementation of supervisory duties and
    Komisaris Perusahaan Terbuka. Komposisi yang telah                    providing advice by the Board of Commissioners of
    memperhatikan        kebutuhan        Perusahaan    Terbuka           a Public Company. Composition that has taken into
    merupakan suatu hal yang positif, khususnya terkait                   account the needs of the Public Company is a positive
    pengambilan keputusan dalam rangka pelaksanaan                        thing, especially in relation to decision making in the
    fungsi      pengawasan       yang      dilakukan    dengan            context of implementing the supervisory function
    mempertimbangkan berbagai aspek yang lebih luas.                      which is carried out by considering a wider variety of
                                                                          aspects.


    Seperti     halnya   Dewan      Komisaris,   keberagaman              Like the Board of Commissioners, the diversity of
    komposisi anggota Direksi merupakan kombinasi                         the composition of the members of the Board of
    karakteristik yang diinginkan baik dari segi organ                    Directors is a combination of characteristics desired,
    Direksi maupun anggota Direksi secara individu, sesuai                both in terms of the body of the Board of Directors
    dengan kebutuhan Perusahaan Terbuka. Kombinasi                        and individual members of the Board of Directors,
    tersebut ditentukan dengan cara memperhatikan                         according to the needs of the Public Company. This
    keahlian, pengetahuan dan pengalaman yang sesuai                      combination is determined by paying attention to the
    pada pembagian tugas dan fungsi jabatan Direksi                       expertise, knowledge and experience appropriate
    dalam mencapai tujuan Perusahaan Terbuka. Dengan                      to the division of duties and functions of the Board
    demikian,     pertimbangan       kombinasi     karakteristik          of Directors in achieving the goals of the Public
    dimaksud akan berdampak dalam ketepatan proses                        Company. Thus, consideration of the combination
    pencalonan dan penunjukan individual anggota                          of characteristics referred to will have an impact
    Direksi ataupun Direksi secara kolegial.                              on the accuracy of the nomination process and the
                                                                          appointment of individual members of the Board of
                                                                          Directors or the Board of Directors collegially.




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    Dalam susunan keanggotaan Dewan Komisaris dan                         In the composition of the members of the Board
    Direksi yang menjabat di Perseroan saat ini, terdapat                 of Commissioners and Board of Directors who are
    keberagaman berdasarkan :                                             currently serving in the Company, there are variations
                                                                          based on:
    1.   Usia, yang mana usia anggota Dewan Komisaris                     1.    Age, which age of the members of the Company's
         dan Direksi Perusahaan saat ini adalah antara 42-                      Board of Commissioners and Board of Directors is
         60 tahun;                                                              between 42 - 60 years old;
    2.   Jenis kelamin, yang mana dari total anggota                      2.    Gender, which of the total members of the Board
         Dewan Komisaris dan Direksi terdapat 6 (enam)                          of Commissioners and the Board of Directors,
         anggota pria dan 1 (satu) orang wanita;                                there are 6 (six) male members and 1 (one) female
                                                                                members;
    3.   Keahlian        berdasarkan      Pendidikan      dan             3.    Skills based on education and work experience,
         Pengalaman kerja, yang mana anggota Dewan                              in which members of the Board of Commissioners
         Komisaris dan Direksi memiliki latar belakang                          and Board of Directors have diverse background
         keahlian yang beragam yaitu ada yang berasal                           expertise, some of which come from the fields of
         dari bidang manajemen, akuntansi, keuangan,                            management, accounting, finance, auditing, risk
         audit, manajemen resiko, investasi, sales dan                          management, investment, sales and marketing.
         marketing.


    Keberagaman komposisi Dewan Komisaris dan Direksi                     The     diversity   composition          of      the       Board         of
    di tahun 2023 dapat dilihat dalam tabel dibawah ini :                 Commissioners and Board of Directors in 2023 can be
                                                                          seen in the table below:


               Nama                       Jabatan                          Keahlian                      Usia                Jenis Kelamin
               Name                       Position                         Expertise                     Age                    Gender
     Dewan Komisaris | Board of Commissioners
                               Komisaris Utama                  Manajemen                            51 tahun                       Pria
     Surja Hartono
                               President Commissioner           Management                           years old                      Male

                                                                Manajemen resiko dan
                                                                                                     54 tahun
                               Komisaris                        administrasi Investasi                                              Pria
     Kensuke Shuto             Commissioner                     Risk Management and                                                 Male
                                                                                                     years old
                                                                Investment Administration

                                                                                                                                  Wanita
                               Komisaris Independen             Akuntansi dan Keuangan               42 tahun
     Sumarni                                                                                                                      Female
                               Independent Commissioner         Accounting and Finance               years old

     Direksi | Board of Directors
                               Direktur Utama                   Ekonomi, Sales dan Marketing         55 tahun                       Pria
     Heffy Hartono
                               President Director               Economy, Sales, and Marketing        years old                      Male
                                                                Akuntansi, Keuangan , Audit, dan
                               Direktur                         Manajemen                            57 tahun                       Pria
     Ang Andri Pribadi
                               Director                         Accounting, Finance, Audit, and      years old                      Male
                                                                Management
                                                                Akuntansi , Keuangan, dan
                               Direktur                         Manajemen                            57 tahun                       Pria
     Setiawan Tjutju
                               Director                         Accounting, Finance, and             years old                      Male
                                                                Management
                               Direktur                         Penjualan dan Pemasaran              59 tahun                       Pria
     Takuji Okamoto
                               Director                         Sales and Marketing                  years old                      Male




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    Komposisi   Dewan     komisaris     dan   Direksi    yang           The     composition      of        the    current          Board          of
    menjabat saat ini terdapat keberagaman seperti                      Commissioners and Board of Directors is diverse
    dalam tabel diatas. Terkait keberagaman komposisi                   as in the table above. Regarding the diversity of
    Dewan Komisaris dan Direksi tersebut, hingga saat                   the composition of the Board of Commissioners
    ini Perseroan belum memiliki kebijakan tertulis yang                and the Board of Directors, until now the Company
    khusus mengatur keberagaman komposisi Dewan                         does not have a written policy specifically regulating
    Komisaris dan Direksi, namun Perseroan meyakini                     the diversity of the composition of the Board of
    bahwa komposisi Dewan Komisaris dan Direksi                         Commissioners and the Board of Directors, however,
    pada saat ini telah mewakili keberagaman keahlian,                  the Company believes that the composition of the
    pengetahuan maupun pengalaman yang diperlukan                       Board of Commissioners and Board of Directors at this
    untuk mengelola Perseroan.                                          time represents the diversity of expertise, knowledge
                                                                        and experience needed to manage the Company.




    Kebijakan Pengunduran Diri Anggota                                  Resignation Policy of Members of the
    Dewan Komisaris  dan Direksi jika                                   Board of Commissioners and the Board
    Terlibat Kejahatan Keuangan                                         of Directors if Involved in a Financial
                                                                        Crime

    Dalam Lampiran Surat Edaran Otoritas Jasa Keuangan                  In    the   Attachment        to    the     Financial          Services
    Nomor 32/SEOJK.04/2015 tentang Pedoman Tata                         Authority Circular Letter Number 32/SEOJK.04/2015
    Kelola   Perusahaan    Terbuka      tercantum       bahwa           concerning Guidelines for Governance of Public
    untuk meningkatkan kualitas pelaksanaan tugas                       Companies, it is stated that in order to improve the
    dan tanggung jawab Dewan Komisaris dan Direksi,                     quality of the implementation of the duties and
    direkomendasikan Dewan Komisaris dan Direksi                        responsibilities of the Board of Commissioners
    mempunyai     kebijakan   terkait   pengunduran        diri         and Board of Directors, it is recommended that the
    anggota Dewan Komisaris dan Direksi apabila terlibat                Board of Commissioners and Board of Directors have
    dalam kejahatan keuangan.                                           policies related to the resignation of members of the
                                                                        Board of Commissioners and Board of Directors if
                                                                        involved in financial crimes.


    Dalam    Perseroan     memiliki     kebijakan       terkait         The Company has a policy regarding the resignation
    pengunduran diri bagi anggota Dewan Komisaris                       of a member of the Board of Commissioners and
    dan Direksi jika anggota Dewan Komisaris dan Direksi                Board of Directors if a member of the Board of
    terlibat dalam kejahatan keuangan. Hal ini ditetapkan               Commissioners and Board of Directors is involved
    dalam Pedoman Dewan Komisaris dan Pedoman                           in a financial crime. This is stipulated in the Board
    Direksi pada Bagian Pengunduran Diri.                               of Commissioners Charter and Board of Directors
                                                                        Charter in the Resignation Section.




    Komite Audit                                                        Audit Committee

    Dasar Hukum Pembentukan Komite Audit                                Legal Basis on the Formation of Audit Committee
    Komite Audit Perseroan dan Piagam Komite Audit                      The Company Audit Committee and Audit Committee
    dibentuk Dewan Komisaris berdasarkan Peraturan                      Charter is established by the Board of Commissioners




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    OJK No. 55/POJK.04/2015 tanggal 23 Desember 2015                based on Financial Services Authority Regulation
    tentang Pembentukan dan Pedoman Pelaksanaan                     No. 55/POJK.04/2015 dated December 23, 2015
    Kerja Komite Audit, melalui Surat Keputusan Dewan               concerning the Establishment and Implementation
    Komisaris   Perseroan     No.     005/IFI-LGL/VIII/2019         Guidelines of Audit Committee, through the Decision
    tanggal 16 Agustus 2019 tentang Pengangkatan                    Letter of the Company's Board of Commissioners
    Komite Audit.                                                   No. 005/IFI-LGL/VIII/2019 dated August 16, 2019
                                                                    concerning Appointment of the Audit Committee.


    Pada tanggal 31 Desember 2023, susunan anggota                  As of December 31, 2023, the composition of the
    Komite Audit Perseroan adalah sebagai berikut :                 Company's Audit Committee members is as follows :
    Ketua       : Sumarni                                           Chairwoman : Sumarni
    Anggota     : Maryana Widjaja                                   Member       : Maryana Widjaja
    Anggota     : Tsun Tien Wen Lie                                 Member       : Tsun Tien Wen Lie




    Profil Komite Audit                                             Audit Committee Profiles

    Sumarni – Ketua                                                 Sumarni – Chairwoman
    Menjabat sebagai Ketua Komite Audit sejak tahun                 She was served as Chairwoman of the Audit
    2019. Profil beliau tersedia di profil Dewan Komisaris          Committee since 2019. Her profile is available in
    pada Laporan Tahunan ini.                                       profiles Board of Commissioners in this Annual Report.


    Maryana Widjaja – Anggota                                       Maryana Widjaja – Member
    Warga Negara Indonesia, lahir pada tahun 1974.                  An Indonesian citizen, born in 1974. Served as a member
    Menjabat sebagai anggota Komite Audit sejak tahun               of the Audit Committee since 2019, experienced as
    2019, memiliki pengalaman kerja sebagai Wirausaha               an Entrepreneur from 2017-present, as Head of the
    dari tahun 2017 - sekarang, sebagai Kepala Unit                 Internal Audit Unit of PT Selamat Sempurna Tbk
    Audit Internal PT Selamat Sempurna Tbk dari tahun               from 2014 - January 2017, as Head of the ADR Group
    2014-Januari    2017,   sebagai   Kepala   Departemen           of Companies Accounting Department from 2003
    Akuntansi ADR Group of Companies dari tahun 2003                - January 2014. She obtained her bachelor’s degree
    - Januari 2014. Menyelesaikan pendidikan Sarjana di             from the Tarumanagara University, Jakarta in 2012.
    Universitas Tarumanagara, Jakarta pada tahun 2012.


    Tsun Tien Wen Lie - Anggota                                     Tsun Tien Wen Lie – Member
    Warga Negara Indonesia, lahir pada tahun 1966.                  An Indonesian citizen, born in 1966. Served as a
    Menjabat sebagai anggota Komite Audit sejak tahun               member of the Audit Committee since 2019, has
    2019, memiliki pengalaman sebagai Partner di KAP                experience as a Partner at KAP Heliantono & Partners
    Heliantono & Rekan (Parker Randali International)               (Parker Randali International) from 2019-present, as
    dari tahun 2019-sekarang, sebagai Partner di KAP                a Partner at KAP Paul Hadiwinata, Hidajat, Arsono,
    Paul Hadiwinata, Hidajat, Arsono, Retno, Palilingan &           Retno , Palilingan & Partners (PKF) in 2018, as Finance
    Rekan (PKF) tahun 2018, sebagai Direktur Keuangan               Director & Corporate Secretary at PT Arthavest Tbk
    & Corporate Secretary di PT Arthavest Tbk dari                  from 2011-present, as an audit committee of PT Cita
    2011-sekarang, sebagai komite audit PT Cita Mineral             Mineral Investindo Tbk from 2009-present, as Finance
    Investindo Tbk dari tahun 2009 - sekarang, sebagai              Director of PT Sanggraha Dhika from 2010-2014 , as
    Direktur Keuangan PT Sanggraha Dhika dari tahun                 Finance Director at PT Jaring Lintas Indonesia from




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    2010-2014, sebagai Direktur Keuangan di PT Jaring                  2008-2009, as Finance Director at PT Bintang Toedjoe
    Lintas Indonesia dari tahun 2008 - 2009, sebagai                   from 2005-2007, as Assistant Finance Director at PT
    Direktur Keuangan di PT Bintang Toedjoe dari tahun                 Inter World Steel Mills Indonesia from 1999-2005, as
    2005-2007, sebagai Asisten Direktur Keuangan di PT                 Financial Controller at PT Bank Bira Tbk from 1993-
    Inter World Steel Mills Indonesia dari tahun 1999-                 1999, as Senior Auditor - KAP Prasetio, Utomo & Co.
    2005, sebagai Financial Controller di PT Bank Bira                 (Arthur Andersen) from 1991-1993. He graduated
    Tbk dari tahun 1993-1999, sebagai Auditor - Senior                 with a Diploma degree of Accounting at Padjadjaran
    di KAP Prasetio, Utomo & Co (Arthur Andersen)                      University in Bandung in 1989, Bachelor degree of
    dari tahun 1991-1993. Menyelesaikan pendidikan                     Accounting from STIE Tridharma in Bandung in 1990,
    Diploma Akuntansi di Universitas Padjadjaran di                    Bachelor Degree of Law from Padjadjaran University
    Bandung tahun 1989, Sarjana Akuntansi dari STIE                    in Bandung in 1991, Masters of Management from
    Tridharma di Bandung tahun 1990, Sarjana Hukum                     Prasetiya Mulya University in Jakarta in 1998, and
    dari Universitas Padjadjaran di Bandung tahun 1991,                Professional        Accountant       Education             from       Kalbe
    Magister Manajemen dari Universitas Prasetiya Mulya                Institute of Technology & Business in Jakarta in 2010.
    di Jakarta tahun 1998, dan Pendidikan Profesi Akuntan
    dari Institut Teknologi & Bisnis Kalbe di Jakarta tahun
    2010.


    Periode dan Masa Jabatan Anggota Komite Audit                      Period and Term of Office of Audit Committee Members
    Merujuk Peraturan Otoritas Jasa Keuangan No.55/                    Referring      to    the   Financial         Services           Authority
    POJK.04/2015, Masa jabatan anggota Komite Audit                    Regulation No.55/POJK.04/2015, the term of office of
    tidak boleh lebih lama dari masa jabatan Dewan                     members of the Audit Committee may not be longer
    Komisaris sebagaimana diatur dalam Anggaran Dasar                  than the term of office of the Board of Commissioners
    dan dapat dipilih kembali hanya untuk 1 (satu) periode             as stipulated in the Articles of Association and may be
    berikutnya.                                                        re-elected only for the next 1 (one) period.

                Jabatan                   Nama Anggota                   Anggota Sejak                       Masa Jabatan
                Position                  Member Name                    Member Since                       Period of Service

     Ketua | Chairwoman                      Sumarni                         2019                                2019-2024
     Anggota | Member                    Maryana Widjaja                     2019                                2019-2024
     Anggota | Member                   Tsun Tien Wen Lie                    2019                                2019-2024




    Rangkap Jabatan Komite Audit
    Rincian rangkap jabatan Komite Audit adalah sebagai                Concurrent Position of Audit Committee
    berikut :                                                          Details   of    concurrent        positions          for     the       Audit
                                                                       Committee are as follows:
            Nama             Jabatan                   Jabatan Lain dalam Perseroan                  Jabatan Lain di Emiten Lain
            Name             Position                  Other Position in the Company                Other Positions in Other Issuers

                                           1. Komisaris Independen
                                              Independent Commissioner
                              Ketua                                                                                 Tidak ada
     Sumarni
                           Chairwoman      2. Ketua Komite Nominasi dan Remunerasi                                    None
                                              Chairwoman of the Nomination and
                                              Remuneration Committee
                             Anggota       Tidak ada                                                                Tidak ada
     Maryana Widjaja
                             Member        None                                                                       None

                             Anggota       Tidak ada                                                                Tidak ada
     Tsun Tien Wen Lie
                             Member        None                                                                       None




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    Piagam Komite Audit                                                 Audit Committee Charter
    Perseroan Juga telah menetapkan suatu Piagam                        The Company has also ratified a Corporate Audit
    Komite Audit Perseroan yang telah disahkan oleh                     Committee Charter which was approved by the
    Direksi dan Dewan Komisaris tanggal 16 Agustus                      Board of Directors and Board of Commissioners on
    2019. Piagam ini merupakan pedoman kerja Komite                     August 16, 2019. This Charter provides guidance on
    Audit untuk melaksanakan tugas dan tanggung                         the execution of the Audit Committee’s duties and
    jawabnya. Rapat anggota Komite Audit dilakukan                      responsibility. The Meetings of Audit Committee
    setiap 4 (empat) kali setahun dan rapat tersebut dapat              are conducted every 4 (four) times a year and such
    dilaksanakan apabila dihadiri oleh lebih dari ½ (satu               meetings can be held if attended by more than ½
    per dua) dari jumlah anggota.                                       (half) of the total members.


    Masa tugas anggota Komite Audit 5 (lima) tahun dan                  The term of office for the Audit Committee’s members
    tidak boleh lebih lama dari masa jabatan Dewan                      is 5 (five) years and may not be longer than the term of
    Komisaris.                                                          office of the Board of Commissioners.


    Sebagaimana terdapat di dalam Piagam Komite                         As stated in the Company's Audit Committee Charter,
    Audit Perseroan, tugas dan tanggung jawab serta                     the duties and responsibilities as well as the authority
    wewenang dari Komite Audit Perseroan, termaktub                     of the Company's Audit Committee, contained in
    dalam POJK No.55/POJK.04/2015 yang mengatur hal                     Financial Services Authority No.55/POJK.04/2015
    – hal sebagai berikut:                                              governing the following matters:
    A.   Tanggung Jawab Komite Audit :                                  A.   Responsibilities of the Audit Committee :
         Komite     Audit   bertugas   untuk    memberikan                   The Audit Committee has the duty to provide
         pendapat professional yang independen kepada                        independent      professional           opinions           to      the
         Dewan Komisaris terhadap laporan atau hal-hal                       Board of Commissioners on reports or matters
         yang disampaikan oleh Direksi kepada Dewan                          submitted by the Board of Directors to the
         Komisaris serta mengidentifikasi hal-hal yang                       Board of Commissioners and to identify matters
         memerlukan perhatian Dewan komisaris, meliputi:                     that require the attention of the Board of
                                                                             Commissioners, including:


         1.   Membuat rencana kegiatan tahunan yang                          1.   Making an annual activity plan approved by
              disetujui oleh Dewan Komisaris;                                     the Board of Commissioners;
         2.   Melakukan      penelaahan     atas      informasi              2.   Reviewing financial information which will be
              keuangan yang akan dikeluarkan Perseroan                            released by the Company such as financial
              seperti laporan keuangan, proyeksi, dan                             statements, projections and other financial
              informasi keuangan lainnya;                                         information;
         3.   Melakukan      penelaahan     atas      ketaatan               3.   Reviewing the Company's compliance with
              perusahaan terhadap peraturan perundang-                            other laws and regulations relating to the
              undangan lainnya yang berhubungan dengan                            Company's activities;
              kegiatan Perseroan;
         4.   Melakukan      penelaahan/penilaian         atas               4.   Reviewing/evaluating the implementation
              pelaksanaan    pemeriksaaan      oleh     auditor                   of assessment done by internal auditors and
              internal dan mengawasi pelaksanaan tindak                           supervising the implementation of follow-
              lanjut oleh Direksi atas temuan auditor                             up actions by the Board of Directors on the
              internal;                                                           findings of internal auditors;




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         5.   Melakukan      penelaahan        dan     melaporkan                  5.   Reviewing and reporting complaints relating
              kepada Dewan Komisaris atas pengaduan                                     to the Company;
              yang berkaitan dengan perseroan;
         6.   Menjaga kerahasiaan dokumen, data dan                                6.   Maintaining     the      confidentiality              of      the
              informasi Perseroan;                                                      Company's documents, data and information.
         7.   Mengawasi       hubungan        dengan          akuntan              7.   Overseeing relations with public accountants,
              publik,   mengadakan            rapat/pembahasan                          holding meetings/discussions with public
              dengan akuntan publik;                                                    accountants;
         8.   Membuat, mengkaji, dan memperbaharui                                 8.   Creating, reviewing and updating the Audit
              pedoman Komite Audit bila perlu;                                          Committee guidelines if necessary;
         9.   Melakukan penilaian dan mengkonfirmasikan                            9.   Conducting an assessment and confirm
              bahwa semua tanggung jawab tertera dalam                                  that all responsibilities are stated in The
              Pedoman Komite Audit telah dilaksanakan;                                  Audit Committee’s Charter                      have been
                                                                                        implemented;
         10. Memberikan             pendapat          independen                   10. Providing an independent opinion when
              apabila terjadi perbedaan pendapat antara                                 there is dissenting opinion between the
              manajemen dan Akuntan atas jasa yang                                      management and the Accountant concerning
              diberikan;                                                                with the rendered services;
         11. Memberikan rekomendasi kepada Dewan                                   11. Providing recommendations to the Board of
              Komisaris mengenai penunjukan Akuntan                                     Commissioners regarding the appointment of
              didasarkan pada independensi, ruang lingkup                               an Accountant based on independence, the
              penugasan, dan fee;                                                       scope of the assignment, and fees;
         12. Melakukan penelaahan terhadap aktivitas                               12. Reviewing       the    implementation                  of      risk
              pelaksanaan      manajemen             resiko     yang                    management activities carried out by the
              dilakukan oleh Direksi, jika Perseroan tidak                              Board of Directors, if the Company does not
              memiliki fungsi pemantauan resiko dibawah                                 have a risk monitoring function under the
              Dewan Komisaris; dan                                                      Board of Commissioners; and
         13. Menelaah dan memberikan saran kepada                                  13. Analyzing and giving advice to the Board of
              Dewan Komisaris terkait potensi benturan                                  Commissioners regarding potential conflicts
              kepentingan Perseroan.                                                    of interest of the Company.


    B.   Wewenang Komite Audit.                                               B.   Authority of the Audit Committee.
         1.   Komite Audit berwenang untuk mengakses                               1.   The Audit Committee has the authority to fully,
              secara penuh, bebas dan tidak terbatas                                    freely and unrestricted access to records,
              terhadap catatan, karyawan, dana, aset                                    employees, funds, assets and other company
              serta sumber daya perusahaan lainnya yang                                 resources related to the performance of their
              berkaitan dengan pelaksanaan tugasnya;                                    duties;
         2.   Berkomunikasi langsung dengan karyawan,                              2.   Communicating directly with employees,
              termasuk Direksi dan pihak yang menjalankan                               including Directors and parties who carry
              fungsi audit internal, manajemen resiko, dan                              out the functions of internal audit, risk
              Akuntan terkait tugas dan tanggung jawab                                  management, and accountants related to
              Komite Audit;                                                             the duties and responsibilities of the Audit
                                                                                        Committee;
         3.   Melibatkan      pihak     independen        di     luar              3.   Involving independent parties outside the
              anggota      Komite     Audit    yang     diperlukan                      Audit Committee members needed to assist
                                                                                        in carrying out their duties (if needed); and




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              untuk membantu pelaksanaan tugasnya (jika
              diperlukan); dan
         4.   Melakukan kewenangan lain yang diberikan                           4.     Perform other authorities granted by the
              oleh Dewan Komisaris.                                                     Board of Commissioners.


    C.   Pelaporan                                                          C.   Reporting
         1.   Komite Audit wajib menyampaikan laporan                            1.     The Audit Committee should submit a report
              hasil penelaahan kepada Dewan Komisaris                                   on the results of the review to the Board of
              atas pelaksanaan tugas yang telah ditentukan.                             Commissioners on the implementation of the
                                                                                        designated tasks.
         2.   Komite Audit membuat laporan tahunan                               2.     The Audit Committee prepares an annual
              kepada     Dewan       Komisaris      mengenai                            report to the Board of Commissioners
              pelaksanaan kegiatan Komite Audit (dan                                    regarding the implementation of the Audit
              dimuat pada Laporan Tahunan Perseroan).                                   Committee's activities (and is published in the
                                                                                        Company's Annual Report).


    Pernyataan Independensi Anggota Komite Audit                            Statement of Independency of Audit Committee
    Anggota Komite Audit berasal dari pihak independen                      Audit Committee members come from independent
    yang      tidak    memiliki     hubungan        keuangan,               parties      who    have   no       financial,         management,
    kepengurusan,      kepemilikan      dan/atau      keluarga              ownership and/or family relationships with other
    dengan anggota Dewan Komisaris lainnya, Direksi dan                     members of the Board of Commissioners, Board of
    Pemegang Saham atau hubungan dengan Perseroan,                          Directors and Shareholders or relationship with the
    yang dapat mempengaruhi independensi anggota                            Company, which may affect the independence of
    Komite.                                                                 Committee members.


    Aspek independensi anggota Komite Audit dapat                           The independency aspect of the members of the
    dilihat pada tabel berikut :                                            Audit Committee can be seen in the following table:


                              Aspek Independensi
                                                                                      Sumarni    Maryana Widjaja            Tsun Tien Wen Lie
                             Independence Aspect

     Tidak memiliki hubungan keuangan dengan Dewan Komisaris dan
     Direksi
                                                                                         √                √                               √
     Having no financial relationship with the Board of Commissioners and
     the Board of Directors
     Tidak memiliki hubungan kepengurusan di perusahaan maupun
     perusahaan afiliasi
                                                                                         √                √                               √
     Having no management relationship at the company or affiliated
     companies
     Tidak memiliki kepemilikan saham di perusahaan baik langsung
     maupun tidak langsung                                                               √                √                               √
     Having no share ownership in the Company either directly or indirectly
     Tidak memiliki hubungan keluarga dengan Dewan Komisaris, Direksi,
     dan /atau sesama anggota Komite Audit
                                                                                         √                √                               √
     Having no family relationship with the Board of Commissioners, Board
     of Directors, and/or other members of Audit Committee




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    Persyaratan Keanggotaan Komite Audit                               Audit Committee Qualifications and Certifications
    Anggota Komite Audit wajib memenuhi persyaratan                    Audit Committee members are required to meet
    sebagai berikut :                                                  qualifications and certifications consisting of:
    1.   Anggota komite wajib memiliki integritas yang                 1.   Committee members must have high integrity,
         tinggi, akhlak, dan moral yang baik.                               good character and morals.
    2.   Anggota Komite memiliki pengetahuan dan                       2.   Committee members have knowledge and
         pengalaman sesuai bidangnya dan mampu                              experience in their respective fields and are able
         berkomunikasi dengan baik.                                         to communicate well.
    3.   Anggota    Komite     Audit   memiliki     keahlian           3.   Members of the audit committee have financial
         keuangan atau akuntansi, memahami laporan                          or accounting expertise, understand financial
         keuangan, dan memiliki pengalaman kerja yang                       reports, and have sufficient work experience
         cukup sehingga dapat memberikan rekomendasi                        to provide recommendations from the results
         dari hasil evaluasi pekerjaan audit intern dan                     of evaluations of internal and external audit
         ekstern; laporan keuangan; pengendalian intern;                    work; financial statements; internal control; and
         dan penerapan GCG.                                                 implementation of GCG.
    4.   Anggota    Komite     Audit   memahami         bisnis         4.   Members of the Audit Committee understand
         perusahaan khususnya yang terkait dengan                           the company's business, especially those related
         kegiatan usaha Emiten atau Perusahaan Publik,                      to the business activities of the Issuer or Public
         proses audit, manajemen risiko, dan peraturan                      Company, the audit process, risk management,
         perundang-undangan di bidang Pasar Modal                           and laws and regulations in the Capital Market
         serta peraturan perundang-undangan terkait                         sector as well as other related laws and
         lainnya.                                                           regulations.
    5.   Mematuhi kode etik Komite Audit yang ditetapkan               5.   Comply with the Audit Committee code of ethics
         oleh Perseroan.                                                    established by the Company.
    6.   Tidak mempunyai saham langsung maupun tidak                   6.   Has no direct or indirect shares in the Company.
         langsung pada Perseroan.
    7.   Dalam hal anggota Komite Audit memperoleh                     7.   In the event that a member of the Audit
         saham Perseroan baik langsung maupun tidak                         Committee acquires shares of the Company
         langsung akibat suatu peristiwa hukum, maka                        either directly or indirectly as a result of a legal
         saham tersebut wajib dialihkan kepada pihak lain                   event, the shares must be transferred to another
         dalam jangka waktu paling lama 6 (enam) bulan                      party within a maximum period of 6 (six) months
         setelah diperolehnya saham tersebut.                               after the shares were acquired.
    8.   Tidak mempunyai hubungan afiliasi dengan                      8.   Has no affiliation with members of the Board
         anggota Dewan Komisaris, anggota Direksi, atau                     of Commissioners, members of the Board of
         Pemegang Saham Utama Perseroan.                                    Directors, or Major Shareholders of the Company.
    9.   Tidak mempunyai hubungan usaha baik langsung                  9.   Has no direct or indirect business relationship
         maupun tidak langsung yang berkaitan dengan                        with Company's business activities.
         kegiatan usaha Perseroan.


    Rapat Komite Audit                                                 Meeting of the Audit Committee
    Rapat Komite Audit dihadiri oleh para anggota Komite               Audit Committee meetings are attended by members
    Audit. Berdasarkan Peraturan Otoritas Jasa keuangan                of the Audit Committee. Based on the Financial
    No. 55/POJK.04/ 2015, Komite Audit diwajibkan untuk                Services Authority Regulation No. 55/POJK.04/2015,
    menyelenggarakan rapat Komite Audit secara berkala                 the Audit Committee is required to hold Audit
    paling kurang 1 (satu) kali dalam 3 (tiga) bulan.                  Committee meetings on a regular basis at least 1
                                                                       (one) time in 3 (three) months.




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    Kebijakan Rapat Komite Audit                                             Audit Committee Meeting Policy
    Kebijakan Frekuensi rapat dan tingkat kehadiran                          The meeting frequency and attendance levels of the
    anggota Komite Audit adalah sebagai berikut :                            Audit Committee members are as follows:
    1.        Komite Audit wajib mengadakan rapat Komite                     1.   The Audit Committee is obliged to hold Audit
              Audit secara berkala paling kurang 1 (satu) kali                    Committee meetings regularly at least 1 (one)
              dalam 3 (tiga) bulan.                                               time in 3 (three) months.
    2.        Rapat    Komite Audit    dapat    diselenggarakan              2.   Audit Committee Meetings may be held if
              apabila dihadiri oleh lebih dari 1/2 (satu per dua)                 attended by more than 1/2 (half) of the members.
              jumlah anggota.
    3.        Keputusan      rapat    Komite     Audit       diambil         3.   Decisions of Audit Committee meetings are made
              berdasarkan musyawarah untuk mufakat.                               based on deliberation to reach consensus.
    4.        Kehadiran     anggota    Komite      Audit       wajib         4.   The presence of members of the Audit Committee
              diungkapkan dalam laporan tahunan Perseroan.                        must be disclosed in the Company's annual
                                                                                  report.


    Pelaksanaan Rapat Komite Audit                                           Implementation of Audit Committee Meetings
    Pada tahun 2023, Komite Audit Perseroan telah                            In 2023, the Company's Audit Committee has held
    mengadakan rapat Komite Audit sebanyak 4 (empat)                         Audit Committee meetings for 4 (four) times. Audit
    kali. Agenda rapat Komite Audit terkait penelaahan                       Committee meeting agenda related to reviewing
    laporan keuangan dan evaluasi hasil audit.                               financial reports and evaluating audit results.


    Rincian kehadiran anggota Komite Audit dalam rapat                       The attendance details of the members of the Audit
    Komite Audit adalah sebagai berikut :                                    Committee at the Audit Committee meetings are as
                                                                             follows:

                Komite Audit                     Jumlah Rapat                Jumlah Kehadiran                       % Kehadiran
               Audit Committee                   No. of Meetings               Member Since                         Attendance

     Sumarni                                             4                            4                                    100
     Maryana Widjaja                                     4                            4                                    100
     Tsun Tien Wen Lie                                   4                            4                                    100




                                                                                                       Kehadiran Komite Audit
                        Tanggal                          Pembahasan Rapat                          Attendances of Audit Committee
         No
                         Date                             Meeting Agenda                                         Maryana                Tsun Tien
                                                                                                 Sumarni
                                                                                                                 Widjaja                 Wen Lie

         1.           10 Maret 2023    •   Menelaah draft Laporan Keuangan Audit per 31
                                           Desember 2022.
                                       •   Melakukan diskusi dengan Auditor Independen
                                           yang melaksanakan audit atas Laporan Keuangan
                                           Perseroan: Closing Meeting Audit Report untuk
                                           tahun buku 2022 dengan Kantor Akuntan Publik
                                           Teramihardja, Pradhono & Chandra.                        √                  √                       √
                                       •   Menelaah Laporan Audit Internal periode Q4 2022.
                                       •   Memaparkan kejadian atau kondisi signifikan
                                           selama tahun 2022 dan perkembangan tambahan
                                           fasilitas produksi MDF line kedua beserta prasarana
                                           pendukungnya..




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                                                                                                     Kehadiran Komite Audit
                Tanggal                            Pembahasan Rapat                              Attendances of Audit Committee
     No
                 Date                               Meeting Agenda                                             Maryana                Tsun Tien
                                                                                               Sumarni
                                                                                                               Widjaja                 Wen Lie

             March 10, 2023     •   Review the Draft of Audited Financial Report as of
                                    December 31, 2022.
                                •   Discussion with Independent Auditor who conducts
                                    audit on the Company’s Financial Report: Closing
                                    Meeting Audit Report for the 2022 Financial Year
                                    with Public Accounting Firm Teramihardja, Pradhono
                                    & Chandra.                                                    √                  √                       √
                                •   Review the Internal Audit Report for the Q4 2022
                                    period.
                                •   Disclose significant events or conditions during 2022
                                    and the progress of the additional MDF second line
                                    production facility and its supporting infrastructure.


      2.      27 April 2023     •   Menelaah draft Laporan Keuangan per 31 Maret
                                    2023.
                                •   Menelaah Laporan Audit Internal periode Q1 2023.
                                •   Memaparkan       perkembangan        pembangunan
                                    tambahan fasilitas produksi MDF line kedua beserta
                                    prasarana pendukungnya.
                                •   Melakukan evaluasi atas jasa audit yang di berikan
                                    oleh KAP Teramihardja, Pradhono & Chandra untuk
                                    Laporan Keuangan historis Perseroan tahun buku
                                    2022.
                                •   Membahas rekomendasi Komite Audit sehubungan
                                    dengan penunjukan Akuntan Publik dan/atau
                                    Kantor Akuntan Publik untuk audit tahun buku 2023
                                •   Membahas jadwal Rapat Umum Pemegang Saham
                                    Tahunan (RUPST) tanggal 20 Juni 2023.


                                                                                                  √                  √                       √
              April 27, 2023    •   Review the draft of Financial Report as of March 31,
                                    2023.
                                •   Review the Internal Audit Report for the Q1 2023
                                    period.
                                •   Disclose the progress of the additional MDF
                                    second line production facility and its supporting
                                    infrastructure.
                                •   Evaluate the audit services provided by KAP
                                    Teramihardja, Pradhono & Chandra for the Company's
                                    historical Financial Report for the financial year 2022.
                                •   Discussion      on      the     Audit     Committee's
                                    recommendations regarding the appointment of a
                                    Public Accountant and/or Public Accounting Firm
                                    for the 2023 financial year audit.
                                •   Discussion of the schedule for the June 20, 2023
                                    Annual General Meeting of Shareholders (AGMS).


      3.      28 Juli 2023      •   Menelaah draft Laporan Keuangan per 30 Juni 2022.
                                •   Menelaah Laporan Audit Internal periode Q2 2022.

              July 28, 2023     •   Review the draft of Financial Report as of June 30,           √                  √                       √
                                    2022.
                                •   Review the Internal Audit Report for the Q2 2022
                                    period.
      4.   27 September 2023    •   Menelaah draft Laporan Keuangan per 30
                                    September 2023.
                                •   Menelaah Laporan Audit Internal periode Q3 2023.

                                                                                                  √                  √                       √
           September 27, 2023   •   Review the draft of Financial Statements as of
                                    September 30, 2023.
                                •   Review the Internal Audit Report for the Q3 2023
                                    period.



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    Pelatihan dan Pengembangan Kompetensi Komite                            Training and Competency Development of Audit
    Audit                                                                   Committee
    Untuk meningkatkan kompetensi dalam menjalankan                         In order to improve the competency in performing
    tugasnya, Komite Audit Perseroan mengikuti program                      his duties, the Company’s Audit Committee attends
    pelatihan dan seminar. Di bawah ini adalah program                      training programs and seminars. Below are training
    pelatihan dan seminar yang diikuti sepanjang tahun                      programs and seminars that has been attended
    2023 :                                                                  during 2023 :




             Nama         Nama Training, Seminar, Workshop                 Penyelenggara             Tanggal                       Tempat
             Name         Training, Workshop, Seminar’s Name                 Organizer                Date                         Location
     Sumarni           Informasi mengenai pelatihan dan pengembangan kompetensi yang pernah diikuti beliau tersedia di bagian
                       pelatihan dan pengembangan kompetensi Dewan Komisaris.
                       Information regarding the training and competency development that she has participated in is available in the
                       training and competency development section of the Board of Commissioners.
     Maryana Widjaja   Strategi Menghadapi Pemeriksaan Pajak.           Ruang Seminar            25 Februari 2023                    Online

                       Strategies for Facing a Tax Audit.               Ruang Seminar            February 25, 2023                   Online
                       Memahami Akuntansi Bagi Pebisnis Online.         Mekari Jurnal            27 Oktober 2023                     Online

                       Understanding     Accounting     for   Online Mekari Jurnal               October 27, 2023                    Online
                       Businesses.
     Tsun Tien Wen     Update PSAK Terkini Dalam Penyusunan Institut                  Akuntan     31 Januari 2023                    Online
     Lie               Laporan Keuangan.                    Publik                  Indonesia
                                                            (IAPI)


                       Latest PSAK Update in the Preparation of Indonesian Institute             January 31, 2023                    Online
                       Financial Statements.                    of Certified Public
                                                                Accountants (IAPI)
                       Aspek Perpajakan Atas Restrukturisasi            Ikatan     Konsultan     13 Februari 2023                    Online
                       Usaha                                            Pajak Indonesia (IKPI)

                                                                        The       Indonesian
                                                                        Tax       Consultant     February 13, 2023                   Online
                       Tax Aspects of Business Restructuring.           Association (IKPI)
                       Talk Show Perpajakan Sanksi Perpajakan           Institut      Akuntan      17 Mei 2023                       Online
                       Terbaru Berdasarkan Undang-Undang                Publik      Indonesia
                       Nomor 6 Tahun 2023.                              (IAPI)

                       Talk Show Taxation Latest Tax Sanctions Indonesian Institute                May 17, 2023                      Online
                       Based on Law Number 6 of 2023.          of Certified Public
                                                               Accountants (IAPI)
                       Sosialisasi Peraturan Perpajakan PMK No.         Ikatan     Konsultan       25 Mei 2023                       Online
                       41 tahun 2023, PMK No.48 tahun 2023, dan         Pajak Indonesia (IKPI)
                       PER-01/PJ/2023.                                  Cabang Jakarta Barat

                                                                   The      Indonesian
                       Socialization of Tax Regulations PMK No. 41 Tax      Consultant             May 25, 2023                      Online
                       of 2023, PMK No.48 of 2023, and PER-01/ Association         (IKPI)
                       PJ/2023.                                    West Jakarta Branch




LAPORAN TAHUNAN 2023 | Annual Report                              164                                P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 170
         Nama         Nama Training, Seminar, Workshop               Penyelenggara          Tanggal                        Tempat
         Name         Training, Workshop, Seminar’s Name               Organizer             Date                          Location

                   “The Sustainable Role of an Accountant in Ikatan      Akuntan          27 Mei 2023                    JS Luwansa
                   Achieving 2060 Zero Emission.”            Indonesia        (IAI)                                         Hotel
                                                             Wilayah DKI Jakarta.

                   “The Sustainable Role of an Accountant in The       Indonesian         May 27, 2023                   JS Luwansa
                   Achieving 2060 Zero Emission.”            Tax       Consultant                                           Hotel
                                                             Association (IKPI) DKI
                                                             Jakarta Region
                   “Aspek Praktis Manajemen Rugi Fiskal dan Ikatan    Konsultan           29 Mei 2023                        Online
                   Penutupan Usaha dalam Menyusun Strategi Pajak Indonesia (IKPI)
                   Kebijakan Perpajakannya.”
                                                                The  Indonesian
                   "Practical Aspects of Fiscal Loss Management Tax  Consultant           May 29, 2023                       Online
                   and Business Closure in Developing Tax Association (IKPI)
                   Policy Strategies.”
                   PPL OJK Sektor Pasar Modal Pertimbangan Institut             Akuntan   08 Juni 2023                 Hotel Santika
                   Akuntansi dan Audit serta Regulasi Pasar Publik            Indonesia                              Premiere Hayam
                   Modal dalam Proses Penerbitan Saham Baru (IAPI)                                                    Wuruk, Jakarta
                   (IPO).

                   OJK PPL Capital Market Sector Accounting Indonesian Institute          June 08, 2023                Hotel Santika
                   and Auditing Considerations and Capital of Certified Public                                       Premiere Hayam
                   Market Regulations in the Process of Issuing Accountants (IAPI).                                   Wuruk, Jakarta
                   New Shares (IPO).
                   Kupas Tuntas PMK         66/2023    tentang Pratama      institute      12 Juli 2023                      Online
                   Perlakuan PPh atas       Imbalan    Natura/ for Fiscal Policy &
                   Kenikmatan.                                 Governance Studies,
                                                               Knowledge         and
                                                               Development Center
                                                               (KnDC),        Digital
                                                               Contant PT Pratama
                                                               Indomitra Konsultan
                                                               PT Pratama Indomitra
                                                               Konsultan

                                                             Pratama     Institute
                   Completely Examine PMK 66/2023 on for Fiscal Policy &                  July 12, 2023                      Online
                   Income Tax Treatment of Fringe Benefits / Governance Studies,
                   Enjoyment.                                Knowledge        and
                                                             Development Center
                                                             (KnDC),       Digital
                                                             Contant PT Pratama
                                                             Indomitra Konsultan
                   Mengenal lebih jauh Pengaturan UU P2SK Otoritas    Jasa                 20 Juli 2023                      Online
                   Dalam Rangka Penguatan Sektor Pasar Keuangan (OJK)
                   Modal.

                   Learn more about the P2SK Law Arrangement Financial      Services      July 20, 2023                      Online
                   in the Context of Strengthening the Capital Authority (FSA)
                   Market Sector.
                   Digital Financial Literacy and Digital Financial Warta Ekonomi.co.id    21 Juli 2023                      Online
                   Inclusion : Core in Achieving Financial
                   Resilience.

                   Digital Financial Literacy and Digital Financial Warta Ekonomi.co.id   July 21, 2023                      Online
                   Inclusion : Core in Achieving Financial
                   Resilience.




LAPORAN TAHUNAN 2023 | Annual Report                          165                            P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 171
         Nama         Nama Training, Seminar, Workshop            Penyelenggara             Tanggal                        Tempat
         Name         Training, Workshop, Seminar’s Name            Organizer                Date                          Location

                   Penilaian GCG Berdasarkan POJK No. 21/ Good         Corporate           25 Juli 2023                      Online
                   POJK.04/2015 Tentang Pedoman Tata Kelola Governance (GCG) PT
                   Perusahaan Tbk.                          Pratama    Indomitra
                                                            Konsultan.

                   GCG Assessment Based on POJK No. Good          Corporate               July 25, 2023                      Online
                   21/POJK.04/2015 Regarding Corporate Governance (GCG) PT
                   Governance Guidelines for Tbk.      Pratama    Indomitra
                                                       Konsultan.
                   “Building a Brand Personality.”             Ikatan     Konsultan        28 Juli 2023                      Online
                                                               Pajak Indonesia (IKPI).

                                                               The       Indonesian
                   “Building a Brand Personality.”             Tax       Consultant       July 28, 2023                      Online
                                                               Association (IKPI).
                   Talk Show Perpajakan : Pengenaan PPh atas Institut        Akuntan       28 Juli 2023                      Online
                   Imbalan Natura/Kenikmatan Menurut PMK Publik            Indonesia
                   66/2023.                                  (IAPI).

                   Tax Talk Show: Imposition of Income Tax on Indonesian Institute        July 28, 2023                      Online
                   Fringe Benefits/Enjoyment According to of Certified Public
                   PMK 66/2023.                               Accountants (IAPI).
                   Kupas Tuntas Aturan Terbaru tentang Pratama       Institute           02 Agustus 2023                     Online
                   Penyusutan dan Amortisasi sesuai PMK for Fiscal Policy &
                   72/2023.                             Governance Studies,
                                                        Knowledge         and
                                                        Development Center
                                                        (KnDC),        Digital
                                                        Contant PT Pratama
                                                        Indomitra Konsultan
                                                        PT Pratama Indomitra
                                                        Konsultan

                                                               Pratama     Institute
                   Completely Examine the Latest Rules on for Fiscal Policy &            August 02, 2023                     Online
                   Depreciation and Amortization in accordance Governance Studies,
                   with PMK 72/2023.                           Knowledge        and
                                                               Development Center
                                                               (KnDC),       Digital
                                                               Contant PT Pratama
                                                               Indomitra Konsultan
                   Mengenal Lebih Jauh Pengaturan UU P2SK Otoritas         Jasa          10 Agustus 2023                     Online
                   Dalam Rangka Penguatan Industri Keuangan Keuangan (OJK)
                   Non Bank (IKNB)

                   Learn More about the P2SK Law Arrangement Financial      Services     August 10, 2023                     Online
                   in the Context of Strengthening the Capital Authority (FSA)
                   Market Sector.
                   Enhancing Financial Performance Throught Otoritas       Jasa          31 Agustus 2023                     Online
                   Data Analytics.                          Keuangan (OJK)

                   Enhancing Financial Performance Throught Financial    Services        August 31, 2023                     Online
                   Data Analytics.                          Authority (FSA)




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Page 172
          Nama             Nama Training, Seminar, Workshop              Penyelenggara               Tanggal                       Tempat
          Name             Training, Workshop, Seminar’s Name              Organizer                  Date                         Location

                       Sosialisasi Perpajakan: PMK No. 72 Tahun Ikatan     Konsultan            12 September 2023                     Online
                       2023 (Penyusutan Harta Berwujud dan/atau Pajak Indonesia (IKPI)
                       Amortisasi Harta Tak Berwujud).          Cab. Jakarta Barat

                       Tax Socialization : PMK No. 72 of 2023 The        Indonesian               September 12,                       Online
                       (Depreciation of Tangible Assets and/or Tax       Consultant                   2023
                       Amortization of Intangible Assets).     Association     (IKPI)
                                                               West Jakarta Branch
                       Update Peraturan Perpajakan        tentang     Institut        Akuntan    18 Oktober 2023                      Online
                       Depresiasi Aset Tetap.                         Publik        Indonesia
                                                                      (IAPI).

                       Update on Tax Regulations for Depreciation     Indonesian Institute       October 18, 2023                     Online
                       of Fixed Assets.                               of Certified Public
                                                                      Accountants (IAPI).
                       Building Awareness Session: International Institut             Akuntan   02 November 2023                      Online
                       Standard on Quality Management (ISQM) 1.  Publik             Indonesia
                                                                 (IAPI).


                       Building Awareness Session: International Indonesian Institute             November 02,                        Online
                       Standard on Quality Management (ISQM) 1.  of Certified Public                  2023
                                                                 Accountants (IAPI).

                       Navigating     the  Financial    Landscape:    Ikatan       Akuntan      04 Desember 2023                      Online
                       Strategies for Success Across Industries.      Indonesia (IAI)

                       Navigating     the  Financial    Landscape:    Institute         of        December 04,                        Online
                       Strategies for Success Across Industries.      Indonesia Chartered             2023
                                                                      Accountant (IAI)




    Uraian Singkat Pelaksanaan Kegiatan Komite Audit                      Brief Description of the Audit Committee Activities in
    Pada Tahun 2023                                                       the 2023
    Pada 2023, kegiatan yang dilakukan Komite Audit                       The      Audit   Committee’s        activities         in    2023        are
    adalah sebagai berikut:                                               summarised below:
    1.   Melakukan penelaahan atas Laporan Keuangan                       1.     Reviewed the Quarterly, Mid-Year Financial
         Triwulan, Laporan Keuangan Tengah Tahunan,                              Statement, and Audited Financial Statement
         dan     Laporan   Keuangan    Auditan    termasuk                       including other financial information published by
         informasi keuangan lainnya yang dipublikasikan                          the Company for the 2023 financial year.
         oleh Perseroan untuk tahun buku 2023.
    2.   Melakukan diskusi dengan Akuntan Publik (AP)                     2.     Conducted discussions with Public Accountant
         dan/ atau Kantor Akuntan Publik (KAP), atas                             (PA) and/or Public Accountant Firm (PAF),
         temuan-temuan      selama    pelaksanaan      audit                     regarding the issues and findings during the
         serta aspek-aspek yang terkait dengan laporan                           audit process and other aspects related to the
         keuangan auditan Perseroan untuk tahun buku                             Company’s audited financial statement for the
         2023.                                                                   2023 financial year.
    3.   Memastikan aspek independensi, ruang lingkup                     3.     Ensured the aspects of independency, audit
         audit, imbalan jasa, keahlian dan pengalaman,                           scope, service fee, expertise and experience, as
         serta metodologi dan teknik audit terhadap AP                           well as audit methodology and techniques of the
         dan/atau KAP yang akan ditunjuk: Rekomendasi                            nominated PA and/or PAF: Recommendation of
         Komite Audit atas penunjukan AP dan/atau KAP                            Audit Committee on the appointment of PA and/
         untuk tahun buku 2023.                                                  or PAF for the 2023 financial year.




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Page 173
    4.   Melakukan penilaian/evaluasi terhadap AP dan/             4.   Conducted an assessment/evaluation of the PA
         atau KAP terkait pelaksanaan pemberian jasa                    and/or PAF related to audit services provided
         audit atas informasi keuangan historis tahunan                 by PAF for the Company’s historical financial
         Perseroan tahun buku 2022.                                     statements for the 2022 financial year.
    5.   Melakukan     penelaahan      atas    keefektifan         5.   Reviewed the effectiveness of the Company’s
         pengendalian internal Perseroan.                               internal control.
    6.   Menelaah tingkat kepatuhan Perseroan terhadap             6.   Reviewed the Company’s compliance with the
         peraturan pasar modal dan peraturan lainnya yang               Capital Market regulations and other regulations
         berhubungan dengan kegiatan usaha Perseroan.                   related to the Company’s business activities.




    Komite Nominasi dan Remunerasi                                 Nomination and Remuneration
                                                                   Committee

    Dasar Hukum Pembentukan Komite Nominasi dan                    Legal Basis on the Formation of Nomination and
    Remunerasi                                                     Remuneration Committee
    Piagam Komite Nominasi dan Remunerasi sesuai                   Nomination and Remuneration Charter in accordance
    dengan     POJK   No.   34/2014,     Perseroan   telah         with Financial Services Authority Regulation No.
    membentuk      Komite   Nominasi     dan   Remunerasi          34/2014, the Company has established a Nomination
    dalam rangka mewujudkan efektivitas pelaksanaan                and Remuneration Committee in order to realize
    fungsi pengawasan oleh Dewan Komisaris terhadap                the effectiveness of the implementation of the
    pengelolaan perusahaan oleh Direksi, terutama                  supervisory function by the Board of Commissioners
    sehubungan dengan hal-hal seperti penetapan                    on the management of the company by the Board
    kriteria calon anggota Dewan Komisaris dan Direksi,            of Directors, especially with related matters such as
    penetapan sistem penilaian kinerja dan sistem                  determining the criteria for prospective members
    remunerasinya. Komite Nominasi dan Remunerasi                  of the Board of Commissioners and Board of
    bertanggung jawab langsung, baik secara kolektif               Directors, setting a performance appraisal system
    dan/atau individu, atas pelaksanaan tugas, wewenang            and its remuneration system. The Nomination and
    dan kewajibannya kepada Dewan Komisaris.                       Remuneration Committee is directly responsible,
                                                                   both collectively and/or individually, for carrying out
                                                                   its duties, authorities and obligations to the Board of
                                                                   Commissioners.


    Piagam Komite Nominasi dan Remunerasi                          Nomination and Remuneration Committee Charter
    Perseroan telah membentuk suatu Pedoman dan Tata               The Company has established a Nomination and
    Tertib Kerja Komite Nominasi dan Remunerasi yang               Remuneration Committee Charter and Code of
    telah disahkan oleh Dewan Komisaris pada tanggal               Conduct which was approved by the Board of
    16 Agustus 2019. Pedoman ini merupakan pedoman                 Commissioners on August 16, 2019. This Charter is
    kerja Komite Nominasi dan Remunerasi.                          a guidance for the Nomination and Remuneration
                                                                   Committee.


    Perseroan telah membentuk Komite Nominasi dan                  The Company has established a Nomination and
    Remunerasi dengan Surat Keputusan No. 004/IFI-                 Remuneration Committee based on Decision Letter
    LGL/VIII/2019 tertanggal 16 Agustus 2019, struktur             No. 004 /IFI-LGL/VIII/2019 dated August 16, 2019,
    keanggotaan Komite Nominasi dan Remunerasi                     the membership of the Nomination and Remuneration
    Perseroan adalah sebagai berikut :                             Committee of the Company are as follows :




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Page 174
    Ketua        : Sumarni                                             Chairwoman : Sumarni
    Anggota      : Surja Hartono                                       Member         : Surja Hartono
    Anggota      : Luluana Triputri Setiawan                           Member         : Luluana Triputri Setiawan


    Lingkup tugas dan tanggung jawab Komite Nominasi                   The scope of duties and responsibilities of the
    dan Remunerasi dijabarkan sebagai berikut:                         Nomination and Remuneration Committee are as
                                                                       follows:
    1.   Menyusun sistem penyeleksian dan perekrutan                   1.   Develop a selection and recruitment system for
         bagi calon anggota Direksi dan Dewan Komisaris.                    prospective members of the Board of Directors
                                                                            and Board of Commissioners.
    2.   Menyusun kriteria dan jumlah calon anggota                    2.   Develop criteria and the number of prospective
         Direksi dan Dewan Komisaris untuk kemudian                         members of the Board of Directors and the Board
         diajukan ke Dewan Komisaris guna mendapat                          of Commissioners to then be submitted to the
         persetujuan RUPS.                                                  Board of Commissioners for approval of the GMS.
    3.   Menyusun sistem penilaian dan nominasi bagi                   3.   Develop an evaluation and nomination system for
         calon anggota Direksi maupun Dewan Komisaris.                      prospective members of the Board of Directors
                                                                            and the Board of Commissioners.
    4.   Menyampaikan hasil evaluasi dan analisa atas                  4.   Delivering the results of evaluations and analysis
         sistem penyeleksian, perekrutan dan pergantian                     of the selection, recruitment and employee
         karyawan.                                                          turnover system.
    5.   Menyusun sistem penilaian kinerja Direksi dan                 5.   Develop    a   performance             appraisal           system
         Dewan Komisaris kepada Dewan Komisaris untuk                       for the Board of Directors and the Board of
         kemudian diajukan ke RUPS.                                         Commissioners to the Board of Commissioners
                                                                            for later submission to the GMS.
    6.   Menyusun jenis dan jumlah gaji atau honorarium,               6.   Arranging the type and amount of salary or
         tunjangan serta fasilitas yang diterima oleh                       honorarium, benefits and facilities received by
         anggota Direksi dan Dewan Komisaris untuk dapat                    members of the Board of Directors and the Board
         diajukan oleh Dewan Komisaris kepada RUPS.                         of Commissioners to be submitted by the Board
                                                                            of Commissioners to the GMS.
    7.   Melakukan evaluasi dan analisis terhadap sistem               7.   Evaluating and analyzing the payroll system,
         penggajian, penetapan honorarium, tunjangan                        determining honorarium, benefits and facilities
         maupun       fasilitas   bagi   Direksi   dan   Dewan              for the Board of Directors and Board of
         Komisaris.                                                         Commissioners.
    8.   Menyusun Rencana Anggaran Tahunan dan                         8.   Prepare Annual Budget Plans and Work Programs
         Program Kerja Komite.                                              of the Committee.
    9.   Membuat self-assessment tool dan melakukan                    9.   Make a self-assessment tool and conduct a
         self-assessment terhadap kinerja Komite Nominasi                   self-assessment of the performance of the
         dan Remunerasi untuk kemudian dilaporkan                           Nomination and Remuneration Committee to
         hasilnya kepada Dewan Komisaris.                                   report the results to the Board of Commissioners.
    10. Mendokumentasikan hasil pelaksanaan tugas                      10. Documenting the results of the implementation
         komite dan melaporkannya secara periodik,                          of the committee's duties and report them
         minimal satu kali dalam setahun, kepada Dewan                      periodically, at least once a year, to the Board of
         Komisaris.                                                         Commissioners.
    11. Melaksanakan tugas lainnya yang diberikan oleh                 11. Carry out other tasks given by the Board of
         Dewan Komisaris selama tidak bertentangan                          Commissioners as long as they do not conflict
         dengan ketentuan yang berlaku.                                     with applicable regulations.




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Page 175
    Profil Komite Nominasi Dan Remunerasi                                     Nomination and Renumeration Committee Profiles


    Sumarni – Ketua                                                           Sumarni – Chairwoman
    Menjabat sebagai Ketua Komite Nominasi dan                                She was served as Chairwoman of the Nomination
    Renumerasi sejak tahun 2019. Profil beliau tersedia di                    and Renumeration Committee since 2019. Her profile
    profil Dewan Komisaris pada Laporan Tahunan ini.                          is available in profiles Board of Commissioners in this
                                                                              Annual Report.


    Surja Hartono – Anggota                                                   Surja Hartono – Member
    Menjabat sebagai Anggota Komite Nominasi dan                              He was served as a Member of the Nomination and
    Renumerasi sejak tahun 2019. Profil beliau tersedia di                    Renumeration Committee since 2019. His profile is
    profil Dewan Komisaris pada Laporan Tahunan ini.                          available in profiles Board of Commissioners in this
                                                                              Annual Report.


    Luluana Triputri Setiawan – Anggota                                       Luluana Triputri Setiawan – Member
    Warga Negara Indonesia, lahir pada tahun 1987,                            An Indonesian citizen, born in 1987. She was appointed
    menjabat     sebagai     Anggota      Komite     Nominasi                 as a Member of Nomination and Remuneration
    dan   Remunerasi       Perseroan     sejak    tahun    2023,              Committee of the Company since 2023, She has
    memiliki pengalaman di bidang Human Resources                             experience in Human Resources Development and
    Development dan Personalia di ADR Agro Group dari                         Personnel Management field at ADR Agro Group from
    tahun 2012 - sekarang dan saat ini beliau menjabat                        2012-present and cuncurrently serves as Corp. HR&GA
    sebagai Corp. HR&GA Jr Manajer di ADR Agro Group.                         Jr. Manager at ADR Agro Group. She graduated as
    Menyelesaikan      pendidikan      Sarjana    Psikologi     di            Bachelor of Psychology from the Tarumanagara
    Universitas Tarumanagara, Jakarta, 2009 dan Magister                      University, Jakarta in 2009 and Master of Psychology
    Psikologi di Universitas Tarumanagara, Jakarta, 2009                      from the Tarumanagara University, Jakarta, 2011.
    dan Magister Psikologi di Universitas Tarumanagara,
    Jakarta 2011.


               Nama                    Jabatan             Masa Jabatan                        Dasar Hukum Penunjukkan
               Name                    Position           Period of Service                    Legal Basis of Appointment
                                                                                  Surat Keputusan Dewan Komisaris No. 004/IFI-LGL/
                                       Ketua                                               VIII/2019 tanggal 16 Agustus 2019
             Sumarni                                          2019 – 2024
                                    Chairwoman                                    Decree of the Board of Commissioners No. 004 / IFI-
                                                                                         LGL / VIII / 2019 dated 16 August 2019
                                                                                  Surat Keputusan Dewan Komisaris No. 004/IFI-LGL/
                                     Anggota                                               VIII/2019 tanggal 16 Agustus 2019
          Surja Hartono                                       2019 – 2024
                                     Member                                       Decree of the Board of Commissioners No. 004 / IFI-
                                                                                         LGL / VIII / 2019 dated 16 August 2019
                                                                                     Surat Keputusan Dewan Komisaris No. 001/IFII-
                                     Anggota                                                LGL/V/2023 tanggal 9 Mei 2023
     Luluana Triputri Setiawan                                2023 – 2024
                                     Member                                        Decree of the Board of Commissioners No. 001/IFII-
                                                                                             LGL/V/2023 dated May 9, 2023



    Rangkap Jabatan Komite Nominasi dan Remunerasi                            Concurrent Position of Nomination and Remuneration
                                                                              Committee
    Rincian rangkap jabatan Komite Nominasi dan                               Details of concurrent positions for the Nomination
    Remunerasi adalah sebagai berikut :                                       and Remuneration Committee are as follows:




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Page 176
               Nama                   Jabatan               Jabatan Lain dalam Perseroan              Jabatan Lain di Emiten Lain
               Name                   Position              Other Position in the Company            Other Positions in Other Issuers

                                                      1. Komisaris Independen
                                                         Independent Commissioner
                                        Ketua                                                                        Tidak ada
     Sumarni
                                     Chairwoman                                                                        None
                                                      2. Ketua Komite Audit
                                                         Chairwoman of the Audit Committee
                                                                                                           Komisaris Utama di
                                      Anggota         Komisaris Utama                                   PT Selamat Sempurna Tbk
     Surja Hartono
                                      Member          President Commissioner                            President Commissioner at
                                                                                                        PT Selamat Sempurna Tbk

                                      Anggota         Corp. HR&GA General Manager                                    Tidak ada
     Luluana Triputri Setiawan
                                      Member          Corp. HR&GA General Manager                                      None




    Kriteria Anggota Komite Nominasi dan Remunerasi                       Criteria    for    Members      of     the       Nomination             and
                                                                          Remuneration Committee
    Mengacu pada Peraturan Otoritas Jasa keuangan                         Referring     to    the   Financial         Services           Authority
    (POJK)     No.    34/POJK.04/2014,        Anggota    Komite           Regulation (POJK) No. 34/POJK.04/2014, Members of
    Nominasi dan Remunerasi Perseroan wajib memenuhi                      the Nomination and Remuneration Committee of the
    kriteria sebagai berikut :                                            Company must meet the following criteria:
    1.   Anggota      Komite     Nomisasi     dan   Remunerasi            1.   Members of the Nomination and Remuneration
         paling kurang terdiri dari 1 (satu) orang Komisaris                   Committee shall consist of at least 1 (one)
         Independen sebagai Ketua merangkap anggota,                           Independent Commissioner concurrently serving
         1 (satu) orang Komisaris dan 1 (satu) orang                           as a member, 1 (one) Commissioner and 1 (one)
         Pejabat Eksekutif yang membawahi Sumber                               Executive Officer in charge of Human Resources or
         Daya Manusia atau orang yang berasal dari luar                        people from outside the Company has experience
         Perseroan yang memiliki pengalaman terkait                            related to Nomination and Remuneration.
         Nominasi dan Remunerasi.
    2.   Anggota Direksi Perseroan tidak dapat menjadi                    2.   Members of the Company's Board of Directors
         anggota Komite Nominasi dan Remunerasi                                cannot become members of the Nomination and
    3.   Pejabat eksekutif yang membawahi Sumber                               Remuneration Committee
         Daya Manusia atau orang yang berasal dari luar                   3.   Executive officers in charge of Human Resources
         Perseroan yang menjadi anggota Komite, harus                          or people from outside the Company who
         memiliki pengetahuan dan mengetahui ketentuan                         are members of the Committee, must have
         sistem nominasi dan remunerasi.                                       knowledge and know about the nomination and
                                                                               remuneration system.


    Independensi        Anggota      Komite      Nominasi   dan           Independence of Members of the Nomination and
    Remunerasi                                                            Remuneration Committee
    Mayoritas Komite Nominasi dan Remunerasi berasal                      The majority of the Nomination and Remuneration
    dari pihak independen yang tidak memiliki hubungan                    Committee comes from independent parties who
    keuangan,        kepengurusan,    kepemilikan       dan/atau          have no financial, management, ownership and / or
    keluarga dengan anggota Dewan Komisaris lainnya,                      family relationships with other members of the Board
    Direksi dan Pemegang Saham Perseroan, yang                            of Commissioners, Directors and Shareholders of
    dapat mempengaruhi independensi anggota Komite.                       the Company, which may affect the independence




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    Ketua Komite Nominasi dan Remunerasi dijabat oleh                    of the Committee members. The Chairwoman of the
    Komisaris Independen yang merangkap menjadi                          Nomination and Remuneration Committee is held by
    Ketua Komite Nominasi dan Remunerasi.                                an Independent Commissioner who is concurrently
                                                                         the Chairwoman of the Nomination and Remuneration
                                                                         Committee.


    Rapat Komite Nominasi dan Remunerasi                                 Meeting       of   the   Nomination         and        Remuneration
                                                                         Committee
    Rapat Komite Nominasi dan Remunerasi dihadiri oleh                   The        Nomination    and   Remuneration                 Committee
    para anggota Komite Nominasi dan Remunerasi.                         Meeting is attended by members of the Nomination
    Berdasarkan Peraturan Otoritas Jasa keuangan No.                     and Remuneration Committee. Based on the Financial
    34/POJK.04/ 2014, Komite Nominasi dan Remunerasi                     Services Authority Regulation No. 34 / POJK.04 /
    diwajibkan untuk menyelenggarakan rapat Komite                       2014, the Nomination and Remuneration Committee
    Nominasi dan Remunerasi secara berkala paling                        is required to hold a Nomination and Remuneration
    kurang 1 (satu) kali dalam 4 (empat) bulan.                          Committee meeting periodically at least 1 (one) time
                                                                         in 4 (four) months.


    Kebijakan Rapat Komite Nominasi dan Remunerasi                       Nomination and Remuneration Committee Meeting
                                                                         Policy
    Kebijakan Frekuensi rapat dan tingkat kehadiran                      The meeting frequency and attendance level of the
    anggota Komite Nominasi dan Remunerasi adalah                        Nomination and Remuneration Committee members
    sebagai berikut :                                                    are as follows:
    1.   Komite    Nominasi         dan   Remunerasi       wajib         1.    The Nomination and Remuneration Committee
         mengadakan         rapat   Komite      Nominasi    dan                shall hold a Nomination and Remuneration
         Remunerasi secara berkala paling kurang 1 (satu)                      Committee meeting periodically at least 1 (one)
         kali dalam 4 (empat) bulan.                                           time in 4 (four) months.
    2.   Rapat Komite Nominasi dan Remunerasi hanya                      2.    Meetings of the Nomination and Remuneration
         dapat diselenggarakan apabila :                                       Committee can only be held if:
         yy   Dihadiri oleh mayoritas dari jumlah anggota                      yy    Attended by a majority of the committee
              komite; dan                                                            members; and
         yy   Salah satu dari mayoritas jumlah anggota                         yy    One of the majority members of the
              komite adalah merupakan ketua Komite                                   committee is the chairman of the Nomination
              Nominasi dan Remunerasi.                                               and Remuneration committee.
    3.   Pengambilan           keputusan          berdasarkan            3.    Making decisions based on deliberation to reach
         musyawarah         untuk    mufakat.     Dalam      hal               consensus. In the event that deliberation to reach
         musyawarah untuk mufakat tidak tercapai, maka                         a consensus is not reached, the decision is made
         pengambilan keputusan diambil berdasarkan                             based on majority votes.
         suara terbanyak.


    Pelaksanaan Rapat Komite Nominasi dan Remunerasi                     Implementation of Nomination and Remuneration
                                                                         Committee Meetings
    Pada tahun 2023, Komite Nominasi dan Remunerasi                      In 2023, the Company's Nomination and Remuneration
    Perseroan telah mengadakan rapat Komite Nominasi                     Committee has held Nomination and Remuneration
    dan Remunerasi sebanyak 3 (tiga) kali. Agenda rapat                  Committee meetings 3 (three) times. The agenda
    Komite Nominasi dan Remunerasi terkait pemberian                     for the Nomination and Remuneration Committee




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    usulan calon anggota Direksi dan Dewan Komisaris,                        meeting is related to the provision of proposals for
    pembahasan kebijakan dan besaran remunerasi,                             candidates for the Board of Directors and the Board
    penilaian kinerja dengan kesesuaian remunerasi yang                      of Commissioners, discussion of policies and the
    diterima masing-masing anggota Direksi dan/atau                          amount of remuneration, performance appraisal in
    anggota Dewan Komisaris.                                                 accordance with the remuneration received by each
                                                                             member of the Board of Directors and/or members
                                                                             of the Board of Commissioners.


    Rincian kehadiran anggota Komite Nominasi dan                            The attendance details of the members of the
    Remunerasi dalam rapat Komite Nominasi dan                               Nomination and Remuneration Committee at the
    Remunerasi adalah sebagai berikut :                                      Nomination and Remuneration Committee meetings
                                                                             are as follows:

          Nama Komite Nominasi dan
                 Remunerasi                          Jumlah Rapat                 Jumlah Kehadiran                       % Kehadiran
         Nomination and Remuneration                 No. of Meetings              No. of Attendance                      Attendance
              Committee Name

                   Sumarni                                 3                              3                                     100
                Surja Hartono                              3                              3                                     100
           Luluana Triputri Setiawan                       3                              3                                     100


    Pelatihan dan Pengembangan Kompetensi Komite                             Training and Competency Development of Nomination
    Nominasi dan Remunerasi                                                  and Remuneration Committee
    Selama tahun 2023, Ibu Sumarni selaku Ketua Komite                       During 2023, Ms. Sumarni as the Chairwoman of the
    Nominasi dan Remunerasi Perseroan dan Bapak                              Company's Nomination and Remuneration Committee
    Surja Hartono selaku Anggota Komite Nominasi                             and Mr. Surja Hartono as the member of the Company's
    dan Remunerasi Perseroan secara rutin mengikuti                          Nomination and Remuneration Committee regularly
    program     pengembangan           kompetensi.     Informasi             participates in competency development programs.
    mengenai pelatihan dan pengembangan kompetensi                           Information regarding the training and competency
    yang pernah diikuti oleh Ibu Sumarni dan Bapak                           development that Ms. Sumarni and Mr. Surja Hartono
    Surja Hartono tersedia di bagian pelatihan dan                           have participated in is available in the training and
    pengembangan kompetensi Dewan Komisaris.                                 competency development section of the Board of
                                                                             Commissioners.


    Uraian    Singkat    Pelaksanaan       Kegiatan      Komite              Brief Description of the Nomination and Remuneration
    Nominasi dan Remunerasi Pada Tahun Buku 2023                             Committee Activities in the 2023
    Pada 2023, kegiatan yang dilakukan Komite Nominasi                       The Nomination and Remuneration Committee’s
    dan Remunerasi adalah sebagai berikut:                                   activities in 2023 are summarised below:
    1.   Menelaah       dan     menentukan/mengusulkan                       1.   Reviewed     and      determined/proposed                         the
         struktur remunerasi bagi anggota Direksi dan                             remuneration structure for the Board of Directors
         anggota Dewan Komisaris, remunerasi anggota                              and the Board of Commissioners members and
         Direksi dan remunerasi anggota Dewan Komisaris.                          remuneration for the Board of Directors and the
                                                                                  Board of Commissioners members.
    2.   Memberikan      rekomendasi        kepada        Dewan              2.   Provided recommendations to the Board of
         Komisaris mengenai program pengembangan                                  Commissioners regarding the capacity building
         kemampuan anggota Direksi dan/atau anggota                               program for members of the Board of Directors
         Dewan Komisaris.                                                         and/or members of the Board of Commissioners.




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    3.    Meninjau     kembali   kebijakan     nominasi        dan           3.   Reviewed existing nomination and remuneration
          remunerasi     yang    ada   antara       lain     terkait              policy, among others related to performance
          dengan kebijakan penilaian kinerja, kebijakan                           evaluation     policy,    resignation             policy         and
          pengunduran diri dan program pengembangan                               development programs for all Executive Officers
          bagi pejabat Eksekutif dan karyawan secara                              and employees.
          keseluruhan.
    4.    Membantu Dewan Komisaris melakukan penilaian                       4.   Assisted     the   Board      of      Commissioners                  in
          kinerja anggota Direksi dan/atau anggota Dewan                          evaluating the performance of members of the
          Komisaris berdasarkan tolok ukur yang telah                             Board of Directors and/or members of the Board
          disusun sebagai bahan evaluasi.                                         of Commissioners based on the benchmarks that
                                                                                  have been prepared as evaluation materials.




    Sekretaris Perusahaan                                                    Corporate Secretary

    Sekretaris Perusahaan merupakan organ pendukung                          The Corporate Secretary is a supporting organ for the
    bagi Direksi dalam menjalankan fungsi pengurusan                         Board of Directors in carrying out the management
    Perseroan. Sekretaris Perusahaan adalah orang                            function of the Company. The Corporate Secretary is
    perseorangan atau penanggung jawab dari unit kerja                       an individual person or person in charge of a work unit
    yang menjalankan fungsi sekretaris perusahaan.                           that performs the functions of a Corporate Secretary.
    Sekretaris Perusahaan berfungsi sebagai penghubung                       The Corporate Secretary serves as a liaison between
    antara perusahaan dengan otoritas dan pihak-pihak                        the company and the authorities and other parties
    lain di luar perusahaan termasuk bertugas membantu                       outside the company, including the duty of assisting
    Direksi dalam penerapan Tata Kelola Perusahaan                           the Board of Directors in the implementation of Good
    Yang Baik (Good Corporate Governance) seperti                            Corporate Governance, such as corporate information
    keterbukaan informasi perusahaan kepada seluruh                          disclosure to all stakeholders.
    pemangku kepentingan.


    Sekretaris Perusahaan diangkat dan diberhentikan                         The Corporate Secretary is appointed and dismissed
    berdasarkan keputusan Direksi. Sekretaris Perusahaan                     based on the decision of the Board of Directors.
    dilarang merangkap jabatan apapun di Emiten                              The Corporate Secretary is prohibited from holding
    atau Perusahaan Publik lain. Namun, Sekretaris                           concurrent positions in other Issuers or Public
    Perusahaan dapat dirangkap oleh seorang anggota                          Companies. However, the Corporate Secretary may
    Direksi.   Sekretaris   perusahaan       juga    diharapkan              be concurrently held by a member of the Board of
    mampu senantiasa memutakhirkan informasi tentang                         Directors. The Corporate Secretary is also expected
    peraturan yang dipatuhi oleh Emiten atau Perusahaan                      to be able to constantly update regulations that must
    Publik dan menyediakan informasi penting bagi Direksi                    be complied with by the Issuer or Public Company
    dan Dewan Komisaris dalam membuat keputusan.                             and provide important information to the Board of
                                                                             Directors and Board of Commissioners for decision
                                                                             making.


    Sekretaris   Perusahaan      dituntut     untuk        memiliki          The Corporate Secretary is required to have
    kualifikasi yang sesuai dengan tugas dan tanggung                        qualifications in accordance with his/her duties and
    jawabnya, serta untuk meningkatkan pengetahuan                           responsibilities, as well as to improve knowledge
    dan     kemampuan        untuk     mendukung             dalam           and abilities to support the implementation of his/




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    pelaksanaan      tugasnya.     Keberadaan           sekretaris         her duties. The existence of a Corporate Secretary
    perusahaan      memberikan       nilai       positif    dalam          provides positive value in assisting the management
    membantu pengelolaan Emiten atau Perusahaan                            of the Issuers or Public Companies, so as to increase
    Publik, sehingga dapat meningkatkan kepercayaan                        the trust of shareholders and other stakeholders.
    pemegang saham, serta pemangku kepentingan
    lainnya.


    Perseroan     telah   membentuk          fungsi     Sekretaris         The     Company      has    established             the      Corporate
    Perusahaan, sesuai dengan peraturan perundang-                         Secretary function, in compliance with the prevailing
    undangan dan peraturan OJK yang berlaku, untuk                         laws and Financial Services Authority regulations, to
    memastikan pelayanan kepada setiap pemangku                            ensure the fulfillment of service of each stakeholder,
    kepentingan, serta untuk meningkatkan ketersediaan                     as well as to improve the availability of the Company’s
    informasi    Perseroan    yang       dapat    diakses     oleh         information that has been made accessible to the
    masyarakat.                                                            public.


    Berdasarkan     Surat    Keputusan        Direksi      No.001/         Based on the Board of Director’ Decree No.001/
    IFII/LGL/IV/2022 tanggal 4 April 2022 mengenai                         IFII/LGL/IV/2022 dated April 4, 2022 concerning
    Penunjukan dan Pengangkatan Sekretaris Perusahaan,                     Nomination and Appointment of Corporate Secretary,
    Perseroan telah menunjuk dan mengangkat Evan                           the Company has nominated and appointed Evan
    Kristian    sebagai     Sekretaris     Perusahaan        yang          Kristian as the Company’s Corporate Secretary which
    sebelumnya dijabat oleh Thomas Verdiyanto.                             formerly held by Thomas Verdiyanto.




    Profil Sekretaris Perusahaan                                           Corporate Secretary Profile

    Evan Kristian                                                          Evan Kristian
    Warga negara Indonesia, lahir pada tahun 1985.                         An Indonesian citizen, born in 1985. He was appointed
    Menjabat sebagai Sekretaris Perusahaan pada 2022.                      as Corporate Secretary of the Company in 2022. He
    Beliau bergabung dengan kelompok usaha ADR                             joined the ADR Group of Companies in 2019, has
    pada 2019, memiliki pengalaman sebagai Senior                          experience as a Senior Manager Accounting Tax
    Manager Accounting Tax ADR Agro Group dari tahun                       ADR Agro Group from 2019-March 2022, Vice Chief
    2019-Maret 2022, Vice Chief Finance Officer PT                         Finance Officer PT Mandaya Sehat Utama from 2018-
    Mandaya Sehat Utama dari tahun 2018-2019, Group                        2019, Group Accounting and Corporate Administration
    Accounting and Corporate Administration Manager                        Manager Omni Hospital Group from 2014-2018,
    Omni Hospital Group dari tahun 2014-2018, Finance                      Finance Manager and Business Development PT
    Manager and Business Development PT Indah Cipta                        Indah Cipta Utama from 2012-2014, Audit Supervisor
    Utama dari tahun 2012-2014, Audit Supervisor KAP                       KAP BDO International from 2008-2012.
    BDO International dari tahun 2008-2012.


    Tugas dan Tanggung Jawab                                               The Duties and Responsibilities :
    Tugas dan tanggung jawab Sekretaris Perseroan                          The duties and responsibilities of the Corporate
    meliputi:                                                              Secretary include:
    1.   Mengikuti perkembangan Pasar Modal khususnya                      1.    Keeping himself informed by the development
         peraturan perundang-undangan yang berlaku di                            of the Capital Market, especially the law and
         bidang Pasar Modal.                                                     regulations on the Capital Market.




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    2.   Memberikan masukan kepada Direksi dan Dewan                    2.   Providing input to the Board of Directors and
         Komisaris untuk mematuhi ketentuan peraturan                        Board of Commissioners to comply with the
         perundang-undangan yang berlaku di bidang                           prevailing law and regulations in the Capital
         Pasar Modal.                                                        Market.
    3.   Membantu Direksi dan Dewan Komisaris dalam                     3.   Assisting the Board of Directors and Board of
         pelaksanaan Tata Kelola Perusahaan yang Baik                        Commissioners in the implementation of Good
         yang meliputi:                                                      Corporate Governance which includes:
         a.   Keterbukaan informasi kepada masyarakat,                       a.   Information     disclosure           to       the       public,
              termasuk ketersediaan informasi pada situs                          including the availability of information on the
              web Perseroan;                                                      Company's website;
         b.   Penyampaian laporan kepada OJK tepat                           b.   Submitting reports to FSA on time;
              waktu;
         c.   Penyelenggaraan dan dokumentasi Rapat                          c.   Implementation and documentation of the
              Umum Pemegang Saham;                                                General Meeting of Shareholders;
         d.   Penyelenggaraan dan dokumentasi rapat                          d.   Organization and documentation of the Board
              Direksi dan/atau Dewan Komisaris; dan                               of Directors and/or Board of Commissioners
                                                                                  meetings; and
         e.   Pelaksanaan     program    orientasi   terhadap                e.   Implementation of the orientation program
              Perseroan bagi Direksi dan/atau Dewan                               towards the Company for the Board of
              Komisaris.                                                          Directors and/or Board of Commissioners.
    4.   Sebagai       penghubung       Perseroan       dengan          4.   As a liaison between the Company and the
         pemegang saham Perseroan, OJK, dan Pemangku                         Company’s       shareholders,           FSA,         and        other
         kepentingan lainnya.                                                stakeholders.
    5.   Sekretaris    Perusahaan     dan    pegawai     dalam          5.   The Corporate Secretary and employees in
         unit kerja yang menjalankan fungsi Sekretaris                       the work units that carry out the function of the
         Perusahaan wajib menjaga kerahasiaan dokumen,                       Corporate Secretary shall be obliged to maintain
         data dan informasi yang bersifat rahasia kecuali                    the confidentiality of documents, data and
         dalam     rangka    memenuhi       kewajiban    sesuai              information that are confidential except in the
         dengan peraturan perundang-undangan atau                            context of fulfilling obligations in accordance with
         ditentukan lain dalam peraturan perundang-                          statutory regulations or otherwise mandated by
         undangan.                                                           the statutory regulations.
    6.   Sekretaris    Perusahaan     dan    pegawai     dalam          6.   The Corporate Secretary and employees in the
         unit kerja yang menjalankan fungsi Sekretaris                       work units that carry out the functions of the
         Perusahaan dilarang mengambil keuntungan                            Corporate Secretary shall be prohibited from
         pribadi secara langsung maupun tidak langsung,                      taking any personal benefits directly or indirectly,
         yang merugikan Perseroan.                                           which may cause detriment to the Company.
    7.   Dalam rangka meningkatkan pengetahuan dan                      7.   In order to improve knowledge and understanding
         pemahaman         untuk    membantu     pelaksanaan                 to help carry out his/her duties, the Corporate
         tugasnya, Sekretaris Perusahaan harus mengikuti                     Secretary should attend an education and/or
         pendidikan dan/atau pelatihan.                                      training.
    8.   Sekretaris     Perusahaan     bertanggung       jawab          8.   The Corporate Secretary shall be responsible to
         kepada Direksi.                                                     the Board of Directors.
    9.   Setiap informasi yang disampaikan oleh Sekretaris              9.   Every information disseminated by the Corporate
         Perusahaan        kepada   masyarakat    merupakan                  Secretary to the public is the official information
         informasi resmi Perseroan.                                          of the Company.




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    10. Mengelola Rapat Gabungan Dewan Komisaris                                10. Managing      Joint         meetings             of       Board          of
          dan Direksi dan juga mencatat Agenda, Minute,                             Commissioners and Board of Directors and record
          Kebijakan, keputusan, dan data – data yang                                the Agenda, Minutes, and Policies, Decisions and
          dihasilkan didalam Rapat Gabungan Dewan                                   data produced in the Joint Meeting of Board of
          Komisaris dan Direksi.                                                    Commissioners and Board of Directors.
    11. Membantu Direksi dalam pemecahan masalah –                              11. Assist the Board of Directors in solving the
          masalah Perseroan secara umum.                                            Company's problems in general.
    12. Mengawasi jalannya aplikasi peraturan yang                              12. Overseeing the implementation of applicable
          berlaku dengan tetap berpedoman pada prinsip                              regulations while still referring to GCG principles.
          GCG.
    13. Menata-usahakan serta menyimpan dokumen –                               13. Administering and filling the Company documents.
          dokumen Perseroan.
    14. Memberikan pelayanan kepada masyarakat atau                             14. Providing services to the public or shareholders
          shareholders atas informasi yang dibutuhkan                               on information needed by investors relating to
          pemodal          yang     berkaitan       dengan     kondisi              the condition of the Company:
          Perseroan:
          yy    Laporan Keuangan Tahunan (Audited);                                 yy   Annual Financial Report (Audited);
          yy    Laporan Kinerja Perusahaan Tahunan (Annual                          yy   Annual       Company            Performance               Reports
                Report);                                                                 (Annual Report);
          yy    Informasi Fakta Material;                                           yy   Information on Material Facts;
          yy    Produk      atau     penemuan          yang     berarti             yy   Significant products or inventions (awards,
                (penghargaan, proyek unggulan, penemuan                                  flagship projects, special method discoveries,
                metode khusus, dll); dan                                                 etc.); and
          yy    Perubahan dalam sistem pengendalian atau                            yy   Changes in the control system or important
                perubahan penting dalam manajemen.                                       changes in management.


    Sekretaris      Perseroan        akan        mengikuti    program           The Company Secretary will attend a training program
    pelatihan yang berkaitan dengan:                                            related to:
    yy Perkembangan pasar modal khususnya peraturan                             yy The development of the capital market, especially
      perundang-undangan yang berlaku;                                            the dealing with applicable laws and regulations;
    yy Pemahaman             tata       kelola     Perseroan     yang           yy Understanding of corporate governance based on
      berpedoman pada prinsip GCG; dan                                            GCG principles; and
    yy Kemampuan             sebagai        penghubung          antara          yy Capability as a liaison between the Company's
      pemegang saham Perseroan, OJK, dan Pemangku                                 shareholders,        the      FSA,         and        other         public
      kepentingan umum lainnya.                                                   stakeholders.


    Perseroan aktif berhubungan dan berkorespondensi                            The Company keep actively in touch and corresponds
    dengan pihak regulator melalui Sekretaris Perusahaan                        with the regulators through the Corporate Secretary in
    dalam menyampaikan informasi-informasi yang dapat                           conveying information that can significantly affect the
    secara signifikan mempengaruhi kinerja Perseroan                            Company’s performance in term of both the financial
    baik dari sisi finansial maupun sisi operasional.                           and operational aspects.


    Selain itu, dalam rangka pemenuhan asas keterbukaan                         In addition, in order to fulfill the principles of
    dan        pelaksanaan        GCG     dilaksanakan       Perseroan          transparency and implementation of GCG, the
    dengan cara publikasi informasi, yang dapat dan                             Company conducts by publishing information, which




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    layak untuk dipublikasikan kepada seluruh pemangku                      may and is eligible for publication to all stakeholders,
    kepentingan,     melalui    situs    resmi   Perseroan     di           through      the    Company's            official        website            at
    www.pt-ifi.com.                                                         www.pt-ifi.com.


    Untuk penyampaian pendapat, keluhan maupun                              For the submission of opinions, complaints or
    pertanyaan,       pemangku          kepentingan        dapat            questions, stakeholders may contact via email
    menghubungi melalui alamat email di corporate.                          address at corporate.secretary@pt-ifi.com and can
    secretary@pt-ifi.com dan juga dapat dihubungi di                        also be contacted at (021) 661-5555 during office
    (021) 661-5555 pada jam kerja.                                          hours.


    Program Peningkatan Kompetensi                                          Competency Building Program
    Untuk meningkatkan kompetensi dalam menjalankan                         In order to improve the competency in performing his
    tugasnya,     Sekretaris     Perusahaan      secara     rutin           duties, Corporate Secretary regularly attends various
    mengikuti berbagai program pelatihan dan seminar.                       training programs and seminars. Below are training
    Di bawah ini adalah program pelatihan dan seminar                       programs and seminars that has been attended
    yang diikuti sepanjang tahun 2023 :                                     during 2023 :



           Tanggal                      Nama Pelatihan, Workshop, Seminar                      Penyelenggara                          Tempat
            Date                        Training, Workshop, Seminar’s name                       Organizer                             Place

        19 Januari 2023        Webinar ESG Strategy and Rating dengan Tema Bursa Efek Indonesia (BEI)                            Virtual melalui
                               "Unlocking Opportunities Through ESG Rating dan PwC Indonesia.                                    Zoom Meeting.
                               Improvements."

       January 19, 2023        Webinar ESG Strategy and Rating with the Theme Indonesia Stock Exchange                          Virtual via Zoom
                               "Unlocking Opportunities Through ESG Rating (IDX) and PwC Indonesia.                                 Meeting.
                               Improvements."
        31 Januari 2023        Acara Pembukaan Perdagangan BEI dalam Rangka Bursa Efek Indonesia (BEI)                           Virtual melalui
                               Peluncuran Roadmap Pasar Modal Indonesia 2023- dan Otoritas Jasa Keuangan                         Zoom Meeting.
                               2027 dan Apresiasi Hasil Penilaian ASEAN Corporate (OJK).
                               Governance Scorecard (ACGS) Tahun 2021.

       January 31, 2023        IDX Trading Opening Event in the Context of Indonesia Stock Exchange                             Virtual via Zoom
                               Launching the 2023-2027 Indonesian Capital Market (IDX) and Financial Services                       Meeting.
                               Roadmap and Appreciation of the 2021 ASEAN Authority (FSA).
                               Corporate Governance Scorecard (ACGS) Assessment
                               Results.
        31 Januari 2023        Sosialisasi Surat Edaran Otoritas Jasa Keuangan Otoritas            Jasa      Keuangan            Virtual melalui
                               (SEOJK) Nomor 33/SEOJK.04/2022 tentang Pedoman (OJK).                                             Zoom Meeting.
                               Pelaksanaan Penawaran Efek yang Bukan Merupakan
                               Penawaran Umum.         .

       January 31, 2023        Socialization of Circular Letter of the Financial Services Financial Services Authority          Virtual via Zoom
                               Authority    (SEOJK)      Number      33/SEOJK.04/2022 (FSA).                                        Meeting.
                               concerning Guidelines for the Implementation of
                               Securities Offerings Classified as Non-Public Offerings.
       27 Februari 2023        Webinar dengan Topik "Dengar Pendapat Konsep Bursa Efek Indonesia (BEI).                          Virtual melalui
                               Peraturan Bursa Nomor I-I tentang Pemecahan Saham                                                 Zoom Meeting.
                               dan Penggabungan Saham oleh Perusahaan Tercatat
                               yang Menerbitkan Efek Bersifat Ekuitas."

       February 27, 2023       Webinar with the Topic "Hearing on the Concept of Indonesia Stock Exchange                       Virtual via Zoom
                               Exchange Rule Number I-I concerning Share Split (IDX).                                               Meeting.
                               and Merger of Shares by Listed Companies that Issue
                               Equity Securities."




LAPORAN TAHUNAN 2023 | Annual Report                                 178                               P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 184
          Tanggal                Nama Pelatihan, Workshop, Seminar                Penyelenggara                          Tempat
           Date                  Training, Workshop, Seminar’s name                 Organizer                             Place

        8 Maret 2023     Ring the Bell for Gender Equality (RTBFGE) 2023.   Bursa Efek Indonesia (BEI),             Virtual melalui
                                                                            UN     Women       Indonesia,           Zoom Meeting.
                                                                            International        Finance
                                                                            Corporation (IFC) World
                                                                            Bank,     Indonesia   Global
                                                                            Compact Network (IGCN),
                                                                            dan Indonesia Business
                                                                            Coalition     for    Women
                                                                            Empowerment (IBCWE).

        March 8, 2023    Ring the Bell for Gender Equality (RTBFGE) 2023.   Indonesia Stock Exchange               Virtual via Zoom
                                                                            (IDX), UN Women Indonesia,                 Meeting.
                                                                            International       Finance
                                                                            Corporation (IFC) World
                                                                            Bank,     Indonesia  Global
                                                                            Compact Network (IGCN),
                                                                            and Indonesia Business
                                                                            Coalition     for   Women
                                                                            Empowerment (IBCWE).
        14 Maret 2023    Introduction:  Gender  Equality and  Women Bursa Efek Indonesia (BEI),                     Virtual melalui
                         Empowerment Principles: How to Implement in UN     Women       Indonesia,                  Zoom Meeting.
                         Business Sectors .                          International        Finance
                                                                     Corporation (IFC) World
                                                                     Bank,     Indonesia   Global
                                                                     Compact Network (IGCN),
                                                                     dan Indonesia Business
                                                                     Coalition     for    Women
                                                                     Empowerment (IBCWE).

        March 14, 2023   Introduction:  Gender  Equality and  Women Indonesia Stock Exchange                       Virtual via Zoom
                         Empowerment Principles: How to Implement in (IDX), UN Women Indonesia,                        Meeting.
                         Business Sectors .                          International       Finance
                                                                     Corporation (IFC) World
                                                                     Bank,     Indonesia  Global
                                                                     Compact Network (IGCN),
                                                                     and Indonesia Business
                                                                     Coalition     for   Women
                                                                     Empowerment (IBCWE).
        16 Maret 2023    Acara Pembukaan Perdagangan dalam Rangka “IFC      Bursa Efek Indonesia (BEI)              Virtual melalui
                         and IDX ESG Collaboration Launch Event and ESG     dan International Finance               Zoom Meeting.
                         Leadership Training.”                              Corporation (IFC) World
                                                                            Bank.

       March 16, 2023    Trade Opening Event in the Context of "IFC and IDX Indonesia Stock Exchange               Virtual via Zoom
                         ESG Collaboration Launch Event and ESG Leadership (IDX)    and   International                Meeting.
                         Training."                                         Finance Corporation (IFC)
                                                                            World Bank.
        21 Maret 2023    Webinar dengan Tema "Way Forward for ESG:          Bursa     Efek      Indonesia           Virtual melalui
                         Streamlining and Impact Reporting."                (BEI),  Indonesia      Global           Zoom Meeting.
                                                                            Compact Network (IGCN),
                                                                            Kementerian             PPN/
                                                                            Bappenas,      dan     Global
                                                                            Reporting Initiative (GRI).

        March 21, 2023   Webinar with the Theme "Way Forward for ESG: Indonesia Stock Exchange                     Virtual via Zoom
                         Streamlining and Impact Reporting."          (IDX),   Indonesia     Global                    Meeting.
                                                                      Compact Network (IGCN),
                                                                      Ministry     of       National
                                                                      Development         Planning/
                                                                      Bappenas,      and     Global
                                                                      Reporting Initiative (GRI).




LAPORAN TAHUNAN 2023 | Annual Report                          179                         P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 185
           Tanggal                 Nama Pelatihan, Workshop, Seminar                     Penyelenggara                         Tempat
            Date                   Training, Workshop, Seminar’s name                      Organizer                            Place

        28 Maret 2023      Webinar dengan Tema "Creating a Safe, Fair, and Bursa       Efek      Indonesia                Virtual melalui
                           Decent Work Environment: Sustainability Reporting (BEI),  Indonesia      Global                Zoom Meeting.
                           and Impact Assessment for Human Rights."          Compact Network (IGCN),
                                                                             Kementerian             PPN/
                                                                             Bappenas,      dan     Global
                                                                             Reporting Initiative (GRI).

       March 28, 2023      Webinar with Theme "Creating a Safe, Fair, and Decent Indonesia Stock Exchange                Virtual via Zoom
                           Work Environment: Sustainability Reporting and (IDX),          Indonesia     Global               Meeting.
                           Impact Assessment for Human Rights."                  Compact Network (IGCN),
                                                                                 Ministry     of       National
                                                                                 Development         Planning/
                                                                                 Bappenas,      and     Global
                                                                                 Reporting Initiative (GRI).
        30 Maret 2023      Webinar "Self Assessment: Where Are We in Bursa Efek Indonesia (BEI),                          Virtual melalui
                           the Implementation of Women’s Empowerment UN     Women       Indonesia,                        Zoom Meeting.
                           Principles?"                              International        Finance
                                                                     Corporation (IFC) World
                                                                     Bank,     Indonesia   Global
                                                                     Compact Network (IGCN),
                                                                     dan Indonesia Business
                                                                     Coalition     for    Women
                                                                     Empowerment (IBCWE).

       March 30, 2023      Webinar "Self Assessment: Where Are We in Indonesia Stock Exchange                            Virtual via Zoom
                           the Implementation of Women’s Empowerment (IDX), UN Women Indonesia,                              Meeting.
                           Principles?"                              International       Finance
                                                                     Corporation (IFC) World
                                                                     Bank,     Indonesia  Global
                                                                     Compact Network (IGCN),
                                                                     and Indonesia Business
                                                                     Coalition     for   Women
                                                                     Empowerment (IBCWE).
         04 April 2023     Webinar dengan Tema "Integrating SDG 16 Business Bursa     Efek      Indonesia                 Virtual melalui
                           Framework into Business Strategy."               (BEI),  Indonesia      Global                 Zoom Meeting.
                                                                            Compact Network (IGCN),
                                                                            Kementerian             PPN/
                                                                            Bappenas,      dan     Global
                                                                            Reporting Initiative (GRI).

        April 04, 2023     Webinar with the Theme "Integrating SDG 16 Business Indonesia Stock Exchange                  Virtual via Zoom
                           Framework into Business Strategy."                  (IDX),   Indonesia     Global                 Meeting.
                                                                               Compact Network (IGCN),
                                                                               Ministry     of       National
                                                                               Development         Planning/
                                                                               Bappenas,      and     Global
                                                                               Reporting Initiative (GRI).
       04-05 April 2023    PSAK 74 : Kontrak Asuransi.                            Ikatan Akuntan      Indonesia           Virtual melalui
                                                                                  (IAI).                                  Zoom Meeting.

       April 04-05, 2023   PSAK 74 : Insurance Contracts.                         Institute  of    Indonesia             Virtual via Zoom
                                                                                  Chartered Accountants (IAI).               Meeting.




LAPORAN TAHUNAN 2023 | Annual Report                            180                             P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 186
          Tanggal                Nama Pelatihan, Workshop, Seminar                Penyelenggara                         Tempat
           Date                  Training, Workshop, Seminar’s name                 Organizer                            Place

        12 April 2023    Webinar “Sosialisasi Penyelenggaraan Annual Report Komite Nasional Kebijakan              Virtual melalui
                         Award 2022."                                       Governansi (KNKG) dan                  Zoom Meeting.
                                                                            Institut Akuntan Indonesia
                                                                            (IAI).

        April 12, 2023   Webinar"Socialization Annual Report Award 2022."   National   Committee      of          Virtual via Zoom
                                                                            Governance Policy (KNKG)                  Meeting.
                                                                            and Institute of Indonesia
                                                                            Chartered Accountant (IAI).
         17 Mei 2023     Webinar “Sosialisasi Penggunaan EASY-KSEI."        Kustodian    Sentral        Efek       Virtual melalui
                                                                            Indonesia (KSEI).                      Zoom Meeting.

        May 17, 2023     Webinar "Socialization of the Use of EASY-KSEI."   Indonesia Central Securities          Virtual via Zoom
                                                                            Depository (KSEI).                        Meeting.
         24 Mei 2023     Understanding the Landscape and Significance of GSS Bursa    Efek   Indonesia             Virtual melalui
                         Bonds.                                              (BEI) dan United Nations              Zoom Meeting.
                                                                             Development Programme
                                                                             (UNDP).

        May 24, 2023     Understanding the Landscape and Significance of GSS Indonesia Stock Exchange             Virtual via Zoom
                         Bonds.                                              (IDX) and United Nations                 Meeting.
                                                                             Development Programme
                                                                             (UNDP).
         25 Mei 2023     Understanding the Key Elements of GSS Bonds.       Bursa    Efek   Indonesia              Virtual melalui
                                                                            (BEI) dan United Nations               Zoom Meeting.
                                                                            Development Programme
                                                                            (UNDP).

        May 25, 2023     Understanding the Key Elements of GSS Bonds.       Indonesia Stock Exchange              Virtual via Zoom
                                                                            (IDX) and United Nations                  Meeting.
                                                                            Development Programme
                                                                            (UNDP).



         29 Mei 2023     Seminar International Accounting Standard Board Bursa    Efek     Indonesia               Virtual melalui
                         (IASB) Update: The Latest Developments in IFRS. (BEI) dan Institut Akuntan                Zoom Meeting.
                                                                         Indonesia (IAI).

        May 29, 2023     Seminar International Accounting Standard Board Indonesia Stock Exchange                 Virtual via Zoom
                         (IASB) Update: The Latest Developments in IFRS. (IDX)  and    Institute    of                Meeting.
                                                                         Indonesia          Chartered
                                                                         Accountants (IAI).


        08 Juni 2023     Webinar dengan Tema "Governance Practices in Bursa Efek Indonesia (BEI),                  Virtual melalui
                         Overseeing Gender Based Violence and Harassment UN     Women       Indonesia,             Zoom Meeting.
                         Risks."                                         International        Financial
                                                                         Corporation (IFC) World
                                                                         Bank,     Indonesia    Global
                                                                         Compact Network (IGCN),
                                                                         dan Indonesia Business
                                                                         Coalition     for     Women
                                                                         Empowerment (IBCWE).

        June 08, 2023    Webinar with the Theme "Governance Practices in Indonesia Stock Exchange                 Virtual via Zoom
                         Overseeing Gender Based Violence and Harassment (IDX), UN Women Indonesia,                   Meeting.
                         Risks."                                         IFC World Bank, Indonesia
                                                                         Global Compact Network
                                                                         (IGCN),    and     Indonesia
                                                                         Business     Coalition   for
                                                                         Women        Empowerment
                                                                         (IBCWE).




LAPORAN TAHUNAN 2023 | Annual Report                          181                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 187
          Tanggal                Nama Pelatihan, Workshop, Seminar                    Penyelenggara                          Tempat
           Date                  Training, Workshop, Seminar’s name                     Organizer                             Place

         10 Juni 2023     Webinar dengan Tema "Etika dalam Bisnis, Ekonomi      Dewan Guru Besar (DGB)                  Virtual melalui
                          dan Lingkungannya."                                   Universitas Indonesia.                  Zoom Meeting.

        June 10, 2023     Webinar with the Theme "Ethics in Business, Economy   Universitas Indonesia                  Virtual via Zoom
                          and the Environment"                                  Professors Council (DGB UI).               Meeting.
         13 Juni 2023     Webinar dengan Tema "The Future of Sustainability Bursa Efek Indonesia (BEI)                  Virtual melalui
                          Reporting: An Exclusive Forum for Regulators and dan        Global  Reporting                 Zoom Meeting.
                          Listed Companies in Indonesia."                   Initiative (GRI).

        June 13, 2023     Webinar with the Theme "The Future of Sustainability Indonesia Stock Exchange                Virtual via Zoom
                          Reporting: An Exclusive Forum for Regulators and (IDX) and Global Reporting                      Meeting.
                          Listed Companies in Indonesia."                      Initiative (GRI).




         22 Juni 2023     Webinar Accelerating Sustainable Development          PT Bursa Efek Indonesia                 Virtual melalui
                          dengan Tema “Experiences from the Frontlines in       (BEI) dan United Nations                Zoom Meeting.
                          Promoting Sustainable Bond/Sukuk Issuances and        Development Programme
                          Investment”.                                          (UNDP).

        June 22, 2023     Webinar Accelerating Sustainable Development          Indonesia Stock Exchange               Virtual via Zoom
                          with the Theme “Experiences from the Frontlines in    (IDX) and United Nations                   Meeting.
                          Promoting Sustainable Bond/Sukuk Issuances and        Development Programme
                          Investment”.                                          (UNDP).


         26 Juni 2023     Webinar Sosialisasi Peraturan Nomor I-L tentang PT Bursa Efek Indonesia                       Virtual melalui
                          Suspensi Efek, Peraturan Nomor I-X tentang (BEI).                                             Zoom Meeting.
                          Penempatan Pencatatan Efek Bersifat Ekuitas pada
                          Papan Pemantauan Khusus, dan Peraturan Nomor
                          II-X tentang Perdagangan Efek Bersifat Ekuitas pada
                          Papan Pemantauan Khusus.

        June 26, 2023     Webinar on Socialization of Regulation Number I-L Indonesia Stock Exchange                   Virtual via Zoom
                          concerning Suspension of Securities, Regulation (IDX).                                           Meeting.
                          Number I-X concerning Placing of Equity Securities
                          Listings on Special Monitoring Boards, and Regulation
                          Number II-X concerning Trading in Equity Securities on
                          Special Monitoring Boards.
       27-28 Juni 2023    ACMF-ISSB Joint Conference and Technical Training     ASEAN Capital Markets                   Virtual melalui
                          on the IFRS Sustainability Disclosure Standards in    Forum       (ACMF)      dan             Zoom Meeting.
                          Singapore.                                            International Sustainability
                                                                                Standards Board (ISSB).

       June 27-28, 2023   ACMF-ISSB Joint Conference and Technical Training     ASEAN Capital Markets                  Virtual via Zoom
                          on the IFRS Sustainability Disclosure Standards in    Forum       (ACMF)      dan                Meeting.
                          Singapore.                                            International Sustainability
                                                                                Standards Board (ISSB).
       01 Agustus 2023    Webinar Sosialisasi POJK Nomor 9 Tahun 2023 tentang Otoritas    Jasa      Keuangan            Virtual melalui
                          Penggunaan Jasa Akuntan Publik dan Kantor Akuntan (OJK).                                      Zoom Meeting.
                          Publik dalam Kegiatan Jasa Keuangan.

       August 01, 2023    Webinar on Socialization of POJK Number 9 of 2023 Financial Services Authority               Virtual via Zoom
                          concerning the Use of Public Accounting Services and (FSA).                                      Meeting.
                          Public Accounting Firms in Financial Services Activities.




LAPORAN TAHUNAN 2023 | Annual Report                         182                              P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 188
          Tanggal               Nama Pelatihan, Workshop, Seminar                   Penyelenggara                         Tempat
           Date                 Training, Workshop, Seminar’s name                    Organizer                            Place

       03 Agustus 2023   Webinar Sosialisasi Perubahan Peraturan Nomor I-V PT Bursa Efek Indonesia                   Virtual melalui
                         tentang Ketentuan Khusus Pencatatan Saham dan (BEI).                                        Zoom Meeting.
                         Efek Bersifat Ekuitas Selain Saham yang Diterbitkan
                         oleh Perusahaan Tercatat di Papan Akselerasi.

       August 03, 2023   Webinar on Socialization of Changes to Regulation Indonesia Stock Exchange                 Virtual via Zoom
                         Numbers I-V concerning Special Provisions for the (IDX).                                       Meeting.
                         Listing of Shares and Equity Securities Other than
                         Shares Issued by Listed Companies on the Acceleration
                         Board.
       08 Agustus 2023   Webinar Potensi Pertumbuhan Perusahaan Melalui       Otoritas Jasa Keuangan                Main Hall, Bursa
                         Penerbitan Sukuk.                                    (OJK),   PT   Bursa    Efek           Efek Indonesia.
                                                                              Indonesia (BEI), PT Kliring
                                                                              Penjaminan Efek Indonesia
                                                                              (KPEI), dan PT Kustodian
                                                                              Sentral   Efek    Indonesia
                                                                              (KSEI).

       August 08, 2023   Webinar on Company Growth Potential Through Sukuk Financial Services Authority                Main Hall,
                         Issuance.                                         (FSA),   Indonesia    Stock              Indonesia Stock
                                                                           Exchange (IDX), Indonesia                   Exchange.
                                                                           Clearing and Guarantee
                                                                           Corporation (IDClear), and
                                                                           Indonesia Central Securities
                                                                           Depository (KSEI).
       08 Agustus 2023   Webinar Conference Catalyzing Green and Sustainable Otoritas   Jasa     Keuangan            Virtual melalui
                         Finance Through Capital Market and Other Innovative (OJK).                                  Zoom Meeting.
                         Solutions.

       August 08, 2023   Webinar Conference Catalyzing Green and Sustainable Financial Services Authority           Virtual via Zoom
                         Finance Through Capital Market and Other Innovative (FSA).                                     Meeting.
                         Solutions.


       10 Agustus 2023   Regular Tax Discussion dengan Tema "Kupas Tuntas Ikatan Akuntan         Indonesia           Virtual melalui
                         PMK 66 Tahun 2023 tentang Perlakuan PPh atas (IAI).                                         Zoom Meeting.
                         Imbalan dalam Bentuk Natura/Kenikmatan."

       August 10, 2023   Regular Tax Discussion with the Theme "Completely Institute of Indonesia                   Virtual via Zoom
                         Examine PMK 66 of 2023 concerning Income Tax Chartered Accountants (IAI).                      Meeting.
                         Treatment on Benefits in the Form of Natura/
                         Enjoyments."
       22 Agustus 2023   Webinar Compliance      Refreshment   Emiten   dan Otoritas    Jasa     Keuangan            Virtual melalui
                         Perusahaan Publik.                                 (OJK).                                   Zoom Meeting.

       August 22, 2023   Webinar Compliance Refreshment for Issuers and Financial Services Authority                Virtual via Zoom
                         Public Company.                                (FSA).                                          Meeting.


       30 Agustus 2023   Acara Diskusi Terkait Peraturan Pencatatan dan Bursa Efek Indonesia (BEI).                  Virtual melalui
                         Pengenalan Sistem Sarana Pelaporan SPE-IDXnet dan                                           Zoom Meeting.
                         Laporan Keuangan Berbasis XBRL.

       August 30, 2023   Discussion on Listing Rules and Introduction of SPE- Indonesia Stock Exchange              Virtual via Zoom
                         IDXnet Reporting Tool System and XBRL-Based (IDX).                                             Meeting.
                         Financial Statements.




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Page 189
           Tanggal                 Nama Pelatihan, Workshop, Seminar                     Penyelenggara                         Tempat
            Date                   Training, Workshop, Seminar’s name                      Organizer                            Place

       31 Agustus 2023     Empowering Digital Transformation: Unleashing the Ikatan Akuntan           Indonesia            Youtube Live
                           Power of Generative AI in Digital Marketing.      (IAI).                                         Streaming.



       August 31, 2023     Empowering Digital Transformation: Unleashing the Institute  of    Indonesia                    Youtube Live
                           Power of Generative AI in Digital Marketing.      Chartered Accountants (IAI).                   Streaming.


      19 September 2023    Grab for Business.                                     Grab                                    Menara Mandiri
                                                                                                                          Assembly Hall
                                                                                                                           Lt.9, Jl. Jend
                                                                                                                          Sudirman Kav
                                                                                                                          54-55, Jakarta
                                                                                                                             Selatan.

      September 19, 2023   Grab for Business.                                     Grab                                   Menara Mandiri
                                                                                                                          Assembly Hall
                                                                                                                           9th Floor, Jl.
                                                                                                                         Jend Sudirman
                                                                                                                            Kav 54-55,
                                                                                                                         Jakarta Selatan.
      20 September 2023    Sosialisasi Dampak Perubahan Format Nomor Pokok Kementerian          Keuangan                  Virtual melalui
                           Wajib Pajak (NPWP) 16 Digit dan Nomor Identifikasi Republik          Indonesia                 Zoom Meeting.
                           Tempat Kegiatan Usaha (NITKU) 22 Digit.            Direktorat Jenderal Pajak.

      September 20, 2023   Socialization of the Impact of Changes in the Format Ministry of Finance of the               Virtual via Zoom
                           of the 16-Digit Taxpayer Identification Number (NPWP) Republic      of   Indonesia                Meeting.
                           and 22-Digit Business Activity Location Identification Directorate General of Taxes.
                           Number (NITKU).
      20 September 2023    Peluncuran IDX New Listing Information.                Bursa Efek Indonesia (BEI).             Virtual melalui
                                                                                                                          Zoom Meeting.

      September 20, 2023   Launch of IDX New Listing Information.                 Indonesia Stock Exchange               Virtual via Zoom
                                                                                  (IDX).                                     Meeting.
      26 September 2023    Acara Peluncuran Bursa Karbon Indonesia (IDXCarbon).   Bursa Efek Indonesia (BEI).              Youtube Live
                                                                                                                            Streaming.

      September 26, 2023   Launching Event of the Indonesian Carbon Exchange Indonesia Stock Exchange (I                   Youtube Live
                           (IDXCarbon).                                      DX).                                           Streaming.
       05 Oktober 2023     Sosialisasi Perdagangan Karbon Melalui Bursa Karbon Bursa Karbon Indonesia.                    Virtual melalui
                           Indonesia (IDXCarbon).                                                                         Zoom Meeting.

       October 05, 2023    Socialization of Carbon Trading Through the Indonesia IDXCarbon.                              Virtual via Zoom
                           Carbon Exchange (IDXCarbon).                                                                      Meeting.
       06 Oktober 2023     Webinar “Penjelasan Atas Peraturan Bursa No. Asosiasi Emiten Indonesia                         Virtual melalui
                           I-A Tahun 2021 Terkait Ketentuan Free Float dan (AEI) dan     Bursa Efek                       Zoom Meeting.
                           Penggunaan Form E009 pada Sistem Pelaporan SPE Indonesia (BEI).
                           IDXnet.

       October 06, 2023    Webinar "Explanation of Exchange Regulation No. I-A Indonesian Public Listed                  Virtual via Zoom
                           of 2021 Regarding Free Float Provisions and the Use of Companies Association and                  Meeting.
                           Form E009 in the SPE IDXnet Reporting System.          Indonesia Stock Exchange
                                                                                  (IDX).




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Page 190
           Tanggal                  Nama Pelatihan, Workshop, Seminar                     Penyelenggara                          Tempat
            Date                    Training, Workshop, Seminar’s name                      Organizer                             Place

      11-12 Oktober 2023    “The 9th Indonesian Finance Association International PT Bursa Efek Indonesia                   Virtual melalui
                            Conference” dengan tema “Sustainable Finance and (BEI), PT Kliring Penjaminan                   Zoom Meeting.
                            Capital Market: Investing in a Greener Future.“       Efek    Indonesia     (KPEI),
                                                                                  PT     Kustodian     Sentral
                                                                                  Efek    Indonesia     (KSEI),
                                                                                  The Indonesian Finance
                                                                                  Association    (IFA)    ,dan
                                                                                  Otoritas Jasa Keuangan
                                                                                  (OJK).

      October 11-12, 2023   "The 9th Indonesian Finance Association International Indonesia Stock Exchange                 Virtual via Zoom
                            Conference" with the theme "Sustainable Finance and (IDX), Indonesia Clearing                      Meeting.
                            Capital Market: Investing for a Greener Future."      and Guarantee Corporation
                                                                                  (IDClear), Indonesia Central
                                                                                  Securities       Depository
                                                                                  (KSEI),    The   Indonesian
                                                                                  Finance Association (IFA),
                                                                                  and Financial Securities
                                                                                  Authority (FSA).
       18 Oktober 2023      ACMF-ISSB Technical Training for Corporate              Otoritas   Jasa     Keuangan            Virtual melalui
                            Preparers.                                              (OJK).                                  Zoom Meeting.

       October 18, 2023                                                             Financial Services Authority           Virtual via Zoom
                                                                                    (FSA).                                     Meeting.
       19 Oktober 2023      Sosialisasi terkait Panduan Pengisian Form Informasi Otoritas Jasa Keuangan                     Virtual melalui
                            DES (Form E088) dalam Rangka Pilot Project Sistem (OJK) dan Bursa Efek                          Zoom Meeting.
                            Informasi Daftar Efek Syariah (SIDES).               Indonesia (BEI).

       October 19, 2023     Socialization of Guidelines for Completing the DES Financial Services Authority                Virtual via Zoom
                            Information Form (Form E088) in the Framework of the (FSA) and Indonesia Stock                     Meeting.
                            Sharia Securities Listing Information System (SIDES) Exchange (IDX).
                            Pilot Project.
       23 Oktober 2023      Sosialisasi Peraturan Otoritas Jasa Keuangan (POJK) Otoritas       Jasa     Keuangan            Virtual melalui
                            Nomor 13 Tahun 2023 tentang Kebijakan dalam (OJK).                                              Zoom Meeting.
                            Menjaga Kinerja dan Stabilitas Pasar Modal pada
                            Kondisi Pasar yang Berfluktuasi Signifikan.

       October 23, 2023     Socialization of Financial Services Authority Regulation Financial Services Authority          Virtual via Zoom
                            (POJK) Number 13 of 2023 concerning Policies in (FSA).                                             Meeting.
                            Maintaining Capital Market Performance and Stability
                            in Significant Fluctuating Market Conditions.
       24 Oktober 2023      Sosialisasi Peraturan Otoritas Jasa Keuangan (POJK) Otoritas       Jasa     Keuangan            Virtual melalui
                            Nomor 14/POJK.04/2023 tentang Perdagangan (OJK).                                                Zoom Meeting.
                            Karbon Melalui Bursa Karbon dan Surat Edaran Otoritas
                            Jasa Keuangan (SEOJK) Nomor 12/SEOJK.04/2023
                            tentang Tata Cara Penyelenggaraan Perdagangan
                            Karbon Melalui Bursa Karbon.

       October 24, 2023     Socialization of Financial Services Authority Regulation Financial Services Authority          Virtual via Zoom
                            (POJK) Number 14/POJK.04/2023 concerning Carbon (FSA).                                             Meeting.
                            Trading Through the Carbon Exchange and Financial
                            Services Authority Circular Letter (SEOJK) Number 12/
                            SEOJK.04/2023 concerning Procedures for Conducting
                            Carbon Trading Through Carbon Exchanges.




LAPORAN TAHUNAN 2023 | Annual Report                             185                              P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 191
           Tanggal                  Nama Pelatihan, Workshop, Seminar                       Penyelenggara                           Tempat
            Date                    Training, Workshop, Seminar’s name                        Organizer                              Place

       24 Oktober 2023      Sosialisasi Surat Edaran Otoritas Jasa Keuangan Otoritas             Jasa      Keuangan            Virtual melalui
                            (SEOJK) Nomor 13/SEOJK.04/2023 tentang Pembelian (OJK).                                            Zoom Meeting.
                            Kembali Saham Perusahaan Terbuka Sebagai Akibat
                            Dibatalkannya Pencatatan Efek oleh Bursa Efek karena
                            Kondisi atau Peristiwa yang Signifikan Berpengaruh
                            Negatif terhadap Kelangsungan Usaha.

       October 24, 2023     Socialization of Circular Letter of the Financial Services Financial Services Authority           Virtual via Zoom
                            Authority    (SEOJK)      Number       13/SEOJK.04/2023 (FSA).                                        Meeting.
                            regarding the Buyback of Public Company Shares as a
                            Result of Cancellation of Securities Listing by the Stock
                            Exchange Due to Significant Conditions or Events that
                            Negatively Affect Business Continuity.
      27-28 Oktober 2023    Effective Leadership for General Manager.                 Lambert Consulting &                      Wisma ADR,
                                                                                      Training                                  Penjaringan,
                                                                                                                                Jakarta Utara
      October 27-28, 2023   Effective Leadership for General Manager.                 Lambert Consulting &
                                                                                      Training                                  Wisma ADR,
                                                                                                                                Penjaringan,
                                                                                                                                North Jakarta
      27 November 2023      Peraturan Otoritas Jasa Keuangan (POJK) Nomor 9 Otoritas Jasa Keuangan                             Virtual melalui
                            Tahun 2023 tentang Penggunaan Jasa Akuntan Publik (OJK).                                           Zoom Meeting.
                            dan Kantor Akuntan Publik dalam Kegiatan Jasa
                            Keuangan.

      November 27, 2023     Financial Services Authority Regulation (POJK) Number Financial Services Authority                Virtual via Zoom
                            9 of 2023 concerning the Use of Public Accountant (FSA).                                              Meeting.
                            Services and Public Accounting Firms in Financial
                            Services Activities.
      07 Desember 2023      Sosialisasi Surat Edaran Otoritas Jasa Keuangan Nomor Otoritas Jasa Keuangan                       Virtual melalui
                            18/SEOJK.03/2023 tentang Tata Cara Penggunaan (OJK).                                               Zoom Meeting.
                            Jasa Akuntan Publik dan Kantor Akuntan Publik dalam
                            Kegiatan Jasa Keuangan.

      December 07, 2023     Socialization of Circular Letter of the Financial Services Financial Services Authority           Virtual via Zoom
                            Authority Number 18/SEOJK.03/2023 concerning (FSA).                                                   Meeting.
                            Procedures for the Use of Public Accountant Services
                            and Public Accounting Firms in Financial Services
                            Activities.
      20 Desember 2023      Sosialisasi Kriteria ACGS 2023 dan Persiapan Penilaian Otoritas Jasa Keuangan                      Virtual melalui
                            ACGS 2024.                                             (OJK), Bursa Efek Indonesia                 Zoom Meeting.
                                                                                   (BEI), dan Asosiasi Emiten
                                                                                   Indonesia (AEI).

      December 20, 2023     Socialization of ACGS 2023 Criteria and Preparation for Financial Services Authority              Virtual via Zoom
                            ACGS 2024 Assessment.                                   (FSA),   Indonesia    Stock                   Meeting.
                                                                                    Exchange       (IDX),   and
                                                                                    Indonesian Public Listed
                                                                                    Companies Association.



    Pelaksanaan Tugas Sekretaris Perusahaan Pada                          Implementation of Corporate Secretary’s Tasks in
    Tahun 2023                                                            2023
    Sepanjang tahun 2023, Sekretaris Perusahaan telah                     Throughout 2023, the Corporate Secretary discharged
    melaksanakan tugas sebagai berikut :                                  the following tasks and responsibilities as follows:




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Page 192
                                Kegiatan                                                     Penjelasan
     No.
                                Activities                                                   Explanation

      1.   Mengikuti perkembangan peraturan yang berlaku Mengikuti perkembangan peraturan baru di Pasar Modal sebagai
           di pasar modal dan memastikan kepatuhan atas berikut :
           peraturan baru yang dikeluarkan oleh Otoritas Jasa 1. Peraturan Otoritas Jasa Keuangan (POJK) Nomor 9 Tahun 2023
           Keuangan (OJK), Bursa Efek Indonesia (BEI) dan        tentang Penggunaan Jasa Akuntan Publik dan Kantor Akuntan
           Regulator lain yang terkait dengan pasar modal.       Publik dalam Kegiatan Jasa Keuangan;
                                                              2. Surat Edaran Otoritas Jasa Keuangan (SEOJK) No.8/
                                                                 SEOJK.04/2023 tentang Penyampaian Informasi oleh Emiten
                                                                 atau Perusahaan Publik dalam Rangka Penyusunan Daftar Efek
                                                                 Syariah;
                                                              3. Peraturan Otoritas Jasa Keuangan (POJK) No. 13 Tahun 2023
                                                                 tentang Kebijakan dalam Menjaga Kinerja dan Stabilitas Pasar
                                                                 Modal pada Kondisi Pasar yang Berfluktuasi Signifikan;
                                                              4. Peraturan Otoritas Jasa Keuangan No. 14/POJK.04/2023 tentang
                                                                 Perdagangan Karbon melalui Bursa Karbon dan Surat Edaran
                                                                 Otoritas Jasa Keuangan (SEOJK) Nomor 12/SEOJK.04/2023
                                                                 tentang Tata Cara Penyelenggaraan Perdagangan Karbon
                                                                 Melalui Bursa Karbon;
                                                              5. Surat Edaran Otoritas Jasa Keuangan (SEOJK) No.13/
                                                                 SEOJK.04/2023 tentang Pembelian Kembali Saham Perusahaan
                                                                 Terbuka Sebagai Akibat Dibatalkannya Pencatatan Efek oleh
                                                                 Bursa Efek karena Kondisi atau Peristiwa yang Signifikan
                                                                 Berpengaruh Negatif terhadap Kelangsungan Usaha; dan
                                                              6. Surat Edaran Otoritas Jasa Keuangan (SEOJK) Nomor 18/
                                                                 SEOJK.03/2023 tentang Tata Cara Penggunaan Jasa Akuntan
                                                                 Publik dan Kantor Akuntan Publik dalam Kegiatan Jasa Keuangan.



           To keep abreast of developments in the capital Keeping abreast of the new Regulation in the capital market as
           market and ensure compliance with new regulations follows :
           issued by the Financial Services Authority (FSA), the 1. Financial Services Authority Regulation (POJK) Number 9 of 2023
           Indonesia Stock Exhange (IDX) and other regulators       concerning the Use of Public Accounting Services and Public
           related to the capital market.                           Accounting Firms in Financial Services Activities;
                                                                 2. Circular Letter of the Financial Services Authority (SEOJK) No. 8/
                                                                    SEOJK.04/2023 concerning Submission of Information by Issuers
                                                                    or Public Companies in the Framework of the Sharia Securities
                                                                    Listing Information System (SIDES) Pilot Project;
                                                                 3. Financial Services Authority Regulation (POJK) Number 13 of 2023
                                                                    concerning Policies in Maintaining Capital Market Performance
                                                                    and Stability in Significant Fluctuating Market Conditions;
                                                                 4. Financial Services Authority Regulation Number 14/
                                                                    POJK.04/2023 concerning Carbon Trading Through the Carbon
                                                                    Exchange and Financial Services Authority Circular Letter
                                                                    (SEOJK) Number 12/SEOJK.04/2023 concerning Procedures for
                                                                    Conducting Carbon Trading Through Carbon Exchanges;
                                                                 5. Circular Letter of the Financial Services Authority (SEOJK) No.
                                                                    13/SEOJK.04/2023 concerning the Buyback of Public Company
                                                                    Shares as a Result of Cancellation of Securities Listing by the
                                                                    Stock Exchange Due to Significant Conditions or Events that
                                                                    Negatively Affect Business Continuity; and
                                                                 6. Circular Letter of the Financial Services Authority (SEOJK)
                                                                    Number 18/SEOJK.03/2023 concerning Procedures for the Use
                                                                    of Public Accountant Services and Public Accounting Firms in
                                                                    Financial Services Activities.




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Page 193
                                Kegiatan                                                      Penjelasan
     No.
                                Activities                                                    Explanation

      2.   Menyelenggarakan Rapat Umum Pemegang Saham             Selama Tahun 2023, Sekretaris Perusahaan telah membantu
           (RUPS).                                                Perseroan dalam menyelenggarakan Rapat Umum Pemegang
                                                                  Saham Tahunan (RUPST) dan Rapat Umum Pemegang Saham
                                                                  Luar Biasa (RUPSLB) serta mendokumentasikan data RUPS
                                                                  tersebut mulai dari penyampaian mata acara RUPS ke OJK,
                                                                  pengumuman, pemanggilan, ringkasan risalah RUPS, dan risalah
                                                                  RUPS. Pengumuman, pemanggilan, ringkasan risalah RUPS, dan
                                                                  risalah RUPS dimuat dalam situs website Bursa Efek Indonesia
                                                                  (BEI), Kustodian Sentral Efek Indonesia (KSEI), dan situs website
                                                                  Perseroan.

           Organizing the General Meeting of Shareholders During 2023, the Corporate Secretary has assited the Company
           (GMS).                                         in holding the Annual General Meeting of Shareholders (AGMS)
                                                          and Extraordinary General Meeting of Shareholders (EGMS) and
                                                          documenting the GMS data starting from the submission of the GMS
                                                          agenda to the FSA, announcements, invitations, summary of the
                                                          minutes of the GMS, and the minutes of the GMS. Announcements,
                                                          invitations, summary of the minutes of the GMS, and the minutes
                                                          of the GMS are published on the website of the Indonesia Stock
                                                          Exhange (IDX), the Indonesia Central Securities Depository (KSEI),
                                                          and the Company's website.
      3.   Menyelenggarakan Public Expose.                        Melaksanakan Paparan Publik (Public Expose) secara elektronik
                                                                  melalui Live Events Microsoft Teams yang diadakan pada tanggal
                                                                  1 Desember 2023. IFII telah melaporkan hasil dari Public Expose
                                                                  kepada Bursa Efek Indonesia dan Otoritas Jasa Keuangan sesuai
                                                                  dengan ketentuan yang berlaku.

           Holding a Public Expose.                               Conducting a Public Expose electronically through the Microsoft
                                                                  Teams Live Events which was held on December 1, 2023. The
                                                                  Company has reported the results of the Public Expose to the
                                                                  Indonesia Stock Exchange and the Financial Services Authority in
                                                                  accordance with applicable regulations.
      4.   Menyampaikan laporan keuangan berkala.                 Menyampaikan laporan keuangan berkala (Triwulan I, II, III, dan
                                                                  IV tahun 2023) kepada OJK dan BEI serta menyediakan laporan
                                                                  keuangan tersebut di Situs Web Perseroan.

           Submission of periodic Financial Statements.           Submission of periodic Financial Statements (Quarter I, II, III, and
                                                                  IV 2023) to FSA and IDX as well as publication of these financial
                                                                  statements on the Company’s website.
      5.   Menyampaikan laporan berkala dan            laporan •       Melakukan penyampaian laporan kepemilikan saham atau setiap
           insidential kepada regulator sesuai         dengan          perubahan kepemilikan saham Perseroan.
           ketentuan yang berlaku.                             •       Penyampaian laporan hutang valas.
                                                               •       Laporan penunjukan KAP untuk tahun buku 2023.
                                                               •       Laporan hasil evaluasi komite audit terhadap pelaksanaan
                                                                       pemberian jasa audit atas informasi keuangan historis tahunan.
                                                                  •    Laporan insidential kepada regulator.



           Submitting regular reports and incidental reports to   •    Submit a share ownership report or any changes in share
           the Regulator as required by prevailing regulations.        ownership in the Company.
                                                                  •    Submission of report on the Company’s debt in foreign currency.
                                                                  •    Report on the appointment of Public Accounting Firm for the
                                                                       2023 financial year.
                                                                  •    Report on the results of the audit committee's evaluation of
                                                                       the implementation of the provision of audit services on annual
                                                                       historical financial information.
                                                                  •    Incidental reports to regulators.




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Page 194
                                Kegiatan                                                        Penjelasan
     No.
                                Activities                                                      Explanation

      6.   Memenuhi kewajiban Pelaporan             Keterbukaan    •    Laporan informasi atau fakta material pengunduran diri Komisaris
           Informasi atau fakta material.                               Perseroan.
                                                                   •    Keterbukaan informasi aksi korporasi-pembagian dividen.
                                                                   •    Laporan informasi atau fakta material mengenai perjanjian
                                                                        penambahan plafon pinjaman.

           Fulfilling the obligation of information disclosure or •     Report of material information or facts on the resignation of the
           material fact.                                               Commissioner of the Company.
                                                                  •     Disclosure of information regarding corporate action-dividend
                                                                        distribution.
                                                                   •    Report of material information or facts on Additional Loan Limit
                                                                        Agreement.
      7.   Menyusun dan mendistribusikan Laporan Tahunan Melakukan penyusunan dan penyampaian Laporan Tahunan untuk
           kepada pihak-pihak berkepentingan sesuai dengan tahun buku 2022 yang dilaporkan pada tanggal 28 April 2023 ke
           peraturan yang berlaku.                         Otoritas Jasa Keuangan (OJK) dan Bursa Efek Indonesia (BEI) melalui
                                                           situs web IDXnet – SPE OJK serta mendistribusikan laporan tahunan
                                                           kepada pihak-pihak yang berkepentingan melalui publikasi di situs
                                                           web Perseroan (www.pt-ifi.com).


           Prepare and distribute Annual Reports to stakeholders   Preparing and submitting the Annual Report for the 2022 financial
           in accordance with applicable regulations.              year which was reported on April 28, 2023 to Financial Services
                                                                   Authority (FSA) and Indonesia Stock Exchange (IDX) through the
                                                                   IDXnet – SPE OJK website and distributing the Annual Report to
                                                                   interested parties through publication on the Company’s website
                                                                   (www.pt-ifi.com).
      8.   Memantau komposisi pemegang saham Perseroan Memantau komposisi pemegang saham Perseroan setiap bulannya
           dari waktu ke waktu.                        melalui Daftar Pemegang Saham dan Laporan Kepemilikan saham
                                                       yang diperoleh dari Biro Administrasi Efek.

           Monitor the composition of         the    Company's Monitor the composition of the Company's shareholders every
           shareholders from time to time.                     month through the List of Shareholders and Share Ownership
                                                               Reports obtained from the Securities Administration Bureau.
      9.   Menjaga komunikasi dan hubungan baik dengan Menjaga komunikasi dan hubungan baik dengan para investor
           investor dan para pihak berkepentingan lainnya. dan pihak berkepentingan lainnya yang direalisasikan dengan
                                                           menjawab pertanyaan yang ditanyakan oleh investor yang dikirim
                                                           melalui email.

           Maintain good communication and relationships Maintain good communication and relationships with investors and
           with investors and stakeholders.              other interested parties which are realized by answering questions
                                                         asked by investors which are sent by email.


     10.   Mengelola website Perseroan terkait dengan konten Mengelola website Perseroan dengan melakukan update content
           penyediaan informasi yang perlu diketahui oleh dalam website jika ada informasi yang perlu diketahui oleh publik
           publik.                                           seperti :
                                                             • Informasi pengumuman, pemanggilan, dan ringkasan risalah
                                                                RUPS.
                                                             • Informasi Public Expose.
                                                             • Informasi Laporan Keuangan Triwulan.
                                                             • Informasi Laporan Tahunan.
                                                             • Keterbukaan informasi atau fakta material.

           Managing the Company's website related to content Manage the Company's website by updating the content on the
           providing information that the public needs to know. website if there is information that the public needs to know, such
                                                                as :
                                                                • Information on announcements, invitations, and summary of the
                                                                    minutes of GMS.
                                                                • Public Expose information.
                                                                • Quarterly Financial Report information.
                                                                • Annual Report information.
                                                                • Disclosure of information or material fact.




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Page 195
                                 Kegiatan                                                   Penjelasan
     No.
                                 Activities                                                 Explanation

      11.   Memastikan kegiatan yang dilakukan oleh Direksi Memastikan kegiatan yang dilaksanakan oleh Direksi berjalan secara
            berjalan secara efektif dalam rangka pelaksanaan efektif dalam rangka pelaksanaan Good Corporate Governance agar
            Good Corporate Governance (GCG).                 tercapainya kesinambungan bisnis dalam jangka panjang, antara
                                                             lain :
                                                             1) Mengelola penyelenggaraan Rapat Direksi, Rapat Dewan
                                                                 Komisaris, Rapat gabungan antara Direksi dan Dewan Komisaris,
                                                                 Rapat Komite Audit dan Rapat Komite Nominasi dan Remunerasi.
                                                             2) Mengatur jadwal rapat.
                                                             3) Menyiapkan dan mengedarkan undangan rapat.
                                                             4) Menyusun agenda rapat.
                                                             5) Membuat risalah rapat dan mengadministrasikan dokumen-
                                                                 dokumen rapat.
                                                             6) Memonitor dan menindaklanjuti keputusan rapat dan melakukan
                                                                 komunikasi internal bila diperlukan.

            Ensuring that the activities carried out by the Ensure that the activities carried out by the Board of Directors
            Board of Directors work effectively in the context of work effectively in the context of implementing Good Corporate
            implementing Good Corporate Governance (GCG).         Governance in order to achieve long-term business sustainability,
                                                                  including:
                                                                  1) Manage the implementation of Board of Directors Meetings,
                                                                     Board of Commissioners Meetings, Joint meeting between Board
                                                                     of Directors and Board of Commissioners, Audit Committee
                                                                     Meetings, and the Nomination and Remuneration Committee
                                                                     Meetings.
                                                                  2) Arrange the meeting schedule.
                                                                  3) Prepare and distribute meeting invitations.
                                                                  4) Arrange the meeting agenda.
                                                                  5) Prepare minutes of meetings and administer meeting documents.
                                                                  6) Monitor and follow up on meeting decisions and carry out
                                                                     internal communication if necessary.




    Laporan Keterbukaan Informasi                                        Information Disclosure Report
    Sepanjang tahun 2023, Perseroan telah menyampaikan                   Throughout 2023, Company has disclosed information
    berbagai infomasi kepada masyarakat baik dalam                       to the public in Bahasa and English through mass
    bahasa Indonesia maupun bahasa Inggris melalui                       media,    Company’s      website,           Indonesian             Stock
    situs web Perseroan, website BEI, Perseroan juga                     Exchange website, moreover the Company has also
    telah menyampaikan laporan secara berkala kepada                     submited periodic reports to the IDX, OJK through
    BEI, OJK melalui situs e-reporting IDXnet – SPE OJK.                 e-reporting IDXnet – SPE OJK website.


    Perseroan juga telah menyampaikan laporan secara                     Company has also submitted periodic reports to the
    berkala kepada Bursa Efek Indonesia (BEI) dan Otoritas               Indonesia Stock Exchange (IDX) and the Financial
    Jasa Keuangan (OJK) melalui sarana pelaporan                         Authority Services (OJK) through the integrated
    Elektronik terintegrasi IDXnet – SPE OJK.                            electronic reporting facility IDXnet – SPE OJK.


    Daftar Korespondensi Sekretaris Perusahaan kepada                    List of Corporate Secretary’s correspodences to
    Otoritas Jasa Keuangan (OJK) dan Bursa Efek                          Financial Services Authority (OJK) and IDX in 2023:
    Indonesia (IDX) selama tahun 2023 :




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Page 196
                                                                          Kepada | To               Website | Website
                        Keterangan                       Tanggal
     No.                                                                                          IDXnet –
                        Description                       Date           IDX      OJK                                          IFII
                                                                                                  SPE OJK

      1.   Penyampaian    Laporan   Bulanan          09 Januari 2023      √         √                   √                        √
           Registrasi Pemegang Efek per 31
           Desember 2022.

           Submission of Monthly Report of           January 09, 2023
           Securities Holders Registration as of
           December 31, 2022.
      2.   Penyampaian Laporan Data Hutang/          09 Januari 2023                √                   √
           Kewajiban dalam Valuta Asing per
           Tanggal 31 Desember 2022.

           Submission of Report on the Company’s
           Debt/Liabilities in Foreign Currency as   January 09, 2023
           of December 31, 2022.
      3.   Penyampaian    Laporan   Bulanan          07 Februari 2023     √         √                   √                        √
           Registrasi Pemegang Efek per 31
           Januari 2023.

           Submission of Monthly Report of           February 07, 2023
           Securities Holders Registration as of
           January 31, 2023.
      4.   Penyampaian Laporan Data Hutang/          10 Februari 2023               √                   √
           Kewajiban dalam Valuta Asing per
           Tanggal 31 Januari 2023.

           Submission of Report on the Company’s
           Debt/Liabilities in Foreign Currency as   February 10, 2023
           of January 31, 2023
      5.   Penyampaian    Laporan   Bulanan           09 Maret 2023       √         √                   √                        √
           Registrasi Pemegang Efek per 28
           Februari 2023.

           Submission of Monthly Report of            March 09, 2023
           Securities Holders Registration as of
           February 28, 2023.
      6.   Penyampaian Laporan Data Hutang/           09 Maret 2023       √         √                   √                        √
           Kewajiban dalam Valuta Asing per
           Tanggal 28 Februari 2023.

           Submission of Report on the Company’s
           Debt/Liabilities in Foreign Currency as    March 09, 2023
           of February 28, 2023.
      7.   Penyampaian     Laporan     Keuangan       17 Maret 2023       √         √                   √                        √
           per 31 Desember 2022 (Diaudit) PT
           Indonesia Fibreboard Industry Tbk.

           Submission of the Financial Statements
           as of December 31, 2022 (Audited) of PT    March 17, 2023
           Indonesia Fibreboard Industry Tbk.




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                                                                           Kepada | To               Website | Website
                          Keterangan                       Tanggal
     No.                                                                                           IDXnet –
                          Description                       Date          IDX      OJK                                          IFII
                                                                                                   SPE OJK

      8.    Penyampaian Penjelasan Perubahan             17 Maret 2023     √                             √
            Lebih dari 20% pada Total Aset dan/
            atau Total Liabilitas dalam Laporan
            Keuangan PT Indonesia Fibreboard
            Industry Tbk (“Perseroan”) per Tanggal
            31 Desember 2022.

            Submission of an Explanation of More         March 17, 2023
            than 20% Changes of Total Assets and/
            or Liabilities in the Financial Statements
            of PT Indonesia Fibreboard Industry
            Tbk (the “Company”) as of December
            31, 2022.
      9.    Penyampaian Bukti Iklan Pengumuman           17 Maret 2023     √         √                   √
            Laporan Keuangan per 31 Desember
            2022 (Diaudit) PT Indonesia Fibreboard
            Industry Tbk.

            Submission of Advertisement Proof of         March 17, 2023
            Publication Announcement Financial
            Statement as of December 31, 2022
            (Audited) of PT Indonesia Fibreboard
            Industry Tbk.


     10.    Penyampaian     Laporan      Bulanan         10 April 2023     √         √                   √                        √
            Registrasi Pemegang Efek per 31 Maret
            2023.

            Submission of Monthly Report of              April 10, 2023
            Securities Holders Registration as of
            March 31, 2023.
      11.   Penyampaian Laporan Data Hutang/             10 April 2023               √                   √
            Kewajiban dalam Valuta Asing per
            Tanggal 31 Maret 2023.

            Submission of Report on the Company’s        April 10, 2023
            Debt/Liabilities in Foreign Currency as
            of March 31, 2023.
      12.   Penyampaian      Laporan    Keuangan         27 April 2023     √         √                   √                        √
            Tanggal 31 Maret 2023 (Tidak Diaudit)
            PT Indonesia Fibreboard Industry Tbk.

            Submission of the Financial Statements       April 27, 2023
            as of March 31, 2023 (Unaudited) of PT
            Indonesia Fibreboard Industry Tbk.
      13.   Penyampaian Informasi Perubahan              27 April 2023     √                             √
            Total Aset dan Total Liabilitas dalam
            Laporan Keuangan PT Indonesia
            Fibreboard Industry Tbk (“Perseroan”)
            per Tanggal 31 Maret 2023.

            Submission of Information on Changes         April 27, 2023
            of Total Assets and Liabilities in the
            Financial Statements of PT Indonesia
            Fibreboard     Industry    Tbk     (the
            “Company”) as of March 31, 2023.




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Page 198
                                                                        Kepada | To               Website | Website
                         Keterangan                     Tanggal
     No.                                                                                        IDXnet –
                         Description                     Date          IDX      OJK                                          IFII
                                                                                                SPE OJK

      14.   Penyampaian Bukti Pengumuman              27 April 2023     √         √                   √
            Laporan Keuangan per 31 Maret 2023
            (Tidak Diaudit) PT Indonesia Fibreboard
            Industry Tbk.

            Submission of Proof of Publication        April 27, 2023
            Announcement Financial Statement
            as of March 31, 2023 (Unaudited) of PT
            Indonesia Fibreboard Industry Tbk.


      15.   Penyampaian Laporan Tahunan Tahun         28 April 2023     √         √                   √                        √
            Buku 2022.



            Submission of the 2022 Annual Report.     April 28, 2023


     16.    Penyampaian Laporan Keberlanjutan         28 April 2023     √         √                   √                        √
            Tahun Buku 2022.

            Submission of the 2022 Sustainability     April 28, 2023
            Report.
      17.   Penyampaian                   Rencana     05 Mei 2023       √         √                   √
            Penyelenggaraan      Rapat     Umum
            Pemegang      Saham     Tahunan    PT
            Indonesia Fibreboard Industry Tbk.

            Submission of the Plans for the           May 05, 2023
            Implementation of the Annual General
            Meeting of Shareholders PT Indonesia
            Fibreboard Industry Tbk.
      18.   Penyampaian     Laporan     Bulanan       08 Mei 2023       √         √                   √                        √
            Registrasi Pemegang Efek per 30 April
            2023.

            Submission of Monthly Report of           May 08, 2023
            Securities Holders Registration as of
            April 30, 2023.
      19.   Pemberitahuan Perubahan Komite            09 Mei 2023       √         √                   √                        √
            Nominasi dan Remunerasi PT Indonesia
            Fibreboard Industry Tbk.

            Notice on Changes of Nomination and       May 09, 2023
            Remuneration Committee PT Indonesia
            Fibreboard Industry Tbk.
     20.    Penyampaian Laporan Data Hutang/          10 Mei 2023                 √                   √
            Kewajiban dalam Valuta Asing per
            Tanggal 30 April 2023.

            Submission of Report on the Company’s     May 10, 2023
            Debt/Liabilities in Foreign Currency as
            of April 30, 2023.
      21.   Pengumuman Rapat Umum Pemegang            12 Mei 2023       √         √                   √                        √
            Saham Tahunan.

            Announcement of the Annual General        May 12, 2023
            Meeting of Shareholders.




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     22.    Penyampaian Bukti Pengumuman               12 Mei 2023     √         √                   √
            Rapat Umum Pemegang Saham
            Tahunan.

            Submission of Proof of Announcement       May 12, 2023
            of the Annual General Meeting of
            Shareholders.
     23.    Pemanggilan Rapat Umum Pemegang           29 Mei 2023      √         √                   √                        √
            Saham Tahunan.



            Invitations to the Annual General         May 29, 2023
            Meeting of Shareholders.
     24.    Penyampaian Bukti Pemanggilan Rapat       29 Mei 2023      √         √                   √
            Umum Pemegang Saham Tahunan.

            Submission of Proof of Invitations        May 29, 2023
            to the Annual General Meeting of
            Shareholders.
     25.    Penyampaian     Laporan    Bulanan        08 Juni 2023     √         √                   √                        √
            Registrasi Pemegang Efek per 31 Mei
            2023.

            Submission of Monthly Report of           June 08, 2023
            Securities Holders Registration as of
            May 31, 2023.
     26.    Penyampaian Laporan Data Hutang/          08 Juni 2023               √                   √
            Kewajiban dalam Valuta Asing per
            Tanggal 31 Mei 2023.

            Submission of Report on the Company’s     June 08, 2023
            Debt/Liabilities in Foreign Currency as
            of May 31, 2023.
      27.   Penyampaian       Laporan    Evaluasi     12 Juni 2023     √         √                   √                        √
            terhadap Pelaksanaan Pemberian Jasa
            Audit atas Informasi Keuangan Historis
            Tahunan oleh Akuntan Publik dan/atau
            Kantor Akuntan Publik.

            Submission of Evaluation Report on
            the Provision of Audit Services on
            Annual Historical Financial Information   June 12, 2023
            by Public Accountant and/or Public
            Accountant Firm.
     28.    Penyampaian Ringkasan Risalah Rapat       21 Juni 2023     √         √                   √                        √
            Umum Pemegang Saham Tahunan.

            Submission of the Summary of Minutes      June 21, 2023
            of the Annual General Meeting of
            Shareholders.
     29.    Penyampaian Bukti Pengumuman              21 Juni 2023     √         √                   √
            Ringkasan Risalah Rapat Umum
            Pemegang Saham Tahunan.

            Submission of Proof of Announcement       June 21, 2023
            of Summary of Minutes of Annual
            General Meeting of Shareholders.




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     30.    Pemberitahuan kepada Para Pemegang        21 Juni 2023     √         √                   √                        √
            Saham mengenai Pembagian Dividen
            Tunai Tahun Buku 2022 PT Indonesia
            Fibreboard Industry Tbk.

            Announcement to the Shareholders          June 21, 2023
            on Distribution of Cash Dividend for
            the 2022 Financial Year of PT Indonesia
            Fibreboard Industry Tbk.
      31.   Penyampaian Bukti Iklan Pengumuman        21 Juni 2023     √         √                   √
            Pembagian Dividen Tunai Tahun Buku
            2022 PT Indonesia Fibreboard Industry
            Tbk.

            Submission of Advertisement proof         June 21, 2023
            of the Announcement of the Cash
            Dividend Distribution for the 2022
            Financial Year of PT Indonesia
            Fibreboard Industry Tbk.
     32.    Laporan Penunjukan Akuntan Publik         26 Juni 2023     √         √                   √                        √
            dan/atau Kantor Akuntan Publik dalam
            Rangka Audit atas Laporan Keuangan
            PT Indonesia Fibreboard Industry
            Tbk untuk Tahun Buku Berakhir pada
            Tanggal 31 Desember 2023.

            Report of the Appointment of a Public     June 26, 2023
            Accountant and/or Public Accounting
            Firm with regards to the Audit of
            Financial Statements of PT Indonesia
            Fibreboard Industry Tbk for the
            Financial Year Ended December 31,
            2023.
     33.    Penyampaian Dokumen Penunjukan            26 Juni 2023     √         √                   √
            Kantor Akuntan Publik dan/atau
            Akuntan Publik yang Disetujui RUPS.

            Submission of Documents for the           June 26, 2023
            Appointment of Public Accounting
            Firm and/or Public Accountant that are
            Approved by the GMS.
     34.    Penyampaian Risalah Rapat Umum            04 Juli 2023     √         √                   √                        √
            Pemegang Saham Tahunan.



            Submission of the Minutes of the Annual   July 04, 2023
            General Meeting of Shareholders.
     35.    Penyampaian     Laporan     Bulanan       07 Juli 2023     √         √                   √                        √
            Registrasi Pemegang Efek per 30 Juni
            2023.

            Submission of Monthly Report of           July 07, 2023
            Securities Holders Registration as of
            June 30, 2023.




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     36.    Penyampaian Laporan Data Hutang/             07 Juli 2023                 √                   √
            Kewajiban dalam Valuta Asing per
            Tanggal 30 Juni 2023.

            Submission of Report on the Company’s        July 07, 2023
            Debt/Liabilities in Foreign Currency as
            of June 30, 2023.
      37.   Penyampaian      Laporan    Keuangan         29 Juli 2023       √         √                   √                        √
            Tanggal 30 Juni 2023 (Tidak Diaudit) PT
            Indonesia Fibreboard Industry Tbk.

            Submission of the Financial Statements       July 29, 2023
            as of June 30, 2023 (Unaudited) of PT
            Indonesia Fibreboard Industry Tbk.
     38.    Penyampaian Informasi Perubahan              29 Juli 2023       √                             √
            Total Aset dan Total Liabilitas dalam
            Laporan Keuangan PT Indonesia
            Fibreboard Industry Tbk (“Perseroan”)
            per Tanggal 30 Juni 2023.

            Submission of Information on Changes         July 29, 2023
            of Total Assets and Liabilities in the
            Financial Statements of PT Indonesia
            Fibreboard     Industry    Tbk     (the
            “Company”) as of June 30, 2023.
     39.    Penyampaian Bukti Iklan Pengumuman           29 Juli 2023       √         √                   √
            Laporan Keuangan per 30 Juni 2023
            (Tidak Diaudit) PT Indonesia Fibreboard
            Industry Tbk.

            Submission of Advertisement Proof of         July 29, 2023
            Publication Announcement Financial
            Statement as of June 30, 2023
            (Unaudited) of PT Indonesia Fibreboard
            Industry Tbk.


     40.    Penyampaian     Laporan    Bulanan         07 Agustus 2023      √         √                   √                        √
            Registrasi Pemegang Efek per 31 Juli
            2023.

            Submission of Monthly Report of            August 07, 2023
            Securities Holders Registration as of
            July 31, 2023.
      41.   Penyampaian Laporan Data Hutang/           07 Agustus 2023                √                   √
            Kewajiban dalam Valuta Asing per
            Tanggal 31 Juli 2023.

            Submission of Report on the Company’s      August 07, 2023
            Debt/Liabilities in Foreign Currency as
            of July 31, 2023.
     42.    Penyampaian    Laporan   Bulanan          07 September 2023     √         √                   √                        √
            Registrasi Pemegang Efek per 31
            Agustus 2023.

            Submission of Monthly Report of           September 07, 2023
            Securities Holders Registration as of
            August 31, 2023.




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                                                                                                    SPE OJK

     43.    Penyampaian Laporan Data Hutang/          07 September 2023               √                   √
            Kewajiban dalam Valuta Asing per
            Tanggal 31 Agustus 2023.

            Submission of Report on the Company’s     September 07, 2023
            Debt/Liabilities in Foreign Currency as
            of August 31, 2023.
     44.    Penjelasan atas Volatilitas Transaksi.    15 September 2023     √                             √



            Explanation for Transaction Volatility.   September 15, 2023
     45.    Penyampaian Informasi Pengunduran         18 September 2023     √         √                   √                        √
            Diri Komisaris PT Indonesia Fibreboard
            Industry Tbk.

            Submission of Information on the          September 18, 2023
            Resignation of the Commissioner of PT
            Indonesia Fibreboard Industry Tbk.


     46.    Penyampaian     Laporan  Bulanan           05 Oktober 2023      √         √                   √                        √
            Registrasi Pemegang Efek per 30
            September 2023.

            Submission of Monthly Report of            October 05, 2023
            Securities Holders Registration as of
            September 30, 2023.
      47.   Penyampaian Laporan Data Hutang/           05 Oktober 2023                √                   √
            Kewajiban dalam Valuta Asing per
            Tanggal 30 September 2023.

            Submission of Report on the Company’s      October 05, 2023
            Debt/Liabilities in Foreign Currency as
            of September 30, 2023.
     48.    Penyampaian                   Rencana      18 Oktober 2023      √         √                   √
            Penyelenggaraan      Rapat     Umum
            Pemegang Saham Luar Biasa PT
            Indonesia Fibreboard Industry Tbk.

            Submission of the Plans for the            October 18, 2023
            Implementation of the Extraordinary
            General Meeting of Shareholders PT
            Indonesia Fibreboard Industry Tbk.
     49.    Pengumuman Rapat Umum Pemegang             25 Oktober 2023      √         √                   √                        √
            Saham Luar Biasa.

            Announcement of the Extraordinary          October 25, 2023
            General Meeting of Shareholders.
     50.    Penyampaian Bukti Pengumuman               25 Oktober 2023      √         √                   √
            Rapat Umum Pemegang Saham Luar
            Biasa.

            Submission of Proof of Announcement        October 25, 2023
            of the Extraordinary General Meeting of
            Shareholders.




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     No.                                                                                            IDXnet –
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                                                                                                    SPE OJK

      51.   Penyampaian   Laporan  Keuangan             27 Oktober 2023     √         √                   √                        √
            Tanggal 30 September 2023 (Tidak
            Diaudit) PT Indonesia Fibreboard
            Industry Tbk.

            Submission of the Financial Statements      October 27, 2023
            as of September 30, 2023 (Unaudited)
            of PT Indonesia Fibreboard Industry
            Tbk.
     52.    Penyampaian Informasi Perubahan             27 Oktober 2023     √                             √
            Total Aset dan Total Liabilitas dalam
            Laporan Keuangan PT Indonesia
            Fibreboard Industry Tbk (“Perseroan”)
            per Tanggal 30 September 2023.

            Submission of Information on Changes        October 27, 2023
            of Total Assets and Liabilities in the
            Financial Statements of PT Indonesia
            Fibreboard     Industry   Tbk      (the
            “Company”) as of September 30, 2023.
     53.    Penyampaian Bukti Pengumuman                27 Oktober 2023     √         √                   √
            Laporan Keuangan per 30 September
            2023 (Tidak Diaudit) PT Indonesia
            Fibreboard Industry Tbk.

            Submission of Proof of Publication          October 27, 2023
            Announcement Financial Statement as
            of September 30, 2023 (Unaudited) of
            PT Indonesia Fibreboard Industry Tbk.


     54.    Penyampaian    Laporan   Bulanan           08 November 2023     √         √                   √                        √
            Registrasi Pemegang Efek per 31
            Oktober 2023.

            Submission of Monthly Report of            November 08, 2023
            Securities Holders Registration as of
            October 31, 2023.
     55.    Penyampaian Laporan Data Hutang/           08 November 2023               √                   √
            Kewajiban dalam Valuta Asing per
            Tanggal 31 Oktober 2023.

            Submission of Report on the Company’s      November 08, 2023
            Debt/Liabilities in Foreign Currency as
            of October 31, 2023.
     56.    Pemanggilan Rapat Umum Pemegang            09 November 2023     √         √                   √                        √
            Saham Luar Biasa.

            Invitations to the Extraordinary General   November 09, 2023
            Meeting of Shareholders.
      57.   Penyampaian  Bukti Pemanggilan             09 November 2023     √         √                   √
            Rapat Umum Pemegang Saham Luar
            Biasa.

            Submission of Proof of Invitations to      November 09, 2023
            the Extraordinary General Meeting of
            Shareholders.




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     No.                                                                                          IDXnet –
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                                                                                                  SPE OJK

     58.   Penyampaian Jadwal Paparan Publik         17 November 2023     √         √                   √                        √
           Tahun 2023.

           Submission of 2023 Public Expose          November 17, 2023
           Schedule.
     59.   Penyampaian Form Informasi Daftar         20 November 2023     √         √                   √
           Efek Syariah (DES).

           Submission of Sharia Securities List      November 20, 2023
           (DES) Information Form.
     60.   Penyampaian Materi Paparan Publik         28 November 2023     √         √                   √                        √
           Tahun 2023.

           Submission of 2023 Public Expose          November 28, 2023
           Material.
     61.   Laporan Informasi atau Fakta Material     30 November 2023     √         √                   √                        √
           mengenai Perjanjian Penambahan
           Plafon Pinjaman.

           Material Information or Facts Report      November 30, 2023
           regarding Additional Loan Limit
           Agreement.
     62.   Penyampaian Ringkasan Risalah Rapat       01 Desember 2023     √         √                   √                        √
           Umum Pemegang Saham Luar Biasa.

           Submission of the Summary of Minutes      December 01, 2023
           of the Extraordinary General Meeting of
           Shareholders.
     63.   Penyampaian Bukti Pengumuman              04 Desember 2023     √         √                   √
           Ringkasan Risalah Rapat Umum
           Pemegang Saham Luar Biasa.

           Submission of Proof of Announcement       December 04, 2023
           of Summary of Minutes of Extraordinary
           General Meeting of Shareholders.
     64.   Penyampaian Hasil Paparan Publik          06 Desember 2023     √         √                   √                        √
           Tahun 2023.

           Submission of 2023 Public Expose          December 06, 2023
           Results.


     65.   Penyampaian    Laporan   Bulanan          07 Desember 2023     √         √                   √                        √
           Registrasi Pemegang Efek per 30
           November 2023.

           Submission of Monthly Report of           December 07, 2023
           Securities Holders Registration as of
           November 30, 2023.
     66.   Penyampaian Laporan Data Hutang/          07 Desember 2023               √                   √
           Kewajiban dalam Valuta Asing per
           Tanggal 30 November 2023.

           Submission of Report on the Company’s     December 07, 2023
           Debt/Liabilities in Foreign Currency as
           of November 30, 2023.
     67.   Penyampaian Risalah Rapat Umum            12 Desember 2023     √         √                   √                        √
           Pemegang Saham Tahunan.

           Submission of the Minutes of the Annual   December 12, 2023
           General Meeting of Shareholders.




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    Unit Audit Internal                                                Internal Audit Unit

    Audit Internal merupakan suatu unit kerja dalam                    The Internal Audit Unit is a work unit within the
    Perseroan yang menjalankan fungsi audit internal,                  Company that carries out the internal audit function,
    sebagaimana yang disyaratkan dalam ketentuan                       as required by Financial Services Authority Regulation
    Peraturan OJK Nomor 56/POJK.04/2015 tentang                        No. 56/POJK.04/2015 concerning the Establishment
    Pembentukan dan Pedoman Penyusunan Piagam                          and Guidelines for the Preparation of Internal Audit
    Unit Audit Internal.                                               Unit Charter.


    Berdasarkan       Surat   Keputusan     Direktur     Utama         Based on the President Directors’s Decree No. 002/
    No.002/IFII/LGL/IV/2022       tanggal    4   April    2022         IFII/LGL/IV/2022 dated April 4, 2022 concerning
    mengenai perubahan Unit Audit Internal, Perseroan                  amendment of Internal Audit Unit, the Company
    telah menunjuk dan mengangkat Billy Dwi Putra                      has nominated and appointed Billy Dwi Putra as the
    sebagai Ketua Unit Audit Internal yang sebelumnya                  Company’s Head of the Internal Audit Unit which
    dijabat oleh Happy Endra Nova Simatupang.                          formerly held by Happy Endra Nova Simatupang.




    Profil Ketua Unit Audit Internal                                   Head of the Internal Audit Unit Profile

    Billy Dwi Putra                                                    Billy Dwi Putra
    Warga Negara Indonesia, lahir pada tahun 1988,                     An Indonesian citizen, born in 1988, he serves as
    menjabat sebagai Ketua Unit Audit Internal sejak                   Unit Head Internal Audit since 2022, has experience
    tahun 2022, memiliki pengalaman sebagai Kepala                     as a Head Department of Accounting, Tax & Cost
    Departemen Accounting, Tax & Cost Controller ADR                   Controller at ADR Agro Group from year 2018-March
    Agro Group dari tahun 2018-Maret 2022, Kepala                      2022, Head Department of Accounting & Tax at ADR
    Departemen Accounting & Tax ADR Agro Group dari                    Agro Group from 2013-2017, Senior Accounting PT
    tahun 2013-2017, Senior Accounting PT SMART Tbk                    SMART Tbk (Sinarmas Group) from 2011-2013, Senior
    (Sinarmas Group) dari tahun 2011-2013, Senior Auditor              Auditor KAP Idris & Sudiharto from 2006-2011.
    KAP Idris & Sudiharto dari tahun 2006-2011.


    Piagam Unit Audit Internal                                         Internal Audit Unit Charter
    Perseroan telah membentuk suatu Piagam Unit Audit                  The Company has established a Corporate Internal
    Internal Perseroan yang telah disahkan oleh Direksi                Audit Unit Charter that was approved by the Board of
    tanggal 23 Agustus 2019. Piagam ini merupakan                      Directors on August 23, 2019. This Charter serves as a
    pedoman kerja Unit Audit Internal Perseroan. Piagam                work guideline for the Company’s Internal Audit Unit.
    Unit Audit Internal Perseroan disusun berdasarkan                  The Company’s Internal Audit Unit Charter is prepared
    Peraturan     Otoritas     Jasa   Keuangan         No.56/          based on the Financial Services Authority Regulation
    POJK.04/2015 tentang Pembentukan dan Pedoman                       No.56/POJK.04/2015 on the Establishment and
    Penyusunan Piagam Unit Audit Internal.                             Guidelines for the Preparation of the Internal Audit
                                                                       Unit Charter.


    Tugas, Tanggung jawab, dan Wewenang Unit Audit                     Duties, Responsibilities and Authorities of Internal
    Internal                                                           Audit Unit
    Sebagaimana terdapat dalam Piagam Unit Audit                       As stated in the Company's Internal Audit Unit Charter,
    Internal Perseroan, lingkup tugas dan tanggung                     the scope of duties and responsibilities as well as the




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    jawab serta wewenang Unit Audit Internal dijabarkan                    authority of the Internal Audit Unit are described as
    sebagai berikut :                                                      follows:
    A.   Ruang Lingkup Tugas dan Tanggung Jawab Unit                       A.   The Scope of Duties and Responsibilities of the
         Audit Internal Perseroan sebagai berikut :                             Company's Internal Audit Unit is as follows:
         1.   Menyusun dan melaksanakan aktivitas audit                         1.    Developing and performing annual internal
              internal tahunan berdasarkan prioritas risiko                           audit activities based on risk priorities in
              sesuai dengan tujuan Perseroan;                                         accordance with the objectives of the
                                                                                      Company;
         2.   Menguji      dan   mengevaluasi     pelaksanaan                   2.    Testing and evaluating the implementation
              pengendalian intern dan sistem manajemen                                of internal control and risk management
              risiko sesuai dengan kebijakan Perseroan;                               systems in accordance with the Company
                                                                                      policy;
         3.   Melakukan pemeriksaan dan penilaian atas                          3.    Examining and evaluating the efficiency
              efisiensi dan efektivitas di bidang keuangan,                           and effectiveness in finance, accounting,
              akuntansi, operasional, sumber daya manusia,                            operations, human resources, marketing,
              pemasaran, teknologi informasi dan kegiatan                             information technology and other activities;
              lainnya;
         4.   Memberikan saran perbaikan dan informasi                          4.    Providing suggestions for improvements and
              yang obyektif tentang kegiatan yang diperiksa                           objective information about the activities that
              pada semua tingkat manajemen;                                           are examined at all levels of management;
         5.   Membuat        laporan      hasil    audit      dan               5.    Making an audit report and submitting the
              menyampaikan laporan tersebut kepada                                    report to the President Director and the Board
              Direktur Utama dan Dewan Komisaris;                                     of Commissioners;
         6.   Memantau, menganalisis dan melaporkan                             6.    Monitoring,        analyzing              and          reporting
              pelaksanaan tindak lanjut perbaikan yang                                the   follow-up         implementation                  for      the
              telah disarankan;                                                       improvements as the given recommendation.
         7.   Bekerjasama dengan Komite Audit;                                  7.    Collaborating with the Audit Committee;
         8.   Menyusun program untuk mengevaluasi mutu                          8.    Arranging      a    program            to     evaluate           the
              kegiatan audit internal yang dilakukannya;                              implementation of quality of internal audit
              dan                                                                     activities; and
         9.   Melakukan      pemeriksaan      khusus       apabila              9.    Conducting special checks if needed.
              diperlukan.


    B.   Wewenang                                                          B.   Authority
         1.   Mengakses seluruh informasi yang relevan                          1.    Accessing all relevant information about the
              tentang perusahaan yang diaudit.                                        audited company;
         2.   Membangun komunikasi yang efektif dengan                          2.    Establishing         effective              communication
              Direksi, Dewan Komisaris dan/atau Komite                                with the Board of Directors, the Board of
              Audit serta pemangku kepentingan lainnya.                               Commissioners and/or the Audit Committee
                                                                                      and other stakeholders.
         3.   Melakukan      koordinasi      terkait   kegiatan                 3.    Conducting coordination related to audit
              audit yang dilakukan dengan pihak auditor                               activities that is jointly performed with the
              eksternal.                                                              external auditor.




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        4.     Menyusun, mengubah dan melaksanakan                               4.    Developing, changing and implementing the
               ketentuan dalam Piagam Unit Audit Internal,                             provisions in the Internal Audit Unit Charter,
               termasuk didalamnya menentukan prosedur                                 including determining the procedures and
               dan lingkup pelaksanaan pekerjaan audit.                                scopes of the audit work.


    Kualifikasi atau Sertifikasi Profesi Audit Internal                     Internal     Audit    Professional             Qualification              or
                                                                            Certification
    Pada tanggal 31 Desember 2023, anggota Unit Audit                       As of December 31, 2023, all members of Internal
    Internal belum memiliki Sertifikasi Profesi Audit.                      Audit Unit has not obtained the Audit Professional
                                                                            Certification.


    Pelatihan dan Pengembangan Kompetensi Unit Audit                        Training and Competency Development of Internal
    Internal                                                                Audit Unit
    Selama tahun 2023 Unit Audit Internal tidak mengikuti                   During 2023, Internal Audit Unit did not attend any
    program pengembangan kompetensi.                                        competency program.


    Struktur dan Kedudukan Unit Audit Internal                              Structure and Position of Internal Audit Unit
    Unit Audit Internal dipimpin oleh seorang Kepala                        The Internal Audit Unit is led by a Head of Internal
    Audit Internal yang diangkat dan diberhentikan oleh                     Audit who is appointed and dismissed by the
    Direktur Utama atas persetujuan Dewan Komisaris.                        President Director with the approval of the Board of
    Presiden Direktur dapat memberhentikan Kepala                           Commissioners. The President Director may dismiss
    Unit Audit Internal, setelah mendapatkan persetujuan                    the Head of the Internal Audit Unit, after obtaining
    Dewan Komisaris, jika kepala Unit Audit Internal tidak                  approval from the Board of Commissioners, if the
    memenuhi persyaratan sebagai auditor Unit Audit                         Head of the Internal Audit Unit does not meet the
    Internal sebagaimana diatur dalam piagam dan/atau                       requirements as an auditor for the Internal Audit Unit
    gagal atau tidak cakap dalam menjalankan tugas.                         as stipulated in the charter and/or fails or is incapable
    Kepala Unit Audit Internal bertanggungjawab kepada                      of carrying out his duties. The Head of Internal Audit
    Direktur Utama. Auditor yang duduk dalam Unit Audit                     Unit is responsible to the President Director. The
    Internal bertanggung jawab secara langsung kepada                       Auditors who serve in the Internal Audit Unit directly
    Kepala Unit Audit Internal                                              report to the Head of Internal Audit Unit.




                                                             Direktur Utama
                                                            President Director




                                                     Kepala Unit Audit Internal
                                                     Head of Internal Audit Unit




                                                           Staf Unit Audit Internal
                                                          Internal Audit Unit Staff




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    Uraian Singkat Pelaksanaan Kegiatan Unit Audit                         Brief Description of the Internal Audit Unit Activities in
    Internal Pada Tahun Buku 2023                                          the 2023
    Setiap awal tahun, Unit Audit Internal menyusun                        At the beginning of each year, the Internal Audit
    program kerja audit tahunan. Selama tahun 2023,                        Unit prepares an annual audit work program. During
    Unit Audit Internal telah melakukan audit terhadap                     2023, the Internal Audit Unit audited the Company's
    operasional dan keuangan Perseroan yang meliputi :                     operations and finances which include :
    1.   Penilaian kecukupan struktur pengendalian intern                  1.   Assessment of the adequacy of the internal
         untuk memberikan keyakinan yang memadai                                control structure to provide reasonable assurance
         bahwa tujuan dan sasaran Perusahaan dapat                              that the Company's goals and objectives can be
         dicapai secara efisien dan ekonomis.                                   achieved efficiently and economically.
    2.   Penilaian    efektivitas    struktur     pengendalian             2.   Assessment of the effectiveness of the internal
         intern    untuk   memperoleh        keyakinan       yang               control structure to obtain reasonable assurance
         memadai bahwa struktur tersebut telah berfungsi                        that the structure is functioning properly.
         sebagaimana mestinya.
    3.   Penilaian kualitas kinerja untuk memperoleh                       3.   Performance       quality     assessment               to     obtain
         keyakinan yang memadai bahwa tujuan dan                                adequate assurance that the Company's goals
         sasaran     Perusahaan      telah   tercapai       dalam               and objectives have been achieved in meeting
         memenuhi kebutuhan dan keinginan dari pihak-                           the needs and desires of the interested parties
         pihak yang berkepentingan (stakeholder).                               (stakeholders).
    4.   Penilaian   terhadap       pengelolaan    risiko    (risk         4.   Assessment of risk management to obtain
         management)       untuk     memperoleh      keyakinan                  assurance that significant risks related to the
         bahwa risiko-risiko signifikan yang berkaitan                          Company's activities or operations have been
         dengan aktivitas atau operasional Perusahaan                           adequately managed.
         telah dikelola secara cukup memadai.


    Laporan hasil kegiatan Audit Internal disampaikan                      An outcome report of the Internal Audit activities is
    langsung kepada Direktur Utama, yang selanjutnya                       directly conveyed to the President Director, which will
    akan dikomunikasikan kepada Dewan Komisaris                            then be communicated to the Board of Commissioners
    dan Komite Audit serta pihak-pihak teraudit untuk                      and the Audit Committee and auditee to be followed
    ditindaklanjuti sebagaimana mestinya. Komite Audit                     up as expected. The Audit Committee will make a
    akan melakukan peninjauan secara berkala terhadap                      periodic review on reports and activities of the Internal
    laporan dan kegiatan Audit Internal untuk memastikan                   Audit to ensure that the audit quality standard is
    terpenuhinya standar mutu audit dan memonitor                          fulfilled and to monitor the effectiveness of the follow-
    efektivitas atas tindak lanjut terhadap temuan dan                     up on the finding and recommendation of the Internal
    rekomendasi Audit Internal. Seluruh temuan dan                         Audit. All audit results and recommendations issued
    rekomendasi yang telah dikeluarkan oleh Audit                          by the Internal Audit have been followed up. During
    Internal telah ditindaklanjuti. Selama tahun 2023,                     2023, the Internal Audit Unit has held joint meetings
    Unit Audit Internal telah melakukan Rapat bersama                      with the Board of Directors, Board of Commissioners,
    dengan Direksi, Dewan Komisaris, dan Komite Audit                      and Audit Committee 4 (four) times.
    sebanyak 4 (empat) kali..


    Kode Etik Auditor Internal                                             Internal Auditor’ Code of Ethics
    Dalam melaksanakan fungsinya, semua staf yang                          In carrying out its functions, all staff in the Internal
    berada di Unit Audit Internal berpedoman kepada                        Audit Unit adhere to professional practice standards
    standar-standar praktek professional yang ditetapkan                   set by The Institute of Internal Auditors (IIA) and the




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    oleh The Institute of Internal Auditors (IIA) dan Piagam              Internal Audit Unit Charter which has been approved
    Unit Audit Internal yang telah disetujui oleh Dewan                   by Board of Commissioners and Board of Directors.
    Komisaris dan Direksi.


    Tujuan diberlakukannya kode etik auditor internal                     The purpose of implementing the internal auditor’
    adalah untuk membangun suatu budaya etika profesi                     code of ethics is to build a culture of internal audit
    Audit Internal yang memberi kepastian mengenai                        professional ethics that provides assurance regarding
    risiko, pengawasan, dan Tata Kelola Perusahaan yang                   risks, supervision, and Good Corporate Governance.
    Baik. Kode etik ini berlaku baik untuk individu maupun                This code of conduct applies to both individuals and
    untuk perusahaan.                                                     companies.


    Pedoman Utama                                                         Main Guidelines
    1.   Integritas Auditor Internal:                                     1.   Internal Auditor Integrity:
         a.   Harus melaksanakan pekerjaannya dengan                           a.   Must carry out his work honestly, diligently,
              jujur, rajin, dan bertanggung jawab;                                  and responsibly;
         b.   Harus    mengikuti        aturan     hukum     dan               b.   Must follow the rule of law and state openly
              mengemukakan secara terbuka apa yang                                  what is required by the law and the profession;
              dituntut oleh hukum maupun profesinya;
         c.   Tidak boleh secara sengaja menjadi bagian                        c.   Should not intentionally be part of an activity
              dalam suatu aktivitas yang sifatnya illegal                           that is illegal in nature or be involved in an act
              atau terlibat dalam suatu perbuatan yang                              that can discredit the internal audit profession
              dapat mendiskreditkan profesi audit internal                          or the company; and
              atau perusahaan; dan
         d.   Harus    menghormati           dan     memberikan                d.   Must respect and contribute to the company's
              kontribusi    kepada       tujuan      dan    etika                   goals and ethics.
              perusahaan.


    2.   Objektivitas Auditor Internal:                                   2.   Objectivity of the Internal Auditor:
         a.   Tidak boleh terlibat atau ambil bagian                           a.   Should not be involved or take part in an
              dalam    suatu     aktivitas    atau    hubungan                      activity or relationship that can be partial
              yang dapat berpihak atau dianggap dapat                               or can be considered to make unilateral
              membuat penilaian yang sepihak. Partisipasi                           judgments.     This        participation             includes
              ini termasuk aktivitas dan hubungan yang                              activities and relationships that have a conflict
              mempunyai konflik kepentingan (conflict of                            of interest with the company;
              interest) dengan perusahaan;
         b.   Tidak boleh menerima ataupun yang dapat                          b.   Should not accept or be able or considered
              atau    dianggap    dapat       memihak      dalam                    to be able to take sides in determining his
              menentukan opininya secara professional;                              opinion in a professional manner;
         c.   Harus mengemukakan semua fakta-fakta                             c.   Must present all material facts that they
              material yang mereka ketahui yang apabila                             know, which if not presented will reduce the
              tidak dikemukakan akan dapat mengurangi                               weight of the report on the activity or activity
              bobot laporan atas aktivitas atau kegiatan                            being examined; and
              yang sedang diperiksa; dan
         d.   Harus memperlakukan auditee secara fair                          d.   Must treat the auditee fairly and openly to
              dan terbuka untuk menerima penjelasan                                 receive an explanation of the findings they




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              mengenai       temuan yang          dikemukakanya.                         put forward. In this case, before reporting
              Dalam hal ini sebelum melaporkan suatu                                     a finding, the findings must have been
              temuan,       temuan     tersebut       harus     sudah                    discussed with the auditee and the auditee
              dibicarakan dengan auditee dan auditee                                     has the right to provide the widest possible
              berhak untuk memberikan penjelasan seluas-                                 explanation regarding the matter.
              luasnya mengenai masalah tersebut.


    3.   Kerahasiaan Auditor Internal:                                         3.   Internal Auditor Confidentiality:
         a.   Harus bijak dalam memakai dan melindungi                              a.   Must be wise in using and protecting all
              semua informasi yang diminta dalam rangka                                  information requested in the context of
              pelaksanaan tugas-tugasnya; dan                                            carrying out its duties; and
         b.   Tidak boleh menggunakan informasi untuk                               b.   May not use information for personal gain
              keuntungan pribadi atau dalam tiap perilaku                                or in any manner that would be against the
              yang akan bertentangan dengan hukum                                        law or detrimental to ethics and company
              atau merugikan terhadap etika dan tujuan                                   objectives.
              perusahaan.


    4.   Kompetensi Auditor Internal:                                          4.   Internal Auditor Competence:
         a.   Hanya terlibat dalam pelayanan di mana                                a.   Only engage in ministries for which they have
              mereka punya pengetahuan, keahlian dan                                     knowledge, expertise and experience; and
              pengalaman; dan
         b.   Harus melakukan jasa audit internal sesuai                            b.   Must    perform      internal          audit         services
              dengan Standar Praktek Profesi Audit Internal;                             in   accordance     with       the       Internal         Audit
              Harus secara terus-menerus memperbaiki                                     Professional    Practice           Standards;             Must
              atau     meningkatkan         pengetahuan           dan                    continuously improve or increase knowledge
              efektivitas serta kualitas pelayanannya.                                   and effectiveness as well as quality of service.




    Sistem Pengendalian Internal                                               Internal Control System

    Sistem     pengendalian          internal   ini     merupakan              This internal control system is a set of processes and
    suatu serangkaian proses dan sistem kerja yang                             work systems that are implemented to ensure reliable
    dijalankan untuk memastikan pelaporan keuangan                             financial reporting, implementation of corporate
    yang andal, pelaksanaan prinsip-prinsip tata kelola                        governance principles that comply with regulations,
    perusahaan yang sesuai aturan, kepatuhan terhadap                          compliance with applicable laws and regulations
    peraturan        perundang-undangan           yang        berlaku          and improve the environment and quality of internal
    serta     penyempurnaan      lingkungan           dan     kualitas         control in the Company.
    pengendalian internal di Perseroan.


    Dalam rangka pengawasan kegiatan operasional                               In order to monitor the operational activities and
    dan penggunaan aset-aset Perseroan, segenap                                use of the Company's assets, all management and
    manajemen         dan    karyawan      Perseroan          memiliki         employees of the Company have their respective
    fungsi, peran dan tugas masing-masing dalam                                functions, roles and duties in improving the quality
    meningkatkan kualitas dan pelaksanaan sistem                               and implementation of an effective and sustainable
    pengendalian internal yang dijalankan secara efektif                       internal control system, which includes supervision




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    dan berkelanjutan, yang mencakup pengawasan                            of    the     Company's        operational             activities.         The
    terhadap        kegiatan     operasional          Perseroan.           implementation of internal control is implemented
    Pelaksanaan atas pengendalian internal diterapkan                      through clear policies, regulations and procedures
    melalui kebijakan, regulasi dan prosedur yang jelas                    so that they can be empowered in carrying out the
    sehingga dapat diberdayakan dalam menjalankan                          internal control function while minimizing risks that
    fungsi pengendalian internal sekaligus meminimalisir                   may arise.
    risiko yang mungkin timbul.


    Program yang diberlakukan oleh Perseroan terkait                       The programs implemented by the Company related
    dengan pengendalian internal meliputi aktivitas                        to internal control include supervisory activities
    pengawasan serta kegiatan strategis, yang antara lain                  as well as strategic activities, which among others
    terdiri dari:                                                          consist of:
    yy Penyusunan pedoman Good Corporate Governance                        yy Formulation of Good Corporate Governance (GCG)
       (GCG);                                                                   guidelines;
    yy Penerapan fungsi pengawasan/supervisi oleh                          yy Implementation        of       supervisory             functions           by
       atasan didalam masing-masing divisi yang terdapat                        superiors in each division within the Company;
       pada Perseroan;
    yy Pelaksanaan tugas pendampingan terhadap pihak                       yy Implementation of accompanying duties to the
       Auditor Eksternal (KAP); dan                                             External Auditor (Public Accounting Firm); and
    yy Pemantauan      dan     pelaksanaan         tindak   lanjut         yy Monitoring and implementing follow-up actions on
       terhadap temuan-temuan audit.                                            audit findings.


    Sistem      pengendalian      internal     di     Perseroan            The Company’s internal control system is applied to
    diberlakukan bagi semua bagian Perseroan tanpa                         all members of the Company without exception, and
    kecuali, dan penerapannya dilakukan oleh Unit Audit                    its practice is carried out by the Internal Audit Unit.
    Internal.


    Sistem pengendalian internal yang dijalankan oleh                      Internal control system of the Company has generally
    Perseroan secara umum telah mengacu kepada                             been referred to the definition of internal control
    definisi pengendalian internal menurut Committee of                    in    accordance       with     Committee              of     Sponsoring
    Sponsoring Organizations of the Treadway Commission                    Organizations of the Treadway Commission (COSO),
    (COSO) yaitu suatu proses yang melibatkan Dewan                        which is a process, involving Board of Commissioners,
    Komisaris, manajemen, dan personil lain, yang                          management and other personnel, designed to
    dirancang untuk memberikan keyakinan memadai                           provide reasonable assurance about the achievement
    tentang pencapaian tiga tujuan berikut ini:                            of the following three objectives:
    yy Efektivitas dan efisiensi operasi;                                  yy Effectiveness and efficiency of operations;
    yy Keandalan pelaporan keuangan; dan                                   yy Reliability of Financial Reporting; and
    yy Kepatuhan terhadap hukum dan peraturan yang                         yy Compliance with Applicable laws and regulations.
       berlaku.


    Manajemen bertanggung jawab terhadap efektivitas                       Management is responsible for the effectiveness
    sistem      pengendalian    internal     dan     manajemen             of internal control system and risk management
    risiko di Perseroan. Evaluasi terhadap efektivitas                     in the Company. Evaluation of the effectiveness of
    sistem pengendalian internal dan manajemen risiko                      the internal control system and risk management
    dilakukan oleh Unit Audit Internal dan Komite Audit.                   performed by the Internal Audit Unit and Audit
                                                                           Committee.




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    Komponen-komponen               pengendalian          internal           The components of internal control under COSO
    menurut COSO mencakup :                                                  include:
    1.   Lingkungan pengendalian                                             1.   Control environment
         Merupakan tanggung jawab manajemen puncak                                It is the responsibility of top management to
         untuk     menyatakan       dengan     jelas     nilai-nilai              clearly state the values o
                                                                                                           ​​ f integrity and intolerable
         integritas dan kegiatan tidak etis yang tidak dapat                      unethical activity.
         ditoleransi.


    2.   Penaksiran risiko                                                   2.   Risk assessment
         Perusahaan        harus     mengidentifikasi          dan                Companies must identify and analyze the factors
         menganalisis faktor-faktor yang menciptakan                              that create business risks and must determine
         risiko bisnis dan harus menentukan bagaimana                             how to manage these risks.
         caranya mengelola risiko tersebut.


    3.   Kegiatan pengendalian                                               3.   Control activities
         Untuk      mengurangi      terjadinya     kecurangan,                    To reduce the occurrence of fraud, management
         manajemen harus merancang kebijakan dan                                  must design policies and procedures to identify
         prosedur untuk mengidentifikasi risiko tertentu                          the specific risks faced by the company.
         yang dihadapi perusahaan.


    4.   Informasi dan komunikasi                                            4.   Information and communication
         Sistem         pengendalian         internal        harus                The    internal       control         system            must          be
         dikomunikasikan dan diinfokan kepada seluruh                             communicated and informed to all company
         karyawan perusahaan dari atas hingga bawah.                              employees from top to bottom.


    5.   Pemantauan                                                          5.   Monitoring
         Sistem pengendalian internal harus dipantau                              The internal control system must be monitored
         secara berkala. Apabila terjadi kekurangan yang                          regularly. If there is a significant deficiency, it must
         signifikan,    harus   segera   dilaporkan       kepada                  be reported immediately to top management and
         manajemen puncak and ke Dewan Komisaris.                                 to the Board of Commissioners.


    Lima komponen Pengendalian Internal menurut                              The five components of Internal Control according
    COSO ini telah diimplementasikan dalam Perseroan.                        to COSO have been implemented in the Company.
    Pada akhir tahun 2023, Manajemen                    Perseroan            At the end of 2023, the Company's management has
    telah mengevaluasi sistem pengendalian internal                          evaluated that the internal control system is effective.
    telah efektif. Manajemen IFII melakukan evaluasi                         IFII management conducts continuous evaluation
    dan pemantauan secara terus-menerus terhadap                             and monitoring of the overall effectiveness of the
    efektivitas keseluruhan pelaksanaan pengendalian                         implementation of internal control.
    internal.


    Perseroan menyadari bahwa tindakan pengendalian                          The Company realizes that the internal control
    internal yang selama ini telah dijalankan tidak                          measures that have been implemented do not
    menjamin tidak ada risiko penyalahgunaan maupun                          guarantee that there is no risk of abuse or other forms.
    bentuk      lainnya.   Namun,    Manajemen          Perseroan            However, the Company's management is committed
    memiliki komitmen untuk selalu memastikan dan                            to always ensuring and improving the internal control
    meningkatkan sistem pengendalian internal tersebut.                      system.




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    Manajemen Risiko Usaha                                                Business Risk Management

    Gambaran Umum                                                         General Overview
    Perseroan menyadari bahwa risiko merupakan bagian                     The Company realizes that risk is an inseparable
    yang tidak terpisahkan dalam setiap proses bisnis                     part of every business process that can affect the
    yang dapat mempengaruhi kestabilan Perseroan.                         stability of the Company. It is important to implement
    Manajemen risiko penting diimplementasikan sebagai                    risk management as the basis for managing the
    dasar dalam pengelolaan Perseroan untuk dapat                         Company to be able to respond to every opportunity
    menyikapi setiap peluang maupun potensial dampak                      and potential adverse impact appropriately so that
    yang merugikan dengan tepat sehingga setiap                           every decision or action taken is appropriate to the
    keputusan atau tindakan yang diambil tepat sesuai                     conditions and ensures the sustainability of the
    kondisi dan menjamin kesinambungan Perseroan.                         Company. The Board of Directors of the Company
    Direksi     Perseroan       bertanggungjawab           untuk          is responsible for identifying and assessing the risks
    mengidentifikasi dan menilai risiko yang dihadapi                     faced by the Company and ensuring that these risks
    oleh Perseroan dan memastikan bahwa risiko-risiko                     are managed effectively.
    tersebut dikelola secara efektif.


    Aktivitas bisnis tidak lepas dari faktor risiko yang                  Business activities can not be separable from the
    menyertai dan bila tidak dikelola dengan baik dapat                   lingering risk factors and if not managed properly,
    menghambat pertumbuhan Perseroan. Pengelolaan                         it can hinder the growth of the Company. Risk
    risiko    merupakan      komitmen    Perseroan        sebagai         management is the Company's commitment as part
    bagian dari Tata Kelola Perusahaan yang Baik dan                      of Good Corporate Governance while maintaining the
    menjaga kelangsungan hidup Perseroan.                                 survival of the Company.


    Jenis Risiko dan Pengelolaannya                                       Types of Risk and Management
    Dalam menjalankan usahanya, Perseroan menghadapi                      In conducting its business, the Company should cope
    risiko sebagai berikut :                                              with the following risks :


    Risiko Usaha                                                          Business Risk

    1.   Risiko Terkait Ketersediaan Pasokan Bahan Baku                   1.   Risk Related to Raw Material Supply Availability
         Perseroan memperoleh bahan baku yang terdiri                          The Company obtains its raw materials consisting
         dari kayu racuk dan kayu karet dari sumber                            of racuk wood and rubber wood from external
         eksternal   yaitu     masyarakat      langsung      dan               sources, namely direct communities and third
         dari pihak ketiga. Tidak ada kepastian bahwa                          parties. There is no certainty that these supplies
         pemasokan     ini     akan   selalu   tersedia    untuk               will always be available to meet the Company's
         memenuhi kebutuhan Perseroan. Risiko yang                             needs. Risks arising from weather factors, such
         muncul akibat faktor cuaca, seperti musim hujan                       as a prolonged rainy season causing damage to
         yang berkepanjangan menyebabkan rusaknya                              road infrastructure which can have an impact on
         infrastruktur jalan sehingga dapat berdampak                          the break in the raw material distribution chain.
         pada putusnya rantai distribusi bahan baku.


         Perseroan melalui program Corporate Social                            The Company through the Corporate Social
         Responsibility serta kerja sama dengan masyarakat                     Responsibility program and cooperation with the
         akan mengembangkan hutan sosial untuk menjaga                         community will develop social forests to maintain




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         ketersediaan bahan baku. Apabila Perseroan tidak                     the availability of raw materials. If the Company
         berhasil mengelola pasokan bahan baku dengan                         fails to manage the supply of raw materials
         baik, maka akan berpengaruh secara negatif dan                       properly, it will negatively and materially affect
         secara material terhadap kinerja bisnis, kinerja                     the Company's business performance, financial
         keuangan, dan prospek usaha Perseroan. Untuk                         performance,     and       business           prospects.            To
         mencegah hal itu, Perseroan telah memiliki log                       prevent such risks, the Company has a log yard
         yard dengan kapasitas sekitar 120.000 ton untuk                      with a capacity of approximately 120,000 tons to
         menjaga ketersediaan bahan baku untuk 3-4                            maintain the availability of raw materials for the
         bulan kedepan.                                                       next 3-4 months.


    2.   Risiko Kepatuhan dan Perubahan Terhadap                         2.   Risk related to Compliance and Amendment of
         Regulasi Pemerintah                                                  Government Regulation
         Perubahan Peraturan yang dikeluarkan oleh                            Amendment       of   Regulation             issued         by      the
         Pemerintah Indonesia, khususnya peraturan yang                       Government      of    Indonesia,            particularly           the
         diberlakukan oleh Kementerian Perdagangan,                           regulations imposed by the Ministry of Trade,
         Kementerian          Perindustrian,       Kementerian                Ministry of Industry, Ministry of Finance, Ministry
         Keuangan, Kementerian Kehutanan, Kementerian                         of Environment and Forestry, and Ministry of
         Lingkungan      Hidup      dan    Kehutanan,       dan               Manpower as well as Regional Government
         Kementerian Ketenagakerjaan serta Peraturan                          Regulation, could give negative impact to the
         Daerah dapat berdampak negatif bagi kegiatan                         Company's business activities.
         usaha Perseroan.


         Semakin ketatnya peraturan terkait legalitas kayu                    The more rigid regulation on timber legality which
         terhadap masyarakat umum akan berpengaruh                            is imposed to public will affect the supply of raw
         pada pemasokan bahan baku. Sebagai contoh,                           materials. For Instance, the rigid enactment of
         diperketatnya Sistem Verifikasi dan Legalitas Kayu                   the Timber Legality Assurance System (SVIK)
         (SVLK) dapat menyebabkan meningkatnya harga                          could result in the mounting sales price of raw
         jual bahan baku kepada Perseroan sehingga biaya                      materials to the Company and thus the cost of
         pembelian bahan baku Perseroan meningkat dan                         raw materials purchase will increase and cut
         mengurangi margin pendapatan Perseroan.                              down the Company's margin of revenue.


    3.   Risiko Berkurangnya Areal Tanam Bahan Baku                      3.   Risk related to Downscaling Planted Areas for
                                                                              Raw Materials
         Jumlah penduduk terus bertambah. Masyarakat                          Populations    continue         growing            in      number.
         lebih memilih menanam jenis tanaman lain yang                        Community prefers to plant other plants with
         memiliki umur panen lebih pendek sehingga lebih                      shorter period of crop hoping for faster earning
         cepat mendapatkan hasil. Kondisi ini berdampak                       from the yields. Such a condition has an effect
         pada semakin berkurangnya areal tanam yang                           on the downscaling of planting areas for raw
         menghasilkan bahan baku yang dibutuhkan oleh                         materials needed by the Company. For instance,
         Perseroan. Sebagai contoh, salah satu bahan                          one of the raw materials required by the Company
         baku yang digunakan Perseroan adalah kayu                            is rubber wood. The falling rubber price leads the
         karet. Menurunnya harga jual karet berdampak                         community to shift from planting rubber to palm
         pada beralihnya masyarakat yang lebih memilih                        oil due to the higher prospect of selling price.
         menanam      sawit    dibandingkan       karet   karena
         memiliki nilai jual yang lebih tinggi.




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    4.   Risiko Persaingan Usaha dan Harga Pasar                      4.   Risk related to Business Competition and Market
                                                                           Price
         Persaingan di dalam industri MDF cukup ketat,                     Business competition in MDF both from domestic
         baik berasal dari dalam negeri maupun dari                        and international industries, particularly from
         luar negeri, khususnya negara Asia, secara                        Asian countries, is very rigid. In general, the price
         keseluruhan harga MDF dipengaruhi oleh kondisi                    of MDF is influenced by the condition of supply
         permintaan dan penawaran di pasar. Perubahan                      and demand from the market. The change of
         kondisi pasar menyebabkan fluktuasi harga dan                     market condition leads to fluctuating price and
         kompetisi di antara perusahaan dalam lini usaha                   competition among the companies on the same
         yang sama sehingga hal ini akan mempengaruhi                      business which at the end will affect the financial
         kinerja keuangan Perseroan.                                       performance of the Company.


    5.   Risiko Produk Pengganti                                      5.   Risk related to Substitute Product
         Perkembangan       teknologi   baru    mendorong                  Development      f   new         technology              has       led
         ditemukannya barang pengganti produk MDF.                         an innovation of substitute product of the
         Selain itu, produk yang berasal dari kayu erat                    manufactured MDF. Besides, the wood-based
         kaitannya dengan isu pemanasan global atau                        manufactured goods are closely linked to
         global warming yang sebagian besar dipicu dari                    global warming issue that is mostly triggered
         kebakaran hutan atau pembukaan lahan pertanian                    by forest fires or land clearance for agriculture
         dengan cara pembakaran hutan dan penebangan                       by burning trees and illegal logging. As a result,
         hutan secara liar. Akibatnya, beberapa perusahan                  some companies on this industry start to seek
         dalam industri ini mulai beralih pada alternatif                  alternative for MDF substitute products as one of
         bahan pengganti MDF sebagai salah satu produk                     wood processed products. The existing substitute
         kayu olahan. Adanya produk kayu pengganti ini                     products here could influence the demand for
         dapat mempengaruhi tingkat permintaan produk                      the Company's MDF products.
         MDF Perseroan.


    6.   Risiko Perubahan Regulasi dari Negara Tujuan                 6.   Risk related to Regulatory Changes from Export
         Ekspor                                                            Destination Country
         Sebagian besar pendapatan Perseroan berasal                       The Company earns most of its revenues from
         dari ekspor. Pengetatan regulasi negara tujuan                    export. The tightened regulatory of the export
         ekspor    dapat    mempengaruhi        pendapatan                 destination country could affect the Company’s
         Perseroan. Perseroan telah memiliki beberapa                      revenue. The Company has obtained some
         sertifikasi seperti Sistem Verifikasi Legalitas Kayu              certifications such as Timber Legality Assurance
         (SVLK) yang menjadi salah satu syarat ekspor                      System (SVLK) as one of the domestic export
         dalam negeri. Perseroan memiliki eksposur                         requirements. The Company has exposures to
         terhadap peraturan di negara-negara tujuan                        regulations in some export destination countries
         ekspor seperti Jepang dan Amerika. Produk yang                    such as Japan and the United States of America.
         dipasarkan ke negara tersebut wajib memenuhi                      Products marketed in these countries should
         standarisasi yang ditetapkan oleh negara-negara                   comply with the requirements standardized by
         tersebut seperti Japanese Industrial Standards                    these countries, such as Japanese Industrial
         (JIS) yang mengatur batas ambang jumlah emisi                     Standards (JIS), which regulate the threshold of
         yang diizinkan dari produk MDF dan Standar Emisi                  permissible emission from MDF products, and
         Formaldehyde California Air Resources Board                       the American standards of Emission Standard
         (CARB) dan Toxic Substance Control Act (TSCA)                     of Formaldehyde California Air Resources Board
         dari Amerika.                                                     (CARB) and Toxic Substance Control Act (TSCA).




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         Selain ketentuan sehubungan dengan standarisasi                  In addition to the regulations on emission
         emisi, regulasi lainnya dari negara tujuan ekspor                standards, the other regulations from the export
         adalah adanya Bea Masuk Anti Dumping (BMAD)                      destination country include the antidumping
         dan Bea Masuk Imbalan (countervailing duty)                      import duties (BMAD) and countervailing duties
         yang diterapkan oleh negara tujuan ekspor.                       (BMI) that are imposed by the export destination
                                                                          country.




    Risiko Umum                                                      General Risk

    1.   Risiko Kondisi Secara Makro atau Global                     1.   Risk related to Macro or Global Condition
         Kondisi perekonomian secara makro atau global,                   The macro or global economics conditions
         mempunyai pengaruh bagi kinerja perusahaan-                      have some impacts to performances of some
         perusahaan    di    Indonesia,   termasuk     bagi               companies in Indonesia, including to the Company.
         Perseroan. Penguatan atau pelemahan ekonomi                      A bullish or bearish economy of a country will
         di suatu negara, akan berpengaruh secara                         give direct influence to the supply and demand
         langsung pada tingkat permintaan dan tingkat                     on that country. In addition, such a condition will
         penawaran yang terjadi di negara tersebut. Selain                indirectly have an effect to every country that
         itu, secara tidak langsung akan mempengaruhi                     has trade connections with the country that is
         setiap   negara    yang    mempunyai     hubungan                subjected to change of economic condition.
         dagang dengan negara yang sedang mengalami                       Similarly, if Indonesia and other countries that
         perubahan    kondisi      perekonomian    tersebut.              have trade connection with Indonesia put up with
         Begitu juga halnya jika terjadi perubahan kondisi                change of economic condition, such a condition
         perekonomian di Indonesia maupun negara-                         could give adverse impact to the Company's
         negara yang mempunyai hubungan dagang                            financial performance.
         dengan Indonesia, hal tersebut dapat memberikan
         dampak bagi kinerja keuangan Perseroan.


    2.   Risiko Terkait Sensitivitas Perubahan Kurs Valuta           2.   Risk related to Sensitivity arising from Foreign
                                                                          Exchange Rate
         Sebagian besar penjualan Perseroan merupakan                     Most of the Company’s sales is deemed export
         penjualan ekspor yang dilakukan dengan mata                      trade using foreign currency. However, the
         uang asing. Namun demikian, pembelian bahan                      Company purchases nearly all raw materials
         baku dan bahan pembantu Perseroan hampir                         and   supplementary       materials           using        Rupiah
         seluruhnya dilakukan dalam mata uang Rupiah.                     currency. Similarly, almost all of the spending for
         Demikian juga pengeluaran untuk beban usaha                      operating expenses such as selling expenses and
         seperti beban penjualan dan beban umum dan                       general and administrative expenses is in Rupiah
         administrasi, hampir seluruhnya dilakukan dalam                  currency. The fluctuation of foreign exchange
         mata uang Rupiah. Fluktuasi terhadap mata                        rate will affect the financial performance of the
         uang asing tersebut akan mempengaruhi kinerja                    Company.
         keuangan Perseroan.


    3.   Risiko Bencana Alam dan Kejadian di luar Kendali            3.   Risk related to Natural Disaster and Force
         Perseroan                                                        Majeure
         Kejadian gempa bumi, banjir, kekeringan dan                      In the event that there occurs earthquake,




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        bencana alam lainnya yang mungkin terjadi                            flooding, drought and other natural disasters
        dilokasi   dimana   fasilitas     produksi,    gudang                that might happen to the locations of production
        penyimpanan dan aset Perseroan berada dapat                          facilities, warehouse and the Company's assets,
        memberikan dampak negatif terhadap kinerja                           they will give adverse impact to the operational
        operasional dan keuangan Perseroan. Kejadian                         and financial performances of the Company. Force
        di luar kendali Perseroan seperti serangan                           majeure events which are out of the Company's
        teroris, bom dan konflik bersenjata juga dapat                       control such as terrorism attack, bomb and armed
        memberikan dampak negatif terhadap kinerja                           conflict could also have negative impacts to the
        Perseroan secara umum.                                               Company's performances in general.


    Adanya Unit Audit Internal yang merupakan perangkat                  The existing of an Internal Audit Unit as the
    Tata Kelola Perusahaan yang Baik merupakan salah                     instrument of Good Corporate Governance serves
    satu cara Perseroan untuk meninjau efektifitas                       as one of procedures for the Company to monitor
    sistem manajemen risiko atas kegiatan usaha. Unit                    the effectiveness of the system of risk management
    Audit Internal secara berkala mengirimkan tim untuk                  related to business activities. The Internal Audit Unit
    melakukan kegiatan audit di Perseroan di berbagai                    regularly sends a team to conduct an audit to the
    aspek operasional seperti di bidang pemasaran,                       Company covering various operational aspects such
    penjualan, pengelolaan sumber daya manusia dan                       as marketing, sales, human resources and financial
    keuangan.                                                            management.


    Temuan yang diperoleh oleh tim Unit Audit Internal                   The findings that are obtained by the Internal Audit
    akan   disampaikan      kepada       manajemen         untuk         Unit team will be delivered to the management
    ditindaklanjuti dan kepada Komite Audit untuk                        to follow up and to the audit committee to get an
    mendapat perhatian Dewan Komisaris yang bertugas                     attention from the Board of Commissioners that is
    mengawasi jalannya kegiatan usaha Perseroan.                         in charge of overseeing of the Company's business
                                                                         activities operations.


    Tinjauan Atas Efektivitas Sistem Manajemen Risiko                    Overview of the Effectiveness of the Risk Management
                                                                         System
    Direksi dibantu oleh Unit Audit Internal secara berkala              The Board of Directors is assisted by the Internal
    melakukan pengujian dan penilaian menyeluruh                         Audit Unit periodically to conduct thorough testing
    terhadap sistem manajemen risiko Perseroan. Dewan                    and assessment of the Company's risk management
    Komisaris melalui Komite Audit telah mengkaji                        system. The Board of Commissioners through the
    penilaian   dan   pengelolaan       risiko   Direksi   serta         Audit Committee has reviewed the Board of Directors'
    efektivitas dari tindakan perbaikan yang dilaksanakan                risk assessment and management as well as the
    pada tahun 2023 dan menyimpulkan bahwa sistem                        effectiveness of the corrective actions implemented
    manajemen risiko Perseroan telah berjalan efektif                    in 2023 and concluded that the Company's risk
    mendukung setiap kebijakan dan proses bisnis di                      management system has been running effectively
    Perseroan. Manajemen Perseroan memiliki komitmen                     to support every policy and business process in
    untuk selalu memastikan dan meningkatkan sistem                      the Company. The Company's management is
    manajemen risiko tersebut.                                           committed to always ensuring and improving the risk
                                                                         management system.




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    Perkara Penting yang Dihadapi                                 Crucial Matter Faced by The Company
    Perseroan

    Pada saat penyusunan Laporan Tahunan untuk tahun              At the time of the arrangement of Annual Report
    buku 2023 ini sampai dengan publikasinya, tidak ada           for the 2023 financial year until its publication, there
    perkara penting yang dihadapi Perseroan maupun                was no crucial matter faced by the Company or
    masing-masing anggota Direksi dan Dewan Komisaris             each member of the Board of Directors and Board of
    dari Perseroan.                                               Commissioners of the Company.




    Sanksi Administrasi dari Regulator                            Administrative Sanctions from
                                                                  Regulators

    Di tahun 2023,     tidak ada sanksi administrasi yang         There are no administrative sanctions imposed on the
    dikenakan kepada Perseroan, anggota Direksi, dan              Company, members of the Board of Directors, and
    Dewan Komisaris oleh Otoritas Jasa Keuangan dan               Board of Commissioners by the Financial Services
    Otoritas lainnya yang berwenang.                              Authority and other competent authorities in 2023.




    Auditor Eksternal                                             External Auditor

    Audit eksternal diperlukan untuk memastikan bahwa             An external audit is needed to ensure that the
    Laporan Keuangan Perseroan telah disusun sesuai               Company's Financial Report have been prepared in
    dengan ketentuan Pernyataan Standar Akuntansi                 accordance with the provisions of the Statement of
    Keuangan    (PSAK)     dan   memperoleh    keyakinan          Financial Accounting Standards (PSAK) and obtain
    memadai     tentang     apakah   laporan   keuangan           adequate assurance about whether the Company's
    Perseroan bebas dari kesalahan penyajian material.            financial   statements      are       free        from         material
                                                                  misstatement.


    Rapat Umum Pemegang Saham Tahunan pada                        Annual General Meeting of Shareholders on June
    tanggal 20 Juni 2023 yang bertempat di Wisma ADR              20, 2023 at Wisma ADR Lantai 9, Jl. Pluit Raya 1
    Lantai 9, Jl. Pluit Raya 1 No 1, Jakarta Utara 14440          No 1, North Jakarta 14440 has decided to approve
    telah memutuskan menyetujui penunjukan Kantor                 the appointment of the Public Accountant Firm
    Akuntan Publik Teramihardja, Pradhono & Chandra               Teramihardja, Pradhono & Chandra with Novida
    dengan Akuntan Publik Ibu Novida Winata, terdaftar            Winata as the Public Accountant, which is registered
    di Otoritas Jasa Keuangan (OJK), untuk melakukan              in Financial Services Authority (FSA), to audit the
    audit Laporan Keuangan Perseroan untuk tahun buku             Company's Financial Statements for the financial
    2023 dan/atau audit lain yang dibutuhkan Perseroan            year 2023 and/or other audits required by the
    serta   memberikan      wewenang     kepada   Direksi         Company and to authorize the Board of Directors of
    Perseroan dalam menetapkan jumlah honorarium dan              the Company to determine the amount of honorarium
    persyaratan lainnya sehubungan dengan penunjukan              and other requirements in connection with the
    Kantor Akuntan Publik tersebut dan/atau Akuntan               appointment of the Public Accounting Firm and/or
    Publik tersebut.                                              the Public Accountant.


    Dalam proses penunjukan Jasa Kantor Akuntan                   In the process of appointing Public Accounting Firm
    Publik (KAP), Perseroan mengikuti Peraturan Otoritas          (PAF) services, we follow the Financial Services




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    Jasa Keuangan (POJK) No. 13/POJK.03/2017 yang                  Authority (FSA) Regulation No. 13/POJK.03/2017
    selanjutnya pada tahun 2023 POJK tersebut dicabut              which will then be revoked and replaced in 2023 with
    dan diganti dengan POJK No. 9 Tahun 2023 tentang               Financial Services Authority (FSA) Regulation No.
    Penggunaan     Jasa   Akuntan    Publik   dan   Kantor         9 of 2023 concerning the Use of Public Accountant
    Akuntan Publik dalam Kegiatan Jasa Keuangan. Tata              and Public Accountant Firms in Financial Services
    Cara Penggunaan Jasa KAP mengacu pada Surat                    Activities. Procedures for using PAF Services refer
    Edaran Otoritas Jasa Keuangan (SEOJK) No. 36/                  to FSA Circular Letter No. 36/SEOJK.03/2017 which
    SEOJK.03/2017 yang selanjutnya pada tahun 2023                 will then be revoked and replaced in 2023 with FSA
    SEOJK tersebut dicabut dan diganti dengan SEOJK No.            Circular Letter No. 18/SEOJK.03/2023 concerning
    18/SEOJK.03/2023 tentang Tata Cara Penggunaan                  Procedures for Using Public Accountant and Auditing
    Jasa Akuntan Publik dan Kantor Akuntan Publik dalam            Firms in Financial Services Activities. In accordance
    Kegiatan Jasa Keuangan. Sesuai peraturan-peraturan             with these regulations, the Company has limited the
    tersebut, Perseroan telah membatasi penggunaan                 use of audit services on annual historical financial
    jasa audit atas informasi keuangan historis tahunan            information from the same Public Accountant (AP)
    dari Akuntan Publik (AP) yang sama untuk 7 (tujuh)             for 7 (seven) cumulative years. The cumulative
    tahun kumulatif. Perhitungan kumulatif pembatasan              calculation of restrictions on the use of audit services
    penggunaan jasa audit atas informasi keuangan                  for annual historical financial information from the
    historis tahunan dari AP yang sama diakumulasikan              same AP accumulated since the financial year 2017.
    sejak tahun buku 2017.


    Tahun 2023 merupakan tahun keduabelas bagi KAP                 The year 2023 was the twelfth year for PAF
    Teramihardja, Pradhono & Chandra dan tahun ketiga              Teramihardja, Pradhono & Chandra and the third
    bagi Novida Winata, Ak., CA, CPA selaku akuntan yang           year for Novida Winata, Ak., CA, CPA to serve as the
    menandatangani Laporan Auditor Independen untuk                accountant who signs the Independent Auditor’s
    tahun buku 2023, dalam melakukan audit terhadap                Report for the financial year 2023, related to the audits
    laporan keuangan Perseroan.                                    of financial statements of the Company.


    Biaya untuk Jasa Audit Laporan Keuangan Perseroan              The fee for the Company's Financial Statement Audit
    Tahun buku 2023 sebesar Rp218.000.000 (sudah                   Services for the financial year 2023 is Rp218,000,000
    termasuk pajak).                                               (tax included).


    Audit Laporan keuangan Perseroan tahun 2017-2023               The table below shows the Accountant and Public
    dilakukan oleh Akuntan dan Kantor Akuntan Publik               Accountant Firm that audited the Financial Statements
    sebagai berikut :                                              of the Company 2017-2023 :



                                                                                                                 Izin Akuntan Publik
                 Kantor Akuntan Publik              Tahun             Nama Akuntan Publik
                                                                                                                  Public Accountant
                 Public Accounting Firm              Year            Public Accountant Name
                                                                                                                       License

          KAP Teramihardja, Pradhono & Chandra       2017     Fitradewata Teramihardja, S.E., Ak., CPA                    AP.0455

          KAP Teramihardja, Pradhono & Chandra       2018             Drs. Nursal Ak.,CA.,CPA                             AP.0272

          KAP Teramihardja, Pradhono & Chandra       2019             Drs. Nursal Ak.,CA.,CPA                             AP.0272

          KAP Teramihardja, Pradhono & Chandra       2020             Drs. Nursal Ak.,CA.,CPA                             AP.0272

          KAP Teramihardja, Pradhono & Chandra       2021           Novida Winata.,Ak.,CA,CPA                              AP.1114

          KAP Teramihardja, Pradhono & Chandra       2022           Novida Winata.,Ak.,CA,CPA                              AP.1114

          KAP Teramihardja, Pradhono & Chandra       2023           Novida Winata.,Ak.,CA,CPA                              AP.1114




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    Jasa lain yang diberikan Kantor Akuntan Publik dan/                   Other Services provided by The Public Accounting
    atau Akuntan Publik selain Jasa Audit atas Laporan                    Firm and/or Public Accountant other than the Audit on
    Keuangan Tahunan Terakhir di Tahun 2023 :                             the Last Annual Financial Statements in 2023 :
    Pada tahun 2023, tidak ada fee yang dibayarkan                        In 2023, no fees were rendered to the Teramihardja,
    kepada Kantor Akuntan Publik Teramihardja, Pradhono                   Pradhono & Chandra Public Accounting Firm for non-
    & Chandra untuk jasa non-audit.                                       audit services.




    Kode Etik                                                             Code of Conduct

    Perseroan berkomitmen untuk menjaga integritas                        The Company is committed to maintaining integrity in
    dalam menjalankan bisnis yang sesuai dengan prinsip                   running its business in accordance with the principles
    Tata Kelola Perusahaan yang Baik. Sebagai panduan                     of Good Corporate Governance. As a general guide,
    umum, Perusahaan memiliki kode etik yang berlaku                      the Company has a code of conduct that applies to all
    untuk seluruh karyawan, anggota Direksi, dan Dewan                    employees, members of the Board of Directors and
    Komisaris.                                                            the Board of Commissioners.


    Kode Etik Perseroan disusun sebagai acuan bagi                        The Company’s Code of Ethics was prepared as a
    seluruh karyawan dalam mengambil keputusan dan                        reference for all employees in making decisions
    bertindak agar dapat menjalankan tugas, tanggung                      and taking action in order to carry out their duties,
    jawab       dan    wewenangnya        secara    profesional.          responsibilities and authorities in a professional
    Pelaksanaan dan penerapan Kode Etik menjadi                           manner. The implementation and application of the
    tanggung jawab seluruh level organisasi dalam                         Code of Ethics is the responsibility of all organizational
    Perseroan.                                                            levels in the Company.


    Kode Etik Perseroan mencakup Etika Usaha dan                          The Company's Code of Ethics includes Business
    Etika Kerja. Etika Usaha mengatur mengenai standar                    Ethics and Work Ethics. Business Ethics regulates the
    perilaku      dalam    berinteraksi     dan    berhubungan            standards of behavior in interacting and dealing with
    dengan pemangku kepentingan atau pihak–pihak                          stakeholders or interested parties (Stakeholders),
    berkepentingan        (Stakeholders),    sedangkan     Etika          while Business Ethics regulates the standards of
    Bisnis mengatur standar perilaku karyawan Perseroan                   behavior of the Company's employees in interacting
    dalam berinteraksi dan bekerja. Kode etik menjadi                     and working. The code of conduct serves as a
    pedoman tentang apa yang diharapkan dari karyawan                     guideline for what is expected of the Company's
    Perseroan didalam hubungannya dengan rekan                            employees      in   relation       to      other         colleagues,
    kerja lain, konsumen, pemegang saham, pemasok,                        consumers, shareholders, suppliers, government and
    pemerintah serta masyarakat.                                          the community.


    Pokok-pokok Kode Etik                                                 Principles of Code of Ethics
    Kode      etik    Perseroan   mencakup        prinsip-prinsip         The Company’s Code of Ethics include principles,
    berikut :                                                             among others:
    I.   Etika Usaha                                                      I.   Business Ethics
         1.     Hubungan dengan Pelanggan                                      1.   Relationships with Customers
         2.     Hubungan dengan Pemasok                                        2.   Relationship with Suppliers
         3.     Hubungan dengan Kreditur                                       3.   Relationship with Creditors
         4.     Hubungan dengan Pemegang saham                                 4.   Relationship with Shareholders
         5.     Hubungan dengan Regulator                                      5.   Relationship with Regulators




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          6.   Hubungan dengan Karyawan                                      6.   Relationship with Employees
          7.   Hubungan dengan Pesaing                                       7.   Relationship with Competitors
          8.   Hubungan dengan Masyarakat                                    8.   Relationship with the Communities
          9.   Hubungan dengan Media                                         9.   Relationship with the Media
          10. Perdagangan Internasional                                      10. International Trade
          11. Keterbukaaan Informasi                                         11. Disclosure of Information
          12. Komitmen terhadap Lingkungan                                   12. Commitment to the Environment


    II.   Etika Kerja                                                  II.   Work Ethics
          1.   Kepatuhan terhadap Hukum                                      1.   Compliance with Laws
          2.   Benturan Kepentingan                                          2.   Conflict of Interest
          3.   Gratifikasi, Donasi dan Kebijakan tentang                     3.   Gratification, Donations and Policy on Bribery
               Larangan Suap                                                      Prohibition
          4.   Anti Pencucian Uang                                           4.   Anti-Money Laundering
          5.   Kerahasiaan Data dan Informasi                                5.   Confidentiality of Data and Information
          6.   Perdagangan oleh Orang Dalam                                  6.   Insider Trading
          7.   Integritas Keuangan dan Perlindungan Aset                     7.   Financial Integrity and Protection Company
               Perseroan                                                          Asset
          8.   Perilaku Etis terhadap Sesama Karyawan                        8.   Ethical Behavior towards Fellow Employees


    Sarana Sosialisasi Kode Etik                                       Code of Ethics Socialization Facility
    Kode etik Perseroan sebagaimana dimaksud secara                    The complete corporate code of ethics has been
    lengkap telah dimuat dalam situs web Perseroan                     published on the Company's website (www.pt-ifi.com)
    (www.pt-ifi.com)       dan   secara   berkala   senantiasa         and is regularly reviewed to comply with applicable
    ditinjau agar sesuai dengan peraturan yang berlaku.                regulations.




    Budaya Perusahaan                                                  Corporate Cultures

    Budaya      perusahaan       merupakan    nilai-nilai yang         Corporate culture is the values ​​that serve as behavior
    menjadi pedoman atau panduan tingkah laku bagi                     guidelines for all employees, members of the
    seluruh karyawan, anggota Direksi dan anggota                      Board of Directors and members of the Board of
    Dewan Komisaris Perseroan dalam menjalankan                        Commissioners of the Company in carrying out their
    tugas, tanggung jawab dan wewenangnya. Perseroan                   duties, responsibilities and authorities. The Company
    menyadari bahwa setiap individu memegang peranan                   realizes that every individual plays an important role
    yang penting dalam perkembangan dan pertumbuhan                    in the development and growth of the Company. The
    Perseroan.     Perseroan percaya bahwa suatu bisnis                Company believes that a business can only progress in
    hanya dapat maju secara utuh apabila perusahaan                    its entirety if the company has a positive work culture
    memiliki budaya kerja yang positif dan diterapkan                  and is implemented by the individuals who work in it.
    oleh individu-individu yang bekerja didalamnya. Hal                This is realized through the implementation of work
    ini diwujudkan melalui implementasi nilai-nilai kerja              values ​​which are summarized in the Company's core
    yang terangkum dalam nilai inti Perseroan yang dapat               values ​​which can be described as follows:
    diuraikan sebagai berikut:
    1.    Berkembang bersama pemangku kepentingan                      1.    Growing together with stakeholders




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    2.    Berjuang menjadi yang terbaik                                2.   Striving for the best
    3.    Saling menghargai sesama tim                                 3.   Respecting each other as a member of the teams
    4.    Tanggap terhadap perubahan                                   4.   Responsive to changes


    Penerapan nilai inti Perseroan dalam semua level                   The application of the Company's core values ​​
                                                                                                                    at
    organisasi     Perseroan       memungkinkan      karyawan          all levels of the Company's organization allows
    untuk dapat memahami perannya sebagai bagian                       employees to understand their role as part of the
    dari Perseroan yang penting untuk menciptakan                      Company which is important to create a conducive
    iklim lingkungan kerja yang kondusif sehingga                      work environment so that employees can work
    para karyawan dapat bekerja dengan nyaman dan                      comfortably and put themselves in a position to
    menempatkan diri dalam posisi untuk bersinergi                     synergize in line with the Company's vision and
    sejalan dengan visi dan misi Perseroan sehingga                    mission so that they grow together with the Company.
    mereka     juga   ikut     tumbuh    bersamaan     dengan
    Perseroan.




    Program Kepemilikan Saham oleh                                     Employee and Management Share
    Karyawan dan Manajemen (ESOP/                                      Ownership Program (ESOP/MSOP)
    MSOP)

    ESOP:                                                              ESOP:
    Program       Kepemilikan       Saham    oleh    Karyawan          The Employee Share Ownership Program (ESOP) is a
    atau Employee Share Ownership Program (ESOP)                       program to grant Award Shares and Fixed Allotment
    merupakan program pemberian Saham Penghargaan                      Shares as part of the Company’s Initial Public Offering
    dan Saham Jatah Pasti yang merupakan bagian dari                   to qualified employees.
    Penawaran Umum Perdana Saham Perseroan kepada
    karyawan yang memenuhi kualifikasi.


    Perseroan memberikan program kepemilikan Saham                     The Company provides an Award Share ownership
    Penghargaan kepada karyawan dalam bentuk alokasi                   program to employees in the form of share allocation
    saham untuk karyawan atau Employee Stock Ownership                 for employees or Employee Stock Ownership
    Program (ESOP) berdasarkan Surat Keputusan Direksi                 Program (ESOP) based on the Decree of the Board of
    No. 006/IFI-LGL/IX/19 tanggal 17 September 2019                    Directors No. 006/IFI-LGL/IX/19 dated September
    yang telah diperbaharui dengan Addendum SK Direksi                 17, 2019 which has been updated by Addendum to
    No. 005/IFI-LGL/XI/2019 tanggal 25 November 2019,                  the Decree of the Board of Directors No. 005/IFI-
    dengan mengalokasikan sebesar-besarnya 1,20% dari                  LGL/XI/2019 dated November 25, 2019, by allocating
    jumlah saham yang ditawarkan dalam Penawaran                       a maximum of 1.20% of the total shares offered in the
    Umum Perdana Saham atau sebanyak 16.890.000                        Initial Public Offering or as much as 16,890,000 shares
    saham yang terdiri dari :                                          consisting of :
    yy Saham Penghargaan sebanyak 4.813.000 saham.                     yy Award Shares are 4,813,000 shares.
    yy Saham Penjatahan pasti sebanyak 12.077.000                      yy Fixed Allotment Shares are 12,077,000 shares.
         saham.


    Program       ESOP       ini   diimplementasikan    sesuai         This ESOP program is implemented in accordance
    Peraturan Bapepam No. IX.A.7 tentang Pemesanan                     with Bapepam Regulation No. IX.A.7 regarding




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    dan Penjatahan Efek dalam Penawaran Umum.                      Securities Subscription and Allotment in Public
    Prosedur Program ESOP akan dilaksanakan oleh                   Offering. The ESOP Program procedures will be
    Direksi Perseroan dengan memperhatikan ketentuan               implemented by the Company's Board of Directors
    dan peraturan perundang-undangan yang berlaku.                 with due observance of the prevailing laws and
                                                                   regulations.


    Perseroan memiliki program kepemilikan Saham                   The Company has an Award Share and Fixed
    Penghargaan dan Saham Jatah Pasti dengan periode               Allotment Shares Ownership Program with a lock-
    lock-up selama masing-masing 24 bulan dan 12 bulan             up period of 24 months and 12 months respectively
    sejak tanggal pencatatan saham Perseroan di Bursa              from the date of listing of the Company's shares on
    Efek Indonesia pada tanggal 10 Desember 2019,                  the Indonesia Stock Exchange at December 10, 2019,
    dengan nilai nominal harga pelaksanaan Rp100 per               with a nominal exercise price of Rp100 per share.
    saham.


    Persyaratan Karyawan yang Berhak                               Eligible Employee Requirements
    Adapun persyaratan karyawan yang berhak atas                   The requirements for employees who are entitled to
    program kepemilikan saham adalah sebagai berikut :             the share ownership program are as follows:


    Saham Penghargaan:                                             Award Shares:
    Karyawan tetap Perseroan yang tercatat dan aktif               Permanent employees of the Company who are
    bekerja pada tanggal 30 September 2019;                        registered and actively working on September 30,
                                                                   2019;
    1.   Karyawan tetap dengan masa kerja aktif lebih dari         1.   Permanent employees with an active service
         atau sama dengan 1 (satu) tahun per tanggal 30                 period of more than or equal to 1 (one) year as of
         September 2019;                                                September 30, 2019;
    2.   Karyawan tetap Perseroan yang tidak dalam                 2.   Permanent employees of the Company who are
         status terkena hukuman (SP1, SP2 dan SP 3) pada                not subject to punishment (Warning Letter 1,
         saat pelaksanaan Program Saham Penghargaan;                    Warning Letter 2 , and Warning Letter 3) at the
                                                                        time of the Award Shares Program;
    3.   Karyawan tetap Perseroan yang tidak dalam                 3.   Permanent employees of the Company who are
         status Cuti Dengan Tanggungan Perusahaan                       not on Company Dependent Leave (CDTP) status;
         (CDTP);
    4.   Penghitungan        pengalokasian         Saham           4.   The calculation of the allocation of Award Shares
         Penghargaan      berdasarkan    gaji   karyawan,               is based on employee salaries, position rank,
         peringkat jabatan, dan pengabdian masa kerja                   and service period of employee participants, as
         karyawan peserta, serta kinerja peserta program                well as the performance of the share program
         saham;                                                         participants;
    5.   Saham penghargaan memiliki lock-up period                 5.   The Award Shares have a lock-up period of 24
         selama 24 bulan sejak tanggal pencatatan saham                 months from the date of listing of the Company's
         Perseroan di Bursa Efek Indonesia;                             shares on the Indonesia Stock Exchange;
    6.   Tidak berlaku bagi anggota Direksi dan Dewan              6.   Does not apply to members of the Board of
         Komisaris;                                                     Directors and Board of Commissioners;
    7.   Selama    masa    lock-up   bilamana   karyawan           7.   During the lock-up period when the employee
         mengundurkan diri atau diberhentikan maka hak                  resigns or is dismissed, the Award Share rights
         atas Saham Penghargaan menjadi gugur; dan                      will be void; and




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    8.   Bagi karyawan peserta yang terkena sanksi                      8.   For employee participants who are subject
         administrasi pada masa lock-up maka Saham                           to administrative sanctions during the lock-
         Penghargaan        dinyatakan   gugur    dan    dapat               up period, the Award Shares will be declared
         dialokasikan kepada peserta lain yang berhak.                       forfeited and can be allocated to other eligible
                                                                             participants.


    Saham Jatah Pasti:                                                  Fixed Allotment Shares:
    Karyawan tetap Perseroan yang tercatat dan aktif                    Permanent employees of the Company who are
    bekerja pada tanggal 30 September 2019:                             registered and actively working on September 30,
                                                                        2019:
    1.   Karyawan tetap dengan masa kerja aktif lebih                   1.   Permanent employees with an active service
         dari atau sama dengan 3 (tiga) tahun dan dengan                     period of more than or equal to 3 (three) years
         Golongan 5C (Asisten Kepala Departmen) ke atas                      and above position level 5C (Assistant Head of
         per tanggal 30 September 2019;                                      Department) as of September 30, 2019;
    2.   Karyawan tetap Perseroan yang tidak dalam                      2.   Permanent employees of the Company who
         status terkena hukuman (SP1, SP2, dan SP 3) pada                    are not subject to punishment (Warning Letter
         saat pelaksanaan Program Saham Jatah Pasti;                         1, Warning Letter 2, and Warning Letter 3) at the
                                                                             time of the implementation of the Fixed Allotment
                                                                             Share Program;
    3.   Karyawan tetap Perseroan yang tidak dalam                      3.   Permanent employees of the Company who are
         status Cuti Dengan Tanggungan Perusahaan                            not on Company Dependent Leave (CDTP) status;
         (CDTP);
    4.   Peserta program Saham Jatah Pasti dapat                        4.   Participants in the Fixed Allotment Shares
         membeli saham sesuai dengan jumlah alokasi                          program may purchase shares in accordance
         berdasarkan kebijakan internal Perseroan;                           with the total allocation based on the Company's
                                                                             internal policy;
    5.   Saham jatah pasti memiliki lock-up period                      5.   Fixed Allotment Shares have a lock-up period of 12
         selama 12 bulan sejak tanggal pencatatan saham                      months from the date of listing of the Company's
         Perseroan di Bursa Efek Indonesia; dan                              shares on the Indonesia Stock Exchange; and
    6.   Tidak berlaku bagi anggota Direksi dan Dewan                   6.   Does not apply to members of the Board of
         Komisaris.                                                          Directors and Board of Commissioners.


    Pelaksanaan ESOP:                                                   The Implementation of ESOP:
    1.   Saham Penghargaan dan Saham Jatah Pasti                        1.   Award Shares and Fixed Allotment Shares are
         diberikan    dan     ditawarkan   kepada       peserta              granted and offered to Award Shares and Fixed
         program      Saham    Penghargaan       dan    peserta              Allotment program participants who meet the
         program Saham Jatah Pasti yang memenuhi                             requirements stated in the terms and conditions
         persyaratan yang tercantum dalam ketentuan                          of the ESOP program;
         dan persyaratan program ESOP;
    2.   Saham Penghargaan dan Jatah Pasti akan                         2.   The Award Shares and Fixed Allotment Shares
         dilaksanakan       bersamaan      dengan       tanggal              will be exercised simultaneously with the date of
         Penawaran Umum Perseroan;                                           the Company's Public Offering;
    3.   Saham Jatah Pasti memiliki lock-up period selama               3.   The Fixed Allotment Shares have a lock-up period
         12 (dua belas) bulan yaitu selama masa lock-up                      of 12 (twelve) months, during the lock-up period
         saham tidak dapat diperjualbelikan dan/ atau                        the shares cannot be traded and/or transferred
         dipindahtangankan dengan cara apapun juga;                          in any way;




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    4.   Program Saham Penghargaan:                                  4.   Share Award Program:
         yy Apabila peserta program Saham Penghargaan                     yy If the participant of the Award Shares program
           tidak memenuhi kriteria/persyaratan yang                         does not meet the criteria/requirements that
           menyebabkan gugurnya hak peserta program                         cause the participant of the Award Shares
           Saham Penghargaan pada waktu periode                             program to lose their rights during the program
           penawaran     program    maka     saham      akan                offering period, the Shares will be returned
           dikembalikan ke Perseroan untuk dialihkan                        to the Company to be transferred to other
           ke karyawan lain dengan ketentuan yang                           employees under the conditions set by the
           ditetapkan oleh Perseroan.                                       Company.
    5.   Program Saham Jatah pasti:                                  5.   Fixed Allotment Share Program:
         yy Peserta program Saham Jatah Pasti yang                        yy Participants in the Fixed Allotment Share
           menyetujui penawaran dapat membeli Saham                         program who agree to the offer may subscribe
           Jatah Pasti dengan harga sebesar harga                           for Fixed Allotment Shares at a price equal
           perdana saat Penawaran Umum; dan                                 to the initial price at the time of the Public
                                                                            Offering; and
         yy Apabila terdapat sisa alokasi yang disebabkan                 yy If there is a remaining allocation due to shares
           saham tidak dibeli oleh peserta, maka peserta                    not purchased by participants, then eligible
           yang memenuhi syarat (eligible) dimungkinkan                     participants may apply for an additional
           untuk    mengajukan     pemesanan    tambahan                    subscription of 1 (one) times alloted number
           1 (satu) kali jumlah alokasi Saham yang                          of Shares in proportion to the remaining Fixed
           dijatahkan secara proporsional atas sisa Saham                   Allotment Shares that are not taken up by
           Jatah Pasti yang tidak diambil bagian oleh                       Program participants.
           peserta Program.
    6.   Setelah masa lock-up peserta Program ESOP                   6.   After the lock-up period, participants in ESOP
         dapat     melakukan     penjualan     kepemilikan                Program may sell their shares ownership through
         sahamnya melalui mekanisme perdagangan di                        the trading mechanism of the Indonesia Stock
         Bursa Efek Indonesia untuk dijual ke publik.                     Exchange for sale to the public.


    MSOP:                                                            MSOP:
    Perseroan akan mengadakan Program Hak Opsi                       The Company will hold a Share Purchase Option
    Pembelian Saham Untuk Manajemen (“Program                        Program for Management ("MSOP Program"). This
    MSOP”). Program MSOP ini dialokasikan sebanyak-                  MSOP Program is allocated a maximum of 1.00% (one
    banyaknya 1,00% (satu persen) dari jumlah modal                  percent) of the total issued and fully paid-up capital
    ditempatkan dan disetor penuh setelah Penawaran                  after the Public Offering or a maximum of 94,120,000
    Umum atau sebanyak-banyaknya sejumlah 94.120.000                 (ninety-four   million   one        hundred           and        twenty
    (sembilan puluh empat juta seratus dua puluh ribu)               thousand) shares. Participants of the MSOP Program
    saham. Peserta Program MSOP adalah Manajemen                     are Management consisting of Members of the Board
    yang terdiri dari Anggota Direksi dan Dewan Komisaris            of Directors and the Board of Commissioners who are
    yang menjabat pada saat penerbitan hak opsi kecuali              serving at the time of issuance of option rights except
    Komisaris Independen.                                            for Independent Commissioners.


    Peserta Program MSOP yang berhak menerima hak                    Participants of the MSOP Program who are entitled to
    opsi pada setiap tahap akan ditetapkan oleh Direksi              receive option rights at each stage will be determined
    Perseroan 14 hari kerja sebelum tanggal distribusi hak           by the Board of Directors of the Company 14 working
    opsi setiap tahap.                                               days prior to the date of distribution of option rights
                                                                     for each stage.




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    Persyaratan Manajemen yang Berhak                                 Eligible Management Requirements
    1.   Hak opsi pembelian saham yang dibagikan                      1.   The share purchase option rights distributed under
         dalam program MSOP dapat digunakan oleh                           the MSOP program may be used by Participants
         Peserta untuk membeli saham baru Perseroan                        to purchase new shares of the Company at a
         dengan harga yang akan ditetapkan dengan                          price to be determined with due observance of
         memperhatikan peraturan dan perundangan                           the prevailing rules and regulations;
         yang berlaku;
    2.   Hak opsi yang diterbitkan dapat digunakan untuk              2.   The option rights issued can be used to purchase
         membeli saham Perseroan selama 3 (tiga) tahun                     the Company's shares for 3 (three) years from the
         sejak tanggal penerbitannya (Option Life);                        date of issuance (Option Life);
    3.   Hak opsi yang dibagikan akan terkena masa                    3.   The option rights distributed will be subject to a
         tunggu (vesting period) selama 1 (satu) tahun sejak               waiting period (vesting period) for 1 (one) year from
         tanggal pendistribusiannya, dalam vesting period                  the date of distribution, during the vesting period
         pemegang hak opsi belum dapat menggunakan                         the option right holders cannot exercise their
         hak opsi-nya untuk membeli saham Perseroan                        option rights to purchase the Company's shares
         sampai    berakhirnya   vesting   period.    Apabila              until the end of the vesting period. If the MSOP
         peserta Program MSOP tidak memenuhi kriteria/                     Program participants do not meet the criteria/
         persyaratan yang telah ditetapkan oleh Perseroan                  requirements set by the Company which causes
         yang menyebabkan gugurnya hak opsi pada                           the option rights to lapse during the vesting
         vesting period, maka hak opsi tersebut akan                       period, the option rights will be terminated;
         dihapuskan;
    4.   Setelah berakhirnya vesting period, Pemegang hak             4.   After the end of the vesting period, the option
         opsi berhak untuk menggunakan hak opsi untuk                      right holder is entitled to exercise the option right
         membeli saham baru pada periode pelaksanaan                       to purchase new shares in the exercise period
         (Window Exercise) yang akan dibuka;                               (Window Exercise) that will be opened;
    5.   Perseroan akan membuka maksimal 2 (dua) kali                 5.   The Company will open a maximum of 2 (two)
         Window Exercise dalam 1 (satu) tahun, dimana                      Exercise Window in 1 (one) year, where MSOP
         Peserta Program MSOP dapat menggunakan hak                        program participants can exercise their option
         opsinya selambat-lambatnya 30 (tiga puluh) hari                   rights no later than 30 (thirty) exchange days
         Bursa sejak dibukanya Window Exercise tersebut;                   since the opening of the Exercise Window;
    6.   Harga    pelaksanaan    ditetapkan    berdasarkan            6.   The exercise price is determined based on the
         Surat Pemberitahuan Perseroan kepada Bursa                        Company's notification letter to the Indonesia
         Efek    Indonesia   tentang   Laporan       Rencana               Stock Exchange regarding the Company's MSOP
         Pelaksanaan MSOP Perseroan yaitu paling sedikit                   Implementation Plan Report, which is at least
         90% (sembilan puluh persen) dari rata-rata harga                  90% (ninety percent) of the average closing price
         penutupan saham Perseroan selama kurun waktu                      of the Company's shares during a period of 25
         25 (dua puluh lima) hari Bursa berturut-turut di                  (twenty five) consecutive Exchange Days in the
         Pasar Reguler sebelum tanggal permohonan                          Regular Market prior to the date of application
         Program MSOP, sesuai dengan Peraturan Bursa                       for the MSOP Program, in accordance with
         Efek Indonesia No. I-A, Lampiran Keputusan                        the Indonesia Stock Exchange Regulation No.
         Direksi Bursa Efek Indonesia No. Kep-00183/                       I-A, Attachment to the Decree of the Board of
         BEI/12-2018;                                                      Directors of the Indonesia Stock Exchange No.
                                                                           Kep-00183/BEI/12-2018;
    7.   Peserta program yang mengundurkan diri atau                  7.   If a program participant resigns or is terminated
         Pemutusan Hubungan Kerja (PHK) maka seluruh                       from employment, all options that have been




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         hak opsi yang telah didistribusikan kepadanya                          distributed to him/her but have not been
         akan tetapi belum dilaksanakan akan menjadi                            exercised will be forfeited; and
         dihapuskan; dan
    8.   Peserta program tidak memiliki kewajiban untuk                    8.   Plan participants have no obligation to exercise
         menggunakan hak opsi yang diterimanya, akan                            the options they receive, but the options are non-
         tetapi hak opsi tidak dapat dialihkan dan akan                         transferable and will lapse upon expiry of the
         gugur demi hukum bilamana Option Life-nya                              Option Life.
         berakhir.


    Per tanggal 31 Desember 2023, manajemen Perseroan                      As of December 31, 2023, none of the Company's
    tidak ada yang ikut serta dalam mengambil program                      management participated in the Management Share
    Kepemilikan Saham oleh Manajemen (MSOP).                               Ownership (MSOP) program.




    Sistem Pelaporan Pelanggaran                                           Whistleblowing System

    Perusahaan memiliki sistem penanganan pengaduan                        The company has a complaint handling system
    (Whistleblowing System) yang merupakan salah                           (Whistleblowing System), which is one way to detect
    satu cara untuk mendeteksi tindakan pelanggaran                        violations or fraud. All parties, both internal and
    atau   kecurangan.         Seluruh    pihak   baik    internal         external, can report indications of violations to the
    maupun         eksternal    dapat     melaporkan      indikasi         Company through the means provided. Through
    pelanggaran kepada Perseroan melalui sarana yang                       this detection system, the Company can find out
    sudah disediakan. Melalui sistem pendeteksian ini,                     indications of violations or fraud more quickly, so
    Perseroan dapat mengetahui indikasi terjadinya                         that mitigation steps can be taken so that risks do
    pelanggaran atau kecurangan dengan lebih cepat,                        not continue. Complaints that have strong indications
    sehingga langkah mitigasi agar risiko tidak berlanjut                  of violations or fraud are followed up with an
    dapat segera dilakukan. Pengaduan yang memiliki                        investigation process first to find out the cause, mode,
    indikasi pelanggaran atau kecurangan yang kuat                         and perpetrator of the violation or fraud in order to
    ditindaklanjuti dengan proses investigasi terlebih dulu                determine what action or decision will be taken to
    untuk mengetahui penyebab, modus, dan pelaku                           resolve the incident.
    pelanggaran atau kecurangan guna menentukan
    tindakan atau keputusan apa yang akan diambil untuk
    menyelesaikan kejadian tersebut.


    Sistem Pelaporan Pelanggaran tercantum dalam                           Whistleblowing System set forth in Code of Ethics,
    Kode Etik Perseroan memuat beberapa ketentuan,                         contains several provisions, among others:
    antara lain:


    1.   Laporan Indikasi Pelanggaran                                      1.   Violation Indication Report
         Apabila ada nilai-nilai yang dilanggar oleh                            If there are values that are violated by employees
         karyawan ataupun indikasi pelanggaran yang                             or indications of violations that have occurred,
         terjadi dapat disampaikan oleh pelapor dan                             the reporter can convey it and become a part
         menjadi satu bagian dari proses untuk selalu                           of the process to always improve the quality
         meningkatkan          kualitas    perilaku      karyawan               of employee behavior to make governance a
         untuk menjadikan tata kelola sebagai budaya                            corporate culture.
         perusahaan.




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    2.    Perlindungan Terhadap Pelapor                                           2.   Protection for Whistleblowers
          Setiap laporan akan dijamin kerahasiaannya                                   Each report shall be held confidentially to then be
          untuk         kemudian       ditindaklanjuti.     Dalam     hal              followed up. In this case, the Company guarantees
          ini     Perseroan          memberikan         jaminan      dan               and protects the anonymity of the whistleblower
          perlindungan atas kerahasiaan identitas pelapor,                             if the whistleblower has stated his/her identity
          jika pelapor memberikan identitas atau informasi                             and contact information. The reporting party
          yang dapat digunakan untuk menghubungi                                       has the right to receive protection from the
          pelapor. Pihak pelapor berhak mendapatkan                                    company if the consequences of the report result
          perlindungan dari perusahaan bila akibat dari                                in something that could threaten the reporter's
          laporannya         mengakibatkan          suatu     hal   yang               existence. The reporting party is also exempted
          dapat mengancam keberadaan pelapor. Pihak                                    from sanctions if it turns out that the report can
          pelapor juga dibebaskan dari sanksi bila ternyata                            not be proven after the investigation process is
          laporannya tidak dapat dibuktikan kebenarannya                               carried out. With this guarantee, it is hoped that
          setelah proses investigasi dilakukan. Dengan                                 the reporter is willing to provide more detailed
          jaminan tersebut, diharapkan pelapor bersedia                                information to the Company's management
          memberikan              informasi     lebih     rinci   kepada               regarding the report.
          manajemen Perseroan terkait laporannya.


    3.    Penangganan Laporan Indikasi Pelanggaran                                3.   Handling of Violation Indication Report
          Perseroan membentuk Tim Tata Kelola untuk                                    The Company establishes a Governance Team to
          menindaklanjuti            dugaan       pelanggaran        atau              follow up violation reports or suspected violations
          kecurangan terhadap Kode Etik. Tim Tata Kelola                               against the Code of Ethics. The Team is chaired
          diketuai        oleh     Direktur     Independen        dengan               by the Independent Director with the support
          didukung oleh fungsi Audit Internal, Hukum,                                  of the Internal Audit, Legal, Human Capital, and
          Sumber Daya Manusia dan Sekretaris Perusahaan,                               Corporate Secretary as well as other appointed
          ataupun pihak ketiga lainnya yang ditunjuk                                   third parties (if deemed necessary).
          (apabila diperlukan).


    Tim         Tata     Kelola     mendokumentasikan             seluruh         The Governance Team documents all submitted
    pelaporan yang diterima berikut tindak lanjutnya                              reports and the respective followup actions as
    sebagai            pembelajaran       bagi     organisasi       untuk         a source of organization learning to improve the
    memperbaiki            proses      bisnis     dan      memperkuat             Company’s business processes and strengthen its
    pengendalian internal. Tim Tata Kelola secara berkala                         internal control. The Governance Team submits
    menyampaikan laporan kepada Dewan Komisaris.                                  periodical reports to the Board of Commissioners.


    Cara Pelaporan                                                                How to Report
    Pelapor dapat menyampaikan laporannya melalui                                 The Whistleblowers can submit their reports via email
    email         ke      info.pengaduan@pt-ifi.com.              Laporan         to info.pengaduan@pt-ifi.com. The reports submitted
    yang disampaikan akan diterima langsung oleh                                  will be received directly by the Administrator. All
    Administrator. Semua laporan yang diterima akan di                            reports received will be followed up.
    lakukan tindak lanjut.


    Pihak yang Mengelola Pengaduan                                                Parties Managing Complaints
    Tindak lanjut atas pengaduan pelanggaran atau                                 Follow-up on complaints of violations or fraud through
    kecurangan melalui Whistleblowing System ditangani                            the whistleblowing system is handled carefully




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    secara seksama dengan mengacu pada ketentuan                          with reference to the provisions applicable in the
    yang berlaku di Perseroan dan peraturan perundang-                    Company and the prevailing laws and regulations in
    undangan yang berlaku di Indonesia oleh tim internal                  Indonesia by the Company’s internal team appointed
    Perseroan yang ditunjuk oleh pihak manajemen.                         by the management.


    Jumlah     Pengaduan         Melalui    Sistem    Pelaporan           Number of Complaints Through the Whistleblowing
    Pelanggaran Pada Tahun 2023                                           System in 2023
    Sepanjang    tahun      2023,     tidak    ada    pelaporan           Throughout 2023, there were no violations reported
    pelanggaran melalui sistem pelaporan pelanggaran.                     through the Whistleblowing System.




    Profesi Penunjang Pasar Modal                                         Capital Market Supporting Professionals

    Selama     tahun     2023,     Perseroan     menggunakan              During 2023, the Company used professional services
    jasa profesional dari institusi profesi penunjang                     from professional company supporting institutions,
    perusahaan, yaitu antara lain akuntan independen,                     namely independent accountants, notaries and
    notaris, aktuaris, dan jasa penilai independen dengan                 actuaries with the total payment including taxes of
    jumlah pembayaran keseluruhan termasuk pajak                          Rp244,585,000 in 2023. The use of Public Accountant
    sebesar Rp244.585.000 pada tahun 2023. Penggunaan                     Services related to auditing financial statements for
    Jasa Akuntan Publik terkait dengan audit laporan                      the financial year 2023, notary services related to
    keuangan tahun buku 2023, jasa notaris berhubungan                    the deeds of the 2023 Annual General Meeting of
    dengan pembuatan akta Rapat Umum Pemegang                             Shareholders and Extraordinary General Meeting
    Saham Tahunan dan Rapat Umum Pemegang Saham                           of Shareholders, and actuarial services related to
    Luar Biasa tahun 2023, dan jasa aktuaris terkait                      the actuarial calculation of estimated liabilities as of
    dengan perhitungan aktuaria kewajiban diestimasi                      December 31, 2022.
    per 31 Desember 2022.


    Di tahun 2023, Perseroan tidak memiliki perjanjian atau               In 2023, the Company does not have a permanent
    kontrak bersifat tetap yang mengacu pada periode                      agreement or contract that refers to a certain/
    penugasan tertentu/berkala (retainer) dalam rangka                    periodic assignment period (retainer) in terms of
    penggunaan/pemakaian jasa notaris dan aktuaris                        using the services of notaries and actuaries as Capital
    sebagai Profesi Penunjang Pasar Modal.                                Market Supporting Professionals.




    Kebijakan Pencegahan Terjadinya                                       Insider Trading Prevention, Anti-
    Insider Trading, Anti Korupsi, dan                                    Corruption, and Anti-Fraud Policy
    Anti -Fraud

    Kebijakan Program dan Prosedur                                        Program Policies and Procedures
    Sesuai dengan peraturan dan perundang-undangan                        In accordance with the Capital Market regulations
    Pasar Modal, Perseroan melarang Dewan Komisaris,                      and regulations, the Company prohibits the Board of
    Direksi,   dan     karyawan     serta     afiliasinya   untuk         Commissioners, Board of Directors, and employees
    melakukan perdagangan saham atau sekuritas lain                       and their affiliates from trading shares or other
    berdasarkan informasi dari dalam Perseroan yang                       securities based on information from the Company
    belum dipublikasikan.                                                 that has not been published.




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    Berkenaan    dengan    ketaatan    Perseroan   kepada           With regard to the Company's compliance with the
    Peraturan   Perundang-undangan        yang     berlaku,         prevailing laws and regulations, the Company has
    Perseroan menetapkan kebijakan insider trading, anti            established insider trading, anti-corruption, and anti-
    korupsi, dan anti-fraud yang di cantumkan pada kode             fraud policies which are included in the Company's
    etik Perseroan.                                                 code of ethics.


    Sarana Sosialisasi                                              Socialization Facility
    Kebijakan insider trading, anti korupsi dan anti-fraud          The complete insider trading, anti-corruption and anti-
    sebagaimana dimaksud secara lengkap telah dimuat                fraud policies has been published on the Company's
    dalam situs web Perseroan (www.pt-ifi.com) dan                  website (www.pt-ifi.com) and is regularly reviewed to
    secara berkala senantiasa ditinjau agar sesuai dengan           comply with applicable regulations.
    peraturan yang berlaku.




    Kebijakan tentang Seleksi dan                                   Policy on Supplier Selection and
    Peningkatan Kemampuan Pemasok                                   Capability Improvement

    Saat ini Perseroan belum memiliki kebijakan seleksi             Currently, the Company does not have a supplier
    dan peningkatan kemampuan pemasok.                              selection and capability improvement policy.




    Kebijakan tentang Pemenuhan Hak-                                Policy on Fulfilling Creditors’ Rights
    Hak Kreditur

    Saat ini Perseroan belum memiliki kebijakan tentang             Currently, the Company does not have a policy
    pemenuhan hak-hak kreditur.                                     regarding the fulfillment of creditor’ rights.




    Kebijakan Suksesi dalam Proses                                  Succession Policy in The Nomination
    Nominasi Anggota Direksi                                        Process of the Board of Directors

    Saat ini Perseroan belum memiliki kebijakan suksesi             Currently, the Company does not have a succession
    dalam proses nominasi anggota Direksi.                          policy in the nomination process for members of the
                                                                    Board of Directors.




    Penggunaan Teknologi Informasi                                  Wider Use of Information Technology
    secara Lebih Luas selain Situs                                  Apart from the Website as a Media for
    Web sebagai Media Keterbukaan                                   Information Disclosure
    Informasi

    Saat ini Perseroan belum memanfaatkan penggunaan                Currently, the Company has not utilized the use
    teknologi informasi secara lebih luas selain Situs Web          of information technology more widely than the
    sebagai media keterbukaan informasi. Perseroan                  Website as a medium for information disclosure. The
    selaku   perusahaan       publik   untuk     memenuhi           Company as a public company fulfills its obligations




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    kewajibannya dalam hal menyampaikan keterbukaan                in conveying information disclosure through the
    informasi di lakukan juga melalui situs web Bursa Efek         Indonesia Stock Exchange (IDX), Financial Services
    Indonesia (BEI), Otoritas Jasa Keuangan (OJK), dan             Authority (FSA), and Indonesia Central Securities
    Kustodian Sentral Efek Indonesia (KSEI).                       Depository (KSEI) websites.




    Penerapan atas Pedoman Tata                                    Implementation of Guidelines for Good
    Kelola Perusahaan Terbuka sesuai                               Corporate Governance in Accordance
    Peraturan Otoritas Jasa Keuangan                               with the Regulations of the Financial
                                                                   Services Authority

    Perseroan telah memenuhi rekomendasi sesuai                    The Company has fulfilled the recommendations
    Peraturan   Jasa   Keuangan     (POJK)     Nomor   21/         according to the Regulation of Financial Services
    POJK.04/2015 tentang Penerapan Pedoman Tata                    Authority   Number    21/POJK.04/2015                    regarding
    Kelola Perusahaan Terbuka dan Surat Edaran Otoritas            the Implementation of the Corporate Governance
    Jasa Keuangan (SEOJK) Nomor 32/SEOJK.04/2015                   Guideline on Public Company and Circular of the
    tentang Pedoman Tata Kelola Perusahaan Terbuka.                Financial Services Authority (SEOJK) Number 32/
                                                                   SEOJK.04/2015 on Corporate Governance Guideline
                                                                   for Public Company.


    Surat Edaran OJK No. 32/SEOJK.04/2015 tentang                  OJK Circular Letter No. 32/SEOJK.04/2015 concerning
    Pedoman Tata Kelola mencakup 5 aspek, 8 prinsip                Governance    Guidelines      covering          5     aspects,          8
    dan 25 rekomendasi penerapan aspek dan prinsip                 principles and 25 recommendations for applying
    tata kelola perusahaan yang baik. Rekomendasi                  good corporate governance aspects and principles.
    penerapan aspek dan prinsip tata kelola perusahaan             Recommendations related to the application of these
    yang baik dalam Pedoman Tata Kelola adalah standar             good corporate governance aspects and principles
    penerapan aspek dan prinsip tata kelola perusahaan             in the Code of Good Corporate Governance are the
    yang baik yang harus diterapkan Perseroan untuk                standards that must be applied by the Company
    mengimplementasikan prinsip tata kelola. Adapun                when implementing the good corporate governance
    uraian penerapannya adalah sebagai berikut :                   principles. Descriptions of the application are as
                                                                   follow:




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    Aspek 1       Hubungan Perusahaan Terbuka dengan Pemegang Saham Dalam Menjamin Hak-Hak Pemegang Saham.
    Aspect 1      Public Company Relationships With Shareholders Ensuring Shareholder Rights.
    Prinsip 1     Meningkatkan Nilai Penyelenggaraan Rapat Umum Pemegang Saham (RUPS).
    Principle 1   Increase the Management Value of General Meeting of Shareholders (GMS).
                               Rekomendasi                                           Penerapan                                   Keterangan
                             Recommendation                                        Implementation                                 Remarks
        1.   Perusahaan Terbuka memiliki cara atau prosedur       Tata cara mengenai pengambilan suara telah                      Terpenuhi
             teknis pengumpulan suara (voting) baik secara        diatur di dalam Anggaran Dasar Perseroan.
             terbuka maupun tertutup yang mengedepankan           Perseroan memiliki prosedur pemungutan suara
             independensi, dan kepentingan pemegang saham.        yang menjaga independensi maupun kebebasan
                                                                  pemegang saham.

             Public Company has technical voting collection       The procedure for voting has been regulated                       Comply
             procedure either open or closed that promotes        in the Company's Articles of Association. The
             independence and the interests of shareholders.      Company has a voting procedure that maintains the
                                                                  independence and freedom of shareholders.
        2.   Seluruh anggota Direksi dan anggota Dewan            Rapat Umum Pemegang Saham Tahunan (RUPST)                       Terpenuhi
             Komisaris Perusahaan Terbuka hadir dalam Rapat       tanggal 20 Juni 2023 dihadiri oleh seluruh anggota
             Umum Pemegang Saham Tahunan (RUPST).                 Direksi dan Dewan Komisaris. Sementara Rapat
                                                                  Umum Pemegang Saham Luar Biasa (RUPSLB)
                                                                  dihadiri oleh seluruh anggota Direksi dan dua
                                                                  dari tiga anggota Dewan Komisaris. Daftar hadir
                                                                  dicantumkan dalam risalah RUPST dan RUPSLB,
                                                                  yang dapat diunduh di situs web Perseroan. Daftar
                                                                  hadir RUPST dan RUPSLB tersebut juga telah
                                                                  dicantumkan dalam Laporan Tahunan ini.

             All members of the Board of Directors and Board of   The Annual General Meeting of Shareholders                        Comply
             Commissioners of the Public Company attend the       (AGMS) on June 20, 2023 was attended by all
             Annual General Meeting of Shareholders (AGMS).       members of the Board of Directors and Board
                                                                  of Commissioners. Meanwhile, the Extraordinary
                                                                  General Meeting of Shareholders (EGMS) was
                                                                  attended by all members of the Board of Directors
                                                                  and two of the three members of the Board of
                                                                  Commissioners. The attendance list is included
                                                                  in the minutes of the AGMS and EGMS, which can
                                                                  be downloaded on the Company's website. The
                                                                  attendance list of the AGMS and EGMS has also
                                                                  been included in this Annual Report.
        3.   Ringkasan risalah RUPS tersedia dalam situs web      Pada tahun 2023 Perseroan telah mengumumkan                     Terpenuhi
             perusahaan terbuka paling sedikit selama 1 (satu)    Ringkasan Risalah RUPST dan RUPSLB di situs web
             tahun.                                               Perseroan (dalam bahasa Indonesia dan bahasa
                                                                  Inggris). Ringkasan RUPST diumumkan pada tanggal
                                                                  21 Juni 2023 dan Ringkasan RUPSLB diumumkan
                                                                  pada tanggal 1 Desember 2023. Pengumuman
                                                                  ringkasan RUPST dan RUPSLB diumumkan 2 (dua)
                                                                  hari kerja setelah diselenggarakannya RUPST dan
                                                                  RUPSLB tersebut.

             A summary of the minutes of the GMS is available     In 2023 the Company has announced the Summary                     Comply
             on the website of a Public Company for at least 1    of Minutes of the AGMS and EGMS on the
             (one) year.                                          Company's website (in Indonesian and English). The
                                                                  summary of the AGMS was announced on June 21,
                                                                  2023 and the summary of the EGMS was announced
                                                                  on December 1, 2023. The announcement of the
                                                                  summary of the AGMS and EGMS was announced
                                                                  2 (two) working days after the holding of the AGMS
                                                                  and EGMS.




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    Aspek 1       Hubungan Perusahaan Terbuka dengan Pemegang Saham Dalam Menjamin Hak-Hak Pemegang Saham.
    Aspect 1      Public Company Relationships With Shareholders Ensuring Shareholder Rights.
    Prinsip 2     Meningkatkan Kualitas Komunikasi Perusahaan Terbuka dengan Pemegang Saham atau Investor.
    Principle 2   Strengthening the Quality of Communication Between Public Companies and the Shareholders or Investors.
                              Rekomendasi                                          Penerapan                                   Keterangan
                            Recommendation                                       Implementation                                 Remarks
        4.   Perusahaan Terbuka memiliki suatu kebijakan        Perseroan memiliki kebijakan komunikasi dengan                  Terpenuhi
             komunikasi dengan pemegang saham atau              pemegang saham dan investor. Kebijakan yang
             investor.                                          tersedia di situs web Perseroan menjelaskan
                                                                kebijakan yang mendukung komunikasi yang efektif
                                                                dan efisien dengan pemegang saham dengan
                                                                cara mendorong keterlibatan aktif mereka dan
                                                                memastikan bahwa hak-hak mereka terlindungi.
                                                                Komunikasi yang dilakukan oleh Perseroan
                                                                diantaranya melalui RUPS, Paparan Publik,
                                                                Laporan Keuangan Tahunan dan Interim, Laporan
                                                                Tahunan, Laporan Keberlanjutan dan melakukan
                                                                komunikasi dan diskusi dengan pemegang saham,
                                                                serta menyediakan informasi penting di situs
                                                                web Perseroan yang dapat diakses oleh seluruh
                                                                pemegang saham dan pihak berkepentingan
                                                                lainnya.

             Public Companies have a policy on communication    The Company has a communication policy with                       Comply
             with the shareholders or investors.                shareholders and investors. The policies available
                                                                on the Company's website describe policies that
                                                                support effective and efficient communication
                                                                with shareholders by encouraging their active
                                                                involvement and ensuring that their rights are
                                                                protected. Communications carried out by the
                                                                Company include through the GMS, Public Expose,
                                                                Annual and Interim Financial Reports, Annual
                                                                Reports, Sustainability Reports and communicating
                                                                and discussing with shareholders, as well as
                                                                providing important information on the Company's
                                                                website that can be accessed by all shareholders
                                                                and stakeholders.
        5.   Perusahaan Terbuka mengungkapkan kebijakan         Kebijakan Komunikasi Pemegang Saham atau                        Terpenuhi
             komunikasi   Perusahaan    Terbuka     dengan      Investor tersedia di situs web Perseroan.
             pemegang saham atau investor dalam Situs Web.

             Public Companies disclose their policies on        The Shareholder or Investor Communication Policy                  Comply
             communication with the shareholders or investors   is available on the Company's website.
             on the Website.




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    Aspek 2       Fungsi dan Peran Dewan Komisaris.
    Aspect 2      Board Of Commissioners Function And Role.
    Prinsip 3     Memperkuat Keanggotaan dan Komposisi Dewan Komisaris.
    Principle 3   Strengthening the Board of Commissioners’ membership and composition.
                              Rekomendasi                                            Penerapan                                    Keterangan
                            Recommendation                                         Implementation                                  Remarks
        6.   Penentuan jumlah anggota Dewan Komisaris             Penentuan jumlah anggota Dewan Komisaris                         Terpenuhi
             mempertimbangkan kondisi Perusahaan Terbuka.         telah mempertimbangkan kondisi Perseroan dan
                                                                  mengacu pada Anggaran Dasar Perseroan dan
                                                                  Peraturan Perundang-Undangan yang berlaku.
                                                                  Jumlah anggota Dewan Komisaris Perseroan
                                                                  per tanggal 31 Desember 2023 adalah 3 (tiga)
                                                                  orang, dimana 1 (satu) anggota Dewan Komisaris
                                                                  Perseroan merupakan Komisaris Independen.
                                                                  Komposisi Dewan Komisaris Perseroan secara
                                                                  keseluruhan telah memenuhi ketentuan Peraturan
                                                                  Otoritas Jasa Keuangan No.33/POJK.04/2014 yaitu
                                                                  jumlah anggota Komisaris Independen wajib paling
                                                                  kurang 30% dari jumlah seluruh anggota Dewan
                                                                  Komisaris.

             Determination of the number of Board of              The determination of the total members of the                      Comply
             Commissioners members considers the Public           Board of Commissioners has taken into account
             Company condition.                                   the condition of the Company and refers to
                                                                  the Company's Articles of Association and the
                                                                  prevailing laws and regulations. The total members
                                                                  of the Company's Board of Commissioners as of
                                                                  December 31, 2023 is 3 (three) people, of which
                                                                  1 (one) member of the Company's Board of
                                                                  Commissioners is an Independent Commissioner.
                                                                  The composition of the Board of Commissioners
                                                                  of the Company as a whole has complied with
                                                                  the provisions of the Financial Services Authority
                                                                  Regulation No.33/POJK.04/2014, namely the total
                                                                  members of Independent Commissioners must be
                                                                  at least 30% of the total members of the Board of
                                                                  Commissioners.
        7. Penentuan komposisi anggota Dewan Komisaris            Komposisi anggota Dewan Komisaris telah                          Terpenuhi
           memperhatikan       keberagaman      keahlian,         memenuhi     aspek     keberagaman    keahlian,
           pengetahuan, dan pengalaman yang dibutuhkan.           pengetahuan, dan pengalaman yang dibutuhkan
                                                                  sesuai dengan bidang usaha Perseroan.

             The determination of the composition of the Board    The composition of the members of the Board of                     Comply
             of Commissioners takes into account the diversity    Commissioners has fulfilled the various aspects of
             of expertise, knowledge, and experience required.    expertise, knowledge, and experience required in
                                                                  accordance with the Company's line of business.
    Aspek 2       Fungsi dan Peran Dewan Komisaris.
    Aspect 2      Board Of Commissioners Function And Role.
    Prinsip 4     Meningkatkan Kualitas Pelaksanaan Tugas dan Tanggung Jawab Dewan Komisaris.
    Principle 4   Strengthening the Quality of the Execution of Duties and Responsibilities of the Board of Commissioners
                              Rekomendasi                                            Penerapan                                    Keterangan
                            Recommendation                                         Implementation                                  Remarks
        8.   Dewan Komisaris mempunyai kebijakan penilaian        Dewan Komisaris melakukan penilaian tahunan                      Terpenuhi
             sendiri (self-assessment) untuk menilai kinerja      secara mandiri atas kinerjanya. Hal ini ditetapkan
             Dewan Komisaris.                                     dalam Pedoman Dewan Komisaris.

             The Board of Commissioners has a policy on self-     The Board of Commissioners conducts an annual                      Comply
             assessment to evaluate the performance of the        independent assessment of its performance. This is
             Board of Commissioners.                              stipulated in the Board of Commissioners’ Charter.




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    Aspek 2       Fungsi dan Peran Dewan Komisaris.
    Aspect 2      Board Of Commissioners Function And Role.
    Prinsip 4     Meningkatkan Kualitas Pelaksanaan Tugas dan Tanggung Jawab Dewan Komisaris.
    Principle 4   Strengthening the Quality of the Execution of Duties and Responsibilities of the Board of Commissioners
                               Rekomendasi                                               Penerapan                                     Keterangan
                             Recommendation                                            Implementation                                   Remarks
        9.   Kebijakan penilaian sendiri (self-assessment) untuk    Kebijakan penilaian sendiri (self-assessment)                       Terpenuhi
             menilai kinerja Dewan Komisaris, diungkapkan           Dewan Komisaris diungkapkan dalam Laporan
             melalui Laporan Tahunan Perusahaan Terbuka.            Tahunan pada bagian Tata Kelola.

             Self-assessment policy to assess the performance       The Board of Commissioners' self-assessment                           Comply
             of Board of Commissioners is to be disclosed in        policy is disclosed in the Annual Report in the
             Public Companies Annual Report.                        Governance section.
       10.   Dewan Komisaris mempunyai kebijakan terkait            Perseroan memiliki kebijakan terkait pengunduran                    Terpenuhi
             pengunduran diri anggota Dewan Komisaris apabila       diri bagi anggota Dewan Komisaris yang dinyatakan
             terlibat dalam kejahatan keuangan.                     bersalah dalam tindak pidana. Hal ini ditetapkan
                                                                    dalam Pedoman Dewan Komisaris.

             The Board of Commissioners has a policy on             The Company has a policy regarding the resignation                    Comply
             the resignation of members of the Board of             of members of the Board of Commissioners who
             Commissioners who are involved in financial crimes.    are found guilty of criminal acts. This is stipulated in
                                                                    the Board of Commissioners’ Charter.
       11.   Dewan Komisaris atau Komite yang menjalankan           Dewan Komisaris atau Komite yang menjalankan                        Penjelasan
             fungsi Remunerasi dan Nominasi menyusun                fungsi Remunerasi dan Nominasi belum menyusun
             kebijakan suksesi dalam proses Nominasi anggota        kebijakan suksesi dalam proses Nominasi anggota
             Direksi.                                               Direksi. Saat ini Perseroan dalam proses diskusi
                                                                    untuk penyusunan kebijakan suksesi dalam proses
                                                                    Nominasi anggota Direksi.

             The Board of Commissioners or the Committee            The Board of Commissioners or the Committee                         Explained
             that performs the Remuneration and Nomination          that carries out the Remuneration and Nomination
             functions develops a succession policy for the         function have not developed a succession policy
             process of nominating members of the Board of          in the nomination process for members of the
             Directors.                                             Board of Directors. Currently the Company is in the
                                                                    process of discussion to provide succession policy
                                                                    in the nomination process for members of the
                                                                    Board of Directors.
    Aspek 3       Fungsi dan Peran Direksi.
    Aspect 3      Board Of Directors Function And Role.
    Prinsip 5     Memperkuat Keanggotaan dan Komposisi Direksi.
    Principle 5   Strengthening the Membership and Composition of the Board of Directors.
                               Rekomendasi                                               Penerapan                                     Keterangan
                             Recommendation                                            Implementation                                   Remarks
       12.   Penentuan          jumlah    anggota       Direksi     Penentuan        jumlah   anggota     Direksi                       Terpenuhi
             mempertimbangkan kondisi Perusahaan Terbuka            berpedoman pada peraturan yang berlaku dan
             serta efektifitas dalam pengambilan keputusan.         mempertimbangkan kondisi Perseroan sebagai
                                                                    perusahaan terbuka serta efektifitas dalam
                                                                    pengambilan keputusan. Jumlah anggota Direksi
                                                                    Perseroan sampai dengan 31 Desember 2023
                                                                    adalah 4 (empat) orang.

             The determination of total members of the Board        The determination of total members of the Board                       Comply
             of Directors takes into account the condition of the   of Directors is guided by applicable regulations and
             Public Company and the effectiveness of decision       takes into account the condition of the Company as
             making.                                                a public company and its effectiveness in decision
                                                                    making. The total members of Board of Directors of
                                                                    the Company as of December 31, 2023 was 4 (four)
                                                                    people.




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    Aspek 3       Fungsi dan Peran Direksi.
    Aspect 3      Board Of Directors Function And Role.
    Prinsip 5     Memperkuat Keanggotaan dan Komposisi Direksi.
    Principle 5   Strengthening the Membership and Composition of the Board of Directors.
                               Rekomendasi                                             Penerapan                                    Keterangan
                             Recommendation                                          Implementation                                  Remarks
       13.   Penentuan     komposisi     anggota    Direksi         Penentuan komposisi anggota Direksi telah                        Terpenuhi
             memperhatikan       keberagaman      keahlian,         memperhatikan        keberagaman   keahlian,
             pengetahuan, dan pengalaman yang dibutuhkan.           pengetahuan, dan pengalaman yang dibutuhkan
                                                                    sesuai bidang usaha Perseroan.

             The determination of the composition of the Board      The determination of the composition of the                        Comply
             of Directors takes into account the diversity of       members of the Board of Directors has taken into
             expertise, knowledge, and experience required.         account the diversity of expertise, knowledge,
                                                                    and experience required in accordance with the
                                                                    Company's line of business.
       14.   Anggota Direksi yang membawahi bidang                  Direktur Keuangan Perseroan yang membawahi                       Terpenuhi
             akuntansi atau keuangan memiliki keahlian dan/         bidang akuntansi atau keuangan saat ini memiliki
             atau pengetahuan di bidang akuntansi.                  keahlian dan/atau pengetahuan di bidang
                                                                    akuntansi dan telah memiliki pengalaman di
                                                                    bidang keuangan pada beberapa perusahaan serta
                                                                    latar belakang pendidikan, sertifikasi dan/atau
                                                                    pengalaman kerja terkait. Profil Direktur Keuangan
                                                                    Perseroan dapat dilihat pada bagian profil Direksi
                                                                    dari Laporan ini.

             Members of the Board of Directors in charge            The current Company's Finance Director who is                      Comply
             of accounting or finance have expertise and/or         in charge of accounting or finance has expertise
             knowledge in accounting field.                         and/or knowledge in accounting field and has
                                                                    experienced in finance field in several companies
                                                                    as well as educational background, certification
                                                                    and/or related work experience. Profile of the
                                                                    Company's Director of Finance can be seen in the
                                                                    profile of the Board of Directors section of this
                                                                    Report.
    Aspek 3       Fungsi dan Peran Direksi.
    Aspect 3      Board Of Directors Function And Role.
    Prinsip 6     Meningkatkan Kualitas Pelaksanaan Tugas dan Tanggung Jawab Direksi.
    Principle 6   Strengthening the Quality of the Execution of Duties and Responsibilities of the Board of Directors.
                               Rekomendasi                                             Penerapan                                    Keterangan
                             Recommendation                                          Implementation                                  Remarks
       15.   Direksi mempunyai kebijakan penilaian sendiri (self-   Direksi Perseroan mempunyai kebijakan penilaian                  Terpenuhi
             assessment) untuk menilai kinerja Direksi.             sendiri (self-assessment) untuk menilai kinerja
                                                                    Direksi. Direksi melakukan penilaian tahunan secara
                                                                    mandiri atas kinerja kolektif dan individualnya
                                                                    berdasarkan kriteria yang diajukan oleh Komite
                                                                    Nominasi dan Remunerasi. Kinerja Direksi juga
                                                                    dievaluasi setiap tahun oleh Dewan Komisaris.

             The Board of Directors has a policy on self-           The Board of Directors of the Company has a self-                  Comply
             assessment to evaluate the performance of the          assessment policy to assess the performance of the
             Board of Directors.                                    Board of Directors. The Board of Directors conducts
                                                                    an annual self-assessment of its collective and
                                                                    individual performance based on criteria proposed
                                                                    by the Nomination and Remuneration Committee.
                                                                    The Board of Directors’ performance is also
                                                                    evaluated annually by the Board of Commissioners.




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    Aspek 3       Fungsi dan Peran Direksi.
    Aspect 3      Board Of Directors Function And Role.
    Prinsip 6     Meningkatkan Kualitas Pelaksanaan Tugas dan Tanggung Jawab Direksi.
    Principle 6   Strengthening the Quality of the Execution of Duties and Responsibilities of the Board of Directors.
                               Rekomendasi                                              Penerapan                                     Keterangan
                             Recommendation                                           Implementation                                   Remarks
       16.   Kebijakan penilaian sendiri (self-assessment) untuk   Kebijakan penilaian sendiri (self-assessment) untuk                 Terpenuhi
             menilai kinerja Direksi diungkapkan melalui laporan   menilai kinerja Direksi telah diungkapkan dalam
             tahunan Perusahaan Terbuka.                           Laporan Tahunan Perusahaan bagian Tata Kelola.

             The policy on self-assessment to evaluate the         The self-assessment policy to assess the                              Comply
             performance of the Board of Directors is stated in    performance of the Board of Directors has been
             the Annual Report of a Public Company.                disclosed in the Corporate Governance section of
                                                                   the Annual Report.
       17. Direksi mempunyai kebijakan terkait pengunduran         Perseroan memiliki kebijakan terkait pengunduran                    Terpenuhi
           diri anggota Direksi apabila terlibat dalam kejahatan   diri bagi anggota Direksi yang terbukti bersalah atas
           keuangan.                                               tindak pidana. Hal ini ditetapkan dalam Pedoman
                                                                   Direksi.

             The Board of Directors has a policy on the            The Company has a policy regarding the resignation                    Comply
             resignation of members of the Board of Directors if   of members of the Board of Directors who are found
             they are involved in financial crimes.                guilty of criminal acts. This is stipulated in the Board
                                                                   of Directors’ Charter.
    Aspek 4       Partisipasi Pemangku Kepentingan.
    Aspect 4      Stakeholder Participation.
    Prinsip 7     Meningkatkan Aspek Tata Kelola Perusahaan melalui Partisipasi Pemangku Kepentingan.
    Principle 7   Strengthening Corporate Governance Aspects through Stakeholder Participation.
                               Rekomendasi                                              Penerapan                                     Keterangan
                             Recommendation                                           Implementation                                   Remarks
       18.   Perusahaan Terbuka memiliki kebijakan untuk           Perseroan memiliki kebijakan untuk mencegah                         Terpenuhi
             mencegah terjadinya insider trading.                  terjadinya informasi orang dalam (insider trading)
                                                                   yang ditetapkan dalam Kode Etik Perseroan.

             Public Companies have a policy on preventing          The Company has a policy to prevent the                               Comply
             insider trading.                                      occurrence of insider trading as stipulated in the
                                                                   Company's Code of Conduct.
       19.   Perusahaan Terbuka memiliki kebijakan anti korupsi    Perseroan memiliki kebijakan anti korupsi dan anti-                 Terpenuhi
             dan anti-fraud.                                       fraud yang ditetapkan dalam Kode Etik Perseroan.

             Public Companies have anti-corruption and anti-       The Company has an anti-corruption and anti-fraud                     Comply
             fraud policies.                                       policy which is stipulated in the Company's Code
                                                                   of Conduct.
       20.   Perusahaan Terbuka memiliki kebijakan tentang         Perseroan     belum memiliki kebijakan tentang                      Penjelasan
             seleksi dan peningkatan kemampuan pemasok             seleksi dan peningkatan kemampuan pemasok
             atau vendor.                                          atau vendor. Saat ini Perseroan dalam proses diskusi
                                                                   untuk penyusunan kebijakan tentang seleksi dan
                                                                   peningkatan kemampuan pemasok atau vendor.

             Public Companies have a policy on the selection       The Company does not yet have a policy regarding                    Explained
             and capability improvement of suppliers or vendors.   the selection and capability improvement of
                                                                   suppliers or vendors. Currently the Company is in
                                                                   the process of discussion to provide policy on the
                                                                   selection and capability improvement of suppliers
                                                                   or vendors.
       21.   Perusahaan Terbuka memiliki kebijakan tentang         Perseroan   belum memiliki kebijakan tentang                        Penjelasan
             pemenuhan hak-hak kreditur.                           pemenuhan hak-hak kreditur. Saat ini Perseroan
                                                                   dalam proses diskusi untuk penyusunan kebijakan
                                                                   tentang pemenuhan hak-hak kreditur.

             Public Companies have a policy on fulfilling          The Company does not yet have a policy on fulfilling                Explained
             creditors’ rights.                                    creditors’ rights. Currently the Company is in the
                                                                   process of discussion to provide policy on fulfilling
                                                                   creditors’ rights.




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    Aspek 4        Partisipasi Pemangku Kepentingan.
    Aspect 4       Stakeholder Participation.
    Prinsip 7      Meningkatkan Aspek Tata Kelola Perusahaan melalui Partisipasi Pemangku Kepentingan.
    Principle 7    Strengthening Corporate Governance Aspects through Stakeholder Participation.
                                Rekomendasi                                             Penerapan                                     Keterangan
                              Recommendation                                          Implementation                                   Remarks
       22.   Perusahaan Terbuka memiliki kebijakan Sistem            Perseroan memiliki kebijakan Sistem Whistleblowing                Terpenuhi
             Whistleblowing.                                         yang telah dijelaskan dalam Laporan Tahunan
                                                                     bagian tata kelola.

             Public Companies have           a   policy   on   the   The Company has a Whistleblowing System policy                      Comply
             Whistleblowing System.                                  which has been described in the Annual Report of
                                                                     the corporate governance section.
       23.   Perusahaan Terbuka memiliki kebijakan pemberian         Perseroan memiliki kebijakan pemberian insentif                   Terpenuhi
             insentif jangka panjang kepada Direksi dan              jangka panjang kepada Direksi dan Karyawan
             Karyawan.                                               antara lain berupa program kepemilikan saham
                                                                     oleh karyawan (Employee Stock Ownership Program)
                                                                     dan program kepemilikan saham oleh manajemen
                                                                     (Management Stock Ownership Program) yang telah
                                                                     diungkapkan dalam Laporan Tahunan.

             Public Company has policy on long-term incentive        The Company has a policy of providing long-term                     Comply
             for the Board of Directors and Employees.               incentives to the Board of Directors and Employees,
                                                                     among others, in the form of an Employee Stock
                                                                     Ownership Program and a Management Stock
                                                                     Ownership Program which have been disclosed in
                                                                     the Annual Report.
    Aspek 5        Keterbukaan Informasi.
    Aspect 5       Information Disclosure.
    Prinsip 8      Meningkatkan Pelaksanaan Keterbukaan Informasi.
    Principle 8    Strengthening Information Disclosure.
                                Rekomendasi                                             Penerapan                                     Keterangan
                              Recommendation                                          Implementation                                   Remarks
       24.   Perusahaan Terbuka memanfaatkan penggunaan              Perseroan memanfaatkan penggunaan teknologi                       Terpenuhi
             teknologi informasi secara lebih luas selain situs      informasi sebagai media keterbukaan informasi.
             web sebagai media keterbukaan informasi.                Selain situs web Perseroan,        Perseroan juga
                                                                     melakukan keterbukaan informasi melalui situs web
                                                                     Bursa Efek Indonesia (BEI) dan situs web Kustodian
                                                                     Sentral Efek Indonesia (KSEI).

             Public Companies make use of information                The Company utilizes the use of information                         Comply
             technology other than the website as a means for        technology as a medium for information disclosure.
             disclosing information.                                 Besides the Company's website, the Company also
                                                                     discloses information through the Indonesia Stock
                                                                     Exchange (IDX) website and the Indonesian Central
                                                                     Securities Depository (KSEI) website.
       25.   mengungkapkan pemilik manfaat akhir dalam               Laporan Tahunan Perseroan mengungkapkan                           Terpenuhi
             kepemilikan saham Perusahaan Terbuka paling             pemilik manfaat akhir dalam kepemilikan saham
             sedikit 5% (lima persen), selain pengungkapan           Perseroan paling sedikit 5% (lima persen), selain
             pemilik manfaat akhir dalam kepemilikan saham           pengungkapan pemilik manfaat akhir dalam
             Perusahaan Terbuka melalui pemegang saham               kepemilikan saham Perseroan melalui pemegang
             utama dan pengendali.                                   saham utama dan pengendali.

             The Annual Report of a Public Company discloses         The Company's Annual Report discloses the                           Comply
             the ultimate beneficial owner in shareholdings          ultimate beneficial owner in the Company's share
             in a Public Company of at least 5% (five percent),      ownership at least 5% (five percent), in addition to
             other than the declaration of the ultimate beneficial   the disclosure of the ultimate beneficial owner in
             owner in the shareholding of a Public Company           the Company's share ownership through the main
             through the main and controlling shareholders.          and controlling shareholders.




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    Tanggung Jawab Sosial
    Perusahaan
    Corporate Social Responsibility


    Perusahaan        yang     berstatus    sebagai    Perseroan           Companies with Limited Liability status, according to
    Terbatas,     menurut      peraturan,      diwajibkan    untuk         the regulations, are obliged to carry out what is called
    menjalankan apa yang disebut tanggung jawab                            Corporate Social Responsibility (“CSR”).
    sosial, atau yang dikenal sebagai Corporate Social
    Responsibility (“CSR”).


    Perseroan       merupakan      sebuah       organisasi   yang          The Company is an organization that is committed
    berkomitmen        tidak    hanya      untuk   meningkatkan            not only to increasing the Company's profitability,
    keuntungan Perseroan secara finansial, tetapi juga                     but also routinely runs various Corporate Social
    secara rutin menjalankan berbagai program tanggung                     Responsibility programs that aim to support the
    jawab    sosial    Perseroan        yang   bertujuan     untuk         nation's development, contribute to the creation
    mendukung pembangunan bangsa, ikut menciptakan                         and    development     of    community              welfare          and
    dan membangun kesejahteraan masyarakat dan                             environmental preservation.
    pelestarian lingkungan.


    Sepanjang tahun 2023, pelaksanaan program terkait                      Throughout 2023, the implementation of programs
    tanggung jawab sosial Perseroan terdiri dari :                         related to the Company's social responsibility consists
                                                                           of :


    Tanggung        Jawab      Sosial      Perseroan   Terhadap            The Company’s Social Responsibility Towards Social
    Pengembangan Sosial Dan Kemasyarakatan                                 And Community Development
    Ditahun 2023, Perseroan merealisasikan tanggung                        In 2023, The Company realizes its social responsibility
    jawab sosial terhadap pengembangan sosial dan                          for    social   and   community             development                 by
    kemasyarakatan dengan melaksanakan program                             implementing CSR programs in 3 (three) areas of
    CSR di 3 (tiga) bidang kegiatan, yakni bidang sosial,                  activity, namely social, religious, and education
    keagamaan, dan pendidikan. Tujuan dari kegiatan CSR                    sectors. The purpose of the Company's CSR activities
    Perseroan adalah membantu kehidupan masyarakat                         is to help people's lives to be better and more
    agar dapat lebih baik dan sejahtera.                                   prosperous.


    Realisasi :
    Realization :


    1. Bidang Sosial
       Social Sector



          Bantuan perayaan HUT ke 16 Desa Mendis Jaya.
    Donation for the celebration of the 16th anniversary of
                                            Mendis Jaya Village.




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     Bantuan pecahan cor beton untuk perbaikan jalan di                  Bantuan tedmond yang digunakan untuk tempat
                      RT 05 Dusun 01 Desa Mendis Jaya.             penampung air bagi Yayasan Ridho Pertiwi Kecamatan
    Donation of cast concrete fragments for road repairs                                                              Bayung Lencir.
                  in RT 05 Dusun 01 Mendis Jaya Village.            Donation of tedmonds to be used for water reservoirs
                                                                   for Yayasan Ridho Pertiwi in the Bayung Lencir District.




      Bantuan dana sponsor Bayung Lencir Football Club
             dalam mengikuti Kompetisi Liga 3 Regional
                                         Provinsi Sumsel.
    Financial donation to support the participation of the              Bantuan plywood untuk perbaikan plafon gedung
      Bayung Lencir Football Club in Regional League 3                 galeri Kantor Desa dan gedung Badan Usaha Milik
          Competition in the Province of South Sumatra.                                Desa (BUMDes) Desa Mendis Jaya.
                                                                   Donation of plywood to repair the ceiling of the Village
                                                                   Office Gallery Building and Village-Owned Enterprises
                                                                                Building (BUMDes) in Mendis Jaya Village.




    Bantuan plywood untuk pembangunan rumah korban
       kebakaran di Kampong Sawah Desa Mendis Jaya.
     Donation of plywood to build houses for fire victims            Bantuan dalam rangka perayaan HUT RI ke 78 tahun
                in Kampong Sawah, Mendis Jaya Village.                                                2023 Desa Mendis Jaya.
                                                                         Support for commemorating the 78th Indonesian
                                                                          Independence Day 2023 in Mendis Jaya Village.




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     Bantuan dalam rangka perayaan HUT RI ke 78 tahun
                        2023 Kecamatan Bayung Lencir.
        Support for commemorating the 78th Indonesian
       Independence Day 2023 in Bayung Lencir District.
                                                                 Bantuan dana kebutuhan sarana dan prasarana Pos
                                                                 Pemadam Kebakaran Satuan Polisi Pamong Praja di
                                                                                             Kecamatan Bayung Lencir.
                                                                   Financial Donation for facilities and infrastructure
                                                                  needs of the Fire Station of the Civil Service Police
                                                                                        Unit in Bayung Lencir District.




     Bantuan dalam rangka perayaan HUT RI ke 78 tahun
                                      2023 Desa Mendis.
        Support for commemorating the 78th Indonesian
             Independence Day 2023 in Mendis Village.




                                                                Bantuan baby tank untuk tempat penampung air Pos
                                                                    Kesehatan Desa (Poskesdes) Desa Mendis Jaya.
                                                                Donation of baby tanks for the water reservoir of the
                                                                       Mendis Jaya Village Health Post (Poskesdes).




      Bantuan dana kegiatan hari Sumpah Pemuda ke 95             Bantuan dana kegiatan Kejuaraan Grasstrack Muba
     KNPI dan Karang Taruna Kecamatan Bayung Lencir.                                 Championship Bupati Cup 2023.
      Financial donation for the 95 Youth Pledge of the
                                 th
                                                                  Financial donation for the 2023 Muba Regent Cup
        KNPI and Karang Taruna, Bayung Lencir District.                                       Grasstrack Championship.




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    2. Bidang Keagamaan
       Religion Sector




                                                                        Bantuan pemberian 3 (tiga) ekor hewan qurban
                                                                      dalam perayaan hari besar Islam Idul Adha Desa

      Bantuan plywood untuk pembuatan rumah Marbot                                                                    Mendis Jaya.

                Masjid yang berada di Desa Mendis Jaya.            Donation in the context of Eid Al-Adha by providing

    Donation of plywood for the construction of a Marbot               3 qurban cows (sacrificial cows) for Mendis Jaya

    (Mosque caretaker) house in the Mendis Jaya Village.                                                                       Village.




      Bantuan dana kegiatan Safari Ramadhan dan acara
     santunan anak yatim dan dhuafa Desa Mendis Jaya.                   Bantuan pemberian 1 (satu)ekor hewan qurban

    Financial donation for Ramadhan Safari activities and         dalam perayaan hari besar Islam Idul Adha Kelurahan

      Mendis Jaya Village orphan and dhuafa (the needy                                                  Bayung Lencir Indah.

                          people) compensation events.            Donation in the context of Eid Al-Adha by providing 1
                                                                  qurban cow (sacrificial cow) for Bayung Lencir Indah
                                                                                                                       Sub-District.




    Bantuan pembangunan kanopi serambi Masjid Nurul                    Bantuan pemberian 1 (satu) ekor hewan qurban

                  Iman RT 01 Dusun I Desa Mendis Jaya.               dalam perayaan hari besar Islam Idul Adha Polsek

        Donation for the construction of a canopy for the                 Bayung Lencir dan Kelurahan Bayung Lencir.

          Nurul Iman Mosque RT 01 Dusun I Mendis Jaya             Donation in the context of Eid Al-Adha by providing 1

                                                 Village.         qurban cow (sacrificial cow) for Bayung Lencir Police
                                                                               Station and Bayung Lencir Sub-District.




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                                                                   3. Bidang Pendidikan
                                                                      Education Sector




                                                                          Bantuan pemberian beasiswa bagi siswa SDN
                                                                     Mendis Jaya yang berprestasi dan kurang mampu.
                                                                    Scholarship assistance for students of Mendis Jaya
                                                                         Elementary School who are performing well in
                                                                           academic and the underprivileged students.




      Bantuan dana pembangunan Masjid Baitul Ghufron
                         Kelurahan Bayung Lencir Indah.
     Financial donation for the construction of the Baitul
     Ghufron Mosque, Bayung Lencir Indah Sub-District.




                                                                     Bantuan seng untuk perbaikan ruang kelas I dan II
                                                                                                              SDN Mendis Jaya.
                                                                   Donation of zinc sheets for the repair of classrooms I
                                                                          and II of the Mendis Jaya Elementary School.




         Bantuan pembangunan atap plafon dan gapura
                               Gereja HKI Bayung Lencir.
     Donation for the construction of the ceiling roof and
                  gate of the HKI Bayung Lencir Church.




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    Dampak       Keuangan      Kegiatan     CSR    terhadap           Financial Impact of CSR Activities towards Social and
    Pengembangan Sosial dan Kemasyarakatan                            Community Development


    Total biaya    CSR yang       telah    dikeluarkan   oleh         The total CSR costs incurred by the Company for
    Perseroan untuk kegiatan pengembangan sosial dan                  social and community development activities in 2023
    kemasyarakatan pada tahun 2023 sebagai berikut:                   are as follows:
    yy Bidang sosial Rp149.500.000.                                   yy Social field Rp149,500,000.
    yy Bidang keagamaan Rp149.027.615.                                yy Religious fields Rp149,027,615.
    yy Bidang pendidikan Rp34.170.000.                                yy Education fields Rp34,170,000.




    Tanggung Jawab Sosial Perseroan                                   The Company’s Social Responsibility
    Terhadap Lingkungan Hidup                                         Towards The Environment

    Perseroan berupaya untuk memelihara kelestarian                   The Company strives to preserve the environment.
    lingkungan    hidup.    Perseroan     menyadari    bahwa          The Company realizes that the sustainability of the
    keberlanjutan ekosistem lingkungan hidup berperan                 environmental ecosystem plays an important role
    penting dalam mendukung perkembangan usaha                        in supporting the development of the Company's
    Perseroan. Perseroan berpartisipasi dalam pelestarian             business. The Company participates in environmental
    lingkungan    hidup     melalui   penerapan       program         preservation by implementing CSR programs that pay
    CSR yang memperhatikan keramahan terhadap                         attention to environmental friendliness and through
    lingkungan dan melalui kegiatan yang melibatkan                   activities that involve the community.
    masyarakat.


    Berikut beberapa program CSR Perseroan terhadap                   The following are some of the Company’s CSR
    Lingkungan Hidup yang dilaksanakan di tahun 2023 :                programs    for      the   Environment               that       will      be
                                                                      implemented in 2023:




       Kerja sama penyiraman jalan Desa Mendis Jaya                     Kerja sama penyiraman jalan Kelurahan Bayung
      dengan Sekdes Mendis Jaya selama tahun 2023.                      Lencir Indah dengan Lurah Bayung Lencir Indah
      Cooperation in watering the road of Mendis Jaya                                     selama tahun 2023.
       Village with the Mendis Jaya Village Secretary                  Cooperation in watering the road of Bayung Lencir
                           during 2023.                               Indah District with the Head of Bayung Lencir Indah
                                                                                        Sub-District during 2023.




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    Kebijakan Ramah Lingkungan                                              Environmentally Friendly Policy
    Penggunaan      material     dan    energi     yang    ramah            The   use       of    materials      and       energy           that      are
    lingkungan dan dapat didaur ulang oleh Perseroan :                      environmentally friendly and can be recycled by the
                                                                            Company :
    yy Sisa penggunaan bahan baku kayu untuk produksi                       yy The remaining use of wood raw materials for MDF
      MDF dapat didaur ulang untuk dijadikan pupuk;                           production can be recycled to become fertilizer;


    yy Sisa penggunaan bahan baku kayu untuk produksi                       yy The remaining use of wood raw materials for
      veneer dan plywood dapat daur ulang dalam bentuk                        veneer and plywood production can be recycled
      chip yang nantinya bisa dipakai untuk bahan bakar                       in the form of chips which can later be used as fuel
      boiler; dan                                                             for boilers; and


    yy Hasil pemakaian batubara sebagai bahan bakar                         yy The results of using coal as bolier fuel, can be
      boiler, dapat didaur ulang dan diproduksi menjadi                       recycled and produced into fly ash which is the
      fly ash yang merupakan bahan baku pembuatan                             raw material for making paving blocks.
      paving block.


    Sistem Pengolahan Limbah Perseroan                                      The Company's Waste Treatment System
    Sistem pengelolaan limbah yang dilakukan Perseroan                      The waste management system carried out by the
    mengacu kepada Upaya Pengelolaan Lingkungan                             Company refers to Environmental Management
    (UKL) dan Upaya Pemantauan Lingkungan (UPL)                             Efforts and Environmental Monitoring Efforts as
    adalah sebagai berikut :                                                follows :


      Pengelolaan Air Limbah                                                  Wastewater Management
      yy Melakukan pengujian air limbah yang dihasilkan                       yy Perform testing of waste water produced at an
         ke laboratorium eksternal yang terakreditasi                             external laboratory accredited by the National
         Komite Akreditasi Nasional (KAN) setiap bulan.                           Accreditation Committee (KAN) every month.
      yy Melakukan pencatatan debit, pH harian dan                            yy Record          discharge,      daily       pH        and        visual
         karakteristik visual limbah cair, meliputi inlet,                        characteristics of wastewater, including inlet,
         aerasi I, II, III, IV, sedimentasi, biofilter, dan outlet.               aeration I, II, III, IV, sedimentation, biofilter, and
      yy Limbah cair dari produksi ditampung di kolam                             outlet.
         penampungan dan ke inlet, kemudian diolah                            yy Liquid waste from production is collected in a
         secara aerob di bak aerasi I, II, III, dan IV lalu                       holding pond and into the inlet, then treated
         difilterisasi secara biologis di bak biofilter                           aerobically in aeration tanks I, II, III, and IV then
         kemudian diendapkan di bak sedimentasi yang                              biologically filtered in the biofilter tank then
         nantinya secara overflow dialirkan ke bak outlet                         deposited in a sedimentation bath which later
         lalu dialirkan melalui saluran drainase.                                 overflows it to the outlet tub then flows through
                                                                                  drainage channel.


      Pengendalian Pencemaran Udara                                           Air Pollution Control
      yy Melakukan      pemantauan         emisi    gas    buang              yy Monitoring exhaust emissions qualitatively per
         secara kualitatif per semester ke laboratorium                           semester to an external laboratory accredited
         eksternal yang terakreditasi KAN sebagai upaya                           by KAN as an effort to monitor and prevent
         monitoring dan preventif timbulnya emisi gas                             harmful exhaust emissions from incomplete
         buang berbahaya akibat pembakaran tidak                                  combustion.
         sempurna.




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      yy Pemberian        dan      penerapan    wajib     Alat         yy Giving    and     applying        mandatory              Personal
        Perlindungan Diri (APD) berupa masker kepada                     Protective Equipment (PPE) in the form of masks
        seluruh pekerja di area kerja.                                   to all workers in the work area.


      Pengelolaan Limbah Padat                                         Solid Waste Management
      yy Melakukan       pemantauan     emisi   gas     buang          yy Monitoring exhaust emissions qualitatively per
        secara kualitatif per semester ke laboratorium                   semester to an external laboratory accredited
        eksternal yang terakreditasi KAN sebagai upaya                   by KAN as an effort to monitor and prevent
        monitoring dan preventif timbulnya emisi gas                     harmful exhaust emissions from incomplete
        buang berbahaya akibat pembakaran tidak                          combustion.
        sempurna.
      yy Pemberian dan penerapan wajib Alat Pelindung                  yy Giving    and     applying        mandatory              Personal
        Diri (APD) berupa masker kepada seluruh pekerja                  Protective Equipment (PPE) in the form of masks
        di area kerja.                                                   to all workers in the work area.
      yy Serbuk dan limbah potongan kayu dan lembaran                  yy Powder and waste of wood chips and veneer
        veneer sisa produksi dimanfaatkan sebagai                        sheets left over from production are used as
        bahan bakar boiler.                                              fuel for boiler.
      yy Menyediakan       tempat     sampah    berdasarkan            yy Providing trash bins based on activities carried
        kegiatan yang dilakukan per area kerja dan                       out per work area and given an identity based
        diberi identitas berdasarkan jenis sampah yang                   on the type of waste produced. Black bins
        dihasilkan. Tempat sampah dengan warna                           specifically for metal/iron waste, red bins
        hitam khusus untuk sampah logam/ besi,                           specifically for trash B3 (Hazardous and toxic
        tempat sampah berwarna merah khusus untuk                        waste) and yellow bins for domestic waste
        sampah B3 (Bahan Berbahaya dan Beracun) dan                      (office stationeries, food/beverage packages,
        tempat sampah berwarna kuning untuk sampah                       plastics, etc).
        domestik (ATK, bungkusan makanan/ minuman,
        plastik, dan lain-lain).
      yy Sampah besi bekas dipilah-pilah dan yang                      yy Used iron waste is sorted and those that can be
        bisa digunakan akan digunakan kembali dan                        reused and those that cannot be used will be
        yang tidak dapat digunakan akan dikumpulkan                      collected and then handed over to collectors to
        kemudian diserahkan ke pengumpul untuk                           be sold.
        dijual.
      yy Sampah domestik dikumpulkan untuk kemudian                    yy Domestic waste is collected and then disposed
        dibuang      ke    Tempat      Pembuangan        Akhir           of to the Landfills through the Environmental
        (TPA) melalui Dinas Lingkungan Hidup (DLH)                       Service Office (DLH) MUBA UPTD Regency,
        Kabupaten MUBA UPTD Kecamatan Bayung                             Bayung Lencir District with a transportation
        Lencir dengan periode pengangkutan dua kali                      period of twice a week.
        setiap minggu.


      Pengelolaan Limbah B3 (Bahan Berbahaya dan                       Hazardous and Toxic Waste Management
      Beracun)
      yy Limbah B3 yang dihasilkan meliputi limbah hasil               yy The generated hazardous and toxic waste
        pembakaran boiler dan limbah hasil kegiatan                      includes waste from boiler combustion and
        harian.                                                          waste from daily activities.




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      yy Limbah hasil pembakaran boiler berupa fly ash                 yy Waste from boiler combustion in the form of fly
         dimanfaatkan sebagai bahan baku pembuatan                        ash is used as raw material for making paving
         paving block.                                                    blocks.
      yy Limbah hasil kegiatan harian meliputi oli bekas,              yy Waste generated from daily activities includes
         kain majun terkontaminasi, oli filter bekas, lampu               used oil, contaminated cloth rags, used filter oil,
         TL bekas, limbah medis infeksius, drum oli                       used TL lamps, infectious medical waste, used
         bekas, dan sisa buangan laboratorium. Limbah                     oil drums, and laboratory waste. The hazardous
         B3 hasil kegiatan harian ini kemudian disimpan                   and toxic waste resulting from daily activities is
         di TPS LB3 (Tempat Penampungan Sementara                         then stored at the LB3 TPS (Temporary Waste
         Limbah Bahan Berbahaya dan Beracun) dengan                       Disposal Site for Hazardous and Toxic Waste)
         masa simpan maksimal 90 hari sampai 365 hari.                    with a maximum shelf life of 90 to 365 days.


      yy Limbah B3 hasil kegiatan harian ini dikirim ke                yy The hazardous waste resulting from daily
         pihak ke-3 berizin dengan periode pengiriman                     activities is sent to a licensed 3rd party with a
         per triwulan disertakan festronik sebagai bukti                  quarterly delivery period including a festronik
         sah pengiriman limbah.                                           (electronic manifest applications) as legal proof
                                                                          of waste delivery.
      yy Semua Limbah B3 yang dihasilkan baik yang                     yy All hazardous waste produced, whether utilized
         dimanfaatkan       ataupun    diserahkan     kepada              or submitted to a licensed 3rd party, is reported
         pihak ke-3 berizin dilaporkan secara periodik                    periodically on a quarterly basis to the Ministry
         per triwulan ke Kementerian Lingkungan Hidup                     of Environment and Forestry of the Republic of
         dan Kehutanan Republik Indonesia (KLHK)                          Indonesia (KLHK) by filling in a daily logbook
         dengan melakukan pengisian logbook harian                        and balance of B3 waste management through
         dan neraca pengelolaan limbah B3 melalui akun                    the Si Raja Limbah account accompanied by
         Si Raja Limbah disertai dengan Tanda Terima                      an Electronic Receipt (TTE) as evidence of
         Elektronik (TTE) sebagai bukti pelaporan yang                    reporting which has been done.
         telah dilakukan.


    Mekanisme Pengaduan Masalah Lingkungan                           Environmental Complaints Mechanism
    Alur mekanisme penanganan pengaduan masalah                      The flow of the complaints handling mechanism for
    lingkungan adalah sebagai berikut:                               environmental problems is as follows:
    yy Masyarakat dapat menyampaikan pengaduan atau                  yy The public can submit complaints or findings
      temuan terkait masalah lingkungan Perseroan                      related to the Company's environmental problems
      melalui Divisi External Relations and Security (ERS)             through the Company's External Relations and
      Perseroan.                                                       Security Division (ERS Dept).
    yy Divisi ERS akan menyampaikan pengaduan atau                   yy ERS Dept submits complaints or findings related
      temuan terkait kepada Divisi SHE dan perwakilan                  to SHE Division and management representatives
      manajemen melalui rapat khusus.                                  through special meetings.
    yy Perseroan akan mengadakan pertemuan antara                    yy The Company will hold a meeting between the
      pihak Perseroan yang diwakili oleh Divisi ERS,                   Company represented by ERS Division, SHE
      Divisi SHE, dan perwakilan manajemen dengan                      Division, and management representatives with
      perwakilan    masyarakat        yang   menyampaikan              community representatives who submitted the
      pengaduan      terkait.    Perseroan     juga     akan           complaint. The Company will also invite the
      mengundang kepala daerah atau perangkat desa                     regional head or village apparatus and the District/
      serta Dinas Lingkungan Hidup Kabupaten/Provinsi                  Provincial Environmental Agency for confirmation




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      untuk melakukan penyampaian konfirmatif dan                            and resolution of problems which is best for both
      bersama-sama mencari solusi terbaik untuk kedua                        parties.
      belah pihak.


    Dampak     Keuangan       Kegiatan     CSR      terhadap              Financial Impact of CSR Activities towards the
    Lingkungan                                                            Environment
    Biaya   yang     dikeluarkan   untuk    CSR     terhadap              The cost incurred for CSR towards the environment in
    lingkungan hidup berupa kegiatan penyiraman jalan                     the form of watering activities on Mendis Jaya Village
    Desa Mendis Jaya dan jalan Kelurahan Bayung Lencir                    road and Bayung Lencir Sub-District road amounted
    sebesar Rp312.000.000.                                                to Rp312,000,000.


    Selama tahun 2023, Perseroan juga telah mencatat                      During 2023, the Company also recorded costs
    biaya yang dikeluarkan untuk pengelolaan lingkungan                   incurred for environmental management consisting of
    hidup yang terdiri dari aktivitas pengelolaan limbah,                 waste management, laboratory checks, and purchase
    pengecekan laboratorium, dan pembelian pohon                          of trees to be planted at the Company’s factory site.
    yang akan ditanam di lokasi pabrik Perseroan.                         The realization of environmental management costs
    Realisasi biaya pengelolaan lingkungan hidup dapat                    can be seen in the table below:
    dilihat pada tabel dibawah ini:

     Realisasi Biaya Pengelolaan Lingkungan Hidup (Rp)
     Environmental Management Cost Realization (Rp)
     Peruntukan
                                                                           2023                  2022                             2021
     Allocation
     Pengelolaan Limbah Cair*)
                                                                        489.386.849           225.829.187                     79.157.573
     Liquid Waste Management
    Pengelolaan Limbah B3
                                                                        80.466.872            69.333.316                     84.654.692
    Hazardous Waste Management
    Pemeriksaan Laboratorium Limbah Cair, Udara,
    dan Limbah B3                                                       246.247.350           193.225.975                   206.426.000
    Laboratory Testing of Liquid, Air & Hazardous Waste
    Pembelian Pohon
                                                                        33.325.000            6.500.000                              0
    Trees Procurement
                                                          Total         849.426.071        494.888.478                      370.238.265

    *) Pembangunan proyek MDF line kedua turut meningkatkan pengelolaan limbah cair di Tahun 2023.
    *) The construction of the MDF second line project also improved the effluent management in 2023.




    Total biaya CSR terhadap lingkungan hidup dan biaya                   The total cost of CSR for the environment and
    pengelolaan lingkungan hidup yang dikeluarkan                         environmental    management              costs        incurred           by
    oleh Perseroan untuk mendanai program pelestarian                     the Company to fund environmental conservation
    lingkungan hidup di tahun 2023 yaitu sebesar                          programs in 2023 is Rp1,161,426,071.
    Rp1.161.426.071.




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    Tanggung Jawab Perseroan                                          The Company’s Social Responsibility
    Terhadap Konsumen                                                 Towards Consumers

    Sebagai bagian dari komitmen kami untuk berfokus                  As a part of our commitment to focus on our product
    pada pemakai produk kami, Perseroan memastikan                    users, the Company ensures that all of products
    bahwa semua produk dari bahan baku, pengolahan                    from raw materials, processing until finished goods,
    hingga barang jadi, telah sesuai dengan peraturan                 comply with regulations as well as applicable industry
    dan juga sesuai dengan standar industri yang berlaku.             standards. To ensure that all required standards are
    Untuk memastikan bahwa semua standar yang                         met, the Company focus on assuring that every stage
    ditentukan sudah dipenuhi, Perseroan fokus untuk                  of processes are fully under control.
    memastikan bahwa setiap tahapan proses ada dalam
    pengawasan penuh.


    Dalam      menjalankan     kegiatan    operasionalnya,            In conducting its business operation, the Company
    Perseroan menerapkan sistem pengendalian mutu                     implements a strict quality control system. Regarding
    yang ketat. Terkait seluruh proses produksinya,                   the entire production process, the Company ensures
    Perseroan     memastikan    bahwa     seluruh   fasilitas         that all production facilities meet all product quality
    produksi telah memenuhi persyaratan mutu kualitas                 requirements.
    produk.


    Perseroan telah memperoleh sertifikasi ISO 9001:2015              The Company has obtained ISO 9001: 2015 Quality
    Sistem Pengendalian Mutu No. QMS/440, dan                         Control System No.QMS/440, and the Japanese
    Sertikasi Japanese Industrial Standards (JIS) yang                Industrial Standards (JIS) Certificate which regulates
    mengatur standar emisi yang diizinkan untuk produk                permissible emission standards for MDF products, the
    MDF, Sertifikasi California Air Resources Board (CARB)            California Air Resources Board (CARB) Certificate for
    untuk standar emisi kayu olahan (Formaldehyde                     processed wood emission standards (Formaldehyde
    Emission Standard for Composite Wood Product) serta               Emission Standards for Composite Wood Products)
    US EPA (United States Environmental Protection                    and US EPA (United States Environmental Protection
    Agency) 40 CFR Part 770 TSCA (Toxic Substances                    Agency) 40 CFR Part 770 TSCA (Toxic Substances
    Control Act) Title VI.                                            Control Act) Title VI.


    Hal ini menunjukkan komitmen Perseroan yang selalu                This demonstrates the Company’s commitment
    berfokus untuk memenuhi standar mutu tertinggi                    to always focus on fulfilling excellence standards
    melalui   penerapan      Sistem   Manajemen     Kualitas          with Quality Management System in place to meet
    dalam rangka memenuhi kebutuhan pelanggan dan                     customers’ and consumers’ requirements.
    konsumen.


    Jumlah Pengaduan Konsumen                                         Number of Consumer Complaints
    Sepanjang tahun 2023, Perseroan menerima sebanyak                 Throughout      2023,    the     Company             received            63
    63 laporan keluhan dari pelanggan ekspor maupun                   complaint reports from export and local customers.
    lokal. Laporan keluhan tersebut telah diterima dan                The complaint report has been received and resolved
    diselesaikan oleh Perseroan, baik secara internal                 by the Company, both internally and externally to the
    maupun secara eksternal kepada pelanggan terkait.                 relevant customer.




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    Penanggulangan Pengaduan Konsumen                                Handling Consumer Complaints
    Perseroan percaya bahwa budaya perlindungan                      The Company believes that a culture of consumer
    konsumen perlu terus dikembangkan dan menjadi                    protection needs to be continuously developed
    fokus    perhatian   Perseroan    dengan     menjadikan          and become the focus of the Company's attention
    pengaduan konsumen sebagai acuan bagi Perseroan                  by making consumer complaints as a reference for
    untuk memperbaiki dan meningkatkan pelayanan                     the Company to improve services to consumers on
    kepada     konsumen      secara       berkesinambungan.          an ongoing basis. Consumer satisfaction plays an
    Kepuasan konsumen memegang peranan yang                          important role in supporting the Company's business
    penting dalam mendukung perkembangan usaha                       development.
    Perseroan.


    Dalam melayani dan menyelesaikan pengaduan                       In serving and resolving consumer complaints, the
    konsumen, Perusahaan memiliki standar prosedur                   Company has a standard procedure through the
    melalui mekanisme penyelesaian internal Perusahaan               Company's internal resolution mechanism (Internal
    (Internal Dispute Resolution).                                   Dispute Resolution).




    Tanggung Jawab Sosial Perseroan                                  The Company’s Social Responsibility
    Terhadap Karyawan                                                Towards Employees

    Tak dapat dipungkiri bahwa Sumber Daya Manusia                   It is undeniable that reliable Human Resources are
    yang handal menjadi salah satu penentu utama                     one of the main determinants of the Company's
    keberhasilan Perseroan sampai saat ini, sehingga                 success until now. So it is important for the Company
    penting bagi Perseroan untuk menjaga hubungan                    to maintain effective relationships with employees.
    yang efektif dengan karyawan.


    Dalam      menjalankan      Praktik     Ketenagakerjaan,         In conducting its Employment Practices, the Company
    Perseroan selalu berpegang pada Undang-Undang                    has always adhered to the Employment Act and its
    Ketenagakerjaan dan peraturan pelaksanaannya.                    implementing regulations. The rights and obligations
    Hak dan kewajiban karyawan Perseroan diatur dalam                of the Company's employees are regulated in
    Peraturan Perusahaan (PP). Hubungan yang harmonis                Company Regulation. The harmonious relationship
    antara Perseroan dan Serikat Pekerja juga selalu                 between the Company and the Workers Union is
    ditingkatkan dengan menanamkan hubungan asas                     also always enhanced by instilling the principles of
    kemitraan, kedewasaan dan saling percaya.                        partnership, maturity and mutual trust.


    Perseroan selalu mengevaluasi setiap tahun tingkat               The Company always evaluates every year the level
    kenaikan upah minimum untuk disesuaikan dengan                   of minimum wage increases to match the province/
    standar upah minimum provinsi/kota/kabupaten                     city/regency minimum wage standards (UMP/UMK)
    (UMP/UMK) disetiap wilayah usaha dan juga kondisi                in each business area and also the current economic
    ekonomi saat ini. Selain imbalan moneter berupa                  conditions. Apart from monetary rewards in the
    gaji, karyawan Perseroan juga berhak atas berbagai               form of salaries, the Company's employees are also
    fasilitas kerja dan kemudahan yang membuat hidup                 entitled to various work facilities and conveniences
    lebih sejahtera dan berkembang.                                  that make life more prosperous and developing.




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    Kebijakan Kesetaraan Gender dan Kesempatan Kerja                 Gender Equality and Employment Opportunities
                                                                     Policy
    Proses rekrutmen Perseroan bersifat transparan
    dengan membuka kesempatan yang setara bagi                       The Company's recruitment process is transparent
    semua kandidat tanpa membedakan gender. Tercatat                 by opening equal opportunities for all candidates
    komposisi karyawan berdasarkan gender pada tahun                 regardless of gender. It is recorded that the
    2023 adalah 574 karyawan laki-laki dan 55 karyawan               composition of employees based on gender in 2023
    perempuan. Perseroan juga menerapkan kebijakan                   is 574 male employees and 55 female employees.
    penilaian kinerja karyawan berdasarkan kompetensi                The Company also implements a policy of employee
    masing-masing individu tidak berdasarkan pada                    performance appraisal based on the competence
    gender, suku, budaya maupun latar belakang lainnya.              of each individual, not based on gender, ethnicity,
                                                                     culture or other backgrounds.


    Tingkat perpindahan (Turnover) Karyawan                          Employee Turnover
    Pada    tahun   2023   Perseroan      mencatat   jumlah          In 2023, the Company recorded a total number of fixed
    karyawan tetap sebanyak 629 orang. Selama tahun                  employees of 629 people. During 2023, employee
    2023, turnover karyawan tercatat adalah sebanyak 130             turnover was recorded at 130 employees entering
    karyawan masuk dan 76 karyawan keluar.                           and 76 employees leaving.


    Tingkat Kecelakaan Kerja                                         Work Accident Rate
    Jumlah kasus kecelakaan kerja yang dialami oleh                  The number of work accident cases experienced by
    karyawan Perseroan di Tahun 2023 sebanyak 33 kasus.              the Company's employees in 2023 was 33 cases.


    Kebijakan Kesehatan dan Keselamatan Kerja                        Health anf Safety Policy
    Perseroan memiliki visi untuk menjadi sebuah                     The Company has a vision to be an organization which
    organisasi bebas kecelakaan dengan menanamkan                    is free from accident by integrating safety in daily life,
    perilaku keselamatan dalam kehidupan sehari-hari,                every day, everywhere, to everyone.
    setiap hari, di mana saja, dan untuk setiap orang.


    Kebijakan kesehatan dan keselamatan Perseroan                    The Company’s health and safety policies includes:
    meliputi:
    1. Komitmen untuk menyediakan kondisi kerja yang                 1. Commitment to providing healthy and safe working
      sehat dan aman.                                                  conditions.
    2. Mematuhi semua peraturan perundang-undangan                   2. Complying with all applicable law and regulations
      dan peraturan yang berlaku dan bertujuan untuk                   while striving for continuous improvement of
      terus     meningkatkan    kinerja    kesehatan     dan           health and safety performance.
      keselamatan.
    3. Seluruh karyawan memiliki peran untuk:                        3. All of the Company employees have a role to:
      a. Bertanggung jawab terhadap kesehatan dan                      a. Be responsible for occupational health and
           keselamatan kerja anak buah dan pihak ketiga                   safety of subordinates and third parties in their
           dalam kontrol mereka.                                          control.
      b. Sebagai bagian dari syarat kerja, seluruh                     b. Be part of the conditions of employment, which
           karyawan wajib mempraktekkan cara bekerja                      stipulates all employees to work safely.
           yang aman.




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    Kebijakan       ini   mencerminkan        keyakinan    dan          This Policy reflects Company’s belief and outlines
    menjabarkan tanggung jawab Perseroan dalam aspek                    responsibilities for health and safety aspects.
    kesehatan dan keselamatan.


    Perseroan juga telah mendaftarkan karyawannya                       The Company has also registered its employees
    dalam Jaminan Sosial Tenaga Kerja pada BPJS                         in Labor Social Security at the BPJS Employment
    Ketenagakerjaan       dan     BPJS   Kesehatan.    Adapun           and BPJS Health. As for the BPJS Health, it is given
    untuk BPJS Kesehatan diberikan kepada karyawan                      to employees of the Head Office and to factory
    kantor Pusat dan untuk karyawan pabrik. Perseroan                   employees. The Company also provides conventional
    juga memberikan asuransi kesehatan konvensional                     health insurance to employees for certain grade.
    kepada karyawan untuk jabatan tertentu.


    Sepanjang tahun, Perseroan melakukan inisiatif                      Throughout the year, the Company conducted
    melalui kampanye, pembimbingan, pengawasan,                         initiatives through campaigns, assistance, controls,
    keterlibatan karyawan secara langsung, pelatihan,                   engagements, training, assessment and audit related
    penilaian dan audit yang terkait dengan keselamatan                 to work safety. The programmes includes :
    kerja. Program-program tersebut meliputi :
    1. Safety       Excellence,    memperkuat         Kebijakan         1. Safety Excellence, strengthening Safety Policy
        Keselamatan mulai pengenalan sampai pelatihan                     through induction to employee.
        untuk karyawan.
    2. Kepatuhan terhadap proses keselamatan dalam                      2. Fire Safety Process Compliance, conducting
        kebakaran, melakukan penilaian dan audit atas                     assessment and audit on fire and explosion risks,
        risiko kebakaran dan ledakan, latihan tanggap                     emergency response drill and safety process audit
        darurat dan audit proses keselamatan yang                         that include training.
        meliputi pelatihan.
    3. Respon Bencana Alam, termasuk mempersiapkan                      3. Natural Disaster Response, programmes includes
        tim tanggap darurat dan bantuan evakuasi dan                      preparing    emergency            response             team         and
        prosedur untuk penanganan darurat seperti banjir                  evacuation assistance and procedures for flood
        dan gempa bumi.                                                   and earthquake.




    Implementasi Sistem Manajemen Kesehatan dan                         Implementation of Occupational Safety and Health
    Keselamatan Kerja (K3)                                              Management Systems (OSH)
    Dalam         meningkatkan     efektifitas   perlindungan           In improving the effectiveness of planned, measured,
    kesehatan dan keselamatan kerja karyawan yang                       structured and integrated employee occupational
    terencana, terukur, dan terstruktur serta terintegrasi              safety and health protection, it is carried out in the
    maka dilakukan dengan tahapan cara sebagai berikut                  following stages:
    :
    1. Membuat        rencana     pelatihan   Kesehatan    dan          1. Create an annual Occupational Safety and Health
        Keselamatan Kerja (K3) setiap tahunnya.                           (OSH) training plan.
    2. Melakukan pengenalan kepada setiap karyawan                      2. Conduct introduction for every new employee and
        baru dan kontraktor baru yang masuk kedalam                       new contractor who enters the factory.
        Pabrik.
    3. Melakukan pelatihan K3 kepada setiap karyawan                    3. Conduct OSH training for every new employee.
        baru.




LAPORAN TAHUNAN 2023 | Annual Report                              251                            P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
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    4. Melakukan review setiap ada kecelakaan kerja                 4. Review every work accident so it doesn't happen
      sehingga tidak terjadi kembali di masa depan.                   again in the future.
    5. Melakukan    pemeriksaan        kesehatan   karyawan         5. Perform regular employee health checks.
      secara berkala.
    6. Membuat     amaran        terkait   Kesehatan   dan          6. Make warnings related to Occupational Safety and
      Keselamatan       Kerja   (K3)   untuk   mengingatkan           Health (OSH) to remind all employees.
      kepada seluruh karyawan.
    7. Melakukan pemeriksaan alat pemadam kebakaran                 7. Checking fire extinguishers regularly.
      secara berkala.
    8. Menyediakan pos P3K serta ambulans.                          8. Provide a first aid post and an ambulance.
    9. Melaksanakan ketentuan terbaru tentang K3.                   9. Implement the latest provisions on OSH.
    10.Memberikan Alat Pelindung Diri (APD) kepada                  10.Provide Personal Protective Equipment (PPE) to all
      semua karyawan di lokasi Pabrik.                                employees at the Factory site.
    11. Melakukan Safety Talk terkait Keselamatan dan               11. Conduct Safety Talks related to Occupational
      Kesehatan Kerja (K3) ke tiap-tiap Departemen                    Safety and Health (K3) to each Department every
      setiap 2 bulan sekali.                                          2 months.
    12. Melakukan fogging secara berkala diarea pabrik              12. Conducting regular fogging in the factory area and
      dan mess karyawan; dan                                          employee mess; and
    13. Menempatkan alat Rentokil di beberapa titik                 13. Placing Rentokil tools at several points in areas
      area yang bisa menimbulkan kecelakaan kerja                     that could cause work accidents due to rat pests.
      dikarenakan hama tikus.


    Mekanisme Pengaduan Masalah Ketenagakerjaan                     Manpower Complaints Mechanism
    Perseroan telah memiliki mekanisme pengaduan                    The Company has a mechanism for complaints
    masalah ketenagakerjaan yang sudah tertuang dalam               about labor issues that have been stipulated in
    PP (Peraturan Perusahaan) Perseroan mengenai                    the   Company     Regulations           (PP)       regarding           the
    Penyelesaian Keluh Kesah. Perseroan juga berupaya               Resolution of Complaints. The Company also seeks
    menciptakan hubungan industrial yang harmonis                   to create harmonious industrial relations by building
    dengan membangun suasana kerja yang kondusif                    a conducive working atmosphere and implementing
    dan melaksanakan praktik ketenagakerjaan yang                   fair employment practices by providing equal
    adil dengan memberikan kesempatan yang sama                     opportunities for each individual to develop their
    bagi setiap individu untuk mengembangkan karirnya.              career. The Company is also committed to complying
    Perseroan juga berkomitmen mematuhi semua                       with all labor rules and regulations as stipulated
    peraturan dan ketentuan ketenagakerjaan sesuai                  by the Government. Every labor issue is resolved
    yang ditetapkan oleh Pemerintah. Setiap masalah                 through open communication between management
    ketenagakerjaan diselesaikan melalui komunikasi                 and employees in order to reach a mutual agreement.
    terbuka antara manajemen dan karyawan guna
    mencapai kesepakatan bersama.




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Page 258

          
Page 259
           PT INDONESIA FIBREBOARD                        PT INDONESIA FIBREBOARD
                 INDUSTRY TBK                                   INDUSTRY TBK

                       Laporan Keuangan                               Financial Statements
          Tanggal 31 Maret 2024 Dan 31 Desember 2023      As of March 31, 2024 And December 31, 2023
          Serta Untuk Periode Tiga Bulan Yang Berakhir     And For The Three Months Period Ended
                     31 Maret 2024 Dan 2023                         March 31, 2024 And 2023
                  (Mata Uang Rupiah Indonesia)                   (Indonesian Rupiah Currency)
                          Tidak Diaudit                                    Unaudited




LAPORAN TAHUNAN 2023 | Annual Report                254                      P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
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                                                                                The original financial statements included herein are in
                                                                                                              the Indonesian language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                       PT INDONESIA FIBREBOARD INDUSTRY TBK
        LAPORAN KEUANGAN                                                                            FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                             AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA UNTUK PERIODE TIGA BULAN YANG BERAKHIR                             AND FOR THE THREE MONTHS PERIOD ENDED
        31 MARET 2024 DAN 2023                                                                     MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                 (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)
        TIDAK DIAUDIT                                                                                          UNAUDITED




                                                     DAFTAR ISI/
                                                  TABLE OF CONTENTS


                                                      Halaman/Pages


        Laporan Posisi Keuangan                             1-2                                   Statement of Financial Position

        Laporan Laba Rugi dan Penghasilan                                                         Statement of Profit or Loss and
           Komprehensif Lain                                  3                                 Other Comprehensive Income

        Laporan Perubahan Ekuitas                             4                                   Statement of Changes in Equity

        Laporan Arus Kas                                      5                                           Statement of Cash Flows

        Catatan atas Laporan Keuangan                       6 - 74                             Notes to the Financial Statements




                                                 ***************************




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                                                                                                         The original financial statements included herein are in
                                                                                                                                       the Indonesian language.

         PT INDONESIA FIBREBOARD INDUSTRY TBK                                                           PT INDONESIA FIBREBOARD INDUSTRY TBK
         LAPORAN POSISI KEUANGAN                                                                              STATEMENT OF FINANCIAL POSITION
         31 MARET 2024 DAN 31 DESEMBER 2023                                                          AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
         (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                                     (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)



                                                     Catatan/          31 Maret 2024/      31 Desember 2023/
                                                      Notes            March 31, 2024      December 31, 2023

         ASET                                                                                                                                               ASSETS

         ASET LANCAR                                                                                                                  CURRENT ASSETS
         Kas dan bank                              2d,2e,2o,4              7.045.841.232        1.471.104.359                  Cash on hand and in banks
         Piutang usaha                                  2d,2f                                                                          Account receivables
           Pihak berelasi - bersih                 2m,5,26,27            37.075.090.126       23.990.852.853                       Related parties - net
           Pihak ketiga - bersih                         5,27            64.315.737.156      120.269.496.957                          Third parties - net
         Piutang lain-lain - pihak ketiga                  2d               188.085.296           80.142.954                Other receivables - third parties
         Persediaan - bersih                          2g,6,27           305.477.138.327      292.954.260.456                               Inventories - net
         Biaya dibayar di muka dan                                                                                                            Prepayments
           uang muka                                       2h,7          12.940.719.028       31.023.102.611                              and advances
         Pajak dibayar di muka                            2p,14          13.225.200.401       18.143.612.895                                 Prepaid taxes

         Jumlah Aset Lancar                                             440.267.811.566      487.932.573.085                               Total Current Assets

         ASET TIDAK LANCAR                                                                                                       NON-CURRENT ASSETS
                                                                                                                                         Advance payment
         Uang muka pembelian aset tetap                                                                                     for purchase of fixed assets
           Pihak berelasi               2m,8,26,27                       22.306.360.000       18.960.406.000                              Related party
           Pihak ketiga                        8,27                      14.472.021.655       15.217.952.359                               Third parties
         Aset tetap - setelah dikurangi                                                                                  Fixed assets - net of accumulated
           akumulasi penyusutan                                                                                                          depreciation of
           sebesar Rp 949.143.228.397                                                                                              Rp 949.143.228.397
           pada tanggal 31 Maret 2024 dan                                                                                     as of March 31,2024 and
           Rp 907.840.023.954 pada                                                                                                 Rp 907,840,023,954
           tanggal 31 Desember 2023 2i,2k,2u,9,27                    1.324.056.530.650     1.354.808.575.383                  as of December 31, 2023
         Aset hak guna - bersih         2l,2m,10,26                      1.269.755.073         1.629.414.853                       Right-of-use assets - net
         Aset pajak tangguhan - bersih        2p,14                     15.997.875.480        15.807.331.857                       Deferred tax assets - net
         Aset tidak lancar lainnya             2j,11                     4.715.608.997            32.206.270                       Other non-current assets

         Jumlah Aset Tidak Lancar                                    1.382.818.151.855     1.406.455.886.722                        Total Non-Current Assets

         JUMLAH ASET                                                 1.823.085.963.421     1.894.388.459.807                                    TOTAL ASSETS




                 Catatan atas Laporan Keuangan terlampir merupakan bagian yang               The accompanying Notes to the Financial Statements form an integral
                   tidak terpisahkan dari laporan keuangan secara keseluruhan.                              part of these financial statements.


                                                                                    1




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Page 262
                                                                                                        The original financial statements included herein are in
                                                                                                                                      the Indonesian language.

         PT INDONESIA FIBREBOARD INDUSTRY TBK                                                         PT INDONESIA FIBREBOARD INDUSTRY TBK
         LAPORAN POSISI KEUANGAN (lanjutan)                                                        STATEMENT OF FINANCIAL POSITION (continued)
         31 MARET 2024 DAN 31 DESEMBER 2023                                                        AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
         (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                                   (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)



                                                    Catatan/          31 Maret 2024/      31 Desember 2023/
                                                     Notes            March 31, 2024      December 31, 2023

         LIABILITAS DAN EKUITAS                                                                                                 LIABILITIES AND EQUITY

         LIABILITAS                                                                                                                                  LIABILITIES

         LIABILITAS JANGKA PENDEK                                                                                                 CURRENT LIABILITIES
         Utang bank jangka pendek             2d,12                       5.566.228.474     138.960.052.293                          Short term bank loans
         Utang usaha                             2d                                                                                     Account payables
           Pihak ketiga                          13                     68.932.752.872       48.907.810.976                                 Third parties
           Pihak berelasi                  2m,13,26                         27.770.189           22.653.975                              Related parties
         Utang lain-lain - pihak ketiga       2d,15                        814.141.293          932.812.746                   Other payables - third parties
         Utang pajak                          2p,14                     15.610.728.536       14.585.491.745                                  Taxes payable
         Biaya masih harus dibayar          2d,9,16                     17.309.455.006       18.147.533.754                             Accrued expenses
         Uang muka dari pelanggan             2n,21                     39.879.600.176       12.532.430.429                      Advances from customers
         Utang jangka panjang yang
           jatuh tempo dalam waktu                                                                                                           Current maturities
           satu tahun                                                                                                                      of long-term debts
           Utang bank                         2d,12                     92.067.807.910       92.048.262.479                                       Bank loans
           Liabilitas sewa              2l,2m,10,26                      1.225.968.682        1.563.938.487                                    Lease liabilities

         Jumlah Liabilitas Jangka Pendek                               241.434.453.138      327.700.986.884                            Total Current Liabilities

         LIABILITAS JANGKA PANJANG                                                                                           NON-CURRENT LIABILITIES
         Utang jangka panjang - setelah
           dikurangi bagian yang jatuh                                                                                                 Long-term debt - net of
           tempo dalam waktu satu tahun                                                                                                   current maturities
           Utang bank                           2d,12                  307.498.557.803      330.523.728.296                                     Bank loans
           Liabilitas sewa                2l,2m,10,26                      159.044.450          212.059.266                                 Lease liabilities
         Estimasi liabilitas atas imbalan
           kerja karyawan                       2q,17                   15.701.526.089       15.035.311.412                     Employee benefits liabilities

         Jumlah Liabilitas Jangka Panjang                              323.359.128.342      345.771.098.974                     Total Non-Current Liabilities

         JUMLAH LIABILITAS                                             564.793.581.480      673.472.085.858                               TOTAL LIABILITIES

         EKUITAS                                                                                                                                   EQUITY
         Modal saham - nilai nominal                                                                                                         Capital stock -
           Rp 100 per saham                                                                                                  Rp 100 par value per share
           Modal dasar - 20.000.000.000                                                                                     Authorized - 20,000,000,000
              saham                                                                                                                             shares
           Modal ditempatkan dan disetor                                                                                          Issued and fully paid -
              penuh - 9.412.000.000 saham                    18        941.200.000.000      941.200.000.000                     9,412,000,000 shares
         Tambahan modal disetor - bersih                  2t,20          2.898.071.300        2.898.071.300                  Additional paid-in capital - net
         Laba komprehensif lain                                          2.568.311.062        2.568.311.062                  Other comprehensive income
         Saldo laba                                                                                                                      Retained earnings
           Telah ditentukan penggunaannya                    19          4.000.000.000       4.000.000.000                                  Appropriated
           Belum ditentukan penggunaannya                              307.625.999.579     270.249.991.587                               Unappropriated

         JUMLAH EKUITAS                                             1.258.292.381.941     1.220.916.373.949                                     TOTAL EQUITY

         JUMLAH LIABILITAS DAN                                                                                                    TOTAL LIABILITIES AND
         EKUITAS                                                    1.823.085.963.421     1.894.388.459.807                                      EQUITY




                Catatan atas Laporan Keuangan terlampir merupakan bagian yang               The accompanying Notes to the Financial Statements form an integral
                  tidak terpisahkan dari laporan keuangan secara keseluruhan.                              part of these financial statements.


                                                                                   2




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Page 263
                                                                                                        The original financial statements included herein are in
                                                                                                                                      the Indonesian language.


         PT INDONESIA FIBREBOARD INDUSTRY TBK                                                          PT INDONESIA FIBREBOARD INDUSTRY TBK
         LAPORAN LABA RUGI DAN PENGHASILAN                                                                   STATEMENT OF PROFIT OR LOSS AND
         KOMPREHENSIF LAIN                                                                                      OTHER COMPREHENSIVE INCOME
         PERIODE YANG BERAKHIR 31 MARET 2024 DAN 2023                                                FOR PERIOD ENDED MARCH 31, 2024 AND 2023
         (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                                    (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)




                                                    Catatan/           31 Maret 2024/       31 Maret 2023/
                                                     Notes             March 31, 2024       March 31, 2023

         PENJUALAN BERSIH                           2m,2n,21           312.195.554.507      186.959.781.846                                           NET SALES

         BEBAN POKOK PENJUALAN                           2n,22        (215.809.030.683 )    (154.264.851.345 )                     COST OF GOODS SOLD

         LABA BRUTO                                                     96.386.523.824       32.694.930.501                                    GROSS PROFIT

         Beban penjualan                                 2n,23         (32.970.602.309 )     (16.886.262.257 )                            Selling expenses
                                                                                                                                 General and administrative
         Beban umum dan administrasi                     2n,24           (9.348.335.088 )     (8.609.336.317 )                                  expenses
         Beban keuangan                                  2n,2u           (9.703.167.851 )     (1.107.103.009 )                             Financing costs
                                                                                                                                         Foreign exchange
         Laba selisih kurs - bersih                          2o           2.507.288.158      18.007.867.423                                    gains - net
         Pendapatan bunga                                    2n              15.099.048           4.624.849                                Interest income
         Lain-lain - bersih                                  25           1.085.138.687       1.487.283.068                                     Others - net

         LABA SEBELUM BEBAN                                                                                                            PROFIT BEFORE
           PAJAK PENGHASILAN                                            47.971.944.469       25.592.004.258                     INCOME TAX EXPENSE

         BEBAN PAJAK PENGHASILAN                         2p,14                                                                     INCOME TAX EXPENSE
         Kini                                                          (10.786.480.100 )      (6.105.935.000 )                                  Current
         Tangguhan                                                         190.543.623           402.773.216                                   Deferred

         Beban Pajak Penghasilan                                       (10.595.936.477 )      (5.703.161.784 )                           Income Tax Expense

         LABA PERIODE BERJALAN                                          37.376.007.992       19.888.842.474                    INCOME FOR THE PERIOD

         LABA (RUGI) KOMPREHENSIF                                                                                              OTHER COMPREHENSIVE
           LAIN                                                                         -                        -                   INCOME (LOSS)

         JUMLAH LABA KOMPREHENSIF                                                                                             TOTAL COMPREHENSIVE
           PERIODE BERJALAN                                             37.376.007.992       19.888.842.474                INCOME FOR THE PERIOD

         Laba per Saham Dasar                             2r,29                    3,97                     2,11                  Basic Earnings per Share




                Catatan atas Laporan Keuangan terlampir merupakan bagian yang               The accompanying Notes to the Financial Statements form an integral
                  tidak terpisahkan dari laporan keuangan secara keseluruhan.                              part of these financial statements.


                                                                                    3




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                                                                                                                                                                                                                                    The original financial statements included herein are in the Indonesian language.


                                                                         PT INDONESIA FIBREBOARD INDUSTRY TBK                                                                                                                                     PT INDONESIA FIBREBOARD INDUSTRY TBK
                                                                         LAPORAN PERUBAHAN EKUITAS                                                                                                                                                      STATEMENT OF CHANGES IN EQUITY
                                                                         UNTUK PERIODE YANG BERAKHIR PADA TANGGAL 31 MARET 2024 DAN 2023                                                                                                     FOR THE PERIOD ENDED MARCH 31,2024 AND 2023
                                                                         (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                                                                                                               (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)




                                                                                                                                                                                                                 Saldo Laba/
                                                                                                                                                                                 Laba (Rugi)                   Retained Earning
                                                                                                                                                     Tambahan Modal            Komprehensif
                                                                                                                                                      Disetor - Bersih/          Lain/Other        Telah Ditentukan          Belum Ditentukan
                                                                                                        Catatan/           Modal Saham/              Additional Paid-in       Comprehensive        Penggunaannya/            Penggunaannya/               Jumlah Ekuitas/
                                                                                                         Notes             Capital Stock                Capital - Net          Income (Loss)         Appropriated             Unappropriated                Total Equity




LAPORAN TAHUNAN 2023 | Annual Report
                                                                         Saldo 1 Januari 2023                               941.200.000.000                2.898.071.300         6.210.803.505         3.000.000.000              189.171.005.773          1.142.479.880.578                Balance as of January 1, 2023


                                                                         Laba periode berjalan                                                -                           -                    -                       -           19.888.842.474              19.888.842.474                  Income for the period ended

                                                                         Saldo 31 Maret 2023                                941.200.000.000                2.898.071.300         6.210.803.505         3.000.000.000              209.059.848.247          1.162.368.723.052                Balance as of March 31, 2023


                                                                         Saldo 1 Januari 2024                               941.200.000.000                2.898.071.300         2.568.311.062         4.000.000.000              270.249.991.587          1.220.916.373.949                Balance as of January 1, 2024

                                                                         Laba periode berjalan                                                -                           -                    -                       -           37.376.007.992              37.376.007.992                  Income for the period ended




                     259
                                                                         Saldo 31 Maret 2024                                941.200.000.000                2.898.071.300         2.568.311.062         4.000.000.000              307.625.999.579          1.258.292.381.941                Balance as of March 31, 2024




                                                                                                 Catatan atas Laporan Keuangan terlampir merupakan bagian yang                                                        The accompanying Notes to the Financial Statements form an integral
                                                                                                   tidak terpisahkan dari laporan keuangan secara keseluruhan.                                                                       part of these financial statements.




                                                                                                                                                                                           4




         P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 265
                                                                                               The original financial statements included herein are in the Indonesian
                                                                                                                                                             language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                                   PT INDONESIA FIBREBOARD INDUSTRY TBK
        LAPORAN ARUS KAS                                                                                                    STATEMENT OF CASH FLOWS
        31 MARET 2024 DAN 2023                                                                                                 MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                                             (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)



                                                      Catatan/        31 Maret 2024/            31 Maret 2023/
                                                       Notes          March 31, 2024            March 31, 2023

        ARUS KAS DARI                                                                                                                    CASH FLOWS FROM
          AKTIVITAS OPERASI                                                                                                       OPERATING ACTIVITIES
        Penerimaan dari pelanggan                                      382.412.246.781           245.807.436.470                       Receipts from customers
        Pembayaran kepada pemasok                                     (128.926.123.305 )        (108.938.923.259 )                       Payments to suppliers
        Pembayaran kepada karyawan                                     (27.552.343.545 )         (26.064.029.963 )                     Payments to employees
        Pembayaran beban usaha                                         (31.939.550.767 )         (26.420.622.666 )          Payments for operational expenses
        Pembayaran untuk beban keuangan                                 (9.703.167.851 )          (7.862.780.654 )                Payments for financing costs
        Penerimaan (pembayaran) pajak penghasilan                                                                           Receipts (payments) for income tax
          dan pajak pertambahan nilai - bersih                           (4.842.830.815 )           6.229.348.275                 and value-added tax - net

        Arus kas bersih diperoleh dari                                                                                              Net cash flows provided by
          aktivitas operasi                                            179.448.230.498            82.750.428.203                         operating activities

        ARUS KAS DARI                                                                                                                      CASH FLOWS FROM
          AKTIVITAS INVESTASI                                                                                                         INVESTING ACTIVITIES
        Perolehan aset tetap                               9,32          (8.330.711.124 )        (73.723.917.459 )                      Acquisition of fixed assets
                                                                                                                                                      Acquisition of
        Uang muka pembelian aset tetap                                   (4.252.693.296 )          (7.229.234.575 )                    purchase of fixed assets
        Penerimaan dari penjualan                                                                                                             Proceeds from sale
          aset tetap                                           9              392.792.793             427.702.703                                of fixed assets
        Perolehan aset tidak lancar                                                                                                           Acquisition of other
          lainnya                                                        (4.892.448.496 )                             -                     non-current assets

        Arus kas bersih digunakan                                                                                                            Net cash flows used in
          untuk aktivitas investasi                                    (17.083.060.123 )         (80.525.449.331 )                           investing activities

        ARUS KAS DARI                                                                                                                       CASH FLOWS FROM
          AKTIVITAS PENDANAAN                                                                                                         FINANCING ACTIVITIES
        Penerimaan atas                                                                                                                             Proceeds from
           utang bank jangka pendek                          12           5.566.228.474             1.135.650.535                        short term bank loans
        Pembayaran utang                                                                                                                              Payments of
           bank jangka pendek                                12       (138.960.052.293 )                              -                  short term bank loans
        Pembayaran utang bank                                                                                                                         Payments of
           jangka panjang                                    12        (23.005.625.062 )                              -                   long term bank loans
        Pembayaran porsi pokok                                                                                                       Payments of principal portion
           liabilitas sewa                                   10               (390.984.621 )         (373.751.522 )                           of lease liabilities

        Arus kas bersih diperoleh dari                                                                                             Net cash flows provided by
          (digunakan) untuk aktivitas pendanaan                       (156.790.433.502 )              761.899.013              (used) in financing activities

        KENAIKAN BERSIH                                                                                                                          NET INCREASE
         KAS DAN BANK                                                     5.574.736.873             2.986.877.885                        IN CASH AND BANKS

        KAS DAN BANK                                                                                                                       CASH AND BANKS
         PADA AWAL TAHUN                                                  1.471.104.359           11.870.768.964                    AT BEGINNING OF YEAR

        KAS DAN BANK                                                                                                                           CASH AND BANKS
         PADA AKHIR PERIODE                                               7.045.841.232           14.857.646.849                            AT END OF PERIOD




              Catatan atas Laporan Keuangan terlampir merupakan bagian yang                     The accompanying Notes to the Financial Statements form an integral
                tidak terpisahkan dari laporan keuangan secara keseluruhan.                                    part of these financial statements.


                                                                                       5




LAPORAN TAHUNAN 2023 | Annual Report                                               260                                       P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 266
                                                                               The original financial statements included herein are in the Indonesian
                                                                                                                                             language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                              PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                         NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                     AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                          AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                        (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        1.   UMUM                                                         1.      GENERAL

             a.   Pendirian Perusahaan dan Informasi Umum                         a.    The Company’s Establishment and General
                                                                                        Information

                  PT    Indonesia   Fibreboard   Industry   Tbk                        PT     Indonesia  Fibreboard    Industry    Tbk
                  (“Perusahaan”) didirikan di Indonesia pada                           (“the Company”) was established in Indonesia on
                  tanggal 24 September 2007 berdasarkan Akta                           September 24, 2007 based on the Notarial Deed
                  Notaris No. 94 dari Johny Dwikora Aron, S.H.                         No. 94 of Johny Dwikora Aron, S.H. The deed of
                  Akta pendirian tersebut telah disahkan oleh                          establishment was approved by the Minister
                  Menteri Kehakiman dan Hak Asasi Manusia                              of Justice and Human Rights of the Republic
                  Republik Indonesia dalam Surat Keputusan                             of Indonesia through its Decision Letter
                  No.    C-05183    HT.01.01.TH.2007     tanggal                       No.      C-05183   HT.01.01.TH.2007      dated
                  3 Desember 2007.                                                     December 3, 2007.

                  Anggaran Dasar Perusahaan telah mengalami                            The Company's Articles of Association was
                  beberapa kali perubahan, terakhir dengan akta                        amended several times, the latest by Notarial
                  Notaris Kamelina, S.H. No. 15 tanggal                                Deed      Kamelina,   S.H.     No.     15   dated
                  27 Juni 2022, antara lain, sehubungan dengan                         June 27, 2022, concerning the changes of
                  perubahan Anggaran Dasar Perusahaan pasal 3                          Article 3 of the Company’s Articles of Association
                  perseroan mengenai maksud dan tujuan                                 regarding the aims and objectives of the company
                  perseroan disesuaikan dengan Klasifikasi Baku                        adjusted to the Standard Classification of
                  Lapangan Usaha Indonesia (KBLI) 2020. Akta                           Indonesian Business Fields (KBLI) 2020. The
                  perubahan     tersebut    telah  mendapatkan                         amendment deed was approved by the
                  pengesahan dari Menteri Hukum dan Hak Asasi                          Minister of Law and Human Rights of the
                  Manusia Republik Indonesia dengan Surat                              Republic of Indonesia with Decree No.
                  Keputusan No. AHU - 0045708.AH.01.02. Tahun                          AHU - 0045708.AH.01.02. Year 2022 dated
                  2022 tanggal 4 Juli 2022.                                            July 4, 2022.

                  Sesuai Anggaran Dasar Perusahaan, ruang                              Based on the Company's Articles of Association,
                  lingkup kegiatan Perusahaan terutama adalah                          the scope of activities mainly in Medium Density
                  bergerak dalam bidang Medium Density                                 Fibreboard (MDF) industry and other wood
                  Fibreboard (MDF) dan produk kayu olahan                              working. The Company is domiciled in Jakarta,
                  lainnya. Perusahaan berdomisili di Jakarta dan                       located at Wisma ADR, Jalan Pluit Raya No. 1,
                  berlokasi di Wisma ADR, Jalan Pluit Raya No. 1,                      North Jakarta, while the production plant is
                  Jakarta Utara, sedangkan pabrik berlokasi di                         located in South Sumatera. The Company started
                  Sumatera Selatan. Perusahaan memulai kegiatan                        its commercial operations in October 2012.
                  operasi komersialnya sejak bulan Oktober 2012.

                  PT Adrindo Intiperkasa yang didirikan dan                            PT Adrindo Intiperkasa which was established
                  berdomisili di Indonesia adalah Entitas Induk                        and domiciled in Indonesia is the Ultimate Parent
                  terakhir Perusahaan.                                                 of the Company.

             b.   Penawaran Umum Saham                                            b.    Public Offering of Shares

                  Pada tanggal 2 Desember 2019, Perusahaan                             On December 2, 2019, the Company had
                  memperoleh pernyataan efektif dari Dewan                             obtained an effective statement from the Board of
                  Komisioner Otoritas Jasa Keuangan (OJK)                              Commissioners of the Financial Services
                  dengan    Surat   No. S-186/D.04/2019   untuk                        Authority (OJK) No. S-186/D.04/2019 to conduct
                  melakukan penawaran umum saham kepada                                an initial public offering of 1,412,000,000 shares
                  masyarakat sebanyak 1.412.000.000 saham                              with par value Rp 100 per share at an offering
                  dengan nilai nominal Rp 100 per saham dengan                         price of Rp 105 per share.
                  harga penawaran Rp 105 per saham.

                  Pada tanggal 10 Desember 2019, seluruh saham                         On December 10, 2019, all of the Company’s
                  Perusahaan telah tercatat pada Bursa Efek                            shares are listed in the Indonesia Stock
                  Indonesia.                                                           Exchange.




                                                                      6




LAPORAN TAHUNAN 2023 | Annual Report                                261                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 267
                                                                                The original financial statements included herein are in the Indonesian
                                                                                                                                              language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                               PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                          NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                      AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                           AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                 MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                         (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


         1.   U M U M (lanjutan)                                           1.     GENERAL (continued)

              c.   Dewan Komisaris, Direksi, Komite Audit dan                      c.   Boards of Commissioners, Directors, Audit
                   Karyawan                                                             Committee and Employees

                   Susunan Dewan Komisaris dan Direksi                                  The composition of the Boards of Commissioners
                   Perusahaan pada tanggal 31 Maret 2024 dan                            and Directors of the Company as of March 31,
                   31 Desember 2023 adalah sebagai berikut:                             2024 and December 31, 2023 are as follows:

                   Dewan Komisaris                                                                                          Board of Commissioners
                   Komisaris Utama      :                        Surja Hartono                                  :           President Commissioner
                   Komisaris            :                       Kensuke Shuto                                   :                     Commissioner
                   Komisaris Independen :                            Sumarni                                    :        Independent Commissioner

                   Dewan Direksi                                                                                                      Board of Directors
                   Direktur Utama       :                       Heffy Hartono                                   :                     President Director
                   Direktur             :                     Ang Andri Pribadi                                 :                               Director
                   Direktur             :                      Setiawan Tjutju                                  :                               Director
                   Direktur             :                      Takuji Okamoto                                   :                               Director


                   Dewan Komisaris dan Direksi Perusahaan                               The Company's Boards of Commissioners and
                   merupakan personil manajemen kunci.                                  Directors are key management personnel.

                   Berdasarkan Surat Keputusan Dewan Komisaris                          Based on the Decree of the Board of
                   No. 005/IFI-LGL/VIII/2019 tanggal 16 Agustus                         Commissioners No. 005/IFI-LGL/VIII/2019 dated
                   2019,   susunan      Anggota   Komite    Audit                       August 16, 2019, the composition of the
                   Perusahaan pada tanggal 31 Maret 2024 dan                            Company's Audit Committee Members as of
                   31 Desember 2023 adalah sebagai berikut:                             March 31, 2024 and December 31, 2023 are as
                                                                                        follows:

                   Ketua                    :                       Sumarni                                 :                                      Chairman
                   Anggota                  :                    Maryana Widjaja                            :                                       Member
                   Anggota                  :                   Tsun Tien Wen Lie                           :                                       Member

                   Pembentukan komite audit Perusahaan telah                             The establishment of the Company's Audit
                   dilakukan sesuai dengan Peraturan OJK                                 Committee has been carried out in accordance
                   No. 55/POJK.04/2015.                                                  with OJK Regulation No. 55/POJK.04/2015.

                   Berdasarkan      Surat    Keputusan     Direksi                       Based      on     Directors    Decree     No.
                   No. 001/IFI-LGL/IV/2022 tanggal 04 April 2022,                        001/IFI-LGL/IV/2022 dated April 04, 2022, the
                   Sekretaris     Perusahaan     pada     tanggal                        Company Secretary as of March 31, 2024 and
                   31 Maret 2024 dan 31 Desember 2023 adalah                             December 31, 2023 is Evan Kristian.
                   Evan Kristian.

                   Berdasarkan Surat Keputusan Direksi No.                               Based on Directors Decree No. 002/IFI-
                   002/IFI-LGL/IV/2022 tanggal 04 April 2022,                            LGL/IV/2022 dated April 04, 2022, the
                   susunan anggota satuan pengawas internal                              composition of the Company's Internal Audit Unit
                   Perusahaan pada tanggal 31 Maret 2024 dan                             as of March 31, 2024 and December 31, 2023
                   31 Desember 2023 adalah sebagai berikut:                              are as follows:

                   Ketua                    :                   Billy Dwi Putra                             :                                      Chairman
                   Anggota                  :               Marco Caspar Ligawirady                         :                                       Member




                                                                       7




LAPORAN TAHUNAN 2023 | Annual Report                                 262                                            P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 268
                                                                                The original financial statements included herein are in the Indonesian
                                                                                                                                              language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                               PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                          NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                      AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                           AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                 MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                         (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


         1.   U M U M (lanjutan)                                           1.      GENERAL (continued)

              c.   Dewan Komisaris, Direksi, Komite Audit dan                      c.   Boards of Commissioners, Directors, Audit
                   Karyawan (lanjutan)                                                  Committee and Employees (continued)

                   Jumlah remunerasi yang diberikan kepada                              Total remuneration paid to commissioners and
                   komisaris dan direksi Perusahaan adalah sekitar                      directors of the Company are approximately
                   Rp 3,29 milyar dan Rp 3,01 milyar, masing-                           Rp 3.29 billion and Rp 3.01 billion, for the three
                   masing untuk periode tiga bulan yang berakhir                        months period ended March 31, 2024 and 2023.
                   pada tanggal 31 Maret 2024 dan 2023.

                   Pada tanggal 31 Maret 2024 dan 31 Desember                           As of March 31, 2024 and December 31, 2023,
                   2023, jumlah karyawan tetap Perusahaan,                              the Company has a total of 660 and 629
                   masing-masing sejumlah 660 orang dan 629                             permanent employees, respectively (unaudited).
                   orang (tidak diaudit).

              d.   Penyelesaian Laporan Keuangan                                   d.   Completion of the Financial Statements

                   Laporan keuangan telah diselesaikan dan                              The financial statements were completed and
                   diotorisasi untuk terbit oleh Direksi Perusahaan                     authorized for issuance by the Company’s Board
                   pada tanggal 29 April 2024.                                          of Directors on April 29, 2024.


        2.    INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                       2.      MATERIAL ACCOUNTING POLICY INFORMATION

              a.   Pernyataan    Kepatuhan    dan           Dasar                  a.    Statement of Compliance and Basis for
                   Penyusunan Laporan Keuangan                                           Preparation of Financial Statements

                   Laporan keuangan telah disusun sesuai dengan                         The financial statements have been prepared in
                   Standar Akuntansi Keuangan di Indonesia                              accordance with Indonesian Financial Accounting
                   (“SAK”), yang mencakup Pernyataan Standar                            Standards (“SAK”), which comprise the
                   Akuntansi Keuangan (PSAK) dan Interpretasi                           Statements of Financial Accounting Standards
                   Standar Akuntansi Keuangan (ISAK) yang                               (“PSAK”) and Interpretations of Statement of
                   diterbitkan oleh Dewan Standar Akuntansi                             Financial Accounting Standard (“ISAK”) issued by
                   Keuangan Ikatan Akuntan Indonesia (DSAK-IAI)                         the Financial Accounting Standards Board of the
                   serta Peraturan-Peraturan serta Pedoman                              Indonesian Institute of Accountants (“DSAK-IAI”)
                   Penyajian    dan   Pengungkapan      Laporan                         and the Regulations and Guidelines on Financial
                   Keuangan yang diterbitkan oleh Otoritas Jasa                         Statement Presentation and Disclosures issued
                   Keuangan (“OJK”).                                                    by Financial Service Authority (“OJK”).

                   Kebijakan akuntansi yang diterapkan dalam                            The accounting policies adopted in the
                   penyusunan laporan keuangan adalah selaras                           preparation of the financial statements are
                   dengan kebijakan akuntansi yang diterapkan                           consistent with those adopted in the preparation
                   dalam penyusunan laporan keuangan yang                               of the financial statements for the year ended
                   berakhir pada tanggal 31 Desember 2023.                              December 31, 2023.

                   Laporan keuangan, kecuali untuk laporan arus                         The financial statements, except for the
                   kas, disusun berdasarkan dasar akrual dengan                         statement of cash flows, have been prepared on
                   menggunakan konsep harga perolehan, kecuali                          the accrual basis using the historical cost basis of
                   beberapa akun tertentu disusun berdasarkan                           accounting, except for certain accounts which are
                   pengukuran lain sebagaimana diuraikan dalam                          measured on the bases described in the related
                   kebijakan   akuntansi  masing-masing    akun                         accounting policies for those accounts.
                   tersebut.

                   Perusahaan telah menyusun laporan keuangan                           The Company has prepared the financial
                   dengan dasar bahwa Perusahaan akan terus                             statements on the basis that it will continue to
                   mempertahankan kelangsungan usaha.                                   operate as a going concern.




                                                                       8




LAPORAN TAHUNAN 2023 | Annual Report                                 263                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 269
                                                                                The original financial statements included herein are in the Indonesian
                                                                                                                                              language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                               PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                          NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                      AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                           AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                 MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                         (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                        2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                            (continued)

             a.   Pernyataan   Kepatuhan    dan     Dasar                          a.    Statement of Compliance and Basis for
                  Penyusunan Laporan Keuangan (lanjutan)                                 Preparation  of  Financial  Statements
                                                                                         (continued)

                  Laporan arus kas disusun dengan menggunakan                           The statements of cash flows have been
                  metode langsung dengan mengelompokkan arus                            prepared using direct method which classify cash
                  kas dalam aktivitas-aktivitas operasi, investasi                      flows into operating, investing and financing
                  dan pendanaan.                                                        activities.

                  Mata uang pelaporan yang digunakan dalam                              The reporting currency used in the financial
                  laporan keuangan adalah Rupiah, yang                                  statements is Rupiah, which is the Company’s
                  merupakan mata uang fungsional Perusahaan.                            functional currency.

             b.   Penerapan Standar Akuntansi Keuangan Baru                        b.   Adoption Of New And Revised Statements Of
                  dan Revisi (PSAK)                                                     Financial Accounting Standards (“PSAK”)

                  Perubahan atas Kebijakan Akuntansi                                    Change in Accounting Policy

                  PSAK 16 (Amendemen), “Aset Tetap”: Hasil                              PSAK 16 (Amendment), “Property, Plant and
                  Sebelum Penggunaan yang Diintensikan                                  Equipment”: Proceeds before Intended Use

                  Pada tanggal 1 Januari 2023, Perusahaan                               On January 1, 2023, the Company adopted the
                  menerapkan amandemen PSAK 16 yang                                     amendments to PSAK 16 which prohibit an entity
                  melarang entitas untuk mengurangkan dari biaya                        from deducting from the cost of a property, plant
                  perolehan aset tetap hasil yang diterima dari                         and equipment the proceeds received from selling
                  penjualan item yang diproduksi oleh aset tetap                        items produced by the property, plant and
                  tersebut sebelum siap digunakan sesuai                                equipment before it is ready for its intended use.
                  tujuannya. Sebaliknya, entitas mengakui hasil                         Instead, an entity recognises the proceeds from
                  penjualan item tersebut, dan biaya produksi item                      selling such items, and the costs of producing
                  tersebut, dalam laba rugi.                                            those items, in profit or loss.

                  Amandemen ini tidak mempunyai dampak                                  The amendments have no impact on the financial
                  terhadap laporan keuangan karena tidak ada                            statements of the Company as there were no
                  penjualan item yang dihasilkan dari aset tetap                        sales of such items produced by property, plant
                  yang tersedia untuk digunakan pada atau setelah                       and equipment made available for use on or after
                  awal periode penyajian paling awal.                                   the beginning of the earliest period presented.

                  Amendemen/Penyesuaian        Standar       yang                       Amendments/Improvements                      to     Standards
                  Berlaku Efektif pada Tahun Berjalan                                   Effective in the Current Year

                  Dalam tahun berjalan, Perusahaan telah                                In the current year, the Company has applied
                  menerapkan sejumlah amendemen/penyesuaian                             other amendments/improvements to PSAK that
                  PSAK lainnya yang relevan dengan operasinya                           are relevant to its operations and effective for
                  dan efektif untuk periode akuntansi yang dimulai                      accounting period beginning on or after January
                  pada atau setelah 1 Januari 2023. Penerapan                           1, 2023. The adoption of these revised PSAKs
                  atas PSAK revisi tidak mengakibatkan perubahan                        does not result in changes to the Company’s
                  atas kebijakan akuntansi Perusahaan dan tidak                         accounting policies and has no material effect on
                  memiliki dampak material terhadap jumlah yang                         the amounts reported for the current or prior
                  dilaporkan pada tahun berjalan atau tahun-tahun                       years.
                  sebelumnya.

                  -   PSAK 1 (Amendemen), “Penyajian Laporan                            -    PSAK 1 (Amendment), “Presentation of
                      Keuangan”:  Pengungkapan      Kebijakan                                Financial   Statements”: Disclosure of
                      Akuntansi;                                                             Accounting Policies;




                                                                       9




LAPORAN TAHUNAN 2023 | Annual Report                                 264                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 270
                                                                                     The original financial statements included herein are in the Indonesian
                                                                                                                                                   language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                    PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                               NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                           AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                                AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                      MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                              (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                             2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                                 (continued)

             b.   Penerapan Standar Akuntansi Keuangan Baru                             b.   Adoption Of New And Revised Statements Of
                  dan Revisi (PSAK) (lanjutan)                                               Financial Accounting Standards (“PSAK”)
                                                                                             (continued)

                  Amendemen/Penyesuaian        Standar      yang                             Amendments/Improvements to Standards
                  Berlaku Efektif pada Tahun Berjalan (lanjutan)                             Effective in the Current Year (continued)

                  -   PSAK 1 (Amendemen), “Penyajian Laporan                                 -    PSAK 1 (Amendment), “Presentation of
                      Keuangan”:       Pengungkapan Kebijakan                                     Financial   Statements”:      Disclosure of
                      Akuntansi; (lanjutan)                                                       Accounting Policies; (continued)


                      Amendemen ini memberikan panduan dan                                       This amendment provides guidance and
                      contoh untuk membantu entitas menerapkan                                   examples to help entities apply materiality
                      pertimbangan            materialitas       dalam                           judgments to accounting policy disclosures.
                      pengungkapan           kebijakan       akuntansi.                          The amendment aims to help entities provide
                      Amendemen         tersebut    bertujuan    untuk                           accounting policy disclosures that are more
                      membantu            entitas          menyediakan                           useful by replacing the requirement for
                      pengungkapan kebijakan akuntansi yang                                      entities to disclose their ‘significant’
                      lebih berguna dengan mengganti persyaratan                                 accounting policies with a requirement to
                      untuk mengungkapkan kebijakan akuntansi                                    disclose their ‘material’ accounting policies
                      'signifikan’ entitas dengan persyaratan untuk                              and adding guidance on how entities apply
                      mengungkapkan           kebijakan       akuntansi                          the concept of materiality in making decisions
                      'material' entitas dan menambahkan panduan                                 about accounting policy disclosures.
                      tentang bagaimana entitas menerapkan
                      konsep       materialitas    dalam      membuat
                      keputusan tentang pengungkapan kebijakan
                      akuntansi.

                  -   PSAK     25    (Amendemen),        “Kebijakan                          -    PSAK 25 (Amendment), “Accounting Policies,
                      Akuntansi, Perubahan Estimasi Akuntansi,                                    Changes in Accounting Estimates and Errors”:
                      dan Kesalahan”: Definisi Estimasi Akuntansi;                                Definition of Accounting Estimates;

                      Amendemen        tersebut   memperkenalkan                                  The amendment introduces a definition of
                      definisi    'estimasi     akuntansi'    dan                                 ‘accounting estimates’ and clarify the
                      mengklarifikasi perbedaan antara perubahan                                  distinction between changes in accounting
                      estimasi akuntansi dan perubahan kebijakan                                  estimates and changes in accounting policies
                      akuntansi     dan      koreksi   kesalahan.                                 and the correction of errors. Also, they clarify
                      Amendemen tersebut juga mengklarifikasi                                     how entities use measurement techniques
                      bagaimana entitas menggunakan teknik                                        and inputs to develop accounting estimates.
                      pengukuran dan input untuk mengembangkan
                      estimasi akuntansi.

                  -   PSAK       46     (Amendemen),      “Pajak                             -    PSAK 46 (Amendment), “Income Taxes”:
                      Penghasilan”: Pajak Tangguhan terkait Aset                                  Deferred Tax related to Assets and Liabilities
                      dan Liabilitas yang Timbul dari Transaksi                                   arising from a Single Transaction;
                      Tunggal;

                      Amendemen ini mengusulkan agar entitas                                      This amendment proposes that entities
                      mengakui aset maupun liabilitas pajak                                       recognize deferred tax assets and liabilities
                      tangguhan pada saat pengakuan awalnya                                       at the time of initial recognition, for example
                      sebagai contoh dari transaksi sewa, untuk                                   from a lease transaction, to eliminate
                      mengeliminasi perbedaan praktik saat ini atas                               differences in current practice for such
                      transaksi tersebut dan transaksi lain yang                                  transactions and similar transactions.
                      serupa.




                                                                           10




LAPORAN TAHUNAN 2023 | Annual Report                                      265                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 271
                                                                                   The original financial statements included herein are in the Indonesian
                                                                                                                                                 language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                  PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                             NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                         AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                              AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                    MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                            (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                           2.     MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                              (continued)

             c.   Klasifikasi Lancar/Jangka Pendek dan Tidak                         c.    Current and Non-Current Classification
                  Lancar/Jangka Panjang

                  Perusahaan menyajikan aset dan liabilitas dalam                          The Company presents assets and liabilities in
                  laporan posisi keuangan berdasarkan klasifikasi                          the statement of financial position based on
                  lancar/jangka pendek atau tidak lancar/jangka                            current/non-current classification.
                  panjang.

                  Suatu aset disajikan lancar bila:                                        An asset is current when it is:

                  i)   akan direalisasi, dijual atau digunakan dalam                        i)   expected to be realised or intended to be
                       siklus operasi normal,                                                    sold or consumed in the normal operating
                                                                                                 cycle,
                  ii) untuk diperdagangkan,                                                 ii) held primarily for the purpose of trading,
                  iii) akan direalisasi dalam 12 bulan setelah                              iii) expected to be realised within 12 months
                       tanggal pelaporan, atau kas atau setara kas                               after the reporting period, or cash or cash
                       kecuali yang dibatasi penggunaannya atau                                  equivalent unless restricted from being
                       akan digunakan untuk melunasi suatu                                       exchanged or used to settle a liability for at
                       liabilitas dalam paling lambat 12 bulan                                   least 12 months after the reporting period.
                       setelah periode pelaporan.


                  Seluruh aset lain diklasifikasikan sebagai tidak                         All other assets are classified as non-current.
                  lancar.

                  Suatu liabilitas disajikan lancar bila:                                  A liability is current when it is:

                  i)   akan dilunasi dalam siklus operasi normal,                          i)   expected to be settled in the normal operating
                                                                                                cycle,
                  ii) untuk diperdagangkan,                                                ii) held primarily for the purpose of trading,
                  iii) akan dilunasi dalam 12 bulan setelah                                iii) due to be settled within 12 months after the
                       tanggal pelaporan, atau                                                  reporting period, or
                  iv) tidak    ada hak tanpa syarat untuk                                  iv) there is no unconditional right to defer the
                       menangguhkan pelunasannya selama paling                                  settlement of the liability for at least
                       tidak 12 bulan setelah periode pelaporan.                                12 months after the reporting period.

                  Aset       dan     liabilitas pajak  tangguhan                           Deferred tax assets and liabilities are classified as
                  diklasifikasikan sebagai aset tidak lancar dan                           non-current assets and non-current liabilities.
                  liabilitas jangka panjang.

             d.   Instrumen Keuangan                                                  d.    Financial Instruments

                  Instrumen keuangan adalah setiap kontrak yang                            A financial instrument is any contract that gives
                  memberikan aset keuangan bagi satu entitas dan                           rise to a financial asset of one entity and a
                  liabilitas keuangan atau ekuitas bagi entitas lain.                      financial liability or equity instrument of another
                                                                                           entity.

                  1.   Aset Keuangan                                                       1. Financial Assets

                       Pengakuan dan Pengukuran Awal                                             Initial Recognition and Measurement

                       Aset keuangan diklasifikasikan pada saat                                  Financial assets are classified, at initial
                       pengakuan awal dan selanjutnya diukur                                     recognition, and subsequently measured at:
                       pada: (a) aset keuangan yang diukur pada                                  (a) financial assets measured at fair value
                       nilai wajar melalui laba rugi, (b) aset                                   through profit or loss, (b) financial assets
                       keuangan yang diukur pada nilai wajar                                     measured at fair value through other
                       melalui pendapatan komprehensif lainnya,                                  comprehensive income, and (c) financial
                       dan (c) aset keuangan yang diukur pada                                    assets measured at amortised cost.
                       biaya perolehan diamortisasi.

                                                                         11




LAPORAN TAHUNAN 2023 | Annual Report                                    266                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 272
                                                                                  The original financial statements included herein are in the Indonesian
                                                                                                                                                language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                 PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                            NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                        AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                             AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                   MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                           (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                          2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                              (continued)
             d.   Instrumen Keuangan (lanjutan)                                      d.    Financial Instruments (continued)
                  1.   Aset Keuangan (lanjutan)                                           1. Financial Assets (continued)
                       Pengakuan dan Pengukuran Awal (lanjutan)                                Initial  Recognition            and         Measurement
                                                                                               (continued)
                       Perusahaan mengukur aset keuangan pada                                 The Company measures financial assets at
                       biaya perolehan diamortisasi jika kedua                                amortized cost if both of the following
                       kondisi berikut dipenuhi:                                              conditions are met:
                          Aset keuangan dikelola dalam model                                   The financial asset is held within a
                           bisnis yang bertujuan untuk memiliki                                  business model with the objective to hold
                           aset    keuangan     dalam    rangka                                  financial assets in order to collect
                           mendapatkan arus kas kontraktual; dan                                 contractual cash flows; and

                          Persyaratan kontraktual dari aset                                      The contractual terms of the financial asset
                           keuangan pada         tanggal    tertentu                               give rise on specified dates to cash flows
                           meningkatkan arus kas yang semata                                       that are solely payments of principal and
                           dari pembayaran pokok dan bunga                                         interest (SPPI) on the principal amount
                           (“SPPI”) dari jumlah pokok terutang.                                    outstanding.
                       Agar dapat diklasifikasikan dan diukur pada                             In order for a financial asset to be classified
                       biaya perolehan diamortisasi atau FVTOCI,                               and measured at amortized cost or FVTOCI, it
                       aset keuangan harus memiliki arus kas yang                              needs to give rise to cash flows that are solely
                       semata dari pembayaran pokok dan bunga                                  payments of principal and interest on the
                       dari jumlah pokok terutang. Pengujian ini                               principal     amount      outstanding.     This
                       dikenal sebagai SPPI testing dan dilakukan                              assessment is referred to as SPPI testing and
                       pada tingkat instrumen.                                                 it is performed at instrument level.

                       Model bisnis Perusahaan dalam mengelola                                 The Company’s business model for managing
                       aset keuangan mengacu kepada bagaimana                                  financial assets refers to how it manages its
                       Perusahaan mengelola aset keuangan untuk                                financial assets in order to generate cash
                       menghasilkan arus kas. Model bisnis                                     flows. The business model determines
                       menentukan apakah arus kas akan                                         whether cash flows will result from collecting
                       dihasilkan dari memperoleh arus kas                                     contractual cash flows, selling the financial
                       kontraktual, menjual aset keuangan atau                                 assets, or both.
                       keduanya.
                       Aset keuangan Perusahaan terdiri dari kas                               The Company’s financial assets consist of
                       dan bank, piutang usaha dan piutang lain-                               cash on hand and in banks, account
                       lain diklasifikasikan sebagai aset keuangan                             receivables and other receivables classified
                       yang diukur dengan biaya diamortisasi.                                  as financial assets at amortized cost. The
                       Perusahaan tidak memiliki aset keuangan                                 Company has no financial assets measured
                       yang diukur pada nilai wajar melalui laba                               at fair value through profit or loss and other
                       rugi dan penghasilan komprehensif lain.                                 comprehensive income.

                       Aset keuangan, kecuali piutang usaha yang                               Financial assets, except for account
                       diukur pada harga transaksi, pada awalnya                               receivable which are measured at transaction
                       diukur pada nilai wajar. Biaya transaksi yang                           price, are initially measured at fair value.
                       dapat diatribusikan secara langsung dengan                              Transaction costs that are directly attributable
                       perolehan aset keuangan ditambahkan ke                                  to the acquisition of financial assets are
                       nilai wajar aset keuangan pada pengakuan                                added to the fair value of the financial assets
                       awal.                                                                   on initial recognition.

                       Aset keuangan diukur pada biaya perolehan                               Financial assets at amortized cost are
                       diamortisasi setelah pengakuan awal diukur                              subsequently measured using the effective
                       menggunakan metode suku bunga efektif                                   interest method and are subject to
                       dan merupakan subjek penurunan nilai.                                   impairment. Gains and losses are recognized
                       Keuntungan dan kerugian diakui pada laba                                in profit or loss when the asset is
                       rugi saat aset dihentikan pengakuannya,                                 derecognized, modified or impaired.
                       dimodifikasi atau mengalami penurunan
                       nilai.
                                                                        12




LAPORAN TAHUNAN 2023 | Annual Report                                   267                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 273
                                                                                   The original financial statements included herein are in the Indonesian
                                                                                                                                                 language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                  PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                             NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                         AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                              AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                    MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                            (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                           2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                               (continued)

             d.   Instrumen Keuangan (lanjutan)                                       d.    Financial Instruments (continued)

                  1.   Aset Keuangan (lanjutan)                                            1. Financial Assets (continued)
                       Pengakuan dan Pengukuran Awal (lanjutan)                                 Initial  Recognition            and         Measurement
                                                                                                (continued)
                       Pendapatan bunga dari aset keuangan yang                                 Interest income from financial assets
                       diukur pada biaya perolehan diamortisasi                                 measured at amortized cost is recorded in the
                       dicatat dalam laporan laba rugi dan                                      statements of profit and loss and other
                       penghasilan komprehensif lain dan diakui                                 comprehensive income and is recognized as
                       sebagai “Pendapatan Keuangan”.                                           "Finance Income".

                       Penurunan Nilai Aset Keuangan                                            Impairment of Financial Assets

                       Perusahaan mengakui penyisihan untuk                                     The Company recognizes an allowance for
                       kerugian kredit ekspektasian ("ECL") untuk                               expected credit losses (“ECL”) for all debt
                       seluruh instrumen utang yang tidak dimiliki                              instruments not held at fair value through
                       pada nilai wajar melalui laba rugi. ECL                                  profit or loss. ECL are based on the difference
                       didasarkan pada selisih antara arus kas                                  between the contractual cash flows due in
                       kontraktual yang jatuh tempo sesuai dengan                               accordance with the contract and all the cash
                       kontrak dan seluruh arus kas yang                                        flows that the Company expects to receive,
                       diperkirakan akan diterima Perusahaan,                                   discounted at an approximation of the original
                       didiskontokan dengan SBE awal. Arus kas                                  EIR. The expected cash flows will include
                       ekspektasian akan mencakup arus kas dari                                 cash flows from the sale of collateral held or
                       penjualan agunan atau perbaikan risiko                                   other credit enhancements that are integral to
                       kredit lain yang merupakan bagian dari                                   the contractual terms.
                       persyaratan kontraktual.
                       ECL diakui dalam dua tahap. Untuk                                        ECLs are recognized in two stages. For credit
                       eksposur kredit yang belum ada peningkatan                               exposures for which there has not been a
                       risiko kredit yang signifikan sejak pengakuan                            significant increase in credit risk since initial
                       awal, ECL dilakukan untuk kerugian kredit                                recognition, ECL are provided for credit
                       yang diakibatkan oleh peristiwa gagal bayar                              losses that result from default events that are
                       yang mungkin terjadi dalam 12 bulan ke                                   possible within the next 12-months (a 12-
                       depan (ECL 12 bulan). Untuk eksposur                                     month ECL). For those credit exposures for
                       kredit yang telah terjadi peningkatan risiko                             which there has been a significant increase in
                       kredit yang signifikan sejak pengakuan awal,                             credit risk since initial recognition, a loss
                       penyisihan      kerugian    dilakukan    untuk                           allowance is required for credit losses
                       kerugian kredit yang diperkirakan selama                                 expected over the remaining life of the
                       sisa umur eksposur, terlepas dari waktu                                  exposure, irrespective of the timing of the
                       gagal bayar (ECL sepanjang umur).                                        default (a lifetime ECL).

                       Untuk     piutang    usaha,    Perusahaan                                For account receivables, the Company
                       menerapkan          pendekatan       yang                                applies a simplified approach in calculating
                       disederhanakan dalam menghitung ECL.                                     ECL. Therefore, the Company does not track
                       Oleh karena itu, Perusahaan tidak                                        changes in credit risk, but instead recognizes
                       menelusuri perubahan dalam risiko kredit,                                a loss allowance based on lifetime ECLs at
                       tetapi   mengakui    penyisihan kerugian                                 each reporting date. The Company have
                       berdasarkan ECL sepanjang umur pada                                      established a provision matrix that is based
                       setiap tanggal pelaporan. Perusahaan telah                               on its historical credit loss experience,
                       menyusun matriks provisi berdasarkan                                     adjusted for forward-looking factors specific to
                       pengalaman kerugian kredit historisnya,                                  the debtors and the economic environment.
                       disesuaikan dengan faktor faktor perkiraan
                       masa depan yang spesifik bagi debitur dan
                       lingkungan ekonomi.




                                                                         13




LAPORAN TAHUNAN 2023 | Annual Report                                    268                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 274
                                                                                The original financial statements included herein are in the Indonesian
                                                                                                                                              language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                               PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                          NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                      AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                           AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                 MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                         (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                        2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                            (continued)

             d.   Instrumen Keuangan (lanjutan)                                    d.    Financial Instruments (continued)

                  1.   Aset Keuangan (lanjutan)                                         1. Financial Assets (continued)

                       Penurunan Nilai Aset Keuangan (lanjutan)                              Impairment of Financial Assets (continued)

                       Perusahaan juga dapat mempertimbangkan                                The Company may also consider a financial
                       aset keuangan mengalami gagal bayar                                   asset to be in default when internal or external
                       ketika informasi internal atau eksternal                              information indicates that the Company is
                       menunjukkan bahwa Perusahaan tidak                                    unlikely to receive the outstanding contractual
                       mungkin menerima jumlah kontraktual yang                              amounts in full before taking into account any
                       terutang     secara      penuh    sebelum                             credit enhancements held by the. A financial
                       memperhitungkan setiap perbaikan risiko-                              asset is written off when there is no
                       kredit yang dimiliki oleh Perusahaan. Aset                            reasonable expectation of recovering the
                       keuangan dihapuskan jika tidak ada                                    contractual cash flows.
                       ekspektasi yang wajar untuk memulihkan
                       arus kas kontraktual.

                       Penghentian Pengakuan                                                 Derecognition

                       Ketika Perusahaan telah mengalihkan hak                               When the Company has transferred its rights
                       untuk menerima arus kas dari suatu aset                               to receive cash flows from an asset or has
                       atau telah menandatangani kesepakatan                                 entered into a pass-through arrangement, and
                       pelepasan (pass-through arrangement), dan                             has    neither transferred nor retained
                       secara substansial tidak mengalihkan dan                              substantially all of the risks and rewards of the
                       tidak mempertahankan seluruh risiko dan                               asset nor transferred control of the asset, the
                       manfaat atas aset keuangan, maupun tidak                              asset is recognized to the extent of the
                       mengalihkan pengendalian atas aset, aset                              Company’s continuing involvement in the
                       tersebut    diakui   sejauh   keterlibatan                            asset.
                       berkelanjutan Perusahaan terhadap aset
                       keuangan tersebut.

                       Keterlibatan berkelanjutan yang berbentuk                             Continuing involvement that takes the form of
                       pemberian jaminan atas aset yang ditransfer                           a guarantee over the transferred asset is
                       diukur sebesar jumlah terendah dari jumlah                            measured at the lower of the original carrying
                       tercatat aset dan jumlah maksimal dari                                amount of the asset and the maximum
                       pembayaran yang diterima yang mungkin                                 amount of consideration that the Company
                       harus dibayar kembali.                                                could be required to repay.

                       Dalam hal ini, Perusahaan juga mengakui                               In that case, the Company also recognizes an
                       liabilitas terkait. Aset yang dialihkan dan                           associated liability. The transferred asset and
                       liabilitas terkait diukur dengan dasar yang                           the associated liability are measured on a
                       mencerminkan hak dan liabilitas yang masih                            basis that reflects the rights and obligations
                       dipertahankan Perusahaan.                                             that the Company has retained.




                                                                      14




LAPORAN TAHUNAN 2023 | Annual Report                                 269                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 275
                                                                                     The original financial statements included herein are in the Indonesian
                                                                                                                                                   language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                    PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                               NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                           AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                                AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                      MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                              (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                             2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                                 (continued)

             d.   Instrumen Keuangan (lanjutan)                                         d.    Financial Instruments (continued)

                  1.   Aset Keuangan (lanjutan)                                              1. Financial Assets (continued)

                       Penghentian Pengakuan (lanjutan)                                           Derecognition (continued)

                       Pada penghentian pengkuan aset keuangan                                    On derecognition of a financial asset
                       yang diukur pada biaya perolehan                                           measured at amortized cost, the difference
                       diamortisasi, perbedaan antara nilai tercatat                              between the asset’s carrying amount and the
                       aset dan jumlah imbalan yang diterima dan                                  sum of the consideration received and
                       piutang diakui dalam laba rugi.                                            receivable is recognized in profit or loss.

                  2.   Liabilitas Keuangan                                                    2. Financial Liabilities

                       Pengakuan dan Pengukuran Awal                                              Initial Recognition and Measurement

                       Liabilitas keuangan diklasifikasikan sebagai                               Financial liabilities are classified as financial
                       liabilitas keuangan yang diukur pada nilai                                 liabilities at fair value through profit or loss or
                       wajar melalui laba rugi atau liabilitas                                    financial liabilities at amortized cost. The
                       keuangan         pada      biaya   perolehan                               Company determines the classification of its
                       diamortisasi.       Perusahaan   menentukan                                financial liabilities at initial recognition.
                       klasifikasi liabilitas keuangan mereka pada
                       saat pengakuan awal.

                       Liabilitas keuangan awalnya diukur sebesar                                 Financial liabilities are initially measured at
                       nilai wajarnya. Biaya transaksi yang dapat                                 fair value. Transaction costs that are directly
                       diatribusikan secara langsung dengan                                       attributable to the acquisition of financial
                       perolehan      liabilitas   keuangan  (selain                              liabilities (other than financial liabilities at fair
                       liabilitas keuangan yang diukur pada nilai                                 value through profit or loss) are added to or
                       wajar melalui laba rugi) ditambahkan atau                                  deducted from the fair value of the financial
                       dikurangkan dari nilai wajar liabilitas                                    liabilities, as appropriate, on initial recognition.
                       keuangan, yang sesuai, pada pengakuan                                      Transaction costs directly attributable to the
                       awal.      Biaya     transaksi   yang  dapat                               acquisition of financial liabilities at fair value
                       diatribusikan secara langsung dengan                                       through profit or loss are recognized
                       perolehan liabilitas keuangan yang diukur                                  immediately in profit or loss.
                       pada nilai wajar melalui laba rugi langsung
                       diakui dalam laba rugi.

                       Liabilitas keuangan Perusahaan terdiri dari                                The Company’s financial liabilities consist of
                       utang bank, utang usaha, biaya masih harus                                 bank loans, trade payables, accrued
                       dibayar, utang lain-lain dan liabilitas sewa                               expenses, other payables and lease liabilities
                       diklasifikasikan sebagai liabilitas keuangan                               classified as a financial liability at amortized
                       yang diukur dengan biaya diamortisasi.                                     cost. The Company have no financial
                       Perusahaan       tidak   memiliki     liabilitas                           liabilities measured at fair value through profit
                       keuangan yang diukur pada nilai wajar                                      or loss.
                       melalui laba rugi.




                                                                           15




LAPORAN TAHUNAN 2023 | Annual Report                                      270                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 276
                                                                                    The original financial statements included herein are in the Indonesian
                                                                                                                                                  language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                   PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                              NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                          AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                               AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                     MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                             (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                            2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                                (continued)

             d.   Instrumen Keuangan (lanjutan)                                        d.    Financial Instruments (continued)
                  2.   Liabilitas Keuangan (lanjutan)                                        2. Financial Liabilities (continued)

                       Pengukuran Selanjutnya                                                    Subsequent Measurement

                       Setelah pengakuan awal, liabilitas keuangan                               After initial recognition, interest-bearing
                       yang dikenakan bunga diukur pada                                          financial liabilities are subsequently measured
                       biaya perolehan diamortisasi dengan                                       at amortized cost using the effective interest
                       menggunakan metode suku bunga efektif                                     rate (“EIR”) method.
                       (“SBE”).

                       Pada tanggal pelaporan, akrual beban                                      At the reporting dates, accrued interest
                       bunga dicatat secara terpisah dari pokok                                  expenses is recorded separately from the
                       pinjaman terkait dalam bagian liabilitas                                  associated borrowings within the current
                       jangka pendek. Keuntungan atau kerugian                                   liabilities section. Gains and losses are
                       harus diakui dalam laba rugi ketika liabilitas                            recognized in profit or loss when the liabilities
                       tersebut dihentikan pengakuannya serta                                    are derecognized as well as through the EIR
                       melalui proses amortisasi SBE.                                            amortisation process.

                       Biaya perolehan diamortisasi dihitung                                     Amortized cost is calculated by taking into
                       dengan mempertimbangkan diskonto atau                                     account any discount or premium on
                       premium atas perolehan dan komisi atau                                    acquisition and fee or costs that are an
                       biaya yang merupakan bagian tidak                                         integral part of the EIR. The EIR amortisation
                       terpisahkan dari SBE. Amortisasi SBE                                      is included in “Finance Costs” in profit or loss.
                       dicatat sebagai “Beban Keuangan” dalam
                       laba rugi.

                       Metode Suku Bunga Efektif                                                 Effective Interest Method

                       Metode suku bunga efektif adalah metode                                   Effective interest method is a method of
                       yang digunakan untuk menghitung biaya                                     calculating the amortized cost of a financial
                       perolehan     diamortisasi   dari    liabilitas                           liability and of allocating interest expense over
                       keuangan        dan       metode        untuk                             the relevant period. The effective interest rate
                       mengalokasikan biaya bunga selama                                         is the rate that exactly discounts estimated
                       periode yang relevan. Suku bunga efektif                                  future cash payments (including all fees and
                       adalah suku bunga yang secara tepat                                       points paid or received that form an integral
                       mendiskontokan estimasi pembayaran kas                                    part of the effective interest rate, transaction
                       masa depan (mencakup seluruh komisi dan                                   costs and other premiums or discounts)
                       bentuk lain yang dibayarkan dan diterima                                  through the expected life of the financial
                       yang     merupakan     bagian     yang      tak                           liability, or (where appropriate) a shorter
                       terpisahkan dari suku bunga efektif, biaya                                period to the net carrying amount on initial
                       transaksi dan premium dan diskonto lainnya)                               recognition.
                       selama perkiraan umur liabilitas keuangan,
                       atau (jika lebih tepat) digunakan periode
                       yang lebih singkat untuk memperoleh nilai
                       tercatat neto pada saat pengakuan awal.

                       Penghentian Pengakuan                                                     Derecognition

                       Suatu    liabilitas  keuangan  dihentikan                                 A financial liability is derecognized when it is
                       pengakuannya pada saat kewajiban yang                                     extinguished, that is when the obligation
                       ditetapkan dalam kontrak dihentikan atau                                  specified in the contract is discharged or
                       dibatalkan atau kadaluwarsa.                                              cancelled or expired.




                                                                          16




LAPORAN TAHUNAN 2023 | Annual Report                                     271                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 277
                                                                                    The original financial statements included herein are in the Indonesian
                                                                                                                                                  language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                   PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                              NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                          AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                               AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                     MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                             (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                            2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                                (continued)

             d.   Instrumen Keuangan (lanjutan)                                        d.    Financial Instruments (continued)
                  2.   Liabilitas Keuangan (lanjutan)                                        2. Financial Liabilities (continued)

                       Penghentian Pengakuan (lanjutan)                                          Derecognition (continued)

                       Ketika sebuah liabilitas keuangan ditukar                                 When an existing financial liability is replaced
                       dengan liabilitas keuangan lain dari pemberi                              by another from the same lender on
                       pinjaman yang sama atas persyaratan yang                                  substantially different terms, or the terms of
                       secara substansial berbeda, atau bila                                     an existing financial liability are substantially
                       persyaratan dari liabilitas keuangan tersebut                             modified, such an exchange or modification is
                       secara substansial dimodifikasi, pertukaran                               treated as derecognition of the original
                       atau modifikasi persyaratan tersebut dicatat                              financial liability and recognition of a new
                       sebagai penghentian pengakuan liabilitas                                  financial liability.
                       keuangan awal dan pengakuan liabilitas
                       keuangan baru.

                       Selisih antara jumlah tercatat liabilitas                                 The difference between the carrying amount
                       keuangan yang dihentikan pengakuannya                                     of the financial liability derecognized and the
                       dan imbalan yang dibayarkan dan utang                                     consideration paid and payable is recognized
                       diakui dalam laba rugi.                                                   in profit or loss.

                  3.   Reklasifikasi Instrumen Keuangan                                      3. Reclassification of Financial Instruments

                       Perusahaan          diperkenankan     untuk                               The Company is allowed to reclassify the
                       melakukan reklasifikasi atas aset keuangan                                financial assets owned if the Company
                       yang dimiliki jika Perusahaan mengubah                                    changes the business model for the
                       model bisnis untuk pengelolaan aset                                       management of financial assets and the
                       keuangan         dan     Perusahaan    tidak                              Company is not allowed to reclassify the
                       diperkenankan untuk melakukan reklasifikasi                               financial liabilities.
                       atas liabilitas keuangan.

                       Perubahan model bisnis sifatnya harus                                     Changes in the business model should
                       berdampak secara signifikan terhadap                                      significantly   impact      the Company's
                       kegiatan operasional Perusahaan seperti                                   operational activities such as acquiring,
                       memperoleh, melepaskan, atau mengakhiri                                   releasing or ending a line of business. In
                       suatu lini bisnis. Selain itu, Perusahaan perlu                           addition, the Company needs to prove the
                       membuktikan adanya perubahan tersebut                                     change to external parties.
                       kepada pihak eksternal.

                       Yang bukan merupakan perubahan model                                      The following are not considered as change in
                       bisnis adalah: (a) perubahan intensi                                      business model: (a) the change of intention
                       berkaitan dengan aset keuangan tertentu                                   relates to certain financial assets (even in
                       (bahkan dalam situasi perubahan signifikan                                situations of significant changes in market
                       dalam kondisi pasar), (b) hilangnya                                       conditions), (b) temporary loss of certain
                       sementara pasar tertentu untuk aset                                       markets for financial assets, and (c) the
                       keuangan, dan (c) pengalihan aset                                         transfer of financial assets between parts of
                       keuangan antara bagian dari Perusahaan                                    the Company and different business models.
                       dengan model bisnis berbeda.




                                                                          17




LAPORAN TAHUNAN 2023 | Annual Report                                     272                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 278
                                                                                 The original financial statements included herein are in the Indonesian
                                                                                                                                               language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                           NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                       AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                            AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                  MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                          (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                         2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                             (continued)

             d.   Instrumen Keuangan (lanjutan)                                     d.    Financial Instruments (continued)

                  4.   Saling Hapus Instrumen Keuangan                                    4. Offsetting of Financial Instruments

                       Aset keuangan dan liabilitas keuangan                                  Financial assets and financial liabilities are
                       disalinghapuskan dan nilai netonya disajikan                           offset and the net amount presented in the
                       dalam laporan posisi keuangan jika                                     statement of financial position when the
                       Perusahaan      memiliki hak yang dapat                                Company has a legally enforceable right to
                       dipaksakan secara hukum untuk melakukan                                set off the recognized amounts; and intends
                       saling hapus atas jumlah yang telah diakui;                            either to settle on a net basis, or to realise the
                       dan berintensi untuk menyelesaikan secara                              asset and settle the liability simultaneously. A
                       neto atau untuk merealisasikan aset dan                                right to offset must be available today rather
                       menyelesaikan liabilitasnya secara simultan.                           than being contingent on a future event and
                       Hak saling hapus harus ada pada saat ini                               must be exercisable by any of the
                       daripada bersifat kontinjen atas terjadinya                            counterparties, both in the normal course of
                       suatu peristiwa di masa depan dan harus                                business and in the event of default,
                       dieksekusi oleh pihak lawan, baik dalam                                insolvency, or bankruptcy.
                       situasi bisnis normal dan dalam peristiwa
                       gagal bayar, peristiwa kepailitan, atau
                       kebangkrutan.

             e.   Kas dan Bank                                                      e.   Cash on Hand and in Banks

                  Kas dan bank terdiri dari kas dan bank yang tidak                      Cash on hand and in banks consist of cash on
                  dibatasi penggunaannya dan tidak digunakan                             hand and bank balances, with no restriction as to
                  sebagai jaminan atas utang serta tidak dibatasi                        usage, or not pledged as collateral for loans and
                  penggunaannya.                                                         other borrowings.

             f.   Piutang Usaha                                                     f.   Account Receivables

                  Piutang usaha disajikan dalam jumlah bersih                            Account receivables are recorded net of
                  setelah dikurangi dengan penyisihan penurunan                          allowance for impairment of account receivables.
                  nilai piutang usaha. Kebijakan akuntansi untuk                         The accounting policy for allowance for
                  penyisihan atas penurunan nilai dijabarkan                             impairment is described in Note 2d.
                  dalam Catatan 2d.

             g.   Persediaan                                                        g.   Inventories

                  Persediaan dinyatakan sebesar nilai yang lebih                         Inventories are stated at the lower of cost or net
                  rendah antara biaya perolehan dan nilai realisasi                      realizable value. Cost is determined using the
                  neto. Biaya perolehan ditentukan dengan                                moving average method. Allowance for decline in
                  menggunakan metode rata-rata bergerak.                                 the value of inventory is provided based on the
                  Penyisihan penurunan nilai persediaan dibentuk                         review of the inventories condition at year end to
                  berdasarkan hasil penelaahan terhadap keadaan                          reduce the carrying values of inventories to its net
                  persediaan       pada   akhir periode,     untuk                       realizable values.
                  menyesuaikan nilai tercatat persediaan menjadi
                  nilai realisasi bersih.

                  Biaya yang dikeluarkan untuk setiap produk agar                        Costs incurred in bringing each product to its
                  berada dalam lokasi saat kini dan kondisi dicatat                      present location and condition are accounted for
                  sebagai berikut:                                                       as follows:

                      Bahan baku, suku cadang, dan bahan                                    Raw materials, spare parts, and factory
                       pembantu: biaya pembelian                                              supplies: purchase cost

                      Barang jadi dan barang dalam proses: Biaya                            Finished goods and work in progress: Cost of
                       bahan baku langsung dan tenaga kerja dan                               direct material and labor and a proportion of
                       proporsi     biaya   overhead     manufaktur                           manufacturing overhead based on normal
                       berdasarkan kapasitas operasi normal,                                  operating capacity but excluding borrowing
                       tetapi tidak termasuk biaya pinjaman.                                  costs.

                                                                       18




LAPORAN TAHUNAN 2023 | Annual Report                                  273                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 279
                                                                                  The original financial statements included herein are in the Indonesian
                                                                                                                                                language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                 PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                            NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                        AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                             AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                   MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                           (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                          2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                              (continued)

             g.   Persediaan (lanjutan)                                              g.    Inventories (continued)

                  Nilai realisasi neto adalah taksiran harga jual                         Net realizable value is the estimated selling price
                  dalam kegiatan usaha normal, dikurangi dengan                           in the ordinary course of business, less estimated
                  estimasi biaya penyelesaian dan taksiran biaya                          costs of completion and the estimated costs
                  yang diperlukan untuk melaksanakan penjualan.                           necessary to make the sale.

             h.   Biaya Dibayar di Muka                                              h.   Prepaid Expenses

                  Biaya dibayar di muka dibebankan sesuai                                 Prepaid expenses are amortized over the periods
                  masa manfaat masing-masing biaya yang                                   benefited using the straight-line method.
                  bersangkutan.

             i.   Aset Tetap                                                         i.   Fixed Assets

                  Aset tetap pada awalnya diakui sebesar biaya                            All fixed assets are initially recognized at cost,
                  perolehan, yang terdiri atas harga perolehan dan                        which comprises its purchase price and any costs
                  biaya-biaya tambahan yang dapat diatribusikan                           directly attributable in bringing the asset to its
                  langsung untuk membawa aset ke lokasi dan                               working condition and to the location where it is
                  kondisi yang diinginkan agar aset siap digunakan.                       intended to be used.

                  Setelah pengakuan awal, aset tetap dinyatakan                           Subsequent to initial recognition, are carried at
                  pada biaya perolehan dikurangi akumulasi                                cost   less    any   subsequent      accumulated
                  penyusutan dan kerugian penurunan nilai.                                depreciation and impairment losses.

                  Pada setiap akhir periode pelaporan, taksiran                           At the end of each reporting period, the estimated
                  masa manfaat dan metode penyusutan aset tetap                           useful lives and methods of depreciation of
                  ditelaah oleh manajemen dan jika perlu                                  property and equipment are reviewed by
                  disesuaikan secara prospektif.                                          management and adjusted prospectively, if
                                                                                          appropriate.

                  Penyusutan aset tetap dimulai pada saat aset                            Depreciation of fixed assets starts when it is
                  tersebut siap untuk digunakan sesuai dengan                             available for use and is computed using the
                  maksud penggunaannya dan dihitung dengan                                straight-line method based on the estimated
                  menggunakan metode garis lurus berdasarkan                              useful lives of the assets:
                  taksiran masa manfaat ekonomis aset tetap
                  sebagai berikut:

                                                                      Tahun/Years
                  Bangunan dan prasarana                                     20                                   Buildings and infrastructures
                  Mesin dan peralatan pabrik                                8 - 16                           Machineries and plant equipments
                  Peralatan kantor                                          4-8                                             Office equipments
                  Perabot dan perlengkapan                                  4-8                                         Furnitures and fixtures
                  Kendaraan                                                 4-8                                                       Vehicles

                  Biaya pengurusan legal hak atas tanah ketika                            Costs associated with the acquisition of legal
                  tanah diperoleh pertama kali diakui sebagai                             right of land when the land was first acquired are
                  bagian dari biaya perolehan aset tanah. Biaya                           recognized as part of the cost of land. Costs
                  pengurusan perpanjangan atau pembaharuan                                associated with the extension or renewal of legal
                  legal hak atas tanah diakui sebagai aset tak                            right of land are recognized as an intangible
                  berwujud dan diamortisasi sepanjang umur                                asset and amortized over the legal life of the land
                  hukum hak atau umur ekonomis tanah, mana                                rights or economic life of the land, whichever is
                  yang lebih pendek.                                                      shorter.




                                                                       19




LAPORAN TAHUNAN 2023 | Annual Report                                  274                                         P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 280
                                                                                 The original financial statements included herein are in the Indonesian
                                                                                                                                               language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                           NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                       AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                            AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                  MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                          (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                         2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                             (continued)

             i.   Aset Tetap (lanjutan)                                             i.   Fixed Assets (continued)

                  Perusahaan menganalisis fakta dan keadaan                              The Company analyzes the facts and
                  untuk masing-masing jenis hak atas tanah dalam                         circumstances for each type of land rights in
                  menentukan akuntansi untuk masing-masing hak                           determining the accounting for each of these land
                  atas    tanah    tersebut    sehingga    dapat                         rights so that it can accurately represent an
                  merepresentasikan dengan tepat suatu kejadian                          underlying economic event or transaction. If the
                  atau transaksi ekonomik yang mendasarinya.                             land rights do not transfer control of the
                  Jika hak atas tanah tersebut tidak mengalihkan                         underlying assets to the Company, but gives the
                  pengendalian atas aset pendasar kepada                                 rights to use the underlying assets, the Company
                  Perusahaan, melainkan mengalihkan hak untuk                            applies the accounting treatment of these
                  menggunakan aset pendasar, Perusahaan                                  transactions as leases under PSAK 73, “Leases”.
                  menerapkan perlakuan akuntansi atas transaksi                          If land rights are substantially similar to land
                  tersebut sebagai sewa berdasarkan PSAK 73,                             purchases, the Company applies PSAK 16,
                  “Sewa”. Jika hak atas tanah secara substansi                           “Fixed Assets”.
                  menyerupai pembelian tanah, maka Perusahaan
                  menerapkan PSAK 16, “Aset Tetap”.

                  Aset tetap dalam penyelesaian dicatat sebesar                          Constructions in progress are stated at cost,
                  biaya perolehan, yang mencakup kapitalisasi                            including capitalized borrowing costs and other
                  beban pinjaman dan biaya-biaya lainnya yang                            charges incurred in connection with the financing
                  terjadi sehubungan dengan pendanaan aset                               of said assets. The accumulated costs will be
                  tetap dalam penyelesaian tersebut. Akumulasi                           reclassified to the appropriate “Fixed Assets”
                  biaya perolehan akan direklasifikasi ke akun                           account when the construction is completed and
                  “Aset Tetap” yang bersangkutan pada saat aset                          ready for use. Constructions in progress are not
                  tetap tersebut telah selesai dikerjakan dan siap                       depreciated until they fulfill criteria for recognition
                  untuk digunakan. Aset tetap dalam penyelesaian                         as fixed assets as disclosed above.
                  tidak disusutkan sampai memenuhi syarat
                  pengakuan      sebagai    aset    tetap   seperti
                  pengungkapan diatas.

                  Beban perbaikan dan pemeliharaan dibebankan                            The costs of repairs and maintenance are
                  pada laporan laba rugi dan penghasilan                                 charged to profit or loss as incurred; while
                  komprehensif lain pada saat terjadinya;                                significant renewals and betterments are
                  pengeluaran dalam jumlah signifikan dan yang                           capitalized. When assets are retired or otherwise
                  memperpanjang masa manfaat aset atau yang                              disposed of, their net book values are removed
                  memberikan tambahan manfaat ekonomis                                   from the accounts and any resulting gain or loss
                  dikapitalisasi. Aset tetap yang sudah tidak                            is reflected in the statements of profit or loss and
                  dipergunakan lagi atau yang dijual, dikeluarkan                        other comprehensive income for the year.
                  dari kelompok aset tetap yang bersangkutan dan
                  laba atau rugi yang terjadi diakui dalam laporan
                  laba rugi dan penghasilan komprehensif lain
                  pada tahun yang bersangkutan.

             j.   Aset Takberwujud                                                  j.   Intangible Assets

                  Peranti Lunak                                                          Software

                  Biaya yang berkaitan dengan biaya peranti lunak                        Expenses related to the software cost are
                  ditangguhkan    dan     diamortisasi   dengan                          deferred and are being amortized using the
                  menggunakan metode garis lurus selama masa                             straight-line method over their beneficial periods.
                  manfaatnya.

                  Estimasi masa manfaat dan metode amortisasi                            The estimated useful lives and amortization
                  ditelaah pada setiap akhir tahun, dengan                               method are reviewed at the end of each year,
                  pengaruh dari setiap perubahan yang diestimasi                         with the effect of any changes in estimate being
                  dihitung secara prospektif.                                            accounted for on a prospective basis.



                                                                       20




LAPORAN TAHUNAN 2023 | Annual Report                                  275                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 281
                                                                                  The original financial statements included herein are in the Indonesian
                                                                                                                                                language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                 PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                            NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                        AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                             AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                   MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                           (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                          2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                              (continued)

             k.   Penurunan Nilai Aset Non-Keuangan                                  k.   Impairment of Non-Financial Assets

                  Pada     setiap    akhir   periode     pelaporan,                       The Company assesses at each end of reporting
                  Perusahaan menilai apakah terdapat indikasi                             period, whether there is any indication that an
                  suatu aset mengalami penurunan nilai. Jika                              asset may be impaired. If such indication exists,
                  terdapat indikasi tersebut, maka jumlah                                 recoverable amount shall be estimated for the
                  terpulihkan diestimasi untuk aset individual. Jika                      individual asset. If it is not possible to estimate
                  tidak mungkin untuk mengestimasi jumlah                                 the recoverable amount of the individual asset,
                  terpulihkan aset individual, maka Perusahaan                            the Company determines the recoverable
                  menentukan nilai terpulihkan dari Unit Penghasil                        amount of the Cash Generating Unit (CGU) to
                  Kas (UPK) yang mana aset tercakup (aset dari                            which the asset belongs (the asset’s of CGU).
                  UPK).

                  Jumlah terpulihkan dari suatu aset (baik aset                           An asset’s (either individual asset or CGU)
                  individual maupun UPK) adalah jumlah yang                               recoverable amount is the higher of the asset’s
                  lebih tinggi antara nilai wajarnya dikurangi biaya                      fair value less costs to sell and its value in use.
                  untuk menjual dengan nilai pakainya. Jika nilai                         Where the carrying amount of the asset exceeds
                  tercatat aset lebih besar daripada nilai                                its recoverable amount, the asset is considered
                  terpulihkannya, maka aset tersebut dianggap                             impaired and is written down to its recoverable
                  mengalami penurunan nilai dan nilai tercatat aset                       amount.
                  diturunkan menjadi sebesar nilai terpulihkannya.

                  Dalam menghitung nilai pakai, estimasi arus kas                         In assessing the value in use, the estimated
                  masa depan neto didiskontokan ke nilai kini                             future cash flows are discounted to their present
                  dengan menggunakan tingkat diskonto sebelum                             value using a pre-tax discount rate that reflects
                  pajak yang menggambarkan penilaian pasar kini                           current market assessments of the time value of
                  dari nilai waktu uang dan risiko spesifik atas                          money and the risks specific to the asset.
                  aset.

                  Dalam menentukan nilai wajar dikurangi biaya                            In determining fair value less costs to sell, recent
                  untuk menjual, digunakan harga transaksi pasar                          market transactions are taken into account, if
                  terakhir, jika tersedia. Jika tidak terdapat                            available. If no such transactions can be
                  transaksi    tersebut,   menggunakan       model                        identified, an appropriate valuation model is used
                  penilaian yang sesuai untuk menentukan nilai                            to determine the fair value of the asset. These
                  wajar     aset.   Perhitungan-perhitungan      ini                      calculations are corroborated by valuation
                  dikuatkan oleh penilaian berganda atau indikator                        multiples or other available fair value indicators.
                  nilai wajar lain yang tersedia. Kerugian                                Impairment losses, if any, are recognized in profit
                  penurunan nilai, jika ada, diakui pada laba rugi                        or loss under expense categories that are
                  sesuai dengan kategori biaya yang konsisten                             consistent with the functions of the impaired
                  dengan fungsi dari aset yang diturunkan nilainya.                       assets.
         [




                  Penilaian dilakukan pada setiap akhir periode                            An assesment is made at each reporting period
                  pelaporan apakah terdapat indikasi bahwa rugi                            whether there is any indication that previously
                  penurunan nilai yang telah diakui dalam periode                          recognized impairment losses recognized for an
                  sebelumnya untuk aset selain goodwill mungkin                            asset other than goodwill may no longer exist or
                  tidak ada lagi atau mungkin telah menurun. Jika                          may have decreased. If such indication exist, the
                  indikasi dimaksud ditemukan, maka entitas                                recoverable amount is estimated. A previously
                  mengestimasi jumlah terpulihkan aset tersebut.                           recognized impairment loss for an asset other
                  Kerugian penurunan nilai yang telah diakui                               than goodwill is reversed only if there has been a
                  dalam periode sebelumnya untuk aset selain                               change in the assumptions use to determine the
                  goodwill dibalik hanya jika terdapat perubahan                           asset’s recoverable amount since the last
                  asumsi-asumsi       yang      digunakan      untuk                       impairment loss was recognized. If that is the
                  menentukan jumlah terpulihkan aset tersebut                              case, the carrying amount of the asset is
                  sejak rugi penurunan nilai terakhir diakui. Dalam                        increased to its recoverable amount.
                  hal ini, jumlah tercatat aset dinaikkan ke jumlah
                  terpulihkannya.




                                                                        21




LAPORAN TAHUNAN 2023 | Annual Report                                   276                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 282
                                                                                 The original financial statements included herein are in the Indonesian
                                                                                                                                               language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                           NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                       AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                            AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                  MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                          (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                         2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                             (continued)
             k.   Penurunan       Nilai   Aset     Non-Keuangan                     k.   Impairment           of        Non-Financial               Assets
                  (lanjutan)                                                             (continued)

                  Pembalikan tersebut dibatasi sehingga jumlah                            The reversal is limited so that the carrying
                  tercatat     aset    tidak    melebihi   jumlah                         amount of the asset does not exceed its
                  terpulihkannya maupun jumlah tercatat, neto                             recoverable amount, nor exceeds the carrying
                  setelah penyusutan, seandainya tidak ada rugi                           amount that would have been determined, net of
                  yang telah diakui untuk aset tersebut pada                              depreciation, had no impairment loss been
                  periode sebelumnya. Pembalikan rugi penurunan                           recognized for the asset in prior periods.
                  nilai diakui dalam laba rugi. Setelah pembalikan                        Reversal of an impairment loss is recognized in
                  tersebut diakui sebagai laba rugi, penyusutan                           profit or loss. After such a reversal is recognized
                  aset tersebut disesuaikan di periode mendatang                          in profit or loss, depreciation charge on the said
                  untuk mengalokasikan jumlah tercatat aset yang                          asset is adjusted in future periods to allocate the
                  direvisi, dikurang nilai sisanya, dengan dasar                          asset's revised carrying amount, less any
                  yang sistematis selama sisa umur manfaatnya.                            residual value, on a systematic basis over its
                                                                                          remaining useful life.
             l.   Sewa                                                              l.   Leases
                  Perusahaan menilai pada awal kontrak apakah                            The Company assesses at contract inception
                  suatu kontrak adalah, atau berisi, sewa. Artinya,                      whether a contract is, or contains, a lease. That
                  jika   kontrak     memberikan       hak    untuk                       is, if the contract conveys the right to control the
                  mengendalikan penggunaan aset teridentifikasi                          use of an identified asset for a period of time in
                  untuk suatu periode waktu sebagai imbalan untuk                        exchange for consideration.
                  imbalan.
                  Sebagai penyewa                                                        As a lessee
                  Perusahaan menerapkan pendekatan pengakuan                             The Company applies a single recognition and
                  dan pengukuran tunggal untuk seluruh sewa,                             measurement approach for all leases, except for
                  kecuali untuk sewa jangka pendek dan sewa aset                         short-term leases and leases of low-value assets.
                  bernilai rendah. Perusahaan mengakui liabilitas                        The Company recognizes lease liabilities to make
                  sewa untuk melakukan pembayaran sewa dan                               lease payments and right-of-use assets
                  aset hak-guna yang memberikan hak untuk                                representing the right to use the underlying
                  menggunakan aset pendasarnya.                                          assets.

                  Aset hak-guna                                                          Right-of-use assets

                  Perusahaan mengakui aset hak-guna pada                                 The Company recognizes right-of use assets at
                  tanggal permulaan sewa (yaitu pada tanggal aset                        the commencement date of the lease (i.e., the
                  pendasar tersedia untuk digunakan). Aset hak-                          date the underlying asset is available for use).
                  guna diukur pada biaya perolehan dikurangi                             Right-of-use assets are measured at cost, less
                  akumulasi penyusutan dan rugi penurunan nilai,                         any accumulated depreciation and impairment
                  dan disesuaikan untuk setiap pengukuran                                losses, and adjusted for any remeasurement of
                  kembali liabilitas sewa. Biaya perolehan aset                          lease liabilities. The cost of right-of-use assets
                  hak-guna meliputi jumlah liabilitas sewa yang                          includes the amount of lease liabilities
                  diakui, biaya langsung awal yang dikeluarkan,                          recognized, initial direct costs incurred, and lease
                  dan pembayaran sewa yang dilakukan pada atau                           payments made at or before the commencement
                  sebelum tanggal permulaan, dikurangi dengan                            date less any lease incentives received.
                  insentif sewa yang diterima.
                  Aset hak-guna didepresiasi dengan metode garis                         Right-of-use assets are depreciated on a straight
                  lurus selama jangka waktu yang lebih pendek                            line basis over the shorter of the lease term and
                  antara masa sewa dan estimasi umur manfaat                             the estimated useful lives of the assets.
                  aset.
                  Jika kepemilikan aset sewa beralih kepada                              If ownership of the lease assets transfers to the
                  Perusahaan pada akhir masa sewa atau biaya                             Company at the end of the lease term or the cost
                  perolehan     merefleksikan     penyewa     akan                       reflects the exercise of a purchase option,
                  mengeksekusi opsi beli, depresiasi dihitung                            depreciation is calculated using the estimated
                  dengan menggunakan estimasi umur manfaat                               useful life of the asset. The right-of-use assets
                  aset. Aset hak-guna juga diuji penurunan nilainya                      are also subject to impairment in accordance with
                  sesuai dengan PSAK 48 “Penurunan Nilai Aset”.                          PSAK 48 “Impairment of Assets”.
                                                                       22




LAPORAN TAHUNAN 2023 | Annual Report                                  277                                          P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 283
                                                                                     The original financial statements included herein are in the Indonesian
                                                                                                                                                   language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                    PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                               NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                           AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                                AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                      MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                              (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                             2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                                 (continued)

             l.   Sewa (lanjutan)                                                       l.   Leases (continued)

                  Sebagai penyewa (lanjutan)                                                 As a lessee (continued)

                  Liabilitas sewa                                                            Lease liabilities

                  Pada tanggal dimulainya sewa, Perusahaan                                   At the commencement date of the lease, the
                  mengakui liabilitas sewa yang diukur pada nilai                            Company recognizes lease liabilities measured at
                  kini pembayaran sewa yang harus dilakukan                                  the present value of lease payments to be made
                  selama masa sewa. Pembayaran sewa                                          over the lease term. The lease payments include
                  mencakup      pembayaran     tetap   (termasuk                             fixed payments (including in-substance fixed
                  pembayaran tetap secara substansi) dikurangi                               payments) less any lease incentives receivable,
                  piutang insentif sewa, pembayaran sewa variabel                            variable lease payments that depend on an index
                  yang bergantung pada indeks atau tarif, dan                                or a rate, and amounts expected to be paid under
                  jumlah yang diharapkan akan dibayar di bawah                               residual value guarantees. The lease payments
                  jaminan nilai sisa. Pembayaran sewa juga                                   also include the exercise price of a purchase
                  mencakup harga pelaksanaan dari opsi                                       option reasonably certain to be exercised by the
                  pembelian yang secara wajar pasti akan                                     Company and payments of penalties for
                  dilaksanakan oleh Perusahaan dan pembayaran                                terminating the lease, if the lease term reflects the
                  denda untuk penghentian sewa, jika masa sewa                               Company exercising the option to terminate.
                  mencerminkan Perusahaan melaksanakan opsi                                  Variable lease payments that do not depend on
                  untuk mengakhiri. Pembayaran sewa variabel                                 an index or a rate are recognized as expenses
                  yang tidak bergantung pada indeks atau tarif                               (unless they are incurred to produce inventories)
                  diakui sebagai beban (kecuali terjadi untuk                                in the period in which the event or condition that
                  menghasilkan persediaan) pada periode di mana                              triggers the payment occurs.
                  peristiwa atau kondisi yang memicu terjadinya
                  pembayaran.

                  Dalam menghitung nilai kini pembayaran sewa,                               In calculating the present value of lease
                  Perusahaan menggunakan suku bunga pinjaman                                 payments, the Company uses its incremental
                  inkremental pada tanggal dimulainya sewa                                   borrowing rate at the lease commencement date
                  karena tingkat bunga implisit dalam sewa tidak                             because the interest rate implicit in the lease is
                  dapat segera ditentukan. Setelah tanggal                                   not       readily    determinable.      After     the
                  permulaan, jumlah liabilitas sewa ditingkatkan                             commencement date, the amount of lease
                  untuk mencerminkan penambahan bunga dan                                    liabilities is increased to reflect the accretion of
                  dikurangi untuk pembayaran sewa yang                                       interest and reduced for the lease payments
                  dilakukan. Selain itu, nilai tercatat liabilitas sewa                      made. In addition, the carrying amount of lease
                  diukur kembali jika ada modifikasi, perubahan                              liabilities is remeasured if there is a modification,
                  jangka waktu sewa, perubahan pembayaran                                    a change in the lease term, a change in the lease
                  sewa (misalnya, perubahan pembayaran masa                                  payments (e.g., changes to future payments
                  depan akibat perubahan indeks atau kurs yang                               resulting from a change in an index or rate used
                  digunakan untuk pembayaran sewa) atau                                      to determine such lease payments) or a change
                  perubahan penilaian opsi untuk membeli aset                                in the assessment of an option to purchase the
                  yang mendasarinya.                                                         underlying asset.

                  Sewa jangka-pendek dan sewa aset bernilai                                  Short-term leases and leases of low-value assets
                  rendah

                  Perusahaan memilih untuk tidak mengakui aset                               The Company have elected not to recognize right-
                  hak-guna dan liabilitas sewa untuk sewa jangka-                            of-use assets and lease liabilities for short-term
                  pendek yang memiliki masa sewa 12 bulan atau                               leases that have a lease term of 12 months or less
                  kurang dan sewa atas aset bernilai rendah.                                 and leases of low-value assets. The Company
                  Perusahaan mengakui pembayaran sewa terkait                                recognizes the lease payments associated with
                  dengan sewa ini sebagai beban dengan dasar                                 these leases as expense on a straight-line basis
                  garis lurus selama masa sewa.                                              over the lease term.




                                                                           23




LAPORAN TAHUNAN 2023 | Annual Report                                      278                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 284
                                                                                 The original financial statements included herein are in the Indonesian
                                                                                                                                               language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                           NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                       AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                            AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                  MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                          (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                         2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                             (continued)

             m. Transaksi dengan Pihak-pihak Berelasi                               m. Transactions with Related Parties

                  Perusahaan memiliki transaksi dengan pihak-                            The Company has transactions with related
                  pihak berelasi sebagaimana yang didefinisikan                          parties as defined in PSAK No. 7 “Related-Party
                  dalam PSAK No. 7 “Pengungkapan Pihak-Pihak                             Disclosure”.
                  Berelasi”.

                  Seluruh transaksi dan saldo yang signifikan                            All significant transactions and balances with
                  dengan pihak-pihak berelasi, telah diungkapkan                         related parties have been disclosed in the notes to
                  dalam catatan atas laporan keuangan.                                   the financial statements.
             n.   Pengakuan Pendapatan dan Beban                                    n.   Revenue and Expense Recognition

                  Pendapatan diukur berdasarkan imbalan yang                             Revenue     is   measured     based   on  the
                  Perusahaan perkirakan menjadi haknya dalam                             consideration to which the Company expects to
                  kontrak dengan pelanggan dan tidak termasuk                            be entitled in a contract with a customer and
                  jumlah yang ditagih atas nama pihak ketiga.                            excludes amounts collected on behalf of third
                                                                                         parties.

                  Perusahaan mengakui pendapatan ketika                                  The Company recognizes revenue when it
                  mengalihkan pengendalian barang atau jasa                              transfers control of a product or service to a
                  kepada pelanggan.                                                      customer.

                  Perusahaan mengakui pendapatan ketika (atau                            The Company recognizes revenue when (or as)
                  pada saat) kewajiban pelaksanaan terpenuhi,                            a performance obligation is satisfied, i.e. when
                  yaitu ketika pengendalian barang atau jasa yang                        ‘control’ of the goods or services underlying the
                  mendasari kewajiban pelaksanaan tertentu                               particular performance obligation is transferred to
                  dialihkan ke pelanggan.                                                the customer.

                  Pendapatan dari penjualan barang diakui pada                           Revenue from sale of goods is recognized at
                  waktu tertentu, pada waktu penyerahan dan                              point in time, being at the point of delivery and
                  penerimaan dari pembeli, pada jumlah yang                              acceptance of the buyer, at an amount that
                  mencerminkan imbalan yang diharapkan oleh                              reflects the consideration to which the Company
                  Perusahaan atas pertukaran barang tersebut.                            expects to be entitled in exchange of those
                                                                                         goods.

                  Pengakuan beban                                                        Expenses recognition
                  Beban diakui pada saat terjadinya (basis akrual).                      Expenses are recognized when they are incurred
                                                                                         (accrual basis).

             o.   Transaksi dan Saldo Dalam Mata Uang Asing                        o.    Foreign Currency Transactions and Balances

                  Transaksi dalam mata uang asing dicatat                                Transactions involving foreign currencies are
                  berdasarkan kurs yang berlaku pada saat                                recorded at the rates of exchange prevailing at
                  transaksi dilakukan. Pada setiap akhir periode                         the time the transactions are made. At the end of
                  pelaporan, aset dan liabilitas moneter dalam                           each the reporting period, monetary assets and
                  mata uang asing disesuaikan ke dalam Rupiah                            liabilities denominated in foreign currencies are
                  berdasarkan kurs rata-rata Bank Indonesia yang                         adjusted to Rupiah based on the average rates
                  berlaku pada tanggal tersebut. Laba atau rugi                          of exchange published by Bank Indonesia at that
                  kurs yang terjadi, dikreditkan atau dibebankan                         date. The resulting gains or losses are credited
                  pada laba rugi tahun berjalan.                                         or charged to the current year operations.

                  Kurs yang digunakan untuk menjabarkan mata                             The exchange rates used against the Rupiah are
                  uang asing ke dalam Rupiah adalah sebagai                              as follows:
                  berikut:




                                                                       24




LAPORAN TAHUNAN 2023 | Annual Report                                  279                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 285
                                                                                 The original financial statements included herein are in the Indonesian
                                                                                                                                               language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                           NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                       AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                            AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                  MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                          (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                         2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                             (continued)

             o.   Transaksi dan Saldo Dalam Mata Uang                                o.    Foreign    Currency              Transactions               and
                  Asing (lanjutan)                                                         Balances (continued)

                                                       31 Maret 2024/            31 Desember 2023/
                                                       March 31, 2024            December 31, 2023

                  Euro (EUR)                                     17.161                       17.140                                 Euro (EUR)
                  Franc Swiss (CHF)                              17.508                       18.374                          Swiss Franc (CHF)
                  Dolar Amerika Serikat (US$)                    15.853                       15.416                   United States Dollar (US$)
                  Dolar Kanada (CAD)                             11.660                       11.689                      Canadian Dollar (CAD)
                  Dolar Singapura (SGD)                          11.766                       11.712                     Singapore Dollar (SGD)
                  Yuan China (CNY)                                2.193                        2.170                        Chinese Yuan (CNY)
                  Yen Jepang (JPY)                                  105                          110                        Japanese Yen (JPY)

             p. Perpajakan                                                          p.    Taxation

                  Beban pajak terdiri dari pajak kini dan                                 Income tax expense comprises current and
                  tangguhan. Beban pajak diakui dalam laporan                             deferred tax. Income tax expense is recognized in
                  laba rugi kecuali untuk transaksi yang                                  profit or loss except to the extent that it relates to
                  berhubungan dengan transaksi diakui diluar laba                         items recognized outside profit or loss, either in
                  atau rugi, baik dalam penghasilan komprehensif                          other comprehensive income or directly in equity.
                  lain atau langsung pada ekuitas.

                  Pajak Final                                                             Final Tax

                  Sesuai dengan peraturan perpajakan di                                   In accordance with the tax regulation in
                  Indonesia, pajak final dikenakan atas nilai bruto                       Indonesia, final tax is applied to the gross value of
                  transaksi, dan tetap dikenakan walaupun atas                            transactions, even when the parties carrying the
                  transaksi tersebut pelaku transaksi mengalami                           transactions are recognizing losses.
                  kerugian.

                  Pajak final tidak termasuk dalam lingkup yang                           Final tax is scoped out from PSAK 46: Income
                  diatur oleh PSAK 46: Pajak Penghasilan.                                 Tax.

                  Pajak Kini                                                              Current Tax

                  Beban pajak kini dihitung dengan menggunakan                            Current tax expense is calculated using tax rates
                  tarif pajak yang berlaku pada tanggal pelaporan                         that have been enacted or substantively enacted
                  keuangan, dan ditetapkan berdasarkan taksiran                           at end of the reporting period, and is provided
                  laba kena pajak tahun berjalan.                                         based on the estimated taxable income for the
                                                                                          year.

                  Manajemen secara periodik mengevaluasi posisi                           Management periodically evaluates positions
                  yang dilaporkan di Surat Pemberitahuan Tahunan                          taken in tax returns with respect to situations in
                  (SPT) sehubungan dengan situasi di mana aturan                          which applicable tax regulation is subject to
                  pajak yang berlaku membutuhkan interpretasi.                            interpretation. It establishes provision where
                  Jika perlu, manajemen menentukan provisi                                appropriate on the basis of amounts expected to
                  berdasarkan jumlah yang diharapkan akan                                 be paid to the tax authorities.
                  dibayar kepada otoritas pajak.

                  Kekurangan atau kelebihan pembayaran pajak                              Underpayment or overpayment of corporate
                  penghasilan badan dicatat sebagai bagian dari                           income tax are presented as part of income tax
                  beban pajak dalam laporan laba rugi dan                                 expense in the statement of profit or loss and
                  penghasilan komprehensif lain.                                          other comprehensive income.

                  Bunga dan denda yang timbul dari ketetapan                              Interests and penalties arising from tax
                  pajak dan kurang bayar atau lebih bayar pajak                           assessments and underpayment or overpayment
                  lainnya disajikan sebagai bagian dari penghasilan                       of other taxes are presented as part of other
                  atau beban operasi lain karena tidak dianggap                           operating income or expenses since they are not
                  sebagai bagian dari beban pajak penghasilan.                            considered as part of the income tax expense.

                                                                       25




LAPORAN TAHUNAN 2023 | Annual Report                                  280                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 286
                                                                                   The original financial statements included herein are in the Indonesian
                                                                                                                                                 language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                  PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                             NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                         AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                              AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                    MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                            (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                           2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                               (continued)

             p. Perpajakan (lanjutan)                                                 p.    Taxation (continued)

                 Pajak Kini (lanjutan)                                                      Current Tax (continued)

                Koreksi terhadap liabilitas perpajakan diakui pada                         Amendments to tax obligations are recorded
                saat surat ketetapan pajak diterima. Jika                                  when a tax assessment letter is received. If the
                Perusahaan mengajukan keberatan, Perusahaan                                Company files an appeal, the Company considers
                mempertimbangkan apakah besar kemungkinan                                  whether it is probable that a taxation authority will
                otoritas pajak akan menerima keberatan tersebut                            accept the appeal and reflect its effect on the
                dan merefleksikan dampaknya terhadap liabilitas                            Company’s tax obligations.
                perpajakan Perusahaan.

                Pajak Tangguhan                                                            Deferred Tax

                 Pajak tangguhan diakui menggunakan metode                                 Deferred tax is provided using the liability method
                 liabilitas atas perbedaan temporer antara dasar                           on temporary differences between the tax bases
                 pengenaan pajak aset dan liabilitas dan nilai                             of assets and liabilities and their carrying amounts
                 tercatatnya dalam laporan keuangan pada akhir                             for financial reporting purposes at the end of the
                 periode pelaporan.                                                        reporting period.

                Liabilitas pajak tangguhan diakui untuk semua                              Deferred tax liabilities are recognized for all
                perbedaan temporer kena pajak dengan                                       taxable temporary differences with certain
                beberapa pengecualian. Aset pajak tangguhan                                exceptions. Deferred tax assets are recognized
                diakui untuk perbedaan temporer yang boleh                                 for deductible temporary differences and tax
                dikurangkan dan rugi fiskal apabila terdapat                               losses carry-forward to the extent that it is
                kemungkinan besar bahwa jumlah laba kena                                   probable that taxable income will be available in
                pajak pada masa mendatang akan memadai                                     future years against which the deductible
                untuk mengkompensasi perbedaan temporer dan                                temporary differences and tax losses carry-
                rugi fiskal.                                                               forward can be utilized.

                Nilai tercatat dari aset pajak tangguhan ditelaah                          The carrying amount of deferred tax assets is
                pada setiap akhir periode pelaporan dan                                    reviewed at the end of each reporting period and
                diturunkan ketika tidak lagi terdapat kemungkinan                          reduced to the extent that it is no longer probable
                bahwa akan terdapat laba kena pajak yang                                   that sufficient taxable profit will be available to
                memungkinkan semua atau sebagian dari aset                                 allow all or part of the deferred tax assets to be
                pajak tangguhan tersebut untuk direalisasi.                                utilized. Unrecognized deferred tax assets are
                Penelaahan dilakukan pada setiap akhir periode                             reassessed at the end of each reporting period
                pelaporan atas aset pajak tangguhan yang tidak                             and are recognized to the extent that it has
                diakui sebelumnya dan aset pajak tangguhan                                 become probable that future taxable profits will
                tersebut diakui sepanjang kemungkinan besar                                allow the deferred tax assets to be recovered.
                laba kena pajak mendatang akan tersedia
                sehingga aset pajak tangguhan tersebut
                dipulihkan.

                 Aset dan liabilitas pajak tangguhan diukur dengan                         Deferred tax assets and liabilities are measured
                 menggunakan tarif pajak yang diharapkan akan                              at the tax rates that are expected to apply to the
                 berlaku pada tahun saat aset dipulihkan atau                              year when the asset is realized or the liability is
                 liabilitas diselesaikan, berdasarkan tarif pajak dan                      settled, based on tax rates and tax laws that have
                 peraturan pajak yang berlaku atau yang secara                             been enacted or substantively enacted as at the
                 substantif telah berlaku pada tanggal pelaporan.                          reporting date.

                 Aset dan liabilitas pajak tangguhan saling hapus                          Deferred tax assets and deferred tax liabilities are
                 ketika terdapat hak yang dapat dipaksakan                                 offset if a legally enforceable right exists to set off
                 secara hukum untuk melakukan saling hapus                                 current tax assets against current tax liabilities
                 aset pajak kini terhadap liabilitas pajak kini dan                        and the deferred taxes relate to the same taxable
                 pajak tangguhan tersebut terkait dengan entitas                           entity and the same taxation authority.
                 kena pajak yang sama dan otoritas perpajakan
                 yang sama.




                                                                         26




LAPORAN TAHUNAN 2023 | Annual Report                                    281                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 287
                                                                                  The original financial statements included herein are in the Indonesian
                                                                                                                                                language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                 PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                            NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                        AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                             AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                   MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                           (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                          2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                              (continued)

             p. Perpajakan (lanjutan)                                                p.    Taxation (continued)

                  Pajak Pertambahan Nilai                                                 Value Added Tax

                  Pendapatan, beban-beban dan aset-aset diakui                            Revenue, expenses and assets are recognized
                  neto atas jumlah Pajak Pertambahan Nilai                                net of the amount of Value Added Tax (“VAT”)
                  (“PPN“) kecuali:                                                        except:


                     PPN yang muncul dari pembelian aset atau                                where the VAT incurred on a purchase of
                      jasa yang tidak dapat dikreditkan oleh kantor                            assets or services is not recoverable from the
                      pajak, yang dalam hal ini PPN diakui sebagai                             taxation authority, in which case the VAT is
                      bagian dari biaya perolehan aset atau sebagai                            recognized as part of the cost of acquisition of
                      bagian dari item beban-beban yang                                        the asset or as part of the expense of the
                      diterapkan; dan                                                          asset or as part of the expense item as
                                                                                               applicable; and
                     piutang dan utang yang disajikan termasuk                               receivables and payables that are stated with
                      dengan jumlah PPN.                                                       the amount of VAT included.

                  Jumlah PPN Neto yang terpulihkan dari, atau                             The net amount of VAT recoverable from, or
                  terutang kepada, kantor pajak termasuk sebagai                          payable to, the taxation authorities is included as
                  bagian dari piutang atau utang pada laporan                             part of receivables or payables in the statements
                  posisi keuangan.                                                        of financial position.

             q.   Imbalan Kerja Karyawan                                             q.   Employee Benefits

                  Imbalan kerja karyawan jangka pendek                                    Short-term employee benefits

                  Perusahaan mengakui liabilitas imbalan kerja                            The Company recognizes short-term employee
                  karyawan jangka pendek ketika jasa diberikan                            benefits liability when services are rendered and
                  oleh karyawan dan imbalan atas jasa tersebut                            the compensation for such services are to be paid
                  akan dibayarkan dalam waktu dua belas bulan                             within twelve months after the rendering of such
                  setelah jasa tersebut diberikan.                                        services.

                  Imbalan pascakerja                                                      Post-employment benefits

                  Perusahaan mengakui kewajiban imbalan kerja                              The Company recognized unfunded employee
                  yang tidak didanai sesuai dengan Peraturan                               benefits liability in accordance with Government
                  Pemerintah No. 35 Tahun 2022 (PP 35/2022)                                Regulation Number 35 Year 2022 (PP 35/2022)
                  yang     menerapkan    pengaturan    Peraturan                           that implement the provisions of Government
                  Pemerintah Pengganti Undang-Undang (Perppu)                              Regulation in Lieu of Law (“Perppu”) No. 2 of
                  No. 2 tahun 2022 tentang Cipta Kerja yang                                2022 on Job Creation which was later passed into
                  kemudian disahkan menjadi Undang-Undang No.                              Law No. 6 in 2023. Pension costs under the
                  6 tahun 2023. Beban pensiun berdasarkan                                  Company’s defined benefit pension plans are
                  program dana pensiun manfaat pasti Perusahaan                            determined by periodic actuarial calculation using
                  ditentukan melalui perhitungan aktuaria secara                           the projected-unit-credit method and applying the
                  periodik dengan menggunakan metode projected-                            assumptions on discount rate and annual rate of
                  unit credit dan menerapkan asumsi atas tingkat                           increase in compensation.
                  diskonto dan tingkat kenaikan manfaat pasti
                  pensiun tahunan.

                  Pengukuran kembali, terdiri atas keuntungan dan                         Re-measurements comprising of actuarial gains
                  kerugian akturial, segera diakui pada laporan                           and losses, are recognized immediately in the
                  posisi keuangan       yang    dibebankan atau                           statements of financial position with a charge or
                  dikreditkan    diakui     dalam      penghasilan                        credit recognized in other comprehensive income
                  komprehensif lain pada periode terjadinya untuk                         in the period in which they occur in order.
                  mencerminkan. Pengukuran kembali diakui dalam                           Remeasurement         recognized      in    other
                  penghasilan komprehensif lain tercermin segera                          comprehensive income is reflected immediately as
                  dalam saldo laba dan tidak akan direklasifikasi ke                      a separate item under other comprehensive
                  laba rugi.                                                              income in equity and will not be reclassified to
                                                                                          profit or loss.
                                                                        27




LAPORAN TAHUNAN 2023 | Annual Report                                   282                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 288
                                                                                     The original financial statements included herein are in the Indonesian
                                                                                                                                                   language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                    PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                               NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                           AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                                AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                      MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                              (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                             2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                                 (continued)

             q.   Imbalan Kerja Karyawan (lanjutan)                                     q.   Employee Benefits (continued)

                  Imbalan pascakerja (lanjutan)                                              Post-employment benefits (continued)

                  Biaya jasa lalu harus diakui sebagai beban pada                            Past service costs are recognized in profit or loss
                  saat yang lebih awal antara:                                               at the earlier between:
                  i)    ketika program amandemen atau kurtailmen                             i)    the date of the plan amendment or
                        terjadi; atau                                                              curtailment; or
                  ii)   ketika     Perusahaan      mengakui      biaya                       ii)   the date the entity recognizes related
                        restrukturisasi atau imbalan terminasi terkait.                            restructuring costs.

                  Bunga neto dihitung dengan menerapkan tingkat                              Net interest is calculated by applying the discount
                  diskonto yang digunakan terhadap liabilitas                                rate to the net defined benefit liability. The
                  imbalan kerja karyawan. Perusahaan mengakui                                Company recognized the following changes under
                  perubahan berikut pada akun “Beban Umum dan                                “General and Administrative Expenses” account in
                  Administrasi” pada laporan laba rugi dan                                   the statement of profit or loss and other
                  penghasilan komprehensif lain:                                             comprehensive income:

                  i)    biaya jasa terdiri atas biaya jasa kini, biaya                       i)    service costs comprising current service
                        jasa lalu, keuntungan atau kerugian atas                                   costs, past-service costs, gains and losses
                        penyelesaian (curtailment) tidak rutin, dan                                on curtailment and non-routine settlements,
                                                                                                   and
                  ii)   beban atau penghasilan bunga neto.                                   ii)   net interest expense or income.

             r.   Laba per Saham                                                        r.   Earnings per Share

                  Perusahaan menerapkan PSAK No. 56, “Laba                                   The Company adopted PSAK No. 56, “Earning
                  Per Saham”.                                                                Per Share”.

                  Laba per saham dihitung dengan membagi laba                                Earnings per share is calculated by dividing
                  periode berjalan dengan jumlah rata-rata                                   income for the current year by the weighted
                  tertimbang saham yang beredar selama periode                               average number of shares outstanding in the
                  yang bersangkutan                                                          respective period

                  Jumlah rata-rata tertimbang saham untuk                                    The weighted average number of shares for the
                  periode tiga bulan yang berakhir pada tanggal                              three months period ended March 31, 2024 and
                  31 Maret 2024 dan 2023, masing-masing                                      2023 are 9,412,000,000 shares, respectively
                  sejumlah 9.412.000.000 saham (Catatan 29).                                 (Note 29).

             s.   Informasi Segmen                                                     s.    Segment Information

                  Segmen adalah bagian khusus dari Perusahaan                                A segment is a distinguishable component of the
                  yang terlibat baik dalam menyediakan produk                                Company that is engaged either in providing
                  (segmen usaha), maupun dalam menyediakan                                   certain products (business segment), or in
                  produk dalam lingkungan ekonomi tertentu                                   providing products within a particular economic
                  (segmen geografis), yang memiliki risiko dan                               environment (geographical segment), which is
                  imbalan yang berbeda dari segmen lainnya.                                  subject to risks and rewards that are different
                                                                                             from those in other segments.

                  Pendapatan, beban, hasil, aset dan liabilitas                              Segment revenue, expenses, results, assets and
                  segmen      termasuk   hal-hal yang    dapat                               liabilities include items directly attributable to a
                  diatribusikan secara langsung kepada suatu                                 segment as well as those that can be allocated on
                  segmen serta hal-hal yang dapat dialokasikan                               a reasonable basis to that segment.
                  dengan dasar yang memadai untuk segmen
                  tersebut.




                                                                           28




LAPORAN TAHUNAN 2023 | Annual Report                                      283                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 289
                                                                                  The original financial statements included herein are in the Indonesian
                                                                                                                                                language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                 PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                            NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                        AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                             AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                   MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                           (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                          2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                              (continued)

             t.   Biaya Emisi Saham                                                 t.    Stock Issuance Costs

                  Biaya yang terjadi sehubungan dengan                                    Costs incurred in connection with the Company's
                  penerbitan modal saham Perusahaan kepada                                issuance of share capital to public were offset
                  publik dikurangkan langsung dengan hasil dan                            directly with the proceeds and presented as a
                  emisi disajikan sebagai pengurang akun                                  deduction for the Additional Paid-in Capital
                  Tambahan Modal Disetor dalam laporan posisi                             account in the statements of financial position.
                  keuangan.

             u.   Biaya Pinjaman                                                    u.    Borrowing Costs

                  Biaya pinjaman yang dapat diatribusikan secara                          Borrowing costs directly attributable to the
                  langsung dengan perolehan, konstruksi atau                              acquisition, construction or production of
                  pembuatan aset kualifikasian, merupakan aset                            qualifying assets, which are assets necessarily
                  yang membutuhkan waktu yang cukup lama agar                             take a substantial period of time to get ready for
                  siap untuk digunakan atau dijual, ditambahkan                           their intended use or sale, are added to the cost
                  pada biaya perolehan aset tersebut, sampai                              of those assets, until such time as the assets are
                  dengan saat selesainya aset secara substansial                          substantially ready for their intended use or sale.
                  siap untuk digunakan atau dijual.

                  Biaya pinjaman yang tidak dapat diatribusikan                           Borrowing costs that are not directly attributable
                  secara langsung pada suatu aset kualifikasian,                          to a qualifying asset are recognized as an
                  diakui sebagai beban pada periode terjadinya.                           expense in the period in which they are incurred.

                  Penghasilan investasi diperoleh atas investasi                          Investment income earned on the temporary
                  sementara dari pinjaman yang secara spesifik                            investment of specific borrowings pending their
                  belum digunakan untuk pengeluaran aset                                  expenditure on qualifying assets is deducted from
                  kualifikasian dikurangi dari biaya pinjaman yang                        the borrowing costs eligible for capitalization.
                  dikapitalisasi.

                  Semua biaya pinjaman lainnya diakui dalam laba                          All other borrowing costs are recognized in profit
                  rugi pada periode terjadinya.                                           or loss in the period in which they are incurred.

                  Kapitalisasi biaya pinjaman dimulai pada saat                           Capitalization of borrowing costs begins when the
                  aktivitas yang diperlukan untuk mempersiapkan                           required activities to prepare the asset for use in
                  aset agar dapat digunakan sesuai dengan                                 accordance with the intention and expenditures
                  maksudnya dan pengeluaran untuk aset tersebut                           for the asset and borrowing cost have occurred.
                  dan biaya pinjamannya telah terjadi. Kapitalisasi                       Capitalization of borrowing cost ceases when all
                  biaya pinjaman dihentikan pada saat selesainya                          activities necessary to prepare the qualifying
                  secara substansial yang diperlukan untuk                                asset for its intended use are substantially
                  mempersiapkan aset kualifikasian agar dapat                             completed.
                  digunakan sesuai dengan maksudnya.

             v.   Provisi                                                            v.   Provision

                  Provisi diakui jika Perusahaan mempunyai                                Provisions are recognized when the Company
                  liabilitas kini (hukum maupun konstruktif) sebagai                      has a legal or constructive obligation where, as a
                  akibat peristiwa masa lalu, besar kemungkinan                           result of past event, it is probable that an outflow
                  penyelesaian liabilitas tersebut mengakibatkan                          of resources embodying economic benefits will be
                  arus keluar sumber daya yang mengandung                                 required to settle the obligation and a reliable
                  manfaat ekonomi dan jumlah liabilitas tersebut                          estimate can be made of the amount of the
                  dapat diestimasi secara andal.                                          obligation.




                                                                        29




LAPORAN TAHUNAN 2023 | Annual Report                                   284                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 290
                                                                                   The original financial statements included herein are in the Indonesian
                                                                                                                                                 language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                  PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                             NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                         AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                              AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                    MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                            (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                           2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                               (continued)

             v. Provisi (lanjutan)                                                    v. Provision (continued)

                 Provisi ditelaah pada setiap tanggal pelaporan                            Provisions are reviewed at each reporting date
                 dan disesuaikan untuk mencerminkan estimasi                               and adjusted to reflect the current best estimates.
                 terbaik yang paling kini. Jika arus keluar sumber                         If it is no longer probable that an outflow of
                 daya       untuk     menyelesaikan        liabilitas                      resources embodying economic benefits will be
                 kemungkinan besar tidak terjadi, maka provisi                             required to settle the obligation, the provision is
                 dibatalkan. Jika dampak nilai waktu dari uang                             reversed. If the effect of the time value of money
                 cukup material, maka jumlah provisi adalah nilai                          is material, provisions are discounted using a
                 kini dari perkiraan pengeluaran yang diperlukan                           current pre tax rate that reflects, where
                 untuk menyelesaikan liabilitas. Ketika provisi                            appropriate, the risk specific to the liability. Where
                 didiskontokan, peningkatan jumlah provisi                                 discounting is used, the increase in the provision
                 dikarenakan berlalunya waktu diakui sebagai                               due to the passage of time is recognized as a
                 beban keuangan.                                                           financing cost.

             w. Pengukuran Nilai Wajar                                                w. Fair Value Measurement

                 Perusahaan mengukur pada pengakuan awal                                   The Company initially                  measure          financial
                 instrumen keuangan.                                                       instruments at fair value.

                 Nilai wajar adalah harga yang akan diterima dari                          Fair value is the price that would be received to
                 menjual suatu aset atau harga yang akan                                   sell an asset or paid to transfer a liability in an
                 dibayar untuk mengalihkan suatu liabilitas dalam                          orderly transaction between market participants at
                 transaksi teratur antara pelaku pasar pada                                the measurement date. The fair value
                 tanggal pengukuran. Pengukuran nilai wajar                                measurement is based on the preasumption that
                 mengasumsikan bahwa transaksi untuk menjual                               the transaction to sell the asset or transfer the
                 aset atau mengalihkan liabilitas terjadi:                                 liability takes place either:

                i)  Di pasar utama untuk aset atau liabilitas                              i)  In the principal market for the asset or
                    tersebut, atau                                                             liability, or
                ii) Jika tidak terdapat pasar utama, di pasar                              ii) In the absence of a principal market, in the
                    yang paling menguntungkan untuk aset atau                                  most advantageous market for the asset or
                    liabilitas tersebut.                                                       liability.

                 Pasar utama atau pasar yang paling                                        The principal or the most advantageous market
                 menguntungkan tersebut harus dapat diakses                                must be accessible by the Company.
                 oleh Perusahaan.

                 Nilai wajar dari aset atau liabilitas diukur dengan                       The fair value of an asset or a liability is
                 menggunakan asumsi yang akan digunakan                                    measured using the assumptions that market
                 pelaku pasar ketika menentukan harga aset atau                            participants would use when pricing the asset or
                 liabilitas tersebut, dengan asumsi bahwa pelaku                           liability, assuming that market participants act in
                 pasar bertindak dalam kepentingan ekonomi                                 their best economic interest.
                 terbaiknya.

                 Pengukuran nilai wajar dari suatu aset non-                               A fair value measurement of a non-financial asset
                 keuangan memperhitungkan kemampuan pelaku                                 takes into account a market participant’s ability to
                 pasar untuk menghasilkan manfaat ekonomik                                 generate economic benefits by using the assets
                 dengan menggunakan aset dalam penggunaan                                  in its highest and best use or by selling it to
                 tertinggi dan terbaiknya atau dengan menjualnya                           another market participant that would use the
                 kepada pelaku pasar lain yang akan                                        asset in its highest and best use.
                 menggunakan aset tersebut pada penggunaan
                 tertinggi dan terbaiknya.

                 Perusahaan mengunakan teknik penilaian yang                               The Company uses valuation techniques that are
                 sesuai dengan keadaan dan data yang memadai                               appropriate in the circumstances and for which
                 tersedia untuk mengukur nilai wajar, dengan                               sufficient data are available to measure fair value,
                 memaksimalkan masukan (input) yang dapat                                  maximizing the use of relevant observable inputs
                 diamati    (observable) yang   relevan    dan                             and minimizing the use of unobservable inputs.
                 meminimalkan masukan (input) yang tidak dapat
                 diamati (unobservable).
                                                                         30




LAPORAN TAHUNAN 2023 | Annual Report                                    285                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 291
                                                                               The original financial statements included herein are in the Indonesian
                                                                                                                                             language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                              PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                         NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                     AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                          AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                        (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        2.   INFORMASI KEBIJAKAN AKUNTANSI MATERIAL                       2.      MATERIAL ACCOUNTING POLICY INFORMATION
             (lanjutan)                                                           (continued)

             w. Pengukuran Nilai Wajar (lanjutan)                                 w. Fair Value Measurement (continued)

                 Semua aset dan liabilitas yang nilai wajarnya                         All assets and liabilities for which fair value is
                 diukur atau diungkapkan dalam laporan                                 measured or disclosed in the financial statements
                 keuangan dikategorikan dalam hirarki nilai wajar                      are categorized within the fair value hierarchy,
                 berdasarkan level masukan (input) paling rendah                       described as follows, based on the lowest level
                 yang signifikan terhadap pengukuran nilai wajar                       input that is significant to the fair value
                 secara keseluruhan sebagai berikut:                                   measurement as a whole:

                 i)   Level 1 - Harga kuotasian (tanpa                                 i)   Level 1 - Quoted (unadjusted) market prices
                      penyesuaian) di pasar aktif untuk aset atau                           in active markets for identical assets or
                      liabilitas yang identik yang dapat diakses                            liabilities.
                      entitas pada tanggal pengukuran.

                 ii) Level   2    -    Teknik    penilaian  yang                       ii) Level 2 - Valuation techniques for which the
                     menggunakan tingkat masukan (input) yang                              lowest level input that is significant to the fair
                     paling rendah yang signifikan terhadap                                value measurement is directly or indirectly
                     pengukuran nilai wajar yang dapat diamati                             observable.
                     (observable) baik secara langsung atau tidak
                     langsung.

                 iii) Level    3    -   Teknik   penilaian   yang                      iii) Level 3 - Valuation techniques for which the
                      menggunakan tingkat masukan (input) yang                              lowest level input that is significant to the fair
                      paling rendah yang signifikan terhadap                                value measurement is directly or indirectly
                      pengukuran nilai wajar yang tidak dapat                               unobservable.
                      diamati (unobservable) baik secara langsung
                      atau tidak langsung.

                 Untuk aset dan liabilitas yang diakui pada                            For assets and liabilities that are recognized in
                 laporan keuangan secara berulang, Perusahaan                          the financial statements on recurring basis, the
                 menentukan apakah terdapat perpindahan                                Company determine whether transfers have
                 antara level dalam hirarki dengan melakukan                           occurred between levels in the hierarchy by re-
                 evaluasi ulang atas penetapan kategori                                assessing categorization (based on the lowest
                 (berdasarkan level masukan (input) paling                             level input that is significant to the fair value
                 rendah yang signifikan terhadap pengukuran                            measurement as a whole) at the end of each
                 nilai wajar secara keseluruhan) pada tiap akhir                       reporting period.
                 periode pelaporan.


        3.   PERTIMBANGAN KRITIS AKUNTANSI DAN SUMBER                     3.      CRITICAL ACCOUNTING JUDGMENTS AND KEY
             UTAMA KETIDAKPASTIAN ESTIMASI                                        SOURCES OF ESTIMATION UNCERTAINTY

             Penyusunan laporan keuangan sesuai dengan                            The preparation of the financial statements, in
             Standar     Akuntansi   Keuangan    di  Indonesia                    conformity with Indonesian Financial Accounting
             mewajibkan       manajemen     untuk     membuat                     Standards, requires management to make judgments,
             pertimbangan,     estimasi  dan    asumsi    yang                    estimations and assumptions that affect amounts
             mempengaruhi jumlah-jumlah yang dilaporkan dalam                     reported therein. However, uncertainty about these
             laporan keuangan. Ketidakpastian mengenai asumsi                     assumptions and estimates could result in outcomes
             dan estimasi tersebut dapat mengakibatkan                            that require a material adjustment to the carrying
             penyesuaian material terhadap nilai tercatat pada                    amount of the asset or liability affected in future
             aset dan liabilitas dalam periode pelaporan                          periods.
             berikutnya.
             Pertimbangan                                                         Judgments

             Pertimbangan berikut ini dibuat oleh manajemen                       The following judgments are made by management in
             dalam rangka penerapan kebijakan akuntansi                           the process of applying the Company’s accounting
             Perusahaan yang memiliki pengaruh paling                             policies that have the most significant effects on the
             signifikan atas jumlah yang diakui dalam laporan                     amounts recognized in the financial statements:
             keuangan:

                                                                     31




LAPORAN TAHUNAN 2023 | Annual Report                                286                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 292
                                                                                The original financial statements included herein are in the Indonesian
                                                                                                                                              language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                               PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                          NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                      AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                           AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                 MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                         (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        3.   PERTIMBANGAN KRITIS AKUNTANSI DAN SUMBER                      3.      CRITICAL ACCOUNTING JUDGMENTS AND KEY
             UTAMA KETIDAKPASTIAN ESTIMASI (lanjutan)                              SOURCES OF ESTIMATION UNCERTAINTY
                                                                                   (continued)

             Pertimbangan (lanjutan)                                               Judgments (continued)
         [




             Penentuan Mata Uang Fungsional                                        Determination of Functional Currency

             Mata uang fungsional dari entitas dalam Perusahaan                    The currency of Company is the currency of the
             adalah mata uang dari lingkungan ekonomi primer                       primary economic environment in which Company
             dimana entitas beroperasi. Mata uang tersebut                         operates. It is the currency that mainly influences the
             adalah mata uang yang mempengaruhi pendapatan                         revenue and cost from operations.
             dan beban dari kegiatan operasi.

             Pajak Penghasilan                                                      Income Taxes

             Pertimbangan        signifikan   dilakukan    dalam                    Significant judgment is involved in determining the
             menentukan penyisihan atas pajak penghasilan                           provision for income taxes. There are certain
             badan. Terdapat transaksi dan perhitungan pajak                        transactions and computations for which the ultimate
             tertentu yang penentuan akhirnya adalah tidak pasti                    tax determination is uncertain during the ordinary
             dalam kegiatan usaha normal. Perusahaan mengakui                       course of business. The Company recognizes
             liabilitas atas pajak penghasilan badan berdasarkan                    liabilities for expected tax issues based on estimates
             estimasi apakah akan terdapat tambahan pajak                           of whether additional taxes will be due.
             penghasilan badan.

             Menentukan Masa Sewa Kontrak dengan Opsi                               Determining the Lease Term of Contracts with
             Pembaruan dan Penghentian - Perusahaan sebagai                         Renewal and Termination Options - the Company as
             Lessee                                                                 Lessee

             Perusahaan menentukan bahwa masa sewa sebagai                          The Company determines the lease term as the non-
             masa sewa yang tidak dapat dibatalkan, bersamaan                       cancellable term of the lease, together with any
             dengan periode yang tercakup dalam opsi                                periods covered by an option to extend the lease if it
             perpanjangan sewa, jika dieksekusi secara wajar dan                    is reasonably certain to be exercised, or any periods
             pasti, atau periode yang tercakup dalam opsi                           covered by an option to terminate the lease, if it is
             penghentian sewa, jika tidak dieksekusi secara wajar                   reasonably certain not to be exercised.
             dan pasti.

             Perusahaan menerapkan pertimbangan dalam                               The Company applies judgment in evaluating
             mengevaluasi apakah wajar dan pasti untuk                              whether it is reasonably certain whether or not to
             mengeksekusi     opsi   untuk    pembaruan      atau                   exercise the option to renew or terminate the lease.
             penghentian sewa atau tidak. Untuk kontrak sewa                        For lease contracts with extension or termination
             dengan opsi perpanjangan dan penghentian,                              options, management need to estimate the lease
             manajemen perlu mengestimasi masa sewa yang                            term which requires consideration of all facts and
             memerlukan pertimbangan semua fakta dan keadaan                        circumstances that creates an economic incentive to
             yang    menimbulkan     insentif   ekonomi     untuk                   exercise an extension option or not to exercise
             mengeksekusi opsi perpanjangan dan tidak                               termination options, including any expected changes
             mengeksekusi opsi penghentian, termasuk setiap                         in facts and circumstances from commencement
             perubahan yang diharapkan dalam fakta dan                              date until the exercise date of the options. Extension
             keadaan dari tanggal permulaan hingga tanggal                          options (or periods after termination options) are only
             pengekesekusian opsi tersebut. Opsi perpanjangan                       included in lease terms if the Company is reasonably
             (atau periode setelah opsi penghentian) hanya                          certain to exercise the extension options or not to
             dimasukkan     dalam     persyaratan     sewa    jika                  exercise the termination options. If a significant
             Perusahaan cukup yakin untuk mengeksekusi opsi                         event or a significant change in circumstances
             perpanjangan dan tidak mengeksekusi opsi                               occurs which affects this assessment and that is
             penghentian. Jika terdapat peristiwa signifikan atau                   within the control of the lessee, the above
             perubahan    keadaan      yang    signifikan    yang                   assessment will be reviewed.
             mempengaruhi penilaian ini dan masih dalam kendali
             penyewa, maka penilaian diatas akan ditelaah
             kembali.




                                                                      32




LAPORAN TAHUNAN 2023 | Annual Report                                 287                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 293
                                                                                The original financial statements included herein are in the Indonesian
                                                                                                                                              language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                               PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                          NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                      AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                           AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                 MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                         (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        3.   PERTIMBANGAN KRITIS AKUNTANSI DAN SUMBER                      3.       CRITICAL ACCOUNTING JUDGMENTS AND KEY
             UTAMA KETIDAKPASTIAN ESTIMASI (lanjutan)                               SOURCES OF ESTIMATION UNCERTAINTY
                                                                                    (continued)
             Estimasi dan Asumsi                                                    Estimates and Assumptions
             Asumsi utama masa depan dan ketidakpastian                             The key assumptions concerning the future and other
             sumber estimasi utama yang lain pada tanggal                           key sources of estimation uncertainty at the reporting
             pelaporan, yang memiliki risiko signifikan bagi                        date, that have a significant risk of causing a material
             penyesuaian yang material terhadap nilai tercatat                      adjustment to the carrying amounts of assets and
             aset dan liabilitas untuk tahun berikutnya                             liabilities within the next financial year are described
             diungkapkan di bawah ini. Perusahaan mendasarkan                       below. The Company based their assumptions and
             asumsi dan estimasi pada parameter yang tersedia                       estimates on parameters available when the financial
             pada saat laporan keuangan disusun. Asumsi dan                         statements were prepared. Existing circumstances
             situasi mengenai perkembangan masa depan                               and assumptions about future developments however
             mungkin berubah akibat perubahan pasar atau                            may change due to market changes or circumstances
             situasi di luar kendali Perusahaan. Perubahan                          arising beyond the control of the Company. Such
             tersebut dicerminkan dalam asumsi terkait pada saat                    changes are reflected in the assumptions when they
             terjadinya.                                                            occur.

             Cadangan atas Penurunan Nilai Piutang Usaha                            Allowance for Impairment of Account Receivables

             Perusahaan menggunakan matriks provisi untuk                           The Company uses a provision matrix to calculate
             menghitung ECL atas piutang usaha. Tarif provisi                       ECLs for account receivables. The provision rates
             didasarkan pada hari yang lewat jatuh tempo untuk                      are based on days past due for groupings of various
             mengelompokan pelanggan ke segmen yang                                 customer segments that have similar loss patterns.
             memiliki pola kerugian serupa. Matriks provisi                         The provision matrix is initially based on the
             awalnya berdasarkan tarif default yang diamati                         Company’s historical observed default rates. The
             Perusahaan secara historis. Perusahaan akan                            Company will calibrate the matrix to adjust the
             mengkalibrasi matriks tersebut untuk menyesuaikan                      historical credit loss experience with forward-looking
             pengalaman kerugian kredit historis dengan                             information. For instance, if forecast economic
             informasi kedepan. Misalnya, jika prakiraan kondisi                    conditions are expected to deteriorate over the next
             ekonomi diperkirakan memburuk selama tahun                             year which can lead to an increased number of
             depan yang dapat menyebabkan peningkatan jumlah                        defaults in the Company’s industry sector, the
             default di sektor usaha Perusahaan, tingkat default                    historical default rates are adjusted. At every
             historis disesuaikan. Pada setiap tanggal pelaporan,                   reporting date, the historical observed default rates
             tarif default yang diamati secara historis diperbarui                  are updated and changes in the forward-looking
             dan perubahan dalam estimasi ke depan dianalisa                        estimates are analysed.
             kembali.
             Penilaian korelasi antara tingkat default yang dapat                   The assessment of the correlation between historical
             diamati secara historis, taksiran kondisi ekonomi dan                  observed default rates, forecast economic conditions
             ECL adalah estimasi yang signifikan. Jumlah ECL                        and ECLs is a significant estimate. The amount of
             sensitif terhadap perubahan keadaan dan taksiran                       ECLs is sensitive to changes in circumstances and of
             kondisi ekonomi. Pengalaman kerugian kredit historis                   forecast economic conditions. The Company’s
             Perusahaan dan perkiraan kondisi ekonomi mungkin                       historical credit loss experience and forecast of
             juga tidak mewakili aktual default pelanggan yang                      economicconditions may also not be representative
             sebenarnya di masa depan. Informasi mengenai ECL                       of customer’s actual default in the future. The
             pada piutang usaha Perusahaan diungkapkan dalam                        information about the ECL’s on the Company’s
             Catatan 5.                                                             account receivables is disclosed in Note 5.
             Estimasi Masa Manfaat Aset Tetap                                       Estimating Useful Lives of Fixed Assets
             Biaya perolehan aset tetap disusutkan dengan                           The costs of all the fixed asstes are depreciated on a
             menggunakan metode garis lurus berdasarkan                             straight-line method based on their estimated useful
             taksiran masa manfaat ekonomisnya. Manajemen                           lives. Management properly estimates the useful
             mengestimasi masa manfaat ekonomis aset tetap                          lives of fixed assets ranging from 4 to 20 years.
             antara 4 sampai dengan 20 tahun. Ini adalah umur                       These are common life expectations applied in the
             secara umum diharapkan dalam industri dimana                           industries where the Company conducts its
             Perusahaan menjalankan bisnisnya. Perubahan                            businesses. Changes in the expected level of usage
             tingkat pemakaian dan perkembangan teknologi                           and technological development could impact the
             dapat mempengaruhi masa manfaat ekonomis dan                           economic useful lives and the residual value of these
             nilai sisa aset, dan karenanya biaya penyusutan masa                   assets, and therefore future depreciation charges
             depan mungkin direvisi. Penjelasan lebih lanjut                        could be revised. Further details are disclosed in
             diungkapkan dalam Catatan 9.                                           Note 9.
                                                                      33




LAPORAN TAHUNAN 2023 | Annual Report                                 288                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 294
                                                                                  The original financial statements included herein are in the Indonesian
                                                                                                                                                language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                 PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                            NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                        AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                             AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                   MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                           (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        3.   PERTIMBANGAN KRITIS AKUNTANSI DAN SUMBER                        3.       CRITICAL ACCOUNTING JUDGMENTS AND KEY
             UTAMA KETIDAKPASTIAN ESTIMASI (lanjutan)                                 SOURCES OF ESTIMATION UNCERTAINTY
                                                                                      (continued)

             Estimasi dan Asumsi (lanjutan)                                           Estimates and Assumptions (continued)

             Penurunan Nilai Aset Keuangan                                            Impairment of Non-financial Assets

             Penurunan nilai muncul saat nilai tercatat aset atau                     An impairment exists when the carrying value of an
             unit penghasil kas melebihi nilai terpulihkannya, yang                   asset or cash-generating unit exceeds its
             lebih besar antara nilai wajar dikurangi biaya untuk                     recoverable amount, which is the higher of its fair
             menjual dan nilai pakainya. Nilai wajar dikurangi biaya                  value less costs to sell and its value in use. The fair
             untuk menjual didasarkan pada ketersediaan data                          value less costs to sell calculation is based on
             dari perjanjian penjualan yang mengikat yang dibuat                      available data from binding sales transactions in an
             dalam transaksi normal atas aset serupa atau harga                       arm’s length transaction of similar assets or
             pasar yang dapat diamati dikurangi dengan biaya                          observable market prices less incremental costs for
             tambahan yang dapat            diatribusikan dengan                      disposing of the asset. The value in use calculation is
             pelepasan aset. Perhitungan nilai pakai didasarkan                       based on a discounted cash flow model. The cash
             pada model arus kas yang didiskontokan. Data arus                        flows are derived from the budget for the next five
             kas diambil dari anggaran untuk lima tahun yang akan                     years and do not include restructuring activities that
             datang dan tidak termasuk aktivitas restrukturisasi                      the Company is not yet committed to or significant
             yang belum dilakukan oleh Perusahaan atau investasi                      future investments that will enhance the asset’s
             signifikan dimasa datang yang akan memutakhirkan                         performance of the cash-generating unit being
             kinerja aset dari unit penghasil kas yang diuji. Nilai                   tested. The recoverable amount is most sensitive to
             terpulihkan paling dipengaruhi oleh tingkat diskonto                     the discount rate used for the discounted cash flow
             yang digunakan dalam model arus kas yang                                 model as well as the expected future cash inflows
             didiskontokan, sebagaimana juga jumlah arus kas                          and the growth rate used for extrapolation purposes.
             masuk di masa datang yang diharapkan dan tingkat
             pertumbuhan      yang    digunakan      untuk    tujuan
             ekstrapolasi.

             Manajemen berkeyakinan bahwa tidak terdapat                              Management believes that there is no indication of
             indikasi atas penurunan nilai aset nonkeuangan                           potential impairment in values of non-financial assets
             pada tanggal 31 Maret 2024 dan 31 Desember 2023.                         as of March 31, 2024 and December 31, 2023.

             Imbalan Kerja Karyawan                                                  Employee Benefits

             Penentuan liabilitas imbalan kerja karyawan                             The determination of the Company employee benefits
             Perusahaan bergantung pada pemilihan asumsi yang                        liabilities is dependent on its selection of certain
             digunakan oleh aktuaris independen dalam                                assumptions used by the independent actuaries in
             menghitung jumlah-jumlah tersebut. Asumsi tersebut                      calculating such amounts. Those assumptions
             termasuk antara lain, tingkat diskonto, tingkat                         include, among others, discount rates, annual salary
             kenaikan gaji tahunan, tingkat pengunduran diri                         increase rate, disability rate, retirement age and
             karyawan tahunan, tingkat kecacatan, umur pensiun                       mortality rate. Actual results that differ from the
             dan tingkat kematian. Hasil aktual yang berbeda dari                    assumptions made by management are immediately
             asumsi yang ditetapkan manajemen langsung diakui                        recognized in the statements of profit or loss and
             dalam laporan laba rugi dan penghasilan                                 other comprehensive income as incurred. While the
             komprehensif lain pada saat terjadinya. Sementara                       Company believe that the assumptions are
             Perusahaan berkeyakinan bahwa asumsi tersebut                           reasonable and appropriate, significant differences in
             adalah wajar dan sesuai, perbedaaan signifikan pada                     actual results or significant changes in assumptions
             hasil aktual atau perubahan signifikan dalam asumsi                     determined by the Company may materially affect the
             yang ditetapkan Perusahaan dapat mempengaruhi                           employee benefits liabilities and net employee’
             secara material liabilitas atas imbalan kerja karyawan                  benefits costs. Further explanation is disclosed in
             dan beban imbalan kerja karyawan bersih.                                Note 17.
             Penjelasan lebih lanjut diungkapkan dalam Catatan
             17.




                                                                        34




LAPORAN TAHUNAN 2023 | Annual Report                                   289                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 295
                                                                               The original financial statements included herein are in the Indonesian
                                                                                                                                             language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                              PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                         NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                     AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                          AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                        (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        3.   PERTIMBANGAN KRITIS AKUNTANSI DAN SUMBER                     3.       CRITICAL ACCOUNTING JUDGMENTS AND KEY
             UTAMA KETIDAKPASTIAN ESTIMASI (lanjutan)                              SOURCES OF ESTIMATION UNCERTAINTY
                                                                                   (continued)

             Estimasi dan Asumsi (lanjutan)                                        Estimates and Assumptions (continued)

             Penyisihan Penurunan Nilai Persediaan                                 Allowance for Declining in Value of Inventories

             Penyisihan penurunan nilai persediaan diestimasi                     Allowance for declining in value of inventories is
             berdasarkan fakta dan situasi yang tersedia,                         estimated     based     on     available  facts    and
             termasuk namun tidak terbatas kepada, kondisi fisik                  circumstances, including but not limited to, the
             persediaan yang dimiliki, harga jual pasar, estimasi                 physical condition of the inventories held, the selling
             biaya penyelesaian dan estimasi biaya yang timbul                    price of the market, the estimated cost of completion
             untuk penjualan. Provisi dievaluasi kembali dan                      and the estimated cost incurred for the sale. The
             disesuaikan jika terdapat tambahan informasi yang                    provision is re-evaluated and adjusted if additional
             mempengaruhi jumlah yang diestimasi. Penjelasan                      information exists that affects the estimated amount.
             lebih rinci diungkapkan dalam Catatan 6.                             Further details are disclosed in Note 6.

             Estimasi IBR untuk Sewa                                              Estimating the IBR for Leases

             Perusahaan tidak dapat langsung menentukan tingkat                   The Company cannot readily determine the interest
             bunga implisit dalam sewa, oleh karena itu,                          rate implicit in the lease, therefore, it uses its
             Perusahaan menggunakan suku bunga pinjaman                           incremental borrowing rate (IBR) to measure lease
             inkremental (“IBR”) untuk mengukur kewajiban sewa.                   liabilities. The IBR is the rate of interest that the
             IBR adalah tingkat bunga yang harus dibayar                          Company would have to pay to borrow over a similar
             Perusahaan untuk meminjam dalam jangka waktu                         term, and with a similar security, the funds necessary
             yang sama, dan dengan jaminan serupa, dana yang                      to obtain an asset of a similar value to the right-of-use
             diperlukan untuk memperoleh aset dengan nilai yang                   asset in a similar economic environment. IBR
             sama dengan aset hak guna dalam lingkungan                           therefore reflects what the Company ‘would have to
             ekonomi yang sama. Oleh karena itu, IBR                              pay’, which requires estimation when no observable
             mencerminkan apa yang 'harus dibayar' oleh                           rates are available or when they need to be adjusted
             Perusahaan, yang memerlukan perkiraan ketika tidak                   to reflect the terms and conditions of the lease. The
             ada tarif yang tersedia sebagai acuan atau ketika                    Company estimates the IBR using observable inputs
             perlu disesuaikan untuk mencerminkan syarat dan                      (such as market interest rates).
             ketentuan sewa. Perusahaan memperkirakan IBR
             menggunakan input yang dapat diamati (seperti suku
             bunga pasar).




                                                                     35




LAPORAN TAHUNAN 2023 | Annual Report                                290                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 296
                                                                               The original financial statements included herein are in the Indonesian
                                                                                                                                             language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                              PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                         NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                     AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                          AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                        (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        4.   KAS DAN BANK                                                 4.       CASH ON HAND AND IN BANKS

             Rincian kas dan bank berdasarkan mata uang adalah                     Details of cash on hand and in banks based on
             sebagai berikut:                                                      denominated in currency are as follows:

                                                      31 Maret 2024/           31 Desember 2023/
                                                      March 31, 2024           December 31, 2023
             Kas                                                                                                            Cash on Hand
             Rupiah                                        80.000.000                 80.000.000                                    Rupiah
             Bank                                                                                                           Cash in Banks
             Rupiah                                                                                                                 Rupiah
             PT Bank CIMB Niaga Tbk                       180.556.611                              -              PT Bank CIMB Niaga Tbk
             PT Bank Rakyat Indonesia                                                                            PT Bank Rakyat Indonesia
               (Persero) Tbk                              116.804.502                213.453.061                            (Persero) Tbk
             PT Bank Mandiri (Persero) Tbk                 65.092.190                231.077.683             PT Bank Mandiri (Persero) Tbk
             Dolar Amerika Serikat                                                                                     United States Dollar
             PT Bank Danamon Indonesia Tbk                                                                 PT Bank Danamon Indonesia Tbk
               (US$ 399.327 pada tanggal                                                                (US$ 399,327 as of March 31, 2024
               31 Maret 2024 dan US$ 44.061                                                                         and US$ 44,061 as of
               pada tanggal 31 Desember 2023)           6.330.534.495                679.237.976                      December 31, 2023)
             PT Bank Mandiri (Persero) Tbk                                                                   PT Bank Mandiri (Persero) Tbk
               (US$ 9.664 pada tanggal                                                                    (US$ 9,664 as of March 31, 2024
               31 Maret 2024 dan US$ 9.779                                                                           and US$ 9,779 as of
               pada tanggal 31 Desember 2023)             153.201.331                150.751.060                      December 31, 2023)
             PT Bank CIMB Niaga Tbk                                                                               PT Bank CIMB Niaga Tbk
               (US$ 7.548 pada tanggal                                                                    (US$ 7,548 as of March 31, 2024
               31 Maret 2024 dan US$ 7.563                                                                            and US$ 7,563 as of
               pada tanggal 31 Desember 2023)            119.652.103                 116.584.579                      December 31, 2023)
             Jumlah                                     7.045.841.232             1.471.104.359                                                     Total

             Pada tanggal 31 Maret 2024 dan 31 Desember 2023,                     As of March 31, 2024 and December 31, 2023, none
             tidak terdapat kas dan bank Perusahaan yang                          of the Company’s cash on hand and in banks are
             dibatasi penggunaannya atau ditempatkan pada                         restricted for use or placed at related parties.
             pihak-pihak berelasi.


        5.   PIUTANG USAHA                                                5.      ACCOUNT RECEIVABLES

             Rincian piutang usaha sebagai berikut:                               Details of this account are as follows:

                                                      31 Maret 2024/           31 Desember 2023/
                                                      March 31, 2024           December 31, 2023
             Pihak Berelasi (Catatan 26)                                                                            Related Parties (Note 26)
               Ekspor - Dolar Amerika Serikat          18.636.083.085             4.705.681.277               Export - United States Dollar
               Lokal - Rupiah                          18.599.624.451            19.393.508.925                             Local - Rupiah
             Sub-jumlah                                37.235.707.536            24.099.190.202                                      Sub-total
             Dikurangi penyisihan atas                                                                          Less allowance for impairment
               kerugian penurunan nilai                  (160.617.410 )             (108.337.349)                                   losses
             Pihak berelasi - bersih                   37.075.090.126            23.990.852.853                               Related parties - net




                                                                   36




LAPORAN TAHUNAN 2023 | Annual Report                             291                                           P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 297
                                                                               The original financial statements included herein are in the Indonesian
                                                                                                                                             language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                              PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                         NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                     AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                          AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                        (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        5.   PIUTANG USAHA (lanjutan)                                     5.      ACCOUNT RECEIVABLES (continued)

                                                     31 Maret 2024/            31 Desember 2023/
                                                     March 31, 2024            December 31, 2023

             Pihak Ketiga                                                                                                         Third Parties
               Ekspor - Dolar Amerika Serikat          57.202.660.340           116.414.333.912                Export - United States Dollar
               Lokal - Rupiah                           7.762.080.887             4.766.959.245                              Local - Rupiah

             Sub-jumlah                                64.964.741.227           121.181.293.157                                      Sub-total
             Dikurangi penyisihan atas                                                                          Less allowance for impairment
               kerugian penurunan nilai                  (649.004.071)              (911.796.200)                                   losses

             Pihak ketiga - bersih                     64.315.737.156           120.269.496.957                                    Third parties - net

             Piutang usaha - bersih                   101.390.827.282           144.260.349.810                      Account receivables - net


             Analisa umur piutang usaha adalah sebagai berikut:                   The aging analysis of account receivables are as
                                                                                  follows:

                                                     31 Maret 2024/            31 Desember 2023/
                                                     March 31, 2024            December 31, 2023
             Belum jatuh tempo                         82.548.931.692           143.813.752.598                                          Not yet due
             Lewat jatuh tempo:                                                                                                            Past due:
               1 - 30 hari                             19.157.634.150                972.847.840                                     1 - 30 days
               31 - 60 hari                                         -                          -                                    31 - 60 days
               61 - 90 hari                                         -                          -                                    61 - 90 days
               Lebih dari 90 hari                         493.882.921                493.882.921                                   Over 90 days
             Sub-jumlah                               102.200.448.763           145.280.483.359                                       Sub-total
             Dikurangi penyisihan atas                                                                          Less allowance for impairment
               kerugian penurunan nilai                  (809.621.481)            (1.020.133.549)                                    losses
             Piutang usaha - bersih                   101.390.827.282           144.260.349.810                     Account receivables - net


             Mutasi penyisihan kerugian penurunan nilai piutang                   The movements of allowance for impairment losses on
             usaha adalah sebagai berikut:                                        account receivables are as follows:

                                                     31 Maret 2024/            31 Desember 2023/
                                                     March 31, 2024            December 31, 2023
             Saldo awal tahun                           1.020.133.549                902.283.829                   Balance at beginning of year
             Perubahan selama periode berjalan           (210.512.068)               117.849.720                    Changes during the period
             Saldo akhir periode                          809.621.481              1.020.133.549                Balance at the end of period


             Manajemen     Perusahaan     berpendapat     bahwa                   The Company’s management believes that the
             penyisihan kerugian penurunan nilai piutang usaha                    allowance for impairment losses of account
             yang dibentuk adalah cukup untuk menutup                             receivables is adequate to cover possible losses from
             kemungkinan kerugian atas tidak tertagihnya piutang                  uncollectible account receivables.
             usaha.

             Penyisihan atas ECL untuk piutang usaha telah diukur                 Allowance for ECLs for account receivables has been
             sejumlah ECL sepanjang umur. ECL pada piutang                        measured at an amount equal to lifetime ECL. The
             usaha diestimasi berdasarkan matriks provisi dengan                  ECL on account receivables are estimated using a
             mengacu pada pengalaman gagal bayar debitur masa                     provision matrix by reference to past default
             lalu dan analisis posisi keuangan debitur saat ini,                  experience of the debtor and an analysis of the
             disesuaikan dengan faktor-faktor yang spesifik dari                  debtor’s current financial position, adjusted for factors
             debitur dan kondisi ekonomi umum industri di mana                    that are specific to the debtors and general economic
             debitur beroperasi.                                                  conditions of the industry in which the debtors operate.

                                                                     37




LAPORAN TAHUNAN 2023 | Annual Report                                292                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 298
                                                                              The original financial statements included herein are in the Indonesian
                                                                                                                                            language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                             PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                    AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                         AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                               MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                       (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        5.   PIUTANG USAHA (lanjutan)                                    5.      ACCOUNT RECEIVABLES (continued)

             Tidak ada perubahan dalam teknik estimasi atau                      There has been no change in the estimation
             asumsi signifikan yang dibuat selama periode                        techniques or significant assumptions made during the
             pelaporan berjalan.                                                 current reporting period.

             Pada tanggal 31 Maret 2024 dan 31 Desember 2023,                    As of March 31, 2024 and December 31, 2023, the
             piutang usaha tidak dijadikan sebagai jaminan atas                  above receivables are not used as collateral on bank
             fasilitas pinjaman bank.                                            loan facilities.


        6.   PERSEDIAAN                                                  6.      INVENTORIES
             Akun ini terdiri dari:                                              This account consist of:
                                                    31 Maret 2024/            31 Desember 2023/
                                                    March 31, 2024            December 31, 2023
             Bahan baku                              67.260.128.280             67.589.843.522                                 Raw materials
             Barang dalam proses                     13.279.236.603             13.465.874.281                               Work in process
             Barang jadi                                                                                                      Finished goods
               MDF Middle East (ME)                  47.017.526.857             45.715.077.396                     Middle East MDF (ME)
               MDF Jepang                            34.027.575.228             37.597.954.111                               Japan MDF
               MDF Reguler                           27.723.009.719             32.844.351.628                              Regular MDF
               Lain - lain                            7.145.280.101              7.195.694.940                                     Others
             Perlengkapan dan suku cadang           110.979.367.117             90.500.450.156                       Supplies and spareparts
             Jumlah                                 307.432.123.905            294.909.246.034                                                     Total

             Dikurangi penyisihan penurunan                                                                       Less allowance for decline
               nilai pasar dan keusangan                                                                           in market values and
               persediaan                             (1.954.985.578)            (1.954.985.578)             obsolescence of inventories
             Persediaan - bersih                    305.477.138.327            292.954.260.456                                  Inventories - net


             Mutasi penyisihan penurunan nilai persediaan adalah                 Movement of allowance for decline in value of
             sebagai berikut:                                                    inventories are as follows:
                                                    31 Maret 2024/            31 Desember 2023/
                                                    March 31, 2024            December 31, 2023
             Saldo awal tahun                          1.954.985.578              2.374.631.457                  Balance at beginning of year
             Perubahan selama periode berjalan                     -               (419.645.879)                  Changes during the period
             Saldo akhir periode                       1.954.985.578              1.954.985.578                Balance at the end of period


             Pada tanggal 31 Maret 2024 dan 31 Desember 2023,                    As of March 31, 2024 and December 31, 2023,
             manajemen berkeyakinan bahwa penyisihan atas                        management believes that the allowance for decline
             penurunan nilai persediaan tersebut cukup untuk                     in value of inventories is adequate to cover possible
             menutupi kemungkinan kerugian yang terjadi akibat                   losses that may arise from decline in value of
             penurunan nilai persediaan.                                         inventories.
             Pada tanggal 31 Maret 2024 dan 31 Desember 2023,                    As of March 31, 2024 and December 31, 2023,
             persediaan tersebut telah diasuransikan terhadap                    inventories are covered by insurance against losses
             risiko kerugian kebakaran dan risiko lainnya dengan                 by fire and other risks under blanket policies with total
             nilai pertanggungan secara keseluruhan sebesar Rp                   coverage approximately amounting to Rp 200 billion
             200 milyar pada PT Asuransi Multi Artha Guna (pihak                 from PT Asuransi Multi Artha Guna (third party), which
             ketiga). Manajemen berpendapat bahwa nilai                          management believes is adequate to cover possible
             pertanggungan tersebut cukup untuk menutupi                         losses that may arise from such risks.
             kemungkinan kerugian atas risiko tersebut.




                                                                    38




LAPORAN TAHUNAN 2023 | Annual Report                               293                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 299
                                                                                              The original financial statements included herein are in the Indonesian
                                                                                                                                                            language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                             PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                                        NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                                    AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                                         AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                               MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                                       (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        7.    BIAYA DIBAYAR DI MUKA DAN UANG MUKA                                        7.      PREPAYMENTS AND ADVANCES

              Uang muka dan biaya dibayar di muka terdiri dari:                                  Prepayments and advances consist of:
                                                              31 Maret 2024/                  31 Desember 2023/
                                                              March 31, 2024                  December 31, 2023
              Uang muka                                                                                                                             Advances
                Pembelian bahan baku                              6.012.562.390                 15.789.421.296                     Purchase of raw materials
                Pembelian suku cadang                             4.189.306.644                 11.818.213.999                       Purchase of spareparts
              Sub-jumlah                                        10.201.869.034                  27.607.635.295                                                 Sub-total
              Biaya dibayar di muka                                                                                                                     Prepayments
                Asuransi                                          1.639.645.399                   2.595.083.298                                          Insurance
                Lainnya                                           1.099.204.595                     820.384.018                                             Others
              Sub-jumlah                                          2.738.849.994                   3.415.467.316                                                Sub-total
              Jumlah                                            12.940.719.028                  31.023.102.611                                                       Total



         8.   UANG MUKA PEMBELIAN ASET TETAP                                             8.     ADVANCE PAYMENTS FOR PURCHASE OF FIXED
                                                                                                ASSETS

              Akun ini terdiri dari:                                                            This account consists of:

                                                              31 Maret 2024/                  31 Desember 2023/
                                                              March 31, 2024                  December 31, 2023

              Pihak berelasi                                                                                                                    Related parties
              PT Griya Inti Perkasa (Catatan 26)                22.306.360.000                  18.960.406.000                 PT Griya Inti Perkasa (Note 26)
              Pihak ketiga                                                                                                                      Third parties
              Yalian Machinery Co., Ltd                         11.720.579.434                    6.823.202.359                     Yalian Machinery Co., Ltd
              Steinemann Technology AG                             975.923.200                                -                  Steinemann Technology AG
              Shandong Huatai Power                                                                                                  Shandong Huatai Power
                  Engineering Co.,Ltd                               813.554.769                              -                        Engineering Co.,Ltd
              Siempelkamp Pte., Ltd                                 678.163.252                               -                        Siempelkamp Pte., Ltd
              Dunhua Bytter Technology Co., Ltd                               -                  8.394.750.000              Dunhua Bytter Technology Co., Ltd
              Lain-lain (masing-masing
                  di bawah Rp 500 juta)                             283.801.000                                    -        Others (each below Rp 500 million)

              Jumlah                                            36.778.381.655                  34.178.358.359                                                       Total




        9.    ASET TETAP                                                                  9.     FIXED ASSETS

              Akun ini terdiri dari:                                                             This account consists of:
                                                                          31 Maret 2024 / March 31, 2024

                                       Saldo Awal/                                                                              Saldo Akhir/
                                        Beginning       Penambahan/              Pengurangan/            Reklasifikasi/            Ending
                                         Balance         Additions                 Disposals            Reclassifications         Balance

              Biaya Perolehan                                                                                                                                            Cost
              Pemilikan Langsung                                                                                                                         Direct Ownership
              Tanah                    20.209.967.850                 -                          -                      -      20.209.967.850                            Land
              Bangunan dan                                                                                                                                      Buildings and
                 prasarana           948.471.634.608       550.677.076                           -                      -     949.022.311.684              infrastuctures
              Mesin dan                                                                                                                                     Machineries and
                 peralatan pabrik   1.212.339.557.632     3.416.001.934                         -                       -    1.215.755.559.566         plant equipments
              Peralatan kantor         16.710.512.320       155.077.027                 5.022.727                       -       16.860.566.620            Office equipments
              Perabotan dan                                                                                                                                    Furnitures and
                 perlengkapan           1.941.518.195                 -                        -                        -       1.941.518.195                     fixtures
              Kendaraan                62.267.108.732     4.763.519.365              991.599.727                        -      66.039.028.370                         Vehicles

              Jumlah                2.261.940.299.337     8.885.275.402              996.622.454                        -    2.269.828.952.285                          Total

                                                                                    39




LAPORAN TAHUNAN 2023 | Annual Report                                             294                                            P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 300
                                                                                          The original financial statements included herein are in the Indonesian
                                                                                                                                                        language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                          PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                                     NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                                 AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                                      AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                            MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                                    (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        9.   ASET TETAP (lanjutan)                                                      9.    FIXED ASSETS (continued)
                                                                   31 Maret 2024 / March 31, 2024 (lanjutan)

                                       Saldo Awal/                                                                           Saldo Akhir/
                                        Beginning        Penambahan/          Pengurangan/            Reklasifikasi/            Ending
                                         Balance          Additions             Disposals            Reclassifications         Balance

             Biaya Perolehan                                                                                                                                         Cost
             Aset Dalam
             Penyelesaian                                                                                                                  Construction in Progress
             Bangunan dan prasarana      708.300.000       2.662.506.762                      -           (708.300.000)      2.662.506.762 Buildings and infrastuctures
             Mesin dan peralatan                                                                                                                    Machine and plant
                pabrik                               -                 -                      -            708.300.000         708.300.000             equipments

             Jumlah                      708.300.000       2.662.506.762                      -                      -       3.370.806.762                           Total

             Jumlah Biaya Perolehan 2.262.648.599.337     11.547.782.164           996.622.454                       -    2.273.199.759.047                    Total Cost

             Akumulasi Penyusutan                                                                                                          Accumulated Depreciation
             Pemilikan Langsung                                                                                                                      Direct Ownership
             Bangunan dan prasarana 261.409.510.498       11.859.075.812                      -                      -     273.268.586.310 Buildings and infrastuctures
             Mesin dan                                                                                                                                 Machineries and
                peralatan pabrik    601.134.942.210       28.427.666.515                     -                       -     629.562.608.725        plant equipments
             Peralatan kantor        12.911.273.965          346.318.828             5.022.727                       -      13.252.570.066           Office equipments
             Perabotan dan                                                                                                                               Furnitures and
                perlengkapan          1.818.042.168           10.144.792                     -                       -       1.828.186.960                  fixtures
             Kendaraan               30.566.255.113        1.609.068.102           944.046.879                       -      31.231.276.336                      Vehicles

             Jumlah Akumulasi                                                                                                                          Total Accumulated
                 Penyusutan           907.840.023.954     42.252.274.049           949.069.606                       -     949.143.228.397               Depreciation

             Nilai Buku             1.354.808.575.383                                                                     1.324.056.530.650                  Book Value


                                                                31 Desember 2023 / December 31, 2023

                                       Saldo Awal/                                                                           Saldo Akhir/
                                        Beginning        Penambahan/          Pengurangan/            Reklasifikasi/            Ending
                                         Balance          Additions             Disposals            Reclassifications         Balance

             Biaya Perolehan                                                                                                                                          Cost
             Pemilikan Langsung                                                                                                                       Direct Ownership
             Tanah                     20.209.967.850                  -                      -                      -      20.209.967.850                            Land
             Bangunan dan                                                                                                                                    Buildings and
                prasarana             471.382.283.557      9.798.998.313                      -        467.290.352.738     948.471.634.608              infrastuctures
             Mesin dan                                                                                                                                   Machineries and
                peralatan pabrik      805.243.262.675     22.630.934.187                      -        384.465.360.770    1.212.339.557.632         plant equipments
             Peralatan kantor          13.254.154.741      3.337.859.858                      -            118.497.721       16.710.512.320            Office equipments
             Perabotan dan                                                                                                                                  Furnitures and
                perlengkapan            1.826.018.195        115.500.000                     -                       -       1.941.518.195                     fixtures
             Kendaraan                 51.821.577.116     14.093.312.003         3.647.780.387                       -      62.267.108.732                         Vehicles

             Jumlah                 1.363.737.264.134     49.976.604.361         3.647.780.387         851.874.211.229    2.261.940.299.337                          Total
             Aset Dalam
             Penyelesaian                                                                                                                  Construction in Progress
             Bangunan dan prasarana 361.724.482.251      102.233.830.915                      -       (463.250.013.166)        708.300.000 Buildings and infrastuctures
             Mesin dan peralatan                                                                                                                    Machine and plant
               pabrik               348.497.570.794       40.126.627.269                      -       (388.624.198.063)                  -             equipments

             Jumlah                   710.222.053.045    142.360.458.184                      -       (851.874.211.229)        708.300.000                           Total

             Jumlah Biaya Perolehan 2.073.959.317.179    192.337.062.545         3.647.780.387                       -    2.262.648.599.337                    Total Cost

             Akumulasi Penyusutan                                                                                                          Accumulated Depreciation
             Pemilikan Langsung                                                                                                                      Direct Ownership
             Bangunan dan prasarana 220.884.586.908       40.524.923.590                      -                      -     261.409.510.498 Buildings and infrastuctures
             Mesin dan                                                                                                                                 Machineries and
                peralatan pabrik    499.456.526.315      101.678.415.895                      -                      -     601.134.942.210        plant equipments
             Peralatan kantor        11.856.489.928        1.054.784.037                      -                      -      12.911.273.965           Office equipments
             Perabotan dan                                                                                                                               Furnitures and
                perlengkapan          1.780.368.727           37.673.441                     -                       -       1.818.042.168                  fixtures
             Kendaraan               27.749.831.601        5.864.060.850         3.047.637.338                       -      30.566.255.113                      Vehicles

             Jumlah Akumulasi                                                                                                                          Total Accumulated
                 Penyusutan           761.727.803.479    149.159.857.813         3.047.637.338                       -     907.840.023.954               Depreciation

             Nilai Buku             1.312.231.513.700                                                                     1.354.808.575.383                  Book Value



             Jumlah beban penyusutan aset tetap untuk periode                                Depreciation expense for the three months period
             tiga bulan yang berakhir pada tanggal 31 Maret 2024                             ended March 31, 2024 and 2023 amounted to
             dan     2023,   masing-masing     adalah   sebesar                              Rp 42,252,274,049 and Rp 23,867,988,986,
             Rp 42.252.274.049 dan Rp 23.867.988.986, yang                                   respectively, were charged as follows:
         [
             dibebankan sebagai berikut:
                                                                                  40




LAPORAN TAHUNAN 2023 | Annual Report                                           295                                           P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 301
                                                                            The original financial statements included herein are in the Indonesian
                                                                                                                                          language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                             PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                    AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                         AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                               MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                       (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        9.   ASET TETAP (lanjutan)                                         9.    FIXED ASSETS (continued)

                                                       31 Maret 2024/           31 Maret 2023/
                                                       March 31, 2024           March 31, 2023
             Beban pokok penjualan (Catatan 22)         42.059.959.947          23.678.678.802                 Cost of goods sold (Note 22)
             Beban umum dan administrasi                                                                        General and administrative
               (Catatan 24)                                192.314.102             189.310.184                       expenses (Note 24)
             Jumlah                                     42.252.274.049          23.867.988.986                                                   Total

             Rincian penjualan aset tetap adalah sebagai berikut:                Details of the sale of fixed assets are as follows:

                                                       31 Maret 2024/           31 Maret 2023/
                                                       March 31, 2024           March 31, 2023
             Biaya perolehan                               996.622.454            1.674.226.167                                        Cost
             Akumulasi penyusutan                         (949.069.606)          (1.674.226.167)                    Accumulated depreciation
             Nilai buku bersih                              47.552.848                       -                                   Net book value
             Harga jual                                    392.792.793             427.702.703                              Proceeds from sales
             Laba penjualan aset tetap                     345.239.945             427.702.703                Gain on sale of fixed assets

             Laba penjualan aset tetap disajikan sebagai bagian                  Gain on sale of fixed assets is recognized as part of
             dari “Lain-lain - bersih” dalam laporan laba rugi dan               “Others - net” account in the statements of profit or
             penghasilan komprehensif lain.                                      loss and other comprehensive income.

             Aset tetap tersebut telah diasuransikan terhadap                    Fixed assets are covered by insurance against losses
             risiko kerugian kebakaran dan risiko lainnya dengan                 by fire and other risks under blanket policies with total
             nilai pertanggungan secara keseluruhan sekitar                      coverage approximately amounting to Rp 1.54 trillion
             Rp 1,54 triliun dan US$ 45 juta pada tanggal 31 Maret               and US$ 45 million as of March 31, 2024 and
             2024 dan 31 Desember 2023 pada PT Asuransi Multi                    December 31, 2023 from PT Asuransi Multi Artha
             Artha Guna, PT Lippo General Insurance Indonesia,                   Guna, PT Lippo General Insurance Indonesia,
             Asuransi Central Asia, PT Great Eastern General                     Asuransi Central Asia, PT Great Eastern General
             Insurance Indonesia, PT Malacca Trust Wuwungan                      Insurance Indonesia, PT Malacca Trust Wuwungan
             Insurance, PT Asuransi Artarindo, PT MNC Asuransi                   Insurance, PT Asuransi Artarindo, PT MNC Asuransi
             Indonesia dan PT Asuransi Harta Aman Pratama Tbk                    Indonesia and PT Asuransi Harta Aman Pratama Tbk
             (pihak ketiga). Manajemen berpendapat bahwa nilai                   (third parties), which management believes, is
             pertanggungan tersebut cukup untuk menutupi                         adequate to cover possible losses that may arise from
             kemungkinan kerugian atas risiko tersebut.                          such risks.
             Perusahaan memiliki aset tetap tanah dengan Hak                     The Company has land under Building Usage Rights
             Guna Bangunan (HGB) dengan jangka waktu                             (HGB) with term of             30 years. As of
             30 tahun. Pada tanggal 31 Maret 2024, HGB                           March 31, 2024, the Company's HGB still has
             Perusahaan masih memiliki sisa jangka waktu                         remaining term of 17 years. Management believes that
             17 tahun. Manajemen berpendapat bahwa jangka                        the term of the HGB can be renewed/extended upon
             waktu HGB tersebut dapat diperbaharui/diperpanjang                  their expiry.
             pada saat jatuh tempo.

             Pada tanggal 31 Maret 2024 dan 31 Desember 2023,                    As of March 31, 2024 and December 31, 2023, the
             Perusahaan memiliki uang muka pembelian aset                        Company has advances for purchase of fixed assets
             tetap masing-masing sebesar Rp 36.778.381.655                       amounting            Rp 36,778,381,655       and
             dan Rp 34.178.358.359 yang disajikan sebagai “uang                  Rp 34,178,358,359, respectively, presented as
             muka pembelian aset tetap” dalam laporan posisi                     “Advance for purchases of fixed assets” in the
             keuangan.                                                           statements of financial position.




                                                                      41




LAPORAN TAHUNAN 2023 | Annual Report                                 296                                    P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 302
                                                                                     The original financial statements included herein are in the Indonesian
                                                                                                                                                   language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                      PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                                 NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                             AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                                  AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                        MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                                (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        9.   ASET TETAP (lanjutan)                                                  9.    FIXED ASSETS (continued)

             Pada tanggal 31 Maret 2024, nilai perolehan aset                             As of March 31, 2024, the costs of the Company’s
             tetap Perusahaan yang telah disusutkan penuh                                 fixed assets that have been fully depreciated but still
             namun     masih     digunakan    adalah    sebesar                           being utilized amounted to Rp 96,054,500,990, which
             Rp 96.054.500.990, yang terdiri atas mesin dan                               consist of machineries and plant equipments, office
             peralatan pabrik, peralatan kantor, perabotan dan                            equipments, furnitures and fixtures and vehicles.
             perlengkapan serta kendaraan.
             Manajemen berpendapat bahwa nilai tercatat dari                              Management believes that the carrying values of all
             seluruh aset tetap Perusahaan tersebut dapat                                 the Company’s fixed assets are fully recoverable,
             dipulihkan, sehingga tidak diperlukan penurunan nilai                        hence, no writedown for impairment in fixed asset
             atas aset tetap tersebut.                                                    values is necessary.

             Pada tanggal 31 Maret 2024 dan 31 Desember 2023,                             As of March 31, 2024 and December 31, 2023, the
             aset tetap tidak dijadikan sebagai jaminan atas                              above fixed assets are not used as collateral on bank
             fasilitas pinjaman bank.                                                     loan facilities.


        10. ASET HAK-GUNA DAN LIABILITAS SEWA                                       10. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

             Rekonsiliasi aset hak-guna adalah sebagai berikut:                           The reconciliation of right-of-use assets is as follows:
                                                                  31 Maret 2024 / March 31, 2024

                                               Saldo Awal/                                                  Saldo Akhir/
                                                Beginning         Penambahan/            Pengurangan/         Ending
                                                 Balance            Addition              Deductions          Balance

             Biaya Perolehan                                                                                                                                 Cost
             Bangunan                            110.677.347                    -                       -      110.677.347                                Building
             Kantor                            5.668.494.469                    -                       -    5.668.494.469                                  Office
             Gudang                              920.735.940                    -                       -      920.735.940                              Warehouse

             Jumlah Biaya Perolehan            6.699.907.756                    -                       -    6.699.907.756                               Total Cost

             Akumulasi Penyusutan                                                                                                      Accumulated Depreciation
             Bangunan                             84.999.919           6.419.357                        -       91.419.276                             Building
             Kantor                            4.446.197.603         305.546.490                        -    4.751.744.093                               Office
             Gudang                              539.295.381          47.693.933                        -      586.989.314                          Warehouse

             Jumlah Akumulasi Penyusutan       5.070.492.903         359.659.780                        -    5.430.152.683         Total Accumulated Depreciation

             Nilai Buku Bersih                 1.629.414.853                                                 1.269.755.073                         Net Book Value



                                                               31 Desember 2023 / December 31, 2023

                                               Saldo Awal/                                                  Saldo Akhir/
                                                Beginning         Penambahan/            Pengurangan/         Ending
                                                 Balance            Addition              Deductions          Balance

             Biaya Perolehan                                                                                                                                 Cost
             Bangunan                             98.870.822          11.806.525                        -      110.677.347                                Building
             Kantor                            5.668.494.469                   -                        -    5.668.494.469                                  Office
             Gudang                              871.299.114          49.436.826                        -      920.735.940                              Warehouse

             Jumlah Biaya Perolehan            6.638.664.405          61.243.351                        -    6.699.907.756                               Total Cost

             Akumulasi Penyusutan                                                                                                      Accumulated Depreciation
             Bangunan                             59.322.492          25.677.427                        -       84.999.919                             Building
             Kantor                            3.224.011.642       1.222.185.961                        -    4.446.197.603                               Office
             Gudang                              348.519.648         190.775.733                        -      539.295.381                          Warehouse

             Jumlah Akumulasi Penyusutan       3.631.853.782       1.438.639.121                        -    5.070.492.903         Total Accumulated Depreciation

             Nilai Buku Bersih                 3.006.810.623                                                 1.629.414.853                         Net Book Value




                                                                           42




LAPORAN TAHUNAN 2023 | Annual Report                                    297                                            P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 303
                                                                                The original financial statements included herein are in the Indonesian
                                                                                                                                              language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                 PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                            NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                        AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                             AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                   MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                           (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        10.   ASET HAK-GUNA           DAN      LIABILITAS       SEWA          10.    RIGHT-OF-USE ASSETS AND LEASE LIABILITIES
              (lanjutan)                                                             (continued)

              Seluruh transaksi aset hak guna Perusahaan                             All transactions of the Company’s right to use assets
              dilakukan dengan pihak berelasi (Catatan 26).                          are carried out with related parties (Note 26).

              Rincian liabilitas sewa adalah sebagai berikut:                       The detail of lease liabilities is as follows:

                                                         31 Maret 2024/         31 Desember 2023/
                                                         March 31, 2024         December 31, 2023
              Liabilitas sewa (Catatan 26)                                                                             Lease liabilities (Noted 26)
              Bagian jangka pendek                          1.225.968.682            1.563.938.487                                 Current portion
              Bagian jangka panjang                           159.044.450              212.059.266                           Non-current portion
              Jumlah                                        1.385.013.132            1.775.997.753                                                   Total

              Jumlah yang diakui dalam laporan laba rugi adalah                     Amount recognized in profit or loss is as follow:
              sebagai berikut:

                                                         31 Maret 2024/             31 Maret 2023/
                                                         March 31, 2024             March 31, 2023
              Bunga atas liabilitas sewa                         32.044.379             49.277.478                  Interest on lease liabilities
              Beban penyusutan aset hak-guna                    359.659.780            359.675.624          Depreciation of right-of-use assets
              Jumlah                                            391.704.159            408.953.102                                                  Total

              Jumlah beban penyusutan aset hak-guna untuk                           Depreciation of Right-of-use assets for the three
              periode tiga bulan yang berakhir pada tanggal                         months period ended March 31, 2024 and 2023
              31 Maret 2024 dan 2023 masing-masing adalah                           amounted to Rp 359,659,780 and Rp 359,675,624,
              sebesar Rp 359.659.780 dan Rp 359.675.624, yang                       respectively, were charged as follows:
              dibebankan sebagai berikut:

                                                         31 Maret 2024/             31 Maret 2023/
                                                         March 31, 2024             March 31, 2023
              Beban pokok penjualan                              54.113.290             54.113.290                          Cost of goods sold
              Beban umum dan administrasi                                                                            General and administrative
                (Catatan 24)                                    305.546.490            305.562.334                      expenses (Note 24)
              Jumlah                                            359.659.780            359.675.624                                                  Total

              Jumlah yang diakui dalam laporan arus kas adalah                      Amount recognized in cash flow is as follow:
              sebagai berikut:

                                                         31 Maret 2024/              31 Maret 2023/
                                                         March 31, 2024             March 31, 2023
              Jumlah kas keluar untuk:                                                                                     Total cash outflow for:
                Pembayaran pokok                                390.984.621            373.751.522                        Payment of principal
                Pembayaran bunga                                 32.044.379             49.277.478                         Payment of interest
              Jumlah                                            423.029.000            423.029.000                                                  Total




                                                                        43




LAPORAN TAHUNAN 2023 | Annual Report                                   298                                      P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 304
                                                                              The original financial statements included herein are in the Indonesian
                                                                                                                                            language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                               PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                          NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                      AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                           AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                 MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                         (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        10.   ASET HAK-GUNA            DAN    LIABILITAS     SEWA           10.     RIGHT-OF-USE ASSETS AND LEASE LIABILITIES
              (lanjutan)                                                            (continued)

              Ringkasan komponen perubahan liabilitas yang timbul                  Summary of component of changes in the liabilities
              dari sewa adalah sebagai berikut:                                    arising from leases is as folllow:

                                                      31 Maret 2024/          31 Desember 2023/
                                                      March 31, 2024          December 31, 2023
              Saldo awal                                   1.775.997.753            3.203.979.568                         Beginning balance
              Perubahan Non kas - penambahan                           -               61.243.351                 Non-cash change - addition
              Penambahan bunga                                32.044.379              202.810.834                       Accretion of interest
              Pembayaran                                                                                                          Payments
                Pokok                                       (390.984.621)          (1.489.225.166)                              Principal
                Bunga                                        (32.044.379)            (202.810.834)                               Interest
              Saldo akhir                                  1.385.013.132            1.775.997.753                                 Ending balance


        11.   ASET TIDAK LANCAR LAINNYA                                     11. OTHER NON-CURRENT ASSETS

              Akun ini terdiri dari:                                               This account consist of:

                                                      31 Maret 2024/          31 Desember 2023/
                                                      March 31, 2024          December 31, 2023
              Peranti lunak - bersih                       4.715.608.997               32.206.270                                    Software - net


        12.   UTANG BANK                                                    12. BANK LOANS
              Akun ini terdiri dari:                                               This account consist of:

                                                      31 Maret 2024/          31 Desember 2023/
                                                      March 31, 2024          December 31, 2023
              Utang bank jangka pendek                                                                             Short term bank loan
              PT Bank Danamon Indonesia Tbk                                                              PT Bank Danamon Indonesia Tbk
                 Fasilitas Kredit Berjangka (KB)                       -          85.000.000.000             Term Credit Facility (KB)
                 Kredit Rekening Koran (KRK)               5.566.228.474           4.402.956.216                Bank Overdraft (KRK)
              PT Bank CIMB Niaga Tbk                                                                            PT Bank CIMB Niaga Tbk
                 Fasilitas Pinjaman Tetap (PT)                         -          35.000.000.000             Fixed Credit Facility (PT)
                 Kredit Rekening Koran (KRK)                           -          14.557.096.077                Bank Overdraft (KRK)
              Jumlah                                       5.566.228.474          138.960.052.293                                                Total
              Utang bank jangka panjang                                                                            Long term bank loan
              PT Bank Danamon Indonesia Tbk                                                              PT Bank Danamon Indonesia Tbk
              Fasilitas Kredit Angsuran                                                                                 Term Installment
                 Berjangka (KAB)                      399.566.365.713         422.571.990.775                  Credit Facilities (KAB)
              Dikurangi: bagian jangka pendek          (92.067.807.910)       (92.048.262.479 )                   Less: current maturities

              Bagian jangka panjang                   307.498.557.803         330.523.728.296                                    Long term debt



              PT Bank Danamon Indonesia Tbk (Bank Danamon)                         PT Bank        Danamon         Indonesia           Tbk       (Bank
                                                                                   Danamon)

              Pada tanggal 8 Maret 2022, Perusahaan telah                           On March 8, 2022, the Company has signed a loan
              menandatangani perjanjian fasilitas pinjaman dengan                   facility agreement with Bank Danamon in connection
              Bank Danamon sehubungan dengan perubahan,                             with changes, additions and renewals to the following
              penambahan dan perpanjangan atas fasilitas pinjaman                   credit facilities:
              sebagai berikut:


                                                                      44




LAPORAN TAHUNAN 2023 | Annual Report                                299                                       P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 305
                                                                               The original financial statements included herein are in the Indonesian
                                                                                                                                             language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                              PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                         NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                     AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                          AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                        (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        12.   UTANG BANK (lanjutan)                                          12. BANK LOANS (continued)

              PT Bank Danamon Indonesia Tbk (Bank Danamon)                        PT Bank Danamon                  Indonesia           Tbk       (Bank
              (lanjutan)                                                          Danamon) (continued)
              a. Fasilitas Kredit Angsuran Berjangka (KAB) dengan                  a.   Term Installment Credit Facility (KAB) with a
                 jumlah fasilitas maksimum sebesar US$ 31.000.000                       maximum facility of US$ 31,000,000 with an
                 dengan tambahan sub-fasilitas Letter of Credit (L/C)                   additional Letter of Credit (L/C) sub-facility with
                 maksimum sebesar US$ 16.000.000. Jatuh tempo                           a maximum amount of US$ 16,000,000, will
                 tanggal 12 Agustus 2028, dengan tingkat bunga                          mature on August 12, 2028, with an interest
                 2,40%. Pada tanggal 31 Desember 2022 tingkat                           rate of 2.40% per annum. On December 31,
                 suku bunga sebesar 5,25%                                               2022 the interest rate is 5.25%.
              b. Fasilitas Kredit Berjangka (KB) dengan jumlah                    b.    Term Credit Facility (KB) with a maximum facility
                 fasilitas maksimum sebesar Rp 30.000.000.000,                          of Rp 30,000,000,000 will mature on August 12,
                 jatuh tempo pada tanggal 12 Agustus 2022, dengan                       2022, with an interest rate of 6.00% per annum.
                 tingkat bunga 6,00% per tahun.
              c. Fasilitas Kredit Rekening Koran (KRK) dengan                     c.    Overdraft Facility (KRK) with a maximum facility
                 jumlah fasilitas maksimum Rp 20.000.000.000.                           of Rp 20,000,000,000 will mature on August 12,
                 Jatuh tempo pada tanggal 12 Agustus 2022, dengan                       2022, with an interest rate of 6.00% per annum.
                 tingkat suku bunga 6,00% per tahun.

              d. Fasilitas Transaksi Valuta Asing dan Derivatif (PSE)             d.    Foreign Exchange and Derivative Transaction
                 dengan jumlah fasilitas maksimum sebesar                               Facility (PSE) with a maximum facility amount of
                 US$ 650.000 dengan jangka waktu fasilitas selama                       US$ 650,000 with a term of 12 months.
                 12 bulan.
              Pada tanggal 22 September 2022, Perusahaan                          On September 22, 2022, the Company received
              mendapatkan persetujuan perpanjangan jangka waktu                   approval for the renewals of the Term Credit Facility
              Fasilitas Kredit Berjangka (KB) dan Fasilitas Kredit                (KB) and Overdraft Facility (KRK) will mature on
              Rekening Koran (KRK) dengan jatuh tempo pada                        August 12, 2023.
              tanggal 12 Agustus 2023.

              Pada tanggal 9 Juni 2023, Perusahaan telah                          On June 9, 2023, the Company received a letter of
              menerima surat persetujuan konversi fasilitas KAB dari              approval for the conversion of KAB facilities from
              Dolar Amerika Serikat (USD) ke Rupiah (Rp) serta                    United States Dollar (USD) to Indonesian Rupiah
              dipertegas dengan Akta terkait Perjanjian Perubahan                 (IDR) and this was confirmed by the Deed related to
              dan Penegasan Kembali Terhadap Perjanjian Kredit                    the Amendment and Reaffirmation Agreement of
              No. 139 tanggal 28 November 2023 yang berkaitan                     Credit Agreement No. 139 dated November 28, 2023
              dengan perjanjian fasilitas pinjaman dengan Bank                    relating to the loan facility agreement with Bank
              Danamon       sehubungan      dengan       perubahan,               Danamon regarding changes, additions and
              penambahan dan perpanjangan atas fasilitas pinjaman                 extensions to the following loan facilities:
              sebagai berikut:
              a. Mengkonversi limit Fasilitas KAB yang semula                     a. Convert the KAB Facility limit which was originally
                 dalam mata uang USD menjadi mata uang IDR,                          in USD currency into IDR currency, so that the
                 sehingga jumlah fasilitas yang semula sebesar                       original facility amount from US$ 31,000,000
                 US$ 31.000.000 dikonversi menjadi sebesar                           converted into Rp 462,055,000,000 due on
                 Rp 462.055.000.000. Jatuh tempo tanggal                             August 12, 2028, with an interest rate of 7.65%.
                 12 Agustus 2028, dengan tingkat bunga 7,65%.
              b. Menambah limit Fasilitas Kredit Berjangka (KB) yang              b.    Increase the Term Credit Facility (KB) limit from
                 semula sebesar Rp 30.000.000.000 menjadi sebesar                       Rp 30,000,000,000 to Rp 100,000,000,000, due
                 Rp 100.000.000.000, jatuh tempo pada tanggal                           on August 12, 2024, with an interest rate 7.75%
                 12 Agustus 2024, dengan tingkat bunga 7,75% per                        per year.
                 tahun.
              c. Fasilitas Kredit Rekening Koran (KRK) dengan                     c. Overdraft Facility (KRK) with a maximum facility of
                 jumlah fasilitas maksimum Rp 20.000.000.000. Jatuh                  Rp 20,000,000,000 will mature on August 12,
                 tempo pada tanggal 12 Agustus 2024, dengan                          2024, with an interest rate of 7.75% per annum.
                 tingkat suku bunga 7,75% per tahun.

              d. Fasilitas Transaksi Valuta Asing dan Derivatif (PSE)             d. Foreign Exchange and Derivative Transaction
                 dengan jumlah fasilitas maksimum sebesar                            Facility (PSE) with a maximum facility amount of
                 US$ 650.000 dengan jangka waktu fasilitas sampai                    US$ 650,000 with a term of August 12, 2024.
                 dengan 12 Agustus 2024.
                                                                        45




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Page 306
                                                                                The original financial statements included herein are in the Indonesian
                                                                                                                                              language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                               PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                          NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                      AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                           AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                 MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                         (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        12.   UTANG BANK (lanjutan)                                           12. BANK LOANS (continued)

              PT Bank Danamon Indonesia Tbk (Bank Danamon)                         PT Bank Danamon                  Indonesia           Tbk       (Bank
              (lanjutan)                                                           Danamon) (continued)

              Untuk tujuan akuntansi dan pelaporan keuangan, saldo                 For financial accounting and reporting purposes, the
              utang bank jangka panjang tersebut di atas, dicatat dan              long-term bank loans balance mentioned above is
              disajikan pada laporan posisi keuangan tanggal                       recorded and presented in the statement of financial
              31 Maret 2024 dan 31 Desember 2023 sebesar biaya                     position as of March 31, 2024 and December 31, 2023
              perolehan yang diamortisasi dengan menggunakan                       at amortized cost with effective interest rate of 7.51%
              tingkat suku bunga efektif sebesar 7,51% (IDR).                      (IDR).

              Pada tanggal 31 Maret 2024 dan 31 Desember 2023,                    As of March 31, 2024 and December 31, 2023, the
              saldo pinjaman atas fasilitas KAB adalah sebesar                    outstanding balance of KAB facility amounted to
              Rp 399.566.365.713 (kontraktual Rp 400.447.666.667)                 Rp 399,566,365,713 (contractual Rp 400,447,666,667)
              dan sebesar Rp 422.571.990.775 (kontraktual                         and amounting to 422.571.990.775 (kontraktual
              Rp 423.550.416.667).                                                Rp 423.550.416.667).

              Tidak ada jaminan atas fasilitas pinjaman ini dan                   There is no collateral for this loan facility and during
              selama jangka waktu fasilitas, Perusahaan diwajibkan                the term of the facility, the Company is required to fulfill
              untuk memenuhi persyaratan tertentu seperti                         certain requirements such as the obligation to fulfill
              kewajiban pemenuhan rasio keuangan antara lain                      financial ratios, including the minimum current ratio of
              meliputi current ratio minimum 1x, debt to equity ratio             1x, maximum debt to equity ratio of 2x and minimum
              maksimum 2x serta debt service coverage ratio                       debt service coverage ratio of 1x.
              minimum 1x.

              PT Bank CIMB Niaga Tbk (Bank CIMB Niaga)                             PT Bank CIMB Niaga Tbk (Bank CIMB Niaga)
              Perusahaan memiliki fasilitas dari Bank CIMB Niaga                   The Company has facilities from Bank CIMB Niaga
              berdasarkan perubahan perjanjian pinjaman pada                       based on changes in the loan agreement dated
              tanggal 21 April 2022, Bank CIMB Niaga menyetujui                    April 21, 2022, Bank CIMB Niaga agreed to change
              permohonan perpanjangan fasilitas kredit, sebagai                    the loan facility, as follows
              berikut:
              a. Fasilitas Pinjaman Tetap (PT) dengan jumlah                       a.   Fixed Loan (PT) facilities with a maximum facility
                 fasilitas maksimum sebesar Rp 35.000.000.000,                          of   Rp 35,000,000,000 will          mature on
                 jatuh tempo tanggal 22 Februari 2023, dengan                           February 22, 2023, with an interest rate of 7,50%
                 tingkat bunga 7,50% per tahun.                                         per annum.
              b. Fasilitas Pinjaman Rekening Koran (PRK) dengan                    b.   The overdraft facility with a maximum facility of
                 jumlah       fasilitas    maksimum       sebesar                       Rp     15,000,000,000       will    mature      on
                 Rp 15.000.000.000, jatuh         tempo tanggal                         February 22, 2023, with an interest rate of 7.75%
                 22 Februari 2023, dengan tingkat bunga 7,75% per                       per annum.
                 tahun.
              c. Fasilitas Negoisasi Wesel Eksport (NEW)/                          c.    The Negoisasi Wesel Eksport (NEW)/Diskonto
                 Diskonto Wesel Eksport (DWE) dengan jumlah                             Wesel Eksport (DWE) facility, with a maximum
                 fasilitas maksimum sebesar US$ 3.000.000, jatuh                        facility amount of US$ 3,000,000, will mature on
                 tempo tanggal 22 Februari 2023, dengan tingkat                         February 22, 2023, with an interest rate of
                 bunga Telegraphic Transfer International (TTI)                         Telegraphic Transfer International (TTI) of 4.5%
                 4,5% per tahun untuk mata uang Dolar Amerika                           per annum for the United States Dollar and 8.50%
                 Serikat dan 8,50% per tahun untuk mata uang                            per annum for the Rupiah.
                 Rupiah.
              d. Fasilitas NEW/DWE iB Dana Talangan (Qardh)                        d. The NWE/DWE iB Dana Talangan (Qardh) facility,
                  dengan jumlah fasilitas maksimum sebesar                            with   a   maximum        facility amount     of
                  US$      3.000.000,   jatuh    tempo     tanggal                    US$ 3,000,000, will mature on February 22, 2023.
                  22 Februari 2023.




                                                                         46




LAPORAN TAHUNAN 2023 | Annual Report                                    301                                     P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 307
                                                                               The original financial statements included herein are in the Indonesian
                                                                                                                                             language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                              PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                         NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                     AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                          AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                        (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        12.   UTANG BANK (lanjutan)                                          12. BANK LOANS (continued)

              PT Bank CIMB Niaga Tbk (Bank CIMB Niaga)                           PT Bank CIMB Niaga Tbk (Bank CIMB Niaga)
              (lanjutan)                                                         (continued)

              e. Fasilitas Layanan Penagihan Dokumen Ekspor iB                    e.    The Document Billing Service Export iB
                 (wakalah) dengan jumlah fasilitas maksimum                             (wakalah) facility, with a maximum facility amount
                 sebesar US$ 3.000.000, jatuh tempo tanggal                             of    US$      3,000,000,     will  mature     on
                 22 Februari 2023, dengan tingkat bunga                                 February 22, 2023, with an interest rate of
                 Telegraphic Transfer International (TTI) 4,5% per                      Telegraphic Transfer International (TTI) of 4.5%
                 tahun untuk mata uang Dolar Amerika Serikat dan                        per annum for the United States Dollar and 8.50%
                 8,50% per tahun untuk mata uang Rupiah.                                per annum for the Rupiah.
              f. Fasilitas Pinjaman PSF dengan jumlah fasilitas                   f.   The PSF facility loan, with a maximum facility
                 maksimum sebesar US$ 3.000.000, jatuh tempo                           amount of US$ 3,000,000, will mature on February
                 tanggal 22 Februari 2023, dengan tingkat bunga                        22, 2023, with an interest rate of Telegraphic
                 Telegraphic Transfer International (TTI) 4,5% per                     Transfer International (TTI) of 4,5% per annum for
                 tahun untuk mata uang Dolar Amerika Serikat dan                       the United States Dollar and 8.50% per annum for
                 8,50% per tahun untuk mata uang Rupiah.                               the Rupiah.

              Berdasarkan perubahan perjanjian pinjaman pada                      Based on changes in the loan agreement dated
              tanggal 23 Februari 2023, Bank CIMB Niaga menyetujui                February 23, 2023, Bank CIMB Niaga agreed to
              permohonan perpanjangan fasilitas kredit, sebagai                   change the loan facility, as follows
              berikut:

              a. Fasilitas Pinjaman Tetap (PT) dengan jumlah                      a.   Fixed Loan (PT) facilities with a maximum facility
                 fasilitas maksimum sebesar Rp 35.000.000.000,                         of   Rp 35,000,000,000 will          mature on
                 jatuh tempo tanggal 22 Februari 2024, dengan                          February 22, 2024, with an interest rate of 7,50%
                 tingkat bunga 7,50% per tahun.                                        per annum.
              b. Fasilitas Pinjaman Rekening Koran (PRK) dengan                   b.   The overdraft facility with a maximum facility of
                 jumlah        fasilitas    maksimum        sebesar                    Rp     15,000,000,000       will    mature      on
                 Rp 15.000.000.000, jatuh          tempo tanggal                       February 22, 2024, with an interest rate of 7.75%
                 22 Februari 2024, dengan tingkat bunga 7,75% per                      per annum.
                 tahun.
              c. Fasilitas Negoisasi Wesel Eksport (NEW)/                         c.   The Negoisasi Wesel Eksport (NEW)/Diskonto
                 Diskonto Wesel Eksport (DWE) dengan jumlah                            Wesel Eksport (DWE) facility, with a maximum
                 fasilitas maksimum sebesar US$ 3.000.000, jatuh                       facility amount of US$ 3,000,000, will mature on
                 tempo tanggal 22 Februari 2024, dengan tingkat                        February 22, 2024, with an interest rate of
                 bunga Telegraphic Transfer International (TTI)                        Telegraphic Transfer International (TTI) of 4.50%
                 4,50% per tahun untuk mata uang Dolar Amerika                         per annum for the United States Dollar and 7.50%
                 Serikat dan 7,50% per tahun untuk mata uang                           per annum for the Rupiah.
                 Rupiah.
              d. Fasilitas NEW/DWE iB Dana Talangan (Qardh)                       d. The NWE/DWE iB Dana Talangan (Qardh) facility,
                 dengan jumlah fasilitas maksimum sebesar                            with   a   maximum        facility amount     of
                 US$       3.000.000,    jatuh    tempo      tanggal                 US$ 3,000,000, will mature on February 22, 2024.
                 22 Februari 2024.
              e. Fasilitas Layanan Penagihan Dokumen Ekspor iB                    e. The Document Billing Service Export iB (wakalah)
                 (wakalah) dengan jumlah fasilitas maksimum                          facility, with a maximum facility amount of US$
                 sebesar US$ 3.000.000, jatuh tempo tanggal                          3,000,000, will mature on February 22, 2024, with
                 22 Februari 2024, dengan tingkat bunga                              an interest rate of Telegraphic Transfer
                 Telegraphic Transfer International (TTI) 4,50% per                  International (TTI) of 4.50% per annum for the
                 tahun untuk mata uang Dolar Amerika Serikat dan                     United States Dollar and 7.50% per annum for the
                 7,50% per tahun untuk mata uang Rupiah.                             Rupiah.
              f. Fasilitas Pinjaman PSF dengan jumlah fasilitas                   f. The PSF facility loan, with a maximum facility
                 maksimum sebesar US$ 3.000.000, jatuh tempo                         amount of US$ 3,000,000, will mature on
                 tanggal 22 Februari 2024, dengan tingkat bunga                      February 22, 2024, with an interest rate of
                 Telegraphic Transfer International (TTI) 4,50% per                  Telegraphic Transfer International (TTI) of 4.50%
                 tahun untuk mata uang Dolar Amerika Serikat dan                     per annum for the United States Dollar and 7.50%
                 7,50% per tahun untuk mata uang Rupiah.                             per annum for the Rupiah.




                                                                        47




LAPORAN TAHUNAN 2023 | Annual Report                                   302                                     P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 308
                                                                               The original financial statements included herein are in the Indonesian
                                                                                                                                             language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                              PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                         NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                     AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                          AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                        (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        12.   UTANG BANK (lanjutan)                                          12. BANK LOANS (continued)

              PT Bank CIMB Niaga Tbk (Bank CIMB Niaga)                           PT Bank CIMB Niaga Tbk (Bank CIMB Niaga)
              (lanjutan)                                                         (continued)

              Sehubungan dengan fasilitas pinjaman tersebut,                      In connection with the loan facility, the Company is
              Perusahaan diwajibkan untuk memenuhi persyaratan                    required to fulfill certain requirements such as the
              tertentu seperti kewajiban pemenuhan rasio keuangan,                obligation to fulfill financial ratios, which include
              antara lain meliputi, current ratio minimum 1x, debt                minimum current ratio of 1x, debt service coverage
              service coverage ratio minimum 1x serta bank loan to                ratio minimum 1x and bank loan to earnings before
              earning before interest, tax, depreciation and                      interest, tax, depreciation and amortization (EBITDA)
              amortization (EBITDA) ratio maksimum 2,5x.                          maximum ratio of 2.5x.


              Berdasarkan amendemen perjanjian pinjaman pada                      Based on the amendment in the loan agreement dated
              tanggal 19 Februari 2024, Bank CIMB Niaga menyetujui                February 19, 2024, Bank CIMB Niaga agreed to
              permohonan perpanjangan fasilitas kredit, sebagai                   change the loan facility, as follows
              berikut:

              a. Fasilitas Pinjaman Tetap (PT) dengan jumlah                      a. Fixed Loan (PT) facilities with a maximum facility
                 fasilitas maksimum sebesar Rp 35.000.000.000,                       of Rp 35,000,000,000 will mature on
                 jatuh tempo tanggal 22 Februari 2025, dengan                        February 22, 2025, with an interest rate of 7,50%
                 tingkat bunga 7,50% per tahun.                                      per annum.
              b. Fasilitas Pinjaman Rekening Koran (PRK) dengan                   b. The overdraft facility with a maximum facility of
                  jumlah      fasilitas    maksimum         sebesar                  Rp     15,000,000,000       will    mature      on
                  Rp 15.000.000.000, jatuh tempo tanggal                             February 22, 2025, with an interest rate of 7.75%
                  22 Februari 2025, dengan tingkat bunga 7,75%                       per annum.
                  per tahun.
              c. Fasilitas Negoisasi Wesel Eksport (NEW)/                          c.   Export Notes Negotiation Facility (NEW)/Export
                 Diskonto Wesel Eksport (DWE) dengan jumlah                             Notes Discount (DWE) with a maximum facility
                 fasilitas maksimum sebesar US$ 3.000.000, jatuh                        amount of US$ 3,000,000, due on February
                 tempo tanggal 22 Februari 2025, dengan tingkat                         22, 2025, with a Telegraphic Transfer
                 bunga Telegraphic Transfer International (TTI)                         International (TTI) interest rate of 5.50% per year
                 5,50% per tahun untuk mata uang Dolar Amerika                          for currency United States Dollars and 7.50% per
                 Serikat dan 7,50% per tahun untuk mata uang                            year for Rupiah.
                 Rupiah.
              d. Fasilitas Negosiasi Wesel Ekspor/Diskonto Wesel                   d. Export Notes Negotiation Facility/iB Export Notes
                  Ekspor iB dengan jumlah fasilitas maksimum                          Discount Facility with maximum facility amount of
                  sebesar US$ 3.000.000, jatuh tempo tanggal                          US$ 3,000,000, maturity date February 22, 2025.
                  22 Februari 2025.
              e. Fasilitas Pinjaman PSF dengan jumlah fasilitas                    e. The PSF facility loan, with a maximum facility
                  maksimum sebesar US$ 3.000.000, jatuh tempo                         amount of US$ 3,000,000, will mature on
                  tanggal 22 Februari 2025, dengan tingkat bunga                      February 22, 2025, with an interest rate of
                  Telegraphic Transfer International (TTI) 5,5% per                   Telegraphic Transfer International (TTI) of 5.5%
                  tahun untuk mata uang Dolar Amerika Serikat dan                     per annum for the United States Dollar and 7.50%
                  7,50% per tahun untuk mata uang Rupiah.                             per annum for the Rupiah.

              Sehubungan dengan fasilitas pinjaman tersebut,                      In connection with the loan facility, the Company is
              Perusahaan diwajibkan untuk memenuhi persyaratan                    required to fulfill certain requirements such as the
              tertentu seperti kewajiban pemenuhan rasio keuangan,                obligation to fulfill financial ratios, which include
              antara lain meliputi, current ratio minimum 1x, debt                minimum current ratio of 1x, debt service coverage
              service coverage ratio minimum 1x serta Debt to Equity              ratio minimum 1x and Debt to Equity maximum 2.0x.
              maksimum 2,0x.

              Pada tanggal 31 Maret 2024 dan 31 Desember 2023,                    As of March 31, 2024 and December 31, 2023, the
              Perusahaan telah memenuhi persyaratan rasio                         Company has complied all the financial ratio
              keuangan tersebut.                                                  requirements.




                                                                        48




LAPORAN TAHUNAN 2023 | Annual Report                                   303                                     P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 309
                                                                             The original financial statements included herein are in the Indonesian
                                                                                                                                           language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                            PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                   AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                        AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                              MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                      (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        13.   UTANG USAHA                                                   13. ACCOUNT PAYABLES

              Akun ini merupakan liabilitas yang timbul dari                    This account represents liabilities incurred mainly from
              pembelian persediaan, dengan rincian sebagai berikut:             purchases of inventories, with details as follows:

                                                       31 Maret 2024/        31 Desember 2023/
                                                       March 31, 2024        December 31, 2023
              Pihak ketiga                                                                                                       Third Parties
                 Lokal - Rupiah                         62.216.364.116         43.892.611.035                               Local - Rupiah
                 Impor                                                                                                              Import
                   Dolar Amerika Serikat                 6.503.613.985           4.293.911.747                       United States Dollar
                   Euro                                    197.024.178             698.349.743                                      Euro
                   Yuan China                               15.750.593                       -                             Chinese Yuan
                   Franc Swiss                                       -              22.938.451                              Swiss Franc
              Sub-Jumlah                                68.932.752.872         48.907.810.976                                               Sub-total
              Pihak berelasi (Catatan 26)                                                                           Related Parties (Note 26)
                 Lokal - Rupiah                             27.770.189               22.653.975                            Local - Rupiah
              Jumlah                                    68.960.523.061         48.930.464.951                                                     Total
              Analisa umur utang usaha tersebut adalah sebagai                  The aging analysis of account payables are as
              berikut:                                                          follows:

                                                       31 Maret 2024/        31 Desember 2023/
                                                       March 31, 2024        December 31, 2023
              Belum jatuh tempo                         68.960.523.061         48.930.464.951                                          Not yet due
              Lewat jatuh tempo                                                                                                          Past due:
                1 - 30 Hari                                             -                        -                                 1 - 30 Days
                31 - 60 Hari                                            -                        -                                31 - 60 Days
                61 - 90 Hari                                            -                        -                                61 - 90 Days
                > 90 Hari                                               -                        -                                  > 90 Days
              Jumlah                                    68.960.523.061         48.930.464.951                                                     Total
              Jangka waktu kredit dari pembelian bahan baku                     Purchase of raw and indirect materials, both from
              utama dan pembantu, baik dari pemasok dalam                       local and foreign suppliers, have credit terms of 30 to
              maupun luar negeri berkisari 30 sampai dengan                     60 days.
              60 hari.

              Pemasok utama Perusahaan 31 Maret 2024 dan                        The main suppliers of the Company as of March 31,
              31 Desember 2023 antara lain adalah PT Gerrindo                   2024 and December 31, 2023, among others, are
              Surya Makmur, PT Berkat Karunia Damai, PT                         PT Gerrindo Surya Makmur, PT Berkat Karunia
              Anugerah Kimia Indonesia, PT Mitra Sentosa Agro                   Damai, PT Anugerah Kimia Indonesia, PT Mitra
              Sukses, PT Tentram Industri Minergi, PT Dover                     Sentosa Agro Sukses, PT Tentram Industri Minergi,
              Trading Indonesia dan CV Dua Bintang.                             PT Dover Trading Indonesia and CV Dua Bintang.


        14.   PERPAJAKAN                                                    14. TAXATION

              a.   Pajak Dibayar di Muka                                        a.   Prepaid Taxes
                   Akun ini terdiri dari:                                            This account consists of:

                                                       31 Maret 2024/        31 Desember 2023/
                                                       March 31, 2024        December 31, 2023
                   Pajak Pertambahan Nilai (PPN)
                     Masukan                            13.021.230.341         18.143.612.895                       Value Added Tax (VAT) In
                   Pajak penghasilan pasal 25              203.970.060                      -                            Income tax article 25
                   Jumlah                               13.225.200.401         18.143.612.895                                                      Total


                                                                       49




LAPORAN TAHUNAN 2023 | Annual Report                                  304                                    P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 310
                                                                             The original financial statements included herein are in the Indonesian
                                                                                                                                           language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                            PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                   AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                        AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                              MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                      (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        14.   PERPAJAKAN (lanjutan)                                        14. TAXATION (continued)

              b.   Utang Pajak                                                  b.    Taxes payable

                   Akun ini terdiri dari:                                             This account consists of:

                                                         31 Maret 2024/      31 Desember 2023/
                                                         March 31, 2024      December 31, 2023
                   Pajak Penghasilan:                                                                                                Income Taxes:
                     Pasal 4 (2)                             46.504.443           100.092.745                                        Article 4 (2)
                     Pasal 15                                44.286.472            22.750.726                                          Article 15
                     Pasal 21                             1.825.892.826           793.932.045                                          Article 21
                     Pasal 22                                99.203.891            94.262.632                                          Article 22
                     Pasal 23/26                            114.285.762            93.898.455                                       Article 23/26
                     Pasal 25                             3.213.171.289         3.213.171.289                                          Article 25
                     Pasal 29                            10.267.383.853        10.267.383.853                                          Article 29
                   Jumlah                                15.610.728.536        14.585.491.745                                                      Total


              c.   Beban Pajak Penghasilan                                      c.    Income Tax Expense

                   Rekonsiliasi antara laba sebelum beban pajak                       The reconciliation between profit before income
                   penghasilan menurut laporan laba rugi dan                          tax expense according to the statements of profit
                   penghasilan komprehensif lain dengan taksiran                      or loss and other comprehensive income
                   penghasilan kena pajak untuk tahun yang                            and estimated taxable income for the years ended
                   berakhir pada 31 Maret 2024 dan 2023 adalah                        March 31, 2024 and 2023 are as follows:
                   sebagai berikut:

                                                          31 Maret 2024/      31 Maret 2023/
                                                         March 31, 2024       March 31, 2023
                   Laba sebelum beban                                                                                   Profit before income
                     pajak penghasilan                                                                                         tax expense
                     menurut laporan laba rugi                                                              per statements of profit or loss
                     dan penghasilan komprehensif                                                                and other comprehensive
                     lain                                47.971.944.469        25.592.004.258                                       income
         [




                   Beda tetap                                                                                        Permanent differences
                   Sumbangan dan representasi               172.835.754              319.839.100                  Donation and representation
                   Pendapatan yang telah dikenakan                                                                       Income subjected to
                      pajak penghasilan bersifat final      (15.099.048)              (4.624.849)                           final income tax
                   Lain-lain                                 33.666.737               16.245.001                                        Others
                   Beda temporer                                                                                     Temporary differences
                   Liabilitas                                                                                                        Employee
                      imbalan kerja karyawan                666.214.677            598.671.201                            benefits liabilities
                   Penyusutan                               610.382.564          1.419.883.313                                     Depreciation
                   Transaksi sewa                           (31.324.841)           (14.075.899)                             Lease transaction
                   Penyisihan penurunan nilai                                                                       Allowance for impairment
                      piutang usaha                        (210.512.068)             (99.437.268)                   of account receivables
                   Lain-lain                               (168.652.956)             (74.254.000)                                       Others
                   Taksiran penghasilan kena pajak       49.029.455.288        27.754.250.857                      Estimated taxable income




                                                                     50




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Page 311
                                                                                   The original financial statements included herein are in the Indonesian
                                                                                                                                                 language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                  PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                             NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                         AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                              AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                    MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                            (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        14.   PERPAJAKAN (lanjutan)                                            14. TAXATION (continued)

              c.   Beban Pajak Penghasilan (lanjutan)                                c.    Income Tax Expense (continued)

                   Beban pajak penghasilan (tahun berjalan) dan                            Income tax expense (current year) and the
                   perhitungan taksiran utang pajak penghasilan                            computation of the estimated income tax payable
                   adalah sebagai berikut:                                                 are as follows:

                                                          31 Maret 2024/             31 Maret 2023/
                                                          March 31, 2024             March 31, 2023

                   Taksiran penghasilan kena pajak                                                                        Estimated taxable income
                      (dibulatkan)                        49.029.455.000             27.754.250.000                                    (rounded)

                   Beban pajak penghasilan                                                                                        Income tax expense
                      - tahun berjalan                    10.786.480.100               6.105.935.000                                  - current year

                   Dikurangi pajak penghasilan                                                                                  Less: prepayments of
                      dibayar di muka                     (10.786.480.100)            (2.508.657.687)                                   income tax

                   Taksiran utang pajak                                                                                       Estimated income tax
                      penghasilan                                          -           3.597.277.313                                     payable


              d.   Aset Pajak Tangguhan - Bersih                                     d.    Deferred Tax Assets - Net

                   Pajak tangguhan yang berasal dari pengaruh                              The deferred tax effects of the significant
                   beda temporer yang signifikan antara pelaporan                          temporary differences between commercial and
                   komersial dan pajak adalah sebagai berikut:                             tax reporting are as follows:



                                                                  31 Maret 2024/ March 31, 2024

                                                                                    Dikreditkan
                                                                     Dikreditkan     Pada Laba
                                                                   (Dibebankan)    Komprehensif
                                                                  Pada Laba Rugi/ Lain/ Credited to
                                                  Saldo Awal/         Credited         Other               Saldo Akhir/
                                                   Beginning        (Charged) to  Comprehensive              Ending
                                                    Balance        Profit or Loss     Income                 Balance

                   Liabilitas                                                                                                           Employee benefits
                      Imbalan kerja karyawan      3.307.768.510      146.567.229                     -    3.454.335.739                        liabilities
                   Aset tetap                    11.775.685.251      134.284.165                     -   11.909.969.416                       Fixed assets
                   Penyisihan penurunan nilai                                                                                    Allowance for impairment
                      Piutang usaha                224.429.379       (46.312.655 )                   -      178.116.724         of account receivables
                   Penyisihan penurunan nilai                                                                                      Allowance for decline in
                      Persediaan                   430.096.828                 -                     -       430.096.828           value of inventories
                   Transaksi sewa                   32.248.238        (6.891.465 )                   -        25.356.773                Lease transaction
                   Lain-lain                        37.103.651       (37.103.651 )                   -                 -                               Others

                   Jumlah                        15.807.331.857      190.543.623                     -   15.997.875.480                                  Total




                                                                         51




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Page 312
                                                                                  The original financial statements included herein are in the Indonesian
                                                                                                                                                language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                  PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                             NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                         AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                              AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                    MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                            (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        14.   PERPAJAKAN (lanjutan)                                           14. TAXATION (continued)

              d.   Aset Pajak Tangguhan - Bersih (lanjutan)                          d.       Deferred Tax Assets - Net (continued)



                                                                 31 Desember 2023/ December 31, 2023

                                                                                   Dikreditkan
                                                                    Dikreditkan     Pada Laba
                                                                  (Dibebankan)    Komprehensif
                                                                 Pada Laba Rugi/ Lain/ Credited to
                                                  Saldo Awal/        Credited         Other                Saldo Akhir/
                                                   Beginning       (Charged) to  Comprehensive               Ending
                                                    Balance       Profit or Loss     Income                  Balance

                   Liabilitas                                                                                                          Employee benefits
                      Imbalan kerja karyawan     2.379.018.074      (98.619.227 )         1.027.369.663    3.307.768.510                      liabilities
                   Aset tetap                   10.796.196.895      979.488.356                       -   11.775.685.251                     Fixed assets
                   Penyisihan penurunan nilai                                                                                   Allowance for impairment
                      Piutang usaha                198.502.441       25.926.938                       -     224.429.379        of account receivables
                   Penyisihan penurunan nilai                                                                                       Allowance for decline
                      Persediaan                   522.418.921       (92.322.093 )                    -     430.096.828           value of inventories
                   Transaksi sewa                   43.377.168       (11.128.930 )                    -      32.248.238                 Lease transaction
                   Lain-lain                        16.335.880        20.767.771                      -      37.103.651                               Others

                   Jumlah                       13.955.849.379      824.112.815           1.027.369.663   15.807.331.857                                Total



              e.   Administrasi Pajak                                                e.      Tax Administration
                   Berdasarkan peraturan perpajakan Indonesia,                               Under the taxation laws of Indonesia, the
                   Perusahaan menghitung, menetapkan dan                                     Company submits tax return on the basis of self
                   membayar secara sendiri pajak penghasilannya                              assessment. The Directorate General of Taxation
                   (self-assessment). Direktorat Jenderal Pajak                              (DGT) may assess or amend tax liability within
                   (DJP) dapat menetapkan atau mengubah                                      5 (five) years from the time the tax becomes due.
                   liabilitas pajak dalam batas waktu 5 (lima) tahun
                   sejak saat terutangnya pajak.

                   Berdasarkan Surat Keputusan Direktur Jenderal                             Based on the Decree of the Director General of
                   Pajak    No.    S-659/KPP.2106/2023       tanggal                         Taxes No. S-659/KPP.2106/2023 dated August
                   21 Agustus 2023, menetapkan Perusahaan                                    21, 2023, establishing the Company as a Priority
                   sebagai Wajib Pajak Prioritas. Sebagai Wajib                              Taxpayer. As a Priority Taxpayer, the Company
                   Pajak Prioritas, Perusahaan mendapatkan                                   receives benefits including: priority service,
                   keuntungan antara lain: pelayanan prioritas,                              accelerated application completion, and tax
                   diberikan percepatan penyelesaian permohonan,                             payment installments until the end of the relevant
                   serta angsuran pembayaran pajak sampai dengan                             tax year on the Tax Assessment Letter (SKP) as
                   akhir tahun pajak bersangkutan atas Surat                                 long as it meets tax provisions. This provision
                   Ketetapan Pajak (SKP) sepanjang memenuhi                                  applies from September 1, 2023 until August 31,
                   ketentuan perpajakan. Ketetapan ini berlaku sejak                         2024.
                   tanggal 1 September 2023 sampai dengan
                   31 Agustus 2024.

              f.   Lain-lain                                                         f.      Others

                   Pada 31 Maret 2024 dan 31 Desember 2023,                                  As of March 31, 2024 and December 31, 2023,
                   Perusahaan menerima beberapa Surat Keputusan                              the Company received several Tax Decision
                   Pengembalian Pendahuluan Kelebihan Pajak                                  Letters  for  Preliminary Return   of  Tax
                   (SKPPKP) dengan rincian sebagai berikut:                                  Overpayments (SKPPKP) with the following
                                                                                             details:




                                                                         52




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Page 313
                                                                               The original financial statements included herein are in the Indonesian
                                                                                                                                             language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                              PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                         NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                     AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                          AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                        (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        14.   PERPAJAKAN (lanjutan)                                        14. TAXATION (continued)



                                                           31 Maret 2024/ March 31, 2024
                                                                                            Tanggal
                                             Masa Pajak/             Jumlah/              Penerimaan/
                        Jenis Pajak          Tax Period              Amount              Receiving Date                                Tax Type

                 Pajak Pertambahan Nilai    November 2023/         14.265.824.778        13 Februari 2024/                              Value Added Tax
                                            November 2023                                February 13, 2024
                 Pajak Pertambahan Nilai    Desember 2023/          3.619.706.973          04 Maret 2024/                               Value Added Tax
                                            December 2023                                  March 04, 2024
                 Pajak Pertambahan Nilai      Januari 2024/         2.401.695.395          28 Maret 2024/                               Value Added Tax
                                              January 2024                                 March 28, 2024

                 Jumlah                                            20.287.227.146                                                                     Total




                                                      31 Desember 2023 / December 31, 2023
                                                                                            Tanggal
                                             Masa Pajak/             Jumlah/              Penerimaan/
                        Jenis Pajak          Tax Period              Amount              Receiving Date                                Tax Type

                 Pajak Pertambahan Nilai   November 2022/           5.008.254.282         1 Februari 2023/                              Value Added Tax
                                            November 2022                                February 1, 2023
                 Pajak Pertambahan Nilai   Desember 2022/           9.842.763.379            6 Maret 2023/                              Value Added Tax
                                            December 2022                                   March 6, 2023
                 Pajak Pertambahan Nilai      Januari 2023/         2.560.464.590          15 Maret 2023/                               Value Added Tax
                                              January 2023                                 March 15, 2023
                 Pajak Pertambahan Nilai     Februari 2023/         3.806.420.738             10 Mei 2023/                             Value Added Tax
                                             February 2023                                    May 10, 2023
                 Pajak Pertambahan Nilai        Maret 2023/         5.533.179.754              5 Juni 2023/                             Value Added Tax
                                                March 2023                                    June 5, 2023
                 Pajak Pertambahan Nilai         April 2023/        2.558.811.667            21 Juni 2023/                              Value Added Tax
                                                 April 2023                                  June 21, 2023
                 Pajak Pertambahan Nilai          Mei 2023/         5.317.956.932             27 Juli 2023/                            Value Added Tax
                                                  May 2023                                    July 27, 2023
                 Pajak Pertambahan Nilai         Juni 2023/         3.229.775.899        28 Agustus 2023/                              Value Added Tax
                                                 June 2023                                 August 28, 2023
                 Pajak Pertambahan Nilai          Juli 2023/        4.912.899.278        10 Oktober 2023/                               Value Added Tax
                                                  July 2023                               October 10, 2023
                 Pajak Pertambahan Nilai     Agustus 2023/          3.838.841.848       7 November 2023/                                Value Added Tax
                                               August 2023                              November 7, 2023
                 Pajak Pertambahan Nilai   September 2023/          3.961.654.467      23 November 2023/                                Value Added Tax
                                           September 2023                              November 23, 2023

                 Jumlah                                            50.571.022.834                                                                     Total



        15.   UTANG LAIN-LAIN                                              15.     OTHER PAYABLES

              Pada tanggal 31 Maret 2024 dan 31 Desember 2023                     On March 31, 2024 and December 31, 2023
              saldo utang lain-lain masing-masing sebesar                         outstanding of other payables amounting to
              Rp 814.141.293 dan Rp 932.812.746, sebagian besar                   Rp 814,141,293 and Rp 932,812,746, respectively,
              utang merupakan gaji outsourcing Perusahaan.                        majority of payables is related to the outsourcing
                                                                                  salary of the Company.




                                                                      53




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Page 314
                                                                                 The original financial statements included herein are in the Indonesian
                                                                                                                                               language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                           NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                       AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                            AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                  MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                          (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        16.   BIAYA MASIH HARUS DIBAYAR                                    16.      ACCRUED EXPENSES

              Akun ini terdiri dari:                                               This account consists of:

                                                       31 Maret 2023/            31 Desember 2022/
                                                       March 31, 2023            December 31, 2022
              Retensi                                  11.718.047.068              13.434.075.974                                              Retention
              Pengangkutan                              2.818.852.271               2.534.711.088                                                Freight
              Bunga pinjaman                            1.786.997.713               1.890.093.734                                               Interest
              Lain-lain                                   985.557.954                 288.652.958                                                Others
              Jumlah                                   17.309.455.006              18.147.533.754                                                    Total

              Pada tanggal 31 Maret 2024, biaya masih harus                        As of March 31, 2024, accrued expenses - retention
              dibayar retensi merupakan utang retensi atas                         represents retention payable for the construction of
              pembangunan fasilitas MDF Line 2.                                    the MDF Line 2 facility.


        17.   LIABILITAS IMBALAN KERJA KARYAWAN                            17. EMPLOYEE BENEFITS LIABILITIES

              Mutasi nilai kini liabilitas imbalan pasti adalah                    The movements in the present value of the defined
              sebagai berikut:                                                     benefit obligation are as follows:


                                                       31 Maret 2024/            31 Desember 2023/
                                                       March 31, 2024            December 31, 2023
              Saldo awal liabilitas bersih             15.035.311.412              10.813.718.521                 Begining balance of liabilities
              Beban imbalan kerja karyawan                                                                                  Employee benefits
                  tahun berjalan                          770.344.677                2.469.943.308               expense for the current year
              Pembayaran imbalan kerja                                                                            Employee benefits payments
                  selama tahun berjalan                  (104.130.000)              (2.918.212.523)                           for current year
              Rugi komprehensif lain                                -                4.669.862.106                   Other comprehensive loss
              Saldo akhir liabilitas bersih            15.701.526.089              15.035.311.412                 Ending balance of liabilities


              Manajemen berkeyakinan bahwa estimasi liabilitas                      Management believes that the employee benefits
              tersebut di atas cukup untuk memenuhi ketentuan                       liabilities are adequate to cover the prevailing
              yang berlaku.                                                         requirements.


        18.   MODAL SAHAM                                                  18.      SHARE CAPITAL

              Rincian kepemilikan saham Perusahaan pada tanggal                     The detail of shares ownership of the Company as of
              31 Maret 2024 dan 31 Desember 2023 berdasarkan                        March 31, 2024 and December 31, 2023, based on
              Laporan Daftar Pemegang Saham masing masing                           The Share Register Reports provided by PT
              dikelola oleh PT Sinartama Gunita, Biro Administrasi                  Sinartama Gunita, respectively, the Securities
              Efek, adalah sebagai berikut:                                         Administration Bureau, are as follows:




                                                                      54




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Page 315
                                                                                 The original financial statements included herein are in the Indonesian
                                                                                                                                               language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                           NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                       AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                            AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                  MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                          (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        18.   MODAL SAHAM (lanjutan)                                       18.      SHARE CAPITAL (continued)

                                                 Jumlah Saham
                                                Ditempatkan dan
                                                 Disetor Penuh/        Persentase
                                                Number of Shares       Pemilikan/
                                                   Issued and         Percentage of                 Jumlah/
                       Pemegang Saham               Fully Paid         Ownership                    Amount                          Shareholders

              PT Adrindo Intiperkasa                4.800.200.000                  51,00%        480.020.000.000                 PT Adrindo Intiperkasa
              SMB Kenzai Co., Ltd.                  2.353.000.000                  25,00%        235.300.000.000                   SMB Kenzai Co., Ltd.
              Heffy Hartono                           562.600.000                   5,98%         56.260.000.000                           Heffy Hartono
              Lain-lain (masing-masing dengan                                                                               Others (each with ownership
                  pemilikan di bawah 5%)            1.696.200.000                  18,02%        169.620.000.000                    interest below 5%)

              Jumlah                                9.412.000.000                 100.00%        941.200.000.000                                       Total


              Anggota Direksi yang memiliki saham Perusahaan,                       The Directors who are shareholders of the Company,
              sesuai Daftar Pemegang Saham Perusahaan pada                          based on the records maintained by the Company’s
              tanggal 31 Maret 2024 dan 31 Desember 2023 adalah                     Share Register as of March 31, 2024 and December
              sebagai berikut:                                                      31, 2023 are as follows:

                                                                       Persentase
                                                                       Pemilikan/
                                                Jumlah Saham/         Percentage of                 Jumlah/
                       Pemegang Saham           Number of Share        Ownership                    Amount                          Shareholders

              Direksi                                                                                                                             Director
              Heffy Hartono                           562.600.000                   5,98%         56.260.000.000                             Heffy Hartono


              Pengelolaan Modal                                                     Capital Management
              Tujuan utama pengelolaan modal Perusahaan adalah                      The primary objective of the Company’s capital
              untuk memastikan pemeliharaan rasio modal yang                        management is to ensure that they maintain healthy
              sehat untuk mendukung usaha dan memaksimalkan                         capital ratios in order to support its business and
              imbalan bagi pemegang saham.                                          maximize shareholder value.

              Perusahaan dipersyaratkan oleh Undang-undang                          The Company is also required by the Limited Liability
              Perseroan Terbatas No. 40 Tahun 2007 untuk                            Company Law No. 40 Year 2007 to contribute and
              menyisihkan dan mempertahankan suatu dana                             maintain a non-distributable reserve fund until the said
              cadangan yang tidak boleh didistribusikan sampai                      reserve reaches 20% of the issued and fully paid
              dana cadangan tersebut mencapai 20% dari modal                        share capital. This externally imposed capital
              saham diterbitkan dan dibayar penuh. Persyaratan                      requirements will be considered with by the Company
              permodalan eksternal tersebut akan dipertimbangkan                    in next Annual General Meeting Shareholders
              oleh Perusahaan dalam Rapat Umum Pemegang                             (“AGMS”).
              Saham (RUPS) Tahunan berikutnya.

              Perusahaan mengelola struktur permodalan dan                          The Company manages its capital structure and make
              melakukan penyesuaian berdasarkan perubahan                           adjustments to it, in light of changes in economic
              kondisi    ekonomi.    Untuk    memelihara       dan                  conditions. In order to maintain and adjust the capital
              menyesuaikan struktur permodalan, Perusahaan                          structure, the Company may adjust the proposed
              dapat menyesuaikan usulan pembayaran dividen                          dividend payment to shareholders, issue new shares,
              kepada pemegang saham, menerbitkan saham baru                         or raise additional debt financing. No changes were
              atau mengusahakan tambahan pendanaan melalui                          made in the objectives, policies or processes for
              pinjaman. Tidak ada perubahan atas tujuan, kebijakan                  managing capital during the years ended March 31,
              maupun proses dalam manajemen modal untuk tahun                       2024 and December 31, 2023.
              yang berakhir pada tanggal-tanggal 31 Maret 2024
              dan 31 Desember 2023.

              Kebijakan Perusahaan adalah mempertahankan                            The Company’s policy is to maintain a healthy capital
              struktur permodalan yang sehat untuk mengamankan                      structure in order to secure access to finance at a
              akses terhadap pendanaan pada biaya yang wajar,                       reasonable cost, using debt to equity ratio and
              antara    lain  dengan    memonitor      permodalan                   gearing ratio.
              menggunakan debt to equity ratio dan gearing ratio.

                                                                      55




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Page 316
                                                                              The original financial statements included herein are in the Indonesian
                                                                                                                                            language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                               PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                          NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                      AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                           AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                 MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                         (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


         19. DIVIDEN TUNAI DAN CADANGAN UMUM                                19.    CASH DIVIDENDS AND GENERAL RESERVES

              Dalam RUPS yang diadakan pada tanggal                                Based on AGMS dated June 20, 2023, the Company’s
              20 Juni 2023 para pemegang saham menyetujui untuk                    Shareholders declared cash dividends to be distributed
              membagikan dividen tunai kepada para pemegang                        to    Company’s        shareholders     amounted    to
              saham Perusahaan sebesar Rp 18.824.000.000 dari                      Rp 18,824,000,000 from Company’s 2022 income,
              laba periode 2022, yang pelaksanaan pembayarannya                    which has been paid on July 21, 2023. The Company’s
              telah dilakukan pada tanggal 21 Juli 2023. Para                      shareholders also agreed to appropriate portions of
              pemegang      saham      juga   menyetujui   untuk                   2022 net profit for general reserve purposes amounting
              mencadangkan sejumlah Rp 1.000.000.000 dari laba                     to Rp 1,000,000,000, in accordance with the existing
              bersih Perusahaan tahun 2022, sebagai dana                           regulations.
              cadangan umum Perusahaan sesuai ketentuan yang
              berlaku.


         20. TAMBAHAN MODAL DISETOR - BERSIH                                20. ADDITIONAL PAID-IN CAPITAL - NET

              Rincian tambahan modal disetor pada tanggal                          The details of additional paid-in capital as of
              31 Maret 2024 dan 31 Desember 2023 sebagai                           March 31, 2024 and December 31, 2023 are as
              berikut:                                                             follows:

              Agio saham sehubungan dengan                                                                    Agio shares in connection with
                  penawaran umum saham                                                                        the public offering of shares
                  (Catatan 1b)                                        7.060.000.000                                               (Note 1b)
              Biaya emisi saham (Catatan 2t)                         (4.161.928.700 )                        Share issuance costs (Notes 2t)

              Bersih                                                 2.898.071.300                                                                    Net



        21.   PENJUALAN BERSIH                                              21.    NET SALES

              Rincian penjualan adalah sebagai berikut:                            Details of sales are as follows:

                                                          31 Maret 2024/          31 Maret 2023/
                                                          March 31, 2024          March 31, 2023
              Ekspor                                      262.598.998.288         142.902.634.008                                                Export
              Lokal                                        49.596.556.219          44.057.147.838                                                 Local
              Jumlah                                      312.195.554.507         186.959.781.846                                                  Total


              Rincian penjualan bersih berdasarkan produk utama                    The details of net sales based on the main product are
              adalah sebagai berikut:                                              as follows:

                                                          31 Maret 2024/          31 Maret 2023/
                                                          March 31, 2024          March 31, 2023
              MDF ME                                      203.791.112.143          20.244.534.263                                         MDF ME
              MDF Jepang                                   54.189.910.594         113.145.324.553                                       MDF Japan
              MDF Reguler                                  54.184.139.926          47.151.272.608                                      MDF Regular
              Lain-lain                                        30.391.844           6.418.650.422                                           Others
              Jumlah                                      312.195.554.507         186.959.781.846                                                 Total


              Pada tanggal 31 Maret 2024 dan 31 Desember 2023,                     As of March 31, 2024 and December 31, 2023, the
              Perusahaan memiliki uang muka dari pelanggan,                        Company has advances from customers amounting
              masing-masing sebesar Rp 39.879.600.176 dan                          to Rp 39,879,600,176 and Rp 12,532,430,429,
              Rp 12.532.430.429.                                                   respectively.




                                                                      56




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Page 317
                                                                                 The original financial statements included herein are in the Indonesian
                                                                                                                                               language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                           NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                       AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                            AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                  MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                          (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        21.   PENJUALAN BERSIH (lanjutan)                                    21. NET SALES (continued)

              Sebagian penjualan, yaitu masing-masing sekitar                       A portion of sales approximately 28.13% and 76.54%
              28,13% dan 76,54% untuk periode tiga bulan yang                       for the three months period ended March 31, 2024
              berakhir pada tanggal 31 Maret 2024 dan 2023                          and 2023, respectively, were made to a related party
              dilakukan kepada pihak berelasi (Catatan 26).                         (Note 26).

              Pada periode tiga bulan yang berakhir pada tanggal                    For the three months period ended March 31, 2024
              31 Maret 2024 dan 2023, jumlah penjualan yang                         and 2023, sales with amount exceeding 10% of net
              melebihi 10% dari jumlah penjualan bersih adalah                      sales are as follows:
              sebagai berikut:
                                                                                          Persentase terhadap
                                                                                        Jumlah Penjualan Bersih (%) /
                                                         Jumlah/                             Percentage to
                                                         Amount                            Total Net Sales (%)

                                            31 Maret 2024/    31 Maret 2023/       31 Maret 2024/        31 Maret 2023/
                                            March 31, 2024    March 31, 2023       March 31, 2024        March 31, 2023

              Penjualan Bersih                                                                                                              Net Sales
              S.A.Shahab And                                                                                                          S.A.Shahab And
                  Company Pte., Ltd.        123.839.235.791     20.244.534.263                 39,67                10,83        Company Pte., Ltd.
              SMB Kenzai Co., Ltd.           54.189.910.594    113.145.324.553                 17,36                60,52         SMB Kenzai Co., Ltd.
              House of Wood Timber                                                                                               House of Wood Timber
                  Trading Co., LLC           46.024.700.872                  -                 14,74                    -         Trading Co., LLC
              PT Karya Agung Abadi           33.613.941.687     29.952.770.394                 10,77                16,02        PT Karya Agung Abadi
              Jumlah                        257.667.788.944    163.342.629.210                 82,54                87,37                              Total




        22.   BEBAN POKOK PENJUALAN                                          22. COST OF GOODS SOLD

              Rincian beban pokok penjualan adalah sebagai                         Details of cost of goods sold are as follows:
              berikut:

                                                         31 Maret 2024/           31 Maret 2023/
                                                         March 31, 2024           March 31, 2023
              Bahan baku dan bahan                                                                                            Raw materials and
                 pembantu yang digunakan                123.822.725.494            76.150.394.334                    indirect materials used
              Upah langsung                              21.265.356.202            20.267.828.963                                    Direct labor
              Beban produksi:                                                                                                  Production costs:
                                                                                                                             Depreciation of
                  Penyusutan aset tetap (Catatan 9)      42.059.959.947            23.678.678.802                  fixed assets (Note 9)
                  Perbaikan dan pemeliharaan             10.827.489.559            10.733.525.438                Repairs and maintenance
                  Transportasi dan bahan bakar            3.987.800.324             4.098.418.911                   Transportation and fuel
                  Operasional pabrik                      2.923.167.612             2.955.128.575                        Operational factory
                  Jasa profesional                        1.508.875.000               217.947.330                                Profesional
                  Asuransi                                  893.101.620               446.642.384                                 Insurance
                  Imbalan kerja karyawan                                                                                  Employee benefits
                       (Catatan 17)                           539.241.273              419.069.841                                 (Note 17)
                  Pajak dan perijinan                          94.599.750              101.729.690                         Tax and licensing
                  Sewa                                         54.113.290               54.113.290                                      Rent
                  Sumbangan dan representasi                   51.722.564              170.804.302           Donations and representations
                  Lain-lain                                   154.554.200              322.347.683                                    Others
              Jumlah beban pabrikasi                    208.182.706.835           139.616.629.543                    Cost of goods manufactured




                                                                        57




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Page 318
                                                                            The original financial statements included herein are in the Indonesian
                                                                                                                                          language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                           PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                      NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                  AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                       AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                             MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                     (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        22.   BEBAN POKOK PENJUALAN (lanjutan)                             22. COST OF GOODS SOLD (continued)


              Jumlah beban pabrikasi                  208.182.706.835        139.616.629.543                    Cost of goods manufactured
              Persediaan barang dalam proses                                                                                      Work in process
                 Awal tahun                             13.465.874.281        18.642.596.769                                       Beginning
                 Akhir tahun                           (13.279.236.603)      (12.543.454.489)                                         Ending
              Beban pokok produksi                    208.369.344.513        145.715.771.823                         Total manufacturing cost
              Persediaan barang jadi                                                                                               Finished goods
                 Awal tahun                           123.353.078.075         79.710.242.260                                        Beginning
                 Akhir tahun                         (115.913.391.905)       (71.161.162.738)                                           Ending
              Beban Pokok Penjualan                   215.809.030.683        154.264.851.345                              Cost of Goods Sold



              Sebagian pembelian, yaitu sekitar 0,02% dan 1,61%                A portion of purchases approximately 0.02% and
              masing-masing untuk periode tiga bulan yang berakhir             1.61% for the three months period ended March 31,
              pada tanggal 31 Maret 2024 dan 2023 dilakukan                    2024 and 2023, respectively, were made from related
              dengan pihak-pihak berelasi (Catatan 26).                        parties (Note 26).

              Pada periode tiga bulan yang berakhir pada tanggal               For the three months period ended March 31, 2024
              31 Maret 2024 dan 2023, tidak terdapat pembelian                 and 2023, there were no purchase from suppliers with
              dari pemasok yang jumlah pembeliannya selama                     annual cummulative individual amount exceeding
              setahun melebihi 10% dari jumlah penjualan bersih.               10% of total net sales.


        23.   BEBAN PENJUALAN                                              23. SELLING EXPENSES

              Rincian beban penjualan adalah sebagai berikut:                 Details of selling expenses are as follows:

                                                       31 Maret 2024/         31 Maret 2023/
                                                       March 31, 2024         March 31, 2023

              Angkutan                                 18.612.152.092         10.247.129.856                                       Freight
              Pengapalan                               13.377.460.145          6.028.068.004                                     Shipment
              Administrasi dan dokumen                    541.634.779            246.593.925            Administration and documentation
              Asuransi                                    291.417.067            160.756.220                                    Insurance
              Komisi penjualan                            143.357.877            198.663.952                            Sales commission
              Lain-lain                                     4.580.349              5.050.300                                       Others

              Jumlah                                   32.970.602.309         16.886.262.257                                                     Total



        24.   BEBAN UMUM DAN ADMINISTRASI                                  24. GENERAL AND ADMINISTRATIVE EXPENSES

              Rincian beban umum dan administrasi adalah sebagai              Details of general and administrative expenses are as
              berikut:                                                        follows:




                                                                      58




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Page 319
                                                                                  The original financial statements included herein are in the Indonesian
                                                                                                                                                language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                 PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                            NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                        AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                             AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                   MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                           (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        24.   BEBAN UMUM DAN ADMINISTRASI (lanjutan)                          24. GENERAL AND                 ADMINISTRATIVE                EXPENSES
                                                                                  (Continued)

                                                        31 Maret 2024/             31 Maret 2023/
                                                        March 31, 2024             March 31, 2023
              Gaji dan tunjangan                             6.953.202.020            6.394.872.201                      Salaries and allowances
              Jasa profesional                                 432.047.141              428.112.863                              Professional fees
              Perjalanan dinas                                 390.591.918              378.994.548                               Business travels
              Penyusutan                                                                                                           Depreciation of
                 aset hak guna (Catatan 10)                   305.546.490               305.562.334             right-of-use assets (Noted 10)
              Imbalan kerja karyawan (Catatan 17)             231.103.404               179.601.360                 Employee benefits (Note 17)
                                                                                                                                     Depreciation
              Penyusutan aset tetap (Catatan 9)               192.314.102               189.310.184                    of fixed assets (Note 9)

              Sumbangan dan representasi                      121.113.190               149.034.798                Donations and representations
              Komunikasi                                      107.327.719                93.641.580                             Communications
              Kantor                                           62.549.029               241.025.127                                        Office
              Asuransi                                         12.204.981                37.060.545                                   Insurance
              Pajak dan perijinan                               9.001.095                20.835.001                           Taxes and licenses
              Lain-lain                                       531.333.999               191.285.776                                       Others
              Jumlah                                         9.348.335.088            8.609.336.317                                                    Total



        25.   LAIN-LAIN - BERSIH                                              25. OTHERS - NET

              Rincian pendapatan (beban) lain-lain - bersih adalah                   Details of others income (expense) - net are as
              sebagai berikut:                                                       follows:
                                                        31 Maret 2024/             31 Maret 2023/
                                                        March 31, 2024             March 31, 2023
              Laba penjualan aset tetap                                                                              Gain on sales of fixed assets
                 (Catatan 9)                                  345.239.945               427.702.703                                    (Note 9)
              Lain-lain                                       739.898.742             1.059.580.365                                         Others
              Jumlah                                         1.085.138.687            1.487.283.068                                                    Total



        26.   SALDO DAN TRANSAKSI DENGAN PIHAK-PIHAK                          26. BALANCE AND TRANSACTIONS WITH RELATED
              BERELASI                                                            PARTIES

              Dalam     kegiatan  usaha    normal,    Perusahaan                     In their regular conduct of business, the Company
              melakukan transaksi dengan pihak-pihak berelasi                        engages in transactions with certain related parties.
              tertentu.    Perusahaan     melakukan      transaksi                   The Company conducts transactions based on terms
              berdasarkan persyaratan dan ketentuan yang                             and conditions agreed upon together with the related
              disepakati bersama dengan pihak-pihak berelasi.                        parties.

              Rincian saldo dan transaksi dengan pihak-pihak                         The details of accounts and transactions with related
              berelasi adalah sebagai berikut:                                       parties are as follows:
                                                                                            Persentase terhadap
                                                                                               Jumlah Aset /
                                                        Jumlah/                                Percentage to
                                                        Amount                                  Total Assets

                                            31 Maret 2024/     31 Desember 2023/ 31 Maret 2024/          31 Desember 2023/
                                            March 31, 2024     December 31, 2023 March 31, 2024          December 31, 2023

              Piutang Usaha                                                                                                         Account Receivables
              SMB Kenzai Co., Ltd           18.636.083.085        4.705.681.277                   1,02                0,25           SMB Kenzai Co., Ltd
              PT Karya Agung Abadi          18.599.624.451       19.393.508.925                   1,02                1,02          PT Karya Agung Abadi

              Jumlah                        37.235.707.536       24.099.190.202                   2,04                1,27                               Total


                                                                         59




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Page 320
                                                                                     The original financial statements included herein are in the Indonesian
                                                                                                                                                   language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                    PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                               NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                           AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                                AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                      MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                              (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        26.   SALDO DAN TRANSAKSI SIGNIFIKAN DENGAN                              26. SIGNIFICANT ACCOUNTS AND TRANSACTIONS
              PIHAK-PIHAK BERELASI (lanjutan)                                        WITH RELATED PARTIES (continued)

                                                                                               Persentase terhadap
                                                                                                  Jumlah Aset /
                                                           Jumlah/                                Percentage to
                                                           Amount                                  Total Assets

                                               31 Maret 2024/   31 Desember 2023/ 31 Maret 2024/             31 Desember 2023/
                                               March 31, 2024   December 31, 2023 March 31, 2024             December 31, 2023

              Aset Hak-Guna                                                                                                         Right-of-Use Assets
              CV Auto Diesel Radiators Co.        916.750.376        1.222.185.962                   0,05                0,07 CV Auto Diesel Radiators Co.
              PT Surya Fajar Lestari              353.004.697          407.228.891                   0,01                0,02      PT Surya Fajar Lestari

              Jumlah                            1.269.755.073        1.629.414.853                   0,06                0,09                               Total

                                                                                                                                 Advance Payments for
              Uang Muka Pembelian Aset Tetap                                                                                  Purchase of Fixed Assets
              PT Griya Inti Perkasa            22.306.360.000    18.960.406.000                      1,22                1,00      PT Griya Inti Perkasa




                                                                                               Persentase terhadap
                                                                                                Jumlah Liabilitas /
                                                           Jumlah/                                Percentage to
                                                           Amount                                Total Liabilities

                                               31 Maret 2024/   31 Desember 2023/ 31 Maret 2024/             31 Desember 2023/
                                               March 31, 2024   December 31, 2023 March 31, 2024             December 31, 2023

              Utang Usaha                                                                                                                Account Payables
              PT Prapat Tunggal Cipta              27.770.189          22.653.975                    0,01                0,01       PT Prapat Tunggal Cipta

              Jumlah                               27.770.189          22.653.975                    0,01                0,01                               Total

              Liabilitas Sewa                                                                                                              Lease Liabilities
                                                                                                                                             CV Auto Diesel
              CV Auto Diesel Radiators Co.      1.001.801.321        1.335.735.095                   0,18                0,19               Radiators Co.
              PT Surya Fajar Lestari              383.211.811          440.262.658                   0,07                0,07          PT Surya Fajar Lestari

              Jumlah                            1.385.013.132        1.775.997.753                   0,25                0,26                              Total




                                                                                              Persentase terhadap
                                                                                               Jumlah Akun yang
                                                                                                Bersangkutan /
                                                           Jumlah/                               Percentage to
                                                           Amount                             Respective Accounts

                                               31 Maret 2024/    31 Maret 2023/         31 Maret 2024/        31 Maret 2023/
                                               March 31, 2024    March 31, 2023         March 31, 2024        March 31, 2023

              Penjualan                                                                                                                              Sales
              SMB Kenzai Co., Ltd              54.189.910.594   113.145.324.553                    17,36                60,52          SMB Kenzai Co., Ltd
              PT Karya Agung Abadi             33.613.941.687    29.952.770.394                    10,77                16,02         PT Karya Agung Abadi

              Jumlah                           87.803.852.281   143.098.094.947                    28,13                76,54                              Total

              Pembelian                                                                                                                        Purchases
              PT Prapat Tunggal Cipta              27.017.100          20.499.625                    0,02                0,02      PT Prapat Tunggal Cipta
              PT Wahana Lestari                                                                                                         PT Wahana Lestari
                  Makmur Sukses                             -         891.484.500                        -               0,82           Makmur Sukses
              PT Wanakasita Nusantara                       -         835.629.500                        -               0,77     PT Wanakasita Nusantara

              Jumlah                               27.017.100        1.747.613.625                   0,02                1,61                              Total

              Beban Listrik                                                                                                              Electrical Expense
                                                                                                                                             CV Auto Diesel
              CV Auto Diesel Radiators Co.          8.373.779           7.018.843                  46,08                33,68               Radiators Co.




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Page 321
                                                                             The original financial statements included herein are in the Indonesian
                                                                                                                                           language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                            PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                   AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                        AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                              MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                      (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        26.   SALDO DAN TRANSAKSI SIGNIFIKAN DENGAN                        26. SIGNIFICANT ACCOUNTS AND TRANSACTIONS
              PIHAK-PIHAK BERELASI (lanjutan)                                  WITH RELATED PARTIES (continued)

              Syarat dan Ketentuan Transaksi dengan Pihak-                    Terms and Conditions of the Transactions with
              Pihak Berelasi                                                  Related Parties

                 Pada tanggal 27 Juli 2022, Perusahaan                             On July 27, 2022, the Company entered into an
                  mengadakan perjanjian pembelian aset dengan                        asset purchase agreement with PT Griya Inti
                  PT Griya Inti Perkasa (pihak berelasi) berkaitan                   Perkasa (related party) related to the purchase of
                  dengan pembelian gedung kantor di ADR Tower                        an office building in ADR Tower with a net area of
                  dengan luasan neto masing-masing 412,30 m2                         412.30 m2 and 385.46 m2, respectively. Based on
                  dan 385,46 m2. Berdasarkan perjanjian tersebut,                    the agreement, the total value of the office
                  jumlah nilai kontrak pembelian kantor tersebut                     purchase contract is Rp 32,344,200,000 with an
                  sebesar Rp 32.344.200.000 dengan estimasi                          estimated time for physical delivery starting
                  waktu penyerahan secara fisik dilakukan mulai                      December 31, 2024. The amount of advance
                  tanggal 31 Desember 2024. Jumlah uang muka                         purchase paid by the Company as of March 31,
                  pembelian yang sudah dibayarkan oleh                               2024 and December 31, 2023, each amounting to
                  Perusahaan pada tanggal 31 Maret 2024 dan                          Rp 22,306,360,000 and Rp 18,960,406,000.
                  31 Desember 2023, masing – masing sebesar
                  Rp 22.306.360.000 dan Rp 18.960.406.000.

                 Perusahaan memiliki perjanjian sewa ruangan                       The Company has an office space rental
                  kantor yang beralamat di Wisma ADR, Jl. Pluit                      agreement located at Wisma ADR, Jl. Pluit Raya I
                  Raya I No. 1, Jakarta Utara, dengan CV Auto                        No. 1, North Jakarta with CV Auto Diesel
                  Diesel Radiators Co. (pihak berelasi) dengan                       Radiators Co. (related party) with an area of 276
                  luasan    masing-masing       276   m2     dan                     m2 and 523 m2 for a rental period from January
                  523 m2, dengan jangka waktu sewa dari Januari                      2024 until March 2024, respectively, and will be
                  2024 sampai dengan Maret 2024 dan akan                             automatically extended for the next 3 month
                  diperpanjang secara otomatis untuk periode                         period continuously unless there is a change in
                  3 bulan berikutnya secara terus menerus kecuali                    the agreement between the two parties.
                  ada perubahan kesepakatan antara kedua belah
                  pihak.

                 Perusahaan memiliki perjanjian sewa gudang                       The Company has a 564 m2 warehouse rental
                  seluas 564 m2 yang beralamat di LPPU Curug                        agreement which is located at LPPU Curug No. 88,
                  No. 88, Tangerang, dengan PT Surya Fajar                          Tangerang with PT Surya Fajar Lestari (related
                  Lestari (pihak berelasi) dengan jangka waktu                      party) for a rental period of 1 year until December
                  sewa selama 1 tahun sampai dengan Desember                        2023 and this agreement was renewed based on
                  2023 dan Perjanjian ini diperbaharui berdasarkan                  the lease agreement dated December 20, 2023
                  perjanjian sewa menyewa tanggal 20 Desember                       which stated that the lease agreement was
                  2023 yang menerangkan bahwa perjanjian sewa                       extended for 1 year until December 31, 2024.
                  diperpanjang selama 1 tahun sampai dengan
                  31 Desember 2024.

                 Perusahaan memiliki perjanjian sewa bangunan                     The Company has a 77 m2 office building rental
                  kantor seluas 77 m2 yang beralamat di LPPU                        agreement which is located at LPPU Curug No. 88,
                  Curug No. 88, Tangerang, dengan PT Surya                          Tangerang with PT Surya Fajar Lestari (related
                  Fajar Lestari (pihak berelasi) dengan jangka                      party) for a rental period of 1 year until December
                  waktu sewa selama 1 tahun sampai dengan                           2023 and be extended on December 20, 2023 for
                  Desember 2023 dan diperpanjang pada tanggal                       the period until December 31, 2024.
                  20 Desember 2023 untuk jangka waktu sampai
                  dengan 31 Desember 2024.

              Berikut ini adalah rincian saldo dan transaksi                   The details of accounts and transactions based on the
              berdasarkan sifat hubungan dengan pihak-pihak                    nature of relationship with the related parties
              berelasi adalah sebagai berikut:                                 mentioned in the foregoing are as follows :




                                                                      61




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Page 322
                                                                              The original financial statements included herein are in the Indonesian
                                                                                                                                            language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                             PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                    AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                         AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                               MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                       (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        26.   SALDO DAN TRANSAKSI SIGNIFIKAN DENGAN                         26. SIGNIFICANT ACCOUNTS AND TRANSACTIONS
              PIHAK-PIHAK BERELASI (lanjutan)                                   WITH RELATED PARTIES (continued)

              Syarat dan Ketentuan Transaksi dengan Pihak-                      Terms and Conditions of the Transactions with
              Pihak Berelasi (lanjutan)                                         Related Parties (continued)



                 Pihak-pihak Berelasi/                       Sifat Relasi/                                             Jenis Transaksi/
                Name of Related Parties                 Nature of Relationship                                      Nature of Transactions
              SMB Kenzai Co., Ltd.             Pemegang saham Perusahaan/Shareholder                 Transaksi usaha/Business transaction
              PT Karya Agung Abadi             Pihak berelasi lainnya/Other related parties          Transaksi usaha/Business transaction
              PT Prapat Tunggal Cipta          Entitas dengan pengendalian bersama/                  Transaksi usaha/Business transaction
                                               Entities under common control
              CV Auto Diesel Radiators Co      Entitas dengan pengendalian bersama/                  Transaksi sewa/Rental transaction
                                               Entities under common control
              PT Surya Fajar Lestari           Entitas dengan pengendalian bersama/                  Transaksi sewa/Rental transaction
                                               Entities under common control
              PT Wahana Lestari                Entitas dengan pengendalian bersama/                  Transaksi usaha/Business transaction
                Makmur Sukses                  Entities under common control
              PT Griya Inti Perkasa            Entitas dengan pengendalian bersama/                  Transaksi pembelian aset/Asset
                                               Entities under common control                         purchase transaction


              Personal manajemen kunci Perusahaan terdiri dari                  The Company’s key management personnel consists
              semua anggota komisaris dan direksi.                              of all members of the Company's commissioners and
                                                                                directors.

              Untuk periode tiga bulan yang berakhir pada tanggal               For the three months period ended March 31, 2024 and
              31 Maret 2024 dan 2023, jumlah beban yang diakui                  2023, total amount recognized by the Company relating
              Perusahaan sehubungan dengan kompensasi bruto                     to gross compensation for the key management
              bagi personal manajemen kunci Perusahaan adalah                   personnel is as follows:
              sebagai berikut:


                                                 31 Maret 2024/            31 Maret 2023/
                                                 March 31, 2024            March 31, 2023
              Imbalan kerja jangka pendek                                                                       Short-term employee benefits
                 (dalam milyar Rupiah)                        3,29                       3,01                             (in billion Rupiah)


              Jumlah dalam tabel di atas merupakan jumlah yang                 The amounts disclosed in the table are the amounts
              diakui sebagai biaya selama periode pelaporan                    recognized as an expense during the reporting period
              sehubungan dengan kompensasi yang diberikan                      related to the compensation of key management
              kepada personil manajemen kunci tersebut.                        personnel.


        27.   PERJANJIAN DAN IKATAN PENTING                                27. SIGNIFICANT AGREEMENTS AND COMMITMENTS

              Perjanjian Pembelian Kayu                                         Wood Purchase Agreement

              Perusahaan mengadakan perjanjian kerjasama                       The Company entered into a cooperation agreements
              berupa jual beli bahan baku kayu dengan supplier                 in the form of buying and selling wood raw materials
              pihak ketiga antara lain dengan PT Bupala Alam                   with third party suppliers among others with
              Perkasa, CV Abadi Bersama Guna, CV Cokro Guno                    PT Bupala Alam Perkasa, CV Abadi Bersama Guna,
              Kencono, PT Mitra Sentosa Agro Sukses, CV Dua                    CV Cokro Guno Kencono, PT Mitra Sentoso Agro
              Bintang,CV Jaya Bersama dan CV Bala Putra Dewa.                  Sukses, CV Dua Bintang, CV Jaya Bersama and
              Berdasarkan perjanjian tersebut, para pihak tersebut             CV Bala Putra Dewa. Based on the agreements, the
              akan melakukan pengiriman sesuai dengan                          parties will deliver according to the timber
              spesifikasi kayu sesuai syarat dan ketentuan yang                specifications in accordance with the agreed terms
              disepakati bersama.                                              and conditions.


                                                                      62




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Page 323
                                                                                     The original financial statements included herein are in the Indonesian
                                                                                                                                                   language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK                                                    PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                               NOTES TO THE FINANCIAL STATEMENTS
        TANGGAL 31 MARET 2024 DAN 31 DESEMBER 2023                                           AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
        SERTA PERIODE TIGA BULAN YANG BERAKHIR                                                AND FOR THE THREE MONTHS PERIOD ENDED
        PADA TANGGAL 31 MARET 2024 DAN 2023                                                                      MARCH 31, 2024 AND 2023
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                              (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        28.   ASET DAN LIABILITAS MONETER DALAM MATA                           28. MONETARY    ASSETS     AND   LIABILITIES
              UANG ASING                                                           DENOMINATED IN FOREIGN CURRENCIES

              Pada tanggal 31 Maret 2024 dan 31 Desember 2023                         As of March 31, 2024 and December 31, 2023, the
              Perusahaan memiliki aset dan liabilitas moneter                         Company has monetary assets and liabilities
              dalam mata uang asing sebagai berikut:                                  denominated in foreign currencies, mainly as follows:

                                                    Mata Uang Asing /                       Ekuivalen dalam Rupiah /
                                                    Foreign Currency                          Equivalent in Rupiah

                                            31 Maret 2024/       31 Desember 2023/ 31 Maret 2024/            31 Desember 2023/
                                            March 31, 2024       December 31, 2023 March 31, 2024            December 31, 2023

               Aset                                                                                                                                 Assets
               Kas di bank                                                                                                                   Cash in banks
                  Dolar Amerika Serikat             416.539              61.403           6.603.387.929          946.573.615          United States Dollar
               Piutang usaha                                                                                                           Account receivables
                  Dolar Amerika Serikat           4.783.873            7.856.773         75.838.743.425      121.120.015.189          United States Dollar

               Liabilitas                                                                                                                       Liabilities
               Utang usaha                                                                                                               Account payables
                  Dolar Amerika Serikat            (410.245 )           (278.536 )        (6.503.613.985 )    (4.293.911.747 )       United States Dollar
                  Euro                              (11.481 )            (40.745 )          (197.024.178 )      (698.349.743 )                      Euro
                  Yuan China                         (7.182 )                  -             (15.750.593 )                 -               Chinese Yuan
                  Franc Swiss                             -               (1.248 )                     -         (22.938.451 )               Swiss Franc
               Biaya masih harus dibayar                                                                                                Accrued expenses
                  Yuan China                      (5.000.000 )        (5.000.000 )      (10.965.325.000 )    (10.848.350.000 )             Chinese Yuan

               Aset (liabilitas) - Bersih                                                64.760.417.598      106.203.038.863       Asset (liabilities) - Net




        29.   LABA PER SAHAM                                                  29.      EARNINGS PER SHARE

              Perhitungan laba per saham adalah sebagai berikut:                       The calculation of earnings per share is as follows:

                                                          31 Maret 2024/              31 Maret 2023/
                                                          March 31, 2024              March 31, 2023
              Laba tahun berjalan                          37.376.007.992              19.888.842.474                               Income for the year
              Jumlah rata-rata tertimbang saham                                                                           Weighted average number
                 yang beredar                                9.412.000.000               9.412.000.000                     of shares outstanding
              Laba per saham Dasar                                      3,97                         2,11                Basic Earnings per share



        30.   INFORMASI SEGMEN                                                 30. SEGMENT INFORMATION

              Informasi segmen di bawah ini dilaporkan                                 Segment informations are reported based on the
              berdasarkan informasi yang digunakan oleh                                information that is used by management to evaluate
              manajemen untuk mengevaluasi kinerja setiap                              performance of each business segment and allocate
              segmen usaha dan mengalokasikan sumber daya.                             the resources.




                                                                          63




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                                                                                                                                                                                   The original financial statements included herein are in Indonesian language.



                                                                         PT INDONESIA FIBREBOARD INDUSTRY TBK
                                                                         CATATAN ATAS LAPORAN KEUANGAN                                                                                                     PT INDONESIA FIBREBOARD INDUSTRY TBK
                                                                         TANGGAL 31 DESEMBER 2023                                                                                                             NOTES TO THE FINANCIAL STATEMENTS
                                                                         DAN UNTUK TAHUN YANG BERAKHIR                                                                                                                     AS OF DECEMBER 31, 2023
                                                                         PADA TANGGAL TERSEBUT                                                                                                                      AND FOR THE YEAR THEN ENDED
                                                                         (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                                                                        (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


                                                                         30.    INFORMASI SEGMEN (lanjutan)                                                        30.    SEGMENT INFORMATION (continued)

                                                                                31 Maret 2024/             MDF Jepang/          MDF Reguler/           MDF ME/                 Lain-lain/                   Jumlah/                       31 Maret 2024/
                                                                                March 31, 2024              Japan MDF           Regular MDF            ME MDF                   Others                       Total                        March 31, 2024




LAPORAN TAHUNAN 2023 | Annual Report
                                                                          Penjualan bersih                   54.189.910.594       54.184.139.926     203.791.112.143               30.391.844            312.195.554.507                                Net sales

                                                                          Beban pokok penjualan             (38.654.201.630 )    (42.823.746.529 )   (132.741.866.325 )         (1.589.216.199)         (215.809.030.683 )                     Cost of goods sold

                                                                          Hasil segmen (laba bruto)          15.535.708.964       11.360.393.397      71.049.245.818            (1.558.824.355)           96.386.523.824            Segment results (gross profit)
                                                                          Beban penjualan tidak                                                                                                                                              Unallocated selling
                                                                                dapat dialokasikan                                                                                                        (32.970.602.309 )                                expense
                                                                          Beban umum dan administrasi                                                                                                                                   Unallocated general and
                                                                                tidak dapat dialokasikan                                                                                                   (9.348.335.088 )        administrative expenses
                                                                          Beban keuangan                                                                                                                   (9.703.167.851 )                        Financing cost
                                                                          Laba selisih kurs                                                                                                                 2.507.288.158               Foreign exchange gains




                     319
                                                                          Pendapatan bunga                                                                                                                     15.099.048                         Interest income
                                                                          Lain-lain - bersih                                                                                                                1.085.138.687                             Others - net
                                                                          Laba sebelum beban                                                                                                                                                      Income before
                                                                               pajak penghasilan                                                                                                          47.971.944.469               income tax expense
                                                                          Beban pajak penghasilan                                                                                                         (10.595.936.477 )                 Income tax expenses
                                                                          Laba tahun berjalan                                                                                                             37.376.007.992                      Income for the year
                                                                          Rugi komprehensif lain -                                                                                                                                    Other comprehensive loss -
                                                                               setelah pajak                                                                                                                             -                        after tax
                                                                          Jumlah laba komprehensif                                                                                                                                  Total comprehensive income
                                                                               tahun berjalan                                                                                                             37.376.007.992                       for the year

                                                                          Aset Segmen                                                                                                                                                              Segment Assets
                                                                                Persediaan barang jadi       34.027.575.228       27.723.009.719      47.017.526.857            7.145.280.101            115.913.391.905        Inventories - finished goods
                                                                          Aset tidak dapat
                                                                                dialokasikan                                                                                                           1.706.968.601.456                      Unallocated assets
                                                                          Jumlah Aset                                                                                                                  1.822.881.993.361                             Total assets

                                                                          Liabilitas tidak dapat
                                                                                 dialokasikan                                                                                                            564.589.611.420                    Unallocated liabilities
                                                                          Jumlah Liabilitas                                                                                                              564.589.611.420                          Total Liabilities
                                                                          Penambahan aset tetap                                                                                                           11.547.782.164                   Additional fixed assets

                                                                          Penyusutan                                                                                                                      42.252.274.049                             Depreciation


                                                                                                                                                                    64




         P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 325
                                                                                                                                                                                             P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
                                                                                                         The original financial statements included herein are in Indonesian language.
PT INDONESIA FIBREBOARD INDUSTRY TBK
CATATAN ATAS LAPORAN KEUANGAN                                                                                                    PT INDONESIA FIBREBOARD INDUSTRY TBK
TANGGAL 31 DESEMBER 2023                                                                                                            NOTES TO THE FINANCIAL STATEMENTS
DAN UNTUK TAHUN YANG BERAKHIR                                                                                                                    AS OF DECEMBER 31, 2023
PADA TANGGAL TERSEBUT                                                                                                                     AND FOR THE YEAR THEN ENDED
(DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                                                                       (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)
30.    INFORMASI SEGMEN (lanjutan)                                                       30.    SEGMENT INFORMATION (continued)
       31 Maret 2023/             MDF Jepang/          MDF Reguler/          MDF ME/                 Lain-lain/                   Jumlah/                       31 Maret 2023/
       March 31, 2023              Japan MDF           Regular MDF           ME MDF                   Others                       Total                        March 31, 2023
 Penjualan bersih                  113.145.324.553       47.151.272.608     20.244.534.263            6.418.650.422            186.959.781.846                                Net sales
 Beban pokok penjualan             (89.080.972.557 )    (38.649.871.877 )   (17.568.386.129 )         (8.965.620.782)         (154.264.851.345 )                     Cost of goods sold
 Hasil segmen (laba bruto)          24.064.351.996        8.501.400.731      2.676.148.134            (2.546.970.360)           32.694.930.501            Segment results (gross profit)
 Beban penjualan tidak                                                                                                                                             Unallocated selling
       dapat dialokasikan                                                                                                       (16.886.262.257 )                       expense
 Beban umum dan administrasi                                                                                                                                  Unallocated general and
       tidak dapat dialokasikan                                                                                                 (8.609.336.317 )         administrative expenses
 Beban keuangan                                                                                                                 (1.107.103.009 )                         Financing cost
 Laba (rugi) selisih kurs                                                                                                       18.007.867.423         Foreign exchange income (loss)
 Pendapatan bunga                                                                                                                    4.624.849                          Interest income
 Lain-lain - bersih                                                                                                              1.487.283.068                              Others - net




                                                                                                                                                                                            320
 Laba sebelum beban                                                                                                                                                     Income before
      pajak penghasilan                                                                                                         25.592.004.258               income tax expense
 Beban pajak penghasilan                                                                                                         (5.703.161.784 )                 Income tax expenses
 Laba tahun berjalan                                                                                                            19.888.842.474                      Income for the year
 Rugi komprehensif lain -                                                                                                                                   Other comprehensive loss -
      setelah pajak                                                                                                                            -                        after tax
 Jumlah laba komprehensif                                                                                                                                 Total comprehensive income
      tahun berjalan                                                                                                            19.888.842.474                       for the year




                                                                                                                                                                                             LAPORAN TAHUNAN 2023 | Annual Report
 Aset Segmen                                                                                                                                                             Segment Assets
       Persediaan barang jadi       24.846.452.841       22.430.704.917     10.356.949.306           13.527.055.674             71.161.162.738        Inventories - finished goods
 Aset tidak dapat
       dialokasikan                                                                                                          1.689.986.707.698                      Unallocated assets
 Jumlah Aset                                                                                                                 1.761.147.870.436                             Total assets
 Liabilitas tidak dapat
        dialokasikan                                                                                                           598.779.147.384                    Unallocated liabilities
 Jumlah Liabilitas                                                                                                             598.779.147.384                          Total Liabilities
 Penambahan aset tetap                                                                                                          88.833.133.047                   Additional fixed assets
 Penyusutan                                                                                                                     23.867.988.986                             Depreciation
                                                                                          65
Page 326
                                                                              The original financial statements included herein are in the Indonesian
                                                                                                                                            language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                     PT INDONESIA FIBREBOARD INDUSTRY TBK
        TANGGAL 31 DESEMBER 2023                                                              NOTES TO THE FINANCIAL STATEMENTS
        DAN UNTUK TAHUN YANG BERAKHIR                                                                     AS OF DECEMBER 31, 2023
        PADA TANGGAL TERSEBUT                                                                      AND FOR THE YEAR THEN ENDED
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                        (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        30.   INFORMASI SEGMEN (lanjutan)                                   30. SEGMENT INFORMATION (continued)

              Segmen Geografis                                                  Geographical Segment

              Informasi segmen operasi menurut daerah geografis                 Operational    segment      information  based    on
              lokasi pelanggan Perusahaan adalah sebagai                        geographical location of the Company’s customers are
              berikut:                                                          as follows:

                                                        31 Maret 2024/          31 Maret 2023/
                                                        March 31, 2024          March 31, 2023
              Timur Tengah                              203.791.112.143         20.244.534.263                                           Middle East
              Jepang                                     50.631.354.234        103.333.336.593                                                Japan
              Indonesia                                  49.596.556.219         44.057.147.838                                            Indonesia
              Lainnya                                     8.176.531.911         19.324.763.152                                               Others
              Jumlah                                    312.195.554.507        186.959.781.846                                                     Total



        31.   KEBIJAKAN DAN TUJUAN MANAJEMEN RISIKO                         31. POLICIES AND FINANCIAL RISK MANAGEMENT
              KEUANGAN                                                          OBJECTIVES
              Risiko utama dari instrumen keuangan Perusahaan                   The main risks arising from the Company’s financial
              adalah risiko tingkat bunga, risiko kredit dan risiko             instruments are interest rate risk, credit risk and
              likuiditas. Kebijakan akan pentingnya mengelola                   liquidity risk. Policies as to the importance of managing
              tingkat risiko ini telah meningkat secara signifikan              these risks levels have increased significantly by
              dengan mempertimbangkan beberapa parameter                        considering several changes in parameters and
              perubahan dan volatilitas pasar keuangan baik di                  volatility of both Indonesian and international financial
              Indonesia maupun internasional.                                   markets.

              Faktor - faktor Risiko Keuangan                                   Financial Risk Factors

              Risiko Tingkat Bunga                                              Interest Rate Risk

              Risiko tingkat suku bunga adalah risiko dimana nilai              Interest rate risk is defined as a risk in which the fair
              wajar arus kas di masa depan akan berfluktuasi                    value of future cash flows might be fluctuated due to
              karena perubahan tingkat suku bunga di pasar.                     the changes of market rate interest. Loans obtained at
              Pinjaman yang diperoleh dengan tingkat bunga                      variable rates expose the Company to cash flow
              mengambang menimbulkan risiko suku bunga atas                     interest rate risk.
              arus kas.

              Risiko tingkat bunga Perusahaan terutama terkait                  The Company’s interest rate risk mainly arises from
              dengan pinjaman yang diperoleh Perusahaan.                        loans it has obtained. The Company performs regular
              Perusahaan melakukan penelaahan berkala atas                      review on the impact of interest rate changes to
              dampak perubahan suku bunga untuk mengelola                       manage the interest rate risk.
              risiko suku bunga.

              Tabel berikut menyajikan nilai tercatat instrumen                 The following table sets out the carrying amounts by
              keuangan yang dimiliki oleh Perusahaan yang                       maturity of the Company’s financial instruments that
              terpengaruh oleh risiko suku bunga berdasarkan                    are exposed to interest rate risk:
              tanggal jatuh tempo:




                                                                       66




LAPORAN TAHUNAN 2023 | Annual Report                                  321                                     P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 327
                                                                                            The original financial statements included herein are in the Indonesian
                                                                                                                                                          language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                                    PT INDONESIA FIBREBOARD INDUSTRY TBK
        TANGGAL 31 DESEMBER 2023                                                                             NOTES TO THE FINANCIAL STATEMENTS
        DAN UNTUK TAHUN YANG BERAKHIR                                                                                    AS OF DECEMBER 31, 2023
        PADA TANGGAL TERSEBUT                                                                                     AND FOR THE YEAR THEN ENDED
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                                       (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        31.   KEBIJAKAN DAN TUJUAN MANAJEMEN RISIKO                                     31. POLICIES AND FINANCIAL RISK MANAGEMENT
              KEUANGAN (lanjutan)                                                           OBJECTIVES (continued)

              Faktor - faktor Risiko Keuangan (lanjutan)                                        Financial Risk Factors (continued)

              Risiko Tingkat Bunga (lanjutan)                                                   Interest Rate Risk (continued)
                                                                        31 Maret 2024/ March 31, 2024

                                                          Kurang                   Lebih dari
                                                        dari 1 tahun/             satu tahun/
                                                       Less than one               More than             Nilai tercatat/
                                                             year                   one year             Carrying value

              Suku bunga mengambang                                                                                                                           Floating rate
              Kas di bank                                 6.965.841.232                           -          6.965.841.232                                    Cash in banks

              Suku bunga tetap                                                                                                                                   Fixed rate
              Utang bank jangka pendek                   (5.566.228.474 )                         -         (5.566.228.474 )                          Short-term bank loans
              Utang jangka panjang yang jatuh tempo
                  dalam waktu satu tahun                                                                                               Current maturities of long-term debts
                  Utang bank                            (92.067.807.910 )                         -        (92.067.807.910 )                                   Bank loan
                  Liabilitas sewa                        (1.225.968.682 )                         -         (1.225.968.682 )                            Lease liabilities
              Utang jangka panjang setelah dikurangi
                   bagian yang jatuh tempo dalam
                   waktu satu tahun                                                                                               Long-term debt - net of current maturities
                   Utang bank                                           -         (307.498.557.803 )      (307.498.557.803 )                                 Bank loan
                   Liabilitas sewa                                      -             (159.044.450 )          (159.044.450 )                           Lease liabilities

               Jumlah                                   (91.894.163.834 )         (307.657.602.253 )      (399.551.766.087 )                                           Total



                                                                   31 Desember 2023/ December 31, 2023

                                                          Kurang                   Lebih dari
                                                        dari 1 tahun/             satu tahun/
                                                       Less than one               More than             Nilai tercatat/
                                                             year                   one year             Carrying value

              Suku bunga mengambang                                                                                                                           Floating rate
              Kas di bank                                 1.391.104.359                           -          1.391.104.359                                    Cash in banks

              Suku bunga tetap                                                                                                                                   Fixed rate
              Utang bank jangka pendek                 (138.960.052.293 )                         -       (138.960.052.293 )                          Short-term bank loans
              Utang jangka panjang yang jatuh tempo
                  dalam waktu satu tahun                                                                                               Current maturities of long-term debts
                  Utang bank                            (92.048.262.479 )                         -        (92.048.262.479 )                                   Bank loan
                  Liabilitas sewa                        (1.563.938.487 )                         -         (1.563.938.487 )                            Lease liabilities
              Utang jangka panjang setelah dikurangi
                   bagian yang jatuh tempo dalam
                   waktu satu tahun                                                                                               Long-term debt - net of current maturities
                   Utang bank                                           -         (330.523.728.296 )      (330.523.728.296 )                                 Bank loan
                   Liabilitas sewa                                      -             (212.059.266 )          (212.059.266 )                           Lease liabilities

               Jumlah                                  (231.181.148.900 )         (330.735.787.562 )      (561.916.936.462 )                                           Total




              Instrumen keuangan lainnya yang dimiliki Perusahaan                               Other financial instruments of the Company that are not
              yang tidak dimasukkan di tabel di atas adalah yang                                included in the above table are non-interest bearing or
              tidak dikenakan bunga atau tidak signifikan, sehingga                             not significant, therefore are not subjected to interest
              tidak terpengaruh risiko tingkat bunga.                                           rate risk.

              Tidak ada analisis sensitivitas yang dilakukan karena                             No sensitivity analysis is prepared as the Company
              Perusahaan tidak memperkirakan adanya dampak                                      does not expect any material effect on the Company’s
              material terhadap laba atau rugi Perusahaan yang                                  profit or loss arising from the effects of reasonably
              timbul dari dampak perubahan suku bunga yang wajar                                possible changes to interest rate on interest bearing
              pada instrumen keuangan berbunga pada akhir                                       financial instruments at the end of the reporting period.
              periode pelaporan.




                                                                                    67




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Page 328
                                                                                               The original financial statements included herein are in the Indonesian
                                                                                                                                                             language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                                      PT INDONESIA FIBREBOARD INDUSTRY TBK
        TANGGAL 31 DESEMBER 2023                                                                               NOTES TO THE FINANCIAL STATEMENTS
        DAN UNTUK TAHUN YANG BERAKHIR                                                                                      AS OF DECEMBER 31, 2023
        PADA TANGGAL TERSEBUT                                                                                       AND FOR THE YEAR THEN ENDED
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                                         (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        31.   KEBIJAKAN DAN TUJUAN MANAJEMEN RISIKO                                        31. POLICIES AND FINANCIAL RISK MANAGEMENT
              KEUANGAN (lanjutan)                                                              OBJECTIVES (continued)

              Faktor - faktor Risiko Keuangan (lanjutan)                                        Financial Risk Factors (continued)

              Risiko Kredit                                                                     Credit Risk

              Risiko kredit adalah risiko dalam hal pihak ketiga tidak                           Credit risk is the risk that a third party will not meet its
              akan memenuhi liabilitasnya berdasarkan instrumen                                  obligation under a financial instrument or customer
              keuangan       atau     kontrak    pelanggan,      yang                            contract, leading to financial loss. The Company is
              menyebabkan kerugian keuangan. Perusahaan                                          exposed to credit risk arising from its operating
              dihadapkan pada risiko kredit dari kegiatan operasi                                activities and from its financing activities, including
              dan dari aktivitas pendanaan, termasuk deposito pada                               deposits with banks, foreign exchange transactions,
              bank, transaksi valuta asing, dan instrumen keuangan                               and other financial instruments. Credit risk arises from
              lainnya. Risiko kredit terutama berasal dari kas dan                               cash on hand and in banks, account receivables and
              bank, piutang usaha dan piutang lain-lain.                                         other receivables.

              Risiko kredit yang berasal dari piutang usaha dan                                  Credit risk arises from account receivables and other
              piutang lain-lain dikelola oleh manajemen Perusahaan                               receivables managed by the management of the
              sesuai dengan kebijakan, prosedur, dan pengendalian                                Company in accordance with the policies, procedures,
              dari Perusahaan yang berhubungan dengan                                            and control of the Company relating to customer credit
              pengelolaan risiko kredit pelanggan dan piutang lain-                              risk management and other receivables. Credit limits
              lain. Batasan kredit ditentukan untuk semua                                        are determined for all customers based on internal
              pelanggan berdasarkan kriteria penilaian secara                                    assessment criteria. The balance of customer
              internal. Saldo piutang pelanggan dimonitor secara                                 receivables is monitored regularly by the management.
              teratur oleh manajemen.

              Tabel di bawah merinci kualitas kredit aset keuangan                              The table below details the credit quality of the
              Perusahaan serta eksposur maksimum risiko kredit                                  Company’s financial assets as well as maximum
              menurut peringkat risiko kredit:                                                  exposure to credit risk by credit risk rating grades:

                                                                            31 Maret 2024/ March 31, 2024

                                  Belum Jatuh Tempo/   1-30 hari/            31-60 hari/         61-90 hari/       Lebih Dari 90 hari/       Jumlah/
                                    Not Past Due       1-30 days             31-60 days          61-90 days          Over 90 days             Total

              Kas dan bank           7.045.841.232                  -                      -                   -                  -          7.045.841.232   Cash on hand and in banks
              Piutang usaha         82.192.854.247     19.074.997.085                                                   122.975.950        101.390.827.282         Account receivables
              Piutang lain-lain        188.085.296                  -                      -                   -                  -            188.085.296            Other receivables

              Jumlah                89.426.780.775     19.074.997.085                      -                   -        122.975.950        108.624.753.810                        Total



                                                                        31 Desember 2023/ December 31, 2023

                                  Belum Jatuh Tempo/   1-30 hari/            31-60 hari/         61-90 hari/       Lebih Dari 90 hari/       Jumlah/
                                    Not Past Due       1-30 days             31-60 days          61-90 days          Over 90 days             Total

              Kas dan bank           1.471.104.359                 -                       -                   -                  -          1.471.104.359   Cash on hand and in banks
              Piutang usaha        143.230.408.454       905.021.940                                                    124.919.416        144.260.349.810         Account receivables
              Piutang lain-lain         80.142.954                 -                       -                   -                  -             80.142.954            Other receivables

              Jumlah               144.781.655.767       905.021.940                       -                   -        124.919.416        145.811.597.123                        Total




              Risiko Likuiditas                                                                 Liquidity Risk

              Manajemen      risiko  likuiditas yang    hati-hati                                Prudent liquidity risk management implies maintaining
              mensyaratkan tersedianya kas dan bank yang                                         sufficient cash on hand and in banks to meet operating
              memadai untuk memenuhi kebutuhan modal                                             capital requirements. In regular conduct of business,
              operasional. Perusahaan dalam menjalankan kegiatan                                 the Company always maintain flexibility through
              usahanya senantiasa menjaga fleksibilitas melalui                                  adequate cash on hand and in banks funds and
              dana kas dan setara kas yang memadai dan                                           availability of funding in the form of adequate credit
              ketersediaan dana dalam bentuk kredit yang                                         lines.
              memadai.




                                                                                      68




LAPORAN TAHUNAN 2023 | Annual Report                                               323                                                   P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 329
                                                                                                                             The original financial statements included herein are in the Indonesian
                                                                                                                                                                                           language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                                                                    PT INDONESIA FIBREBOARD INDUSTRY TBK
        TANGGAL 31 DESEMBER 2023                                                                                                             NOTES TO THE FINANCIAL STATEMENTS
        DAN UNTUK TAHUN YANG BERAKHIR                                                                                                                    AS OF DECEMBER 31, 2023
        PADA TANGGAL TERSEBUT                                                                                                                     AND FOR THE YEAR THEN ENDED
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                                                                       (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        31.   KEBIJAKAN DAN TUJUAN MANAJEMEN RISIKO                                                              31. POLICIES AND FINANCIAL RISK MANAGEMENT
              KEUANGAN (lanjutan)                                                                                    OBJECTIVES (continued)

              Faktor - faktor Risiko Keuangan (lanjutan)                                                                       Financial Risk Factors (continued)

              Risiko Likuiditas (lanjutan)                                                                                    Liquidity Risk (continued)

              Manajemen mengelola risiko likuiditas dengan                                                                     Management manages the liquidity risks by
              senantiasa memantau perkiraan cadangan likuiditas                                                                continuously monitoring the rolling forecasts of the
              Perusahaan berdasarkan arus kas yang diharapkan                                                                  Company’s liquidity reserve on the basis of expected
              serta menelaah kebutuhan pembiayaan untuk modal                                                                  cash flows and reviewing financing requirements for
              kerja dan aktivitas pendanaan secara teratur dan                                                                 working capital and funding activities on a regular basis
              pada saat yang dianggap perlu.                                                                                   and where deemed necessary.

              Tabel berikut merinci sisa jatuh tempo kontraktual                                                               The following tables detail the Company’s remaining
              untuk liabilitas keuangan dengan periode pembayaran                                                              contractual maturity for its financial liabilities with
              yang disepakati Perusahaan. Tabel telah disusun                                                                  agreed repayment periods. The tables have been
              berdasarkan arus kas yang tak terdiskonto dari                                                                   drawn up based on the undiscounted cash flows of
              liabilitas keuangan berdasarkan tanggal terawal di                                                               financial liabilities based on the earliest date on which
              mana Perusahaan dapat diminta untuk membayar.                                                                    the Company can be required to pay. The tables
              Tabel mencakup arus kas bunga dan pokok. Untuk                                                                   include both interest and principal cash flows. To the
              arus bunga tingkat mengambang jumlah tidak                                                                       extent that interest flows are floating rate, the
              didiskontokan berasal dari kurva suku bunga pada                                                                 undiscounted amount is derived from interest rate
              akhir periode pelaporan. Jatuh tempo kontraktual                                                                 curves at the end of the reporting period. The
              didasarkan pada tanggal terawal di mana Perusahaan                                                               contractual maturity is based on the earliest date on
              mungkin akan diminta untuk membayar.                                                                             which the Company may be required to pay.


                                                                                                        31 Maret 2024/ March 31, 2024
                                                  Tingkat bunga
                                                      efektif
                                                     rata-rata                           Antara
                                                   tertimbang/                        3 bulan dan
                                                    Weighted       Kurang dari          1 tahun/          Antara 1 dan        Antara 2 dan                                            Nilai
                                                     average         3 bulan/           Between             2 tahun/             5 tahun/         Lebih dari                        tercatat/
                                                     effective      Less than          3 months            Between 1            Between 2          5 tahun/       Jumlah/           Carrying
                                                  interest rate     3 months           and 1 year         and 2 years          and 5 years       Over 5 years      Total             amount

              Tanpa bunga                                                                                                                                                                             Non-interest bearing
              Utang usaha                                                                                                                                                                                 Account payables
                 Pihak ketiga                                -    68.932.752.872                    -                    -                   -              -    68.932.752.872   68.932.752.872            Third parties
                 Pihak berelasi                              -        27.770.189                    -                    -                   -              -        27.770.189       27.770.189         Related parties
                                                                                                                                                                                                      Other payables - third
              Utang lain - lain - pihak ketiga               -       814.141.293                    -                    -                   -              -       814.141.293      814.141.293                  parties
              Biaya masih harus dibayar                      -    17.309.455.006                    -                    -                   -              -    17.309.455.006   17.309.455.006         Accrued expenses

              Instrumen tingkat bunga                                                                                                                                                                 Variable interest rate
                  variabel                                                                                                                                                                                 instruments
              Utang bank jangka panjang yang
                  jatuh tempo dalam                                                                                                                                                                     Current maturities of
                  waktu satu tahun                      7,65%     23.102.750.000     69.308.250.000                      -                   -              -   92.411.000.000    92.067.807.910    long-term bank loans
              Utang bank jangka panjang
                  setelah dikurangi bagian yang
                  jatuh tempo dalam                                                                                                                                                                Long-term bank loans net
                  waktu satu tahun                      7,65%                    -                  -    92.411.000.000 215.625.666.667                     -   308.036.666.667 307.498.557.803      of current maturities

              Instrumen tingkat bunga                                                                                                                                                                  Fixed interest rate
                  tetap                                                                                                                                                                                    instruments
              Utang bank jangka pendek            7,5% - 7,75%                   -    5.566.228.474                  -                       -              -    5.566.228.474     5.566.228.474     Short-term bank loans
              Liabilitas sewa                            5,32%                   -    1.225.968.682        159.044.450                       -              -    1.385.013.132     1.385.013.132            Lease liabilities

              Total                                               110.186.869.360 76.100.447.156         92.570.044.450 215.625.666.667                     -   494.483.027.633 493.601.726.679                        Total




                                                                                                              69




LAPORAN TAHUNAN 2023 | Annual Report                                                                       324                                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 330
                                                                                                                            The original financial statements included herein are in the Indonesian
                                                                                                                                                                                          language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                                                                   PT INDONESIA FIBREBOARD INDUSTRY TBK
        TANGGAL 31 DESEMBER 2023                                                                                                            NOTES TO THE FINANCIAL STATEMENTS
        DAN UNTUK TAHUN YANG BERAKHIR                                                                                                                   AS OF DECEMBER 31, 2023
        PADA TANGGAL TERSEBUT                                                                                                                    AND FOR THE YEAR THEN ENDED
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                                                                      (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        31.   KEBIJAKAN DAN TUJUAN MANAJEMEN RISIKO                                                              31. POLICIES AND FINANCIAL RISK MANAGEMENT
              KEUANGAN (lanjutan)                                                                                    OBJECTIVES (continued)

              Faktor - faktor Risiko Keuangan (lanjutan)                                                                     Financial Risk Factors (continued)

              Risiko Likuiditas (lanjutan)                                                                                    Liquidity Risk (continued)

                                                                                              31 Desember 2023/ December 31, 2023
                                                  Tingkat bunga
                                                      efektif
                                                     rata-rata                            Antara
                                                   tertimbang/                         3 bulan dan
                                                    Weighted       Kurang dari           1 tahun/        Antara 1 dan        Antara 2 dan                                            Nilai
                                                     average         3 bulan/            Between           2 tahun/             5 tahun/         Lebih dari                        tercatat/
                                                     effective      Less than           3 months          Between 1            Between 2          5 tahun/        Jumlah/          Carrying
                                                  interest rate     3 months            and 1 year       and 2 years          and 5 years       Over 5 years       Total            amount

              Tanpa bunga                                                                                                                                                                             Non-interest bearing
              Utang usaha                                                                                                                                                                                 Account payables
                 Pihak ketiga                                -    48.907.810.976                     -                  -                   -              -    48.907.810.976   48.907.810.976             Third parties
                 Pihak berelasi                              -        22.653.975                     -                  -                   -              -        22.653.975       22.653.975          Related parties
                                                                                                                                                                                                      Other payables - third
              Utang lain - lain - pihak ketiga               -       932.812.746                     -                  -                   -              -       932.812.746     932.812.746               parties
              Biaya masih harus dibayar                      -    18.147.533.754                     -                  -                   -              -    18.147.533.754   18.147.533.754          Accrued expenses

              Instrumen tingkat bunga                                                                                                                                                                 Variable interest rate
                  variabel                                                                                                                                                                                 instruments
              Utang bank jangka panjang yang
                  jatuh tempo dalam                                                                                                                                                                     Current maturities of
                  waktu satu tahun                      7,65%     23.102.750.000      69.308.250.000                    -                   -              -    92.411.000.000    92.048.262.479    long-term bank loans
              Utang bank jangka panjang
                  setelah dikurangi bagian yang
                  jatuh tempo dalam                                                                                                                                                                Long-term bank loans net
                  waktu satu tahun                      7,65%                    -                   -   92.411.000.000 238.728.416.667                    -   331.139.416.667 330.523.728.296       of current maturities

              Instrumen tingkat bunga                                                                                                                                                                  Fixed interest rate
                  tetap                                                                                                                                                                                    instruments
              Utang bank jangka pendek            7,5% - 7,75%                   - 138.960.052.293                   -                      -              -   138.960.052.293   138.960.052.293     Short-term bank loans
              Liabilitas sewa                            5,32%                   -   1.692.036.000         223.344.000                      -              -     1.915.380.000     1.775.997.753            Lease liabilities

              Total                                               91.113.561.451      209.960.338.293 92.634.344.000 238.728.416.667                       -   632.436.660.411   631.318.852.272                       Total




              Nilai Wajar Instrumen Keuangan                                                                                   Fair Value of Financial Instruments

              Nilai tercatat dan taksiran nilai wajar dari instrumen                                                          The carrying values and the estimated fair values of the
              keuangan Perusahaan yang dicatat di laporan posisi                                                              Company’s financial instruments that are carried in the
              keuangan tanggal 31 Maret 2024 dan 31 Desember                                                                  statements of financial position as of March 31, 2024
              2023, adalah sebagai berikut:                                                                                   and December 31, 2023, are as follows:

                                                                                        31 Maret 2024 / March 31, 2024
                                                                                      Nilai tercatat/                           Nilai wajar/
                                                                                     Carrying amount                            Fair value
              Aset Keuangan Lancar                                                                                                                                           Current Financial Assets
              Kas dan bank                                                             7.045.841.232                           7.045.841.232                                Cash on hand and in banks
              Piutang usaha                                                          101.390.827.282                         101.390.827.282                                      Account receivables
              Piutang lain-lain                                                          188.085.296                             188.085.296                                         Other receivables
              Jumlah Aset Keuangan lancar                                            108.624.753.810                         108.624.753.810                        Total Current Financial Assets
              Jumlah Aset Keuangan                                                   108.624.753.810                         108.624.753.810                                      Total Financial Assets

              Liabilitas Keuangan Jangka Pendek                                                                                                                          Current Financial Liabilities
              Utang bank jangka pendek                                                  5.566.228.474                          5.566.228.474                                   Short-term bank loans
              Utang usaha                                                              68.960.523.061                         68.960.523.061                                        Account payables
              Biaya masih harus dibayar                                                17.309.455.006                         17.309.455.006                                       Accrued expenses
              Utang lain-lain                                                             814.141.293                            814.141.293                                          Other payables
              Utang jangka panjang yang                                                                                                                                          Current maturities of
                 jatuh tempo dalam satu tahun                                                                                                                                        long-term debt
                 Utang bank                                                            92.067.807.910                         92.067.807.910                                            Bank loans
                 Liabilitas sewa                                                        1.225.968.682                          1.225.968.682                                        Lease liabilities
              Jumlah Liabilitas Keuangan
                 Jangka Pendek                                                       185.944.124.426                         185.944.124.426                   Total Current Financial Liabilities


                                                                                                              70




LAPORAN TAHUNAN 2023 | Annual Report                                                                      325                                                        P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 331
                                                                        The original financial statements included herein are in the Indonesian
                                                                                                                                      language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                               PT INDONESIA FIBREBOARD INDUSTRY TBK
        TANGGAL 31 DESEMBER 2023                                                        NOTES TO THE FINANCIAL STATEMENTS
        DAN UNTUK TAHUN YANG BERAKHIR                                                               AS OF DECEMBER 31, 2023
        PADA TANGGAL TERSEBUT                                                                AND FOR THE YEAR THEN ENDED
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                  (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        31.   KEBIJAKAN DAN TUJUAN MANAJEMEN RISIKO                   31. POLICIES AND FINANCIAL RISK MANAGEMENT
              KEUANGAN (lanjutan)                                         OBJECTIVES (continued)

              Nilai Wajar Instrumen Keuangan (lanjutan)                   Fair Value of Financial Instruments (continued)

                                                      31 Maret 2024 / March 31, 2024
                                                    Nilai tercatat/         Nilai wajar/
                                                   Carrying amount          Fair value

              Liabilitas Keuangan Jangka Panjang                                                    Non-Current Financial Liabilities
              Utang jangka panjang - setelah
                  dikurangi bagian yang                                                                                  Long-term debt -
                  jatuh tempo dalam satu tahun                                                                net of current maturities
                  Utang bank                        307.498.557.803      307.498.557.803                                   Bank loans
                  Liabilitas sewa                       159.044.450          159.044.450                               Lease liabilities
              Jumlah Liabilitas Keuangan                                                                              Total Non-current
                 Jangka Panjang                     307.657.602.253      307.657.602.253                          Financial Liabilities
              Jumlah Liabilitas Keuangan            493.601.726.679      493.601.726.679                      Total Financial Liabilities



                                                   31 Desember 2023/ December 31, 2023
                                                    Nilai tercatat/         Nilai wajar/
                                                   Carrying amount          Fair value
              Aset Keuangan Lancar                                                                             Current Financial Assets
              Kas dan bank                            1.471.104.359        1.471.104.359                      Cash on hand and in banks
              Piutang usaha                         144.260.349.810      144.260.349.810                            Account receivables
              Piutang lain-lain                          80.142.954           80.142.954                               Other receivables
              Jumlah Aset Keuangan lancar           145.811.597.123      145.811.597.123               Total Current Financial Assets
              Jumlah Aset Keuangan                  145.811.597.123      145.811.597.123                          Total Financial Assets

              Liabilitas Keuangan Jangka Pendek                                                            Current Financial Liabilities
              Utang bank jangka pendek              138.960.052.293      138.960.052.293                         Short-term bank loans
              Utang usaha                            48.930.464.951       48.930.464.951                              Account payables
              Biaya masih harus dibayar              18.147.533.754       18.147.533.754                             Accrued expenses
              Utang lain-lain                           932.812.746          932.812.746                                Other payables
              Utang jangka panjang yang                                                                            Current maturities of
                 jatuh tempo dalam satu tahun                                                                          long-term debt
                 Utang bank                          92.048.262.479       92.048.262.479                                  Bank loans
                 Liabilitas sewa                      1.563.938.487        1.563.938.487                              Lease liabilities
              Jumlah Liabilitas Keuangan
                 Jangka Pendek                      300.583.064.710      300.583.064.710           Total Current Financial Liabilities
              Liabilitas Keuangan Jangka Panjang                                                    Non-Current Financial Liabilities
              Utang jangka panjang - setelah
                  dikurangi bagian yang                                                                                  Long-term debt -
                  jatuh tempo dalam satu tahun                                                                net of current maturities
                  Utang bank                        330.523.728.296      330.523.728.296                                   Bank loans
                  Liabilitas sewa                       212.059.266          212.059.266                               Lease liabilities
              Jumlah Liabilitas Keuangan                                                                              Total Non-current
                 Jangka Panjang                     330.735.787.562      330.735.787.562                          Financial Liabilities
              Jumlah Liabilitas Keuangan            631.318.852.272      631.318.852.272                      Total Financial Liabilities




                                                                 71




LAPORAN TAHUNAN 2023 | Annual Report                           326                                      P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 332
                                                                             The original financial statements included herein are in the Indonesian
                                                                                                                                           language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                    PT INDONESIA FIBREBOARD INDUSTRY TBK
        TANGGAL 31 DESEMBER 2023                                                             NOTES TO THE FINANCIAL STATEMENTS
        DAN UNTUK TAHUN YANG BERAKHIR                                                                    AS OF DECEMBER 31, 2023
        PADA TANGGAL TERSEBUT                                                                     AND FOR THE YEAR THEN ENDED
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                       (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        31.   KEBIJAKAN DAN TUJUAN MANAJEMEN RISIKO                    31.     POLICIES AND FINANCIAL RISK MANAGEMENT
              KEUANGAN (lanjutan)                                              OBJECTIVES (continued)

              Nilai Wajar Instrumen Keuangan (lanjutan)                        Fair Value of Financial Instruments (continued)
              Nilai wajar aset dan liabilitas keuangan ditentukan              The fair values of the financial assets and liabilities are
              berdasarkan jumlah dimana instrumen tersebut                     determined based on the amount at which the
              dapat dipertukarkan dalam transaksi kini antara                  instrument could be exchanged in a current transaction
              pihak-pihak yang berkeinginan (willing parties), dan             between willing parties, and is neither forced income nor
              bukan merupakan pendapatan yang dipaksakan atau                  liquidation.
              likuidasi.

              Instrumen keuangan yang disajikan di dalam laporan               Financial instruments presented in the statements of
              posisi keuangan dicatat sebesar nilai wajar, atau                financial postion are carried at their fair values,
              disajikan dalam jumlah tercatat baik karena jumlah               otherwise, they are presented at carrying amounts as
              tersebut adalah kurang lebih sebesar nilai wajarnya              either these are reasonable approximation of fair values
              atau karena nilai wajarnya tidak dapat diukur secara             or their fair values cannot be realibly measured
              andal.

              Metode dan asumsi berikut ini digunakan untuk                    The following methods and assumptions were used to
              mengestimasi nilai wajar untuk setiap kelompok                   estimate the fair value of each class of financial
              instrumen   keuangan       yang praktis   untuk                  instrument for which it is practical to estimate such
              memperkirakan nilai tersebut.                                    value.

              Nilai tercatat dari kas dan bank, piutang usaha,                 The fair values of cash on hand and in banks, account
              piutang lain-lain, utang bank jangka pendek, utang               receivables, other receivables, short-term bank loans,
              usaha, biaya masih harus dibayar dan utang lain-lain             account payables, accrued expenses, and other
              diasumsikan sama dengan nilai tercatatnya karena                 payables are assumed to be the same as their carrying
              akan jatuh tempo dalam waktu singkat.                            amounts due to their short-term maturities.

              Nilai wajar atas liabilitas sewa dinilai menggunakan             The fair value of lease liabilities is determined by
              diskonto arus kas berdasarkan tingkat suku bunga                 discounting cash flows at effective interest rate.
              efektif.

              Jumlah tercatat dari utang bank jangka panjang -                 The carrying amount of long-term bank loans
              setelah dikurangi bagian yang jatuh tempo dalam                  approximate their fair values as they are reassessed
              waktu satu tahun, mendekati nilai wajarnya karena                periodically.
              selalu dinilai ulang secara berkala.


        32.   INFORMASI      TAMBAHAN       UNTUK     LAPORAN              32. SUPPLEMENTARY               INFORMATION               FOR        CASH
              ARUS KAS                                                         FLOWS

              Aktivitas non-kas                                               Non-cash activities

                                                        31 Maret 2024/       31 Desember 2023/
                                                        March 31, 2024       December 31, 2023

              Penambahan aset tetap melalui:                                                               Addition of fixed assets through:
                  Reklasifikasi dari persediaan          1.564.401.040         31.124.849.141              Reclassification of inventory
                                                                                                                      Reclassification of
                  Reklasifikasi uang muka                                                                         advance payments for
                     pembelian aset tetap                1.652.670.000           2.270.359.900            purchases of fixed assets
                  Kapitalisasi beban pinjaman                        -           8.069.275.803          Capitalization of borrowing cost

              Penambahan aset hak-guna                                                                         Addition of right-of-use assets
                  melalui liabilitas sewa                              -             61.243.351                  through lease liabilities




                                                                      72




LAPORAN TAHUNAN 2023 | Annual Report                                 327                                     P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 333
                                                                                    The original financial statements included herein are in the Indonesian
                                                                                                                                                  language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                           PT INDONESIA FIBREBOARD INDUSTRY TBK
        TANGGAL 31 DESEMBER 2023                                                                    NOTES TO THE FINANCIAL STATEMENTS
        DAN UNTUK TAHUN YANG BERAKHIR                                                                           AS OF DECEMBER 31, 2023
        PADA TANGGAL TERSEBUT                                                                            AND FOR THE YEAR THEN ENDED
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                              (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


        32.   INFORMASI TAMBAHAN UNTUK LAPORAN ARUS                            32. SUPPLEMENTARY INFORMATION                                 FOR       CASH
              KAS (lanjutan)                                                       FLOWS (continued)

              Rekonsiliasi utang neto                                                  Net debt reconciliation

                                                                                         Transaksi
                                            1 Januari/                                    non-kas/             31 Maret/
                                            January 1,            Arus Kas/              Non-cash              March 31,
                                               2024              Cash Flows             transaction              2024

              Utang bank jangka pendek    138.960.052.293   (133.393.823.819)                         -       5.566.228.474             Short-term bank loan
              Utang bank jangka panjang   422.571.990.775    (23.005.625.062)                         -     399.566.365.713             Long-term bank loan
              Liabilitas sewa               1.775.997.753       (390.984.621)                         -       1.385.013.132                  Lease liabilities

              Jumlah                      563.308.040.821   (156.790.433.502)                         -     406.517.607.319                               Total


                                                                                         Transaksi
                                            1 Januari/                                    non-kas/           31 Desember/
                                            January 1,            Arus Kas/              Non-cash            December 31,
                                               2023              Cash Flows             transaction              2023

              Utang bank jangka pendek     38.907.203.572   100.052.848.721                         -       138.960.052.293             Short-term bank loan
              Utang bank jangka panjang   486.441.847.574   (38.327.871.796)          (25.541.985.003)      422.571.990.775             Long-term bank loan
              Liabilitas sewa               3.203.979.568    (1.489.225.166)               61.243.351         1.775.997.753                  Lease liabilities

              Jumlah                      528.553.030.714    60.235.751.759           (25.480.741.652)      563.308.040.821                               Total




        33.   PERISTIWA SETELAH PERIODE PELAPORAN                             33.      SIGNIFICANT EVENT AFTER THE REPORTING
                                                                                       PERIOD

              Pajak Pertambahan Nilai (PPN)                                            Value Added tax (VAT)

              Pada tanggal 02 April 2024, Perusahaan menerima                          On April 02, 2024, the Company received SKPPKP
              SKPPKP No. KEP-00026/SKPPKP/KPP.2106/2024                                No. KEP00026/SKPPKP/KPP.2106/2024 of VAT for
              untuk PPN Masa Pajak Februari 2024, yang                                 the Tax Period of February 2024, which states that
              menyatakan bahwa Perusahaan memiliki kelebihan                           the Company has an overpayment amounting Rp
              bayar sebesar Rp 4.399.955.593.                                          4,399,955,593.

       34.    STANDAR DAN AMENDEMEN STANDAR TELAH                             34.      STANDARD AND AMENDMENTS TO STANDARDS
              DITERBITKAN TAPI BELUM DITERAPKAN                                        ISSUED NOT YET ADOPTED
              Pada tanggal persetujuan laporan keuangan, standar                       At the date of authorization of these financial
              dan amendemen-amendemen atas PSAK yang                                   statements, the following standards and amendments
              relevan bagi Perusahaan, yang telah diterbitkan                          to PSAK relevant to the Company were issued but not
              namun belum berlaku efektif, dengan penerapan dini                       effective, with early application permitted:
              diijinkan, adalah sebagai berikut:

              Berlaku efektif pada atau setelah 1 Januari 2024                         Effective beginning on or after January 1, 2024

              - PSAK 1 (Amendemen), “Penyajian Laporan                                 - PSAK 1 (Amendment), “Presentation of Financial
                Keuangan”: Klasifikasi Liabilitas sebagai Jangka                         Statements”. Classification of Liabilities as Current
                Pendek atau Jangka Panjang                                               or Non-current
                Amendemen PSAK 1, “Penyajian Laporan                                      The narrow-scope amendments to PSAK 1,
                Keuangan” mengklarifikasi bahwa kewajiban                                 “Presentation of Financial Statements” clarify that
                diklasifikasikan sebagai jangka pendek atau jangka                        liabilities are classified as either current or non-
                panjang, berdasarkan pada hak yang ada pada                               current, depending on the rights that exist at the
                akhir     periode   pelaporan.     Klasifikasi tidak                      end of the reporting period. Classification is
                terpengaruh oleh ekspektasi entitas atau peristiwa                        unaffected by the expectations of the entity or
                setelah tanggal pelaporan (misalnya penerimaan                            events after the reporting date (e.g the receipt of a
                waiver atau pelanggaran perjanjian). Amendemen                            waiver or a breach of covenant). The amendments
                tersebut juga mengklarifikasi apa yang dimaksud                           also clarify what PSAK 1 means when it refers to
                PSAK 1 perihal 'pelunasan' liabilitas.                                    the ‘settlement’ of a liability.


                                                                         73




LAPORAN TAHUNAN 2023 | Annual Report                                   328                                          P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 334
                                                                               The original financial statements included herein are in the Indonesian
                                                                                                                                             language.


        PT INDONESIA FIBREBOARD INDUSTRY TBK
        CATATAN ATAS LAPORAN KEUANGAN                                                       PT INDONESIA FIBREBOARD INDUSTRY TBK
        TANGGAL 31 DESEMBER 2023                                                                NOTES TO THE FINANCIAL STATEMENTS
        DAN UNTUK TAHUN YANG BERAKHIR                                                                       AS OF DECEMBER 31, 2023
        PADA TANGGAL TERSEBUT                                                                        AND FOR THE YEAR THEN ENDED
        (DISAJIKAN DALAM RUPIAH, KECUALI DINYATAKAN LAIN)                          (EXPRESSED IN RUPIAH, UNLESS OTHERWISE STATED)


       34.   STANDAR DAN AMENDEMEN STANDAR TELAH                             34.   STANDARD AND AMENDMENTS TO STANDARDS
             DITERBITKAN TAPI BELUM DITERAPKAN (lanjutan)                          ISSUED NOT YET ADOPTED (continued)

             Berlaku efektif pada atau setelah 1 Januari 2024                      Effective beginning on or after January 1, 2024
             (lanjutan)                                                            (continued)

               Amendemen           tersebut   dapat  memengaruhi                     The amendments could affect the classification of
               klasifikasi liabilitas, terutama untuk entitas yang                   liabilities, particularly for entities that previously
               sebelumnya            mempertimbangkan        intensi                 considered management’s intentions to determine
               manajemen untuk menentukan klasifikasi dan                            classification and for some liabilities that can be
               untuk beberapa liabilitas yang dapat dikonversi                       converted into equity.
               menjadi ekuitas.

             - PSAK 1 (Amendemen) “Penyajian Laporan                               - PSAK 1 (Amendment), “Presentation of Financial
               Keuangan”: Liabilitas Jangka Panjang dengan                           Statements”: Non-current Liabilities with Covenants
               Kovenan
               Dalam amendemen, ini liabilitas jangka panjang                        In this amendment, long-term liabilities with
               dengan kovenan disajikan sebagai liabilitas jangka                    covenants are presented as current or non-current
               pendek atau panjang bergantung pada ada atau                          liabilities depending on whether or not there is a
               tidaknya hak untuk menangguhkan pelunasan                             right to defer settlement of the liability. Covenants
               liabilitas. Kovenan dalam hal ini dibagi menjadi                      in this case are divided into covenants that affect
               kovenan       yang   memengaruhi     dan      tidak                   and do not affect the right to defer settlement of
               memengaruhi hak untuk menangguhkan pelunasan                          liabilities for at least 12 months after the reporting
               liabilitas setidaknya 12 bulan setelah periode                        period.
               pelaporan.
             - PSAK 73 (Amendemen), “Sewa”: Liabilitas Sewa                        - PSAK 73 (Amendment), “Lease”: Lease Liability in
               dalam Jual dan Sewa Balik                                             a Sale and Leaseback
               Amendemen ini memberikan penegasan atas                               This amendment provides clarification of the
               pengukuran selanjutnya untuk aset hak-guna dan                        subsequent measurement of right-of-use assets
               liabilitas sewa dari transaksi jual dan sewa-balik.                   and lease liabilities from sale and leaseback
               Penjual-penyewa (seller-lessee) mengukur liabilitas                   transactions. The seller-lessee measures the lease
               sewa dengan suatu cara sehingga tidak akan                            liability in such a manner that it does not recognize
               mengakui jumlah keuntungan atau kerugian yang                         any amount of the gain or loss that relates to the
               terkait dengan hak guna atas aset yang masih                          right of use retained.
               dipertahankannya.
             Sampai dengan tanggal penerbitan laporan keuangan,                    As of the date of authorization of these financial
             Perusahaan masih mempelajari dampak yang                              statements, the Company is still evaluating the
             mungkin timbul dari penerapan amandemen PSAK                          potential impact of the above amendments to PSAKs
             tersebut dan dampak dari penerapan amandemen                          and has not yet determined the related effects on the
             PSAK tersebut pada laporan keuangan belum dapat                       financial statements.
             ditentukan.




                                                                        74




LAPORAN TAHUNAN 2023 | Annual Report                                   329                                     P T I N D O N E S I A F I B R E B OA R D I N D U S T RY T B K
Page 335
MEMBER OF ADR




KANTOR PUSAT                          PABRIK
HEAD OFFICE                           PLANT


Wisma ADR                             Jl. Besar Jambi-Palembang
Mezzanine and 3rd floor                Desa Mendis Jaya
Jl. Pluit Raya 1 No. 1, Penjaringan   Kecamatan Bayung Lecir
Jakarta Utara 14440                   Musi Banyuasin
Indonesia                             Sumatera Selatan 30756
                                      Indonesia
Telp     : (021) 6615555
Fax      : (021) 6619302              Telp     : (021) 6615555 Ext. 9




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Names mentioned 116 people and organisations named in the text · linked when the evidence is strong

linked org Indonesia Fibreboard Industry Tbk p.2 ×38
linked org SMB Kenzai p.8 ×21
linked person Atsushi Takahama. · Commissioner p.21 ×6
linked person Surja Hartono · Komisaris Utama p.21 ×26
linked person Heffy Hartono · President Director p.32 ×24
linked org PT Adrindo Intiperkasa p.33 ×5
linked person Maryana Widjaja p.54
linked person Tsun Tien Wen Lie p.54
linked person Ang Andri Pribadi · Director p.54 ×12
linked person Setiawan Tjutju · Director p.54 ×11
linked person Takuji Okamoto · Director p.54 ×12
linked org Selamat Sempurna Tbk p.57 ×23
linked org Bina Cipta p.59 ×2
linked org Greenwood Sejahtera Tbk p.59 ×5
linked org Sinarmas Land p.66
linked org Bank Danamon Indonesia Tbk p.93 ×5
possible org Otoritas Jasa Keuangan p.5 ×7
possible org Bursa Efek Indonesia p.8 ×5
possible org Panin Sekuritas Tbk p.37 ×4
possible person Sumarni · Commissioner p.56 ×8
possible org PT Anugerah p.57
possible org PT Selamat p.57 ×2
possible person Prof. Dr. Satrio p.66
possible org International GmbH p.126 ×4
unresolved org Financial Services Authority p.5 ×15
unresolved org SMB Kenzai Co. Ltd. p.8 ×3
unresolved org NODA Corporation p.8 ×9
unresolved org Indonesia Stock Exchange p.8 ×6
unresolved org SMB Kenzai Co. Ltd. And NODA Corporation p.8
unresolved person Frequency · Anggota p.18
unresolved person Kensuke Shuto · Commissioner p.21
unresolved org Bank Indonesia p.24 ×8
unresolved person Notary Johny Dwikora Aron p.33 ×3
unresolved person Johny Johny Dwikora Aron p.36
unresolved org Menteri Kehakiman dan Hak Asasi p.36
unresolved org Ministry of Justice and Human Rights Manusia Republik Indonesia p.36
unresolved org PT Investindo p.37
unresolved org PT Nusantara Sekuritas p.37
unresolved org PT Corpus Sekuritas p.37
unresolved org PT Corpus Sekuritas Indonesia p.37
unresolved org Ishinomaki Corporation p.37
unresolved org Ishinomaki Plywood Mfg Ltd. p.37 ×4
unresolved org Plywood Mfg Ltd. SMB Kenzai Co., Ltd p.37
unresolved org Sedangkan Ishinomaki Plywood Mfg Ltd p.37
unresolved org Mfg Ltd p.37
unresolved person Kamelina · Notaris p.38 ×8
unresolved org Menteri p.38
unresolved org Ministry of Laws Hak Asasi Manusia Republik Indonesia p.38
unresolved org Kementerian Hukum dan Hak Asasi p.38
unresolved org Ministry of Manusia Republik Indonesia p.38
unresolved org Pemegang Saham Perseroan SMB Kenzai Co., Ltd p.40
unresolved org Noda Kenzai Co., Ltd. p.43
unresolved org Plywood Mfg Co., Ltd. p.43
unresolved org Pengawas Tenaga Nuklir p.44
unresolved org Menteri Lingkungan Hidup dan Kehutanan p.45
unresolved org Minister of Environment and Forestry p.45
unresolved org PT Adrindo p.53 ×2
unresolved person Chairwoman · Ketua p.54 ×2
unresolved person Thomas Verdiyanto · Director p.56
unresolved org PT Anugerah Aneka Industri p.57
unresolved org PT Hydraxle Perkasa p.57 ×2
unresolved org PT Prapat Tunggal Cipta p.57 ×2
unresolved org PT Prapat Tunggal p.57
unresolved org PT Tokyo Radiator Selamat Sempurna p.57
unresolved org PT Tokyo Radiator p.57
unresolved org PT Adrindo Intisarana p.57
unresolved org PT Adrindo Griya Inti Perkasa. p.57
unresolved org PT Griya Inti Perkasa. p.57 ×2
unresolved org Sempurna Tbk p.57 ×2
unresolved org Pejabat Pengelola Eksekutif SMB Kenzai Co., Ltd. p.58
unresolved org PT Anugrah Bina Cipta p.59
unresolved org PT Adrindo Agro Perkasa p.59 ×2
unresolved org PT Prima Hijau Mandiri p.59 ×2
unresolved org PT Agronusa Bumi Lestari p.59
unresolved org PT Wahana Lestari Makmur Sukses p.59
unresolved org PT Musi Agro Sejahtera p.59 ×2
unresolved org PT Bayung Agro Sawita. p.59
unresolved org PT Bayung p.59
unresolved org PT Prapat p.59
unresolved org PT Griya Inti Kelola p.59 ×2
unresolved org PT POSCO p.59
unresolved org PT POSCO Indonesia Jakarta Processing Center. He p.59
unresolved org PT Sac Nusantara p.59 ×2
unresolved org Andhi Chandra Automotive Products Tbk p.59 ×3
unresolved org PT Ruberrindo Unggul Perkasa p.60 ×2
unresolved org PT Mangatur Dharma p.60 ×2
unresolved org PT Dinamika Jaya Bumi Persada p.60 ×2
unresolved org PT Prima Honeycomb International. He p.60
unresolved org PT Prima Honeycomb International. Beliau p.60
unresolved org Kantor Akuntan Publik Prasetio Utomo p.60
unresolved org PT Marubeni Indonesia p.60 ×2
unresolved org Marubeni Building Materials Co.,Ltd p.60
unresolved org PT Kustodian Sentral Efek Indonesia p.66
unresolved org Pusat Statistik p.70
unresolved org Kantor Akuntan Publik Teramihardja p.72 ×2
unresolved — Rp Jutaan · Pemegang Saham p.87
unresolved org IFI Tbk p.93 ×4
unresolved — penting yang berkaitan dengan modal yang ditanam p.114
unresolved — Anggaran Dasar dan peraturan perundang-undangan. p.114
unresolved — secara wajar dan transparan dan didasarkan p.114
unresolved — melakukan intervensi terhadap pelaksanaan tugas, p.114
unresolved — yy Menerima informasi tentang Perseroan secara p.114
unresolved — berkaitan dengan hal-hal rahasia, agar dapat p.114
unresolved person AGMS · Komisaris p.117
unresolved person Novida Winata p.121 ×2
unresolved org Kantor Akuntan Publik Pengganti p.121 ×3
unresolved org Teramihardja p.122 ×3
unresolved org Sentral Efek Indonesia p.122
unresolved person EGMS · Komisaris p.123
unresolved org Minister of Law and Human Hukum dan Hak Asasi Manusia Republik p.125
unresolved person Akta Notaris Kamelina p.125 ×2
unresolved person Notary Kamelina p.125 ×2
unresolved person Thomas p.129
unresolved person Setiawan p.129
unresolved — Tjutju · Direktur p.129
unresolved org Minister of Law and Human Rights p.129 ×2

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